Edison Investment Research

Civitas Social Housing (CSH); IFRS NAV/sh (diluted) up 1.1%

The company announced its interim results for the six-month period ended 30 September 2019. Annualised rent roll increased to £46.5m, while operating cashflow increased to £16.9m. EPRA earnings (diluted) increased to £14.3m, while EPRA EPS (diluted) rose to 2.29p. Weighted Average Unexpired Lease Term (WAULT) was 23.9 years.

Serco Group (SRP); trading update: expects strong growth in revenues and profits for 2020

The board expects continued progress and further strong growth in line with market expectations.

Serco Group provided its update on trading for the 2019 financial year, together with its initial outlook for 2020. The group reported strong revenue growth in the second half. It expects FY19 revenue to grow by around 14% to £3.2bn and underlying trading profit to grow by about 30% to ~£120m.

XP Power (XPP); outlook for 2020 remains unchanged

XP Power issued a trading update for the period 1 October 2019 to date. The group’s short-term disruption to shipments from the implementation of a new Enterprise Resource Planning (ERP) system will result in revenues and adjusted PBT for 2019 being below current market consensus.

Lowland Investment Company (LWI); NAV total return at -9.6%

Lowland Investment Company announced its annual financial results for the year ended 30 September 2019. The NAV total return was -9.6% compared with the benchmark total return of 2.7%. NAV per share at the year-end stood at 1,428p. Total dividends for the year increased 10.2% to 59.5p.

S & U (SUS); reports trading update for the period from 1 August to 9 December 2019

S&U’s trading for the period remained in line with expectations. The used car finance market in which Advantage Finance, S&U’s motor finance subsidiary, operates is proving robust. Some borrower exits are still slower than anticipated in Aspen Bridging, the property lending business, mainly due to the subdued property market conditions.

National Grid (NG.): submits final RIIO-2 Business Plans

National Grid has submitted its final business plans to Ofgem for its UK Electricity and Gas Transmission businesses and the Electricity System Operator, for the 2021-2026 RIIO-2 period.

Circle Property (CRC); unaudited estimated NAV per share at £2.78

Circle Property announced its results for the six months to 30 September 2019. Annualised contracted rental income increased 7.2% to £8.2m, with a further £598,478 of contracted rent since period end. Property portfolio valuation increased to £135.6m and interim dividend rose 10% to 3.3p, maintaining the company’s progressive dividend policy.

ReNeuron Group (RENE); revenue at £6,030,000

ReNeuron Group announced its interim results for the six months ending 30 September 2019. The company reduced its loss and cash consumed by operations for the period to £3.90m and £5.15m, respectively. An upfront payment of £5.40m, net of withholding tax, was received pertaining to licence agreement with Fosun Pharma. Cash, cash equivalents and bank deposits stood at £21.27m as of 30 September 2019.

Securities Tst Scot (STS); NAV total return at 12.3%

Securities Trust of Scotland announced its half-year financial report for the six months to 30 September 2019. The NAV total return was 12.3% compared with the open- and closed-ended peer group median return of 8.7%. The share price total return stood at 17.0% and revenue return per share increased 10.0% to 4.30p.

Duke Royalty (DUKE); revenue increases 119% to £5.9m for H1 2019

The board expects the momentum to continue as it seeks to further expand and balance its portfolio.

Duke Royalty announced its interim results for the six months ended 30 September 2019. Positive net cash inflow from operations grew by 195% to £3.9m. Net PBT for the period stood at £3.7m. Total comprehensive income for the period grew by 246% YoY to £3.3m.