Edison Investment Research

Britvic (BVIC); revenue increases 1.4% to £1,545.0m

Britvic announced its preliminary results for the 52 weeks ending 29 September 2019. PAT decreased 30.9% to £80.9m due to adjusting items of £84.6m, including a write-down of France assets. Adjusted EPS rose 6.2% to 59.8p, enabling a 6.4% increase in its full-year dividend to 30.0p.

Fidelity China Special Situations (FCSS); NAV per share decreases -5.9% for H1 2019

Fidelity China Special Situations announced its half-yearly results (unaudited) for the six months ended 30 September 2019. The MSCI China Index returned -3.3% for the period while the company’s share price total return was -6.0%.

De La Rue (DLAR);  H120 results saw a sharp drop in adjusted operating profit

As indicated in the October trading update H120 results saw a sharp drop in adjusted operating profit to £2.2m (H119 £ 17.0m). Product Authentication a& Traceability made strong progress with revenues up 70% to £33.0m and adjusted operating profit more than doubling to £7.7m and margins rising to 23.4% (from 18.6% in H119). However, Currency continued to face severe challenges as overspill volumes declined, with increased pressure on pricing and lower absorption of fixed costs. Adjusted Currency revenues (ex-paper) fell 30% to £128.7m (H119 £182.5m), generating an adjusted operating loss of £12.5m (H119 profit £6.5m). 

GB Group (GBG); announces half-year results: revenue up 62% to £94.3m

Expects full-year outcome for revenue and profit to be in line with the group’s expectations.

GB Group announced its unaudited results for the six months ending 30 September 2019. Adjusted operating profit was up 119% to £21.5m. Net assets increased to £337.9m for the period. Total revenue grew 62% to £94.3m, reflecting its recent acquisitions and strong organic performance.

TempletonEmerg.Mkt. (TEM); NAV total return at 6.3%

Templeton Emerging Markets Investment Trust (TEMIT) announced its half-yearly report for the six months ending 30 September 2019. The company delivered a net asset value total return of 6.3% against the MSCI Emerging Markets Index total return of 2.2%. The share price total return was 4.4% and net assets stood at £2.2bn as of 30 September 2019.

Severfield (SFR); revenue at £131.7m for the period

Severfield announced its results for the six-month period ended 30 September 2019. Underlying PBT of £8.2m is in line with expectations with good cash generation, resulting in period-end net funds of £22.5m. UK and Europe order book stood at £323m, while India order book was £134m as of 1 November 2019. Interim dividend increased by 10% to 1.1p per share.

Henderson Alt Strat (HAST): half-year report; sterling NAV total returns below the benchmark

The company provided an update on results for the half-year ended 30 September 2019.

Henderson Alt Strat’s NAV total return for the period, inclusive of the final dividend of 2.5p paid in August 2019, was 0.1% in sterling terms. This is less than the 10.6% return from the company’s benchmark, the FTSE World Total Return Index.

Utilico Emerging Mkt (UEM); NAV increases 7.6% to 268.75p per share

Utilico Emerging Markets Trust (UEM) announced its half-yearly financial report for the six months to 30 September 2019. The company continued to deliver a positive performance with a NAV total return per ordinary share of 9.0%, ahead of the MSCI EM Total Return Index, GBP adjusted, which was up 1.8%. This continues to benefit from the company’s strong conviction in Brazil. Share price total return per share was 10.4% while total revenue income for the period stood at £18.1m.

Euromoney Institutional Investor (ERM); acquires Wealth-X for $20.4m

Euromoney Institutional Investor (“Euromoney”) announces the acquisition of 100% of Wealth-X Pte. Ltd. (“Wealth-X”). Euromoney will pay $20.4m in cash for Wealth-X representing a 1.6x multiple of 2019 revenue and 25.6x multiple of 2019 EBITDA. The board expects Wealth-X to deliver a revenue CAGR of 13% for the three years to 31 December 2019. Unaudited revenue and pro forma EBITDA for the 2019 financial year are expected to be $12.7m and $0.8m, respectively.

Hutchison China Meditech (HCM); FDA grants Orphan Drug designation to surufatinib

Hutchison China MediTech announced that the US Food and Drug Administration (FDA) has granted the Orphan Drug designation to surufatinib for the treatment of pancreatic neuroendocrine tumours (NETs). If approved, surufatinib will be entitled to seven years of market exclusivity for the approved indication. Additionally, Orphan Drug designation affords certain development cost benefits in the US.