Edison Investment Research

Baker Steel Resources Trust (BSRT); to invest US$3m in Azarga Metals Corp

Baker Steel Resources Trust will invest in Azarga Metals via an 8% secured convertible loan. It will be convertible at C$0.14/share which will be due on 31 December 2022.

XP Power (XPP); group revenue increases 1% year-on-year

The Board’s outlook for full-year performance remains unchanged

For the three months ended 31 March 2019, group revenue increased 1% year-on-year, on a reported basis, but fell 5% in constant currency terms. Like-for-like revenue fell 12%, while order intake improved 7% during the period to £54.6m on a reported basis. However, revenue fell 4% on a like-for-like basis.

Carr’s Group (CARR); 1H results: adjusted and statutory revenue up 3% YoY to £206.2m

The board’s outlook for the year remained unchanged. Dividend per share increased 4.7% to 1.123p.

In its results for the 26 weeks ending 2 March 2019, Carr’s adjusted operating profit increased 5.2% to £11.9m, profit before tax rose 4.5% to £11.4m and EPS grew 2.2% to 9.4p. Statutory numbers declined 1.6% in operating profit, 2.6% in profit before tax, and 7.8% in EPS. Net debt increased to £23.3m from £15.4m on 1 September 2018.

Entertainment One (ETO); placing results in £130m of gross proceeds

The Placing Shares being issued represent 6.2% of the issued share capital of the company prior to the Placing

J.P. Morgan Cazenove, Investec Bank and Canaccord Genuity have placed a total of 28,900,000 placing shares at 450p per share. The placing price represents a discount of 5.6% to the closing price on 11 April 2019.

Games Workshop; releases update confirming that trading has stayed strong since first half results.

Today’s upgrade has been driven by strong trading across all regions and via all three sales channels (retail, trade and online)

Games Workshop has this morning released an update confirming that trading has continued well since the half year results in January and that sales and profits and royalties receivable, following the signing of new license agreements, are ahead year-on-year. As a result, it expects pre-tax profit for the year to 2 June 2019 to be c. £80m. This represents a c 13% upgrade to Edison forecasts of £70.9m.

Acorn Income Fund (AIF); posts NAV total return of -16.9% in 2018

Despite the ongoing domestic uncertainty and broader market nervousness, dividend grew 10%

Acorn Income Fund announced annual results for the year ending 31 December 2018. The total return on the FTSE All-Share Index and the Numis Smaller Companies, excluding the Investment Companies Index, was -9.5% and -15.4%, respectively. The share price total return was -23.7%, reflecting a significant widening in the discount.

7digital Group (7DIG); receives notice for early redemption of loan notes

This notice relates to outstanding loan notes and interest amounting to £325,570

7digital has announced that it has received a notice of redemption from a holder in respect of a tranche of the loan notes previously issued to certain investors, due to non-payment of interest. This announcement is in addition to the one made in April. The maturity date for the loan notes is 31 December 2019.

Powerhouse Energy Group (PHE); Partner Waste2Tricity agrees lease for hydrogen development site

Represents the first full-scale commercial site for Powerhouse’s proprietary hydrogen from waste DMG® technology.

PowerHouse Energy Group announced that its development partner, Waste2Tricity (W2T), has signed an agreement with Peel Environmental for a 124-year lease on a 54-acre plot at the Protos energy hub site. Waste2Tricity plans to build a waste plastic to hydrogen and power facility at the site.

Norcros (NXR); expect FY19 revenue c. 10.3% higher

For the year ended 31 March 2019, underlying operating profit to be in line with the board’s expectations despite challenging conditions.

Norcros, a supplier of bathroom appliances, reported it expects revenues c. 10.3% higher at £331m for the year. The board’s expectations represent the group’s 10th consecutive year of revenue and underlying operating profit growth. The growth in constant currency terms is expected to be around 11.6%, with like-for-like growth of 2.4%.

Plant Health Care (PHC); adjusted LBITDA reduced to $5.4m

Confident of strong revenue growth in 2019, led by successful launches of Harpin αß in sugarcane and soy in Brazil, and in US corn

Plant Health Care announced its preliminary results for the full year ending 31 December 2018 today. Revenue from commercial products in 2018 increased 5% to $8.1m, while strong external sales growth in the Americas, up 105%, was offset by weaker sales in the Rest of World.