Alphavalue note on research tree. "After three years of decline, Tesco has shown a second consecutive quarter of sales growth in the UK. In its domestic market, sales increased by 0.3% lfl despite the steady challenging environment with continued deflation and stiff competition from the discounters Aldi and Lidl. There was a deflationary impact of c.-0.7% on total UK lfl sales. International lfl sales climbed (+3.0%) due to the positive result from both Asia and Europe, leading to a 0.9% rise on a lfl basis over this Q1 16/17."
"A blog post by Sage CEO Stephen Kelly in the wake of the Brexit vote reminds us of Rudyard Kipling’s poem ‘If’. Mr Kelly (himself of the stoic Best of British school) urges his key constituency, the UK entrepreneurs to in effect Keep Calm and Carry On. This is a necessary message in these times, when the body politic seem headless, and many CEOs are ‘doing an ostrich’. Tech’s wider stakeholder community (users, employees, supply chain partners and investors) need a guiding hand to give them (us!) some fixed compass point in these uncertain times and to encourage us to think that “Ours is the Earth and everything that's in itâ€. Hat tip Mr Kelly. We expect Sage to update guidance at the forthcoming Q3 update (for us: Sage wins on translation from the US dollar and better execution there, flags up new economic uncertainties in the UK and euro area) but all in it should set a reassuring tone." Panmure note out today on research tree
Northland's note frm research tree: "LBT increased to £1,052k in H116 from £659k in H115, due to an increase in administrative costs and finance costs associated with the transition from a development company to a mining company. Net debt increased to £2,235k in H116 from £261k in H115. Post-period end completed £1,250,000 equity placing. Keras Resources interim result reflects the Company’s transition from developer to miner. The Company began to haul ore to the Paddington Mill in early-April, after the period covered by the interim results, and as a result, no revenues were received in these results. The next set of results from Keras will reflect that the Company has moved into generating cash flow."
Beaufort's view: "The aforementioned update issued by Foxtons is a disappointing one. The company has lowered its revenue and profit margins for 2016 on uncertainty in the market following the UK's decision to leave the EU. Post Q1 2016, Foxtons witnessed a drop in sales volumes, dragged by a higher stamp duty and uncertainty surrounding Brexit. Although Foxtons' expansion strategy remains on track, and it has significant opportunity to expand its network across London, we are concerned about the company's reduced sales pipeline entering into Q2 2016. We remain confident of the company's long-term prospects, given its strong balance sheet and low debt. However, recent uncertainty in the property market is likely to depress growth and profitability in the near-to-medium term." on research tree
"The UK exiting the EU has negatively impacted financial companies, including insurance firms. However, Aviva's update is an assurance to the company's fundamentally strong position, and its solvency ratio is well within the working range. The company boasts of a solid balance sheet, with low sensitivity to market stress, and has tripled the economic capital surplus over the past four years. As per Aviva's preliminary results, it had a solvency II ratio of 180% and surplus of £9.7bn. The company would continue to monitor the effects of Brexit. Overall, Aviva is well placed in both financial and operational aspects to deliver long-term growth.." Beaufort note out earlier today on Research Tree
"The specialist developer and distributor of computerised neuropsychological tests has announced its second distribution agreement for third party products this month. The deal announced last week confers to the Company the sole rights to market the MANUS Parkinson's Pen, a sensor pen for diagnosis and monitoring of neuromotor impairments, in academic research, pharmaceutical clinical trials and occupational health markets. The device is a CE marked Class I medical device." Hybridan note out this morning on research tree
"One year on from the acquisition of Naked Wines, there are two stand-out developments: (1) Majestic has returned to growth for the first time in 4 years, and (2) Naked Wines is self-funding its growth from internally generated cash. The reinstatement of the dividend is a positive and a clear signal of intent to deliver a balanced and sustainable TSR model." Liberum note out this morning on research tree
"It is still clearly too early to predict the full repercussions of the vote to leave the EU. The events of the past couple of days have been seismic enough with the resignation of the Prime Minister, the prospect of another Scottish independence referendum and the disintegration of the Shadow Cabinet. There is no timetable for Brexit and there is speculation that a compromise deal may be sought or even that the Scottish Parliament could veto the whole thing. None of this is likely to be resolved quickly and there is a threat ..." Singer note out this morning on affect of brexit vote on VP from research tree
"It is still clearly too early to predict the full repercussions of the vote to leave the EU. The events of the past couple of days have been seismic enough with the resignation of the Prime Minister, the prospect of another Scottish independence referendum and the disintegration of the Shadow Cabinet. There is no timetable for Brexit and there is speculation that a compromise deal may be sought or even that the Scottish Parliament could veto the whole thing. None of this is likely to be resolved quickly and there is a threat ..." Singer note out this morning on brexit affect on Speedy Hire on research tree
Singer note on affect of brexit this morning on research tree.. "It is still clearly too early to predict the full repercussions of the vote to leave the EU. The events of the past couple of days have been seismic enough with the resignation of the Prime Minister, the prospect of another Scottish independence referendum and the disintegration of the Shadow Cabinet. There is no timetable for Brexit and there is speculation that a compromise deal may be sought or even that the Scottish Parliament could veto the whole thing. None of this is likely to be resolved quickly and there is a threat..."