Edison Investment Research

Premier Technical Services Group (PTSG); acquires Trinity Fire and Security Systems Limited

The initial cash payment was financed with £7m that the group continued to hold on its balance sheet following its October 2018 placing

Premier Technical Services Group announced that its results for the year ended 31 December 2018 are in line with the board’s expectations. For the Trinity Fire and Security Systems Limited (Trinity) acquisition, the initial consideration is a cash payment of £10.8m. It will be acquired with c. £3.1m of cash on its balance sheet.

1Spatial (SPA); secures contract worth €1m with Ireland’s Property Registration Authority

1Spatial previously helped PRA build its mapping system

1Spatial has been awarded a €1m four-year contract to provide its software and services to Ireland’s Property Registration Authority (PRA), alongside a three-year framework contract to support Ordnance Survey (OS) in its endeavour to deliver the next generation of Geo-Production system.

Record (REC); assets under management equivalents fell 6.5% to $57.8bn on 31 December 2018

Record earned a performance fee of £1.3m in Q3 for performance over six-months ending 31 December 2018

As of 31 December 2018, Record’s assets under management equivalents (“AUME”) were $57.8bn (30 September 2018: $61.8bn). AUME in USD declined 6.5% between 30 September 2018 and 31 December 2018.

Eddie Stobart Logistics (ESL); reports strong trading for FY ended 30 November 2018

Underlying EBIT in line with market expectations

Stobarts statement for the financial year ended 30 November 2018 reported strong trading, with Group revenues beating market expectations, increasing 35% to around £843m (2017: £623.9m). Revenues, excluding contributions from acquired subsidiaries iForce, Speedy Freight and The Pallet Network (TPN), increased by 18%.

N Brown Group (BWNG); third quarter results highlight ongoing challenges for the retailer

As anticipated, revenue for the 'secondary' and 'traditional' brands continued to decline over the period

Third quarter results for N Brown, including the Christmas period to 5th Jan, highlight ongoing challenges for the retailer. Group sales declined by 1.6% over Q3, compared with a 1.5% increase in the first half of the financial year.

Chemring Group (CHG); final results: revenues fall 3% to £297m for FY ended October 2018

Net debt is relatively flat, with a nominal increase of 2% to £82m

Underlying EBITDA declined 9% from £55m to £50m, while underlying operating profit remained flat at £31m. Underlying PBT increased 25% to £25m, statutory loss before tax stood at £22m.

Game Digital (GMD); delivered solid sales and margin performance

Like-for-like sales strengthened to 2%, largely driven by 4.8% in like-for-like sales growth

Despite UK retail market headwinds, Game Digital (GMD) delivered solid sales and margin performance over the peak seven weeks to 5 January, and continues to trade in line with current market expectations for the full year.

4imprint Group (FOUR); posts strong organic revenue growth during H2 2018

Underlying PBT likely to reach at least the upper end of current market forecast ranges

Similar to the pattern reported at the half year, 4imprint enjoyed strong organic revenue growth during the second half of 2018. The brand marketing initiative launched in March 2018, continued to make encouraging progress. The group’s unaudited net cash balance stood at around $27.5m at year-end 2018.

Record APA awards in Norway

Norway has awarded 83 new production licenses under the 2018 Norwegian APA round which covers the most explored areas of the Norwegian shelf. This is the largest number ever awarded in a single APA round. The licences were mainly distributed across the North Sea with 37 awards, and the Norwegian Sea with 32 awards. The award of 14 licences in the Barents Sea reflects the frontier nature of the region, however this figure continues to grow, with only three licences awarded here in APA 2016 and eight awarded in 2017.(Link to awards maps)

SCISYS Group (SSY); secures 6-year c.€1.32m contract with AIRBUS Defence and Space

The total estimated contract value is €1.32m, with delivery commencing in January 2019 and expected to last until July 2025

SCISYS announced that its subsidiary, SCISYS Deutschland GmbH, has been awarded a contract with AIRBUS Defence and Space for development, integration, verification and maintenance of the EGNOS V3 Performance Assessment Facility (PAF). The main purpose of the PAF is to receive, analyse and process performance-related satellite navigation data and to create consolidated status reports for ground segment operators.