Edison Investment Research

Walker Greenbank (WGB); trading in line with board’s expectations

Trading for the six months to 31 July 2019 will be provided in detail in the half year trading update in early August 2019

Walker Greenbank provided its trading update for the current financial year to date. Brand sales in international markets, excluding the US, are ahead on a like-for-like basis at constant currency in the first 18 weeks of the year compared with the same period last year. In the UK, which accounts for about 52% of brand sales, market conditions remain challenging, although the sales trend improved since the commencement of the financial year.

Globalworth Real Estate Inv (GWI); announces new remuneration policy and termination of plan

Globalworth has announced the in-principle adoption of a new group-wide remuneration policy in addition to termination of the existing incentive fee arrangements for Globalworth Investment Advisers (GIAL), a wholly owned subsidiary of the company.

OnTheMarket (OTMP); reports adjusted operating loss of £13.6m

OnTheMarket announced its audited results for the year ending 31 January 2019. Group revenue increased to £14.2m (2018: £13.6m) and adjusted operating loss stood at £13.6m for the period, down from £3.9m in operating profit last year. It also recorded a cash balance of £15.7m (2018: £3.2m) as of 31 January 2019.

Record (REC); reports revenue growth of 5% to £25.0m for FY 2019

Performance fees for the year stood at £2.3m

Record posted its final results for the year ended 31 March 2019 today, reporting that PBT increased 9% to £8.0m, while operating profit margin rose to 32%. Basic EPS grew 8% to 3.27p per share and total ordinary dividend stood at 2.30p per share. The company reported net assets of £27.4m as of 31 March 2019.

Keywords Studios (KWS); announces acquisition of Descriptive Video Works, Inc.

Keyword Studios just acquired the entire equity share capital of Descriptive Video Works, Inc. from its founder Diane Johnson. Descriptive Video Works founded in 2003 and based in Vancouver, is a specialised team that provides audio description services.

Picton Property Income (PCTN); proposes placing of new ordinary shares at 94.5p per placing share

Picton’s board of directors has announced a proposed placing of new ordinary shares in the company at a price of 94.5p per placing share. The placing price represents a 2.4% discount to the closing share price per existing ordinary share on 11 June 2019 and a 1.9% premium to the last reported EPRA NAV per ordinary share as of 31 March 2019.

StatPro Group (SOG); acquires ESG research and index business

Increase in adjusted EPS expected in the first full year following acquisition.

StatPro announced the acquisition of the environmental, social and governance (ESG) research and index business unit (ECPI) from the ECPI Group. The total consideration (including deferred contingent consideration) is €2.9m in cash. The company will incorporate ECPI revenues from the completion of the transaction in July 2019.

Park Group (PARK); revenue decreases marginally to £110.4m for FY 2019

Park Group announced its final results for the year ended 31 March 2019. Billings increased 3.4% to £426.9m and total cash balances, including those held in trust and deposits, were £134.0m. Adjusted operating profit and PBT stood at £10.9m and £12.5m, respectively. Total dividend for the year rose 4.9% to 3.20p per share, and adjusted EPS was 5.43p.

Norcros (NXR); revenue increases 10.3% to £331.0m for FY 2019

Group strategy is progressing strongly

Norcros posted its results for the year ended 31 March 2019 today, reporting underlying operating profit and PBT increases of 25.5% and 24.0% to £34.4m and £32.6m, respectively. Underlying ROCE and diluted EPS stood at 18.2% and 31.7p, while the full year dividend increased by 7.7% to 8.4p. The company also witnessed strong cash generation, with a £12.1m reduction in net debt to £35.0m.

De La Rue (DLAR); announces sale of International Identity Solutions business

The transaction is expected to be completed wihin this calendar year.

De La Rue announced that it has agreed the sale of its International Identity Solutions business to HID Corporation Limited for a cash consideration of £42m on a cash free debt free basis, payable upon completion.