Edison Investment Research

The Mission Group (TMG); expects to report Fy19 results in line with expectations

For the year ended 31 December 2019, The Mission Group expects to report results in line with market expectations and anticipates the group to be debt-free/cash flow-positive at the end of 2020 if the trading profile across the year returns to normal patterns.

TBC Bank Group (TBCG); obtains preliminary banking licence in Uzbekistan

TBC Bank Group has obtained a preliminary banking licence in Uzbekistan. The company’s strategy is to develop a greenfield banking ecosystem for retail and MSME customers in Uzbekistan. The primary focus will be on digital channels, including the company’s neobank, Space.

Sureserve Group (SUR); revenue increased 11% to £212.1m

Trading reported a strong start in FY20, thereby sustaining the group's momentum

For the year ended 30 September 2019, Sureserve Group reported revenue from continuing operations grew 11% to £212.1m. Trading for the current financial year started on a strong note, with the £333.2m order book covering about 72% of FY20 revenue. PBT from continuing operations grew 174% to £5.3m

Carclo (CAR); revenue from continuing operations increases 12% to £56.1m for H1 2020

Carclo announced its interim report for the half year ended 30 September 2019. Underlying operating profit from continuing operations increased by 56% to £3.3m. Group statutory loss before tax was £5.6m and solid progress was made in improving the financial position of the group, with net debt reducing to £26.8m as of 30 September 2019. Underlying EPS from continuing operations was 2.2p.

Hutchison China Medi (HCM); announces positive SANET-p trial results

Hutchison China MediTech (Chi-Med) announced that the Independent Data Monitoring Committee (IDMC) of the Phase III pivotal study of surufatinib in advanced neuroendocrine tumours - pancreatic (SANET-p) has completed a pre-planned interim analysis. The IDMC recommended that the study stops early as the pre-defined primary endpoint of progression free survival (PFS) had already been met.

Destiny Pharma (DEST); completes initial phase of its MedPharm project

Destiny Pharma’s collaboration with MedPharm has identified a range of new, stable, XF formulations with promising drug release profiles and scope for the delivery of XF drugs (including clinical stage XF-73, XF-70 and DPD-207 compounds), designed to treat dermal and ocular infections.

Target Healthcare REIT (THRL); acquires a new development site in Cheshire

Target Healthcare has completed the acquisition of a new development site in Cheshire, for £9.7m, including transaction costs. The company also announced completion on the three previously announced acquisitions located in Yorkshire and Wales. Additionally, the construction of the group’s care home development in Merseyside reached practical completion.

Renewi (RWI); announces trading update and confirmation regarding secondary listing

The board remains confident that Renewi will deliver full-year results for the year ending 31 March 2020, in line with its expectations.

Renewi has applied for a secondary listing on Euronext Amsterdam. The listing is expected to become effective on 30 January 2020. The company also announced its trading update for the period from 1 October 2019 to date.

Record (REC); AUME increases 8% to $64.7bn

The assets under management equivalent (AUME) figure of $64.7bn for the end of December was up 8% in the quarter. We calculate that average sterling AUME in the quarter was virtually unchanged compared with H120, despite the strength in the pound at the end of the year.  There were net inflows of $2.5bn including a previously announced $1bn tactical mandate which will only be in place for a short period. Other inflows were primarily in passive hedging. Market moves were neutral but foreign exchange movements added $2.3bn.

Ergomed (ERGO); announces exercise of share options

Ergomed announced that, following an exercise of share options, application has been made to AIM for the admission of 450,000 new ordinary shares of 1p each in the capital of the company (New Ordinary Shares).