Tungsten Corporation (TUNG); reports 13.9% increase in revenue for Q3 FY19
The company renewed 21 contracts in YTD Q3 FY19
Tungsten reported a 13.9% increase in revenue at £9.3m for the period November 2018 to January 2019 (Q3 FY18: £8.2m). EBITDA was positive at £1.0m compared to a loss of £1.8m witnessed in Q3 FY18. Net cash inflow stood at £0.5m (Q3 FY18: £4.2m outflow). EBITDA stood positive at £0.4m on an underlying basis.
Read more...
Global earnings: Pace of downgrades slowing
Inflection point in downgrade cycle may have been early January
In a welcome development for global equity investors, the pace of 2019 earnings downgrades has eased markedly during the first three weeks of February. Furthermore, while 2019 consensus corporate profits growth has fallen from initial expectations of around 9-11% in developed markets to 6-8%, and from 12% in emerging markets to 10%, a profits recession now appears less likely. It is still in our view a little early to have conviction this is the start of a sustainable trend. However, if it proves to be the case that earnings forecasts have stabilised it will be supportive of the rally in global equities.
Read more...Serco Group (SRP); 2018 reported operating profit up 282% at £80.5m
Positive free cash flow after 3 years was £25m
For the year ended 31 December 2018, despite a 4% year-on-year fall in revenue in terms of reported currency, underlying diluted EPS witnessed a 55% increase from 3.36p in 2017, to 5.21p. Revenue at constant currency declined 5.6% in H1 but grew 2.5% in H2.
Read more...McBride (MCB); post profit warning 24 hours before its results announcement
It is understandable that McBride wanted the shock of its current year downgrade to dealt with ahead of today’s interim results
Having structured a “repair, prepare and grow” plan since 2016, its understandable that McBride wanted the shock of its current year downgrade to dealt with ahead of today’s interim results. Yet a profit warning 24 hours before a results announcement is an unusual, and some would think, absurd way of getting the bad news onto the table. It is untimely during the main phase of the “Growth” period scheduled to end in Q419.
Read more...
Premier Technical Services Group (PTSG); denies knowledge of reason for recent share price movements
Net bank debt was £11.9m as of December 2018 compared with £18.3m in 2017
PTSG has released a statement noting the share price movement in recent weeks, but denying any knowledge of why the movement occurred. The final results, expected on 26 March 2019 are anticipated in line with the board’s expectations.
Read more...Keywords Studios (KWS); acquires Dutch-based cloud-based software platform GetSocial
GetSocial is expected to become profitable in 2020
Keywords announced the acquisition of GetSocial B.V. GetSocial is a cloud-based software platform that provides a comprehensive suite of functions, enabling game developers to manage all social interactions between their games, players and friends’ network.
Read more...
European Assets Trust (EAT); UK High Court approves migration from the Netherlands
The migration is expected to become effective on 16 March 2019
European Assets Trust declared that the UK High Court agreed a migration from the Netherlands to the UK. This will result in the absorption of European Assets Trust N.V entire portfolio by EAT PLC, with shareholders entitled to receive one ordinary share in EAT PLC in exchange for each share held in European Assets Trust N.V (EAT N.V).
Read more...Pan African Resources (PAF); reports robust performance during half year ended Dec 2018
Revenue from continuing operations was aided by a rise in gold produced by Barberton Mines
Pan African Resources reported strong performance for the half year today. The company’s PAT and EBITDA increased 127.3% and 83.3% to £7.5mn (2017: £3.3mn) and £18.7mn (2017: £10.2mn), respectively. Revenue from continuing operations increased 46.8% to £75.3mn (2017: £51.3mn), while EPS stood at 0.39p per share (2017: 0.18p per share). Net debt increased to £102.7mn (2017: £39.2mn) as a result of financing Elikhulu’s construction.
Read more...Sainsbury (SBRY); Asda merger in doubt after the CMA’s provisional findings
This needs to be set against Sainsbury’s undertaking to lessen prices on “many” of its “everyday” items by up to 10%
The CMA’s provisional finding that the proposed merger between Sainsbury and Asda would result in a substantial lessening of competition places significant doubt on the merger succeeding. The final decision is scheduled for mid-March.
Read more...
European Assets Trust (EAT); declares dividend of €0.017499 per share
This gross dividend has been increased to offset the element of Dutch withholding tax applicable
European Assets Trust has announced a gross dividend of €0.017499 per share (net rate: €0.0171) for March. This dividend will be paid on 15 March 2019 to shareholders on the register on 1 March 2019, having an ex-dividend date of 28 February 2019.
Read more...