Equities have enjoyed a bounce this morning after ending last week on a downbeat note. Click here to find out what The Trader Nicole Elliott thinks of the latest market moves.
IC TIP UPDATES:
Insurance and professional services specialist Charles Taylor (CTR) has pulled out of the proposed acquisition of a life insurance business as the economics of the deal did not stack up. Management is still seeking other acquisition opportunities. Buy.
Digital marketing specialist XL Media (XLM) grew its revenues by 47 per cent in the year to December with adjusted earnings up by 28 per cent to $17m. Management says current trading is strong and is in line with expectations for the year. We keep our buy rating.
Simon Thompson recommendation Greenko (GKO) grew the operational capacity of its renewable energy portfolio in India by 45.6 per cent to 715MW in the nine months which helped to push reported revenues up by 41 per cent to $100m with post tax profits 31 per cent higher at $15.9m. The company has 362MW of wind and 188MW of hydro power projects under construction.
Another Simon Thompson recommendation Treatt (TET) says trading has picked up in the second quarter of its financial year after a slower first three months and order books are ‘encouragingly’ ahead of last year.
KEY STORIES:
Quindell (QPP) has announced the proposed disposal of its professional services business to Slater & Gordon for an initial cash payment of £637m with further contingent payment depending on future settlement of noise induced hearing loss claims. Management is proposing the return of more than 100p a share to investors.
Rolls Royce (RR.) has won a supply and service contract with Air China for the supply of engines to power 15 new Boeing 787-9 Dreamliner aircraft.
Compass Group (CPG) says that trading has been strong during the first half of its financial year with organic growth expected in the region of 5.5 per cent and a small improvement in profit margins.
Veterinary clinics specialist CVS Group (CVSG) has announced the acquisition of a chain of seven veterinary surgeries in the West Midlands and Essex for £12m.
Abu Dhabi-focused private healthcare operator Al Noor Hospitals (ANH) grew revenues by 23 per cent in 2014 with underlying earnings up 18.5 per cent to $98.1m.
OTHER COMPANY NEWS:
Empiric Student Property (ESP) has agreed to acquire a student property in Leeds for £7.1m.
Marshall Motor Holdings, a motor dealer and leasing specialist, has announced plans to float on the Aim market which will raise £40m and value the company at £115m.
