Broker Upgrades and Downgrades & Key UK Corporate Snapshots 24 February 2016

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Arcontech Group Plc (ARC.L)  Announced, in its unaudited interim results for the six months ended 31 December 2015, that revenue stood at £1.13 million, compared to £1.04 million in the same period last year. Operating profit stood at £0.21 million, compared to £0.12 million. Profit after tax was £0.32 million, compared to £0.23 million. Diluted profit per share stood at 0.020p, compared to 0.014p. As part of its outlook, with net cash balances as at 22 February 2016 of £1.80 million and a good sales pipeline, the company is increasingly positive about future prospects.

Ascent Resources Plc (AST.L)  Announced, in its operational update, that the company’s long-term goal has been to construct a new processing facility to clean the gas from the Petišovci field to supply gas into Slovenia’s national grid, particularly for the volumes of gas anticipated during full field development. The company is currently in the final stage of the process for an IPPC permit required for constructing this facility, which began when its application was submitted in June 2014. A disused methanol plant, to which the Petišovci asset is adjacent and took its raw material gas from the Petišovci field when last operational, had sought a buyer to recondition and reopen the facility. The company stated that the sale of the methanol plant to US Methanol Inc has been completed for €5.6 million.

Barratt Developments Plc (BDEV.L)  Announced, in its unaudited interim results for the six months ended 31 December 2015, that its reported revenue stood at £1,875.5 million, compared to £1,576.3 million in the preceding period. Profit after tax was £238.9 million compared to £167.3 million. The company’s diluted earnings per share was 23.6p, compared to 16.6p. It also announced that after eight years’ service to the Board, Mark Rolfe has notified the Board of his intention to step down from his position as a Non-Executive Director of the company with effect from the conclusion of the company’s forthcoming Annual General Meeting to be held in November 2016 (the “2016 AGM”). Mark will also stand down as the Senior Independent Director and Chairman of the Audit Committee on the same date. The Board has agreed to appoint Jock Lennox as a Non-Executive Director of the company with effect from 1 July 2016. Jock will also join the Audit, Nomination and Remuneration Committees with effect from the same date and will succeed Mark Rolfe as Chairman of the Audit Committee from the conclusion of the 2016 AGM.

BMR Group Plc (BMR.L)  Announced that the public hearing, in respect of the company’s definitive Environmental Social Impact Assessment for its tailings retreatment process and the construction of its planned Pilot and Main Treatment Plants in Kabwe, will take place in Kabwe on 26 February 2016. Additionally, the company will issue a further announcement regarding the official outcome of the hearing.

Caledonia Investments Plc (CLDN.L)  Announced a second interim dividend of 38.3p per share for the year ending 31 March 2016. This is intended to replace the final dividend that would normally be paid in August in the light of the changes to the personal taxation of dividend income which take effect for the next tax year. The second interim dividend will be paid on 1 April 2016 to shareholders registered at the close of business on 4 March 2016. The ex-dividend date will be 3 March 2016.

Capital & Counties Properties Plc (CAPC.L)  Announced, in its audited preliminary results for the year ended 31 December 2015, that revenue stood at £114.9 million, compared to £110.6 million in the same period last year. Operating profit stood at £472.0 million, compared to £474.2 million. Profit after tax was £457.2 million, compared to £448.6 million. Basic earnings per share stood at 51.3p, compared to 55.6p. The Directors are proposing a final dividend of 1.0p per share, which brings the total dividend for 2015 to 1.5p per share. Whilst the company is expecting increasing market uncertainty due to global and political challenges, Capco’s strategy remains clear and focused.

Dunelm Group Plc (DNLM.L)  Announced, that it has been informed that Liz Doherty, the Non-Executive Director, has been appointed as a Non-Executive Director of Novartis International, with effect from 23 February 2016.

Escher Group Holdings Plc (ESCH.L)  Announced that it has licensed its Transaction Management Platform, RiposteTrEx, to Dublin-based startup, Deposify. Escher has also invested €0.13 million in Deposify as a participant in Deposify’s initial raise. Deposify, a financial technology startup, aims to bring trust to the landlord and tenant relationship. Its payments platform allows landlords and tenants to manage and control how and when rental deposits are paid and resolve deposit related disputes quickly.

Everyman Media Grp (EMAN.L)  Announced that the company has agreed terms on a sale and leaseback for its proposed Harrogate site, in order to open a new cinema on the site during the second half of 2016. The company exchanged contracts on a 999 year long term lease for the site in August 2014, for a total purchase price of £3.18 million, and completion of the contract is expected by April 2016. Upon completion of the contract, the company has agreed to sell the long term lease to Six Guys LLP for a total consideration of £3.25 million.

Goldbridges Global Resources Plc (GBGR.L)  Announced that the company’s Kazakh operating subsidiary, Sekisovskoye, has received top rankings from the prestigious National Business Rating Agency. It received first place in the East Kazakhstan region for profitability against a range of measures and second place for profitability against a range of measures for the whole of Kazakhstan. The company is also among contenders for nomination for the Industry Leader Award, which will be held in a special ceremony on 11 March 2016 in Astana.

Gooch & Housego Plc (GHH.L)  Announced that it will hold its Annual General Meeting at 11am this morning at the Company’s headquarters in Ilminster, Somerset. Chairman Gareth Jones will provide the following update on trading performance. It further announced that market conditions for the first four months of the current financial year have been mixed. Its order book is robust, as at 31 January 2016 it stood at £36.7 million, which was 5.3% higher than at the same time last year. Revenue in the first half of the year, to 31 March 2016, is expected to be broadly in line with last year. First half profits are anticipated to be materially lower than the record period last year, due to the impact of the previously described mixed market conditions and costs associated with a more protracted move to Fremont. Operationally the move to a lean manufacturing environment is set to deliver efficiency savings in 2016 and the drive for fewer more productive R&D projects combined with enhanced business development support has started to deliver an increased number of product opportunities.

Grafenia Plc (GRA.L)  Announced, in its trading update, that it has seen a continuous downward price pressure, which intensified in the second half of the financial year. To combat this, it increased its promotional activity, incentives and selective discounting. After it disposed its Dutch operation, the Board undertook a strategic and operational review of the business to reduce costs. As a result of the challenging trading conditions, the Board expects that its full year results will be significantly below current market expectations.

Hays Plc (HAS.L)  Announced, in its unaudited interim results for the six months ended 31 December 2015, that its turnover from continuing operations stood at £2,043.9 million, compared to £1,912.0 million in the preceding period. Profit after tax was £56.9 million compared to £51.4 million. The company’s diluted earnings per share was 3.94p, compared to 3.59p.

IBEX Global Solutions Plc (IBEX.L)  Announced, in its interim results for the six months ended 31 December 2015, that revenue stood at £124.40 million, compared to £123.02 million in the same period last year. Operating profit stood at £3.67 million, compared to £9.01 million. Profit after tax was £2.40 million, compared to £7.31 million. Basic and diluted earnings per share stood at 0.061p, compared to 0.186p. The Board announced an interim dividend of $2.0 million, corresponding to 5.1c per share. The dividend will be paid on 28 March 2016 to shareholders registered on 4 March 2016. The ex-dividend date is 3 March 2016.

International Personal Finance Plc (IPF.L)  Announced, in its results for the year ended 31 December 2015, that its revenue stood at £735.4 million, compared to £783.2 million in the preceding year. Profit after tax was £62.5 million compared to £71.8 million. The company’s diluted earnings per share was 26.6p, compared to 29.4p. The company also mentioned that David Broadbent, Chief Commercial Officer, resigned from the Board on 23 February 2016 and will leave the company on 7 March 2016 by reason of redundancy. The redundancy has arisen following a review of the cost base of the company’s Head Office as part of a broader collective consultation.

Interserve Plc (IRV.L)  Announced, in its annual results for the year ended 31 December 2015, that its consolidated revenue stood at £3,204.6 million, compared to £2,913.0 million in the preceding year. Profit after tax was £70.2 million compared to £49.9 million. The company’s diluted earnings per share was 47.2p, compared to 31.7p.

LGO Energy Plc (LGO.L)  Announced, in its update on its oil field operations and corporate funding, that the company has continued working closely with its advisors in the USA, Wellford Capital Markets, LLC and Height Securities, LLC, on potential strategic investments in the business. The company is continuing its formal sales process and therefore remains in an Offer Period as defined by the Takeover Code. Moreover, the company continues to produce oil from all three of its existing oil field interests, Goudron, Ayoluengo and Icacos and the Group production in 4th quarter 2015 averaged 658 barrels of oil per day.

Man Group Plc (EMG.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at £1,135.0 million, compared to £1,150.0 million in the preceding year. Profit after tax was £171.0 million compared to £365.0 million. The company’s diluted earnings per share was 10.00p, compared to 20.50p.

Microsaic Systems Plc (MSYS.L)  Announced, in its trading update, that it sold seventeen 4000 MiD® units in H2 2015 versus six units in H1 2015. The Board anticipates that sales for H1 2016 will continue to trend positively. The company also announced that it has signed a new distributor agreement for the 4000 MiD® and the details of which will be provided in the Annual Report of 2015. It stated that following a strategic review of the route-to-market for its advanced “triple quad” technology, the company’s development agreement announced on 25 September 2014 with an OEM partner was terminated.

Pennon Group Plc (PNN.L)  Announced that it will be hosting a morning of presentations for analysts and investors today in London. The focus of the event will be an overview of the Group’s strategy and recent management changes, alongside a series of short presentations focusing on key business themes in the areas of: Asset Management, Energy, Energy Recovery Facilities (ERFs), Technology & Innovation and Pennon Water Services (Non-Household Retail).

Petrofac Limited (PFC.L)  Announced, in its final results for the year ended 31 December 2015, that its revenue went up by 10% to $6.8 billion (2014: $6.2 billion). It reported an EBITDA of $792 million before Laggan-Tormore loss; EBITDA of $312 million (2014: $935 million) after Laggan-Tormore loss. Net profit stood at $440 million before Laggan-Tormore loss, in line with market expectations, compared to net profit of $9 million (2014: $581 million) after Laggan-Tormore loss. Meanwhile, Full year dividend maintained at 65.80c per share (2014: 65.80 cents), reflecting confidence in the Group’s future prospects.

Plutus PowerGen Plc (PPG.L)  Announced, in its update on its funding strategy for future projects, that it has committed to raise a total funding of approximately £5.4 million required for each 20MW project of flexible power generation, including capital expenditure, working capital, fees and contingency, with minimal dilution to shareholders. The nine projects for which the company has management contracts were funded through equity by third party investors whereby it does not hold a majority shareholding in the vehicles. In order to capture a greater return for the company and to maximize the company’s exposure to project uplift in the future, it aims to secure a larger majority equity stake in projects in the near term.

Rathbone Brothers Plc (RAT.L)  Announced, in its preliminary consolidated statement of annual results for the full year ended 31 December 2015, that the company’s net interest income stood at £10.8 million, compared to £9.2 million in the same period last year. Operating income stood at £230.1 million, compared to £209.3 million. Profit after tax stood at £46.4 million, compared to £35.7 million.

Sareum Holdings Plc (SAR.L)  Announced, in its unaudited interim results for the six months ending 31 December 2015, that its operating loss stood at £0.57 million, compared to £0.63 million. Loss after tax was £0.56 million compared to £0.65 million. The company’s diluted loss per share was 0.02p, compared to 0.03p.

SCISYS Plc (SSY.L)  Announced that it has won a three-year contract with a major UK radio broadcaster to implement dira! as its enterprise-wide radio production and playout system worth up to £2.0 million. The dira! product that will be implemented by the company will represent the next generation of ‘cloud hosted’ local radio production and playout infrastructure.

Serco Group Plc (SRP.L)  Announced that it has extended its contract with the Western Australian Government to operate Acacia Prison for a further five years, to May 2021. The total value of the contract extension is expected to be £166 million (A$324 million) over the five year period.

Synectics Plc (SNX.L)  Announced that its subsidiary company, Synectic Systems (Asia) Pte. Limited, has been awarded a multi-million pound contract to supply an integrated enterprise-class surveillance solution for a new casino resort that is under construction in the Philippines.

Tristel Plc (TSTL.L)  Announced, in its unaudited interim results for the six months ending 31 December 2015, that, that its reported revenue stood at £8.0 million, compared to £7.4 million in the preceding year. Operating profit stood at £0.4 million, compared to £1.0 million. Profit after tax was £0.1 million compared to £0.7 million. The company’s diluted earnings per share was 0.45p, compared to 1.82p.

Weir Group Plc (WEIR.L)  Announced, in its final results for the 52 week period ended 01 January 2016, that its reported revenue stood at £1,917.7 million, compared to £2,438.2 million in the preceding year. Loss net of tax was £179.0 million compared to profit after tax of £74.7 million. The company’s diluted loss per share was 83.6p, compared to earnings per share of 33.7p.