UK Stock Market News Today – 3-Apr-2018
Hope you all had a great (long) weekend.
Hornby (HRN) – 23.03p – £28.8m – PER 18.0
Trading Update – Sticking with the “no use of discounting” approach has affected sales (as has late delivery) – Sales and profits lower than last year. Expects to have finance in place by June to support a return to profitability – Barclays have waived a recent quarter breach of covenants (due to the sales and profits issue mentioned above).
I just feel there’s more risk here to the downside than to the upside, at least in the short to medium term. I’ll sit on the side-lines for now.
Flybe (FLYB) – 33.5p – £72.6m – PER 10.4
Trading Update – Weather impact -£4m on Revenue.
Never really been tempted here and this update hasn’t changed that view.
Renew Holdings (RNWH) – 380p – £237.8m – PER 10.8
Trading Update For The 6 Months To End March 2018 – In-line with the Board’s expectations, expecting to report an increased forward order book when the interims are published. Expects NetCash at the end of the year, as forecast.
Looks OK but I will remain Neutral.
Air Partner (AIR) – 143.5p – £74.9m – PER 15.6
Year End Update – Something about an accounting balls up to the tune of £3.3m.
No idea of the impact here. The last Trading Update For The 12 Months To End January 2018 mentioned expectations of PBT of at least £6.4m. Does this mean PBT will be halved? I hold but may be looking for a sharp exit this morning.
As always, all comment most welcome – Have a great day!