Daily Stock Market Report (Thur 1 May 2025) - IPF, WJG, TLY

6:05am by Graham Neary

37 comments 2793 reads

Good morning - it's officially the start of summer! With rising temperatures, my cooling fan has officially made its return to the office.

Our agenda is still under construction - sorry it will be slower than normal as I'm working on my own today. The agenda is finished now.

I'll be working late through the afternoon on this report - please continue to check back for updates. I appreciate your patience!

Companies Reporting

Name (Mkt Cap)	RNS	Summary
Rolls-Royce Holdings (LON:RR.) (£64bn)	AGM Statement & Trading Update	Strong start. Tariff impact to be offset. Confidence in guidance for £2.7-2.9bn adj. op profit.
London Stock Exchange (LON:LSEG) (£62bn)	Trading Statement	Strong start. Full year guidance confirmed. Total income +8.7% including M&A, +7.8% organic.
Lloyds Banking (LON:LLOY) (£44bn)	Q1 Interim Management Statement	Q1 profit after tax £1.1bn (LY: £1.2bn). Return on tang. equity 12.6%. Guidance confirmed.
Informa (LON:INF) (£9.6bn)	Trading Update	Q1 underlying revenue growth 7.6%. Full year guidance reaffirmed (revenue growth 5%+).
Schroders (LON:SDR) (£5.3bn)	Q1 2025 Update	Net inflows (£1.1bn) ex. joint ventures/associates. But £8.5bn outflows from JVs/associates.
Whitbread (LON:WTB) (£4.6bn)	Preliminary Results	Rev -1%: lower food & beverage revenues. Profit after tax falls 19% to £254m. 5-year plan on track.
Persimmon (LON:PSN) (£4.2bn)	AGM Trading Statement	On track for growth in completions to 11 - 11.5k for the full year, assuming a stable housing market.
Hiscox (LON:HSX) (£3.7bn)	Q1 Trading Statement	No change in estimates for California wildfires. Written premiums +2.4% to $1,558m.
Computacenter (LON:CCC) (£2.6bn)	Q1 Trading Update	Q1 in line. No direct tariff exposure. Order backlog healthy in all regions, comfortably up y/y.
Drax (LON:DRX) (£2.2bn)	Trading Update	Full year 2025 adj. EBITDA to be around the top end of consensus (£848 - 896m).
Morgan Sindall (LON:MGNS) (£1.7bn)	Trading Update	Trading so far is better than originally expected. Strong confidence full year in line.
Lancashire Holdings (LON:LRE) (£1.35bn)	Q1 Trading Statement	Gross written premiums +12.7%. Wildfire estimates unchanged. Still expecting ROE in mid-teens.
Sigmaroc (LON:SRC) (£1.01bn)	AGM Statement	Q1 “solid”, rev & underlying EBITDA marginally ahead of exps. Outlook for FY25 unchanged.
Clarkson (LON:CKN) (£1.01bn)	Trading Statement	SP down 9% PW. At current USD exchange rates profits to reduce by £9.5m…

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bohenie

8:36am

Yes this is one of Paul's favourites before he left. Not surprised that such a boring update today brings the price back up near 5% whilst a growth company like Morgan Sindall (LON:MGNS) with an exciting update today is lifted a mere 0.1%

JSLDUK

8:39am

I really don’t get the market…… dividend day on a c7% dividend re affirming £90m + profit for company with market cap of £250m ish ……. What am I missing

Kev

8:42am

Positive statement from Johnson Service (LON:JSG) this morning ahead of the AGM. It may not be exciting but numbers are steadily improving, a good well covered dividend, and possible move to the main market. I hold.

jamesalastair

8:46am

Morning folks

I posted a note on CVS (LON:CVSG) a few days ago. The shares popped 13% this morning, I can only assume on the publication of the CMA report this morning. The CMA report must be positive given the share price response and well done to the market makers who digested its 162 pages before 08:30. I now have todays reading sorted and will post a summary if anyone has any interest.

The CMA report can be found here for those holding the shares:

Remedies: vets market investigation working paper

Has anyone read this yet?

EDIT: Just read CalvertonOne's post below ... sorry for tediously repeating your post!!

Epitychia

8:54am

Sell in May and Go Away.

There are over 300 years of data to support this saying. But every year is different so it is ignored. Curious what readers make of this?

1James1n1

8:59am

Print circulation is a declining market, but accounts for 75% of revenues. While it has been developing digital revenues, profitability has largely arisen from managing the print decline by cost cutting and efficiencies.

handybrownone

9:03am

But when does the data say you should buy back !!!

Charles Mitchell

9:04am

The May Investment Trust-Thoughts has been published here https://www.stockopedia.com/co....

At the bottom of the introduction I have listed PE trusts and renewables trading on large discounts. Maybe the shake up of REIT's will spill over. Worst performers last mont, not surprisingly China and Vietnam. I remain bullish on Vietnam, I hold VietNam Holding (LON:VNH) and VinaCapital Vietnam Opportunity Fund (LON:VOF) . Nothing in China at the moment, but the time might be coming for a look. PE funds have huge discounts, my worst performer being Hydrogenone Capital Growth (LON:HGEN) which I hope (in vain) the board might do the decent thing and get the portfolio sold and return the funds to shareholders. Not much chance of that happening.

9:16am

Come back on St.Ledger's day. The last week of September.

The Phoenix

9:23am

Does seem something in it all be it July seems decent and i'm not sure if above denotes global stocks or purely S&P 500 returns , maybe sell end July back in October possibly.

9:44am

https://www.wallstreetzen.com/...

Has some interesting seasonality info just click you don't want the five hot tips report and you will go through to the article.

Whitbourne

9:56am

While the Whitbread (LON:WTB) update may have been boring, I do think the Premier Inn brand and the depth of experience are strong advantages. There is plenty of room to expand still, they are at the start of a journey in Germany (finally turning profitable) and have real pricing power in the UK, with clever initiatives like 'Premier Plus' rooms at a premium price. It's exceptionally tough for the hospitality sector right now and Whitbread (LON:WTB) have the staying power to emerge unscathed with smaller competitors having left the market. The asset backing provides comfort, they own quite a few of the sites (and are planning to sell less profitable ones and re-invest the capital elsewhere).

Tommy H

10:09am

Well I will say that I personally hold Whitbread (LON:WTB) for the Shareholder Card, so this is the minimum holding to get the card, but it gives you free breakfast for you and other adult guests staying with you, and 25% of evening meals for all guests (adult and younger persons). This has given a 6% return on purchase since September 2024 by itself.

The holding for benefits is 64 shares, I hold through AJ Bell (SIPP), it took about a week to get the card, I just raised it through the chat function and card was delivered.

So I had sold out of Mum's Pension (ISA) when they sold Costa to Coke, as felt that was the growth of the business and why I had been holding at that point.

Now it is Premier Inn which does what it says on the tin, I like it, my mum likes it, my kids like it. Yes it is always cyclical to consumer spending, but there are still a lot of folks out there with a lot of money, and they know their market and target audience - have you tried booking a room in Keswick (Lake District) during the holidays for example, or Sheffield City Centre during the kids Swimming County Championship at Ponds Forge?

So for me it is manage the debt down, quietly and sensibly keep slowly growing Premier Inn, manage the staffing - always an issue unless you are the only player in the area. This is all stuff they know and do well. So is it going to "one bag in a year" no. Is it going to slowly keep plodding along, giving a dividend, giving me shareholder benefits yes.

Tommy

Trident

10:21am

This stock is quite illiquid so price movements can be very jerky on relatvely small volumes. Once the share buyback programme starts I would expect price support barring disasters

Paul Walton

You generally get poor returns in the Summer for ASX. Similar with .INX

jonno

11:02am

Hi Tommy

I don't hold, but like Whitbread (LON:WTB). My son, who works for a large multi-national remarked a few years ago that consistency of quality/service is one of the hallmarks of a good business. There are off course many more, but with Premier Inn you know that you are going to get, clean and comfortable accommodation without getting ripped off. In some ways it reminds me of Pizza Express, you know that you will get a decent pizza and usually good service, again without having to take out a mortgage.

On the subject of shareholder cards, I recently bought shares in Fuller Smith & Turner (LON:FSTA) when they were trading close to 500p. Investment thesis; trading well, substantial discount to NAV (most of the estate is freehold), decent yield etc. The cherry on the cake was that I got an 'Inndulgence Card' that entitles one to a 15% discount on food and drink and from memory accommodation at some of their pubs/hotels. The minimum holding is 1000 shares.

All the best

Yellowstone Advisory

11:06am

Currys (LON:CURY) DP Poland (LON:DPP) and 2 more Co's

Are you interested in meeting management teams face to face? Yellowstone Advisory is organising an in person event with 4 listed smaller companies on 21 May and you are invited to attend.

Management teams from Currys, DP Poland and 2 other TBC will be presenting and there will be plenty of time after the presentations for informal discussions with the management teams over drinks and canapes.

The event starts at 5.30pm in EC1

https://www.yellowstoneadvisor...

Rusty2

11:16am

Eleco (LON:ELCO) final results out today, look ok, market likes them, shares are up 10%.

11:22am

Cohort (LON:CHRT) large new 15 year contract but shares are down.

Benson

11:30am

It is one of the strategies that does seem to work almost every year I have used it successfully for many years

Daily Stock Market Report (Thur 1 May 2025) - IPF, WJG, TLY

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Graham Neary

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