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Posted at 17/6/2025 13:05 by master rsi Wynnstay Properties increases dividend as net asset value rises(Alliance News) - Wynnstay Properties PLC on Tuesday increased its dividend and reported "steady and very satisfactory progress" as its net asset value increased. The London-based property investment and development company owns and manages a portfolio of office, retail, warehouse and industrial properties. Pretax income rose 33% to GBP2.2 million in the 12 months to March 25 from GBP1.6 million the previous year. Net asset value rose 2.7% to 1,168 pence from 1,136p. The company raised its final dividend 6.3% to 17.00p per share from 16.00p, bringing the total dividend for the year to 27.00p, up 5.9% from 25.50p a year ago. Annual rental income was up 5.4% to GBP2.7 million from GBP2.5 million. Earnings per share grew 16% to 58.1p from 50.3p. Wynnstay said the increased rental income reflects several successful rent reviews and new lettings within the existing portfolio. |
Posted at 17/6/2025 08:18 by master rsi Stocks called lower as Middle East tensions stay high(Alliance News) - Stocks in London were called to open lower on Tuesday as the Israel-Iran conflict continues, with the US reportedly reinforcing its military presence in the Middle East region. "Supply [of oil] is rising, OPEC is relaxing its restrictions, demand remains sluggish, and geopolitical tensions are mounting," Swissquote's Ipek Ozkardeskaya commented. "This leaves the market at a crossroads...Which way will it break? That's unclear. "But history tells us this: when oil markets feel safest, they're often sitting on the edge of a major turn...And [a] higher oil price is bad for global inflation, it rises price pressures and forces the central banks to hike interest rates. Higher borrowing costs weigh on growth prospects and equity valuations. So the level of uncertainty in the market and actual risk appetite barely match." In corporate news, Ashtead Group reported a decrease in pretax profit and revenue, but increased its full-year dividend. Here is what you need to know at the London market open: MARKETS FTSE 100: called down 47.7 points, 0.5%, at 8,827.52 ---------- Hang Seng: down 0.4% at 23,971.45 Nikkei 225: up 0.5% at 38,484.61 S&P/ASX 200: down 0.1% at 8,537.00 ---------- DJIA: closed up 317.30 points, 0.8%, at 42,515.09 S&P 500: closed up 0.9% at 6,033.11 Nasdaq Composite: closed up 1.5% at 19,701.21 ---------- US 10-year Treasury yield: 4.44% (4.43%) US 30-year Treasury yield: 4.96% (4.92%) ---------- EUR: lower at USD1.1556 (USD1.1591) GBP: lower at USD1.3564 (USD1.3594) USD: higher at JPY144.78 (JPY144.09) GOLD: lower at USD3,389.59 per ounce (USD3,403.81) OIL (Brent): higher at USD73.52 a barrel (USD72.79) (changes since previous London equities close) ---------- ECONOMICS Tuesday's key economic events still to come: 11:00 CEST eurozone ZEW economic sentiment survey 11:00 CEST Germany ZEW economic sentiment survey 11:00 BST Ireland trade balance 13:30 BST US retail sales 13:30 BST US export and import prices 13:55 BST US Redbook index 14:15 BST US industrial production 19:00 BST US FOMC meetings begin ---------- US President Donald Trump has warned "everyone should evacuate Tehran" as it was announced he would be departing the G7 leaders' summit early due to the situation in the Middle East. The conflict between Israel and Iran has been top of the agenda at the summit of wealthy democracies, taking place in Canada. Trump claimed his early departure from the G7 summit in Canada on Monday had "nothing to do" with working on a ceasefire between Israel and Iran. "Publicity seeking President Emmanuel Macron, of France, mistakenly said that I left the G7 Summit, in Canada, to go back to DC to work on a 'cease fire' between Israel and Iran," Trump wrote on his Truth Social platform. "Wrong! He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire. Much bigger than that. Whether purposely or not, Emmanuel always gets it wrong. Stay Tuned!" ----------- The UK-US trade deal has been signed and is "done", Trump said as he met with the UK prime minister at the G7 summit. Starmer said the completed deal "implements on car tariffs and aerospace", and described the agreement as a "sign of strength" between the two countries. However, there was a signal from the US president that agreement about tariffs on UK steel exports to the US could take longer to finalise. "We're gonna let you have that information in little while," Trump said when asked by reporters about steel tariffs. The deal will grant British carmakers a reprieve by the end of June as levies drop from 25% to 10%, while the aerospace sector will face no import taxes. But tariffs for the steel industry, which is of key economic importance to the UK, will stand at 25% for now rather than falling to zero as originally agreed. This is less than the US global rate of 50% for steel and aluminium. Asked whether Britain would be shielded from future tariffs, Trump said the UK was protected "because I like them". ----------- A third of UK business owners plan to cut more jobs after being hit by higher national insurance contributions in April, according to new research. Many companies have also suggested they will cut back hours, freeze pay and hike prices in order to help cover increased tax payments. S&W's business owners sentiment survey revealed around 20% of those quizzed said they have already reduced their staff numbers as a "direct result" of the NIC changes which came into effect in April. Firms said they were also looking to a series of other measures in order to offset the jump in their operating costs. The survey of 500 UK business owners with turnovers of GBP5 million upwards also showed 46% of those surveyed said they were planning further price increases as a result. Meanwhile, 35% of business owners said they planned to reduce staff hours and 29% said they were looking at freezing pay. ---------- BROKER RATING CHANGES RBC cuts Bunzl to 'sector perform' (outperform) - price target 2,350 (2,600) pence ---------- JPMorgan raises Ninety One to 'neutral' (underweight) - price target 178 (132) pence ---------- Jefferies raises Smurfit WestRock to 'buy' (hold) - price target 55 (44) USD ---------- COMPANIES - FTSE 100 ---------- Ashtead Group reported a 5% decrease in pretax profit for the year ended April 30, to USD2.00 billion from USD2.11 billion the year before. Revenue decreased 4% to USD10.79 billion, while fourth-quarter revenue decreased 4% on-year to USD2.53 billion but full-year rental and fourth-quarter revenue rose 4% and 1% respectively. Ashtead declared a 72 US cents final dividend, slashed by 19% from 89.25 cents. However, the full-year total dividend rose 2.9% to 108.0 cents per share from 105.0 cents. Looking ahead, Ashtead said it is eyeing between 0% and 4% rental revenue growth for the current financial year, and USD2.0 billion to USD2.3 billion in free cash flow. Also, it said it is on track to move its primary listing to the US in its first quarter. ---------- COMPANIES - FTSE 250 ---------- In a new trading update, Morgan Sindall announced that it expects group pretax profit to be "significantly ahead of previous expectations" as reported at its last update in May. Segmentally, Morgan Sindall expects Fit Out's profit "to significantly exceed" expectations due to continued "strong trading activity...providing increased visibility for the rest of the year". The same forecast applies to Construction, which also expects revenue to exceed prior targets with an operating margin in the middle of its 3.0% to 3.5% medium-term target range. All other divisions remain on track to meet the company's forecasts, Morgan Sindall said. ---------- OTHER COMPANIES ---------- Secure Trust Bank announced that Chief Executive Officer David McCreadie will retire after four years in the role and "almost six years on the board". It also announced the appointment of Ian Corfield as CEO designate, effective from Monday, June 23, and as CEO with effect from August 16. "In order to achieve a smooth transition of responsibilities, David will remain available to support the business until June 2026," Secure Trust said. Corfield was previously chief commercial officer of financial services provider NewDay Ltd from 2014 to 2023. ---------- Following the announcement that Ireland's government is selling its remaining stake in AIB, around 44 million shares or around 2.1% of AIB's share capital, AIB released a statement saying it "welcomes the announcement...which results in the group returning to full private ownership". AIB's Chief Executive Officer Colin Hunt commented: "Reaching this milestone is a significant day for the group. AIB profoundly regrets that the institution had to be rescued by the State almost two decades ago...Since then, our focus has been on rebuilding trust, repaying the State and continuing to support our customers, communities and the wider economy. The group has undergone significant transformation and through the implementation of our proven strategy, we are well-positioned to continue generating value for all our stakeholders over the medium-term. With our market-leading customer franchise, resilient revenues and a strong capital position, we remain confident in the strong fundamentals of our business...helping to build a more sustainable future for our customers while delivering sustainable returns for our shareholders. |
Posted at 12/6/2025 08:50 by master rsi MARKET REPORTLONDON MARKET OPEN: European shares struggle on tariff nerves (Alliance News) - Stock prices in Europe made a slow start on Thursday, with tariff worries coming to the fore again, after US President Donald Trump announced he would be in contact with trading partners in the weeks to come. "We're going to be sending letters out in about a week and a half, two weeks, to countries, telling them what the deal is," he told reporters. "At a certain point, we're just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it." The FTSE 100 index opened up just 2.58 points at 8,866.93. The FTSE 250 was down 80.27 points, 0.4%, at 21,348.27, and the AIM All-Share fell 2.13 points, 0.3%, at 766.70. The Cboe UK 100 was down 0.1% at 883.05, the Cboe UK 250 fell 0.6% to 18,838.09, and the Cboe Small Companies was down slightly at 16,996.10. In European equities on Thursday, the CAC 40 in Paris was down 0.5% and the DAX 40 in Frankfurt shed 0.6%. Analysts at Deutsche Bank commented: "We're now less than four weeks away from the end of the 90-day extension to the reciprocal tariffs, which is set to run out on July 9. "The US is still negotiating with several countries, and earlier in the day, Commerce Secretary Lutnick said the EU 'will be probably the very, very end' of the trade deals that the US completes. Meanwhile, in a testimony to Congress, Treasury Secretary Bessent suggested there was no quid pro quo between US chip restrictions and China rare earths. Bessent's other notable comment came on fiscal policy, saying that he wants to achieve a deficit ratio of below 4% by the end of Trump's term. And after Bloomberg reported he might be in the running to become the next Fed Chair, Bessent also said he 'would like to stay in my seat' at the Treasury to 2029." Bessent said Wednesday that an extended pause on higher tariff rates is possible for some countries, as a deadline approaches for dozens of economies to face steeper levies. "It will be up to President (Donald) Trump, but it is my belief that if someone is negotiating in good faith, that an extension will be possible," Bessent told lawmakers. Trump unveiled sweeping tariffs on most trading partners in April but halted higher rates on many countries until early July while negotiations are underway. In Tokyo on Thursday, the Nikkei 225 ended 0.7% lower. In China, the Shanghai Composite ended slightly higher, while the Hang Seng Index in Hong Kong shed 1.1%. Over in Sydney, the S&P/ASX 200 lost 0.1%. The uninspiring trade in the Asia Pacific region followed a lower close in New York. Stocks in New York fell despite the start of the trading day stateside offering some promise amid a trade "framework" between the world's two largest economies, as well as a softer than expected US inflation reading. The Dow Jones Industrial Average ended slightly lower on Wednesday, the S&P 500 lost 0.3% and the Nasdaq Composite shed 0.5%. Trump said US personnel were being moved from the potentially "dangerous" Middle East on Wednesday as nuclear talks with Iran faltered and fears grew of a regional conflict. Trump also reiterated that he would not allow Iran to have a nuclear weapon, amid mounting speculation that Israel could strike Tehran's facilities. The geopolitical worries weighed on travel stocks. easyJet fell 2.6% in London, British Airways parent IAG shed 2.3% and Wizz Air was 3.9% lower. Against the dollar, sterling was at USD1.3544 on Thursday morning, flat from USD1.3545 at the time of the London equities close on Wednesday. The UK economy fell at a faster pace than expected in April, numbers on Thursday showed, as services output slumped. According to the Office for National Statistics, the UK economy fell 0.3% in April from March. It had expanded 0.2% in March from February. The reading for April fell short of expectations, as a smaller decline of 0.1% was expected, according to consensus cited by FXStreet. Trade data was also released, which showed exports of UK goods to the US slumped by GBP2.0 billion in April, the largest monthly decrease on record. XTB analyst Kathleen Brooks commented: "Overall, today's UK growth data has been clouded by US tariffs. We expect to see some weakness in growth, especially exports to the US, reverse course in the coming months. Added to this, weakness in real estate is also expected to fade. The pound fell on the back of this data, although GBP/USD remains comfortably above USD1.3550. We expect this data to put further pressure on the UK chancellor, after her spending review led to a backlash. However, considering how seismic US economic policy has been for the global economy, the UK may have got off lightly, and the declines in the pound may be temporary." The euro climbed to USD1.1512 on Thursday morning from USD1.1486 at the time of the European equities close on Wednesday. Against the yen, the dollar fell to JPY144.02 from JPY144.63. In London, Halma added 8.7%. It reported annual profit growth amid "varied market conditions and a challenging economic and geopolitical backdrop". The life-saving equipment maker posted pretax profit of GBP384.3 million for the year ended March 31, up 13% from GBP340.3 million. Revenue rose 11% to GBP2.25 billion from GBP2.03 billion. Halma upped its final dividend by 7.0% to 14.12 pence per share from 13.20p a year earlier. Its total dividend was also 7.0% higher at 23.12p from 21.61p. CEO Marc Ronchetti said: "This has been another successful year for Halma, reflecting the contributions and commitment of everyone in the group. We delivered record revenue and profit, with strong margins and cash generation, and increased returns on capital. We achieved our 22nd consecutive year of profit growth, and delivered our 46th consecutive year of dividend growth of 5% or more." The CEO continued: "Achieving such a strong performance amidst varied market conditions and a challenging economic and geopolitical backdrop is a testament to the fundamental strengths of our sustainable growth model." Halma said it has made a "positive start" to the new financial. It expects upper single digit organic constant currency revenue growth for the year. Tesco shares rose 1.3%. Grocer Tesco left its annual outlook unchanged, after it kicked off the financial year with first-quarter sales growth. Sales in the 13 weeks to May 24 amounted to GBP16.38 billion, rising 5.3% on-year, or 5.5% at constant currency. Like-for-like sales were 4.6% higher annually. CEO Ken Murphy added: "In the UK we have continued to see market share gains and increased customer satisfaction across a wide range of measures, a reflection of our powerful value proposition, strong availability and focus on product quality and innovation." The CEO said the grocery market "remains intensely competitive". Tesco still expects adjusted operating profit of between GBP2.7 billion and GBP3.0 billion for the year, at best a 4.1% decline from GBP3.13 billion the prior year. It still predicts free cash flow within its medium-term guidance range of GBP1.4 billion and GBP1.8 billion. Elsewhere in London, Manx Financial jumped 23%. The provider of financial services to commercial and retail customers expects to report a 41% climb in pretax profit for 2024 to around GBP9.9 million. It plans to release annual result no later than June 25. A barrel of Brent rose to USD69.09 early Thursday, from USD68.23 at the time of the London equities close on Wednesday. Gold rose to USD3,369.71 an ounce from USD3,338.63. Thursday's economic events calendar has US producer price inflation data and initial jobless claims at 1330 BST. |
Posted at 12/6/2025 08:24 by master rsi LONDON BRIEFING: Tesco backs outlook; Halma hails record earnings(Alliance News) - London's FTSE 100 is called to open lower on Thursday, with Middle East tensions and tariff worries keeping enthusiasm at bay. US President Donald Trump said he will send letters to trading partners soon on tariff rates. "We're going to be sending letters out in about a week and a half, two weeks, to countries, telling them what the deal is," he said to reporters. "At a certain point, we're just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it." Trump said US personnel were being moved from the potentially "dangerous" Middle East on Wednesday as nuclear talks with Iran faltered and fears grew of a regional conflict. Trump also reiterated that he would not allow Iran to have a nuclear weapon, amid mounting speculation that Israel could strike Tehran's facilities. The pound, meanwhile, surrendered some progress after a softer than expected reading of the UK economy. It had been on the cusp of USD1.36 mark before the data was released. Here is what you need to know at the London market open: MARKETS FTSE 100: called down 0.4% at 8,827.85 ---------- Hang Seng: down 0.9% at 24,138.12 Nikkei 225: down 0.6% at 38,182.47 S&P/ASX 200: down 0.3% at 8,565.10 ---------- DJIA: closed down 1.10 points at 42,865.77 S&P 500: closed down 16.57 points, 0.3%, to 6,022.24 Nasdaq Composite: closed down 99.11 points, 0.5%, at 19,615.88 ---------- US 10-year Treasury yield: 4.41% (4.44%) US 30-year Treasury yield: 4.91% (4.93%) ---------- EUR: higher at USD1.1518 (USD1.1486) GBP: higher at USD1.3559 (USD1.3545) USD: lower at JPY143.74 (JPY144.63) GOLD: higher at USD3,371.96 per ounce (USD3,338.63) (Brent): higher at USD69.21 a barrel (USD68.23) (changes since previous London equities close) ---------- ECONOMICS Thursday's key economic events still to come: 11:00 BST Ireland CPI 13:30 BST US PPI 13:30 BST US initial jobless claims ---------- The UK economy fell at a faster pace than expected in April, numbers showed, as services output slumped. According to the Office for National Statistics, the UK economy fell 0.3% in April from March. It had expanded 0.2% in March from February. The reading for April fell short of expectations, as a smaller decline of 0.1% was expected, according to consensus cited by FXStreet. "Monthly services output fell by 0.4% in April 2025, following growth of 0.4% in March 2025, and was the largest contributor to the fall in GDP in the month," the ONS said. "Production output fell by 0.6% in April 2025, following a fall of 0.7% in March 2025." In the three months to April, the UK economy grew 0.7% compared with the three months to January. The ONS said there were signs "that some activity may have been brought forward from April to earlier in the year". "There was growth in all three main sectors in the three months to April 2025, with a rise of 0.6% in services sector output the main contributor to the increase in GDP, while production and construction output grew by 1.1% and 0.5%, respectively," the ONS added. ---------- Property professionals' expectations for future sales are becoming more upbeat, although the UK housing market remains subdued, according to surveyors. Looking ahead, a net balance of 25% of professionals expect the number of house sales to increase over the next year, marking the strongest reading since February, the Royal Institution of Chartered Surveyors said. But its May survey also found that 26% of professionals reported seeing new buyer inquiries falling rather than rising, marking the fifth month in a row of decreases. The figure is slightly less downbeat than seen in March and April, Rics said. A net balance of 28% of professionals reported seeing the number of sales agreed falling. Sales volumes are generally expected to flatten out rather than fall in the three months ahead, the survey indicated. House prices also appeared to be broadly flat, with a net balance of 8% of professionals reporting seeing prices fall rather than rise in May, which was slightly more than the balance of 3% who reported seeing this in April. Over the next year, a balance of 34% of property professionals expect house prices to increase. ---------- Some GBP6 billion will be spent on speeding up testing and treatment in the National Health Service, Rachel Reeves has announced, after she placed the health service at the heart of UK government spending plans. The UK chancellor unveiled the investment, which includes new scanners, ambulances and urgent treatment centres aimed at providing an extra four million appointments in England over the next five years, after Wednesday's spending review. The funding is aimed at reducing waiting lists and reaching Labour's "milestone" of ensuring the health service carries out 92% of routine operations within 18 weeks. In the review, Reeves set out day-to-day spending across government for the next three years, as well as plans for capital investment over the next four years. The NHS and defence were seen as the winners from the settlement, as both will see higher than average rises in public spending. This comes at cost of squeezing the budgets of other Whitehall departments and experts have warned tax rises may be needed later this year. ---------- The UK has reached a deal with the EU over Gibraltar's border with Spain that will allow travellers to cross by land without checks. The agreement on a "fluid border" clears the way to finalise a post-Brexit deal on the territory with the EU. But those flying into Gibraltar from the UK will face one check from Gibraltarian officials and another by the Spanish on behalf of the EU. This is because the land border will allow those arriving by air access to the European Schengen free travel area unchecked once they are in Gibraltar. The UK and Gibraltar insisted the changes would not affect the British overseas territory's sovereignty. ---------- BROKER RATING CHANGES Barclays cuts Lancashire price target to 660 (700) pence - 'equal weight' ---------- COMPANIES - FTSE 100 ---------- Grocer Tesco left its annual outlook unchanged, after it kicked off the financial year with first-quarter sales growth. Sales in the 13 weeks to May 24 amounted to GBP16.38 billion, rising 5.3% on-year, or 5.5% at constant currency. Like-for-like sales were 4.6% higher annually. "We are pleased with our performance across the first quarter. Our continued commitment to delivering great value, quality and service for our customers has contributed to like-for-like sales growth across all parts of the group," Chief Executive Officer Ken Murphy said. Like-for-like sales in the UK alone grew 5.1%, while in Ireland, they rose 5.5%. Booker like-for-like sales were 2.0% higher and Central Europe like-for-like sales rose 4.1%. Murphy added: "In the UK we have continued to see market share gains and increased customer satisfaction across a wide range of measures, a reflection of our powerful value proposition, strong availability and focus on product quality and innovation." The CEO said the grocery market "remains intensely competitive". Tesco still expects adjusted operating profit of between GBP2.7 billion and GBP3.0 billion for the year, at best a 4.1% decline from GBP3.13 billion the prior year. It still predicts free cash flow within its medium-term guidance range of GBP1.4 billion and GBP1.8 billion. ---------- Halma's reported annual profit growth amid "varied market conditions and a challenging economic and geopolitical backdrop". The life-saving equipment maker posted pretax profit of GBP384.3 million for the year ended March 31, up 13% from GBP340.3 million. Revenue rose 11% to GBP2.25 billion from GBP2.03 billion. Halma upped its final dividend by 7.0% to 14.12 pence per share from 13.20p a year earlier. Its total dividend was also 7.0% higher at 23.12p from 21.61p. CEO Marc Ronchetti said: "This has been another successful year for Halma, reflecting the contributions and commitment of everyone in the group. We delivered record revenue and profit, with strong margins and cash generation, and increased returns on capital. We achieved our 22nd consecutive year of profit growth, and delivered our 46th consecutive year of dividend growth of 5% or more." The CEO continued: "Achieving such a strong performance amidst varied market conditions and a challenging economic and geopolitical backdrop is a testament to the fundamental strengths of our sustainable growth model." Halma said it has made a "positive start" to the new financial. It expects upper single digit organic constant currency revenue growth for the year. Its adjusted earnings before interest and tax margin is tipped to land "modestly above" the middle of its 19%-23% target range. The adjusted Ebit margin in the year just gone expanded to 21.6% from 20.8%. ---------- COMPANIES - FTSE 250 ---------- Housebuilder Crest Nicholson said it is on track to meet expectations after a first half that went in line with expectations. It reported pretax profit of GBP9.4 million for the six months to April 30, swinging from a loss of GBP30.9 million a year prior. In the prior financial year, its bottom line was hurt by exceptional costs, including those to remediate buildings with possible fire safety defects, and site costs related to "certain build defects". Revenue in the half-year just ended fell 3.1% annually to GBP249.5 million from GBP257.5 million. "I am pleased to report that Crest Nicholson has delivered trading in line with expectations in the first half and is on track to meet its FY25 guidance," CEO Martyn Clark said. "The housing market continues to show signs of stabilisation with an incrementally easing planning system, improving affordability and strong support from lenders. Customer appetite for the mid premium segment of the market, which is characterised by high-quality, well-designed homes in sought-after locations, and which is our focus segment remains robust. This places Crest Nicholson in a strong position to navigate the market with confidence and clarity of purpose." For the full-year, it still expects adjusted pretax profit between GBP28 million and GBP38 million, ---------- OTHER COMPANIES ---------- Electric vehicle charge services provider Pod Point Group agreed to a GBP10.6 million takeover from its majority shareholder. EDF Energy will pay 6.5p in cash for each Pod Point share it does not already own, a deal which values the London listing at GBP10.6 million on a fully diluted basis. The sum is a 24% premium to its 5.24p closing price on April 23, the day prior to EDF making a GBP10.1 million takeover proposal. EDF owns around 53% of Pod Point. "An independent Pod Point would require substantial third party financing, which would be highly challenging to obtain given current market conditions. Absent such further financing, Pod Point faces liquidity pressures and it is therefore clear that Pod Point requires a sustainable long term solution that eliminates the risk of financial distress," a statement on Thursday said. "EDF believes that Pod Point will be better positioned to pursue its long-term strategic goals as a wholly-owned subsidiary, free from the short-term demands of public equity markets and able to benefit from long-term funding commitments and EDF capabilities in Flex, Public Charging and home energy management." The offer has the support of just over 18% of Pod Point shares, in addition to EDF's own shares. Pod Point also released annual results on Thursday. Revenue in 2024 fell 17% to GBP52.9 million from GBP63.8 million, while its pretax loss widened to GBP84.5 million from GBP83.2 million. "2024 has been a year of challenges, change and progress for Pod. The number of EV cars sold in the UK was up 20% on 2023 and there remains a clear trajectory to the electrification of the UK economy given successive government policies," it said. |
Posted at 10/6/2025 10:04 by master rsi GBG 246.50p (-24.50 / -9.04%) - GB Group swings to profit and lifts dividend amid turnaround progress(Alliance News) - GB Group PLC on Tuesday reported a return to profit and increased its dividend, as the firm posted improved margins and a reduction in net debt for its recently ended financial year. The Chester, England-based software company specialising in fraud prevention and identity verification said pretax profit for the year ended March 31 was GBP15.7 million, swinging from a GBP50.4 million loss the year before. Adjusted operating profit rose 9.5% to GBP67.0 million, as the adjusted operating margin improved to around 24% from 22%. Revenue was GBP282.7 million, edging up 1.9% from GBP277.3 million. Identity and location services grew modestly, offsetting declines in fraud and compliance. GB Group declared a final dividend of 4.40 pence per share, up 4.8% from 4.20p, and said it plans to return over GBP21 million to shareholders in financial 2026. Net debt fell 40% to GBP48.5 million from GBP80.9 million. The firm launched its new global platform, GBG GO, and said it is exploring a move from AIM to the London Main Market. The company said it expects financial 2026 results to be in line with current market expectations. |
Posted at 03/6/2025 08:46 by master rsi Chemring interim profit surges, order book hits record GBP1.3 billion(Alliance News) - Chemring Group PLC on Tuesday reported a sharp rise in interim profit and a record order book, while also announcing the appointment of Pete Raby, current CEO of FTSE 250-listed firm Morgan Advanced Materials PLC, as a new independent non-executive director. Chemring is a Hampshire, England-based provider of technology products and services to aerospace, defence and security markets For the six months ended April 30, pretax profit surged 74% to GBP26.5 million from GBP15.2 million a year earlier. Revenue rose 4.9% to GBP234.3 million from GBP223.4 million, driven by strong growth in its Countermeasures & Energetics division, where sales jumped 20%. Chemring declared an interim dividend of 2.7 pence per share, up 3.8% from 2.6p a year earlier. For financial 2024, the company paid a total dividend of 7.8p, including a final dividend of 5.2p. The group said it booked a record first-half order intake of GBP488 million, pushing its order book to a new high of GBP1.30 billion. This provides "excellent medium-term revenue coverage" and increases visibility for the current financial year, with around 85% of expected 2025 revenue already secured or delivered. "Our 2024 momentum has continued into this year with another period of record order intake," Chief Executive Michael Ord said. "The board's expectations for the full year are unchanged." Chemring is targeting annual revenue of GBP1 billion by 2030, underpinned by rising global defence spending, particularly among NATO members. Net debt rose to GBP93.3 million from GBP75.3 million a year ago, reflecting increased capital expenditure on growth projects, which totalled GBP46.1 million during the period. Alongside its financial results, Chemring said Pete Raby will join the board as a non-executive director on September 1. Raby is due to retire from his role as chief executive officer at Morgan Advanced Materials on July 1, a Windsor, England-based manufacturer of carbon and ceramic materials. Shares in Chemring opened up 2.2% at 497.00 pence in London on Tuesday. |
Posted at 01/6/2025 23:48 by master rsi Why gold mining shares are too cheap, according to JP Morgan analystsBy IAN LYALL AT PROACTIVE INVESTORS: 30 May 2025 - After a strong run for precious metals, gold mining shares still look undervalued. That’s the view from JP Morgan’s latest note on listed producers, which argues there’s room for substantial upside, especially if its bullish forecast for the precious metal proves right. Its commodities team is pencilling in a price of $4,100 an ounce for 2026. That’s well above current spot levels of $3,320 and would mark a new all-time high. Based on that estimate, JP Morgan sees around 40–50 per cent upside to average analyst expectations for earnings before interest, tax, depreciation and amortisation across the sector. While the American bank focused on the larger producers, citing names such as Fresnillo and Hochschild, there’s plenty of value lower down the evolutionary chain. Stocks on this layer of the pyramid are increasingly disconnected from the rising gold price, rather than moving in step. Of course, being small and mid-cap companies, it often takes time for the market to focus on inherent value, even when backed by gold. These smaller players are also more prone to operational mis-steps that larger organisations can absorb. Forecast: JPMorgan’s commodities team is pencilling in a gold price of $4,100/oz for 2026 Below is a far-from-scientific roll call of gold stocks that have thus far flown under the radar. Probably the pick of the bunch is Pan African Resources, which, with a £940 million market capitalisation, has broken free from the small-cap bracket. While its share price is up around 30 per cent year to date, it still lags the performance of Endeavour (+51 per cent) and Fresnillo (+80 per cent). Dropping down a division, Caledonia Mining stands out. Its performance has been stronger than Premier African and it comes with a very decent dividend. As valuations shrink, the link between the gold price and share price weakens. A case in point is Ariana Resources, which has modest production from its Turkish operations but ambitious growth plans in Zimbabwe. Panmure Liberum analysts, fresh from a site visit to Ariana’s Dokwe project, described it as a potential multi-million-ounce asset with strong development prospects. That optimism is in stark contrast to Ariana’s stock market performance, down more than 40 per cent year to date. It suggests value and opportunity may be buried in AIM’s twilight zone. Ariana is preparing to list in Australia, a savvy move in a market where investors, both private and institutional, know how to value smaller gold companies. Appetite for diggers and prospectors is strong, supported by self-directed flows from Australia’s generous superannuation schemes. So, watch this space. Wider market moves Turning to the wider market, the AIM All-Share continued to outperform its benchmark, rising 1.3 per cent to 746.39 and outpacing the FTSE 100, which nudged just 0.4 per cent higher. This reflects growing confidence, underlined by a slew of successful fundraisings that made May a bumper month for companies replenishing their coffers. The week’s standout performer was Blue Star Capital, which jumped 150 per cent after news of its investment in cross-border crypto payments platform SatoshiPay. Avacta rose 43 per cent, a performance that would have topped the leaderboard most weeks. The appointment of two heavyweight independent directors helped ease investor concerns over a delay to the company’s results. One of the new recruits, Richard Hughes, brings deep capital markets experience, possibly signalling a strategic shift for the precision medicines group. ATOME climbed 35 per cent following the launch of a new renewable energy division, initially focused on Latin America. And the laggards… At the other end of the table, Totally fell 84 per cent as investors digested the healthcare provider’s semingly insurmountable funding position. Watkin Jones dropped 21 per cent after the developer of student housing and build-to-rent properties posted a loss and painted a gloomy picture of current trading. Finally, the small-cap market, especially where trading is thin or controlled by market makers, tends to react sharply to news, with professional price-setters often moving to protect positions rather than reflect true value. A case in point is hVIVO. Shares slumped 45 per cent on Friday following the loss of one contract and the postponement of another. Seasoned small-cap investors will know that sanity usually prevails, but it can take time for stocks like hVIVO to find their footing. In the meantime, it’s worth remembering this is a business with £47million of contracted revenue already secured for the current year and, as of its last results, £44million in cash. |
Posted at 29/5/2025 17:17 by master rsi Friday preview: US PCE prices, inflation expectations in focus(Sharecast News) - The market spotlight at the end of the week will be on a couple of key inflation reports due out in the States. Especially important will be the personal income and spending report due out at 1230 BST. Contained in that report is the Federal Reserve's key inflation gauge, the price deflator for personal consumption expenditures. PCE prices are expected to have continued to drift down towards the central bank's 2.0% target level. It is also expected to show that both rose modestly in April, following big increases during the previous month. Of considerable importance too will be the University of Michigan's consumer confidence survey for May and the readings on inflation expectations contained in the same. Across the Channel, consumer price data for Italy, Germany and Spain in May are all due out. So too euro area money supply growth data for April at 0800 BST. No major economic reports are scheduled for release in the UK. FRIDAY 30 MAY INTERNATIONAL ECONOMIC ANNOUNCEMENTS AGMs Old Mutual Limited NPV (DI), Beacon Rise Holdings, Aseana Properties Ltd. GMs Aseana Properties Ltd. FINAL EX-DIVIDEND DATE JTC, Kakuzi Ltd. FINAL DIVIDEND PAYMENT DATE Senior, Greggs, International Workplace Group, STV Group, Global Opportunities Trust, Shaftesbury Capital, Reach, Kenmare Resources (CDI), Weir Group, Arbuthnot Banking Group, Dunedin Income Growth Inv Trust, Unite Group, Ibstock, Elementis, Henry Boot, JPMorgan American Inv Trust, PPHE Hotel Group Ltd, Nexteq, Derwent London, Fresnillo, Bellevue Healthcare Trust (Red) INTERIM DIVIDEND PAYMENT DATE CVC Income & Growth Limited NPV Euro, Henderson Far East Income Ltd., EJF Investments Ltd NPV, Diverse Income Trust (The) Sequoia Economic Infrastructure Income Fund Limited, Bankers Inv Trust, Aew UK Reit, Alternative Income Reit, CQS Natural Resources Growth and Income, Marwyn Value Investors Limited, Target Healthcare Reit Ltd, Taylor Maritime Limited NPV, Hansa Investment Company Limited (DI), CQS New City High Yield Fund Limited, Greencoat UK Wind, Taylor Maritime Limited NPV, Hansa Investment Company Limited 'A' Non Vtg (DI), Ecofin Global Utilities and Infrastructure Trust, Wetherspoon (J.D.), CVC Income & Growth Limited NPV GBP SPECIAL DIVIDEND PAYMENT DATE Fresnillo, Alfa Financial Software Holdings, B.P. Marsh & Partners, Maven Renovar Vct, Aquila Energy Efficiency Trust QUARTERLY EX-DIVIDEND DATE Petrotal Corporation NPV (DI) QUARTERLY PAYMENT DATE Custodian Property Income Reit, Picton Property Income Ltd, Octopus Renewables Infrastructure Trust, Tetragon Financial Group Limited, City of London Inv Trust UK ECONOMIC ANNOUNCEMENTS Nationwide House Price Index (07:00) INTERNATIONAL ECONOMIC ANNOUNCEMENTS Import Price Index (GER) (07:00) Retail Sales (GER) (07:00) M3 Money Supply (EU) (09:00) Personal Income (US) (13:30) Personal Consumption Expenditures (US) (13:30) Personal Spending (US) (13:30) Chicago PMI (US) (14:45) U. of Michigan Confidence (Final) (US) (15:00) |
Posted at 22/5/2025 22:25 by master rsi MARKET REPORTLONDON MARKET CLOSE: Stocks hit by higher UK borrowing, US bond worry (Alliance News) - The FTSE 100 slumped on Thursday reflecting concerns over US debt and higher-than-expected domestic government borrowing. The FTSE 100 index closed down 47.20 points, 0.5%, at 8,739.26. The FTSE 250 fell 150.01 points, 0.7%, at 20,799.66, and the AIM All-Share declined 0.46 of a point, 0.1%, at 736.74. The Cboe UK 100 ended down 0.8% at 870.03, the Cboe UK 250 closed 0.4% lower at 18,274.15, and the Cboe Small Companies ended little changed at 16,550.95. "Market volatility has resurfaced amid renewed uncertainty surrounding [US] trade policy and the fiscal outlook. With bond yields elevated and tariff and budget risks in focus, this volatility may persist as investors monitor further developments in policy," said Mark Haefele, chief investment officer, UBS Global Wealth Management. In New York on Thursday, stocks were mixed, after falling heavily on Wednesday. At the time of the London close, the Dow Jones Industrial Average was down 0.1%, the S&P 500 was flat and the Nasdaq Composite was up 0.5%. The yield on the US 10-year Treasury was quoted at 4.57%, widening from 4.54% on Wednesday. The yield on the US 30-year Treasury was quoted at 5.08%, widening from 5.02%. Stocks in New York fell sharply on Wednesday after an auction of 20-year Treasuries saw very weak demand ahead of President Trump's massive tax bill going through Congress. On Thursday, the US House of Representatives passed Trump’s tax bill by a single vote after days of wrangling. The "One Big, Beautiful Bill Act" – which now moves to the Senate – would usher into law Trump's vision for a new "Golden Age", led by efforts to shrink social safety net programs to pay for a 10-year extension of his 2017 tax cuts. "This is arguably the most significant piece of Legislation that will ever be signed in the History of our Country!" Trump wrote on his Truth Social platform. But Susannah Streeter at Hargreaves Lansdown isn't so sure. "It seems that every time Trump heralds a policy as 'beautiful' it has an ugly effect on financial markets. First it was tariffs, now it’s the huge tax and spending bill. Bond investors are far from impressed by the proposals which would extend Trump’s 2017 tax cuts and boost military spending but cut welfare payments," she said. The dollar gained some traction after recent weakness. The pound was quoted lower at USD1.3425 late on Thursday in London, compared to USD1.3443 at the equities close on Wednesday. The euro dipped to USD1.1285 against USD1.1389. Against the yen, the dollar was trading higher at JPY143.81 compared to JPY143.63. In European equities on Thursday, the CAC 40 in Paris ended down 0.6%, while the DAX 40 in Frankfurt fell 0.5%. Back in the UK, figures showed UK government borrowing surged by more than expected last month, suggesting tax hikes could be in the offing. According to the Office for National Statistics, UK government borrowing, excluding private sector banks, spiked to GBP20.16 billion in April, from GBP14.14 billion in March. It rose from GBP19.14 billion a year prior, but had been expected to fall to GBP17.9 billion, according to consensus cited by FXStreet. The latest figure was the fourth highest for the month of April since monthly records began being compiled in 1993. Pantheon Macroeconomics analyst Elliott Jordan-Doak said the figures piles further pressure on the chancellor when other demands - such as greater defence spending - remain urgent. "This likely marks the start of what will be a fraught set of negotiations within government over the summer to determine the shape of the budget," he added. "We have maintained for some time that taxes would need to be raised to meet the government's spending priorities, even before defence spending was set to increase. We remain comfortable with this call," the analyst added. Other data showed the UK private sector economy remained in decline in May, amid manufacturing sector weakness. The S&P Global flash composite purchasing managers' index rose to 49.4 points in May, from April's final tally of 48.5. Although a two-month high, the latest reading suggests the private sector remains in negative territory. On the FTSE 100, Hiscox jumped 7.6% as it outlined plans for growth in the year ahead and announced a hike in its dividend payouts. The Hamilton, Bermuda-based business insurer hosted a capital markets day on Thursday. It aims to reach double-digit premium growth within its Retail division in 2028, by "continuing to take share in each of our sizeable serviceable addressable markets". The firm also intends to implement a range of initiatives that will enable Hiscox to deliver an annualised profit and loss benefit of USD200 million in 2028 and onwards. In addition, Hiscox has planned a 20% hike in its final dividend for 2025, with a progressive dividend per share from then on. This follows a 15% increase in its dividend in 2024. Retailers JD Sports and Marks & Spencer rose 2.5% and 1.5% respectively on further consideration of Wednesday's results. M&S was further boosted by an upgrade to 'buy' from Jefferies. M&S continues to "demonstrate strong fundamental growth in a buoyant UK consumer environment while buy-side expectations for profit delivery in financial 2026 have moderated to more sustainable levels," the broker said in a research note. Rate sensitive housebuilders fell back after Wednesday's strong inflation print. Persimmon was 3.2% lower, Taylor Wimpey fell 3.2% and Barratt Redrow declined 2.6%. Johnson Matthey took the gold medal on the FTSE 250, leaping 29%. The London-based speciality chemicals company plans to return GBP1.4 billion to shareholders after selling its Catalyst Technologies business to Honeywell International. It agreed the sale of Catalyst Technologies to Charlotte, North Carolina-based Honeywell at an enterprise value of GBP1.80 billion on a cash and debt-free basis, representing a 13.3 times earnings before interest, tax, depreciation and amortisation multiple. The company said the enterprise value represents a "significant premium" to the average sell-side analyst valuation of GBP945 million. The deal is expected to deliver net sale proceeds of GBP1.6 billion to Johnson Matthey. Johnson Matthey Chief Executive Liam Condon said the deal represents a "significant milestone" in firm's history. "We will now fundamentally re-shape Johnson Matthey into a more focused and leaner business. This will better position us to leverage our strong capabilities and leading market positions in Clean Air and PGM Services to drive a step change in sustainable cash generation with higher returns to shareholders," he said. The "significant" GBP1.4 billion return to shareholders is expected following completion of the sale, which is likely by the first half of 2026. Gold was lower at USD3,289.44 an ounce against USD3,312.03 on Wednesday. Brent oil was quoted at USD64.05 a barrel in London on Thursday, lower from USD65.08 late Wednesday. Friday's global economic calendar sees UK retail sales and UK consumer confidence figures, and US new homes data. The domestic corporate calendar on Friday has half-year results from trading platform AJ Bell. |
Posted at 21/5/2025 08:27 by master rsi LONDON BRIEFING: M&S warns of GBP300 million hit from cyber chaos(Alliance News) - London's FTSE 100 is called to open lower on Wednesday, but the pound perked up following a hotter-than-expected UK inflation report. The pace of annual consumer price inflation topped forecasts, spiking to 3.5% in April, and putting focus on the Bank of England. "The spike could cause a bit of a stink at the Bank of England, which cut interest rates just a couple of weeks ago only to see inflation smash through the 2% target. Two members of the MPC wanted to leave rates unchanged, and may well feel vindicated by today's number. Higher core inflation will be particularly concerning - since this measure of domestically generated inflation should be easier for the bank to influence," Wealth Club analyst Nicholas Hyett commented. "The net effect of all this is a greater squeeze on the consumer, together with the probability of fewer interest rate cuts in the near term. Neither of those is good news for the government's growth agenda - which, despite surprisingly strong GDP growth in recent months, risks getting bogged down before the structural reforms to underpin future growth are in place." In early UK corporate news, M&S warned of a profit hit from the cyber incident the retailer has been grappling with. Currys plans to reinstate its dividend. Here is what you need to know at the London market open: ---------- MARKETS ---------- FTSE 100: called down 0.3% at 8,757.32 ---------- Hang Seng: up 0.4% at 23,780.18 Nikkei 225: down 0.6% at 37,315.54 S&P/ASX 200: up 0.5% at 8,386.80 ---------- DJIA: closed down 114.83 points, 0.3%, at 42,677.24 S&P 500: closed down 0.4% at 5,940.46 Nasdaq Composite: closed down 0.4% at 19,142.72 ---------- US 10-year Treasury yield: 4.52% (4.48%) US 30-year Treasury yield: 5.01% (4.97%) ---------- EUR: higher at USD1.1339 (USD1.1258) GBP: higher at USD1.3456 (USD1.3363) USD: lower at JPY143.56 (JPY144.62) GOLD: higher at USD3,320.04 per ounce (USD3,276.82) OIL (Brent): higher at USD66.03 a barrel (USD65.09) (changes since previous London equities close) ---------- ECONOMICS ---------- Wednesday's key economic events still to come: 17:00 BST eurozone European Central Bank Governor Philip Lane speaks 15:30 BST US EIA crude oil stocks ---------- UK consumer price inflation was hotter-than-expected last month, spiking to the loftiest level since the start of last year, numbers from the Office for National Statistics showed Wednesday. The pace of annual consumer price inflation accelerated to 3.5% in April, from 2.6% in March, topping the FXStreet cited consensus of 3.3%. The last time the rate of inflation was higher was back in January 2024, when it stood at 4.0%. On a monthly basis, consumer prices shot up 1.2% in April, after a 0.3% hike in March. The ONS said the on-year consumer price inflation surge was driven by "housing and household services, transport, and recreation and culture". It said overall prices in transport were up 3.3% on-year in April, an acceleration from 1.2% in March. The ONS said airfare prices were higher due to the Easter holidays. Service price inflation picked up to 5.4% in April, from 4.7% in March. Excluding energy, food, alcohol and tobacco, the annual core consumer price inflation rate was 3.8% in April, quickening from 3.4% in March. ---------- The UK Work & Pensions Secretary will stand firm on Labour's GBP5 billion plans for welfare cuts on Wednesday, arguing that reform is needed to make sure the system survives. Liz Kendall is expected to say there is a "risk" the welfare state would collapse without the proposed changes, which include tightening the eligibility criteria for the main disability benefit in England, the personal independence payment, Pip. Restricting Pip would slash benefits for about 800,000 people, while the sickness-related element of universal credit is also set to be cut. The package of measures is aimed at reducing the number of working-age people on sickness benefits, which grew during the pandemic and has remained high since. The government hopes the proposals can save GBP5 billion a year by the end of the decade. "Unless we ensure public money is focused on those with the greatest need and is spent in ways that have the best chance of improving people's lives, the risk is the welfare state won't be there for people who really need it in the future," she is expected to say in a speech to the Institute for Public Policy Research think tank. ---------- BROKER RATING CHANGES ---------- Citigroup raises Phoenix Group Holdings to 'buy' (neutral) - price target 730 (537) - pence ---------- Morgan Stanley raises AIB to 'equal-weight' (underweight) - price target 7.5 (7.0) EUR ---------- COMPANIES - FTSE 100 ---------- Marks & Spencer warned of a GBP300 million to hit to profit in its new financial year following a cyber incident, marring "strong" annual earnings. The retailer said pretax profit in the year March 29 declined 24% to GBP511.8 million from GBP672.5 million the year prior. Excluding adjusting items, however, pretax profit climbed 22% to GBP875.5 million from GBP716.4 million. Revenue increase 6.0% to GBP13.82 billion from GBP13.04 billion. Profit was hurt by a GBP248.5 million impairment charge recognised in relation to the value of the investment in Ocado Retail, the grocery joint-venture it owns alongside Ocado PLC. "Overall, last year was another year of strong performance, and there are so many opportunities still ahead of us," Chief Executive Stuart Machin said. "Our Food business had another strong year as more customers chose to fill their trolleys with M&S food, more often. Our continuous investment in quality, value and innovation is paying off." The CEO continued: "In Fashion, Home & Beauty, our authoritative lead in quality and value perception and much improved style credentials has broadened appeal and grown market share. This renewed strength in product gives us the foundation to drive future growth through transforming our end-to-end supply chain and accelerating online." M&S upped its final dividend by 30% to 2.6 pence per share from 2.0p. The total dividend was 20% higher at 3.6p from 3.0p. M&S said it entered the new year "with both Food and Fashion, Home & Beauty trading ahead of budget", prior to the cyber incident. M&S said: "Since the incident, Food sales have been impacted by reduced availability, although this is already improving. We have also incurred additional waste and logistics costs, due to the need to operate manual processes, impacting profit in the first quarter. In Fashion, Home & Beauty, online sales and trading profit have been heavily impacted by the necessary decision to pause online shopping, however stores have remained resilient. We expect online disruption to continue throughout June and into July as we restart, then ramp up operations. This will also mean increased stock management costs in the second quarter." It expects a roughly GBP300 million to operating profit this year stemming from the incident, before that figure is reduced by "management of costs, insurance and other trading actions". ---------- JD Sports reported an increase in annual revenue but a decline in profit. It said the new year has started in line with expectations despite a "volatile" market. In the year to February 1, the athleisure retailer's pretax profit declined 11% to GBP715 million from GBP811 million the year prior. Revenue rose 8.7% to GBP11.46 billion from GBP10.54 billion. CEO Regis Schultz said: "Overall trading in the first quarter of the new financial year has been in line with our expectations in a volatile market. Despite this volatility, and uncertainty surrounding the impact of US tariff changes, we look forward into the medium term with confidence that we can continue to outperform the market, improve our profit margin and create significant value for our shareholders." JD Sports lifted its final dividend by 12% to 0.67p per share from 0.6p a year prior. It upped its total payout by 11% to 1.0p from 0.9p. JD Sports said sales in the 13 weeks to May 3 rose 3.1% on an organic basis. "All regions achieved organic sales growth in the quarter. In line with our JD First strategy, the JD segment drove group sales growth* through our store rollout programme across Europe and North America, achieving growth of 4.7% in the quarter. North America saw organic sales growth of 1.4%, reflecting in part a shift in the product launch schedule compared with last year. Europe delivered organic sales growth of 6.5% and we are seeing an improving trend in the UK, helped in part by good weather," it added. ---------- COMPANIES - FTSE 250 ---------- Currys slightly lifted its annual profit outlook and said it will resume its dividend. The electronics retailer now expects to report adjusted pretax profit for the year to May 3 of GBP162 million, up 37% on-year, its outlook raised from GBP160 million. "We finished another year of strengthening performance on a high note with encouraging momentum and accelerating sales growth in both the UK&I and the Nordics. In both, we've grown profits by delivering sales growth, market share gains and gross margin increases. In the Nordics, we've also shown especially strong cost discipline in a still-challenging market," CEO Alex Baldock said. "Cashflow was very healthy. This further strengthening of our balance sheet ensures our resilience and allows the resumption of dividends." Its last dividend was an interim payout for financial 2023. Currys plans to release annual results on July 3. ---------- OTHER COMPANIES ---------- Central Asia Metals has struck an agreement to acquire Sydney-listed New World Resources, in a USD119 million deal that would add the Antler copper deposit in Arizona to its portfolio. Central Asia, a base metals producer with operations in Kazakhstan and North Macedonia, has entered into a "definitive scheme implementation deed" with New World. Central Asia said: "The acquisition of NWR will add to CAML's portfolio a 100% interest in the Antler project, a high-grade copper deposit located in Arizona in the US. In 2024, NWR released a prefeasibility study and maiden probable ore reserve estimate for the Antler project. The PFS demonstrated a post-tax net present value of USD498 million at a 7% discount rate." Central Asia Metals said it will fund the buy with existing cash reserves and a new USD120 million credit facility from a syndicate of "leading international lending banks". CEO Gavin Ferrar said: "The addition of this high-grade copper project in a tier-one jurisdiction will significantly strengthen our portfolio. We have been impressed by the strength of NWR's team and aim to work with them to integrate the Antler project, complete the DFS and work towards a construction decision. In addition, the manageable capital expenditures of the Antler project would provide us the opportunity to fund its development whilst ensuring we maintain a strong financial position." |
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