Edison Investment Research

TBC Bank (TBCG); underlying profit rose 19.8% YoY in FY19

Net interest margin stood at 5.3% in 4Q 2019, down 140bps YoY

TBCG Bank in its preliminary unaudited results announced today, reported a 19.8% YoY increase in underlying profit to GEL 545.1m for the year ended 31 December 2019. Advances to customers increased 22.1% YoY to GEL 12,662m, while total customer deposits rose 7.5% YoY. NPLs declined 40bps YoY to 2.7%.

Brunner Investment Trust (BUT); final results: NAV per ordinary share rises 13.2%

Board declares fourth quarter and final dividend of 6.0p for the year

For the year ended 30 November 2019, Brunner Investment Trust reported 10.1% increase in Earnings per share to 21.7p. Net Asset Value (NAV) per ordinary share grew by 13.2% on a net dividends reinvested basis with debt at fair value. This was ahead of the 12.6% for the benchmark index (70% FTSE World Ex-UK and 30% FTSE All-Share Index).

Smith & Nephew (SN.); revenue rose 4.4% on an underlying basis to $5,138m in FY 2019

Smith & Nephew announced its results for Q4 and the year to 31 December 2019. During Q4, revenue increased 5.6% on an underlying basis to $1,407m. In FY 2019, cash generated from operations stood at $1,370m, and the full-year dividend increased 4% to 37.5¢ per share. Group trading profit was $1,169m, while reported operating profit was $815m in 2019.

Osirium Technologies (OSI); wins contract with one of UK’s largest regional NHS Trusts

Osirium won a contract with one of the UK’s largest NHS Trusts for its PxM platform for 500 devices for 36 months. The contract includes the Privileged Access Management, Privileged Task Management and Privileged Session Management modules.

Fidelity Special Values (FSV); issues 100,000 new ordinary shares

Fidelity Special Values has issued a total of 100,000 new ordinary shares of 5p at a price of 269.00p per share from its block listing facility of 15 January 2019. The shares rank pari passu with the existing ordinary shares in issue.

The Merchants Trust (MRCH); issues 100,000 new ordinary shares

The Merchants Trust has issued 100,000 new ordinary shares of 25p each from its general corporate purposes block listing facility at a price of 537.8p per share. This represents a premium of 1% to the current NAV. These shares rank pari passu with existing shares in issue.

Ebiquity (EBQ); FY19 trading in line with expectations

Ebiquity in its pre-close trading update, reported that trading for the year ended 31 December 2019 was in line with the Board’s expectations. The group reported good revenue growth across its Advanced Analytics, AdTech and Contract Compliance practices.  Media practice revenue fell marginally YoY. The group continues to monitor operating costs.

Allied Minds (ALM); Federated delivers 4G/5G private networks

Allied Minds announced that Federated Wireless, its portfolio company, has launched a new Connectivity-as-a-Service offering and selected Amazon Web Services (AWS) as its preferred cloud provider to deliver new 4G/5G private wireless managed networks for US enterprises.

Silence Therapeutics (SLN); launches a Scientific Advisory Board

Silence Therapeutics has launched a Scientific Advisory Board (SAB) that comprises experts in drug discovery and clinical development, with particular expertise in the rare disease space. The company has two long-acting, targeted siRNAs scheduled to start clinical research in 2020.

Pan African Resources (PAF); gold sales volume increase 13.6%

Company announced the interim unaudited results for the six months ended 31 December 2019. Total gold sold in the current reporting period increased 13.6% to 90,602oz (2018: 79,765oz), led by an increase in production by Evander Mines. Gold produced by the group rose 14.7% to 92,941oz.