Edison Investment Research

Low & Bonar (LWB); report Q1 revenues lower than expectations amid business simplification

Following the successful equity fundraising in February

With 2019 expected to be a year of transition, Low & Bonar is simplifying its portfolio and structure, as well as working to resolve legacy issues to improve operational performance.

Serco Group (SRP); signs a £140m contract extension

The total value of the fixed base fee for the contract extension is around £140m

Serco Group signed a two-year contract extension with the Roads and Transport Authority (RTA), extending its contractual obligation to operate and maintain the Dubai Metro until September 2021.

PPHE Hotel Grp (PPH); planning consent agreed for art’otel london hoxton

The site will consist of 5 floors of office space and 17 floors comprising 343 hotel rooms and suites

PPHE Hotel Group announced that it has received planning consent from Hackney Council for an improved and final development scheme of its subsidiary art’otel, London Hoxton. The company plans to utilise £180m in committed investments to develop the scheme, which consists of 32,246 sqm over 27 floors.

WANdisco (WAND); secures contract worth $2.15m

According to the agreement, the client will deploy WANdisco’s patented Fusion platform

WANdisco has secured a contract worth approximately $2.15m with a leading global provider of information and communications technology (ICT) infrastructure and smart devices, in China. According to the agreement, the client will deploy WANdisco’s patented Fusion platform.

Merchants Trust (MRCH); FY results: posts NAV return of -5.2%

The year-end gearing level was 20.5%

Today the Merchants Trust declared its final results for the year ended 31 January 2019. The company’s NAV return was -5.2%, compared with the benchmark total return of -3.8%, due to the impact of gearing in a falling market.

Core Lithium CXO; returns high-grade lithium intercepts at Finniss

Core Lithium is actively completing a definitive feasibility study

Core Lithium has announced drill results from its 100%-owned Finniss hard rock lithium project, located in the Northern Territory, Australia. The Finniss Project has a total JORC 2012 compliant mineral resource estimate of 8.9mt at a grade of 1.3% Li2O, which makes it a relatively small but mid-grade spodumene deposit.

Alkane Resources (ALK); latest drill programme shows there is life in the old dog yet

Alkane Resources has received the initial assay results from a 26 hole (5,577m) follow up drill programme at the San Antonio Prospect, which is located 3km-4km south of Alkanes’ Tomingley Gold Mine. Results from the programme include high to mid-grades over significant intercepts and drilling has now confirmed gold mineralisation over a strike of 800m at the San Antonio Prospect. The project remains open along the strike and down dip.

Hutchison China Meditech (HCM); commences Phase IIb/III surufatinib trial in China

The study investigates the effects of surufatinib against the chemotherapy agent capecitabine,

Hutchison China Meditech has commenced a Phase IIb/III study comparing surufatinib with capecitabine in patients with advanced biliary tract cancer (BTC), whose disease progressed to first-line chemotherapy.

Numis Corporation (NUM); expects revenue to fall 26% for the six months ending 31 March 2019

The company benefitted from an improvement in trading in recent weeks with several investment banking deals completed in March

Numis Corporation, having posted its trading update for the six months ending 31 March 2019, expects a 26% year-on-year decline in revenue. Strong market share gains for the period were driven by Corporate Broking & Advisory revenue, according to the company.

Eddie Stobart Logistics (ESL); FY results reveal revenue up 35.1% to £843.1m

E-commerce revenues grew 65% to £171.0m

In its results for the year ended November 2018, Eddie Stobart Logistics showed strong revenue growth, driven by new contract wins, organic growth from current customers and the performance of acquired businesses. Underlying EBIT grew 14% to £55.3, while statutory PBT increased 138% to £23.6m. A dividend of 4.76p per share was proposed.