Galliford Try has released its first set of full year results since the disposal of its housebuilding business, closing the door on a successful turnaround. Vitally, it appears to be adhering strictly to the discipline management has emphasised since joining the board. The order book remains strong in a growing market, guidance has been upgraded, the (2x covered) dividend re-instated at 4.7p, and the EV is still laughably small given the net cash position of £164m against a market cap of £200m
Diaceutics has developed the world's first all-parties marketplace platform (“DXRX”) that allows its clients, pharmaceutical companies, to review and connect with the laboratories and diagnostic companies needed to aid in the development, roll out, & uptake of the diagnostics which enable patient selection for the Pharmas' Precision Medicines. Key to the investment case is that DXRX is now a fully invested and scalable platform, with 70%-80% incremental gross margins and a relatively fixed cost
R&Q's interim results announced the swift transformation of the Legacy Insurance business into one that can manage some $2bn of reserves on behalf of external capital through a new vehicle, Gibson Re. This marks the next (and biggest) step in its transition to a recurring-revenue business, generating a 4.25% annual management fee – management expects it to contribute to growing group EBIT to $90m by 2023. Somewhat overshadowed by this announcement was another stunning performance from Program M
H1 has demonstrated the sort of consistent growth and cashflow performance we have come to expect from ContourGlobal, and it is providing more evidence on its ability to grow dividends by 10% a year whilst retaining sustainable dividend cover. We are left wondering how much longer the market can ignore a 6.5% yield, the potential for material growth, the impending re-valuation catalysts, and the security against volatility and inflation on offer here.
Management has released a trading update for the high-growth Program Management business, covering the half year to 30th June – as well as a quick note on July trading. During this period, Program Management has demonstrated astounding growth.
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