Edison Investment Research

Young & Co (YNGA); posts like-for-like sales growth of 5.2%, driving total revenue up 8.8%

Pre-tax profit grew 4.8% to £26.4m after a 1.7% hit to managed pub operating margin

London pubs are decisively UK-centric and Young’s benefited from both the British climate and England’s football prowess this summer to deliver managed like-for-like sales growth of 5.2%, driving total revenue up 8.8% to £156.8m.

Regional REIT (RGL); announces exchange of 54 leases to new tenants year-to-date

As of 30 September 2018, the company’s portfolio amounted to c. £723.2m of gross property assets

Regional REIT provided a Q3 2018 trading update, announcing the exchange of 54 leases to new tenants from 1 January 2018 till date. These include 21 leases since 30 June 2018, totalling 195,005 sq. ft.

Chemring Group (CHG); provides post year-end statement for FY18

Order book worth £462m which includes £68m related to discontinued activities

Chemring Group provided a post year-end statement for the year ending 31 October 2018. Major progress in Sensors was observed, with positions now secured on all targeted Programs of Record.

QinetiQ (QQ): revenue and orders grow organically at 8% and 9% respectively

FY performance is well placed to be in line with expectations

In its results for H1 ending September 2018, QinetiQ reported organic growth of 8% in revenue due to a gain in EMEA services and Global Products. Cash performance was strong, underlying operating profit remained stable and interim dividend stayed at 2.1p.

Norcros (NXR); revenue grew 12.1% and 13.3% on reported and constant currency basis

Norcros’ underlying operating profit increased by 29.9% to £15.2m

Norcros reported strong interim results for the six months ending 30 September 2018 and expects positive performance for the remainder of the year. The companies underlying profits increased by 29.9% to £15.2m, return on sales grew to 9.3% and the interim dividend expanded by 7.7% to 2.8p per share.

Avon Rubber (AVON); post strong results against an improving order book

Orders received during the period grew 8.1% on a constant currency basis and 4.4% on reported basis

Avon Rubber reported a strong set of numbers with adjusted operating profit increasing 11.8% to £27.3m while the closing order book grew 23.4% to £37.8m, providing greater visibility into 2019, both on a constant currency basis.

Lighthouse (LGT): strategic agreement formed to access Tavistock’s investment solutions

Lighthouse currently advises members of its affinity group partners with a combined membership of more than 6 million individuals

The agreement will help add to Lighthouse’s existing Luceo Asset Management range of investment solutions. Tavistock’s investment solutions include an existing model portfolio service and risk-progressive Acumen fund range and capital protection fund products guaranteed by Morgan Stanley.

Samo-1 hits water for FAR in Gambia

The first well to be drilled offshore The Gambia since 1979 has encountered water bearing sands in a disappointing result for operator FAR Limited. Samo-1 was targeting best estimate recoverable resources of 825mmbbls oil in shelf edge Albian sandstones located around 5km south of the Cairn operated SNE field in Senegal, in which FAR is also a partner. The well was an extension of and on trend with similar sands in SNE that had been successfully drilled and proven in nine exploration and appraisal wells. Samo-1 was located in Block A2, immediately adjacent to SNE and this proximity was reflected in the well being assigned a COS of 50%.

Carclo (CAR); trading results below board expectations

Stock flat at 80.00p at 8:06

Carclo announced half year results for the six months ended 30 September 2018. Revenue fell 1% (up 0.3% at constant currency) despite growth in LED production revenue, largely due to negative currency impacts. Underlying PBT declined 22% (14% at constant currency). Underlying EPS for the six months to 30 September 2018 was 3.7p (4.5p in 2017).

IQE (IQE); expects FY 2018 revenue of approximately £160m

IQE expects to reach guidance of 40% to 60% revenue growth in FY19.

As a result of changing market conditions, IQE expects revenue for FY18 to be approximately £160m compared to £154.6m reported during FY17. The group reported H1 2018 revenue of £73.4m.