Marlowe - Interim Results

Despite the challenging economic environment, demand for Marlowe’s compliance software and services remained resilient, with the group achieving 6% organic revenue growth in H1. Adj EPS fell 15% YoY to 18.9p, however, due to slight margin compression in TIC (largely on account of dilutive M&A), higher interest rates on a greater debt balance, and a rise in the UK’s corporation tax rate. Given weak economic conditions persist, we take a more cautious approach to our forecasts, reducing adj dilute

Morning Note – 28 November 2023

Braemar - Suspension lifted; interims due 29 November

Following the release of the delayed, but in-line FY23 results covering the period to February 2023, trading in Braemar shares recommenced on 21 November. Now that the internal investigation into the accounting treatment of historical transactions has concluded, Braemar is due to release its H124 results on 29 November. The company remains well-positioned to drive its future growth strategy, as previously outlined. The trading outlook is promising and Braemar should be able to leverage its stron

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

Morning Note – 13 September 2023

Macfarlane Group+ (MACF, House Stock, 111p) - Resilient update– FY23F profit unchanged

Winter sunshine, value in summer 2024 caution

Braemar - FY23 results – focussed strategy steering the right course

Braemar performed strongly in FY23, with revenue up over 50% and underlying operating profit up 100%, with all business segments performing well and helped by the strong dollar. The focus on shipbroking, disposing of non-core activities and adding to shipbroking operations, is proving successful and Braemar is becoming a stronger and more resilient business with increasingly diversified revenue across shipping segments. The target of achieving double the £8.9m underlying EBIT from FY21 by FY25E

Hardman & Co Insight: Higher interest rates overshadow IIC/REIF prospects

Hardman & Co Research’s focus is on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our Quoted UK Infrastructure and Renewable Energy – Prospects for 2023 publication, we have addressed the three key issues of recent months: higher inflation, extremely volatile power prices and rising interest rates.

The Hardman & Co Monthly: September 2022

Feature article: Macro issues dominate investor sentiment - Some basics for investors The big topics in the investment world at the moment seem to be macroeconomic. With that in mind, we thought it would be useful to revisit some of the basics of the terms being used in the current environment, and to remind investors of the things to look out for (indeed, many younger investors may not have come across some of these influences in their investing lifetime): • Recession does not affect

LIBERUM: The Liberum Leisure Digest: Encouraging updates, falling markets

SHORE CAPITAL - Begbies Traynor Group (BEG) - House Stock at 147p

Cenkos: Coral Products Plc -- Strong FY23 results, good outlook

Coral Products has reported strong results for the year-end April 2023, with revenues in-line with our forecast and adjusted EBITDA ahead of our forecast. The company has made good progress on the integration of the four businesses acquired during the year and reports a “strong start” to the current financial year. We maintain a BUY rating.

Fintel plc (FNTL LN) - Forecasts updated to include M&A

Fintel IQ and Defaqto, two of Fintel’s divisions, have just completed two bolt-on acquisitions: VouchedFor and AKG for upfront payments of £7.5m and £1.6m (max consideration £17.5m and £2.0m) respectively.

Morning Note – 16 November 2023