Daily Stock Market Report (Tue 20 May 2025) - TRU, FORT, LUCE, GRG, DPLM, VOD, CWK, CLX, KGH, RNO

Tue 6:00am by Graham Neary

49 comments 5405 reads

Good morning! Welcome to Tuesday's report.

The Agenda is complete.

Companies Reporting

Name (Mkt Cap)	RNS	Summary	Our view (Author)
Vodafone (LON:VOD) (£18.0bn)	Full Year Results	FY25 guidance achieved. Outlook: broad-based momentum, top-line growth in Germany.	AMBER (Megan) Not a bad set of numbers from the enormous telecoms company. Most notable is the newly rebased dividend which is just about covered by free cash flow. And the significant reduction in debt is also a reason to keep me on the neutral side.
Fresnillo (LON:FRES) (£7.6bn)	AGM Statement	More business-friendly environment in Mexico. Positive outlook for gold and silver prices.
Smiths (LON:SMIN) (£6.9bn)	Q3 Trading Update	Q3 organic revenue +10.6%, YTD +9.6%. Expects top end of 6-8% guidance with margin expansion.
Diploma (LON:DPLM) (£5.7bn)	Interim Results	H1 revs +14% to £729m, adj op profit +25% to £156.9m. FY25 guidance upgraded.	AMBER/GREEN (Roland) Today’s half-year results look strong and include a 2% upgrade to FY revenue guidance, with higher margins than previously expected. This distribution group is an excellent business, in my view, with an impressive record of long-term compound growth. Value hunters should shop elsewhere, but I’m quite comfortable taking a moderately positive view here.
Londonmetric Property (LON:LMP) (£4.0bn)	Full Year Results	Like-for-like income growth 4.2%. Total return 8.3%. EPRA net tangible assets per share 199.2p.
Cranswick (LON:CWK) (£2.9bn)	Preliminary Results	Like-for-like revenue +6.8%. ROCE 18.5%. The start of the current year is in line.	AMBER/GREEN (Graham) Differing with my colleagues and taking a positive view here, while acknowledging that the shares aren't "cheap" and that the recent allegations against a particular farm were deeply troubling.
Greggs (LON:GRG) (£2.0bn)	Trading Update	First 20 weeks: sales +7.4%, LfL +2.9%. Expectations for the full year outcome remain unchanged.	GREEN (Megan) There are two numbers which stand out for me this morning: +2.9% LfL sales growth (higher than at the end of last year) and a marketing video with 3.1m views on TikTok. The wind seems to be back in Greggs’ shares, so I am going back to uninhibited positivity about this stock.
SSP (LON:SSPG) (£1.3bn)	Interim Results	LfL sales +5%. Operating profit +20% (£45m). H1 in line, full year guidance maintained.
Hilton Food (LON:HFG) (£807m)	AGM Trading Update	Trading in line and outlook in line (adj. PBT £76.8 - 81.0m).
Senior (LON:SNR) (£675m)	New Contract Awards	Two contracts from…

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Harry Hindsight

Tue 12:07pm

There is a story about three little piggies. We’ve had the first one.

doctor dave

Tue 12:10pm

Serabi Gold (LON:SRB)

Filtronic (LON:FTC)

Barclays (LON:BARC)

Epitychia

Tue 12:48pm

Ed has done an article in the Daily Mail. I thought it was good.

Aislabie

Tue 12:55pm

It is not just that Renold (LON:RNO) is a small company, it is that it is a world class company and we have lost so many of those to foreign ownership that it hurts. Who knows where a private equity owner may take it. I am a fervent believer in the benefits of open capital markets but ours have been so much more open for foreign buyers than other markets for so long that I honestly must admit that we may have hurt ourselves. One big unanswered question is where do the proceeds of these purchases end up. If the money is recycled into new growth or expenditure in the UK, then clearly there is no problem. But it is more likely that much of it moves to overseas opportunities and is lost to the UK. It tests my free market beliefs.

JSLDUK

Tue 1:07pm

I’ve missed the double selling Renold (LON:RNO) and care reit weeks before bids doh!!

cadmunkey

Tue 1:15pm

Renold (LON:RNO) Serious question, not had a bid on a company I've held before. Do I sit on my hands and wait for the deal to go through or do I have to sell my shares myself at some point?

timarr

Tue 1:29pm

If you do nothing and the bid goes through then eventually your shares will disappear from your trading account and the cash will be credited to it.

However, not all bids succeed, so sometimes selling immediately is the best thing to do. Sometimes there is a counter bid and the shares go higher.

There's never a straightforward answer, I'm afraid.

Lincoln Green Imp

Tue 1:49pm

Yes, thank you, maybe Ed's article will be in tomorrows Daily Mail, I get the paper Daily Mail and it has not been in yet, only on line.

Tim Boucher

Tue 2:10pm

A simple Stocko rule of thumb is to sell half (in case bid fails) and keep half (in case offer price rises). For Renold (LON:RNO) there are 2 bidders, in at 77 and 81p, so there could be more upside to today's price of 75p.

John O' Gaunt

Tue 2:16pm

International Personal Finance (LON:IPF) Natwest (LON:NWG) ZIGUP (LON:ZIG)

TheRaven

Tue 3:20pm

Ah Tebay - my favourite too. Haven't been for a while - is there still a good farmer's delicatessen there?

Not that far from the Cropper paper factory either.

Mark Tughan

Tue 3:37pm

Andrada Mining (LON:ATM), Brave Bison (LON:BBSN), TP Icap (LON:TCAP)

Tue 3:38pm

thank you timarr, appreciate your reply.

Will Marsh

Tue 4:51pm

RNO - 81p is too cheap and it would be a shame to let it go for that. I can't grumble I'm in at circa 35p but I'd hoped for over £1 playing the long game and seeing the pensions liability dwindle. Great company great product and well run too. A very unusual combination for AIM.

transport_tycoon

Tue 4:53pm

Sold Renold (LON:RNO) a couple of days ago on the strength. I wonder how long others have known about the bids for. WE need better regulations around this

rmillaree

ok top 3 holdings here are Norcros (LON:NXR) £JET2 and a tie between B.P. Marsh & Partners (LON:BPM) and ZIGUP (LON:ZIG)

Tue 4:58pm

I know in the toon they have the greggs that stays open all neet - just dont ask the bouncers if they get paid in pasties if you want to get served.

tony axon

Tue 6:19pm

My top three are :-CRN ,and TIME both near doubled ,[during last 12 months] and continue to hold, as I see plenty more to come, particularly TIME. My third is TPFG 20% growth forecast for two years ,nice divi ,good cashflow ,and manageable debt ,decent margin. Continue to hold CRN with 10% forecast growth ,and 5% divi. Tony

Alkmund

Tue 6:22pm

I remember the discussions on Renold (LON:RNO) last year and I was one of the sellers then. Fortunately I only sold half, after taking profits, but having much less conviction on how earnings were being allocated. That was also after having sold all my Rolls-royce Holdings (LON:RRN) previously after they had close to doubled but still with significant debt at the time and then wished I had kept half (my current approach when I'm not sure). It is definitely though a shame to be losing even more companies from the UK markets, with so few new ones listing to replace them.

Tue 8:39pm

Sorry if a bit crypto - profit warning come in threes (stocko research) but this was not a profit warning, just some rogue farm. Ok lets hope the top management are inspecting the farms before the activists and without pre-warning (ok guys put on the hi-viz). Do your job - know what is going on at the coal face. If hundreds of "coal faces" then not possible - understood.

The reputation had been put into question. Supermarkets will be worried. China maybe give a.

Lets not talk lambs and cultural differences. We however seem to have no candle to hold high.

Sure they will enjoy this bank holiday.

Daily Stock Market Report (Tue 20 May 2025) - TRU, FORT, LUCE, GRG, DPLM, VOD, CWK, CLX, KGH, RNO

Companies Reporting

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Graham Neary

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