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UK Housebuilding Sector: 2016 and beyond
11 Jan 17
GDP in Q3 rose 0.6% in volume terms (revised up from 0.5%) on an annualised basis and +0.4% quarter on quarter; Construction, however, was off 0.8%. CPI (Consumer Price Inflation) continues to gather momentum and was +1.2% in November which compares with +0.9% in October and +0.1% a year ago; it is also the highest since October 2014 (+1.3%).
Yourgene – Improves growth and lowers risk
10 Jan 17
Premaitha uses the latest advances in DNA sequencing technology for non-invasive prenatal screening tests. IONA uses complex statistical analyses to determine the likelihood that a fetus is carrying a disorder such as Down’s syndrome or other prenatal genetic abnormalities. The opportunity to grow IONA in Asian markets was well recognised, but the acquisition of Yourgene Bioscience will accelerate this process and, in particular, act as a springboard into China and India. Financial difficulties at its major customer in Europe is a frustration, but this will be offset by reshaping its distribution footprint via an established lab group in fiscal 2018.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Swings and roundabouts
06 Jan 17
After three positive quarters for emerging markets, the fourth quarter of 2016 has been disappointing with the MSCI Emerging Markets Index falling 5%. The big reasons behind this move are fairly clear – the attitude of Donald Trump towards many emerging market countries, particularly China and Mexico, suggests relationships may deteriorate. His attitude towards trade deals in particular may have a wide impact, though as often the reality is likely to fall short of the rhetoric. A rise in US interest rates, with the prospect of more to come, may have a shortterm impact on capital flows too.
New group taking shape with strong momentum
22 Dec 16
In the past week ABG has announced the acquisition of a private-bank loan portfolio and a specialist asset backed finance business (subject to regulatory approval). Prior to these deals we believed ABG had nearly £100m of surplus capital and these deals will utilise £15m of this. ABG is now evolving into a more diversified banking group with both deposit and targeted lending businesses. It is establishing clear momentum across the group. We had expected loan acquisitions and will build the asset-backed deal into our numbers and valuation once the completion of the deal is more certain.
Interims: Foundations laid for strategic growth
21 Dec 16
Collagen Solutions is a biomaterials company developing and manufacturing medical grade collagen components for use in medical devices, in vitro diagnostics, and regenerative medicine. New leadership has introduced a number of initiatives and is investing in global commercial infrastructure to build on its strong base business and to execute on a scalable growth strategy. Interim results confirm that the realigned strategy is starting to come through. Meanwhile, investment continues to be made in establishing a pipeline of finished devices - with three projects initiated currently – that will add incremental value to the business.
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