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News & Tips: Falkland Oil & Gas, Sanderson Group, Renew Holdings, Scapa, Arian Silver, Findel, Nostra Terra & more

Today's market overview

Equities are off to a good start today following news of agreement on restructuring Greece’s bailout, which has released the next tranche of funding due to the stricken country. The Trader Dominic Picarda takes this as a signal for further positive moves in European indices.


Shares in Falkland Oil & Gas (FOGL) have slumped on news of disappointing well test results at the Scotia prospect. Signs of gas were found, which is not ideal in an environment as isolated as the Falklands, and even then not enough gas was found to be commercially viable. Our recommendation is under review.

Simon Thompson recommendationSanderson (SND) has issued solid full year results for what management describes as a year of transition. Revenues were down marginally at £13.4m and operating profits rose by 12 per cent.

Full year results from engineering services business Renew Holdings (RNWH) show revenues down by 4 per cent but an improvement in margins leading to a 22 per cent hike in adjusted profits to £10m. We keep our buy rating.

Recent sell recommendation De La Rue (DLAR) has reported a 3 per cent rise in revenues and profits but also reiterated that some contracts have slipped and will not now be recognised in the current year. The 12 month order book is flat at £248m.

Scapa Group (SCPA) has grown adjusted profits before tax by 31 per cent to £5.9m as management’s self help measures kick in. We maintain our buy rating.

Fulcrum Utility Services (FCRM) improved its profit margins in the six months to September, leading to an underlying profit of £1.1m. But the company has also warned that a number of significant contracts have slipped into next year and full year figures will miss market expectations.

Buy recommendationArian Silver (AGQ) has signed an agreement for access to a 500 tonne per day processing plant.


Findel (FDL) says that its turnaround plan is on track after announcing a rise in revenues from £254.6m to £275.1m and a reduction in losses to £4.6m before exceptionals. The 8 weeks since the half year ended have seen sales running 7.7 per cent ahead of last year.

Chemring’s (CHG) new chief executive has been welcomed by a withering trading statement which details poor operational performance as well as falling demand in its key markets. The order book is expected to be £760m at the year end against £878.3m the previous year.

Pubs group Mitchells & Butlers (MAB) grew revenues by 3.3 per cent in the year to September with like for like sales up by 2.1 per cent. Adjusted operating profit came in just 1 per cent higher at £304m.


KCOM’s (KCOM) full year results illustrate the tough end markets it is operating in with revenues down by 4.7 per cent but the company managed to grow its profits by 1.9 per cent to £27.5m.

Nostra Terra Oil & Gas (NTOG) has announced better than expected operating results from the Chisholm Trail Prospect in Oklahoma, in which it has a minority interest.


Read today's press headlines and share tips.

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By Graeme Davies,
27 November 2012

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