Beaufort note out this morning: Redrow expects to deliver a strong performance in FY 2016 on account of favourable housing market conditions. Its sales remain solid, supported by an increase in completions and a rise in the average selling price of a private home. The value of private reservations remained strong, largely due to strong regional growth. Redrow has made good progress on the operational front, given it completed developments at Commercial Street and Amberley Waterfront. Its London developments, including the Croydon joint venture, have either sold in line with or beat management expectations. Redrow’s debt declined owing to higher turnover and better payment terms on land purchases. The initial impact of Brexit on the company has been minimal, with underlying demand for its homes appearing at this time capable of delivering long-term growth. Taken from research Tree
Beaufort note out on research tree... "The update underpins Legal & General’s strong position to face the consequences of Brexit. Its solvency II coverage ratio, a key metric in the insurance sector, remains healthy. Legal & General has a diversified portfolio. Moreover, its global credit team is continuously monitoring the portfolio and de- risking the credit portion of eligible owned funds. The company has a solid balance sheet, with cash and cash equivalents within eligible owned funds standing at £3.3bn. It is executing its strategy structured around five long-term drivers: ageing population, globalisation of asset markets, creation of new real assets, welfare reform and digital. Furthermore, Legal & General would benefit from the appointment of Sir John Kingman, who has impressive track record and in-depth knowledge of the financial market. We believe the company is comfortably placed with adequate funds and portfolios to mitigate economic downturn after Brexit."
"ITM announced this morning another hydrogen refueling station (‘HRS’) sale for €1.5m to Hydrogene de France (‘HDF’). The deal may also have follow-on maintenance contracts. ITM’s PEM electrolysis platform was again selected through a competitive tender process, and this is further evidence of ITM occupying a market leading position at this key early stage of technology embedment in hydrogen fueling infrastructure, one of its primary target markets." Zeus note out this morning on research tree
Liberum put out a note earlier on research tree
Liberum note out this morning on research tree
Panmure note out this morning on research tree.. "Greene King reported full year results ahead of expectations, with Sales £2,073m and adj PBT of £256.5m (PGe £249m) to give EPS of 69.9p (PGe 66.9p) and DPS of 32.05p (4.2% yield) – with the beat largely driven by cost savings from the integration of Spirit (£16.7m versus £12m). The company has had a strong start to the year (LFL +2.8%) but mentions likely short term Brexit impact on consumer confidence."
Panmure note out this morning on research tree.. "Australia rocks it again for StatPro as NAB selects StatPro Revolution as its new performance and risk analytics reporting platform. StatPro has a technical lead in Australia and is clearly making share gains there. We have elected to leave our estimates unchanged as the new contract will follow a period of transitional work, as the client ‘unpicks’ the incumbent supplier – double bubble win! Our investment view is unchanged: 2016 is a pivotal year for StatPro."
"During 2015 Goldstone Resources, a company that Stratex International has a 33.45% interest in, held off on further exploration spending while industry sentiment was negative and implemented a strategic review. As a result of the strategic review, Goldstone is now focused on advancing the 0.6moz at a grade of 1.77g/t Au Homase-Akrokerri Gold Project through an infill RC drill programme." Note out from Northland on research tree
"Rio Tinto and Savannah Resources have agreed to extend the long stop date for fulfilment of the conditions precedent of the joint venture from 30/06/16 to 30/09/16, or a later date as may be agreed by the parties. The continued delay in approval for the Mutamba/Jangamo joint venture from the Ministry of Mineral Resources and Energy of the Republic of Mozambique is frustrating but it is positive that Savannah Resources that joint venture partner, Rio Tinto, remains committed. In the interim Savannah has maintained its focus and continued to advance its copper projects, located in Oman, toward production and also acquired new lithium exploration projects in Finland." Northland note out this morning on research tree