Edison Investment Research

AA PLC (AA): reports a 65% drop in interim pre-tax profit

AA shares fall 29% this year

Motor breakdown and insurance group, the AA has reported a 65% drop in interim pre-tax profits to £28m on revenues 2% higher at £480m. Despite the headline figure, chief executive Simon Breakwell, who announced a turnaround plan in February, says the group is making “good operational progress” across its roadside and insurance businesses.

Shepherd Neame (SHEP): full year results show pre-tax profit up 5.4% at £11.8m

Sales up 1.3% like-for-like in managed pubs

Balmy late summer sales soared at Shepherd Neame, growing 5.1% like-for-like for the 11 weeks from 1 July to 15 September in its managed pubs. This strong first quarter performance gets the company off to a good start for its new financial year. Tenanted pubs performed even more strongly with like-for-like EBITDAR up 6.2%.

Stride Gaming (STR); pre-close trading update and UKGC update

Stock down 7.69% to 90.00p at 08:22

STR provides trading update ahead of its final results for the year ended 31 August 2018. It reported that it has traded well and in line with the Board’s expectations during the second half of the financial year.

Trifast (TRI); trading update: solid revenue growth in first five months

Stock down 0.30% to 225.81p at 8:16

In its trading update, TRI has reported that results for FY March 2019 are likely to be in line with management’s expectations. In the first five months, revenue growth was solid across all regions on the back of electric vehicle production

Town Centre (TOWN); 1H18 results: occupancy remained high; passing rent grew 4.1% LFL

TOWN announced its 1H18 results, whereby EPRA net assets/share increased 6.8% y/y to 384p, whereas EPRA EPS declined 1.9% to 13.0p. The total property return was 9.4% (1H17: 6.0%) vs. MSCI (IPD) All Property 9.3% (1H17: 5.5%).

Destiny Pharma (DEST); announces interim results; Dr González joins as CMO

Stock flat at 89.00p at 08:03

DEST announced its unaudited financial results for the half-year ended 30 June 2018 and additional updates for the year to date. It reported strong cash position with cash and term deposits at 30 June 2018 of £15.1m (30 June 2017: £0.9m; 31 December 2017: £16.7m).

Vietnam Enterprise Investments (VEIL); interim results: NAV per share down 1.2% in GBP terms

Stock flat at 468.00p at 8:08

For the six months ended 30 June 2018, VEIL’s NAV per share in GBP terms declined 1.2% from £5.22 to £5.16. NAV per share declined 3.6% in USD terms from $7.06 to $6.81, trailing the VN Index by 1.1% over the period.

Tullow’s Namibian well disappoints

Tullow Oil’s Cormorant-1 well is being plugged and abandoned after encountering water bearing sands, in the latest well to be drilled in the Walvis Basin offshore Namibia. Interest from industry has been intensifying as it looks to capitalise on the 2013 breakthrough Wingat and Murombe wells, and the majors have been moving in, with ExxonMobil farming into two separate deals in 2018. Attention in the region will now switch to the south of Cormorant, as the Ocean Rig Poseidon moves to PEL 71 to drill Prospect S for Chariot Oil & Gas. Both Cormorant-1 and Prospect S were highlighted by us as wells to watch in our ‘Exploration Watch: 2018 exploration wells’ report.

Regional REIT (RGL); £50m repayment of 5% ICG Longbow Ltd. loan facility

Stock up 0.31% to 96.60p at 8:15

RGL has announced it has repaid £50m out of the £65m 5% CG Longbow Ltd. loan facility, due on August 2019 with remainder of the loan to be paid by end of November 2018 using disposal proceeds or refinancing.

Windar Photonics (WPHO); 1H18 results: revenue grew 33% but EBITDA loss continues

WPHO announced 1H18 results, whereby revenue grew 33% y/y to €1.67m (H1 2017:  €1.25m) while actual dispatched product value grew 47% y/y. Gross profit grew 44% y/y to €0.82m and operating expenditure declined 6% y/y to €0.93m, resulting in 86% reduction in EBITDA loss to €0.07m (1H17: loss €0.41m).