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News & Tips: Restaurant Group, Parkmead, Enquest, Infinis, Bonmarche & more

Today's market overview

Equities are on the rise and the Trader Dominic Picarda, despite accepting that the continued monetary largesse is likely to end in tears at some point, is staying long for now.

IC TIP UPDATES:

Sell recommendation Restaurant Group (RTN) reports 9.1 per cent growth in overall sales and 3.1 per cent like for like sales growth in the 45 weeks to 10 November. The company has owned 21 new sites during the year with further openings expected to take the annual total to 33-35 new restaurants in the year. Like for like comparatives are tougher for November but management remains confident of meeting expectations. Our recommendation is under review.

Parkmead Group (PMG) grew revenues by 38 per cent to £4.1m in the year to June as production from its Netherlands gas assets contributed but costs also rose sharply as the company acquired a number of assets and moved to progress them towards production, group assets more than doubled to £53.4m. Buy.

North Sea oil producer Enquest (ENQ) saw average production rise by 7.2 per cent to 23,129 barrels of oil per day in the first ten months of the year with full year average production expected to be in the region of 22,000 to 24,500 barrels of oil per day. The company has recently agreed a new $1.7bn credit facility. We maintain our buy recommendation.

Engineer Rotork (ROR) says revenues grew by 13 per cent in the third quarter with the fourth quarter expected to be the strongest three month period this year. Cumulative orders are 6.9 per cent ahead for the year with the order book of £204.8m running 7.3 per cent higher than last year. Currency tailwinds have abated a little of late as the pound has strengthened. Our recommendation is under review.

KEY STORIES:

Shares in renewable energy company Infinis (INFI) start trading this morning after its initial public offering was priced at 260p a share, valuing the company at £780m. Retail investors who applied for £1,000 worth of shares will receive £998.40 worth of shares with any applications above £1,000 receiving 55 per cent of the balance of the shares they applied for subject to a maximum of £27,947.40.

Retailer Bonmarche has announced the pricing for its initial public offering at 200p a share with a view to raising £40m for its private equity backers. Trading will start next Wednesday.

Quindell Portfolio (QPP) has announced that it has completed a £200m fundraising at 16p a share to further fund the rapid growth of the business.

Meanwhile, wind power investment company Greencoat UK Wind (UKW) has announced plans to raise up to £135m from investors in a bid to refinance the group’s bank facilities, which has been used to buy up wind farm assets.

Indian resources group Vedanta (VED) has reported a 17 per cent dip in half year revenues to $6.2bn and a 14 per cent slide in cash earnings to $2.2bn as lower commodity prices hit performance. Operational performance was solid with oil and gas production at record levels but iron ore production was hit by mining restrictions which affected the Karnataka mine.

Cape (CIU) reports that third quarter performance is in line with expectations. Revenues were slightly ahead of forecast but margins were lower, primarily due to issues on project work in the Middle East which will now affect the full year performance.

Animal genetics company Genus (GNS) reports that demand is 5 per cent ahead of last year in the opening four months of its financial year and that rising output costs and falling input costs suggest that customers are likely to initiate new projects early in 2014.

OTHER COMPANY NEWS:

Northbridge Industrial Services (NBI) has announced the acquisition of Abu Dhabi-based oil and gas tools rental business OMM BVI for an initial consideration of $3m with a further maximum payment of up to $4.75m.

Gem Diamonds (GEMD) grew production at its Letseng mine by 9 per cent in the third quarter compared with the previous three months with average sales prices continuing to rise in October and November.

 

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By Graeme Davies,
15 November 2013

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