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While the management reiterated its full-year guidance, the third quarter results confirmed that interest rate increases also have a negative side in the form of negative equity adjustments and a looming asset quality deterioration.
Companies: Lloyds Banking Group plc
The FDA has announced it has completed the first pre-market consultation for a food product made from cultured animal cells. The submission, made by Upside Foods, and FDA response means that the agency accepts Upside's data package and conclusion that its cultivated chicken product is safe to eat. This clearly represents a significant achievement for Upside Foods and a major milestone for the cultivated meat sector in general, marking the first significant regulatory milestone in a major jurisdi
Companies: Agronomics Limited
Duke has released a resilient set of interim results and a Q3/23E trading update and remains on track to hit our full-year estimates. H1/23A recurring cash revenues were up 67% YoY, and Q3/23E should see a further 4% increase. The Group has a further c£15m of liquidity to deploy following the equity raise earlier this year and the recent investment in a new partner called New Path Fire and Security. We believe deployment will be higher in the second half than the first. The business model contin
Companies: Duke Royalty Limited
Equals Group’s trading update to 30 November 2022, leads the Board to conclude that Equals’ full year results to be ahead of current market expectations.
Companies: Equals Group Plc
Marlowe has released a robust set of H1/23E results, with strong organic growth (+8% YoY), improved Adj EBITDA margins (+100bps YoY to 18.8%), and confirmation that it is trading “slightly ahead” of expectations for full year Adj EBITDA. We nudge up our FY23E Adj EBITDA by £1m to £82m, leave FY24E Adj EBITDA unchanged (at £93m), but lower Adj Diluted EPS in both years (by 9% and 11% respectively), primarily to account for higher interest rates on increased borrowings (used to fund recent M&A). D
Companies: Marlowe Plc
After reporting “record breaking revenues”, strong growth in operational cashflow, the group acquired the minority interest in Equals Connect, its fast growing white-label business, and Roqqett, an open banking platform that will enable Equals create new revenue streams (Roqqett details: see pages 16-17).
We are encouraged by sustained growth during H1 which has driven adj. operating profit to £3.6m (51% yoy). NAV grew by 10% as underlying growth exceeded cautious valuations. Mercia has acquired private credit manager, FDC, for up to £9.5m cash. It is immediately earnings enhancing with strong strategic rationale, bolstering regional SME credentials. Adding £415m FuM, Mercia is within touching distance of “20:20” strategic goals ahead of time. We leave forecasts largely unchanged. VCT income is l
Companies: Mercia Asset Management PLC
Singer Capital Markets
Companies: H&T Group plc
Companies: Ramsdens Holdings PLC
Companies: NewRiver REIT plc
The disposal of the Canadian operations makes sense not only from an industrial and a financial standpoint, but also geopolitically. The divestment and the likely reinvestment of a portion of the proceeds in Asia will please Ping An, even if it does not meet its request of making the Chinese operations Western-sanctions proof.
Companies: HSBC Holdings Plc
If one looks through the current interest rate cycle and trusts that inflation will be brought under control at some point within an investable timescale, then the hope is that as the cost of capital reduces real estate values will rise again. Our worst-case scenario of a 200bps move in yields and no rental growth would see valuations fall by a third. Many of the discounts that industrial and logistics property companies are trading on are currently wider than this. Couple this with the strong o
Companies: LMP SGRO WHR ASLI EBOX BBOX SHED MLI
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What’s cooking in the IPO kitchen?**
Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Au
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