Broker Upgrades and Downgrades & Key UK Corporate Snapshots

UK Broker Upgrades / Downgrades

US Broker Upgrades / Downgrades

Key UK Corporate Snapshots Today

Allergy Therapeutics Plc (AGY.L)  Announced, in its unaudited interim results for the six months ended 31 December 2015, that revenue stood at £28.96 million, compared to £28.18 million in the same period last year. Operating profit stood at £1.37 million, compared to £7.52 million. Profit after tax was £1.05 million, compared to £7.31 million. Diluted earnings per share stood at 0.18p, compared to 1.54p.

Anpario Plc (ANP.L)  Announced, in its full year results for the twelve months to 31 December 2015, that revenue stood at £23.32 million, compared to £23.45 million in the same period last year. Operating profit stood at £3.55 million, compared to £3.05 million. Profit after tax was £3.25 million, compared to £2.97 million. Diluted earnings per share from continuing operations stood at 15.97p, compared to 14.76p. The directors propose a final dividend of 5.00p per share (2014: 4.50p).

Audioboom Group Plc (BOOM.L)  Announced, in its final results for the year ended 30 November 2015, that its reported revenue stood at £0.10 million, compared to £0.05 million in the preceding year. Operating loss stood at £7.4 million, compared to loss of £3.8 million. Net loss after tax was £7.2 million compared to loss of £3.8 million. The company’s loss per share was 1.37p, compared to loss per share 1.17p. Further, in its quarterly update on the Group’s performance in the first financial quarter it stated that revenue in Q1 exceeded the total revenue for the full year ending 30 November 2015 of £192,000 and is now able to reconcile its forward media campaign bookings. The Net cash at 29 February 2016 was £2.2 million. As previously stated content partners and listens are the most accurate indicators of the Group’s future potential revenues – with quality content driving listens which, ultimately, generate advertising revenue. Moreover, total listens for the quarter exceeded 105 million, an increase of 12% on the previous quarter.

Close Brothers Group Plc (CBG.L)  Announced, in its half year results for the six months to 31 January 2016, that total revenues increased 3% in the period to £341.0 million (2015: £330.4 million) with both higher net interest and fee income in the Banking division and further growth in investment management income in Asset Management. Operating loss stood at £12.4 million, compared to £13.2 million. Profit attributable to shareholders (continuing and discontinued operations) was £88.6 million, compared to £95.3 million. Basic earnings per share (continuing and discontinued operations) was 59.7p, compared to 64.5p. An interim dividend relating to the six months ended 31 January 2016 of 19.0p, amounting to an estimated £28.0 million, is declared. This interim dividend, which is due to be paid on 20 April 2016 to shareholders on the register at 18 March 2016, is not reflected in these financial statements.

CLS Holdings Plc (CLI.L)  Announced, in its final results for the year ended 31 December 2015, that group revenue rose to £118.9 million from £99.6 million recorded in the previous year. Profit after tax narrowed to £132.1 million from £194.8 million. Net assets per share rose 19.0% % to 1,810.1p (2014: 1,521.1p).

Coal of Africa Limited (CZA.L)  Announced that the company along with its subsidiary company, MbeuYashu Proprietary Limited received a notice from Rio Tinto Minerals Development Limited and Kwezi Mining Proprietary Limited claiming that the company breached an obligation under the agreements pursuant to which MbeuYashu acquired interests in Chapudi Coal Pty Ltd and Kwezi Mining Exploration Pty Ltd, and therefore all amounts owed by the company and MbeuYashu are now due for payment. The company stated that it will dispute the validity of the notice on legal advice and will defend it vigorously if Rio Tinto and Kwezi pursue the matter.

Craneware Plc (CRW.L)  Announced, its unaudited results for the six months ended 31 December 2015, that revenues rose to $23.1 million from $21.6 million posted in the same period preceding year. The company’s profit before tax stood at $6.1 million, compared to a profit of $5.3 million reported in the previous year. The basic earnings per share stood at 0.172c compared to earnings of 0.149c reported in the previous year. The company further stated that the board has proposed an interim dividend of 11.1c per share, payable on 1 April 2016 to those shareholders on the register as at 18 March 2016.

esure Group Plc (ESUR.L)  Announced, in its final results for the year ended 31 December 2015, that total income rose to £654.1 million from £570.5 million recorded in the previous year. Profit after tax widened to £121.9 million from £82.4 million. The board has declared a full year dividend of 11.5p per share which represents 70% of underlying profit after tax, inclusive of 20% special dividend.

Forbidden Technologies Plc (FBT.L)  Announced, in its preliminary results for the year ended 31 December 2015, that revenue stood at £0.71 million, compared to £0.69 million in the same period last year. Operating loss stood at £2.66 million, compared to a loss of £3.64 million. Loss after tax was £2.56 million, compared to a loss of £3.59 million. Fully diluted loss per share from continuing and total operations stood at 1.94p, compared to a loss of 2.72p.

Foreign & Colonial Investment Trust Plc (FRCL.L)  Announced, in its audited statement of results for the year ended 31 December 2015, that gains on investments and derivatives stood at £164.82 million, compared to £202.96 million in the same period last year. Profit after tax was £192.76 million, compared to £230.35 million. Basic earnings per share stood at 34.36p, compared to 40.69p. The directors have proposed a final dividend in respect of the year ended 31 December 2015 of 2.70p per share.

Grafton Group Plc (GFTU.L)  Announced, in its final results for the year ended 31 December 2015, that revenues rose to £2,211 million from £2,081 million recorded in the previous year. Profit after tax widened to £96.5 million from £80.0 million. The board approved a second interim dividend of 8.0p (2014: 7.0p) thereby representing a total dividend for the year of 12.50p.

John Laing Group Plc (JLG.L)  Announced, in its final results for the year ended 31 December 2015, that on a pro forma basis operating income fell to £167.6 million from £206.6 million recorded in the previous year. Profit after tax narrowed to £104.5 million from £120.5 million. The board proposed a final dividend for 2015 of 5.3p per share. NAV per share as at 31 December 2015 stood at 242p (2014 – 210p pro forma).

KEFI Minerals Plc (KEFI.L)  Announced positive results of the preliminary economic assessment (PEA) by KEFI of the underground mining potential at the Tulu Kapi Gold Project (“Tulu Kapi”), underneath the planned open pit. As stated previously, the Board of KEFI continues to pursue its growth strategy of maintaining exploration activities in the Arabian-Nubian Shield focused on identifying the Company’s next value-adding stages beyond the construction and start-up of the Tulu Kapi open pit. This assessment indicates that the total production of Tulu Kapi (combining the open pit mine and underground mine) could approximate 150,000oz pa. This production capacity would result in aggregate net operating cash flow of approximately $100 million pa and KEFI’s share of the estimated project NPV being $150 million (£100 million) assuming a gold price of $1,250/oz, an 8% discount rate applied against after tax cash flows and KEFI’s beneficial ownership being 75%. The estimated Tulu Kapi open pit cash flows (based on a gold price of $1,250/oz), as confirmed by the independent technical experts for the Company’s finance lenders for Tulu Kapi, project a cash build-up during the first three production years of $135 million. Capital expenditure is estimated at US$37 million, cash operating cost at approximately $664/oz, AISC (All-in Sustaining Costs) at approximately $845/oz. Net operating cash flow is estimated at approximately $30 million pa. The IRR for the underground mine is estimated at 58% according to a base case scenario.

NMC Health Plc (NMC.L)  Announced that it has officially opened its newest super speciality hospital, NMC Royal, located in the Khalifa area of Abu Dhabi City.

Paddy Power Betfair Plc (PPB.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at €1,093.0 million, compared to €881.0 million in the preceding year. Operating profit stood at €170.2 million, compared to €163.8 million. Profit after tax was €147.2 million compared to €144.9 million. The company’s diluted earnings per share was €3.2, compared to €2.9.

Powerflute Oyj (POWR.L)  Announced, in its preliminary results for the year ended 31 December 2015, that revenue stood at €357.2 million, compared to €150.1 million in the same period last year. Operating profit stood at €43.3 million, compared to €10.1 million. Profit before tax was €37.7 million, compared to €8.6 million. Basic earnings per share stood at 9.1c, compared to 2.2c. Further, the company reported strong improvements in performance of both Coreboard and Cores and Packaging Papers.

RapidCloud International Plc (RCI.L)  Announced that its wholly owned subsidiary, RapidCloud (M) Sdn. Bhd., has signed a strategic partnership and distributorship with Alibaba.com Singapore E-commerce Private Limited (“AliCloud”), the international business and cloud computing arm of the Alibaba Group. The partnership will allow RapidCloud to offer AliCloud’s public cloud infrastructure, consulting, managed services, training and support across its offices in South East Asia. RapidCloud will also be making its key products available from AliCloud platform as a total service offering to its customers.

Regenersis Plc (RGS.L)  Announced, its half yearly results for the six months to 31 December 2015, that consolidated operations revenue stood at £9.92 million, compared to £6.80 million in the same period last year. Operating profit stood at £0.17 million, compared to loss of £1.81 million. Profit for the period was £0.42 million, compared to £4.3 million. Total Basic and diluted earnings per share stood at 0.26p, compared to 5.87p. Interim dividend of 0.66p per ordinary share (H1 2015: 1.65p per share), rebased in the context of the disposal of the Repair Services business and associated capital distribution. The Board intends to adopt a progressive dividend policy moving forwards.

Software Quality Systems AG Plc (SQS.L)  Announced, in its audited results for the year ended 31 December 2015, that revenue stood at €0.32 million, compared to €0.27 million in the same period last year. Consolidated profit for the year was €7.22 million, compared to €6.86 million. Adjusted earnings per share was €0.40, compared to €0.41.

Stratex International Plc (STI.L)  Announced in its update on its 45%-owned Altýntepe Gold Mine in Turkey where first gold pour has recently been achieved. Up to the end of December 2015, 608 oz of gold had been produced and sold. Full commercial production is expected to be achieved by end March 2016, at which point quarterly reporting will be established.

Ten Alps Plc (TAL.L)  Announced, in its interim results for the six months ended 31 December 2015, that its reported revenue stood at £12.0 million, compared to £10.1 million in the preceding year. Operating loss stood at £0.2 million, compared to the loss of £0.7 million. Net loss after tax was £0.3 million compared to loss of £0.9 million. The company’s diluted loss per share was 0.09p, compared to loss per share of 3.61p.

Tyman Plc (TYMN.L)  Announced the acquisition of Giesse, an Italian based manufacturer of hardware for aluminium windows and doors. Estimated annual pre-tax costs synergies and revenue benefits of at least €4.0 million are expected to be delivered from 2018. The expected one-off cash costs to implement the integration and delivery synergies are estimated at approximately €4.0 million. In its preliminary audited results for the year ended 31 December 2015, the company announced that revenue stood at £353.4 million, compared to £350.9 million in the same period last year. Underlying Operating profit stood at £51.4 million, compared to £46.1 million. Profit after tax was £7.69 million, compared to £9.33 million. Basic earnings per share stood at 19.25p, compared to 18.61p. Diluted earnings per share was 19.16p, compared to 18.40p. The Board is recommending a final dividend for 2015 of 6.09p per share (2014: 6.00p per share).

Vertu Motors Plc (VTU.L)  Announced, in its pre-closing trading update for the year ended 29 February 2016, that the Board expects trading performance for the year to be ahead of current market expectations while it anticipates higher revenues and profits during the period. The group’s key aftersales area of vehicle servicing like-for-like revenues grew by 5.6% that helped improve the group’s like-for-like aftersales gross profits to increase by 6.7%. The UK new car market achieved an all-time high level of vehicle registrations in the year ended 31 December 2015 with 2,633,503 new vehicles registered according to the SMMT. The group’s private new retail sales volumes rose by 6.5% benefited from these buoyant conditions. The company stated that the Board has identified a number of near term acquisitions comprising both premium and volume dealerships which would augment existing franchises in key geographies and also add a new manufacturer partner.

Vinaland Limited (VNL.L)  Announced that it purchased 650,000 ordinary shares of $0.01 each at an average price of $0.617 per share on 4 March 2016, pursuant to the share buyback authority added to the company’s Memorandum and Articles of Association on 10 December 2010.

Walker Greenbank Plc (WGB.L)  Announced that it has received an interim insurance payment of £8.0 million in connection with the flooding last year at Standfast & Barracks, the company’s fabric printing factory in Lancaster. Further, the interim payment is in respect of damage to printing machinery, stock and other business assets and loss of profits. It is expected that full digital printing capacity will be restored by early April 2016 and that the majority of the factory’s total printing capacity will be back on stream by the end of April 2016.

Westminster Group Plc (WSG.L)  Announced that Westminster’s aviation security subsidiary, Westminster Aviation Security Services (‘WASS’), has signed a new Memorandum of Understanding (“MoU”) with a Middle East Civil Aviation Authority for the provision of long term (up to 25 years) aviation security services at a significant international airport within the country concerned serving several million passengers annually. In view of the heightened security threat worldwide, together with the strategic importance and forecast growth of the airport in question, the country’s Civil Aviation Authority recognized the need to urgently improve airport security and equally recognized WASS’s experience and expertise in this field. Arrangements are now being made for a team of WASS technical experts to meet with the authorities in order to establish technical and operational requirements prior to final contract negotiations.

Worldpay Group Plc (WPG.L)  Announced, in its final results for the 12 months ended 31 December 2015, that revenue stood at £981.7 million, compared to £863.4 million in the same period last year. Gross profit stood at £860.4 million, compared to £765.3 million. Loss for the year was £29.8 million, compared to £50.0 million. Reported loss per share stood at 1.8p, compared to 3.1p. Additionally, the company reported substantial progress on its strategy, with the company’s presence strengthened and deepened in the chosen growth markets. The company also made significant investments in new and innovative products for its customers worldwide, including enhanced mobile offerings, fraud prevention tools and data analytics.

WPP Plc (WPP.L)  Announced that at its 2015 Preliminary Results meeting on Friday 4th March, a number of investors and analysts expressed an interest in our February revenue and net sales growth. It has therefore decided to give an update on the preliminary flash report on revenue and net sales which was finalised on Monday 7th March. For the month of February, the preliminary flash report shows like-for-like revenue growth and net sales growth both well over 3%.

Zegona Communications Plc (ZEG.L)  Announced, in its full year final results for the period ended 31 December 2015, that total revenue stood at €134.4 million, compared to €130.9 million in the same period last year. Gross profit stood at €109.9 million, same as last year. Cash flow stood at €36.1 million, compared to €35.2 milion. The company’s Q4 year-on-year revenue growth is the highest in last 5 years at 5.0%. The company is pleased with the progress of its Telecable acquisition in August 2015 for €640.0 million. Further, the company continues to see many attractive investment opportunities across the European TMT landscape.