Broker Upgrades and Downgrades & Key UK Corporate Snapshots 28 July 2015

UK Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
AVV Aveva Group Plc Goldman Sachs Sell Neutral
BPTY Bwin.Party Digital Entertainment Plc Credit Suisse Underperform Neutral 80 110
CNA Centrica Plc Investec Securities Hold Buy
DFS Dongfang Shipbuilding Group Co Ltd Berenberg Buy Buy 345 350
FAN Volution Group Plc Berenberg Buy Buy 195 200
FXPO Ferrexpo Plc JP Morgan Cazenove Neutral Neutral 63 70
GNK Greene King Plc JP Morgan Cazenove Overweight Overweight 920 950
LAD Ladbrokes Plc Davy Research Underperform Neutral
RB. Reckitt Benckiser Group Plc Deutsche Bank Buy Buy 6300 6400
RB. Reckitt Benckiser Group Plc Barclays Capital Underweight Underweight 5200 5400
RB. Reckitt Benckiser Group Plc JP Morgan Cazenove Neutral Neutral 5850 6025
REL Reed Elsevier Plc JP Morgan Cazenove Overweight Overweight 1125 1195
SIG Signet Jewelers Ltd Deutsche Bank Buy Buy 9600 9700
Downgrades
ADN Aberdeen Asset Management Plc Barclays Capital Equal weight Equal weight 485 400
DRX Drax Group Plc HSBC Hold Reduce
FENR Fenner Plc JP Morgan Cazenove Underweight Underweight 175 160
MERL Merlin Entertainments Plc Barclays Capital Overweight Overweight 510 460
RBS Royal Bank of Scotland Group Plc Deutsche Bank Hold Hold 395 355
SHP Shire Plc Berenberg Buy Buy 6300 6200
SNR Senior Plc Credit Suisse Outperform Outperform 350 310
SNR Senior Plc JP Morgan Cazenove Overweight Overweight 375 335
Initiate/Neutral/Unchanged
AAL Anglo American Plc Barclays Capital Underweight Underweight
ACA Acacia Mining Plc Barclays Capital Overweight Overweight 325 325
ACA Acacia Mining Plc Deutsche Bank Hold Hold 280 280
BLT BHP Billiton Plc Barclays Capital Overweight Overweight
BP. BP Plc Barclays Capital Overweight Overweight
BT.A BT Group Plc Barclays Capital Overweight Overweight 600 600
EMG Man Group Plc JP Morgan Cazenove Neutral Neutral 175 175
GLEN Glencore Plc Barclays Capital Overweight Overweight
GSK GlaxoSmithKline Plc Barclays Capital Overweight Overweight 1650 1650
HSX Hiscox Ltd JP Morgan Cazenove Overweight Overweight 950 950
INCH Inchcape Plc JP Morgan Cazenove Overweight Overweight 735 735
MERL Merlin Entertainments Plc Deutsche Bank Buy Buy 500 500
PDL Petra Diamonds Ltd Barclays Capital Overweight Overweight 235 235
PSON Pearson Plc Deutsche Bank Sell Sell 1200 1200
RDSA Royal Dutch Shell ‘A’ Barclays Capital Overweight Overweight
RIO Rio Tinto Plc Barclays Capital Equal weight Equal weight
SKY Sky Plc Barclays Capital Overweight Overweight 1100 1100
TCY Telecity Group Plc Jefferies International Buy Buy 1120 1120
VOD Vodafone Group Plc Deutsche Bank Buy Buy 260 260

 

US Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
ADT ADT Citigroup Neutral Buy
AGCO AGCO Corp Goldman Sachs Sell Neutral
AFLYY.PK Air France-KLM Kepler Hold Buy
ANTM Anthem Sterne Agee CRT Neutral Buy
BIIB Biogen Bernstein Market Perform Outperform $436 $385
BNPQY BNP Paribas Goldman Sachs Neutral Buy
CAM Cameron International Global Hunter Securities Accumulate Buy $58 $58
COF Capital One Financial Credit Agricole Outperform Buy
CHMG Chemung Financial Sandler O’Neill Hold Buy
CHK Chesapeake Energy Sun Trust Rbsn Humphrey Neutral Buy
CI CIGNA Sterne Agee CRT Neutral Buy $190 $190
DE Deere & Co Goldman Sachs Sell Neutral $78 $94
FANG Diamondback Energy Tudor Pickering Accumulate Buy
FBP First Bancorp Guggenheim Neutral Buy
FTK Flotek Industries Oppenheimer Underperform Perform $8 $17
NWSA News Corp Macquarie Neutral Outperform
NEP NextEra Energy Partners Wells Fargo Market Perform Outperform
OII Oceaneering International Global Hunter Securities Accumulate Buy $67 $60
OFG OFG Bancorp Guggenheim Neutral Buy
BPOP Popular Guggenheim Neutral Buy
BPOP Popular Goldman Sachs Neutral Buy
QCOM Qualcomm Morgan Stanley Equal weight Overweight $75 $75
QSII Quality Systems RBC Capital Markets Underperform Sector Perform $14 $14
SSNC SS&C Technologies Holdings Sandler O’Neill Hold Buy
SSYS Stratasys Dougherty & Company Neutral Buy $45 $45
TATYY Tate & Lyle PLC Exane BNP Paribas Underperform Neutral
VFC V.F. Corp Goldman Sachs Neutral Buy
WFT Weatherford International Barclays Underweight Equal weight $12 $12
Downgrades
AKZOY Akzo Nobel N.V. Citigroup Buy Neutral
BIIB Biogen Robert W. Baird Outperform Neutral $480 $316
CLH Clean Harbors Raymond James Outperform Market Perform
TRAK DealerTrack Technologies Wells Fargo Outperform Market Perform
FLS Flowserve BB&T Capital Markets Buy Hold
FELP Foresight Energy Natixis Bleichroeder Buy Neutral
FELP Foresight Energy Goldman Sachs Buy Neutral
GLOB Globant Citigroup Buy Neutral
MTW Manitowoc Goldman Sachs Neutral Sell
NTXFY.PK Natixis SA Goldman Sachs Neutral Sell
NAV Navistar International Goldman Sachs Neutral Sell
PTEN Patterson-UTI Energy Global Hunter Securities Buy Accumulate $27 $18
PNFP Pinnacle Financial Partners FIG Partners Outperform Market Perform
RJET Republic Airways Holdings Deutsche Bank Buy Hold $15 $9
SFXE SFX Entertainment Stifel Buy Hold
SPIL Siliconware Precision Industries Societe Generale Buy Hold
TEX Terex Goldman Sachs Neutral Sell
RARE Ultragenyx Pharmaceutical Morgan Stanley Overweight Equal weight
Initiated
APMSF Aperam RBC Capital Markets Outperform
BNED Barnes & Noble Education Craig Hallum Buy $25
CABO Cable ONE Wells Fargo Market Perform
CAMT Camtek Needham Buy $4
CBF Capital Bank Financial FBR Capital Market Perform $30
CC Chemours Susquehanna Neutral $13
CNXC CNX Coal Resources LP Cowen Outperform $17
CNXC CNX Coal Resources LP Citigroup Buy
CNXC CNX Coal Resources LP Jefferies Hold
CNXC CNX Coal Resources LP Credit Suisse Outperform
CNXC CNX Coal Resources LP Stifel Buy $19
CNXC CNX Coal Resources LP Goldman Sachs Neutral $17
CNXC CNX Coal Resources LP JP Morgan Overweight $18
CNXC CNX Coal Resources LP BofA Merrill Lynch Buy $17
CFMS ConforMIS Wells Fargo Outperform
CFMS ConforMIS JP Morgan Overweight $28
CFMS ConforMIS Canaccord Genuity Buy $27
CFMS ConforMIS Oppenheimer Outperform $26
CFMS ConforMIS Deutsche Bank Buy $27
SNOW Intrawest Resorts Holdings Macquarie Neutral
NTRA Natera Piper Jaffray Overweight $24
NTRA Natera Morgan Stanley Equal weight $20
NTRA Natera Wedbush Neutral $20
SKIS Peak Resorts Macquarie Neutral
PIRS Pieris Pharmaceuticals Oppenheimer Outperform $8
TDOC Teladoc Sun Trust Rbsn Humphrey Buy
TDOC Teladoc JP Morgan Overweight
TDOC Teladoc Deutsche Bank Buy $38
TRU TransUnion Barclays Equal weight $26
UFAB Unique Fabricating ROTH Capital Buy $16
MTN Vail Resorts Macquarie Outperform $125

 

Key UK Corporate Snapshots Today

Ashtead Group Plc (AHT.L) Announced that it has amended as well as extended its $2.0 billion senior credit facility that was due to mature in 2018. The company has increased the facility size to $2.6 billion and reduced the cost to LIBOR plus 125bps to 175bps and extended its maturity to July 2020.

BP Plc (BP..L) Announced, in its second quarter results, that total revenues and other income declined to $60,646 million from $93,957 million recorded in the same period a year ago. Loss after tax stood at $5,783 million compared to a profit of $3,433 million. During the first half of 2015, that total revenues and other income dropped to $116,720 million from $188,815 recorded in the same period a year ago. Loss after tax stood at $3,132 million compared to a profit of $7,052 million. BP announced a quarterly dividend of 10.00 cents per ordinary share ($0.600 per ADS). BP has recorded certain provisions and disclosed certain contingent liabilities as a consequence of the Gulf of Mexico oil spill. Provisions recorded include $18.7 billion, plus interest and adjusted to take account of the time value of money, in relation to the Agreements in Principle. A net increase in provisions of $10,663 million and $10,958 million was recognized for the second quarter and half year respectively. Looking ahead, the group expects third-quarter 2015 reported production to be broadly flat with the second quarter, primarily reflecting the continuation of seasonal maintenance activity consistent with the second-quarter activity levels.

Burford Capital Plc (BUR.L) Announced, in its half-yearly report for the half year ended 30 June 2015, that there is 48% increase in its income for the half year to $40.6 million (H1 2014: $27.4 million) driven by 64% increase in income from the litigation investment portfolio to $30.7 million (H1 2014: $18.7 million) and 56% increase in operating profit for H1 2015 to $28.4 million (H1 2014: $18.2 million) and 43% increase in profit after tax to $23.7 million (H1 2014: $16.6 million). The company continued strong investment returns: since inception, 38 investments have generated $299 million in gross investment recoveries and $124 million net of invested capital, producing a 71% net return on invested capital. Also, it has generated $94 million of cash from the investment portfolio in the period, an increase of 122% over the comparable 2014 period. Meanwhile, proposed interim dividend of 2.33c per share to be paid on 23 October 2015, with record date 2 October 2015. This is a 34% increase over the 2014 interim dividend (H1 2014: 1.74c) and one-third the value of the total 2014 dividend.

Colefax Group Plc (CFX.L) Announced, in its final results for the year ended 30 April 2015, that its reported revenue stood at £76.8 million, compared to £78.0 million in the preceding year. Profit after tax was £3.5 million compared to £3.4 million. The company’s diluted earnings per share was 32.2p, compared to 27.9p.

Domino’s Pizza Group Plc (DOM.L) Announced, in its interim results for the six months ended 28 June 2015, announced that revenues increased to £157.3 million from £145.6 million recorded in the same period a year ago. Profit after tax widened to £25.4 million from £19.7 million. The Board decided to increase its interim dividend by 15% to 9.00p per ordinary share.

Drax Group Plc (DRX.L) Announced, in its half year results for the six months ended 30 June 2015, that revenue stood at £1,511.2 million, compared to £1,256.5 million in the same period last year. Operating profit stood at £67.1 million, compared to £4.5 million. Profit after tax was £38.8 million, compared to a loss of £6.7 million. Diluted earnings per share stood at 10p, compared to a loss of 2p.

Ebiquity Plc (EBQ.L) Announced, in its final results for the year ended 30 April 2015, that revenue stood at £73.87 million, compared to £68.45 million in the same period last year. Operating profit stood at £5.82 million, compared to £4.61 million. Profit after tax was £4.12 million, compared to £3.45million. Diluted earnings per share stood at 4.65p, compared to 3.99p. The company also announced that it has changed its financial year end from 30 April to 31 December.

Edenville Energy Plc (EDL.L) Announced the commencement of field activities which will underpin the Power Plant EIA, a key component for development of the Rukwa Coal to Power Project. The company has commenced a water survey and sampling programme to provide data for the Power Plant EIA, which will be submitted once the definitive power plant design has been confirmed. This EIA, which will cover power plant, transmission and emissions, requires extensive water level monitoring and water samples to provide baseline data for wet and dry seasons. The geophysical survey that was commenced in June is ongoing. Fill-in lines between the Mkomolo and Namwele deposits are now complete with the grid extension moving northwards to cover the western extension of the Mkomolo region.

Elementis Plc (ELM.L) Announced its results for the six months ended 30 June 2015. Revenues in the period were $360.4 million, compared to $400.0 million in the same period last year, which is a reduction of 10% or, 4% excluding currency movements. Group operating margins remained at 19% and operating profit was $68.6 million, compared to $76.8 million in the first six months of last year, representing a reduction of 11%, or 8% excluding currency. Diluted earnings per share in the period was 11.2 cents compared to 12.7 cents. The Board is declaring an interim dividend of 2.70 cents per share, the same as in the previous year, which will be paid on 2 October 2015, in pounds sterling at an exchange rate of $1.5626:£1.00 (equivalent to a sterling amount of 1.7279 pence per share), to shareholders on the register on 11 September 2015. Despite a more challenging period of trading, Elementis remains well positioned to benefit from a number of significant global trends, is confident of its strategy and has a sound platform from which to create value for our shareholders.

Entertainment One Limited (ETO.L) Announced in relation to Darren Throop and Giles Willits, both Executive Directors of the company that awards were made on 27 July 2015 under the company’s Long Term Incentive Plan and in line with the company’s Directors’ Remuneration Policy, as approved by shareholders at the company’s Annual General Meeting held on 11 September 2014, as follows, Darren Throop will receive awards over 185,519 Common Shares and Giles Willits will receive awards over 125,905 Common Shares.

Galliford Try Plc (GFRD.L) Announced that it has reached financial close with the Education Funding Agency for the £48.5 million North and North East Lincolnshire batch of schools in the Priority School Building Programme.

GKN Plc (GKN.L) Announced, in its results for the six months ended 30 June 2015, that revenue stood at £3,616 million, compared to £3,565 million in the same period last year. Operating profit stood at £245 million, compared to £259 million. Profit after tax was £166 million, compared to £185 million. Diluted earnings from continuing operations per share stood at 9.8p, compared to 11.0p. The company also announced its intention to conduct a non pre-emptive cash placing of new ordinary shares in the company to institutional investors to raise approximately £200 million (before expenses) (the Gross Proceeds), which represents approximately 4% of the company’s market capitalisation based on the closing share price on 27 July 2015. J.P. Morgan Securities Plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove and UBS Limited are acting as joint bookrunners. Additionally, the company also announced that it has agreed to acquire Fokker Technologies Group B.V. from Arle Capital for an enterprise value of €706 million (£499 million). The company also announces the following changes in Board and Executive Committee responsibilities in anticipation of Andrew Reynolds Smith’s resignation from the board. With effect from 25 September 2015, responsibility for the company’s Driveline business will be assumed by Phil Swash (currently responsible for the company’s Land Systems division). On the same date, Adam Walker, Group Finance Director, will assume responsibility for the company Land Systems in addition to his current role. Phil will remain a member of the GKN Executive Committee together with Kevin Cummings, Chief Executive GKN Aerospace, and Peter Oberparleiter, Chief Executive Powder Metallurgy. All will report directly to Nigel Stein, Chief Executive.

Greencore Group Plc (GNC.L) Announced its interim management statement for the period to 28 July 2015. Trading information relates to the 13 weeks to 26 June 2015 (“Quarter 3” or “Q3”) and the 39 weeks to 26 June 2015. The Group recorded revenue of £346.5 million in the 13 weeks to 26 June 2015, an increase of 6.2% on the prior year on both a reported and a like for like basis. In the 39 weeks to 26 June 2015, the Group recorded revenue of £986.3 million, 4.2% ahead of the prior year on a reported basis and 4.7% ahead on a like for like basis. The Group’s financial position remains strong with good headroom within existing facilities. The company remains confident in its ability to deliver adjusted EPS growth for the financial year within the range of market expectations.

Hutchison China Meditech Limited (HCM.L) Announced, in its unaudited interim results for the six months ended 30 June 2015, that its reported revenue stood at $65.7 million, compared to $30.3 million in the preceding period. Profit after tax was $2.7 million compared to $6.4 million. The company’s diluted earnings per share was 0.0430c, compared to 0.1059c.

Informa Plc (INF.L) Announced, in its half-year results for the six months ended 30 June 2015, that its total revenue stood at £618.8 million, compared to £569.6 million in the preceding period. Profit after tax was £99.8 million compared to £79.5 million. The company’s diluted earnings per share was 15.2p, compared to 13.0p. It also announced the appointment of two independent Non-Executive Directors, Stephen Davidson and David Flaschen, adding further valuable knowledge and expertise to the Board, including extensive experience of operating in North American markets. The appointments take effect from 1 September 2015.

ITV Plc (ITV.L) Announced interim results for the six months to 30 June 2015. Group external revenue increased 11% to £1,356 million (2014: £1,225 million). Total adjusted EBITA was up 24% to £400 million (2014: £322 million). Adjusted EPS in the period increased 26% to 7.7p (2014: 6.1p) and statutory EPS increased 31% to 6.4p (2014: 4.9p). Reflecting confidence in the ongoing growth and cash generation of the business, and in line with our dividend policy, the Board has declared an interim dividend for 2015 of 1.9p, up 36%. Outlook for the remainder of the year is unchanged and the company expects to deliver another strong performance in 2015.

Jardine Lloyd Thompson Group Plc (JLT.L) Announced, in its unaudited interim results for the six months ended 30 June 2015, that revenue stood at £590.05 million, compared to £558.04 million in the same period last year. Operating profit stood at £107.61 million, compared to £101.42 million. Profit after tax was £77.74 million, compared to £73.20 million. Diluted earnings per share stood at 33.6p, compared to 30.3p.

LEED RESOURCES Plc (LDP.L) Announced that it has agreed to make a further investment of A$480,000 (approximately £230,000) in Battalion International Limited (“Battalion”), increasing its total investment in Battalion loan notes to A$1.68 million. The A$480,000 investment will be made through participation in A$1.3 million increase in the convertible note issue of Battalion (the “Notes”). The new Notes will be issued on identical terms to the Notes referred to in the announcement of 8 January 2015 and will result in the total amount of Notes outstanding from Battalion increasing to A$4.55 million. The company also announced that the second batch of five moulds and twenty bases for making wall panels has been delivered to the High Manor (HM) quarry north of Perth. After the upgradation of production facilities and successful pre-testing of the moulds, the production of wall panels has commenced. Currently it is anticipated that the first wall panels will be delivered and installed during August 2015. In addition to the contract extension referred to in the announcement dated 17 June 2015, HM has also recently received a significant new contract for which the panels will be ideally suited. Other contracts are currently under discussion and it is expected that the panels will be advantageous in enabling HM to secure further major contracts due to the significant advantages of the panels for its customers.

Magnolia Petroleum Plc (MAGP.L) Announced that the Shimanek #2 vertical well (‘Shimanek’ or ‘the Well’) in Oklahoma reached total depth (‘TD’) of 5,300 feet on 24 July 2015. The Well encountered hydrocarbons in the targeted conventional zones, including the Lower Skinner, Redfork Sand and Mississippi Lime/Chat, in line with the pre-drill geological model. Due to high salt water saturation levels and the high costs associated with the disposal of the salt water, the decision has been made to plug rather than complete the Well to limit the total cost of operations to US$175,000, and allocate the remaining US$400,000 in the Shimanek budget for new drilling activity. The Shimanek #2 well has no effect on Magnolia’s plans to drill conventional prospects identified on other leases within its portfolio. Magnolia COO, Rita Whittington said, “Based on the salt water and reserve levels encountered, we believe Shimanek would at best have been a marginal producing well but with high costs associated with the salt water disposal. We have multiple opportunities to drill more commercial wells on our leases, the US$400,000 set aside to complete the Well has been reallocated to fund new drilling activity, either on our own or alongside established operators. We will update the market in due course on the wells currently being drilled or planned to be spud. This includes the Magnolia operated Roger Swartz #2 well which we intend to spud before year end, subject to prevailing oil prices.”

Melrose Industries Plc (MRO.L) Announced that it has entered into an agreement for the disposal of its Elster business (comprising Elster Gas, Elster Electricity and Elster Water), to Honeywell International Inc. (“Honeywell”) for a cash consideration of £3.3 billion.

Melrose Industries Plc (MRO.L) Announced its interim results for the six months ended 30 June 2015. Revenue in the period for the continuing business was £117.7 million (2014: £164.5 million) and headline operating profit after central corporate costs was £6.1 million (2014: £26.0 million). The Group headline operating margin (defined as headline operating profit as a percentage of revenue) for the six months was 5.2% (2014: 15.8%). After exceptional costs, exceptional income and intangible asset amortisation, the continuing operating loss was £3.2 million (2014: operating profit of £27.0 million), and the loss before tax was £13.4 million (2014: profit of £13.2 million). The Board has declared an interim dividend of 2.8p (2014: 2.8p). The dividend will be paid on 3 September 2015 to shareholders on the register at the close of business on 7 August 2015. Current trading conditions remain challenging for Brush, but with action being taken in the business, coupled with a better order phasing, a much improved second half of 2015 is anticipated. Brush is a high quality business and Board believes that its medium to long term prospects continue to look attractive. Board is optimistic about the future and believes that Melrose is very well positioned to continue to create superior value for shareholders. Separately, the company also announced that it has entered into an agreement for the disposal of its Elster business (comprising Elster Gas, Elster Electricity and Elster Water), to Honeywell International Inc. (“Honeywell”) for a cash consideration of £3.3 billion.

Mondi Plc (MNDI.L) Announced, in its trading statement, that the company is currently finalising its results for the half year ended 30 June 2015, which will be released on 6 August 2015. It can now be confirmed that underlying operating profit for the half year ended 30 June 2015 is expected to be above that of the comparable prior year period of €377 million. In the six months ended 30 June 2014, the group recognised a net special item charge after tax of €16 million. The net special item charge for the six months ended 30 June 2015 is around €36 million, relating mainly to restructuring activities including the closure of a small kraft paper mill in Finland, the closure of a consumer packaging plant in Spain and further restructuring of the US bags business.

Next Plc (NXT.L) Announced trading update for the 26 weeks to 25 July 2015. NEXT Brand full price sales for the first half of our financial year were up +3.5%, of which +1.7% came from the opening of profitable new space. Full price sales for NEXT Retail were up +0.8% and NEXT Directory was up +7.5%. Total sales including markdown sales were up +3.3%. Total stock for the end-of-season Sale was up +4.8% on last year. Clearance rates were lower than last year but in line with internal forecasts. Sales were better than expected and marginally ahead of the 0% to +3% guidance range the company gave in March. The mid-point of full year profit guidance has increased by 1.9% from £810 million to £825 million. Full year sales guidance range has been increased and is now +3.5% to +6%. This increase is as a result of the better sales achieved in the first half of the year, the company has not made any change to its second half sales forecast. The mid-point of profit guidance is very close to the current market consensus.

Nostrum Oil & Gas Plc (NOG.L) Announced, in its operational update for the half year ended 30 June 2015, that it was another consistent half year performance, with continued steady production at the Chinarevskoye field of 44,337 boepd. 2015 production guidance remains at 45,000 boepd. GTU3 is progressing for completion on time and on budget; completion expected before end of 2016. H1 2015 revenue expected to be in excess of $270 million. Cash position is in excess of $240 million (including short-term deposits) and net debt of approximately $720 million as at 30 June 2015.

Pace Plc (PIC.L) Announced, in its interim results for the 6 months ended 30 June 2015, that revenue stood at $1,078.6 million, compared to $1,138.9 million in the same period last year. Operating profit stood at $88.7 million, compared to $75.1 million. Profit after tax was $85.4 million, compared to $55.4 million. Diluted earnings per share stood at 26.3c, compared to 17.0c.

Petards Group Plc (PEG.L) Announced, in its trading update following the end of its financial half year on 30 June 2015, that the group continued is trade profitability which was in line with the board’s expectations. Margins for the first half of the year might be higher than those for the corresponding period in 2014 on lower revenues, reflecting its change in product mix last year that included a major amount of low margin hardware deliveries to the MOD in respect of the RAF’s SMRE project.

Provident Financial Plc (PFG.L) Announced, in its interim results for the six months ended 30 June 2015, that revenue increased to £555.3 million from £533.8 million posted in the same period preceding year. The company’s profit before tax stood at £111.1 million, compared to a profit of £90.1 million reported in the previous year. The basic earnings per share stood at 61.8p compared to earnings of 51.8p reported in the previous year. The company further stated that the board has declared an interim dividend in respect of the six months ended 30 June 2015 of 39.2p per share (2014: 34.1p) which will amount to an estimated dividend payment of £56.6 million (2014: £49.0 million). This dividend is not reflected in the balance sheet as it will be paid after the balance sheet date.

Rathbone Brothers Plc (RAT.L) Announced, in its interim results for the six months ended 30 June 2015, announced that net interest income increased to £5.5 million from £4.4 million recorded in the same period a year ago. Profit after tax widened to £25.3 million from £23.8 million. The board recommended a 21p interim dividend for 2015 (2014: 19p), an increase of 10.5% on 2014.

Red Emperor Resources NL (RMP.L) Announced, in its quarterly report for the period ending 30 June 2015, that the company received formal notification from the Philippines Department of Energy that approval for the assignment of its 15% working interest in Block SC55 has been granted. It was the final condition precedent which was to be met with respect to the company’s farmin agreement with Otto Energy Ltd (ASX: OEL) (“Otto”). With all conditions satisfied, the company confirmed that the agreement has been completed. The company’s joint venture partner and operator, Africa Energy Corp. (previously Horn Petroleum Corp.) (together “Africa Energy” or the “Operator”), gave notice to the Puntland State of Somalia advising of its intention to withdraw from the January 2007 Production Sharing Agreements (“PSAs”) which cover the Nugaal and Dharoor Blocks. Also, the Georgian Ministry of Energy formally notified Strait Oil & Gas Limited (“Strait”) that the Production Sharing Contract (PSC) over Block VIb had been terminated. The Ministry cited the non-performance of obligations, specifically the requirement to drill a well in accordance with the stipulated procedure. The company notes that the obligation has been acknowledged by its JV partner, Range Resources Limited (ASX: RRS, AIM: RRL, “Range”), both internally within JV correspondence as well as publicly. The company also announced that an oversubscribed placing through its London broker, Brandon Hill Capital, and its Australian broker, 708 Capital, of 72,000,000 new ordinary shares at 4.0p (A$0.08) per share to raise £2.88 million (A$5.76 million) before expenses is done. Proceeds from the raise and existing cash resources will principally be used to fund the upcoming drilling and potential appraisal activities in the Philippines.

Rightster Group Plc (RSTR.L) Announced an update on trading during the first six months of its financial year to 30 June 2015, together with a business update. The Company continues to show strong growth across the business with unaudited Net Revenue in H1 2015 reaching approximately £7.0 million, an increase of 268% from H1 2014. Management have identified further cost savings in the form of additional headcount reductions and an earlier closure of the Company’s technology office in Bangalore. This takes the Company’s annualised cost savings from £3m (as announced in February) to an estimated £5 million. Online video traffic has shown encouraging growth during the period, with average monthly video views for H1 2015 totalling 1.6 billion, an uplift of 331% from H1 2014. By the end of June, the Company’s total subscribers reached 85 million, up 41% since December, 2014. CEO Patrick Walker said “I am delighted with the significant progress the Company has made in the past six months. The management team has been able to demonstrate the strategic rationale behind the acquisitions last year through both substantial cost synergies and exploiting the revenue opportunities.”

Scientific Digital Imaging Plc (SDI.L) Announced, in its final results for the twelve months ended 30 April 2015, announced that revenues dropped to £6.96 million from £7.04 million recorded in the previous year. Profit after tax stood at £0.044 million compared to a loss of £0.038.

SEGRO Plc (SGRO.L) Announced, in its interim results for the six months ended 30 June 2015, that revenues declined to £117.4 million from £137.6 million recorded in the same period a year ago. However, profit after tax widened to £330.1 million from £218.2 million. Basic and diluted earnings per share stood at 44.4p, up from 29.4p. The board has declared an interim dividend of 5.0p per ordinary share (2014: 4.9p). Chief Executive, David Sleath said, “We remain optimistic about our future operating performance as well as portfolio values.” Separately, the company announced that Nigel Rich intends to retire as Chairman of the company at its Annual General Meeting in 2016. Accordingly, the board has initiated a process for the appointment of a successor under the leadership of Baroness Ford, the Senior Independent Director.

Shawbrook Group Plc (SHAW.L) Announced, in its unaudited half-year results for the six months ended 30 June 2015, that net interest income stood at £69.9 million, compared to £43.6 million in the preceding period. Profit after tax was £27.7 million compared to £13.9 million. Additionally, the Group has seen a reduction in the cost to income ratio to 48.9% (H1 2014: 52.6%) despite significant investment in people, technology and infrastructure and continues to experience low cost of risk (H1 2015: 36bps) contributing to the delivery of a high risk adjusted margin, reflective of a benign economic environment and our focus on originating quality business.

Tullett Prebon Plc (TLPR.L) Announced, in its unaudited interim results for the six months ended 30 June 2015, that its reported revenue stood at £415.7 million, compared to £360.3 million in the preceding period. Profit after tax was £88.3 million compared to £2.8 million. The company’s basic earnings per share was 36.2p, compared to 1.3p. Additionally, it mentioned that it has acquired MOAB Oil, Incorporation (“MOAB” a leading independent broker of physical and financial instruments in the energy markets. The acquisition is being funded from the company’s existing cash resources and comprises an initial cash consideration of $12.3 million (£7.8 million), plus an amount equal to the working capital in the business, including cash.

Vectura Group Plc (VEC.L) Announced that it held a pre-Investigational New Drug (pre-IND) meeting with the US Food and Drug Administration (FDA) on 10 June 2015 to discuss the regulatory strategy for the development programme of VR647, company’s wholly owned budesonide inhalation suspension co-packaged with a Smart Card for use in the breath-actuated AKITAR JET nebuliser. Following the meeting the company confirmed that the FDA has agreed with its intent to rely on the 505(b)(2) pathway for the development programme with the aim of filing a New Drug Application (NDA). The development plan requires a small number of clinical studies that is within its previously guided R&D spend and offers a significant product development opportunity for the company.

Virgin Money Holdings (UK) Plc (VM..L) Announced results of Virgin Money Holdings (UK) plc together with its subsidiaries (‘Virgin Money, Virgin Money Group or the Group’) for the half-year ended 30 June 2015. Underlying profit before tax increased by 37% compared to the first half of 2014 to £81.8 million driven mainly by strong growth in our mortgage business, continued high asset quality and effective management of costs within the business. Underlying net interest income grew by 27% to £220.3 million as a result of increased volumes and an improvement in net interest margin of 22 basis points to 165 basis points. Underlying total income increased by 19% compared to the first half of 2014 to £254.4 million. Competition in the mortgage market, reflected in asset spread compression, remains a headwind in the second half of the year. The company remains confident that it will deliver a full-year net interest margin slightly ahead of our guidance of up to 160 basis points in 2015. The Board announced that it has declared and approved an interim dividend of 1.4p per share, which will be paid on 9 October 2015 to shareholders on the register at the close of business on 28 August 2015. The ex-dividend date will be 27 August 2015.

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