Edison Open House: Transport Futures 2021
Discover the companies delivering the future of transport today - whether via vehicles, infrastructure or the supply chain.
Yesterday, Ergomed held its annual general meeting (AGM) and provided a high-level year to date trading update (four months to end-April 2021). The company guides to FY21e revenues in line with market expectations (Edison £119.6m; consensus £120.0m). Strong revenue growth has continued in its PrimeVigilance division, in line with prior trends (in FY20 revenues grew by 30%), and its CRO business has seen a further acceleration of growth from H220 (H220 service fee revenues up 13.5% vs H120). This
Auriant’s Q121 results were released within the context of known production and were very much in line with our prior expectations. They were also the fifth successive quarter in which the Tardan CIL plant has operated, to all intents and purposes, exactly to specification. Pre-tax profits for the quarter were within 3.5% of our prior expectation and, although the effective tax rate was higher (see Exhibit 2), the majority (76.7%) of this was in the form of non-cash, deferred taxes. In the wake
Osirium reported revenue growth of 22.5% for FY20 and, as a result of cost-control measures taken to manage the business during the pandemic, reduced the EBITDA loss from £2.15m in FY19 to £1.36m in FY20. Bookings declined 14% y-o-y, although the company achieved record intake in Q120 and Q420 and has seen positive momentum so far this year, particularly in the healthcare sector. We have revised our forecasts to reflect lower operating costs and the recent fund raise.
Martin Currie Global Portfolio Trust’s (MNP’s) manager Zehrid Osmani aims to deliver above-market returns over a rolling five-year period. He is confident in the prospects for the trust’s high-quality growth portfolio and will continue with his disciplined investment process despite value stocks leading the market during the early stages of an economic recovery. The manager believes that this approach will generate a superior outcome for shareholders over the long term. His view is that followin
Record FY20 and Q121 results were founded upon Thrace’s strategic investment programme since 2015, reorienting the business towards higher-value segments. Our revised estimates reflect an expected normalisation of exceptional medical sector demand levels (FY21 upgraded, FY22 reset lower), but we expect ongoing group profitability to be well above pre-pandemic levels. Our DCF analysis infers that the current share price is factoring in overly conservative profit levels. The corollary of this is t
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