Edison Investment Research

Plenty of action for Hurricane on Lancaster EPS

Since our most recent note on Hurricane Energy, ‘Lancaster EPS on track and on budget’ activity has continued at pace for the company as it remains on track for first oil in H119. Last week the offshore installation phase of the Lancaster EPS commenced with the installation of the Enhanced Horizontal Xmas Trees on the two existing wells, 6 and 7z, completed by the Far Superior offshore construction vessel. In addition the Lancaster EPS buoy departed from Drydocks World in Dubai on the Jumbo Kinetic vessel and is scheduled to arrive in Lerwick in the Shetland Isles by the end of June, allowing installation of the turret mooring system for the Aoka Mizu FPSO to take place on schedule by the end of Q318. Meanwhile, we expect that re-entry and completion operations on the 6 and 7z wells will commence imminently, since the Paul B Loyd Jr rig is now on location. The activity will provide plenty of opportunities for those who like to track vessel movements.

Entertainment One (ETO); 2018 final results: double digit growth in profits

Stock flat at 289.0p at 8:37

ETO has reported their full year results ending 31 March 2018 with strong underlying EBITDA performance up 11% at £177m driven by revenue growth in family brands and television segments and lower costs in film.

Rank Group (RNK); acquires YoBingo.es: expands digital footprint in Spain

Stock up 0.90% to 156.4p at 8:04

RNK has acquired the entire issued share capital of QSB Gaming Limited, the owner of YoBingo.es, for an initial cash consideration of €21m which could rise to a maximum of €52m, subject to future performance.

1Spatial (SPA); FY 2018 results: revenues from continuing operations grew across all divisions

Stock up 3.08% to 3.3p at 08:11

For the year ended 31 January 2018, revenues from continuing operations increased 12% YoY to £16.9m. SPA disposed of its controlling interest in the non-core Enables IT business in March 2018 to focus on the core Geospatial business.

Location Sciences Group(LSAI); Trading in line and meets 1H 2018 revenue expectations

Stock up 21.5% to 0.03p at 08:15

Increased traction and uptake in key products results in meeting revenue expectations for H1 2018. Additional products in pipeline to see similar demand and uptake

Avacta Group (AVCT); successful outcome of proof-of-concept study in collaboration with FIT Biotech

Stock up 5.08% to 31.98p at 8:02

AVCT has successfully completed a proof-of-concept study to assess the effectiveness of combining Affimer proteins with FIT Biotech’s gene delivery technology in mice.

Renewi (RWI); announces Green refinancing of €550m existing bank facility

Stock up 1.28% to 71.30p at 8:03

With this green refinancing, the company becomes one of the first FTSE companies to use the ICMA Green Bond Principles and the LMA Green Loan Principles certifications to refinance its entire bank borrowings.

MedicX Fund (MXF); interim results: rent receivables grow 5.4%; LFL annualised rent roll up 2.8%

Stock down 5.84% to 77.40p at 8:02

MXF posted 94.1% growth in PBT (£26.4m vs £13.6m) and a 5.7% increase EPRA EPS (1.85p vs 1.75p) for the six months ended 31 March 2018 compared to the same period in 2017.

Park Group (PKG); appointment of Stephen Miller as group CIO

Park has announced the appointment of Mr. Stephen Miller as Chief Information Officer (CIO) of the Group, a non-board position.

Jersey Electricity (JEL); 1H 2018 update: revenue up 4%; interim dividend at 6.1p per share

PBT of £9.7m (up £0.8m YoY) remains at a level commensurate for a regulated utility and to sustain investment activity. Capex was £7.1m compared to £8.6m in 1H 2017.