Edison Investment Research

Solid State (SOLI); $3.2m supply agreement with UK’s leading international defence company

Stock up 7.30% to 338.00p at 8:24

SOLI has announced that Solid State Supplies Ltd, the distribution division of SOLI has been awarded a $3.2 million long term supply agreement with the UK’s leading international defence, aerospace and security company.

Tool rental company Ashtead Group issued first quarter results

Quarterly EBITDAR up 20%

Ashtead Group has issued first-quarter results showing a 23% advance in pre-tax profits to £274m on revenues up 22% to £1.05bn. Quarterly earnings before interest, taxation, depreciation and amortisation increased by 20% to £504m.

Chief executive Geoff Drabble says the business is performing well in “supportive end markets”.
With the benefit of weaker sterling, the company expects full-year results to be ahead of forecasts.

Profits rise as JD Sports defies high street gloom

Like-for-like sales at the group were up more than 3%.

Retailer JD Sports Fashion has reported a 19% increase in interim pre-tax profits to £122m on revenues 35% higher at £1.85 billion.

Executive chairman Peter Cowgill says it is “extremely reassuring” that profitability in the group’s UK and Ireland sports divisions have been further enhanced at a challenging time in the sector.

“This is another record result … demonstrating that our multi-brand multi-channel premium offer has resilient profitability in its core UK and Ireland market with capacity for continued growth across an increasing number of international markets,” he says.

Regional REIT (RGL); 1H18 results: gross portfolio up 4.5% LFL, NAV growth aided by disposals

Stock up 3.79% to 98.91p at 8:34

RGL reported 1H18 results, whereby its gross portfolio grew 4.5% LFL to £758.7m. Occupancy was robust at 85.5% (by value, 2H17: 85%) and rental income at £61.3m (2H17: £61.9m). EPRA NAV grew to 113.6pps (2H17: 105.9pps) boosted by profit from disposals and valuation growth.

Custodian REIT (CREI); Acquired industrial unit for £5.585m

Stock down 0.58% to 120.30p at 8:24

CREI has acquired a 72,582 sq ft industrial unit on Hilton Business Park, Derby for £5.585m funded from the company’s existing debt facilities, resulting in net gearing increasing to 23.3% loan to value.

Regional REIT Ltd (RGL); Cheshunt office sale and first letting for the Aztec West site

Stock up 0.16% to 95.85p at 8:37

RGL sold Turnford Place (Cheshunt) for £17.25m, reflecting a net initial yield of 5.8% and a 20.6% uplift vs. December 2017 valuation. It also announced letting out 31,000sqft of 800 Aztec West (Bristol) at a headline rental rate of £21.50/sqft to Edvance SAS.

GCP Student Living (DIGS); portfolio update and proposed placing to raise ~£55m

Stock down 0.92% to 151.20p at 8:23

DIGS announced that its operational property portfolio is fully occupied with respect to the 2018/19 academic year. Average rental growth was 3.5% y/y higher LFL. It also announced the placing of new ordinary shares targeting gross proceeds of up to ~£55m.

Brady (BRY); 1H18 results: gross margin increased to 55%

Stock flat at 66.25p at 08:22

For the six months ended 30 June 2018, BRY reported revenue as being broadly flat YoY at £10.54m (1H17: £10.66m). During this period gross margin increased to 55% and EBITDA improved to a loss of £0.424m (1H17 loss: £1.851m).

Target Healthcare REIT (THRL); acquisition of site in West Yorkshire; acquisition contract exchange

THRL announced the completion of the acquisition of a development site in Wetherby, West Yorkshire and an exchange of contracts to acquire a pre-let home in Newtown for a combined transaction value of £17.1m (including costs).

Pan African Resources (PAF); Barberton Mines update: three-year wage agreement with NUM and UASA

Stock up 1.53% to 7.94p at 8:03

PAF announced that it has concluded a three-year wage agreement.