Edison Investment Research

Goals Soccer Centres (GOAL); results will be materially below expectations

From the brief statement it appears that there are two issues

Goals Soccer Centres, which appointed an Interim Finance Director in January, signals that results will be materially below expectations, and will be delayed, because of accounting issues. That is despite strong trading in the first two months of 2019, with year-on-year growth in like-for-like sales.

EJF Investments (EJFI); announces investment of c. £11.9m in TFINS 2019-1 preferred shares

EJF announced investment of c. £11.9m in the preferred shares issued by TruPS Financials Note Securitization 2019-1 Ltd (“TFINS 2019-1”) on 7 March 2019. TFINS 2019-1, sponsored by EJF Capital LLC, consists mainly of trust preferred securities and surplus notes issued by 32 US community banks and 18 US insurance companies with an aggregate par value of c. $314m. This is the company’s sixth such investment in an EJF sponsored securitisation since admission.

Murray International (MYI); NAV total return decreases by 7.5% for FY 2018

MYI typically trades close to NAV

Murray International announced its annual results for the period ending 31 December 2018. NAV and share price total return decreased 7.5% and 6.8%, respectively. Net gearing increased 12.5%, while DPS stood at 51.5p (FY 2017: 50.0p). Revenue return per share decreased 4.2% and the ongoing charges ratio was 0.69%.

European Assets Trust (EAT); annual report : NAV down 15.4%

NAV returns were below the benchmark returns of -12.7%

For the year ended 31 December 2018, European Assets Trust reported NAV per share returns of -15.4% in Sterling and -16.3% in Euro.

Serco Group (SRP); signs $200m contract to support US Pension Benefit Guaranty Corporation

Serco Group has signed a $200m contract to support the US Pension Benefit Guaranty Corporation (PBGC). This contract has a one-year base period and four option years with a total potential value of $200m if all option years are exercised.

Greggs (GRG); deliver a strong finish to the year

FY18 like-for-like and total sales grew 2.9% (H1: 1.5%, H2: 4.2%) and 7.2%, respectively

Greggs’ substantial progress with its brand transformation into a leading food-on-the-go format, backed by smart use of social media marketing, helped it to deliver a strong finish to the year ended 31st December 2018. This is after an initial disruption from extreme weather, and an outstanding start to the current financial year. As a result, consensus earnings forecasts have been upgraded three times since the end of November, most recently just two weeks ago.

QUIZ PLC (QUIZ); is again downgrading expectations

, QUIZ now guides sales for the year to March £4m (3%) lower than previously

QUIZ, the fast fashion retailer, is again downgrading expectations after a disappointing January and February. Online revenue was up 16.2% year-on-year, but UK stores and concessions revenue was down 11.1%, leading to an overall 1.7% decline. In addition, the company has had to discount to clear excess stock.

Birimian Limited (BGS ); reaches important de-risking milestone

Birimian Limited receives the Environmental Permit for its Goulamina Lithium Project

Birimian Limited has received an Environmental Permit for its Goulamina Lithium Project, located in southern Mali. The Environmental Impact and Social Assessment Document was lodged in November 2018, just after the August 2018 election.  To have received a permit within five months highlights the government’s commitment to the mining industry.

7digital Group (7DIG); agrees an initial two-year deal with Music Powered Games

"The industry is rapidly embracing music as a natural complement to the gaming environment"

7digital reports it has signed an initial two-year deal with Music Powered Games to set up and maintain full-track streaming services for Music Powered Games’ highly anticipated new “arcade of music games”. The “arcade of music games” will be launched today in a single app, MuzArcade, on iOS and Android in the US.

1Spatial (SPA); trading update: revenue in line with market expectations

1Spatial provides technology based solution for the geospatial industry

During the financial year ending 31 January 2019, 1Spatial group reported that it generated revenue in line with market expectations. Cash at the year-end was £6.4m. The group expects adjusted EBITDA to be at least in line with market expectations due to its strategy to expand the client service proposition and its cost control approach.