Edison Investment Research

S&U PLC (SUS); trading update: net receivables up 15% at £263.0m for motor finance subsidiary

Stock down 1.74% to 2,545.00p at 8:01

SUS announced its trading update for the period from its AGM statement of 18 May 2018 to 31 July 2018. The net receivables for company’s motor finance subsidiary, Advantage Finance grew 15% to £263.0m (H1 2017:  £228.6m). SUS will announce half year results for the period ended 31 July 2018 on 25 September 2018.

eServGlobal (ESG); H1 2018 trading update; order book exceeds forecasts

Stock up 1.19% to 08.50p at 8:24

For the half year ended 30 June 2018, ESG received orders worth €7.7m (higher than its forecast); with strong pipeline for H2 2018, it expects to reach FY18 breakeven target. Recognisable revenue for 1H18 is estimated at ~€3.6m and operating cost is expected to be ~€2.2m below H1 2017.

Euromoney Institutional Investor (ERM); acquires Random Lengths for $18.2m

Stock flat at 1,370p at 08:06

ERM acquired 100% equity of Random Lengths, a leading price reporting agency (PRA) for the global wood products industry. ERM is to pay $18.2m in cash, of which $2m is deferred for up to 18 months.

Stride Gaming (STR); receives notice from the Gambling Commission of Great Britain

Stock down 30.56% to 87.50p at 8:05

A subsidiary of STR (the “Licensee”) has received a notice from the Gambling Commission of Great Britain (UKGC). According to the notice, Licensee has to pay a significant financial penalty for the way it has historically carried out its licensed activities.

Accsys Technologies(AXS); completes the purchase of Arnhem Land and Buildings

Stock flat at 91.10p at 8:05

AXS has completed the acquisition of land and buildings associated with its Accoya plant and logistics centre in Arnhem, Netherlands, from its landlord Bruil for €23m.

Walker Greenbank (WGB); half year trading update: licensing up 40.4% YoY in reportable currency

Stock up 0.64% to 78.50p at 8:03

WGB announced its pre-close trading update for the six months ended 31 July 2018. Licensing income grew 40.4% in reportable currency compared to first half last year driven by apparel and a strong performance from Japanese licensees.

NetScientific (NSCI); ProAxsis Granted Third Respiratory Field CE Mark

ProAxsis, a portfolio company in which NSCI holds 54% stake, has successfully registered a CE Mark for its ProteaseTag® Active Proteinase-3 Immunoassay.

Mexico: reassurance or uncertainty?

Italian major Eni received approval this week for a $7.49bn development of the Amoca, Mizton and Tecoalli fields offshore Mexico, and the first such approval since the election of the new administration under President -elect Andres Manuel Lopez Obrador (Amlo).  Last week, Amlo unveiled his plans to boost the country’s energy sector, with $4bn set aside for state operator Pemex to drill new wells in 2019, and with the goal of increasing production by 600,000bbl/d over the next two years. Also included are plans to build a new refinery and rehabilitate six existing refineries, but no reference was made to the fate of future bid rounds, which he pledged during campaigning to pause and review.

GCP Student Living (DIGS); NAV, portfolio and dividend update

DIGS provided an update as of 30-Jun, whereby its unaudited estimated EPRA NAV/share was 147.61p (+1.5% q/q ex-income, 149.12p cum-income), while portfolio value grew 1.4% q/q to £784.4m.

Fidelity European Values (FEV); 1H18 results: NAV increased 2.3%

Stock flat at 234.50p at 08:09

For the six months ending 30 June 2018, FEV’s NAV increased 2.3%, outperforming the benchmark (FTSE World Europe (ex-UK) Index) return of -1.4%. The share price total return (0.7%), was below the NAV total return due to widening in the share price discount to NAV.