Most recent Company Broker Research articles, videos and podcasts

Picton Property Income: Edison

Since reporting H125 results, Picton has agreed the sale of an office asset designated for alternative use, completed the small but accretive acquisition of an industrial unit, and undertaken several leasing and other asset management initiatives.

Orosur: Turner Pope

3 days ago

Orosur has raised £1.25m (gross) new funding through an equity placing (the ‘Placing’) priced at 6.6p/share (representing a c.25% discount to Toronto and London’s mid-market close on 18 December 2024.

1Spatial: Edison

3 days ago

1Spatial has secured several new contracts in the utility sector for its AI-supported applications, highlighting the opportunity for it to enable the digitisation of the utilities industry. The deals include two for 1Spatial’s Pipe Inference solution and four for the Utility Network Migration application, each valued at up to £0.3m.

Pan African Resources: Edison

4 days ago

Almost exactly half way through its financial year, Pan African has reiterated its production guidance for FY25 of 215,000oz – not least as a result of c 9,000oz gold produced at MTR in H125 following a seamless ramp-up process that has proceeded ahead of schedule since commissioning in early October.

Idox: Progressive

4 days ago

Idox has announced that it has won a £2.4m contract with North Yorkshire Council to bring together its eight planning and building control systems into a single cloud-based system. This exciting news follows the government’s announcements regarding the restructuring of local authorities and amalgamation of services across England.

Phoenix Spree Deutschland: Edison

5 days ago

Phoenix Spree Deutschland (PSD) has completed the strategic sale of a 16-building portfolio of rental properties. Under its amended financing terms, PSD can now significantly accelerate condominium (condo) sales, exploiting the wide sales premium over investment property valuations.

Filtronic: Edison

5 days ago

Filtronic’s H125 trading update confirmed that the company expects to report FY25 results ahead of current market expectations. Robust customer demand has resulted in some orders being pulled forward from FY26 into H225. We upgrade our FY25 revenue and profit forecasts, with diluted normalised EPS up 26%, and maintain our FY26 forecasts.

Impax Asset Mgmt: Equity Development

6 days ago

Impax has received notice from St. James's Place Unit Trust Group Limited that its mandate to manage the Sustainable & Responsible Equity Fund (SRE) is to be terminated from February 2025, subject to EGM. This is a blow to top-line AUM, with SRE making up c. £5.2bn (30 Nov24) or c. 14% of total AUM of £37.2bn (30 Sep 24). Impax has stated that the termination was“driven by SJP seeking to further diversify the fund across investment styles”.

Orosur Mining: Turner Pope

6 days ago

A newly released TR-1, being the standard form for notification of major holdings, details 1832 Asset Management L.P. (‘1832AMLP’) as having recently become a holder of 5.72% of Orosur’s ordinary share capital. The position is held through the Bank of Nova Scotia’s (TSX: BNS) Dynamic Precious Metals Fund (itself a mutual managed by wholly-owned 1832AMLP).

Pharos Energy: Progressive Energy

6 days ago

Pharos Energy released an update on 5 December that highlights a pick-up in activity and a further strengthening in the balance sheet. The group had net cash at the end of November of approximately US$18m, which compares to US$17.5m at the interim stage and comes despite an increase in activity. The group has completed a two-well infill programme on the TGT field and drilled an exploration well in Egypt that encountered oil and will be tested in December. Pharos would appear to be in great shape going into 2025, which looks to be an exciting year for investors.

Molten Ventures: Edison

6 days ago

Molten’s portfolio valuations remain stable in H125, illustrated by the limited fair value movements of its core holdings that recently completed new funding rounds, as well as Molten’s recent exits (representing aggregate proceeds of c £124m), all of which were completed at or slightly above previous carrying values.

S&U: Edison

6 days ago

S&U’s trading update, covering the H225 period up to 10 December 2024, contrasts strong growth in the property lending division with regulatory headwinds for motor finance.

Carr's Group: Edison

6 days ago

Carr’s Group plan to dispose of the Engineering businesses remains on track and will leave the company as a focused agricultural supplies business. Restructuring (both the cost base and exiting loss-making activities) along with actions from the new management and potential from a market upturn should provide positive forward momentum and support the future growth strategy.

Beeks Financial Cloud: Progressive

11 days ago

Beeks announces that NED William Meldrum is appointed Chair, and the current Chair, Mark Cubitt, becomes a NED. This follows Mr Cubitt’s appointment as Executive Chair of IQE plc, where he is busy with a strategic review. On 29 October, IQE CEO Americo Lemos departed and Mr Cubitt, who joined the IQE Board earlier that month, was appointed Executive Chair, taking over from Phil Smith, who stepped down as Chair but remains as a NED.

Cohort: Equity Development

11 days ago

For the six months to 31 October 2024 Cohort reported revenue (adj.) operating profit and net funds ahead of recent guidance: revenue +25%YoY at £118.2m, (adj.) EBIT +69%YoY to £10.1m and net funds at 31 October of £37.9m. Order intake of £139.2m compared to £119.1m a year earlier, with a record closing order book of £541.1m. EPS (adj., dil.) was 19.8p (H1 24: 10.3p) and the interim dividend was raised by 12%YoY to 5.25p/share.

Springfield: Equity Development

12 days ago

Springfield’s H1 update reiterates current year expectations and reinforces our confidence in the medium-term outlook for the Group.

Begbies Traynor Group: Equity Development

12 days ago

Begbies’ H1'25 revenue growth of 16%, including 11% organic growth, is testament to management’s strategy of broadening its professional service offer, increasing the group’s resilience and expansion opportunities. Having delivered a six-fold increase in Adj. PBT over the past decade, and an impressive 16% in H1'25, we see Begbies’ valuation derating as unwarranted.

Christmas cheer for Warhammer and UK grocers, as Ashtead turns its back on the FTSE 100

12 days ago

UK markets have opened lower across the board on Tuesday, in line with global trends, however, there are some unique drivers of the FTSE 100 this morning. The bad news first, the UK is set to lose another big hitter from the FTSE 100. Ashtead Group, the industrial machinery rental group is set to bow out of the FTSE 100, instead choosing the US as its primary listing. Stronger valuations and the fact that Ashtead makes 98% of its profits in the US, mean that its shareholders are highly likely to agree to the move.

Scancell: Trinity Delta

16 days ago

Scancell has raised c £10.3m (gross) through an oversubscribed Placing (to new and existing institutional shareholders) and Subscription, with a total of 97,467,141 new shares to be issued. The issue price for the fundraise is 10.5p. An additional up to £1m may also be raised through a Retail Offer to all qualifying shareholders, which will close on 9 December.

Card Factory: Edison

17 days ago

Card Factory’s acquisition of a designer and wholesaler of gifts and celebrations essentials in the US, the largest global market, is in line with its strategy of increasing international reach. The acquisition establishes its physical footprint in the market and complements its existing wholesale supply partnership in 1,100 stores

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