reports
- Mark Thomas
Arbuthnot Banking Group - 2024 results: franchise growing through the ...
The core of any successful, long-term business lies in offering clients the products they want so that they give you more business and, in turn, you attract new customers. The 2024 results show how ABG has achieved this, with growth in i) specialist lending (now £828m, 35% of loans up 33% in 2023, 27% in 2022 and 21% in 2021), ii) deposit volumes (+10%), and iii) wealth management (FUMA +30%). 1,200 new banking clients were onboarded in 2024. Short-term profits reflected that ABG had optimised r...
Hardman & Co Research: Arbuthnot Banking Group - 2024 results: franchi...
Hardman & Co Research Hardman & Co Research: Arbuthnot Banking Group - 2024 results: franchise growing through the noise 04-Apr-2025 / 16:00 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Arbuthnot Banking Group (ARBB): 2024 results: franchise growing through the noise The core of any successful, long-term business lies in offering clients the products they want so that they give you more business and, in turn, you attract new customers. The 2024 results show how ABG has achieved this, with growth in i) specialist len...
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: April 2025
Feature article: 2024 pharma statistics An efficient reporting system has seen all the listed multinational pharmaceutical companies announce results for 2024, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of global pharmaceutical market growth plus the global and US company rankings for 2024. The year was characterised by 9.2% underlying (ex-COVID-19) growth. Much of the growth was driven by recently launched ant...
- Mark Thomas
- Nigel Hawkins
Hardman & Co Monthly: March 2025
In this month's feature article, we review the energy situation in the UK. On the domestic front, Ofgem has recently announced the new price cap figure of £1,849 for a typical household’s annual use of gas and electricity; this figure represents an increase of 6.4% over the January-March 2025 price cap. UK energy policy has changed of late, following the election of a Labour government last summer. The quest for Net Zero by 2030 – a hardly realistic target – is now a priority. Rightly or wrong...
- Keith Hiscock
- Mark Thomas
Hardman & Co Monthly: February 2025
Feature article: The October 2024 Budget - We got it wrong By Keith Hiscock, CEO at Hardman & Co In this month's feature article, we review the effects of the 2024 Budget and consider what might happen in the coming months. Our Hardman Monthly of October 2024 looked forward to the first Labour Budget for 14 years. The main theme was that, because the new Chancellor, Rachel Reeves, had ruled out increases in taxes on ‘working people’, investors would bear the brunt of any tax increases to fill ...
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: January 2025
Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from pro...
AGL ANGLE PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
ARBB ARBUTHNOT BANKING GROUP
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
ACSO ACCESSO TECHNOLOGY GROUP
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
VTAS VOLTA FINANCE (GBP)
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
SNG SYNAIRGEN PLC
IPO IP GROUP
HAT H&T GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
A0MXLB NB PRIVATE EQUITY PARTNERS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
TISSUE REGENIX GROUP PLC
Arbuthnot Banking Group: 1 director
A director at Arbuthnot Banking Group bought 116,000 shares at 900p and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
Hybridan Small Cap Feast - 17 October 2024
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health ...
- Brian Moretta
- Keith Hiscock
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: October 2024
Feature article: Labour’s first Budget - Investors in their sights? Summary ► Budgets are always important for investors. ► The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base. That implies a lot of the pain will be felt by investors. ► This paper considers the impact of increases in rates for th...
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: September 2024
Feature article: The Tiktok generation are becoming “renegade” investors - How Gen Z’s investing habits differ from past generations As the landscape of investing evolves, a new generation is stepping onto the stage with fresh perspectives and unique approaches that are reshaping financial markets. At Hardman & Co, we’ve always been committed to understanding these shifts, and this month’s article delves into the rapidly changing ways in which Gen Z interacts with investment information and ma...
Q&A on Arbuthnot Banking Group (ARBB): 1H’24 results - multiple option...
Hardman & Co Research Q&A on Arbuthnot Banking Group (ARBB): 1H’24 results - multiple options to get the most from the franchise 06-Aug-2024 / 12:45 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Banks Q&A on Arbuthnot Banking Group (ARBB) | 1H’24 results: multiple options to get the most from the franchise Arbuthnot Banking Group plc (ARBB) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews. In this latest interview, Mark Thomas offers an in-depth analysis of Arbut...
- Mark Thomas
- Martin Hall
- Nigel Hawkins
Hardman & Co Monthly: August 2024
Feature article: Solid IICs, cash-consolidating REIFs Since the beginning of 2024, the share prices of Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs) have generally remained lacklustre, failing to recover from the losses experienced in 2023. A significant factor contributing to this trend has been the sharp rise in interest rates since 2021, which has negatively impacted the sector due to the increased yields on “risk-free” 10-year gilts. The recent...
- Mark Thomas
Hardman & Co Arbuthnot Banking Group (ARBB): 1H’24 - optimising the fr...
ABG’s 1H'24 results showed the group’s continued evolution to optimise its franchise value. 2023 saw the peak benefits from ABG’s relationship deposit franchise in the recent rising rate environment. Margins could be widened while still giving customers competitive products. 1H’24 profits fell £6m (-21% on 1H’23), as low-cost fixed deposits matured and rolled into higher-rate products. The effect was mitigated by i) strong growth in specialist lending, the result of a multi-year strategy, ii) gr...
Hardman & Co Research on Arbuthnot Banking Group (ARBB): 1H’24 - optim...
Hardman & Co Research Hardman & Co Research on Arbuthnot Banking Group (ARBB): 1H’24 - optimising the franchise value 30-Jul-2024 / 11:40 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Arbuthnot Banking Group (ARBB) 1H’24: optimising the franchise value ABG’s 1H'24 results showed the group’s continued evolution to optimise its franchise value. 2023 saw the peak benefits from ABG’s relationship deposit franchise in the recent rising rate environment. Margins could be widened while still giving customers competitive prod...
- Mark Thomas
- Martin Hall
- Mike Foster
Hardman & Co Monthly: July 2024
Feature article: UK life sciences needs more local institutional support to survive. For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipa...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Paul Mylchreest
The Hardman & Co Monthly: May 2024
Feature article: Is silver the cheapest asset on the planet? Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses. It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer. We think that the provocative title of this article is justified by silver’s attractive fundamentals. The “official figures” from the Silver Institute estimate that the silver market has been in deficit for the...
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
HAT H&T GROUP
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
A0MXLB NB PRIVATE EQUITY PARTNERS
DUKE DUKE ROYALTY
Q&A on Arbuthnot Banking Group (ARBB) | 2023 results, strategic choice...
Hardman & Co Research Q&A on Arbuthnot Banking Group (ARBB) | 2023 results, strategic choices paying dividends 22-Apr-2024 / 15:49 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Banks Q&A on Arbuthnot Banking Group (ARBB) | 2023 results, strategic choices paying dividends Arbuthnot Banking Group (LON:ARBB) is the topic of conversation when Hardman & Co analyst Mark Thomas joins DirectorsTalk Interviews. Mark discusses his recent research note highlighting Arbuthnot’s successful financial year, noting a significa...
Hardman & Co Research on Arbuthnot Banking Group (ARBB): 2023 - delive...
Hardman & Co Research Hardman & Co Research on Arbuthnot Banking Group (ARBB): 2023 - delivering strategy with strong profit growth 08-Apr-2024 / 15:50 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Arbuthnot Banking Group (ARBB): 2023 - delivering strategy with strong profit growth The saying goes, the proof of the pudding is in the eating. ABG’s 2023 results proved that the strategic positioning of the group, as a relationship bank, has created enormous value. Key highlights were i) PBT £47.1m (2022: £20.0m), ii) ope...
- Mark Thomas
Arbuthnot Banking Group (ARBB): 2023 - delivering strategy with strong...
The saying goes, the proof of the pudding is in the eating. ABG’s 2023 results proved that the strategic positioning of the group, as a relationship bank, has created enormous value. Key highlights were i) PBT £47.1m (2022: £20.0m), ii) operating income £178.9m (2022: £137.4m), iii) average net margin 5.7% (2022: 5.1%), iv) EPS +103% to 222.8p, v) total dividend for the year of 46p (2022: 42p), vi) net assets of £252.4m (2022: £212.0m), NAV per share of 1,547p (2022: 1,411p), vii) CET1 ratio of ...
- Brian Moretta
- Keith Hiscock
- Mark Thomas
- Martin Hall
- Yingheng Chen
The Hardman & Co Monthly: April 2024
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol...
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