Broker Notes, Comments and Analysis

Broker notes, analysis and comments

Warpaint London Plc 1H’18 interims: delivering the results

Warpaint London Plc (LON:W7L) interim results for the six months ending June 2018 showed revenue up 38.7% to £18.4m (1H’17: £13.3m). The company’s two divisions, own-brand and close-out, represented 84%..

UK Motor Retail – Supply pressure building

Market conditions have continued to deteriorate in 2018 as new car registrations in September were down 20.5% YoY. Weakness in new car sales in the key month of September, ongoing..

Burford Capital Equity issue ensures growth is not adjourned

Burford Capital (LON:BUR) has placed 10.41m new shares with institutional investors through an accelerated bookbuild. The price per share was 1850p, making a total of £192.6m ($251.2m) raised before expenses...

SimplyBiz Group Zest wins licence agreement with Benni

Yesterday, SimplyBiz Group (LON:SBIZ) announced that “Zest, its state-of-the-art, next generation employee benefits technology platform, has been selected by Benni, a new workplace service from Unum.” Unum’s new service, Benni,..

Diurnal Group First commercial revenues

Diurnal Group (LON:DNL) is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its two lead products target rare conditions where medical needs are currently unmet, with..

OnTheMarket Plc Long-term agreement signed

What’s new: This morning OnTheMarket Plc (LON:OTMP) announced that a leading South of England full-service agent, Andrews Property Group, has signed a long-term agreement with OTM to advertise its UK..

Elegant Hotel Group Plc Trading update

Elegant Hotel Group Plc (LON:EHG) has delivered a short but robust trading update, which confirms it continues to trade in line with expectations. Encouragingly, booking trends are also ahead of..

Redx Pharma Strategy launch

Redx Pharma (LON:REDX) new management team is continuing to focus its financial resources on progressing lead candidates in oncology and fibrotic disease into the clinic. An extensive internal review, led..

Palace Capital Initiation of coverage

Palace Capital (LON:PCA) has almost doubled NAV since the initial investment in October 2013. Good income generation is evidenced by the EPRA EPS and the DPS track record, whilst undertaking..

Haydale Graphene Ind Exuberance, reality; enlightenment now to follow

Haydale Graphene Ind (LON:HAYD) is competitively well-positioned within the nanomaterial industry, with a unique patented functionalisation process – currently focused on, but not limited to, graphene. Commercial developments for graphene..

Allergy Therapeutics 2018 full-year results: solid growth

Allergy Therapeutics (LON:AGY) is a long-established specialist in the prevention, diagnosis and treatment of allergies. Pollinex Quattro (PQ) Grass, the subcutaneous allergy immunotherapy (AIT), continues to gain market share despite..

H1 growth of 50%, guidance raised

Boohoo Group Plc (LON:BOO) has announced another robust performance for the six months ended 31 August 2018, delivering impressive growth with profitability in line with guidance. Revenue of £395.3m is..

Turnaround gathering pace

Accrol Group Plc (LON:ACRL) has delivered final results this morning that reflect the challenging trading conditions the company has faced through 2018. The turnaround plan appears to be progressing well..

Strong organic growth in H1, delivering on strategy

During the first six months of FY18, CentralNic (LON:CNIC) has delivered strong underlying organic growth as it continues to deliver against the long-term strategy of building recurring, high quality revenues...

Co-Dev sales growth of 51% in H118 underpin forecasts

Sumo Group (LON:SUMO) first interim results as a plc revealed excellent organic group sales growth of 36% (combining Co-dev at 51%, Own IP and Royalties) and adj. EBITDA/PBT growth of..

Strengthening cash position to boost returns

City of London Investment Group (LON:CLIG) has released its annual results for 2018. As headline figures were given in the July trading statement, there are no big surprises in these..

Partnering strategy delivering profitability

Oxford BioMedica (LON:OXB) is a specialist advanced therapy viral-vector biopharmaceutical company. It offers vector manufacturing and development services, while retaining proprietary drug candidates. OXB will also receive royalties on commercial..

Interim results

Safestyle UK Plc (LON:SFE) has announced interim results for the six months ended 30 June. Revenue of £60.5m is down 27% YOY reflecting previously reported significant business disruption experienced in..

Delays continue into H2

GYG Plc (LON:GYG) has released H1 results which, as expected, reflect the challenging trading conditions the company has faced during the period. Operational challenges in key refit locations, and slower..

Review of investment case

Using reported results for XPS Pensions Group (LON:XPS) published in June, we have calculated proforma revenues, profit and adj EPS assuming Punter Southall had been included for the full year..

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