Tags
Bwin.party digital entertainment, Chesnara, Computacenter, Germany, Headlam, Headlam Group, June, Market, Mytrah Energy, Percentage, Restaurant Group, Revenue, Smiths News, Sports, Trader Dominic Picarda
Today’s market overview
Equities are down again after yesterday’s mini-rally and The Trader Dominic Picarda is sure that the current downtrend still has some legs before the rally resumes.
IC TIP UPDATES:
Sell recommendation Bwin.Party Digital (BPTY) suffered a 16 per cent reversal in revenues in the first half of 2013 and a 34 per cent fall in earnings from continuing operations as a betting tax in Germany hit business. Management says it is on track for savings of €70m in the current year with another €20m identified for next year.
Fellow sell recommendation Restaurant Group (RTN) posted more positive figures with its revenues rising 11.5 per cent to £280m in the six months to June and pre-tax profits 15 per cent higher at £30m. The company opened seven new sites in the first half and is planning 30-35 across the year.
Building products supplier Tyman (TYMN) is benefiting from a pick up in the US construction markets. It grew revenues by 11 per cent in the first half to £123.7m and reports order books are higher across the business at the start of the second half. Buy.
Life assurer Chesnara (CSN) more than doubled its profits in the first half of the year to £21.8m as it benefited from better investment markets. We maintain our buy recommendation.
Indian wind power developer Mytrah Energy (MYT) has raised €17.5m and confirmed that it is on track to almost double capacity to 548.1MW by the end of the year. We keep our buy rating.
KEY STORIES:
Smiths News (NWS) has agreed its triennial valuation on its pension liabilities which sees its deficit reduce from £50m to £23m and annual payments fall from £5.8m to £4.1m.
Computacenter’s (CCC) first half results reflect a tough period although revenues and adjusted profits both rose marginally. The company took a hit totalling £29.3m in the form of exceptional costs, most of it connected to loss making contracts in Germany.
OTHER COMPANY NEWS:
Floor coverings distributor Headlam (HEAD) suffered in tough market conditions during the first half with like for like sales dipping by 0.8 per cent in the UK and 5.2 per cent in Europe. This led to a 10 per cent reversal in pre-tax profits.
Related articles
- Week ahead in business and economics: August 27-30 (telegraph.co.uk)
- The Week Ahead: Regus set to meet first-half forecasts (independent.co.uk)
- Zynga to partner with bwin.party to launch real-money gambling social games in the UK (venturebeat.com)
- Magrogan restaurant group has two openings (bizjournals.com)
- Jamie Oliver blasts young Britons as too lazy to work for him (mirror.co.uk)
- Frankie & Benny’s bids for place at new Monks Cross site (yorkpress.co.uk)
- Del Frisco’s 2Q profit up, tops Street’s view (miamiherald.com)
- Cohn Group expanding their Oceanside restaurant precence. (northcountyfood.wordpress.com)
- What Does The Launch Of Zynga’s Internet Gambling Platform Really Mean? (gameinlane.wordpress.com)
- Bwin Teams up with Olympique de Marseille (karllusbec.wordpress.com)
