Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Form 8.3 - Sureserve PLC 28-Jun-2023 / 15:25 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle comp...
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re Sureserve Group plc 16-Jun-2023 / 10:12 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle compan...
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Sureserve Group Plc 30-May-2023 / 14:22 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies...
16th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re Sureserve Group PLC 24-Apr-2023 / 11:45 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle compan...
21st April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object...
Sureserve has released a record set of results, in which all metrics pointed firmly upwards. Revenue (+27%), EBITA (+36.6%), PBT (+40.5%), EPS (+28.6%), net cash (+42%), and the order book (+18*). This was also comfortably ahead of consensus at all levels. That the EBITA margin increased by 0.4pp to 6.1% in times of rapid and aggressive cost inflation is a testament to the business model and the people involved. over 90% of FY23 expected revenue is in the order book at known margins, consensu...
Sureserve has released was a solid interim report, with 24% revenue growth and 41.7% EBITA growth driven by multiple parts of the business, including a good performance from recently acquired CorEnergy. The only slight concern we note is pricing of labour, materials, and energy – though it's worth noting that Sureserve's business isn't directly impacted gas wholesale prices as it's an energy agnostic supplier of heating equipment and maintenance, amongst other things. The outlook is promising,...
FY21 was an extremely good year for Sureserve, in which it posted strong growth (in line with management's forecasts, which were, in turn, raised in September), appointed a new CEO, and completed a strategic review that will see it focus on its core markets. It also managed to navigate COVID well, despite the logistical challenges this caused the Energy Services industry.
Sureserve has announced the acquisition of CorEnergy, which helps private and public sector organisations reduce their energy usage, improve efficiency, and reduce their net carbon output. This acquisition is material and will fit into the Energy Services segment rather nicely. It is immediately and significantly earnings enhancing, adding around £1m EBITA to a segment that (excl. COVID) currently makes around £5m per annum.
Sureserve Group is a market-leading energy services and compliance business, installing, improving, maintaining, and inspecting equipment in public sector housing, schools, and other public buildings. It benefits from a stable and low risk revenue and cashflow profile thanks to its heavily recurring revenue contracts and >97% public sector client base. It also enjoys a strong balance sheet, with no debt or pension liabilities. Growth is supported by organic and inorganic factors: 1. it should ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Yesterday’s trading update confirmed the work management has undertaken to transform Sureserve into a smaller, more predictable business has paid off. The performance through the challenges of COVID-19 has demonstrated the resilience of the business. We had trimmed our 2020 revenue estimate from £210m to £201m, but the improving margins result in PBT being nudged up from £9.1m to £9.3m. The gradual re-rating of the shares this year suggests investors are starting to buy in to the turnaround and ...
The biggest takeaway from Sureserve Group’s interim result was its strong cash performance in the first half, with net debt falling to £3.5m at end March (£12.9m at end March 2018). This sets a solid base for the group to ride out the disruption of the lockdown. Our focus is on the outlook, with H1 only having eight days of impact from the lockdown. We have reduced our estimates for FY20, with the bulk of the revenue cut from £230m to £210m being a £13m cut in the Energy Services division...
In our last note, we commented that Sureserve was in the ‘show me’ stage and we expected it would gain traction with investors once it had delivered full-year results. The stock has risen from 30p at the time we made the comment to 50.5p as of yesterday’s close. FY19 results beat our expectations across the board (revenues, EBITA, EPS, net debt and divisional performance), affirming Sureserve’s transition to a service-based business underpinned by regulatory requirements. Over the next d...
Sureserve continues to demonstrate it has a de-risked business and the ability to deliver growth and cash generation from its two core divisions. The recent announcements affirming end FY19 net-debt of £7.6m, FY19 earnings guidance to meet expectations and the pay down of the revolving credit facility all provide comfort that the more focused group is performing well. Our previous earnings were marginally below consensus and we are raising FY19 and FY20 PBT estimates from £7.7m and £8.3m to Â...
Given the pre-restructuring history of Sureserve, the absence of any surprises or exceptionals in this set of interims is a cause for celebration. The more streamlined group is now focused on compliance and energy services, where growth is underpinned by regulatory drivers. H119 results showed revenues expanding by 13% y-o-y and EBITDA growing by 17%. The current FY19e P/E of 7.1x is in marked contrast to the 15.5x recently offered by Macquarie for PTSG, one of Sureserve’s peers, and highlight...
In its interims on 20 June Lakehouse indicated it had reached heads of terms to sell its property services and construction operations. The company announced on 17 August that the sale is now completed. The business has been divested for a potential consideration of up to £1.5m in cash. The final outcome depends on the performance of the business between the date of completion and 30 September 2021. This uncertainty is normal in the industry as there are ongoing projects and final accounts to s...
The key signals from Lakehouse’s 2017 results are that the mainstream, core operations are back on track and are ready to improve further. The group has undergone restructuring, which had the effect of reducing revenue in 2017 at the group level, to improve the quality of its earnings. That process included downsizing Property Services, the sale of Orchard Energy (non-core) and increasing its presence in energy services and gas compliance. During the year to September 2017, Lakehouse won order...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.