I Read The News Today Oh Boy! 3-May-2019

Friday, May 03 2019 by

Morning all!

Numis ( Numis (LON:NUM) ) – 265p – £282m – PER 11.5

Interim Results For The 6 Months To End March 2019 – Challenging market backdrop, Revenues down -24% (LFL but 3% higher than 2018 H2), the Dividend is maintained at 5.5p (also £7.5m of share buy-backs in past 6 months).

Remains too “lumpy” for me to invest in – For this reason I am going to put this on my Avoid list and cease coverage as I cannot see myself ever investing here in the future.

Symphony Environmental Technologies ( Symphony Environmental Technologies (LON:SYM) ) – 6.6p – £10.2m – PER 14.8

AGM Statement – Confident of meeting FY expectations with significant growth expected in H2.

Only covering this as it had a £53.1m Market Cap last time I covered it. I will now cease coverage until I see it above £30m again, which could perhaps be never!

Happy long weekend to all (who live in a part of the world where Monday is a Public Holiday) – Back on Tuesday. 

As always, all comment most welcome!

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Numis Corporation PLC is a United Kingdom-based independent institutional stockbrokers and corporate advisors. The Company offers a range of research, execution, corporate broking and advisory services to companies quoted in the United Kingdom and its investors. The Company's services include research, sales and trading, investment companies, corporate finance, corporate broking, principle capital fund managers limited (PCFM), Numis indices and asset management. The investment company's research-driven approach focuses on specialist or differentiated mandates, including quoted equity, private equity, infrastructure, property, debt and other alternative assets. The corporate finance services include advice and transaction execution in relation to mergers and acquisitions, secondary equity issuance, convertible securities and bonds. The Company serves corporate clients and institutional clients. It is managed as an integrated corporate advisory and stockbroking business. more »

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Symphony Environmental Technologies plc is engaged in controlled-life plastic and sells both pro-degradant additives and finished plastic products. The Company's business activities include development and supply of environmental plastic products to a global market, and the development of waste to value projects. It also supplies other flexible polythene and related products. It operates through three segments: Plastics Sales, Plastics R&D and Recycling Technologies. The Plastics Sales segment generates and maintains revenues relating to plastic additives, masterbatches and finished products. The Plastics R&D segment includes all new product development and research expenditure. The Recycling Technologies segment includes all activities involved in the development of tire and rubber recycling systems. Its technologies include d2w, an oxo-biodegradable (controlled-life) plastic technology; d2p, a protective plastic technology, and d2t, an anti-counterfeiting performance technology. more »

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  Is LON:NUM fundamentally strong or weak? Find out More »

5 Posts on this Thread show/hide all

MrContrarian 3rd May 1 of 5

My morning smallcap tweet:


MySale (MYSL) sells its UK business for £1.5m. It lost A$0.4m last year. Step to focus on home ANZ markets.

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andrea34l 3rd May 2 of 5

That actually sounds like a dreaded H2-weighted announcement from Symphony Environmental Technologies (LON:SYM) to me. As usual, it's full of waffle, it also indicates lumpiness. I'm afraid that the most viable solution to reduce the world's plastic pollution is to actually use, and manufacture, as little plastic as possible.

Thanks for this week's reports, Matylda. A nice long weekend to you... and all.

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matylda 3rd May 3 of 5

In reply to post #473606

Thanks for the kind words and wishes, you too.

Symphony Environmental Technologies (LON:SYM) - The market seems to have taken it well so far - Hey Ho !

Blog: Briefed Up
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LongValue 3rd May 4 of 5

Numis (LON:NUM) is a company that has been sitting on my watchlist for some time. The one major failing that it seems to have is that it appears to act as a proxy for the broader market. It does well when the market is buoyant. Basically, it's cyclical. That said, the company clearly recognises this and has constructed a very strong balance sheet – it seems to have more than enough cash (£78.9 million as at 31st March 2019) to continue to pay dividends and to ride out the slump.

A major warning sign for me was the sell-off of stock by two key directors in 2017 – Oliver Hemsley (Founder) and Lorna Tilbian (She sold her entire 5.26% stake in September 2017). They clearly saw the writing on the wall.

The impression given is that it's not losing market share (Its corporate clients increased by 6 to 214 compared to H1 2018) but there is simply a dearth of activity in the small to mid-cap sector that it focuses on. With the result that EPS dropped 65.8% compared to the previous period. Interestingly, MIFID II seems to have had little impact with revenue from research described as “Robust”.

Just when the broader market will turn is anyone's guess but something I found a little concerning in today's interims was this statement “Once greater clarity regarding the UK political outlook is established, we expect a material improvement in corporate and institutional client activity”. Judging by the recent local election results that clarity could be quite a long way off.

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matylda 3rd May 5 of 5

In reply to post #473706

I hear you - However the market is hardly sinking at present, anyway it is highly unlikely I will be going anywhere near it anytime soon.

Blog: Briefed Up
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