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News & Tips: Burberry, Fenner, RPS, Coastal Energy, AFC Energy, Randgold Resources, Playtech & more

Today's market overview

Equities are up a little on the back of Barack Obama’s re-election in the US, but The Trader Dominic Picarda is more concerned about near term issues in the eurozone, which he feels are likely to keep markets choppy in the coming weeks.

IC TIP UPDATES:

Luxury brand Burberry ( BRBY ) has issued results in line with recent revised expectations with total revenues up 10 per cent to £883m and adjusted profits 6 per cent better at £173m. The company remains cautious on the outlook, confirming it will grow retail space by 14 per in the full year with wholesale and licensing revenues expected to be flat. We keep our sell rating.

Conveyor belt specialist Fenner ( FENR ) has announced a record financial performance in the year to August with revenues up 15 per cent to £830.6m and pre-tax profit up 27 per cent to £88.6m. The dividend is hiked by 30 per cent too. Buy.

Consultancy specialist RPS ( RPS ) has announced that trading is on track to meet expectations after group results for the first nine months of the year came in well ahead of last year. The company believes that with two thirds of its fee income coming from the energy and infrastructure markets it is well placed to maintain its progress. We maintain our buy recommendation.

Marketing business 4Imprint ( FOUR ) has reported third quarter revenue 14 per cent ahead of last year at £47.9m, which means revenues are ahead by 15 per cent in the opening nine months of the year. Buy.

KEY STORIES:

Randgold Resources ( RRS ) saw profits slip 15 per cent in the third quarter to $121.3m after a 10 per cent drop in ounces of gold sold.

Coastal Energy ( CEO ) has responded to its recent share price rise, which has been attributed in the media to a potential transaction with Indonesia’s state owned oil company Pertamina. The company says it ‘continuously evaluates strategic alternatives, including but not limited to the potential sale of the Company’.

Betting exchange business Betfair ( BET ) has indicated it is withdrawing from operating in the German market following the introduction of unfavourable legislation.

AFC Energy ( AFC ), the fuel cell company which recently attracted investment from Roman Abramovich, has received notification of an EU grant of up to €6m towards the cost of installing a fuel cell power generation system at ICL’s chlor-alkali chemicals plant in Essex.

Online gambling technology business Playtech ( PTEC ) has issued strong trading figures for the third quarter with total revenues up 30 per cent to €79.9m. Significantly, its share of revenues from William Hill Online, which William Hill ( WMH ) wants to buy, increased by 50 per cent.

Transport operator FirstGroup ( FGP ) has announced trading for the first half is in line with expectations.

OTHER COMPANY NEWS:

3Legs Resources ( 3LEG ) has reported improved flow rates from further testing of its Lebien LE-2H well in Poland.

Shipping services business Clarkson ( CKN ) has outlined the continued tough trading conditions it is facing. Lower than expected activity in the opening weeks of the second half means that management is lowering its expectations for the full year.

Spirax-Sarco ( SPX ) has seen organic sales rise by 6 per cent in the four months to October and says that despite uncertain economic conditions its end markets are proving resilient.

READ MORE...

Read today's press headlines and share tips.

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By Graeme Davies,
07 November 2012

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