Broker Upgrades and Downgrades & Key UK Corporate Snapshots 01 March 2016

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21st Century Technology Plc (C21.L)  Announced that it has been awarded two contracts worth a total of around £0.5 million. The Company’s Fleet Systems division, based in Croydon, has secured a contract with one of the UK’s major passenger transport operators to carry out electrical power supply modifications work for vital ‘on-board’ IT sub-systems on a selection of its nationwide fleet. The £0.3 million project involves 21st Century’s engineering and operations team working closely with the operators’ planning and engineering teams to complete modification work overnight in depots across the UK in a compressed timescale. Work is due to complete in H1 2016. The £0.2 million contract involves converting to the latest IP technology and the project encompasses a new control complex incorporating video management, command and control systems.

Ashtead Group Plc (AHT.L)  Announced, in its third quarter results for the three months ended 31 January 2016, that revenues rose to £612.2 million from £512.9 million recorded in the same period a year ago. Profit after tax widened to £86.5 million from £70.3 million. During the period, a final dividend in respect of the year ended 30 April 2015 of 12.25p (2014: 9.25p) per share was paid to shareholders costing £61.4 million (2014: £46.4 million). The interim dividend for the year ending 30 April 2016 of 4.0p (2015: 3.0p) per share announced on 9 December 2015 was paid on 3 February 2016.

Atlas Development & Support Services Limited (ADSS.L)  Announced that it is rapidly advancing its project to construct a new state-of-the-art glass bottling facility 45km north of Ethiopia’s capital, Addis Ababa (the ‘Chancho Project’), and in this context has appointed MH Engineering Plc (‘MH Engineering’), a leading Ethiopian firm, to provide a full range of design services including architectural, engineering, structural, sanitary, electrical and mechanical design and quantity surveying services, in relation to the construction of the Chancho Project, which will have a yearly production capacity of 105 million 330ml bottles. Headquartered in Addis Ababa, and with the necessary structural and civil engineering skills and experience, MH Engineering has been identified by Atlas as the ideal firm to progress the design of the Chancho Project following the commencement of ground clearance works (as announced on 22 February 2016) and recent geotechnical drilling works.

Bacanora Minerals Limited (BCN.L)  Announced, in its unaudited condensed consolidated interim results for the 6 month period ended 31 December 2015, that revenue stood at $0.045 million, compared to $0.035 million in the same period last year. Total comprehensive loss stood at $3.38 million, compared to $1.29 million. Net loss per share stood at $0.04, compared to $0.02.

Barclays Plc (BARC.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at £22.4 billion, compared to £23.5 billion in the preceding year. Profit after tax was £3.7 billion compared to £3.8 billion. The company’s diluted earnings per share was 16.6p, compared to 17.3p.

C4X Discovery Holdings Plc (C4XD.L)  Announced that it has acquired Adorial Limited along with its subsidiaries for a total consideration of approximately £1.7 million which will be satisfied by the issue of 1.5 million new ordinary shares at a price of 106.0p and £72,000 cash. Dr Alun McCarthy and Dr Olivier Delrieu, the founders of Adorial, will both join the company with immediate effect.

Cambridge Cognition Holdings Plc (COG.L)  Announced a new partnership with London based design and research agency Ctrl Group to develop wearables for real-time cognitive health monitoring for new markets and the prototype products are expected in the second half of 2016. The company believes that by engaging with individuals through wearable and smart devices the new technology being developed will provide a richer and more natural profile of mental health to improve the understanding, diagnosis and treatment of cognitive disorders; helping people to lead fuller, more active lives and dramatically reduce global healthcare costs. Further, the new range of products will be licensed initially to pharmaceutical partners and healthcare providers through relationships established by both Cambridge Cognition and Ctrl Group.

Direct Line Insurance Group Plc (DLG.L)  Announced, in its preliminary results for the year ended 31 December 2015, that total income declined to £3,269.8 million from £3,349.1 million recorded in the previous year. Profit after tax widened to £580.4 million from £372.6 million. The board proposed a final dividend of 9.2p per share making a total regular dividend for 2015 of 13.8p per share.

Earthport Plc (EPO.L)  Announced that it has entered into an agreement with FX4BIZ, a corporate FX provider with a fast growing European presence. The partnership will help with FX4BIZ’s global expansion and enhance its offering as an efficient, secure facilitator of cross-border payments for SMEs.

Elementis Plc (ELM.L)  Announced, in its preliminary results for the year ended 31 December 2015, that revenue stood at £678.8 million, compared to £790.4 million in the same period last year. Operating profit stood at £122.5 million, compared to £150.1 million. Profit after tax was £95.3 million, compared to £175.4 million. Dividends to shareholders stood at 2.70c, same as in the previous year. Further, the group sales reduced by 14.0% due to lower oilfield drilling and impact of stronger US dollar.

Glencore Plc (GLEN.L)  Announced, in its preliminary results for the year ended 31 December 2015, that its adjusted EBITDA stood at $8,694 million, compared to $12,764 million in the preceding year. Loss net of tax amounted to $4,964 million, compared to profit after tax of $2,308 million.

GlobalData Plc (DATA.L)  Announced, in its final results for the year ended 31 December 2015, that revenue stood at £60.47 million, compared to £48.34 million in the same period last year. Operating loss stood at £1.92 million, compared to £2.62 million. Loss for the year was £11.10 million, compared to £2.22 million. Total diluted loss per share stood at 14.56p, compared to 2.77p. Additionally, the company appointed Murray Legg to the Board of the Company as a Non-Executive Director with effect from 24 February 2016. Murray will be appointed as Chairman of the Audit Committee, succeeding Bernard Cragg, Chairman of GlobalData Plc.

Greggs Plc (GRG.L)  Announced, in its preliminary results for the 52 weeks ended 2 January 2016, that revenue stood at £835.75 million, compared to £806.10 million in the same period last year. Operating profit stood at £73.11 million, compared to £49.57 million. Profit after tax was £57.60 million, compared to £37.56 million. Diluted earnings per share stood at 55.8p, compared to 36.8p. The board intends to recommend at the AGM a final dividend of 21.2p per share (2014: 16.0p), giving a total ordinary dividend for the year of 28.6p (2014: 22.0p).

Hutchison China Meditech Plc (HCM.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at $178.2 million, compared to $87.3 million in the preceding year. Profit after tax was $10.4 million compared to loss net of tax of $6.1 million. The company’s diluted losses per share was 0.64c, compared to 0.64c.

Hydro International Plc (HYD.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at £37.9 million, compared to £32.2 million in the preceding year. Operating profit stood at £2.1 million, compared to £1.7 million. Profit after tax was £1.3 million compared to £0.9 million. The company’s diluted earnings per share was 9.0p, compared to 6.6p.

IP Group Plc (IPO.L)  Announced, in its preliminary results for the year ended 31 December 2015, that portfolio return and revenue rose to £86.4 million from £20.7 million recorded in the previous year. Profit after tax widened to £75.1 million from £9.5 million. Net assets increased by approximately 50% to £781.9 million (2014: 526.2 million).

Jardine Lloyd Thompson Group Plc (JLT.L)  Announced, in its preliminary results for the year ended 31 December 2015, that its total revenue stood at £1,155 million, compared to £1,104 million in the preceding year. Profit after tax was £113.4 million compared to £117.7 million. The company’s diluted earnings per share was 47.0p, compared to 47.8p.

Jaywing Plc (JWNG.L)  Announced, the formation of a strategic collaboration with Data Science Institute (DSI) at Imperial College London. The Company has agreed to sponsor a three and a half year research programme to measure cognitive response through neuroimaging technology. Over this period, using the power of the Institute’s state-of-the-art Global Data Observatory, the researchers from Imperial will work alongside Jaywing’s data science teams on real-life client challenges. Also announced in its trading update, that trading for the year ending 31 March 2016, is expected to be in line with management expectations, with gross profit and adjusted EBITDA showing overall organic growth of c5% compared to the prior year. In the Media & Analysis segment, adjusted EBITDA will show growth of nearly 10% compared with the previous year. The H2 performance is over 30% higher than H1, and 15% higher than the equivalent period in the prior year. The management remains focused on progressing its strategic objectives of sharpening its focus, creating a low risk international growth platform and innovation in data science.

Johnson Service Group Plc (JSG.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at £234.4 million, compared to £210.4 million in the preceding year. Operating profit stood at £15.4 million, compared to £13.4 million. Profit after tax was £10.3 million compared to £8.6 million. The company’s diluted earnings per share was 6.3p, compared to 5.2p.

JUST EAT Plc (JE..L)  Announced, in its full year results for the year ended 31 December 2015, that its reported revenue stood at £247.6 million, compared to £157.0 million in the preceding year. Profit after tax was £23.0 million compared to £51.8 million. The company’s diluted earnings per share was 3.7p, compared to 9.4p.

Moneysupermarket.com Group Plc (MONY.L)  Announced, in its preliminary results for the year ended 31 December 2015, that revenue stood at £281.73 million, compared to £248.13 million in the same period last year. Operating profit stood at £80.45 million, compared to £63.86 million. Profit after tax was £63.43 million, compared to £52.82 million. Diluted earnings per ordinary share stood at 11.6p, compared to 9.6p. The ordinary dividend for the year was 9.15p, compared to 8.00p.

MySale Group Plc (MYSL.L)  Announced, in its interim results for the six months ended 31 December 2015, that its reported revenue stood at $128.2 million, compared to $123.2 million in the preceding year. Net loss after tax was $0.6 million compared to loss of $13.5 million. The company’s diluted loss per share was 0.4c, compared to 9.0c.

NWF Group Plc (NWF.L)  Announced that the company has acquired Jim Peet (Agriculture) Limited, a well-established ruminant feed manufacturer. Jim Peet started trading in 1977 and supplies over 50,000 tonnes of compound and blends to dairy, beef and sheep farmers across the North of England and South West Scotland. Additionally, this acquisition delivers strategically important manufacturing facilities to support both Jim Peet and NWF feed production. It will supply customers in the North of England and Scotland and complements NWF’s existing facilities in the Midlands and South West.

Obtala Resources Limited (OBT.L)  Announced that it has received the initial payment of $600,000 from Global Timber Investment Limited as per the investment agreement announced on the 17 February 2016. The balance of $300,000 is due to be paid by 01 June 2016.

Oilex Limited (OEX.L)  Announced, in its update on the legal proceedings with Zeta Resources Limited, that the parties have not been able to reach to a resolution of the dispute currently, however it has been into continuous discussions. Hence, in accordance with consent orders made with the Federal Court yesterday, Zeta Resources Limited must now file and serve any reply and defence to the company’s cross claim by 29 March 2016.

PureCircle Limited (PURE.L)  Announced, in its interim results for six months ended 31 December 2015, that revenues rose to $54.5 million from $43.2 million posted in the same period preceding year. The company’s profit before tax stood at $5.4 million, compared to a loss of $4.4 million reported in the previous year. The basic earnings per share stood at 2.92c compared to loss of 0.54c reported in the previous year. The board did not declare any dividend for the period. The company’s cash and cash equivalents stood at $48.5 million (2014: $64.3 million).

Qatar Investment Fund Plc (QIF.L)  Announced, in its half yearly report for the period from 1 July 2015 to 31 December 2015, that total net loss stood at $27.91 million, compared to $20.92 million in the same period last year. Loss after tax was $29.58 million, compared to $18.93 million. Basic and diluted loss per share stood at 21.94c, compared to 12.22c. During the period a dividend of 4.0c per share was approved by shareholders.

Regus Plc (RGU.L)  Announced, in its final results for the year ended 31 December 2015, that revenues rose to £1927.0 million from £1676.1 million posted in the year. The company’s profit before tax stood at £145.7 million, compared to a profit of £87.1 million reported in the previous year. The basic earnings per share stood at 12.8p compared to earnings of 7.4p reported in the previous year. The company further stated that the board has declared a final dividend of 3.1p per share (2014: 2.75p).

Rio Tinto Plc (RIO.L)  Announced that it has completed the sale of its 40% interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation Limited for $616.7 million. Rio Tinto has now announced or completed $4.7 billion of divestments since January 2013.

RIT Capital Partners Plc (RCP.L)  Announced, in its preliminary results for the year ended 31 December 2015, that total income rose to £29.7 million from £23.3 million recorded in the previous year. Profit after tax narrowed to £188.3 million from £201.2 million. The board intends to pay a dividend of 31p per share in 2016, comprising 15.5p per share in April and 15.5 pence per share in October. NAV per share stood at 1,573p as at 31 December 2015. Also, the company announced that Lord Myners is not standing for re-election to the company’s Board. The board is deeply grateful to him for the investment intelligence and insights he has contributed to the affairs of the Company.

Rotork Plc (ROR.L)  Announced, in its consolidated income statement for the year ended 31 December 2015, that revenue stood at £546.49 million, compared to £594.74 million in the same period last year. Operating profit stood at £104.39 million, compared to £142.23 million. Profit after tax was £74.86 million, compared to £103.20 million. Diluted earnings per share stood at 8.6p, compared to 11.9p. Further, the company’s results were in line with September and November trading update guidance. Oil & Gas market remained weak and six acquisitions, including Bifold, was completed in the year for £147.6 million.

RSA Insurance Group Plc (RSA.L)  Announced that it has completed the sale of its operations in Brazil to Suramericana S.A., the insurance subsidiary of Grupo de Inversiones Suramericana (‘Grupo SURA’). The company currently expects the completion of the remaining disposals of its Latin American operations (in Chile, Argentina, Mexico, Colombia and Uruguay) to occur over the next six months.

Severn Trent Plc (SVT.L)  Announced that it has entered into a joint venture agreement with United Utilities (UU) whereby both the companies will combine their non-household water and wastewater retail businesses, principally comprising billing and customer service activities, into one business, centrally located in Stoke-on-Trent. The company will pay £3.5 million on completion of the transaction in order to create a 50/50 JV and will share the cost of systems development necessary for the provision of non-household retail services. After completion, both the companies will account for the JV, through share of profits of joint ventures, using equity accounting. The agreement is subject to clearance from the Competition and Markets Authority.

Smiths Group Plc (SMIN.L)  Announced the finalisation of the triennial valuation of the TI Group Pension Scheme (TIGPS) at 5 April 2015. The agreement with the TIGPS Trustee now provides certainty of funding over the next 3 years for all Smiths Group’s pension schemes, results in significantly lower deficits and delivers a substantial boost to free cash flow. As a result, the Group’s on-going pension contributions will be materially lower than before. Under the triennial valuation for TIGPS the actuarial deficit at 5 April 2015 for the scheme is £16 million, £101 million lower than the previous triennial valuation in 2012. The Company has agreed with the TIGPS Trustee to pay off the remaining deficit over the next three financial years, reducing the FY16 cash cost to the Company. The total annual contribution to TIGPS will fall from £16 million in FY15 to £3 million in FY17 and FY18. As part of the ongoing management of Smiths Group’s pension commitments, the assets relating to the defined benefit pension schemes have been substantially de-risked.

Somero Enterprises Inc (SOM.L)  Announced, in its annual results for the twelve months ended 31 December 2015, that revenue stood at $70.22 million, compared to $59.28 million in the same period last year. Operating income stood at $17.57 million, compared to $12.59 million. Net income was $11.55 million, compared to $14.54 million. The Board is pleased to announce a final 2015 dividend of 5.0c per share that will be payable on April 4, 2016 to shareholders on the register at March 18, 2016. Together with the interim dividend paid in October 2015 of 1.9c per share, this represents a full year dividend to shareholders of 6.9c per share.

STM Group Plc (STM.L)  Announced, in its audited final results for the 12 months ended 31 December 2015, that revenue stood at £16.2 million, compared to £15.9 million in the same period last year. Operating profit stood at £2.7 million, compared to £1.7 million. Earnings per share stood at 3.99p, compared to 1.97p. The company had continued growth in profitability due to focus on higher margin products. Further, it increased distributor network with new offices in South Africa, South East Asia and the Middle East.

Strat Aero Plc (AERO.L)  Announced that it has signed a contract worth an estimated US$0.38 million over a five year period for its proprietary Digital Data Management software (‘DDM’) with ReadyJet, a leading service provider to the aviation sector. The ReadyJet contract represents the culmination of extensive development work carried out by Strat Aero to address ReadyJet’s needs. Strat Aero has customised its proprietary DDM software to suit ReadyJet’s requirements including tracking employees’ time, calculating payroll, hosting and tracking required training that has been developed by ReadyJet. Strat Aero has arranged for a dedicated server for them to speed up the processing to cater for ReadyJet’s 1,500 employees across the US and Canada.

Swallowfield Plc (SWL.L)  Announced, in its unaudited interim results for the 28 weeks ended 09 January 2016, that its reported revenue stood at £27.5 million, compared to £25.9 million in the preceding period. Profit after tax was £0.9 million compared to £0.04 million. The company’s diluted earnings per share was 8.3p.

Taylor Wimpey Plc (TW..L)  Announced, in its full year results for the year ended 31 December 2015, that its reported revenue stood at £3,139.8 million, compared to £2,686.1 million in the preceding year. Profit after tax was £489.8 million compared to £374.4 million. The company’s diluted earnings per share was 14.9p, compared to 11.5p.

Tullett Prebon Plc (TLPR.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at £796.0 million, compared to £703.5 million in the preceding year. Operating profit stood at £107.9 million, compared to £100.7 million. Profit after tax was £82.9 million compared to £24.6 million. The company’s diluted earnings per share was 34.0p, compared to 11.2p. moreover, the company announces the combined class 1 circular and prospectus relating to the acquisition will be published later today. The company is also updating shareholders on the progress towards satisfying certain of the conditions to completion of the acquisition.

United Utilities Group (UU..L)  Announced that it has entered into a joint venture agreement with Severn Trent, whereby UU and Severn Trent will combine their non-household water and wastewater retail businesses, principally comprising billing and customer service activities, into one business, centrally located in Stoke-on-Trent. Based on the accounts of UU and Severn Trent and before allowing for any financing or synergy effects, the JV would have had sales of £940.2 million, gross assets of £200.0 million and profit before tax of £9.7 million for the year ended 31 March 2015. The Chief Executive of the JV will be Sue Amies-King (currently Business Retail Director at UU) and the Chief Financial Officer will be Stuart Howell (currently Head of Finance and Business Planning, Business Services at Severn Trent). Severn Trent will pay £3.5 million on completion of the transaction in order to create a 50/50 JV and will share the cost of systems development necessary for the provision of non-household retail services. After completion, UU and Severn Trent will account for the JV, through share of profits of joint ventures, using equity accounting.

Vertu Motors Plc (VTU.L)  Announced that it has acquired the entire issued share capital of Sigma Holdings Limited and its subsidiary Greenoaks (Maidenhead) Limited for a total cash consideration of £21.9 million. Additionally, the company settled the vendor shareholder loans of £9 million in cash on completion. The total cash consideration of £21.9 million includes initial consideration of approximately £18.4 million which was settled from the Group’s existing cash resources and borrowing facilities. A further £3.5 million is deferred for twelve months. The transaction also includes goodwill of £13 million