Edison Investment Research

Norcros (NXR); trading update: 1H Group revenue expected to increase 12.1% YoY on reported basis

Stock flat at 202p at 8:04

NXR has reported trading results for the half year ended 30 September 2018. The revenue for the first half is expected to increase by 12.1% YoY on a reported basis to £162.5m (2017: £145.0m). The group’s underlying operating profit for 1H is expected to be in-line with the board’s expectations. NXR will announce its interim results on 15 November 2018.

TR European Growth Trust (TRG); full-year results: NAV total return of 0.6%

Stock down 2.99% to 875p at 08:17

The company announced its annual financial results for the year ending 30 June 2018. During the financial year to June 2018, the portfolio generated a total return of 0.6%. It lagged the benchmark, which delivered 6.9%. The share price total return for the year was -3.2%.

OnTheMarket (OTMP); interim results: reports group revenue of £7.0m

Stock down 2.18% to 134.50p at 8:16

For the six months ended 31 July 2018,OnTheMarket reported Group revenue of £7.0m compared to £6.9m for the same period last year. Loss per share for the period was 9.57p compared to earnings per share of 5.36p for the same period last year.

Circle Property (CRC); trading update; portfolio valuation rises 12.37% over six months on LFL basis

Circle announced that its portfolio value increased 12.37% LFL to £124.875m as of 30 September 2018 vs. 31 March 2018, as a result of continued focus on active asset management. It estimated an unaudited NAV of £78.7m (£2.78/share), being 87% higher than NAV since IPO in February 2016.

Diversified Gas & Oil (DGOC); acquisition of Core Appalachia for $183m

Stock up 2.28% to 112p at 8:11

Diversified Gas and Oil has announced the acquisition of Core Appalachia Holding Co (Core) for a consideration of $183m comprised of $130m in cash (funded through the assumption of $93m of Core debt and $40m DGO debt drawdown) and 35m new shares issued at £1.15.

Marshall Motor (MMH); trading update: Cautious on WLTP introduction impact; FY outlook unchanged

Stock down 3.57% to 135p at 8:02

MMH announced a trading update pertaining to the significant impact on the UK new vehicle market during September, following the introduction of its new Worldwide Harmonised Light Vehicle Test Procedure (WLTP) on 01 September 2018.

discoverIE Group (DSCV); first half trading update: 5% organic sales growth in second quarter

Stock flat at 398.00p at 8:03

discoverIE Group reported organic sales growth of 5% in the second quarter compared to 3% in the first quarter. Group sales for the first half grew by 13% at constant exchange rates (CER).

Pontoenoe-1- latest well to disappoint offshore Suriname

Kosmos Energy is plugging and abandoning its Pontoenoe-1 exploration well in Block 42 offshore Suriname, after encountering water in the Upper Cretaceous primary target. It is the company’s second well to be drilled in the region this year, with the Anapai-1 well also failing to find hydrocarbons in the Lower Cretaceous. Both wells did however encounter high quality reservoir and Kosmos believes it has found evidence of a working source kitchen in Pontoenoe-1. Both appear to have failed due to a lack of trap, a key risk in stratigraphic prospects. The company expects to return to drill in Suriname in 2020, where it holds a portfolio of multiple independent prospects. The Kosmos wells were highlighted by us as wells to watch in our ‘Exploration Watch: 2018 exploration wells’ report.

Patisserie Holdings (CAKE); shares suspended amidst fraud probe

Patisserie Holdings faces what could be a $20m accounting hole

Patisserie Holdings, operator of tea shops chain, Patisserie Valerie, has asked for trading in its shares to be suspended after having been notified of “significant and potentially fraudulent, accounting irregularities and therefore a potential material mis-statement” of its accounts.

Marston’s (MARS); pub and beer business expected to perform well

Marston's shares at 7.1 P/E for the year to September

Marston’s which typifies Britain’s pub presence in large and small communities, is signalling a good outturn for its pub and beer businesses. Profit before tax is expected to have grown 4% to £104m, close to market expectations.