Edison Investment Research

De La Rue PLC (DLAR): CFO Jitesh Sodha resigns with immediate effect

Stock down 16.94% at 08:22

Jitesh Sodha, Chief Financial Officer, has informed the Board of his intention to step down immediately to pursue his career outside of the Company. Jitesh will remain in the business until the end of September 2018 in order to ensure an orderly transition while a suitable successor is identified.

Blancco Tech Grp PLC (BLTG): Half yearly results

Stock down 3.88% at 08:12

Revenues were in line with the prior period on a constant currency basis at £12.8m. Adjusted operating profit was £0.8m, lower than the £2.5m in the prior period reflecting increased personnel costs, while adjusted operating cash flow was £0.9m as cash conversion remained healthy. So far no dividend has been announced; in the prior period there was a dividend of 0.7p per share.

Augean Plc (AUG): 2017 final results

Total revenue increased by 11% to £84.7m but lower construction soil volumes reduced revenues at the largest business unit. Net operating cash flows decreased by 21% to £10.7m and adjusted EPS decreased by 4% to 4.23p. There was no dividend this year, compared to a 1p per share dividend last year. The Group is currently trading in line with expectations for 2018.

Polypipe Grp PLC (PLP): 2017 final results

Stock down 0.55% at 08:17

Revenues grew 6.3% to £411.7m, underlying operating profit grew 6% to £72.6m and the dividend was increased by 9.9% to 11.1p per share. Company forecasts for 2018 show a broadly flat construction market but UK new housebuild demand should continue to grow, underpinned by the Government’s “Help to Buy” scheme.

IQE PLC (IQE): 2017 final results

Stock down 4.00% at 08:21

Revenues grew 16.4%, with photonics sales up 109% to £47.6m now accounting for 31% of wafer sales compared to 18% in 2016. Adjusted diluted EPS grew 16.3% and cash conversion was very strong.

NetScientific PLC (NSCI): Wanda expanding to orthopaedic analytics

Health Resource Solutions is expanding utilization of Wanda’s Telehealth and Predictive Analytics to orthopaedics and shows a decrease in cost as well as length of stay for patients.

Columbus Energy Res (CERP): Renegotiation of transaction in Trinidad

Stock up 6.5% to 4.9p at 08:07

The Company has successfully restructured the Beach Oilfield Limited transaction on materially improved terms and has entered into an Agreement for Lease with Singh’s (Cedros) Estates Limited to gain long term access to the South West Peninsula for oil and gas operations, including the Bonasse oilfield.

Ocean Wilsons Holdings (OCN): 2017 Preliminary results

Stock up 5.1% to 1,119.7p at 08:07

Profit after tax grew 36% to $109.4m, faster than revenue growth of 9% as the operating margin improved and the investment portfolio saw strong gains. The dividend was increased 11% to 70c per share. While the container terminals business continues to perform well the Brazilian offshore oil and gas market is expected to face another challenging year in 2018.

Learning Tech Group (LTG): 2017 Preliminary results

Stock up 1.5% to 84.23p at 08:07

Revenues grew 84% in 2017 and LTG moved into profit with the successful acquisition of NetDimensions. Outlook for 2018 is strong with current trading ahead of expectations.

2018 Earnings forecasts: US stable, modest declines in Europe

Watch for ebbing economic momentum as survey data peaks

Despite the increase in equity market volatility, there has been little follow-through to economic fundamentals to date. US earnings forecasts have stabilised and are indicating mid-teens profits growth for 2018, of which approximately one-half appears to be due to US tax reform. US economic surprise also remains relatively strong. In Europe however, unweighted earnings estimates have continued to fall, if modestly, and perhaps more importantly here economic surprise indices have turned sharply lower. We view this as partly due to Brexit uncertainty in the UK and a rising EUR exchange rate in continental Europe.