Broker Upgrades and Downgrades & Key UK Corporate Snapshots 20 October 2015

UK Broker Upgrades / Downgrades

US Broker Upgrades / Downgrades

Key UK Corporate Snapshots Today

1Spatial Plc (SCLP.L) Announced, in its unaudited interim results for the six months ended 31 July 2015, that its reported revenue stood at £8.45 million, compared to £10.14 million in the preceding period. Loss net of tax was £1.53 million compared loss of to £0.75 million. The company’s diluted loss per share was 0.2p, compared to 0.1p.

ASOS Plc (ASC.L) Announced in its final results for the year ended 31 August 2015, that its reported revenue stood at £1150.79 million, compared to £975.47 million in the preceding year. Profit after tax was £36.85 million compared to £36.59 million. The company’s diluted earnings per share was 44.4p, compared to 44.5p.

B.P. Marsh & Partners Plc (BPM.L) Announced, in its interim results for the six months to 31 July 2015, that income net of gains on equity investment stood at £5.14 million, compared to £2.89 million in the same period last year. Operating profit stood at £4.19 million, compared to £1.96 million. Profit after tax was £3.36 million, compared to £1.72 million. Basic and diluted earnings per share stood at 11.5p, compared to 5.9p.

BlueCrest AllBlue Fund Limited (BABS.L) Announced, that the company rose by 0.3% in September, a solid performance against a backdrop of difficult markets, bringing the gain for the year to date to 2.9%. The rolling 12 month return remained level at 3.8% and volatility was stable, at 3.2%.

CPL Resources Plc (CPS.L) Announced that it held its Annual General Meeting (AGM) in Dublin on 19 October 2015 where the Chairman, Mr John Hennessy made the following statement: “On 3 September 2015 we announced our results for the year ended 30 June 2015. The group reported operating profit of €14.0 million, revenue growth of 7% to €393.6 million and earnings per share of 40.2c. The group has a strong balance sheet, with more than €30 million in net cash at the year end. At our AGM today the shareholders approved a final dividend of 5.0c per share, bringing the total dividend for the year to 9.75c per share. The group has had a positive start to the new financial year with net fees continuing to show growth across our business, economic indicators are positive and we expect to perform in line with market expectations in the months ahead.” Additionally, the company announced that all resolutions proposed to shareholders at the company’s annual general meeting were duly passed.

Dolphin Capital Investors Limited (DCI.L) Announced that its half yearly report for the period ended 30 June 2015 is now available to view on the company’s website at http://www.dolphinci.com/investor-relations/reports/. For the first time, this report is interactive using control icons at the top of each page and the search icons within the narrative. Hard copies will not be printed for this report.

ECR Minerals Plc (ECR.L) Announced that its earn-in and joint venture agreement with Tiger International Resources has been amended in few sections. The terms of the agreement, pertaining to the Itogon gold project in the Philippines, was summarised in the company’s announcement on 29 April 2013. The effect of the amendment is that the company can exercise the Earn-in Option by ensuring the completion of such work and the making of such expenditures as may be necessary to obtain for Cordillera Tiger a mining licence in respect of the Itogon project on or before the tenth anniversary of the commencement date ( 6 December 2013), subject to force majeure provisions.

Electra Private Equity Plc (POLY.L) Announced the proposed acquisition of Photobox Group, Europe’s leading digital consumer service for personalised products and gifts. The acquisition, which is subject to certain conditions including consultation with employee representatives and anti-trust clearance, would support Photobox Group’s ambitions in the market for personalised products and gifts through accelerated mobile, product and international expansion. On completion, Electra will invest £89 million.

Entertainment One Ltd (ETO.L) Announced that it received valid acceptances with respect to 126,049,759 new common shares, representing 95.9% of the total number of new common shares offered to qualifying shareholders pursuant to the Rights Issue which was announced on 30 September 2015. It expects that the new common shares in uncertificated form, in the form of Depositary Interests, will be credited to CREST accounts soon and that the definitive share certificates will be despatched to the relevant qualifying shareholders on or after 27 October 2015.

Go-Ahead Group Plc (GOG.L) Announced, in its first quarter trading statement for the period from 28 June 2015 to 19 October 2015, that first quarter trading in regional bus has followed similar trends to the second half of last year. Both mileage operated and revenue growth in its London bus operations have been consistent with expectations. Quality Incentive Contract revenue continues to be adversely affected by congestion resulting from roadworks, which are expected to continue in the capital for the foreseeable future. The company’s rail division operates the GTR, Southeastern and London Midland franchises through our 65% owned subsidiary Govia. London Midland growth rates reflect prior-year quarter performance, which was affected by engineering works. Notwithstanding this, the franchise continued its trend of improvement as seen in the second half of last year. Discussions with the DfT are ongoing regarding a potential direct award contract for London Midland from March 2016 to October 2017. Southern and Gatwick Express were integrated into the GTR franchise in July 2015. GTR continues to incur incremental costs as a result of operational challenges and changes in its operating network.

Grainger Plc (GRI.L) Announced the appointment of Vanessa Simms to the Board as Finance Director. It is anticipated that Vanessa will join the company in the early spring of 2016.

Informa Plc (INF.L) Announced, in its trading update about the operating and financial performance for the nine-months ending 30 September 2015, that consistent performance in the third quarter lead to nine-month reported revenue growth of 6.9% and organic growth of about 2%, ex-events phasing; full-year expectations re-confirmed. Performance continues in line with the market, alongside ongoing investment in content and technology. Focus on customer, subscription management and key market verticals delivers further improvement in organic trend; on track to more than halve 2014 decline this year. Ongoing strong underlying organic growth from increasingly international portfolio of market-leading Exhibitions. Continued implementation of new strategy, including selective disposals of European Conference businesses; trading consistent during this transition ahead of traditionally busy fourth-quarter trading period. Continued implementation of GAP investment programme, with close to 20 projects now underway. Estimated spend and projected returns unchanged, fully funded through free cash flow. Exit from Scandinavian conference businesses within Knowledge & Networking increases focus on large, Branded, recurring English-language events. GAP strategy to retain financial flexibility with a strong balance sheet and competitive financing leads to issue of $250 million US Private Placement Notes, extending average debt-maturity and increasing balance sheet flexibility.

InterContinental Hotels Group Plc (IHG.L) Announced, in its management statement for 3Q15, that its global third quarter comparable RevPAR was up 4.8%, led by rate up 3.6%. It expanded their global scale: net system size of 727k rooms, up 4.3% year on year (2.7% excluding Kimpton); 16k rooms signed into our 218k room pipeline, highest third quarter hotel signings since 2008. It completed the sale of InterContinental Hong Kong, for proceeds of $929 million.

International Greetings Plc (IGR.L) Announced, in its trading update for the six month period to 30 September 2015, that sales revenue in the year to date, together with a solid order book underpins its expectations for full year revenue. Excellent service levels have been achieved during the period with shipping in the US in particular ahead of historical seasonal trends, reflecting the commercial initiatives highlighted in our August trading update. In UK, it is on track to deliver the expected annual efficiencies, resulting from recent investment in our manufacturing operations. In Europe and Australia, its businesses have combatted weak Euro and Australian Dollar exchange rates to deliver to expectations during the period. The company’s seasonal working capital build in the run up to Christmas has recurred in line with expectations. However, it anticipates reporting H1 net debt significantly lower than at the same period last year. The Group will publish its Interim Results for the six months ended 30 September 2015 on 2 December 2015.

Nighthawk Energy Plc (HAWK.L) Announced that Mr. Richard Swindells, CFO and a Board member, has agreed to leave the company effective as of November 7, 2015 and will be resigning as a Director and as Company Secretary. Mr. Kurtis Hooley will join the company as the new CFO and Company Secretary, effective as of November 7, 2015, and will be responsible for all accounting, finance and administrative functions of the company. Mr. Mike Thomsen, VP of Geology, has left the company with immediate effect.

Petra Diamonds Limited (PDL.L) Announced that its annual report and accounts for the financial year ended 30 June 2015 has been published and is available to view on the company’s website www.petradiamonds.com. The Annual General Meeting (AGM) of the company will be held at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN, United Kingdom at 9:00am GMT on 30 November 2015. The 2015 annual report and related AGM documents will be posted to shareholders on 29 October 2015.

Polymetal International Plc (POLY.L) Announced, in its Q3 2015 production results, that the company will register another strong set of the results, with 1,061 Koz of gold equivalent produced during the nine month period ended 30 September 2015, an increase of 2% year-on-year. Gold equivalent production in the third quarter was 429 Koz, an increase of 28% quarter-on-quarter and 10% year-on-year driven by seasonal de-stockpiling of Mayskoye concentrate and a strong performance at Dukat and Albazino. Quarterly gold production was 270 Koz, up 4% year-on-year. Silver production in the third quarter was 9.3 Moz, up 21% year-on-year. It continued to generate free cash flow in the third quarter and paid out $34 million of interim dividends to shareholders. Net debt at 30 September 2015 increased by $35 million compared to 30 June 2015 to $ 1,268 million as the company paid a net consideration of $ 68 million for the settlement of the Kyzyl put option. As is normal, silver sales lagged production during the first three-quarters of the year, as most of silver is sold in the form of concentrate to offtakers which results in a longer work-in-progress cycle. At Kyzyl, the external audit of the feasibility study is nearing completion, and the release of its results is scheduled for the third week of November. The company will host an Analyst and Investor Day on November 16 in London to present and discuss the results of the Kyzyl feasibility study. 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 $ 525-575/GE oz and all-in sustaining cash costs of $ 700-750/GE oz.

PPHE Hotel Group Limited (PPH.L) Announced the signing of a hotel management agreement with Battersea Power Station Development Company (BPSDC) for a 160 plus bedroom, luxury lifestyle art’otel planned to open in 2019. The company will be announcing a trading update in relation to the quarter ending 30 September on Wednesday 4 November 2015.

Quantum Pharma Plc (QP..L) Announced, in its unaudited interim results for the six months ended 31 July 2015, that its reported revenue stood at £34.3 million, compared to £28.0 million in the preceding period. Profit after tax was £2.5 million compared to £2.7 million. The company’s diluted earnings per share was 2.0p, compared to 2.1p. Also, it announced the appointment of Nicola Massey as the new Managing Director of its Niche Pharmaceuticals Division.

Scancell Holdings Plc (SCLP.L) Announced, in its business update, states that the maturing survival and safety data from phase 1/2 clinical trial continues to suggest that SCIB1 has the potential to become the first effective stand-alone adjuvant treatment for early stage metastatic melanoma, a billion US dollar market opportunity. The animal data has confirmed that SCIB1 offers the potential to be combined with checkpoint inhibition thereby increasing response rates beyond the 25-30% of patients responding to checkpoint inhibitors alone.

Shanta Gold Limited (SHG.L) Announced, in its production and operational results for the quarter ended 30 September 2015, for its New Luika Gold Mine, in Southwest Tanzania. It Recorded quarterly gold production of 24,552 ounces. Its 2015 annual production guidance on track to achieve 72,000-77,000 oz. The cash generated from operations of $13.2 million. Forward sales from October 2015 to April 2016 of 25,000 oz at an average price of $1,176 /oz. Underground feasibility study, base case mine plan, updated reserves statement for NLGM completed and released to market in Q3 2015. The underground mine is planned to produce 310,000 oz with a project Net Present Value1 of $72 million, at a gold price of $1,200 /oz, and with a pre-tax Internal Rate of Return of 56%. The company also stated that Singida project relocation process continues.

Teathers Financial Plc (TEA.L) Announced that Shard Capital Partners LLP (‘Shard Capital’) has offered the first Initial Public Offering (IPO) by via The Teathers App, operated by the company’s fully owned subsidiary, Teathers Financial Software Limited (TFSL), which is currently available to private investors. It is the first IPO in the world to be offered through a mobile application provided and developed by TFSL.

Whitbread Plc (WTB.L) Announced, in its interim results for the six months to 27 August 2015, that revenue stood at £1,439.8 million, compared to £1,293.2 million in the same period last year. Operating profit stood at £274.6 million, compared to £261.3 million. Profit after tax was £196.3 million, compared to £188.6 million. Diluted earnings per share operations stood at 107.98p, compared to 104.39p. The board declared an interim dividend of 28.50p per share (2014: 25.20p).

Wood Group (John) Plc (WG..L) Announced that it has been awarded a new $31.0 million contract by Carbon Creek Energy on their coalbed methane asset in the Powder River basin in Wyoming. The company will deliver operations management services to the field, the largest of its kind in the region, consisting of approximately 7,000 drilled wells, 6,000 – 12,000 drillable locations and currently produces 385 million cubic feet of gas per day. The initial contract is for 12 months and will be reviewed annually.

Xtract Resources Plc (XTR.L) Announced, in its operational update for 3Q15, that its revenue increased by 153% to $448,112, compared to $177,000 recorded in the previous quarter. Its costs decreased by 15% to $298,000 compared to $351,000 in the previous quarter. Its profit increased by 186% to $150,112 from $174,000 recorded in the preceding period. The development tons that were up by 55% compared to Q2’15, contributed some 7,454 tons (against the forecast 4,799 tons) to partially mitigated this deficit. The net effect was that forecast revenue for the Quarter was down by 268% to US$448,112 (plan of US$1,650,000). The lower gold price also impacted the anticipated revenue by some 15%.