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!
5.30pm: thanks again for your patience as I worked my way through some short sections. Roland will take care of the report tomorrow. See you next time!
Companies Reporting
| Name (Mkt Cap) | RNS | Summary | Our view (Author) |
|---|---|---|---|
Rolls-Royce Holdings (LON:RR.) (£64bn) | Strong start. Tariff impact to be offset. Confidence in guidance for £2.7-2.9bn adj. op profit. | ||
London Stock Exchange (LON:LSEG) (£62bn) | Strong start. Full year guidance confirmed. Total income +8.7% including M&A, +7.8% organic. | ||
Lloyds Banking (LON:LLOY) (£44bn) | Q1 profit after tax £1.1bn (LY: £1.2bn). Return on tang. equity 12.6%. Guidance confirmed. | ||
Informa (LON:INF) (£9.6bn) | Q1 underlying revenue growth 7.6%. Full year guidance reaffirmed (revenue growth 5%+). | ||
Schroders (LON:SDR) (£5.3bn) | Net inflows of £1.1bn if we exclude joint ventures/associates. Asset management is neutral, while wealth management saw inflows. But at the same time there were £8.5bn of outflows from JVs/associates. | GREEN (Graham) I was GREEN on Aberdeen yesterday and it's only fair that I go GREEN on this one, too. We have another giant in the UK asset management industry with very modest outflows (or inflows, depending on how you count it). So another demonstration that it's not all doom and gloom in fund management right now. Just like Aberdeen, Schroders is in another league to the smaller fund managers we cover in this report, and is more than just a fund manager. Additionally, I appreciate the history of this company (well over 200 years old) and its continued ownership by the Schroder family. At a P/E ratio of 11x, I think this is quite attractive. | |
Whitbread (LON:WTB) (£4.6bn) | Rev -1%: lower food & beverage revenues. Profit after tax falls 19% to £254m. 5-year plan on track. | ||
Persimmon (LON:PSN) (£4.2bn) | On track for growth in completions to 11 - 11.5k for the full year, assuming… |
