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Kate Heseltine
17 December 2018

Asos (ASC); posts profit warning after an ‘unbelievably bad’ November

Asos have revised full year guidance for sales growth to 15% (previously 20-25%)

It seems that Mike Ashley is not the only retailer to have experienced an ‘unbelievably bad’ November with online giant, Asos, issuing a major profit warning in its Q1 trading update this morning. Despite having achieved sales growth over the period of 14% it has highlighted a ‘significant deterioration’ in November trading, a crucial month for many retailers.

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Sparks Team
17 December 2018

INVESCO Asia Trust (IAT); releases half year report: NAV returns of -10.5%

Over the period, the share price discount to NAV spread slightly to 12.2%

For the six months ended 31 October 2018, INVESCO Asia Trust posted NAV return per share (combining capital and income) of -10.5%, better than the benchmark MSCI AC Asia ex Japan Index returns of -11.0%.

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Sparks Team
17 December 2018

Custodian REIT (CREI); acquires Volkswagen car dealership for £2.36m

The 14,926 sq. ft. Volkswagen car dealership is situated on Belton Road

Custodian REIT funded the acquisition from existing debt resources, increasing net gearing to 25.7% loan to value. The property is let on a lease to the Lister Group, which expires on 30 November 2038.

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Sparks Team
17 December 2018

SCISYS Group (SSY); secures €11.2m contract with Thales Alenia Space France

The contract will commence this month and will continue up to June 2020

SCISYS Deutschland secured a contract with Thales Alenia Space France worth €11.2m. The contract is for the continuation and further enhancement of four Galileo Ground Mission Segment (GMS) elements. Galileo is Europe’s own global navigation satellite system, providing a highly accurate, guaranteed global positioning service under civilian control.

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Sparks Team
14 December 2018 · 1 min read

Low & Bonar (LWB); trading update: sales growth increases 2% LFL to £432m

The board expects to recommend paying a reduced final dividend for the year

Market conditions have remained tough for Low & Bonar’s Q4. Although self-help initiatives have been beneficial in H2, raw material costs continue to have a negative impact. In its trading update for the year ended November 2018, the company announced that it expects an underlying profit before taxation and amortisation of £17m.

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Sparks Team
14 December 2018 · 2 min read

ReNeuron Group (RENE); reduces loss to £5.32m from £9.57m

The business development activity has increased reflecting a third party interest in core therapeutic programmes

ReNeuron announced its interim results for the six months ended 30 September 2018. At the period-end, cash consumed by operations declined to £7.54m, while total cash fell to £30.67m (vs. 31 March 2018: £37.41m).

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Paul Hickman
13 December 2018 · 2 min read

Sports Direct (SPD); acquisition of house of Fraser starts to show results

Total revenue was up 4.5% to £1,792m, despite a flat picture in UK Sports Retail

The enormity of Sports Direct’s House of Fraser acquisition starts to show through in its results. The 59 stores acquired on 10 August were only included in the first half for 11 weeks, but in that time posted an EBITDA loss of £31.5m, dragging down Sports Direct’s underlying interim pre-tax profit to £64.4m, a 27% decline. That was despite the success of the rest of the business, which grew its EBITDA by 15.5% to £180.3m.

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Sparks Team
13 December 2018 · 3 min read

Serco Group (SRP); underlying trading profit to grow 30-40% in 2018

Outlook for 2019 is in line with market expectations

Serco Group provided an update on its financial performance for 2018 and outlook for 2019. Underlying trading profit for 2018 is likely to grow 30-40%,  in line with guidance that was revised upwards in late September. Closing net debt is expected to be lower than previously expected, at around £200m, with leverage improving to 1.2-1.3x.

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Sparks Team
13 December 2018 · 2 min read

OnTheMarket (OTMP); reports on listing agreements with over 12,000 agent branches

The offering of short-term introductory trials has largely contributed to growth in agency branch base

As of 12 December, OnTheMarket has signed listing agreements with UK estate and letting agents with more than 12,000 branches. It has added over 6,500 branches since admission to AIM in February.

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Sparks Team
13 December 2018 · 2 min read

Nanoco Group (NANO); is confident it will meet the board’s expectations for FY19

Nanoco has been focussing on enhancing the performance of its materials

Nanoco Group will hold its AGM today at its headquarters in Manchester. With respect to the group’s trading performance for the first four months of the financial year ending 31 July 2019, the Runcorn facility expansion remains on track to be completed by the current calendar year-end.

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