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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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