Upstream Share Discussion Threads

[master rsi] 21/11/2024 10:48

LONDON BROKER RATINGS: Jefferies starts Auction Tech at 'underperform'
FTSE 100


Barclays raises Sage Group price target to 1,050 (970) pence - 'underweight'

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Jefferies raises Sage Group price target to 1,500 (1,300) pence - 'buy'

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Barclays raises ConvaTec price target to 330 (322) pence - 'overweight'

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Deutsche Bank raises Imperial Brands price target to 2,850 (2,600) pence - 'buy'

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Goldman Sachs raises Weir Group price target to 2,480 (2,410) pence - 'buy'

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Goldman Sachs cuts Severn Trent price target to 2,349 (2,360) pence - 'sell'

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Barclays raises Diploma price target to 4,500 (4,240) pence - 'overweight'

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UBS raises Anglo American price target to 2,800 (2,700) pence - 'buy'


FTSE 250


Bernstein raises Burberry price target to 1,030 (930) pence - 'outperform'

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Jefferies raises Hill & Smith price target to 2,540 (2,460) pence - 'buy'

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Berenberg cuts Crest Nicholson price target to 195 (215) pence - 'hold'

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UBS cuts Crest Nicholson price target to 240 (255) pence - 'buy'

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Barclays cuts Crest Nicholson price target to 218 (220) pence - 'equal weight'

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Berenberg cuts Assura price target to 48 (51) pence - 'buy'

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Barclays cuts Spire Healthcare price target to 290 (320) pence - 'overweight'

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RBC cuts NextEnergy Solar Fund price target to 100 (105) pence - 'outperform'

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RBC raises CMC Markets price target to 350 (330) pence - 'outperform'

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Jefferies raises AJ Bell price target to 530 (485) pence - 'buy'

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JPMorgan cuts Spectris price target to 2,650 (3,000) pence - 'neutral'

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Jefferies starts Auction Technology with 'underperform' - price target 380 pence


SMALL CAP

Berenberg cuts Liontrust target to 500 (625) pence - 'hold'

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Barclays raises Oxford Nanopore price target to 170 (160) pence - 'overweight'

[master rsi] 21/11/2024 10:19

GGP 6.85p +0.525p

The star stock for the last few days

[master rsi] 21/11/2024 10:05

BITCOIN/ BTC

A large rise again over $97,500, at this rate everyone is waiting to reach $100K

[master rsi] 21/11/2024 09:44

RST 260p (-11.50p / -4.24%%) / Restore confident in earnings forecast amid market challenges
(Sharecast News) - Information management and lifecycle specialist Restore reported steady progress for the 10 months ended 31 October on Thursday, despite market challenges linked to public sector uncertainty and the Autumn Budget.

The AIM-traded company said it expected full-year revenue to remain broadly flat compared to the prior year, but remained confident in delivering adjusted profit before tax and earnings per share in line with market expectations.

In the information management division, box storage revenue benefitted from index-linked pricing, although scanning revenue was lower due to reduced public sector activity following the change in government.

Restore said its property consolidation program continued to advance, with the new 100,000 square foot Markham Vale warehouse now half full, and plans in place for an additional 85,000 square foot facility in North East England.

Cost-saving measures, including integration of the scanning business, were expected to deliver £3m in annualised savings, exceeding initial cost reduction forecasts.

The technology business meanwhile reported good revenue growth as companies resumed hardware refresh cycles and outsourced IT services to value-added resellers.

While profitability remained below the medium-term target of a 15% adjusted operating margin, improvements in the operating model and a focus on a blue-chip customer base had positioned the division for continued momentum.

Datashred achieved revenue growth driven by an increase in service visits and stabilised paper prices.

Tight cost control was expected to support profitability improvements in the second half.

Conversely, Harrow Green's performance was weaker, with trading impacted by uncertainty ahead of the Autumn Budget, and full-year revenue set to fall below 2023 levels.

Restore emphasised its strong cash generation, with a conversion rate exceeding 80% during the period.

Year-end net debt was expected to align with expectations.

The company also acknowledged the upcoming headwinds from increased employer National Insurance Contributions and National Minimum Wage rates, expected to cost the group about £3m annually from April.

However, the firm said it planned to mitigate the impacts through margin improvements and price increases where feasible, maintaining its 2025 expectations unchanged.

At 0846 GMT, shares in Restore were down 4.2% at 260.11p.

[master rsi] 21/11/2024 09:27

MARKET REPORT
LONDON MARKET OPEN: Muted start as Fed cut bets dialled back

(Alliance News) - European equities opened lower on Thursday, amid an unenthusiastic response to Nvidia's blockbuster earnings, as well as the threat of higher for longer interest rates on both sides of the Atlantic.

The FTSE 100 index added just 0.40 of a point at 8,085.47. The FTSE 250 lost just 7.21 points at 20,237.55, and the AIM All-Share rose 3.18 points, 0.4%, at 725.52.

The Cboe UK 100 was flat at 812.71, the Cboe UK 250 was down 0.1% at 17,733.93, and the Cboe Small Companies lost 0.5% at 15,570.40.

The CAC 40 in Paris and the DAX 40 in Frankfurt each lost 0.3%.

The pound was quoted at USD1.2641 early Thursday in London, rising from USD1.2634 at the time of the European equities close on Wednesday. The euro stood at USD1.0536, up from USD1.0515. Against the yen, the dollar was trading at JPY154.55, fading from JPY155.36.

The US Federal Reserve should be careful not to cut rates "too quickly" and risk reigniting stubborn inflation, a senior bank official said Wednesday.

"With the US economy remaining strong, moving the policy rate down too quickly, in my view, would carry the risk of stoking demand unnecessarily and potentially reigniting inflationary pressures," Fed Governor Michelle Bowman told a conference in Florida, according to prepared remarks.

"Progress seems to have stalled in recent months," she continued, adding that the Fed should pursue a "cautious approach" on rate cuts going forward.

According to the CME FedWatch Tool, there is now only a 56% chance the Fed cuts next month. About a week ago, there was more than a 70% chance.

In the UK, lofty inflation data all but ensured the Bank of England will leave rates unmoved next month.

"And because things are expected to get worse before they get better with Donald Trump's tariff plans and the expansionary fiscal policy from the British government, the first rate cut from the BoE is fully priced in for March, and a second for August," Swissquote analyst Ipek Ozkardeskaya commented.

"Moving forward, a smaller divergence between the Fed and the BoE outlook should help throw a floor under cable near the current levels and encourage recovery in the coming weeks," the analyst added, referring to the pound-dollar exchange rate.

Ozkardeskaya continued: "Across the Channel, news weren't encouraging for the European Central Bank doves, either. Wages in the Eurozone jumped by 5.4% from a year ago, the most since the single currency exists. Germany is to blame. Wages, there, jumped by 8.8% in Q3 from a year earlier. The jump in wages growth will complicate the ECB's plans to cut rates at the desired speed. Consequently, the retreat in dovish ECB expectations could slow down the euro selloff, and levels near USD1.05 could serve as a dip to shoulder a rebound toward the 1.07-1.08 range."

In China on Thursday, the Shanghai Composite ended up 0.1%. The Hang Seng in Hong Kong fell 0.5%. In Tokyo, the Nikkei 225 lost 0.9%, while the S&P/ASX 200 in Sydney fell marginally.

In New York, the Dow Jones Industrial Average ended up 0.3% on Wednesday. The S&P 500 closed marginally higher, while the Nasdaq Composite lost 0.1%.

Nvidia declined 2.5% after hours following its earnings.

"The negative market reaction to Nvidia’s results suggests investors are now focusing on the minutiae rather than the big picture. That’s a natural evolution as the more people zoom in on a company, the more they learn about it, and the more granular detail they want," AJ Bell analyst Dan Coatsworth explained.

In London, National Grid and Vodafone were down on the FTSE 100, falling 2.1% and 2.8%. The duo's shares went ex-dividend.

On the up, Shell and BP added 0.4% and 0.7%, on a rising oil price amid continued geopolitical tensions. Conflict-related worries also boosted defence firm BAE Systems, which added 0.5%.

Storm Shadow missiles supplied to Ukraine by Britain have been used in Russia, according to reports.

Brent oil was quoted at USD73.50 a barrel early Thursday, up from USD73.20 at the time of the London equities close on Wednesday. Gold rose to USD2,668.91 an ounce from USD2,648.58, benefitting from safe haven trade amid global tensions.

Gold miners Endeavour Mining and Fresnillo added 1.9% and 0.9%, among the best performers on the FTSE 100 so far.

Halma led the way, however, surging 9.6%. It lifted its half-year payout and reported a rise in revenue and profit. The safety equipment maker said pretax profit in the six months to September 30 rose 16% on-year to GBP174.0 million from GBP150.2 million a year prior. Revenue climbed 13% to GBP1.07 billion from GBP950.5 million.

JD Sports slumped 12%, however. It predicted annual profit will be at the lower end of guidance, as a decent start to its third-quarter was hampered by a "volatile" October.

The athleisure retailer said the tricky trading conditions were particularly evident in North America and the UK towards the back end of the 13 weeks to November 2. Group like-for-like sales fell 0.3% on-year during the third-quarter, but rose 5.4% on an organic basis.

Its pretax profit before adjusting items guidance range stands at GBP955 million to GBP1.04 billion so it still expects an increase from the GBP917.2 million it achieved in the 53 weeks to February 3, its prior financial year. On a 52-week basis to January 27, it achieved profit of GBP912.4 million.

Elsewhere in London, Ithaca Energy and CMC Markets stood at either end of the FTSE 250s.

North Sea operator Ithaca announced a USD200 million, or USD0.1209 per share, special dividend.

The oil and gas company also hailed its recent tie-up with Eni UK, which has created a "dynamic growth player with significant organic and inorganic growth optionality".

Ithaca's net income in the nine months to September 30 amounted to USD134.7 million, declining 44% from USD238.5 million a year prior.

Ithaca affirmed its aim of distributions totalled USD500 million in 2024. The stock traded 10% higher.

CMC Markets slumped 12% despite the online trading platform for contracts-for-difference and other financial instruments reporting half-year growth. Shares went into the report up more than three-fold, however.

Net operating income in the six months to September 30 rose 45% to GBP177.4 million from GBP122.6 million. It raked in pretax profit of GBP49.6 million, swinging from a loss of GBP2.0 million.

CMC tripled its annual dividend to 3.10p per share from 1.00.

Jet2 surged 8.7%. The airline and package holiday operator said revenue in the half-year to September 30 rose 15% to GBP5.09 billion from GBP4.41 billion 12 months earlier. Pretax profit jumped 20% to GBP791.4 million from GBP660.5 million.

Excluding foreign exchange revaluation, pretax profit was 16% higher at GBP772.4 million from GBP664.6 million.

"With a material amount of the winter 2024/25 season still to sell, we are currently on track to deliver group profit before FX revaluation and taxation for the year ending 31 March 2025 ahead of market expectations," Jet2 added, putting consensus at GBP541 million.

The global economic calendar has US weekly jobless claims numbers at 1330 GMT and a flash eurozone consumer confidence reading at 1500 GMT.

[master rsi] 21/11/2024 08:41

SDY 27p -2p / Speedy Hire - FY2025 Interim Results - Results for the six months to 30 September 2024

Speedy, the UK's leading tools and equipment hire services company, operating across the construction, infrastructure and industrial markets, announces results for the six months to 30 September 2024.

Financial Highlights

2024 2023Revenue 203.6 208.5Adjusted EBITDA1 44.2 45.4Adjusted profit before tax1 0.4 5.9Adjusted earnings per share (pence) 0.07 0.98Operating profit 4.6 9.4(Loss)/profit before tax (2.2) 5.6Basic earnings per share (pence) (0.35) 0.91Hire fleet capital spend £26.4m £16.0m Free cash flow £(1.6)m £10.6m Net debt £111.8m £89.6mDividend per share 0.80p 0.80p


Commenting on the results Dan Evans, Chief Executive, said:

"We have delivered resilient results for the first half of FY2025 against a challenging but manageable market backdrop, whilst maintaining investment in our Velocity strategy. The Group secured significant contract wins and renewals earlier in the calendar year, which will deliver revenue and profit growth in this financial year and beyond.

The second half has started well with hire revenues for October and November to date, up c.3% on this time last year. Consistent with prior years, the Group expects a strong second half weighting to its hire revenues and profits, as the seasons change and new contracts fully mobilise. It is particularly encouraging that we are mobilising the Amey contract earlier than anticipated, in addition to a strong pipeline of further opportunities that give us confidence in the outlook for the business.

The Board anticipates the Group meeting its full year expectations."

Trading and operations update:

· Hire revenue performance in line with H1 FY2024:

o Challenging market conditions which the business has navigated well

o National & Regional customer hire performance flat year on year

o Recent National key contract wins and extensions, as well as a strong pipeline

o Trade and Retail now profitable due to changed business model at the end of FY2024 (loss making in H1 FY2024)

· Service revenue decrease of 5.4% versus H1 FY2024:

o Strong performance in our Lloyds British Testing, Inspection & Certification ('TIC') business, up 10.7% versus H1 FY2024

o Decline in wholesale fuel prices impacting pass through fuel revenue, down 15.6%, however margin maintained

· Executing well on the 'Enable' phase of our Velocity transformation and growth strategy

· Accelerated investment in hire fleet to support contract mobilisations and strategic growth engines:

o c.£7m in specialist powered access

o Expansion of our Battery Storage Unit ('BSU') fleet by c.£5m

o Stage V power generation investment of c.£2m to complement energy strategy

Financial Performance

· Revenue of £203.6m (H1 FY2024: £208.5m)

· Adjusted EBITDA1 of £44.2m (H1 FY2024: £45.4m2) and margin maintained at 22% with disciplined price and cost control

· Adjusted profit before tax1 of £0.4m, down on H1 FY2024 due to:

o The operational gearing impact of the shortfall in revenue, coupled with the investment in people costs in the first half

o Kazakhstan joint venture down due to project phasing and against a strong performance last year

o Higher interest costs due to the increase in net debt following the acquisition of Green Power Hire Limited ('GPH') in October 2023, for £20.2m, and accelerated hire fleet capital spend in the first half

· Loss after tax in the first half, impacted by non-underlying costs of £2.3m for the 'Enable' phase of our transformation programme

· Strong operating cash flow of £42.7m (H1 FY2024: £42.4m) with cash conversion of 96.6% (H1 FY2024: 93.4%2)

· Accelerated hire fleet investment of £26.4m (H1 FY2024: £16.0m)

· Free cash outflow of £1.6m (H1 FY2024: £10.6m inflow)

· Cash and facility headroom of £40.8m (31 March 2024: £56.7m)

· Net debt5 at £111.8m, leverage6 of 1.8 times (31 March 2024: £101.3m, 1.5 times), representing a temporary increase to support contract wins mobilising in the second half and beyond

· Interim dividend of 0.80 pence per share (H1 FY2024: 0.80 pence per share)


Current trading

· October and November to date hire revenue c.3% ahead of prior year

· Amey has commenced mobilisation in October, earlier than originally anticipated

· Trade and Retail continues to be profitable with opportunities to develop and further expand our proposition

[master rsi] 21/11/2024 08:28

FTSE

on the up by 11 points

[master rsi] 21/11/2024 00:04

Joint statement of the Foreign Ministers of Spain, Germany, France, Italy, Poland and the United Kingdom of 19 November
- Tuesday, November 19, 2024

We, the Foreign Ministers of France, Germany, Italy, Poland, Spain and the United Kingdom, have met today, aware that our common security is facing the greatest challenges we have ever seen in our lifetimes.

Russia is systematically attacking the European security architecture.

Over the past 1,000 days, in its war of aggression against Ukraine, Russia has killed many thousands of people and repeatedly violated international law.

Russia's reckless revisionism and continued refusal to stop aggression and engage in meaningful talks pose a challenge to peace, freedom and prosperity on the European continent and in the transatlantic space.

Russia is increasingly dependent on partners such as Iran and North Korea to sustain its illegal war.

Moscow's escalation of hybrid activities against NATO and EU countries is also unprecedented in its variety and scale, creating significant security risks.

To meet this unprecedented challenge, we are determined to stand together with our European and transatlantic partners to think and act big on European security. European countries must play an even greater role in ensuring our own security, acting alongside our transatlantic and global partners.

Therefore, today we consider it imperative:

- reaffirm the enduring role of a strong and united NATO as the cornerstone of European defence and security, based on a strong transatlantic bond and a strong commitment to mutual defence and equitable burden-sharing;

- strengthen NATO by increasing our spending on security and defence, in line with our previous commitments, while reaffirming that in many cases spending in excess of 2% of GDP will be necessary to address growing security threats and meet deterrence and defence objectives across the Euro-Atlantic area;

- strengthen Europe's security and defence, using all the tools at our disposal, including the economic and financial power of the European Union and by reinforcing Europe's industrial base. To do this, we will build on work within NATO, the European Union, among groups of Allies and with like-minded countries, discuss innovative financing and remove barriers to trade and defence investment;

- investing in our critical military capabilities, including air defence, precision strikes, drones and integrated logistics, as well as critical infrastructure and cyber defence, while also investing in research and development and the use of new technologies;

- enhance resilience to cognitive warfare and hybrid threats in Europe, including through relevant EU mechanisms, and promote the resilience of our societies;

- further step up our military, economic and financial support to Ukraine, while welcoming the $50 billion loan from the G7 to ensure that Ukraine has sufficient resources for the coming year;

- remain firm in our support for a just and lasting peace for Ukraine, based on the UN Charter, reaffirming that peace can only be negotiated with Ukraine, with European, American and G7 partners at its side, and ensuring that the aggressor will bear the consequences, including financial ones, of its illegal acts that violate the norms set out in the UN Charter;

- ​continue to deter Russia by frustrating Putin's ability to sustain his war of aggression and limiting the buildup of Russian military capabilities, including through restrictive measures.

We underline our firm commitment to a European security architecture based on the principles of the UN Charter and the OSCE, which Russia has seriously violated in recent years.

We believe that now is the time to act to ensure that our citizens live in peace, freedom and prosperity. Key to this will be greater integration between EU Member States, closer cooperation between the EU and the United Kingdom, and greater collaboration between NATO and the European Union. We also see a unique opportunity to strengthen the pillars of our transatlantic relationship with the United States of America by strengthening NATO and ensuring equitable burden-sharing within the Alliance.

[master rsi] 20/11/2024 23:27

SFOR 33.66p ( 33.50 v 33.98p )

Looking good

[master rsi] 20/11/2024 22:08

US close: Stocks mixed amid geopolitical tensions, Nvidia earnings

(Sharecast News) - US stocks turned in a mixed performance on Wednesday as investors eyed third-quarter results from AI-darling Nvidia and monitored geopolitical tensions with Russia.

At the close, the Dow Jones Industrial Average was up 0.32% at 43,408.47, while the S&P 500 was flat at 5,917.11 and the Nasdaq Composite saw out the session 0.11% weaker at 18,966.14.

Geopolitical risk continued to dampen market sentiment after Vladimir Putin warned the US that the threshold for the use of nuclear weapons had now been lowered following Joe Biden's decision to allow Ukraine to use US weapons to strike inside Russia. Under the new doctrine, Russia will consider using nuclear weaponry if it, or its allies, were met with the use of "conventional weapons that created a critical threat to their sovereignty and (or) their territorial integrity".

Also in focus, Nvidia, the world's largest company, reported Q3 earnings that came in ahead of expectations on both the top and bottom lines, with revenue up 94% year-on-year. It also issued some stronger-than-expected Q4 guidance.

[master rsi] 20/11/2024 21:46

DOW

Finished 129 points higher

[master rsi] 20/11/2024 17:08

MARKET REPORT
LONDON MARKET CLOSE: Ukraine nerves send Europe lower ahead of Nvidia

(Alliance News) - European stocks closed lower on Thursday as geopolitcal concerns weighed alongside stronger-than-expected domestic inflation data.

The FTSE 100 index ended down 13.95 points, 0.2%, at 8,085.07. The FTSE 250 tumbled 182.86 points, 0.9%, at 20,244.76, and the AIM All-Share faded 1.89 points, 0.3%, at 722.34.

The Cboe UK 100 ended down 0.2% at 812.76, the Cboe UK 250 fell 1.0% to 17,742.44, and the Cboe Small Companies ended down 0.6% at 15,641.62.

In Europe, the CAC 40 in Paris fell 0.4% while the DAX 40 in Frankfurt lost 0.3%.

Ukraine has fired UK-made Storm Shadow missiles into Russia for the first time since the beginning of the conflict, the Guardian reported, citing multiple sources.

The decision to approve the strikes was made in response to the deployment of more than 10,000 North Korean troops on Russia’s border with Ukraine in what UK and US officials have warned was a major escalation of the nearly three-year-old conflict.

The strike came one day after Ukraine used US-supplied missiles to strike targets in the Bryansk region.

The gloomy news followed an upturn in UK consumer inflation which economists think rules out an interest rate cut in December.

According to the Office for National Statistics, the rate of annual consumer price inflation picked up to 2.3% in October, back above the Bank of England's target, from 1.7% in September.

The latest reading topped the FXStreet cited consensus of 2.2%.

Excluding food and energy, the annual core inflation rate accelerated slightly to 3.3% last month from 3.2% in September.

The services inflation rate, one closely-watched by BoE policymakers for signs of domestic price pressure, edged up to 5.0% in October from 4.9% in September.

Analysts at ING commented: "We, like the BoE, expect services inflation to bounce around 5% for the next four months or so before turning more noticeably lower in the second quarter."

"At the same time, headline inflation could get pretty close to 3% in January, albeit mainly because of energy. All of that means the [BoE] will most likely continue its 'gradual' rate-cutting path for now, which is widely taken to mean one cut per quarter. We expect a pause at next month's meeting."

The news weighed on rate-sensitive housebuilders. Vistry fell 6.0%, Persimmon dipped 3.2%, Berkeley Group slid 2.6% and Barratt Redrow declined 2.0%.

Against the yen, the dollar was trading at JPY155.36 late on Wednesday afternoon, up compared to JPY154.21 at the same time on Tuesday.

The pound was quoted at USD1.2634, lower compared to USD1.2676 at the equities close on Tuesday. The euro stood at USD1.0515, down against USD1.0590.

In New York stocks were weaker. The Dow Jones Industrial Average was down 0.3%, the S&P 500 shed 0.7% and the Nasdaq Composite lost 0.8%.

Nvidia reports third quarter earnings after the closing bell in New York.

Kathleen Brooks, at XTB said: "It is rare that a single stock dominates the global financial space, however, tonight’s earnings report from Nvidia seems like a pivotal moment for global financial markets."

"A stunning earnings report could reenergize the AI trade and the entire US stock market rally, however, a disappointing report could trigger risk off sentiment. Nvidia stock tends to experience huge moves around earnings releases. The implied 1-day move after an earnings report, based on the past 8 quarters, is 7.75% in both directions, which is the equivalent of USD300 billion in market cap. After the last Nvidia earnings report in August, the stock price fell 15% over a few days."

For the three months to the end of October, it is expected to report revenue of USD32.95 billion, non-GAAP EPS of USD0.74 and a non-GAAP gross margin of 74.9%.

Nvidia bull Dan Ives at Wedbush Securities expects a "drop the mic performance".

He described Nvidia's GPUs as the "new oil and gold in this world" and predicts a USD2 billion beat and USD2 billion bump to guidance.

In London, the star performer came in the less glamorous world of accountancy software as Sage reported better-than-expected results which helped to counter fears of further revenue deceleration.

The Newcastle-upon-Tyne, England-based accounting software firm said pretax profit in the year to September 30 climbed 51% to GBP426 million from GBP282 million.

Underlying operating profit rose 21% to GBP529 million from GBP438 million. The operating profit margin improved to 22.7% from 20.5%.

In addition, Sage announced a buyback of up to GBP400 million. The programme kicks off Wednesday and will end by June 3.

Citi said it was a "solid" update with revenue growth broadly in-line and operating profit 3% ahead of expectations.

"We expect consensus operating profit view for 2025 to move up by low to mid single digit percentage. Investor positioning in Sage has seen some improvement over the last month (after staying muted since May) but there has been persistent fear of further growth deceleration, and we see the steady growth dynamics and solid operating execution to be seen favourably," the broker commented.

Shares in Sage closed 18% to the good.

Elsewhere, Severn Trent rose 1.4% as the water utility said half-year profit doubled. It also announced a chunkier dividend and pledged a record year for capital investment.

Shares in United Utilities rose 1.7% in a positive read across. Deutsche Bank upgraded the stock to 'buy' from 'hold' providing additional support.

Elsewhere in London, model train maker Hornby declined 15%. Half-year revenue increased but its loss stretched ahead of the key Christmas trading period.

Its pretax loss in the six months to September 30 widened to GBP5.1 million from GBP4.9 million a year prior, despite revenue rises 10% on-year to GBP25.0 million from GBP22.7 million.

"For now, our order book is looking strong as we approach peak trading, and we have a whole host of new initiatives and activities in place for the run up to Black Friday and through the all-important festive period," Hornby said.

Brent oil was quoted higher at USD73.20 a barrel late on Wednesday afternoon in London, firming from USD72.93 late Tuesday. Gold rose to USD2,648.58 an ounce against USD2,628.26 late Tuesday.

The global economic calendar on Thursday sees eurozone consumer confidence figures, UK public sector borrowing data and US weekly jobless claims numbers.

The local corporate calendar sees a trading statement from sports retailer JD Sports Fashion and half-year results from safety equipment manufacturer Halma.

[master rsi] 20/11/2024 16:40

How the UPS are performing during last month

[master rsi] 20/11/2024 16:21

How the UPS are performing today

[master rsi] 20/11/2024 16:07

SFOR 33p +0.46p

As the day moves to the close is bouncing back

[master rsi] 20/11/2024 15:09

Knights shares rise as expects profit surge amid focus on cost base

(Alliance News) - Knights Group Holdings PLC on Wednesday said it is well-positioned to deal with costs arising from an increase in national insurance costs as it anticipates a profit surge amid a momentum in recruitment.

The London-based professional services company expects underlying pretax profit to have jumped 26% to GBP14.6 million in the six months to October 31, from GBP11.6 million a year ago.

This reflected an increase in the pretax profit margin to 18.4% from 15.4%.
Revenue is anticipated 5.4% higher at GBP79.4 million, compared to GBP75.3 million.

Knights noted an ongoing momentum in recruitment, as 23 senior professionals joined the company in the first financial half, up 15% from 20 a year ago.

Further, it highlighted "a good pipeline of further hires for the second half, driven by increased brand awareness and a growing reputation across the UK legal services market".

The increase in national insurance contributions is expected to have an annualised cost impact of GBP2 million in financial year 2026, with financial 2025 set to be impacted in just one month.

The company will release half-year results on January 14.
Knights shares rose 2.3% to 110.00 pence each on Wednesday afternoon in London.

[master rsi] 20/11/2024 14:56

DOW

On the way down by 25 points

[master rsi] 20/11/2024 14:30

Hornby shares plummet as pretax loss widens due to rising costs

(Alliance News) - Hornby PLC on Wednesday said it remains optimistic for the festive season despite a weak performance in the first half.

Hornby is a model railway maker and retailer based in Margate, England.

Pretax loss widened to GBP5.1 million for the six months ended September 30, down from GBP4.9 million a year before.

Revenue rose by 10% to GBP25.0 million for the same period, up from GBP22.7 million a year prior. Hornby attributed this discrepancy to rising costs across the firm, despite an improved sales performance.

Finance costs rose by 39% to GBP1.0 million from GBP719,000 a year prior. Admin costs rose by 2.7% to GBP3.8 million for the half, up from GBP3.7 million a year before.

Hornby did not declare an interim dividend, unchanged year-on-year.

Hornby shares were down 19% at 21.00 pence each in London on Wednesday afternoon.

Looking ahead, Hornby remained optimistic, pointing to a strong order book and activities in place for the run-up to Black Friday and the festive period.

Chief Executive Olly Raeburn commented: "Revenue performance versus last year has been solid, and we exit the half year with a clear, and aggressive, plan for maintaining that momentum through the critical Black Friday and Christmas trading periods.

[master rsi] 20/11/2024 13:35

KEEP an EYE

SFOR 32.48p( 32.30 v 32.66p )

The last couple of days have managed to slowly climb from the lows lately, after forming a floor at 30p
----------------- Intraday ------------------------------------------ 2 months ------------------------------- 1 year -------------------
INDICATORS

[master rsi] 20/11/2024 13:17

James Cropper shares slump on swing to loss and revenue decline
(Alliance News) - James Cropper PLC on Wednesday said it swung to a loss in the first half of its financial year, due to subdued demand and increased costs.

James Cropper is a Kendal, England-based manufacturer of creative papers and luxury packaging.

The pretax loss was GBP606,000 in the six months that ended September 30, a swing from a profit of GBP2.4 million a year before.

Revenue was 12% down year-on-year to GBP49.9 million from GBP56.5 million. The company noted an improvement of 6.5% from the previous six month's revenue of GBP46.5 million in a "challenging" second half of the prior financial year.

James Cropper shares were down 9.4% to 226.50 pence in London on Wednesday afternoon.

No interim dividend was proposed. Last year, James Cropper paid an interim dividend of 3.0p per share.

The company said "challenging conditions" remain in the paper and packaging business "due to the ongoing fragility in the luxury packaging sector".

Due to this weakness, James Cropper now expects full-year results to be below prior forecasts. It said financial 2025 revenue and adjusted pretax profit before tax are now expected to be in line with financial 2024, when they were GBP103.0 million and GBP758,000, respectively.

Outgoing Chief Executive Officer Steve Adams said: "Although trading was challenging in the first half of the financial year, the group was able to achieve sequential growth in revenue and profit with clear signs of recovery across most segments of the business.

"The fact that our direct customer base remains stable and intact, and that we are seeing positive trends in various end markets, gives us confidence that the group is positioned for growth once end market conditions stabilise and improve," he added.

Adams will retire in early 2025 and be replaced by David Stirling, the former CEO of Zotefoams PLC.

[master rsi] 20/11/2024 12:57

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