Edison Investment Research

Raven Property Grp (RAV); underlying earnings stood at £20.0m for FY ended December 2018

Occupancy rose to 89% from 81% as of 31 December 2018

Raven Property announced that currency movements have adversely affected its trading performance. In addition, it incurred an IFRS loss of £120.7m following a revaluation currency loss.

Primary Health Properties (PHP); acquires a new primary healthcare medical centre

Main tenants of the property would be GPs of the North Road Surgery with a 25-year lease.

Primary Health Properties has entered into a contract to acquire a medical centre in Kew, London. The facility is due to be completed in October 2019, and will have a net internal area of c. 845 sq. m, for £4.6m by the way of forward funding.

Restaurant Group (RTN); results show a decline but not a disaster

For 2018, profit before tax was down 8.1% to £53.2m

Restaurant Group’s results show a decline but not a disaster. The end of 2018 could just mark a crucial inflexion point for the group, where it now has the critical mass to address the structural weakness of its traditional Leisure division, while hopefully preserving the momentum of growth, debt control and a dividend stream. At this point, however, it is all still to be done.

European Lithium (EUR); reports interim results and provides an update on potential grant funding

European Lithium has announced its interim results for the year ending 31 December 2018 and provided an update on potential grant funding for its Wolfsberg Lithium Project, located in Austria.

QinetiQ (QQ); wins US Army CRS(I) contract for delivery of small ground robots

QinetiQ’s North American operation, with over 40 years of experience in robotics, will produce the back-packable robot,

QinetiQ reports it won a US army contract for the delivery of small ground robots. The seven-year Indefinite Delivery Indefinite Quantity (IDIQ) contract is valued up to $164m. It includes a Low Rate Initial Production (LRIP) phase worth c. $20m over one to two years.

Fidelity European Values (FEV); post FY18 results with NAV total return declines of 4.8%

Board recommends final dividend of 6.28p per share

For the year ending 31 December 2018, Fidelity European Values recorded a NAV total return of -4.8%, which compares favourably to benchmark returns of -9.5%. As the discount widened the share price total return fell 6.8%. In aggregate, the results show the financial sector provided the greatest boost to relative performance.

Brexit: PM May’s deal may finally be in sight

UK Parliament has motioned itself into a corner

This post has been updated to reflect the events of Thursday March 14.

Alastair George, Chief Investment Strategist

This week the UK Parliament has voted to avoid no-deal under any circumstances and at any time. In addition, Parliament comprehensively rejected the government’s Withdrawal Agreement, as modified by the additional instrument and declaration negotiated with the EU at the weekend. Following the votes on Thursday March 14, the choice for next week will be between supporting a short extension to Article 50 – and by implication supporting the modified Withdrawal Agreement - and a much longer extension. Under the second option of a prolonged extension, all possibilities (except perhaps no-deal) are on the table, including a new government, general election and second referendum. It is high stakes but we still cannot rule out the UK Parliament will do the “right” thing, for investors at least, by approving the Withdrawal Agreement - after trying everything else.

DFS FURNITURE (DFS); is resolutely sticking to its guidance for the year to July 2019

DFS is resolutely sticking to its guidance for the year to July 2019, despite lower order levels since January, and is assuming no further weakening of the market environment. The market is expecting PBT of £50m for the year, up from £37m for FY18. Interim results today are accompanied by a detailed list of potential Brexit impacts, including consumer demand, potential border delays, increased regulation, tariffs, exchange rates, and the effect on EU nationals on the payroll.

PPHE Hotel Group (PPH); acquires properties worth $42m through JV agreement

The total capital committed by PPHE is US$17.6m

PPHE announced the acquisition of properties at 538, 540 and 542 West 29th Street, New York, through an agreement between a wholly owned subsidiary and a real estate development and investment firm based in New York, Largo 542 West 29th Street Partners LLC.

Oxford Biomedica (OXB): report preliminary FY8 results and increased revenue of 72% to £66.8m

The company expects improved financial performance in 2019

Oxford Biomedica reported a 72% increase in gross income to £67.9 million (2017: £39.4m) in its preliminary results for the year ended 31 December 2018. Operating EBITDA stood at £13.4m (2017: -£1.9m).