Broker Upgrades and Downgrades & Key UK Corporate Snapshots 26 April 2016

UK Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
AAL Anglo American Plc JP Morgan Cazenove Underweight Underweight 450 460
BOO boohoo.com Plc Liberum Capital Buy Buy 55 60
CNA Centrica Plc Deutsche Bank Hold Hold 200 210
CPG Compass Group Plc Berenberg Buy Buy 1300 1450
RMG Royal Mail Plc Credit Suisse Underperform Neutral 400 490
SAGA Saga Plc Goldman Sachs Neutral Buy
SMIN Smiths Group Plc Credit Suisse Neutral Outperform 1120 1275
SSE SSE Plc Deutsche Bank Hold Hold 1450 1480
TUI TUI AG JP Morgan Cazenove Overweight 1315 1200
XAR Xaar Plc Peel Hunt Hold Buy 450 570
Downgrades
ADN Aberdeen Asset Management Plc Citigroup Neutral Sell 265
CBG Close Brothers Group Plc RBC Capital Markets Sector Perform Underperform 1450 1300
DRX Drax Group Plc Deutsche Bank Sell 200 250
RBS Royal Bank of Scotland Group Plc Deutsche Bank Hold Hold 248 241
TCG Thomas Cook Group Plc JP Morgan Cazenove Overweight Neutral 170 100
VCT Victrex Plc Jefferies International Hold Hold 2045 1590
Initiate/Neutral/Unchanged
ARM ARM Holdings Plc Deutsche Bank Hold Hold 1000 1000
AVV Aveva Group Plc Citigroup Buy Buy 1870 1870
BARC Barclays Plc Deutsche Bank Hold Hold 178 178
BATS British American Tobacco Plc Barclays Capital Overweight Overweight 4400 4400
BP. BP Plc Barclays Capital Overweight Overweight 550 550
BP. BP Plc Deutsche Bank Buy Buy
BT.A BT Group Plc Jefferies International Hold Hold 475 475
EXPN Experian Plc Jefferies International Buy Buy 1500 1500
EXPN Experian Plc JP Morgan Cazenove Overweight Overweight 1510 1510
EZJ easyJet Plc Jefferies International Buy Buy 1800 1800
HSBA HSBC Holdings Plc Deutsche Bank Hold Hold 437 437
HSW Hostelworld Group Plc Berenberg Sell 230
IMB Imperial Brands Plc Deutsche Bank Buy Buy 4100 4100
ITRK Intertek Group Plc Deutsche Bank Hold Hold 3100 3100
LLOY Lloyds Banking Group Plc Deutsche Bank Buy Buy 82 82
MRW WM Morrison Supermarkets Plc Jefferies International Buy Buy 210 210
OTB On the Beach Group Plc Berenberg Buy 335
PFD Premier Foods Plc Jefferies International Buy Buy 60 60
RDSA Royal Dutch Shell ‘A’ Barclays Capital Overweight Overweight 2450 2450
RDSB Royal Dutch Shell ‘B’ Deutsche Bank Buy Buy
SMIN Smiths Group Plc Jefferies International Buy Buy 1100 1100

 

US Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
AMG Affiliated Managers Group Citigroup Neutral  Buy
SAN Banco Santander JP Morgan Neutral  Overweight
CRH CRH BofA Merrill Lynch Underperform  Neutral
DOV Dover Seaport Global Securities Neutral  Buy $59 $75
EDR Education Realty Trust Goldman Sachs Sell  Neutral $32 $42
IMBBY Imperial Brands Goldman Sachs Neutral  Buy
IBTX Independent Bank Group Piper Jaffray Neutral  Overweight
JAZZ Jazz Pharmaceuticals Sun Trust Rbsn Humphrey Neutral  Buy
JOY Joy Global Goldman Sachs Sell  Neutral $13 $24
LB L Brands Stifel Hold  Buy $90 $90
UTL Unitil RBC Capital Markets Underperform  Sector Perform $37 $38
WOSYY Wolseley BofA Merrill Lynch Neutral  Buy
Downgrades
BNCL Beneficial Bancorp Sandler O’Neill Buy  Hold
CDW CDW Raymond James Outperform  Market Perform
CE Celanese Alembic Global Advisors Neutral  Underweight $60 $64
CYH Community Health Systems Raymond James Market Perform  Underperform
CVBF CVB Financial FIG Partners Outperform  Market Perform
DISCA Discovery Communications Topeka Capital Markets Buy  Hold $37 $31
DISCK Discovery Communications Topeka Capital Markets Buy  Hold $37 $30
FFBC First Financial Bancorp Keefe, Bruyette & Woods Outperform  Market Perform
HSBC HSBC Holdings Credit Agricole Outperform  Underperform
HUBG Hub Group BB&T Capital Markets Buy  Hold
IP International Paper RBC Capital Markets Outperform  Sector Perform $46 $46
KMB Kimberly-Clark Deutsche Bank Buy  Hold $145 $130
HCMLY LafargeHolcim Goldman Sachs Buy  Neutral
PRGO Perrigo Wells Fargo Outperform  Market Perform
PRGO Perrigo BofA Merrill Lynch Buy  Underperform
PSA Public Storage Goldman Sachs Neutral  Sell
PHM PulteGroup Raymond James Outperform  Market Perform
RYAM Rayonier Advanced Materials RBC Capital Markets Sector Perform  Underperform $8 $8
RFP Resolute Forest Products RBC Capital Markets Outperform  Sector Perform $7 $7
SWN Southwestern Energy KLR Group Buy  Accumulate
TS Tenaris Credit Suisse Neutral  Underperform
TROV TrovaGene Cantor Fitzgerald Buy  Hold $9 $5
TROV TrovaGene Piper Jaffray Overweight  Neutral
VFC VF Corp BB&T Capital Markets Buy  Hold
VLVLY Volvo Societe Generale Buy  Hold
WSO Watsco Sun Trust Rbsn Humphrey Buy  Neutral
WDAY Workday Pacific Crest Overweight  Sector weight
Initiated
AST Asterias Biotherapeutics Rodman & Renshaw Buy $12
ATRI Atrion BWS Financial Sell $300
COBZ CoBiz Financial Hovde Group Market Perform $13
DRRX Durect Rodman & Renshaw Buy $4
IDTI Integrated Device Technology Needham Buy $26
MDT Medtronic Sun Trust Rbsn Humphrey Buy $93
NWN Northwest Natural Gas Sidoti Buy
SBBP Strongbridge Biopharma H.C. Wainwright Buy $15
HTM US Geothermal Aegis Capital Buy
WM Waste Management BofA Merrill Lynch Neutral
W Wayfair JP Morgan Neutral

 

Key UK Corporate Snapshots Today

Allied Minds Plc (ALM.L)  Announced funding commitments of up to $80 million for the development of up to 10 drug discovery programmes and has formed new subsidiary, ABLS Capital, LLC, to accept funding commitments of $80 million from investors including Woodford Investment Management and Invesco Asset Management.

AstraZeneca Plc (AZN.L)  Announced that the US Food and Drug Administration has approved Bevespi Aerosphere (glycopyrrolate and formoterol fumarate) inhalation aerosol indicated for the long-term, maintenance treatment of airflow obstruction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and/or emphysema.

boohoo.com Plc (BOO.L)  Announced, in its final results for the year ended 29 February 2016, that its reported revenue stood at £195.3 million, compared to £139.8 million in the preceding year. Operating profit stood at £15.0 million, compared to £10.0 million. Profit after tax was £12.4 million compared to £8.4 million. The company’s diluted earnings per share was 1.10p, compared to 0.74p.

BP Plc (BP..L)  Announced, in its first quarter results, that total revenues and other income declined to $39,166 million from $56,243 million recorded in the same period a year ago. Loss after tax stood at $558 million, compared to a profit of $2,651 million. BP today announced a quarterly dividend of 10.00 cents per ordinary share ($0.600 per ADS), which is expected to be paid on 17 June 2016. Further, in the US, in April the Court entered the final judgment on the Consent Decree relating to the settlement of federal and state claims arising from the Deepwater Horizon incident and both the Consent Decree and settlement agreement are now effective. This is an important milestone for BP.

British American Tobacco Plc (BATS.L)  Announced, in its interim management statement for the three months ended 31 March 2016, that cigarette volume from subsidiaries grew by 3.6% to 158 billion with organic volume up 2.4%. Excluding the effect of inventory movements in the comparator period, like for like volume was up by 1.1% demonstrating the strength of the portfolio. Volume increased in a number of markets including Ukraine, Middle East, Bangladesh, Indonesia, Russia, Turkey, Vietnam, Japan, Romania, France, Spain and Mexico. This more than offset lower volume in markets including Pakistan and Malaysia, which were impacted by significant excise led price increases. GDB volume was up by 10.5%. Dunhill increased by 5.5%, as growth in Indonesia and South Korea more than offset lower volume in Malaysia. Kent was 9.7% higher driven by growth in Chile, Turkey and Japan. Lucky Strike was up by 12.6%, due to higher volume in Colombia, France and Italy. Pall Mall was lower by 5.1% as growth in a number of markets including Venezuela, Poland and Mexico was more than offset by lower volume in Pakistan and following the migration to Rothmans in Italy. Rothmans built on an exceptional 2015 with further volume growth of 49.4% in the quarter, driven by Ukraine, Russia, Italy, Turkey and Algeria. The company continues to grow market share, up by a further 20 bps on a strong performance in 2015, as growth in Ukraine, Indonesia, Turkey, Russia, Bangladesh, Philippines and Japan more than offset lower market share in Brazil, GCC and South Korea. Revenue was up by 7.5% at constant rates of exchange or 6.1% on an organic basis. Price/mix was nearly 4%, with the impact of exceptional pricing in high inflation markets being offset by increased adverse geographic mix. The Group is performing well and we are on track for another year of good earnings growth at constant rates of exchange. It expects profit growth to be weighted to the second half of the year, mainly due to the timing of the effect of transactional foreign exchange headwinds and an improving price/mix. The trading environment remains challenging, notably due to the continued impact of adverse exchange rates at a transactional level which is estimated to be a profit headwind of approximately 7%, with a consequent impact on operating margin. If sterling stays at the current rate for the rest of the year, there would be a positive translational effect of approximately 3% on earnings.

Brooks Macdonald Group Plc (BRK.L)  Announced an update on its funds under management for its third quarter ended 31 March 2016, and stated that the discretionary funds under management totalled £8.007 billion, an increase of 2.37%. As a comparison the WMA balanced index increased by 0.72% over the quarter.

Cobham Plc (COB.L)  Announced, in its trading update for the first quarter 2016, that trading was behind the board’s expectations. The Group’s trading profit was £15 million (2015: £50 million). The remainder of the group continues to trade in line with the board’s expectations, with the order book slightly ahead of the year end position on a like-for-like basis. Having considered its options, the board has concluded that it is in the group’s best interests to reduce indebtedness on a more long term basis. Accordingly, the board has decided to raise sufficient new equity to reduce the net debt to EBITDA ratio to around 2x. In addition, as part of the company’s ongoing continuous improvement initiatives, the group is targeting further net savings in 2016 as well as continuing to focus on working capital management and control of capital expenditure. It is proposed that the new equity finance be raised by way of a rights issue of approximately £500 million during the second quarter of 2016. The entire amount of the Rights Issue has been fully underwritten on a standby basis by Bank of America Merrill Lynch and Jefferies International Limited. Having strengthened the balance sheet, the board today confirms its intention to pay a rebased total dividend in respect of 2016 which is the same total amount as the £126 million dividend paid for 2015. Thereafter the group will retain its stated dividend policy, which is broadly to align future dividend increases with underlying earnings growth, while rebuilding cover over time.

Countrywide Plc (CWD.L)  Announced, in its trading update for the quarter ended 31 March 2016, that the first quarter finished strongly as we saw acceleration in transactions on buy to let properties and second homes in response to the introduction of the Government’s new 3% stamp duty surcharge that became effective from 1st April 2016. The house exchanges across the Group were ahead 30% compared to the same period last year when market transactions were depressed by concerns in the run up to the general election in May 2015. That 30% increase enhanced performance across the group and is reflected in the results of both financial services and B2B. The company expects the housing market to slow in the second quarter and the company’s focus on aligning portfolio to growth continues with both encouraging organic growth in lettings and investment in key acquisition.

Egdon Resources Plc (EDR.L)  Announced, in its interim results for the six months ended 31 January 2016, that its reported revenue stood at £1.0 million, compared to £0.9 million in the preceding year. Net loss after tax was £1.9 million compared to loss of £1.7 million. The company’s diluted loss per share was 0.90p, compared to loss per share of 0.79p.

Focusrite Plc (TUNE.L)  Announced, in its half year results for the six months ended 29 February 2016, that revenues rose to £25.9 million from £23.8 million posted in the same period preceding year. The company’s profit before tax stood at £2.4 million, compared to a profit of £3.5 million reported in the previous year. The basic earnings per share stood at 4.0p compared to earnings of 5.5p reported in the previous year. The company further stated that the board has approved an interim dividend of 0.65p per share.

Fulcrum Utility Services Limited (FCRM.L)  Announced that it has won a major hospital electricity infrastructure project, in partnership with British Gas Business, involving a new £588 million hospital in the West Midlands. The £1 million contract for Fulcrum, starting in summer 2016, comprises the installation of four kilometres of high voltage electricity cabling as part of the development of the 670-bed hospital. The award of this significant contract follows on from the successful delivery of a £246k contract to install the temporary electricity infrastructure into the hospital, on behalf of British Gas Business.

Jardine Lloyd Thompson Group Plc (JLT.L)  Announced, in its interim management statement for the period from 1 January 2016 to 25 April 2016, that both its insurance and reinsurance businesses traded will during the period despite external challenges including insurance and reinsurance rating pressure, lacklustre economic growth, and weak energy and commodity prices. It expects the trading for 2016 to remain on track, despite the headwinds which will persist throughout the year. The company separately announced that Richard Harvey will retire as its Non-Executive Director at the end of December 2016. Hence, Bruce Carnegie-Brown has been appointed to the Board as a Non-Executive Director with effective from 1 May 2016 and will take over as Chairman of the Remuneration Committee. Also, James Twining will retire as the Group Commercial Director with effect from 26 April 2016.

Keras Resources Plc (KRS.L)  Announced the completion of its second ore parcel haulage to the Paddington Mill from the Accord deposit, located in the Grants Patch Gold Tribute lease area, which lies 30 km north of Kalgoorlie in Western Australian goldfields. An estimated total of 17,000 t of ore at a grade of 1.93 g/t Au containing an estimated 1,055 ounces of gold was hauled and will now be processed under the agreement with Paddington Gold Pty Ltd, a subsidiary of Norton Gold Fields. The company has delivered an estimated total of 1,427 ounces of gold to Paddington in the month of April. Mining operations continue moving between the Anomaly 22 and Accord deposits.

LondonMetric Property Plc (LMP.L)  Announced that it has acquired two convenience assets in Matlock and Leicester and a development site in Ipswich for a total cost of £16.2 million that reflects a net initial yield of 7.0%. In Ipswich, it acquired a three acre site from Tesco, where it intends to develop a new 30,000 sq ft retail park which is expected to complete in summer 2017 at a total cost of £8.0 million and at an anticipated yield of 7.7%. In Matlock, the company acquired a 22,000 sq ft store and pre-let 13,000 sq ft to M&S, at a yield of 7.0%. In Leicester, it agreed to buy an 18,000 sq ft development pre-let to Aldi, at a yield of 5.8%. The weighted average unexpired lease term of the three lettings is 18.4 years.

Nasstar Plc (NASA.L)  Announced that they had achieved the coveted Microsoft Gold Hosting Partner certification for their datacenter hosting operations. Nasstar PLC is now an accredited Microsoft Gold Hosting Partner, certified by Microsoft and able to deliver solutions that meet Microsoft’s stringent demands within its field of expertise.

NetDimensions (Holdings) Limited (NETD.L)  Announced, in its quarterly trading update for the three months ending March 31, 2016, that Revenue and invoiced sales for Q1 were both in line with management’s expectations. Furthermore, adjusted EBITDA loss for Q1 was substantially improved on the loss in the comparable period for the previous year. In addition, the Company generated US$1.7million of cash from operating activities in Q1.

North River Resources Plc (NRRP.L)  Announced that its 100% held Namibian subsidiary, Namib Lead & Zinc Mining (Pty) Limited, has submitted a formal proposal to the Namibian Ministry of Mines and Energy in respect of its Namib Project mining licence application. Additionally, the company also announced an update on its ongoing underground diamond drilling programme at its flagship Namib Project in Namibia, that drill results from the Northern Orebody continue to show significant intersection of mineralisation. A high grade intersection of 35.7 metres (true width of 9 metres) at 33.8% zinc adding further confirmation of mineralisation 80 metres below level 5 in the North. 3,800 metre drilling programme progressing well, but time lost to date with lower than forecast rig availability is putting drill completion date of end June 2016 at risk. 5 Level 300m development tunnel completed on schedule in March.

Plexus Holdings Plc (POS.L)  Announced that it has raised $5 million through the issue of 6,764,893 new ordinary shares in the company at a price of 52.05p per share pursuant to a share subscription agreement with the Russian oil and gas equipment manufacturer, LLC Gusar. The subscription agreement follows the company’s announcement in January 2016 regarding a licence agreement with Gusar and CJSC Konar for the manufacture and supply of Plexus’ jack-up exploration wellhead equipment in the Russian Federation and other CIS states.

PZ Cussons Plc (PZC.L)  Announced that Richard Harvey will retire as Non-executive Chairman of the board on 31 December 2016 as part of his plans to retire to New Zealand.

Real Good Food Plc (RGD.L)  Announced, in its pre-closing trading for the year ended 31 March 2016, that it expects to report EBITDA for the full year in line with current market expectations. It expects statutory Profit before Tax for the year to be approximately £13.9 million. It expects to report net debt as at 31 March 2016 to be £5.0 million, compared to £30.1 million as at 31 March 2015. The substantial improvement in the Group’s net debt position was mainly due to the sale of Napier Brown for a total consideration of £44.4 million.

Redefine International Plc (RDI.L)  Announced, in its results for the six months ended 29 February 2016, that revenue stood at £41.5 million, compared to £40.4 million in the same period last year. Operating profit stood at £23.7 million, compared to £50.4 million. Profit after tax was £8.3 million, compared to £36.8 million. Diluted earnings per share stood at 0.5p, compared to 2.7p. The directors have declared an interim dividend for the period of 1.625p per share (2014: 1.60p).

RedT Energy Plc (RED.L)  Announced, in its final results for the 12-months ended 31 December 2015, that its reported revenue from continuing operations stood at €11.1 million, compared to €5.6 million in the preceding year. Loss net of tax was €0.7 million compared to €2.5 million. The company’s diluted loss per share was 0.24c, compared to 1.12c.

Sanderson Group Plc (SND.L)  Announced, in its pre-close trading update, that the Group’s trading results for the six month period ending 31 March 2016 are in line with market expectations and will show both revenue and profit growth. Revenue will show growth to just below £10 million, compared with £9 million and operating profit will be just under £1.5 million compared with £1.37 million in the equivalent period last year. The Group’s order book at 31 March 2016 stood at £3.20 million (31 March 2015: £2.84 million). The Board remains cautious in its approach but a strong order book and healthy balance sheet, together with a good list of sales prospects, provides the Board with confidence that the Group will continue to make further progress and deliver trading results in line with market expectations for the current year ending 30 September 2016.

Share Plc (SHRE.L)  Announced, in its trading update, that the market share of peer group revenues for the first quarter increased to 7.50% from 7.17% in Q4 2015. Meanwhile, the market share (excluding interest) rose to 9.47% from 8.98% in Q4 2015. Assets held on behalf of customers in Q1 2016 increased by 18.5% YoY to £3.2 billion from £2.7 billion. The company also announced that it has signed Heads of Terms for the provision of its dealing services to a major financial services business.

Sierra Rutile Limited (SRX.L)  Announced that the Gangama project reached a significant milestone with the completion of plant construction activities and will shortly enter the final phases of commissioning. The Gangama project continues to progress towards the planned start of commercial production during Q2 2016, and remains both on time and on budget. Sierra Rutile has restarted sales into the titanium metals market. After several years of subdued demand as stockpiles were depleted, the Company views this initial order as an encouraging sign that the demand for high-grade titanium feedstocks is continuing to strengthen.

Snoozebox Holdings Plc (ZZZ.L)  Announced, in its business update, that the Board has begun a comprehensive review of the business with a view to putting the Group on a more sustainable financial footing. It currently expects to report an Adjusted EBITDA loss before non-recurring items for the year ended 31 December 2015 of approximately £5.5million and net debt at 31 December 2015 of approximately £5.4million. The Group has recently initiated discussions with its primary lender seeking an amendment to its debt servicing obligations. It also stated that trading in the new financial year to 31 March 2016 has been broadly in line with the Board’s expectations.

Sprue Aegis Plc (SPRP.L)  Announced, in its audited final results for the year ended 31 December 2015, that its reported revenue stood at £88.3 million, compared to £65.6 million in the preceding year. Profit after tax was £6.0 million compared to £7.7 million. The company’s diluted earnings per share was 13.1p, compared to 17.5p.

St. James’s Place Plc (STJ.L)  Announced, in an update for the three months ended 31 March 2016, that Gross inflow of funds under management stood at £2.45 billion (2015: £2.11 billion). The company continued strong retention of client funds – 95%. Meanwhile, net inflow of funds under management amounted to £1.36 billion (2015: £1.32 billion). Group funds under management of £62.0 billion (2015: £55.8 billion). Additionally, the company will host a Capital Markets Briefing for analysts and investors at The Great Hall, JP Morgan, 60 Victoria Embankment, London EC4Y 0JP. The meeting will commence at 3pm and finish at 5pm.

Sweett Group Plc (CSG.L)  Announced, in its trading update that the group’s ongoing business (excluding MENA) which now predominantly comprises the UK has been strong with anticipated revenue of £54.9 million representing growth of approximately 6.6% (2015: £51.5 million). Profit before tax, adjusted for exceptional administrative expenses and amortisation of acquired intangibles for the ongoing business decreased in the year to approximately £2.2 million (2015: £2.9 million). In addition, the Group has secured places on over 20 Framework Agreements across public, private and infrastructure sectors; most notably Highways England, Infrastructure Ontario, Deutsche Bank and The Crown Estate. Net debt as at 31 March 2016 was significantly lower than expected at £2.6 million (31 March 2015: £9.5 million). The Board is optimistic for the current year to 31 March 2017 and expects the group’s ongoing business to have another year of strong revenue growth across all of its regions.

Sylvania Platinum Limited (SLP.L)  Announced, in its third quarter results for the quarter ended 31 March 2016, that Group EBITDA improved 63% from $2.3 million to $3.7 million quarter-on-quarter. Group cash balance increased 41% from $5.1 million to $7.2 million quarter-on-quarter. Revenue increased 4% in Dollar terms to $10.1 million (Q2: $9.7 million) and 16% in Rand terms to R159.7 million (Q2: R137.4 million). There were no Lost-Time Injuries’s (LTI) or significant health or environmental incidents during the quarter, with all operations remaining LTI-free for the year. SDO PGM ounce production of 14,905 ounces was 17% higher than the 12,778 ounces achieved in the corresponding quarter in FY2015, but 6% lower than Q2 FY2016 (Q2: 15,790 ounces). Annual PGM ounce production guidance revised upwards to between 57,000 and 58,000 ounces.

Trakm8 Holdings Plc (TRAK.L)  Announced, in its trading update for the financial year ended 31 March 2016, that it has achieved significant growth in revenues and profits compared to the prior year. Growth in group profitability is in line with expectations and driven by year on year revenue growth of 44% and a small improvement in gross margins. Strong cash generation during the second half of the year resulted in year end net debt of £0.97 million, being £1.3 million better than expectations. Like for like orders (excluding the DCS business and Route Monkey which were acquired during the year) were 29% higher than the previous year. Route Monkey recently received a three-year contract extension from Iceland Foods amounting to circa £0.5 million. In addition, the Group has recently signed a number of new large contracts which are expected to start generating value for the Group in the new financial year. Revenues on a like for like basis were 28% higher than last year. The DCS business and Route Monkey achieved revenues in line with its projections at the time of these acquisitions. The company achieved another large increase in connections with approximately 151,000 units reporting to our servers by year end (2015: approximately 102,000). On the back of this increase, recurring revenues increased strongly, being approximately 50% higher than the previous year at over £8 million (2015: £5.6 million). The Group continues to invest heavily in internal resources to manage its growth, particularly in engineering where the opportunities for new integrated camera, telematics and optimisation solutions has resulted in a significantly higher investment in IP. The pipeline of new customer opportunities is growing, following investment to strengthen our sales force and marketing activities. The outlook for the new financial year is encouraging with strong revenue visibility reflecting the strength of Trakm8’s business model. This is supported by recent contract wins including BT Fleet who will be reselling our Trakm8 solutions to its existing and new customers. The Board is planning a significant increase in sales and marketing investment to support the strength of the company’s new products, solutions and algorithms in this fast growing market. The full year benefit of the two acquisitions, recent contract wins, including the important new reseller contracts with the AA and BT Fleet, and the continuous increase in devices reporting to our servers means the Board expects another strong trading performance in the new financial year. Meanwhile, J.P. Morgan Cazenove were appointed as the company’s Financial Adviser this month. The Group expects to announce its final results for the year ended 31 March 2016 on Monday, 4 July 2016.

Vipera Plc (VIP.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at €6.8 million, compared to €5.9 million in the preceding year. Loss net of tax was €0.800 million compared to €0.802 million. The company’s basic and diluted loss per share was 0.33c, compared to 0.47c.

Whitbread Plc (WTB.L)  Announced, in its final results for the year ended 03 March 2016, that revenues rose to £2,921.8 million from £2,608.1 million recorded on 26 February 2015. Profit after tax widened to £387.3 million from £366.1 million. The board proposed a final dividend of 61.85p per share.

World Careers Network Plc (WOR.L)  Announced, in its interim statement for the six months to 31 January 2016, that revenue stood at £3.77million, compared to £3.50 million in the same period last year. Operating profit stood at £0.35 million, compared to £0.29 million. Profit after tax was £0.29 million, compared to £0.25 million. Basic earnings per share stood at 3.83p, compared to 3.26p. Diluted earnings per share was 3.75p, compared to 3.18p.

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