Good morning! We have a section from Mark on CLIG to kick us off today.
1.30pm: That's all for today. Cheers!
Spreadsheet that accompanies this report: updated to 14/2/2025.
Companies Reporting
| Name (Mkt Cap) | RNS | Summary | Our view (Author) |
|---|---|---|---|
ConvaTec (LON:CTEC) (£5.1bn) | Full-year Results | Rev +7%, op profit +23.7%. Leverage lower. Confident outlook, FY25 guidance reiterated. | |
Hikma Pharmaceuticals (LON:HIK) (£5.1bn) | Final Results | Rev +9%, ahead of exps. Core op profit +2% to $719m in line with exps. “Strong” 2025 outlook. | |
Rathbones (LON:RAT) (£1.9bn) | Full-year Results | FUMA +3.7% to £109.2bn, PBT +73% to £99.6m. Cost savings ahead of target. H2 bias in FY25? | |
Morgan Sindall (LON:MGNS) (£1.7bn) | Full-year Results | “Record” year, rev +10% and PBT +19%. Improved daily net cash. 2025 to be in line with exps. | AMBER/GREEN (Graham) [no section below] This construction share has doubled since we gave it the thumbs up in 2023. Led by founder and 6% shareholder John Morgan it continues to go from strength to strength. The outlook is in line despite economic uncertainty. I adjust our stance lower to reflect the much higher valuation now attached to the shares. May still offer value considering year-end net cash of nearly £500m. StockRank 96. Great emphasis by management on profit margins and ROCE targets. |
Hammerson (LON:HMSO) (£1.4bn) | Final Results | LFL gross rental income +1.6%, adj earnings £99m (FY23: £116m). EPRA NTAVps 370p, LTV 30%. | |
| Pets at Home (LON:PETS) (£1.2bn) | Media reports - FT. Also see City AM. | SP up 14% Rumours of private equity interest. Separately, there are suggestions by Jefferies that the CMA probe into vet services will have limited impact. | AMBER (Graham) [no section below] A spokesman for the private equity firm has told the FT that the speculation is "totally incorrect". It's hard to know what to believe. I was neutral on this share in January (at 220p) and am not inclined to change my stance at 260p in February based on rumours. If the CMA probe has no impact that will be a definite positive and I could think about turning AMBER/GREEN. For now I'll wait to receive more solid information. |
Chemring (LON:CHG) (£1.0bn) | AGM TU | FY25 outlook in line with exps. Order book 30 Jan 25 £1,351m (Jan 24: £991m). £40m buyback. | |
Aston Martin Lagonda Global Holdings (LON:AML) (£1.0bn) | Full-year results | Rev -3%, op… |
