Broker Upgrades and Downgrades & Key UK Corporate Snapshots 14 July 2015

UK Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
REL RELX Plc Morgan Stanley Equal weight Overweight
SKY Sky Plc Deutsche Bank Buy 1000 1500
Downgrades
ITV ITV Plc Deutsche Bank Sell 205 220
LAD Ladbrokes Plc Credit Suisse Neutral Underperform
PSON Pearson Plc Morgan Stanley Overweight Equal weight
WMH William Hill Plc Credit Suisse Outperform Neutral
Initiate/Neutral/Unchanged
AAL Anglo American Plc Deutsche Bank Buy Buy
ARM ARM Holdings Plc Deutsche Bank Hold Hold
BDEV Barratt Developments Plc Deutsche Bank Buy Buy 662 662
BG. BG Group Plc Deutsche Bank Buy Buy 1460 1460
BKG Berkeley Group Holdings Plc Deutsche Bank Hold Hold 3346 3346
BLT BHP Billiton Plc Deutsche Bank Hold Hold
BVS Bovis Homes Group Plc Deutsche Bank Buy Buy 1270 1270
BWY Bellway Plc Deutsche Bank Hold Hold 2326 2326
CRST Crest Nicholson Holdings Plc Deutsche Bank Hold Hold 523 523
GLEN Glencore Plc Deutsche Bank Hold Hold
JDW JD Wetherspoon Plc Deutsche Bank Hold Hold 745 745
KGF Kingfisher Plc Deutsche Bank Hold Hold 360 360
NOG Nostrum Oil & Gas Plc Deutsche Bank Hold Hold 700 700
PSN Persimmon Plc Deutsche Bank Hold Hold 2085 2085
RDW Redrow Plc Deutsche Bank Hold Hold 437 437
RIO Rio Tinto Plc Deutsche Bank Buy Buy
SN. Smith & Nephew Plc Jefferies International Hold Hold 1044 1044
SPT Spirent Communications Plc Deutsche Bank Hold Hold 90 90
STAF Staffline Group Plc Berenberg Buy 1675
TW. Taylor Wimpey Plc Deutsche Bank Buy Buy 210 210

 

US Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
ALL Allstate Keefe, Bruyette & Woods Market Perform Outperform
AAPL Apple Societe Generale Hold Buy $140 $140
AN AutoNation Morgan Stanley Underweight Overweight $70 $70
BBD Banco Bradesco Sterne Agee CRT Underperform Neutral
CGI Celadon Group Raymond James Market Perform Strong Buy $26 $26
CNC Centene FBR Capital Market Perform Outperform $80 $90
DBOEY Deutsche Boerse AG Goldman Sachs Neutral Buy
EW Edwards Lifesciences RBC Capital Markets Sector Perform Outperform $135 $185
EW Edwards Lifesciences Northland Capital Market Perform Outperform $140 $170
ESE ESCO Technologies BB&T Capital Markets Hold Buy $45 $45
FIG Fortress Investment Group Keefe, Bruyette & Woods Market Perform Outperform
GFA Gafisa SA CitiGroup Sell Neutral
GLNCY Glencore International plc BofA Merrill Lynch Neutral Buy
GRPN Groupon Macquarie Neutral Outperform
IMAX IMAX Piper Jaffray Neutral Overweight
IR Ingersoll-Rand Stifel Hold Buy $77 $77
PTEN Patterson-UTI Energy Wunderlich Hold Buy
PXD Pioneer Natural Resources Morgan Stanley Equal weight Overweight
SFRGF Salvatore Ferragamo Credit Suisse Neutral Outperform
SSL Sasol BofA Merrill Lynch Neutral Buy
SWGAY Swatch Group Nomura Neutral Buy
Downgrades
ARMH ARM Holdings JP Morgan Neutral Underweight
BRCD Brocade Communications Systems RBC Capital Markets Outperform Sector Perform $13 $12
GLW Corning BofA Merrill Lynch Neutral Underperform
FFIC Flushing Financial Guggenheim Buy Neutral
GOOG Google Pivotal Research Group Buy Hold $640 $570
MTSI M/A-COM Technology Solutions Holdings Drexel Hamilton Buy Hold
MWE MarkWest Energy Partners Ladenburg Thalmann Buy Neutral
MUR Murphy Oil Morgan Stanley Equal weight Underweight
PEP PepsiCo Susquehanna Positive Neutral
REMY Remy International Sidoti Buy Neutral
RMD ResMed Macquarie Neutral Underperform
SEM Select Medical Holdings UBS Neutral Sell $15 $15
SLG SL Green Realty Goldman Sachs Neutral Sell
STM STMicroelectronics JP Morgan Neutral Underweight
VR Validus Holdings Keefe, Bruyette & Woods Outperform Market Perform
VLY Valley National Bancorp Guggenheim Neutral Sell $9 $9
VNO Vornado Realty Trust Goldman Sachs Buy Neutral
Initiated
AHT Ashford Hospitality Trust Brean Capital Buy $14
AXON Axovant Sciences Robert W. Baird Outperform $29
BXLT Baxalta Deutsche Bank Hold $32
CPS Cooper-Standard Holdings Singular Research Buy $83
CRTO Criteo RBC Capital Markets Outperform $64
CYNA Cynapsus Therapeutics BofA Merrill Lynch Buy $33
CYNA Cynapsus Therapeutics Nomura Buy $29
FEYE FireEye Dougherty & Company Buy $65
FIT Fitbit Morgan Stanley Equal weight $42
FIT Fitbit Piper Jaffray Overweight $52
FIT Fitbit Sun Trust Rbsn Humphrey Buy $50
FIT Fitbit Stifel Buy $57
FIT Fitbit BofA Merrill Lynch Neutral $46
FIT Fitbit Raymond James Market Perform
FIT Fitbit Deutsche Bank Buy $50
FIT Fitbit Barclays Equal weight $45
FTNT Fortinet Dougherty & Company Buy $50
IVTY Invuity Piper Jaffray Overweight $18
NVLS Nivalis Therapeutics Robert W. Baird Outperform $29
NVLS Nivalis Therapeutics H.C. Wainwright Buy $30
NVLS Nivalis Therapeutics Stifel Buy $23
ORRF Orrstown Financial Services Keefe, Bruyette & Woods Outperform
PANW Palo Alto Networks JP Morgan Overweight
PYPL PayPal Holdings Cantor Fitzgerald Buy $45
PYPL PayPal Holdings Deutsche Bank Buy $42
PSXP Phillips 66 Partners Wells Fargo Outperform
TASR TASER International CL King Neutral

 

Key UK Corporate Snapshots Today

32Red Plc (TTR.L) Announced that it has acquired the remote online gaming business known as Roxy Palace for total consideration of £8.4 million comprising £2.0 million in cash and the issuance of 10,000,000 new Ordinary Shares.

AstraZeneca Plc (AZN.L) Announced that the US Food and Drug Administration (FDA) has approved IRESSA (gefitinib) tablets, 250mg once daily, for the first-line treatment of patients with metastatic non-small cell lung cancer (NSCLC) whose tumours have epidermal growth factor receptor (EGFR) exon 19 deletions or exon 21 (L858R) substitution mutations, as detected by an FDA-approved test. IRESSA is an oral, EGFR tyrosine kinase inhibitor (TKI), which works by blocking the activity of the EGFR tyrosine kinase enzyme responsible for regulating signalling pathways implicated in the growth and survival of cancer cells.

Begbies Traynor Group Plc (BEG.L) Announced its final results for the year ended 30 April 2015. Group revenue from continuing operations in the year ended 30 April 2015 was £45.4 million (2014: £44.1 million). Adjusted profit before tax was £3.6 million (2014: £5.4 million). Exceptional and acquisition-related items (detailed in the finance review) totalled £2.9 million (2014: £0.8 million). Loss before tax was £0.7 million (2014: profit before tax £4.3 million). Statutory loss for the year was £1.6 million (2014: profit £3.0 million) after loss from discontinued operations. The board has recommended the total dividend be maintained at 2.2p (2014: 2.2p). This comprises the interim dividend already paid of 0.6p (2014: 0.6p) and a final dividend of 1.6p (2014: 1.6p). Financial performance in insolvency division is directly related to the cyclicality of the national insolvency market. The market as a whole remains difficult to predict although activity levels have stabilised over the last four quarters to 31 March 2015. However, there are no indications of a change in the benign financing environment in the UK and the company therefore remain cautious about activity levels in this division in the near term. The restructuring of the division completed in the last financial year will result in a reduced cost base for the new financial year and the company remains confident of the division’s long-term performance. The new financial year will benefit from a full year contribution from the Eddisons acquisition, which is expected to enhance our financial performance, delivering a stable level of profitability in line with its post-acquisition trading and positive cash generation. The combination of the reduced cost base in the insolvency division, the removal of losses from the discontinued business and the full year impact of the Eddisons acquisition leaves the group well placed in the new financial year and beyond. The company will continue to look for opportunities to develop and enhance the business, both organically and through selective acquisitions. An update on current trading will be provided at the time of the company’s annual general meeting in September 2015.

Berkeley Resources Limited (BKY.L) Announced, in its drilling update, that an infill drilling programme at the Zona 7 deposit is progressing well and the results are expected to be released next month followed by an upgraded mineral resource estimate in September. The 101 hole 6,500 metre infill programme is designed to upgrade the Inferred Mineral Resource estimate (MRE) of 30.1 million pounds of U3O8 (23.2 million tonnes averaging 589 ppm at a cut-off grade of 200 ppm) to the Indicated category.

Carillion Plc (CLLN.L) Announced, in its trading statement in the first six months of 2015 ahead of announcing its interim results on 26 August 2015, that the group has continued to perform in line with expectations, which reflects the actions it took throughout the economic downturn to position the group in markets where it can now achieve revenue growth, consistent with targets for margins and cash flow. Total first-half revenue has increased significantly and the group remains on track to deliver healthy full-year revenue growth, while still maintaining margin discipline by being very selective in choosing the contracts for which it bid, supported by ongoing focus on cost management. First-half operating cash flow is expected to remain strong with cash-backed profit. Order book and pipeline of contract opportunities remain strong, despite the expected impact of the UK General Election on public sector contract awards in the first six months of the year. Additionally, the company announced that it has been awarded a contract by BP to build the operational base and accommodation complex for its Khazzan gas project. The contract involves the construction of accommodation facilities, including an operational base, a residential complex for 250 personnel and other infrastructure buildings in the Khazzan gas field, approximately 350km South West of Muscat. Work on the contract is expected to start in September 2015 and is scheduled for completion in mid 2017.

Circle Oil Plc (COP.L) Announced, in its operational update on the progress of the ANS-2 exploration well on the Lalla Mimouna permit, onshore Morocco, that the ANS-2 well targeted the Miocene sands and the TD of the well, at 1,070 metres MD, was reached on 29 June 2015. Although the well encountered gas shows whilst drilling at the targeted depth, the interpretation of wireline logs indicates that the reservoir quality encountered in the well has not met the company’s pre-drill estimates. Therefore the well has been suspended pending further analysis of all the data before a decision is made on whether or not to complete the well. The rig is now being mobilised to drill the NFA-1 exploration well, the third well of drilling campaign on Lalla Mimouna. The well is targeting two potentially gas-bearing zones in the Miocene sands. The targets exhibit strong seismic amplitude anomalies, attributed to gas filled porous sands, analogous to those proven by the successful drilling of similar features in the Sebou permit to the south. Depending on progress rates, initial results could be available in approximately 30-40 days.

Coms Plc (COMS.L) Announced that it has reached agreement with Mark Braund, to become Chief Executive of Coms plc. Mark has been CEO of Interquest Group plc (“Interquest”) for 4 years and has extensive experience in senior roles in the UK and North America. Mark has also been a non-Executive director of Coms plc since 9 March 2015. Mark will assume his full time CEO duties once he has completed an orderly handover of his responsibilities at Interquest. In addition, the Board is pleased to announce the appointment of Spencer Dredge as Chief Financial Officer. Spencer has been an interim finance Director at Coms since March 2015 and has extensive turnaround experience, particularly with businesses in the telecoms, IT services and software sectors.

Dairy Crest Group Plc (DCG.L) Announced, in its interim management statement, that overall its Cheese and Spreads businesses have performed in line with our expectations during the first quarter and the outlook for the full year remains unchanged. In the first quarter aggregate sales of our four key brands, Cathedral City, Clover, Country Life and Frylight, were in line with the first quarter of last year. Underlying cash generation is good and, as the year progresses, lower milk costs will make a significant difference to the carrying value of cheese stock and hence working capital. The board’s expectations for the full year remain unchanged.

Deltex Medical Group Plc (DEMG.L) Announced, in its pre-closing update for the first half of the year, that US expansion plans is on track. US surgical probe revenues are up 28% at £0.6 million. International surgical probe revenues are up 19% at £0.6 million. UK market remains weak as NHS financial problems continues. The group sales in statutory reporting format are expected to be approximately £2.7 million (2014: £3.0 million). Cash available at 30 June 2015 was £1.3 million. The company plans to announce its interim results for the six months ended on 16 September 2015. Additionally, the company also announced that it has won its first important competitive tender in Canada. The tender, which the company originally expected to be awarded in the second half of 2014, is expected to generate revenues in the second half of 2015 and to enable the company to establish its first reference account in Canada. The first monitor order under the tender has been received. The tender is initially for three years and covers a number of hospital systems across a single province.

dotDigital Group Plc (DOTD.L) Announced an unaudited trading update for its financial year ended 30 June 2015, ahead of its full year results which are expected to be announced in October 2015. The Board is pleased with another year of profitable growth. For the 10th year in succession revenues have grown in excess of 30% and the board anticipates that full year EBITDA will be slightly ahead of market expectations. This performance is a result of continued strong organic growth in the Company’s high margin recurring revenue streams from its dotmailer platform both in the UK and internationally. Revenues for the 12 month period grew by approximately 31.5% to £21.3 million.

EMIS Group Plc (EMIS.L) Announced, in its trading update for the six months ended 30 June 2015, that trading for the half year was in line with the Board’s expectations, with continued organic growth complemented by good performances from the two acquisitions completed during the second half of 2014 (Indigo 4 and Medical Imaging). The Group’s revenue visibility, order book and pipeline remains strong. Market share in Primary Care and Community Pharmacy was maintained, there was further market share growth in Community, Child and Mental Health (CCMH) and Secondary & Specialist Care secured a number of contract wins. The Group’s software businesses were rebranded as EMIS Health on 24 June 2015. Meanwhile, the Community Pharmacy market share was maintained as ProScript Connect, the Group’s next generation dispensary pharmacy management product, was prepared for piloting in the final quarter of 2015. The Secondary & Specialist Care management team was strengthened with the appointment of a new Managing Director of Secondary Care in February 2015 and a new Secondary Care Commercial Director in May 2015. Good progress has been made with delivering major contracts, including Unscheduled Care across Wales, and a strong pipeline is expected to lead to further contract wins in the second half of the year. The Group strengthened its balance sheet during the first half with net cash at 30 June 2015 of £1.3 million (31 December 2014: net debt of £11.8 million), reflecting strong seasonal cash flows. Additionally, it also announced the acquisition of Pinbellcom Group Limited (“Pinbellcom”), a leading supplier of administration and compliance software to both the primary and the secondary care markets, from its founders for £3.0 million net of cash acquired. The acquisition is in line with the Group’s strategy of providing connected healthcare IT for patients and those involved in their care.

Euromoney Institutional Investor PLC (ERM.L) Announced that it is acquiring a 10% equity stake in Estimize, the most comprehensive financial estimates platform, for a consideration of US$3.6 million, funded from its existing cash resources. The investment is part of a US$6 million Series B round aimed at expanding the capital base of Estimize. Other key investors include Contour Venture Partners and Longworth Venture Partners. As part of the transaction, Euromoney will receive Series B preferred stock, a board observer seat and full information rights.

FirstGroup Plc (FGP.L) Announced, in its trading update, that overall trading for the group is in line with management’s expectations, and its transformation plans continue to progress. First Student continues to achieve slightly higher average price increases than the prior year. UK Bus delivered further growth with concessionary revenues moderating continued commercial passenger revenue growth. It expects net cash flow for the current year to be broadly flat before the UK Rail end of franchise outflows of approximately £30 million.

Fletcher King Plc (FLK.L) Announced, in its preliminary results for the year ending 30th April 2015, that revenues fell to £3.4 million from £3.7 million recorded in the same period a year ago. Profit after tax narrowed to £0.4 million from £0.5 million. Basic and diluted earnings per share stood at 3.92p, down from 5.89p.

Imperial Innovations Group Plc (IVO.L) Announced that it has entered into another loan facility from the European Investment Bank (EIB) to support the company’s investments in the UK biotech and life science sector. The £50 million committed loan facility is available for draw down over a period of two years and is repayable over a maximum of nine years following the date of the first draw down.

International Public Partnership Limited (INPP.L) Announced that the Bazalgette Consortium comprising INPP, Allianz, Amber Infrastructure Group, Dalmore Capital Limited, DIF and Swiss Life Asset Managers has been appointed preferred bidder for the Thames Tideway Tunnel (“TTT”) licence. The company will invest up to £210 million in the project, with the residual risk capital being funded by the remaining consortium partners.

InterQuest Group Plc (ITQ.L) Announced, in its trading update for the first half of the year, that the growth in net fee income in both of its permanent and contract business has seen net fee income in the period increase by approximately 6% and adjusted earnings before interest and tax increase by approximately 16% compared to the first half of 2014. The company’s approach to develop networks of talented candidates is helping it to deal with an excellent position in its specialist areas of the technology recruitment sector such as digital skills and data analytics. Its growth into specialist niche markets is also allowing the company to continue to improve operating margins. The company also announced that Mark Braund has offered his resignation as Chief Executive, in order to take up a new position as the Group Chief Executive of Coms Plc. Once his role as Chief Executive concludes, Mark has agreed to remain on the board as a Non-Executive Director of the company.

Iofina Plc (IOF.L) Announced, in its corporate and trading update, that the company’s performance was strong in the first half of the financial year, and recorded quarter for crystalline iodine production in the second quarter of 2015. The company produced a quarterly record of 166.2 metric tons (MT) of crystalline iodine in Q2 2015 (Q2 2014: 92.9MT) and a record of 294.1MT in H1 2015 (H1 2014: 139.9MT) which is an increase of 110%, exceeding company expectations. During the period, the company shut IO#1 and focused its iodine production operations in the company’s core area. This operational focus has resulted in increased production at all of the company’s five operating IOsorbR iodine plants, compared with previous periods. The board is delighted to report that the company was EBITDA positive in H1 2015.

ISG Plc (ISG.L) Announced, in its trading update, that its engineering services and retail businesses in the UK and internationally has been excellent and trading has been ahead of management’s expectations. It continues to improve the risk profile of this division by strengthening delivery and management and by focussing on repeat customers and frameworks in key sectors. The company has discontinued the London Exclusive Residential and Tonbridge businesses of UK Construction and has been completing the remaining live contracts and continuing to pursue all contractual entitlements. In order to now accelerate final closure of these areas and collection of final accounts it is making a further provision of £5.5 million for London Exclusive Residential and £5 million for Tonbridge. Meanwhile, the company ended the year with a net cash balance of £50 million as at 30 June 2015 (June 2014: £46 million) having raised £17 million of new equity in March. The company also announced that it has been awarded £80 million of commercial office fit out projects in the three months to June 2015.

Journey Group Plc (JNY.L) Announced that the Air Fayre CA Inc (“Air Fayre”, the group’s US division) has been awarded a five-year contract with Federal Express Corporation (“FedEx”) to provide in-flight catering services for all of FedEx’s crew members and services for their pilot lounge out of Memphis International Airport (“MEM”) in Tennessee, which is home to the FedEx Express global hub.

Lifeline Scientific Inc. (LSIC.L) Announced a key account win in North America and further adoption in Europe and the Middle East, which combined are expected to contribute in excess of US$1.2 million in annualised revenues.

Michael Page International Plc (MPI.L) Announced, in its trading update for first half 2015, that gross profit rose to £281.0 million from £263.7 million in the same period previous year. The strongest performance was from the UK region which rose by 12.0% to £75.7 million from £67.6 million a year ago. Asia Pacific region grew by 9.2% from £51.3 million to £56.0 million. American region showed 7.5% growth whereas EMEA (excluding Russia) region rose by 1.6%. Germany, Greater China, South East Asia, the US and Latin America are among the top performing markets for the company.

NetDimensions (Holdings) Limited (NETD.L) Announced, in its business update, that revenue for the period was $10.6 million, an increase of 16% (2014 H1: $9.1 million). Invoiced sales for the period were also higher at $9.8 million, an increase of 8% (2014 H1: $9.1 million). The average deal size for direct new clients increased 125% to $209K (2014 H1: $93K) with the number of active users at the end of the period of 3.9 million (2014 H1: 3.7 million), an increase of 5% over the prior six month period.

Next Fifteen Communications Plc (NFC.L) Announced, in its trading update, that the positive start to the new financial year seen at the preliminary results in April has extended to the first five months of the period. Driven by continued strong revenue growth from its North American businesses, the period has also seen sustained margin improvement in the UK and Asia as the company’s work to simplify its non-US operations progresses. In terms of business development, the recent acquisitions of Animl, Encore and Morar in the UK are making a growing contribution. The company also announced on 2 July 2015 that it had acquired the brand-marketing agency, IncrediBull, which will become a part of Text 100 next year. Next 15 has now made four separate investments to strengthen its UK business in the last seven months. Elsewhere, we have accelerated our plans for Agent3 to enter the US market in the current year after achieving early success in Europe.

Paragon Diamonds Limited (PRG.L) Announced that the company has now entered into a legally binding share purchase agreement with Lucara Diamond Corporation (“Lucara”) with regards to the acquisition of the Mothae Kimberlite Resource (“Mothae”) (the “Acquisition”). The Acquisition remains subject to approval from the Government of Lesotho and completion of funding.

Polymetal International Plc (POLY.L) Announced, in its Q2 2015 production results, that the group demonstrated solid operating results in the second quarter of 2015. Quarterly gold production was 186 Koz, down 5% as compared to Q2 2014 (“year-on-year”), while silver production in the second quarter was 8.9 Moz, up 9% year-on-year. Production for the 1H 2015 was 633 Koz of gold equivalent, down 3% year-on-year. Net debt at 30 June 2015 decreased by $16 million compared to 31 December 2014 to $1,233 million while $139 million of dividends was paid out to shareholders. The Company remains in a strong position to meet its annual production guidance of 1.35 Moz of gold equivalent in 2015, along with its total cash cost guidance of $575 – 625/GE oz and all-in sustaining cash costs of $750-800/GE oz.

Qatar Investment Fund Plc (QIF.L) Announced, in its Q2 2015 Investment Report for the period 1 April 2015 to 30 June 2015, that net asset value (NAV) per share net of dividends rose 2.2% between 31 December 2014 and 30 June 2015, while the Qatar Exchange Index (QE) fell 0.7%. Qatar’s real GDP increased 4.1% in Q1 2015 compared to Q1 2014, driven by the non-hydrocarbon sector, which expanded 8.9% Credit growth rose 2.9% from December 2014 to May 2015. Ø Qatari listed companies’ profits rose 21.9% in Q1 vs Q1 2014.

Quantum Pharma PLC (QP.L) Announced that it has acquired 100% of the share capital of NuPharm Group Limited and its wholly owned trading subsidiary, NuPharm Laboratories Limited (the “Acquisition” or “NuPharm”) amounting to £9.3 million which has been paid in cash and a maximum amount of £4 million which is to be paid under earn-out arrangements. The company also announced that it has secured new banking facilities with Royal Bank of Scotland and Lloyds Bank comprising a term loan of £25 million and a revolving credit facility of £10 million which will replace the existing £15 million term loan.

Range Resources Limited (RRL.L) Announced that following its previous announcemnet relating to the upcoming Canari North exploration well on the Guayaguayare Block onshore Trinidad, the drilling site and construction of a 620 metre road have been completed and the drilling rig (Rig 8) has been successfully mobilised and rigged up on the drill pad. The contractor was required to carry out a number of upgrades and tests on the rig, which were successfully completed on 10 July 2015. Final inspection documents for the rig will be submitted to the Ministry of Energy and Energy Affairs during the current week, as part of formal approvals to commence drilling operations. The well is expected to spud during the week commencing 27 July 2015, following the required regulatory approvals, drilling the well on paper (DWOP) meeting and pre-spud meeting with partners, contractors, service providers and regulatory agencies associated with the well. The Canari North well will be the first exploration well to be drilled by Range in Trinidad, and any success with the well is expected to de-risk the Moruga sub-basin and could result in material potential upside in the Guayaguayare block with multiple follow-on prospects and leads to be tested by further exploration drilling in 2015 / 2016. The primary target reservoirs are the Lower Gros Morne sands, projected at a depth of 3,510 ft. The Upper and Middle Gros Morne sands may also contain sands that are hydrocarbon bearing. These form secondary and tertiary targets, and are projected to occur at depths near surface and 2,435 ft., respectively.

Regenersis Plc (RGS.L) Announced, in its trading update in advance of its results for the year ended 30 June 2015, which will be announced on 22 September 2015, that notwithstanding Sterling’s continued strength through the reporting period, the group’s profitability in the financial year to 30 June 2015 will be in line with market consensus. Depot Solutions achieved in reported Sterling and in constant currency, growth in revenue and headline operating profit in the year just ended. Blancco achieved year on year sales growth of 27% in its first full year as part of the group, driving headline operating profit growth in constant currency terms of approximately 45%. The group will report Blancco separately from the rest of Advanced Solutions at final results and going forwards, reflecting its increasing importance to the group. Given the above, the board believes the outlook for FY2016 is for modest growth in headline operating profit, with strong growth in the Advanced Solutions and Software activities offset by a reduced contribution from Depot activities. During 2016, the board will focus on actions to maximize shareholder value.

Steppe Cement Ltd (STCM.L) Announced that, in the first half of 2015, it sold 717,654 tonnes of cement for 8,277 million Tenge, which compares with 709,459 tonnes of cement for 9,125 million Tenge in the first half of 2014. This represents an increase of 1% and a decrease of 9% respectively over the same period in 2014. The average price for the current period for delivered cement was 11,533 Tenge per tonne (ex VAT), compared with 12,862 Tenge per tonne in the corresponding period of 2014. The ex-factory price for the current period was 9,665 Tenge per tonne, compared with 10,797 Tenge per tonne in the corresponding period of 2014. The market reduction in selling price was driven by the unfavorable Rouble exchange rate against the Kazakh Tenge. Kazakh cement manufacturers reacted by cutting their prices aggressively to fence out imports. Most of Steppe Cement’s competitors chose a strategy of volume over price. Steppe Cement chose to maintain its stock of clinker and push for higher volumes at higher prices in the third quarter. The situation has improved in June and July 2015 allowing price increases. Pricing in the second half will be influenced by the Rouble/Kazakh Tenge exchange rate and the cement market evolution. The Kazakhstan cement market continued to recover in 2015, driven by public infrastructure. The cement volume sold in Kazakhstan increased by 10% during the first half of 2015 compared to the same period last year. Over the same period Steppe Cement’s market share fell to 17% from 19% in the same period of 2014. The Company has revised its estimate for country consumption upwards from 8.5 to 9.2 million tonnes for 2015 and anticipates recovering the lost market share in the coming months. On 19 June 2015 Steppe’s operating subsidiaries (Central Asia Cement JSC and Karcement JSC) finalised a loan agreement with Halyk Bank JSC on terms subsidised by government programs. The loan comes at a fixed interest rate of 6% per annum and is available for drawdown over the year to 19 June 2016. The loan totals 2,188 million Kazakh Tenge. A waiver has been received from VTB Bank for the technical breach of a financial covenant that occurred on 31 December 2014. On 15 July 2015 Steppe Cement will make a US$5.5 million debt repayment under tranche A to VTB Bank and the total long-term debt of the Company will then stand at US$29.2 million plus a bond of 1,490 million Kazakh Tenge due in November 2017.

Tricor Plc (TRIC.L) Announced that the Company has drawn down £9,000 under the working capital facility provided by Ellwood International Limited (“Ellwood”), further details of which were announced by the Company on 31 March 2015. As a result, and in accordance with the agreement with Ellwood, the Company has issued to Ellwood 2,368,421 new ordinary shares (the “Tranche 3 Shares”) of 0.001 pence in the Company (“Ordinary Shares”) at 0.38p per Ordinary Share and 9,473,684 warrants to subscribe for new Ordinary Shares, exercisable at 0.5p per Ordinary Share. Ellwood has entered into an orderly market agreement whereby until 31 March 2016, it will only sell Ordinary Shares following consultation with the Company’s broker and always so as to ensure an orderly market in the Company’s shares. In accordance with its consultancy agreement with Ellwood, further details of which were announced by the Company on 19 June 2015, the Company has today issued and allotted 1,612,903 new Ordinary Shares to Ellwood (the “Consultancy Shares”) in respect of fees for June 2015 at an issue price of 0.62p per Ordinary Share, being the closing mid market price of an Ordinary Share on the last business day of June 2015.

Wizz Air Holdings Plc (WIZZ.L) Announced that it will issue its first quarter interim management statement for the three months ended 30 June 2015, on Wednesday, 29 July 2015 at 07.00 BST (08.00 CET).

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