reports
- Mike Jeremy
SATCOM deal is Group’s largest acquisition
Cohort has announced a conditional sale and purchase agreement to acquire EM Solutions Pty Ltd from Electro Optic Systems Holdings Ltd, for an enterprise value of AUS$144.0m, c.£75.0m This is Cohort’s largest acquisition to date. The purchase will be funded from Group cash resources, debt facility plus a share placing, and is expected to be EPS-accretive from FY25/26. EM Solutions offers a range of satellite-based secure communications systems including satellite on-the-move (SOTM) and radio f...
- James Tetley
Management actions driving profit growth
Restore’s ten-month trading update reiterates profit expectations for both FY24 and FY25. Excellent progress is being made in delivering cost savings and driving profit margins, a clear priority for this management team. This has offset some market softness around the Autumn Budget as well as a £3m headwind for FY25 relating to increases in employer National Insurance Contributions and the National Living Wage. Absent these changes, we believe Restore would have been primed for an earnings upgra...
- Paul Bryant
H1-25 revenue and profits jump on higher AUM
AUM increased £0.8bn (+4%) in H1-25 to £22.7bn on 30 Sep 24. Net flows added +£472m and investment performance +£323m. This was a highly creditable performance relative to peers, with Polar one of only two London-listed asset managers to record positive net flows (page 3). Furthermore, post-interim-results, AUM has increased another 5% to £23.9bn on 8 Nov 24. Polar’s prospects remain strong, despite current headwinds for active managers which we believe will abate (page 16), and ongoing market ...
- Paul Bryant
H1 revenue +24%, profit +23%, forecasts upgraded
AUM jumped 14% over H1-25 (to 30 Sep 24) from £16.6bn to £18.9bn. Net inflows added £1,832m (22% p.a. inflow rate, far higher than all peers, see page 4), and investment returns £534m (3.2% over 6m). Including 50%-owned 8AM Global, Assets-Under-Management/Influence totalled £19.9bn. In the six weeks post-results, AUM/AUI increased another 4% to £20.6bn in early-Nov. This is an exceptionally strong start to the next leg of Tatton’s growth journey. In June ‘24 it set a target of reaching £30bn AU...
Energy from Hydrogen: Making a cleaner world
The global supply / demand picture for hydrogen is rapidly evolving as the world shifts toward cleaner energy solutions. Hydrogen is viewed as a critical component of this transition. The International Renewable Energy Agency (IRENA) states that the global production of hydrogen now stands at 75 Mt/yr of pure hydrogen, with an additional 45 Mt/yr as a mix of gases. Looking forward, the International Energy Agency (IEA) estimates that already announced projects could increase production by 50%...
- David O'Brien
FY trading update shows group on right track
Diales has issued an update for the year to September, stating it traded broadly in-line with consensus expectations. This is encouraging, suggesting profitability was largely unchanged in H2 and in turn, higher EBIT margins. The delivery of the hub and spoke model is gathering pace and the group re-branding to Diales completed in July. Net cash increased to £4.3m (H1 ’24: £3.6m) representing 26% of the NAV and leaves the valuation of the operating business at a significant discount to peers. ...
- Chris Wickham
European growth prospects rise in importance
Ultimate Products released FY2024 results which confirmed the company’s August trading statement at the sales, EBITDA pre-tax profits and EPS levels. Detailed figures for sales by geographic region, brand, distribution channel and product category were published. Importantly, European sales advanced by 7%, moving to 34% of group sales from 30% in FY2023 as the company made significant advances with French and German discounters. This offset the negative impact of overstocking in the latter’s s...
- James Tetley
Site visit highlights cultural change, focus on growth
Restore held a well-attended investor and analyst site visit last week near Doncaster, taking in the new Markham Vale Records Management facility and a state-of-the-art Datashred facility at South Kirkby. The tours were hosted by local management and followed up by presentations from the Restore executive team. No new financial information was disclosed, but the visit did provide a clear link between the previously stated Group growth and margin targets and the actions being taken at divisional...
- David O'Brien
‘New’ Gattaca on track and well positioned
For Gattaca FY24 was predominantly about self-help, ensuring that the business was in good shape to take maximum advantage once the market turns and to improve market share in the short term. The good news is that the FY24 results were in-line with revised expectations and there are positive signs in terms of initial recovery in fee income. Progress was made during what was a challenging year to meet many of the Board’s strategic goals. Progress was made in focusing staff numbers to align with...
- Toby Thorrington
Titan tempers upward momentum
Hunting’s Q3 update highlights positive developments with OCTG shipments and cash flow/funding, but Hunting Titan/Perforating Systems (PS) has not seen a trading improvement in H2 to date. Consequently, we have reduced estimates to reflect this, although we continue to expect the company to report good EBITDA progress this year and next. H1 trading patterns continue into Q3. The first OCTG shipments to KOC have completed successfully. Allowing for this, the group order book is holding up well ...
- Toby Thorrington
Positioned for H2 growth
Consistent with Speedy’s AGM statement (on 5 September) H125 hire segment revenue is in line with the prior year and management expectations for the full year are unchanged. We expect a H1 bias to capex and, relatedly, a H2 bias to profitability both driven primarily by new business. Growth and margin expansion are key Velocity objectives; this should become increasingly visible as H2 progresses. H125 results are scheduled for 21 November. Speedy’s share price has traded between 35p-40p range o...
- Paul Bryant
Bumper H1-25, AUM up 14% driven by inflows
Tatton has recorded an exceptionally strong start to the next leg of its growth journey: in June ’24 it set a target of reaching £30bn of Assets-Under-Management or Influence (AUI) by end-FY29, an 11% CAGR. But H1-25 (to 30 Sep 24) saw AUM jump 14% in just six months from £16.6bn to £18.9bn. Net inflows contributed £1,832m (22% p.a. inflow rate), and investment returns £534m (3.2% over 6m), in line with the MSCI PIMFA Private Investors Balanced Index. Including the AUM of 50%-owned 8AM Global, A...
- Toby Thorrington
Steering a steady course in H1'25
Norcros’ H1'25 pre-close statement infers that headline trading in Q2 was similar to Q1, leaving group revenue flat overall y-o-y for continuing businesses. On the same basis, while profitability looks to be slightly lower - which may reflect mix effects - company expectations for the full year are unchanged. While easing inflation and interest rates have been welcomed in Norcros’ primary markets, any significant pick-up in economic activity is still pending as new governments bed in in both ca...
- Toby Thorrington
Steering a steady course in H1'25
Norcros’ H1'25 pre-close statement infers that headline trading in Q2 was similar to Q1, leaving group revenue flat overall y-o-y for continuing businesses. On the same basis, while profitability looks to be slightly lower - which may reflect mix effects - company expectations for the full year are unchanged. While easing inflation and interest rates have been welcomed in Norcros’s primary markets, any significant pick-up in economic activity is still pending as new governments bed in in both ...
- James Tetley
Trading well ahead of expectations
A strong year end update from Hercules this morning confirms another period of impressive organic revenue growth, well ahead of expectations. This prompts 11% upgrades to our revenue and adjusted EBITDA forecasts, sustaining recent momentum into the new financial year. Hercules is led by an entrepreneurial and ambitious management team with additional firepower - following last month’s £8m fundraise - to take advantage of opportunities as they arise. Hercules expects to report another record...
- Paul Bryant
H1 AUM +4% from quality manager with 8.6% yield
AUM increased 4% over H1-25 (1 Apr 24 – 30 Sep 24) to £22.7bn from £21.9bn on 31 Mar 24. It was a half-year of two quarters with Q1 AUM up by 7.4% (net inflows: +£644m, investment performance: +£978m), while a more challenging and volatile market environment saw Q2 AUM down 3.5% (net outflows: -£172m, investment performance: -£655m). The marginally negative net flows of Q2 (0.7% of AUM) were not a surprise for a period of investor nervousness, with UK investors withdrawing from equity funds in ...
- Caroline Gulliver
Trading Update - Come rain or shine, Loungers delivers
Loungers has achieved record 1H25 revenues of £178.3m, +19.2% on 1H24. 16 new Lounge bars and one new Cosy Club, together with last year’s new sites, contributed 14.5% whilst 4.7% LFL sales outperformed industry growth by over 3% due to Loungers’ all-day attractions. This growth is especially strong considering the unseasonal weather, the negative impact of the Euro 2024 football tournament and the fall in UK consumer confidence. Although our 2H25 estimates look cautiously set, inferring c.3...
- Paul Bryant
Impax AM: AUM +0.7% in Q4, -0.6% in FY24, dividend yield 7.4%
AUM closed FY24 (1 Oct 23 - 30 Sep 24) on £37.2bn, 0.6% down y-o-y. Net outflows over FY24 totalled £5.8bn, largely offset by a positive investment performance of +£5.3bn and a contribution of +£0.3bn from the acquisition of Absalon Capital Management in Q4. As flagged, outflows were heavily impacted during the year by Impax’s largest distribution partner, BNP Paribas, and some other clients in European private wealth, reducing their clients’ weighting to equities in favour of money market fund...
Navigating market challenges, acquisition in Ireland
Vp’s half year update highlights another resilient performance set against a backdrop of challenging macro-economic conditions. The current year outturn will be below previous expectations, given a slower than anticipated improvement in performance at Brandon Hire Station and a slower than expected rollout of projects under the new Network Rail Control Period (CP7). At the same time, today’s acquisition of Charleville Hire and Platform Ltd (for an initial €12m) marks a return to M&A activity i...
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