Trading statement for 6 months to Sept'10

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28th Sep '10 by Fangorn

15 comments 9772 reads

http://www.investegate.co.uk/article.aspx?id=201009280700083963T&fe=1

Falling profits - Profit before tax and adjusting items for the six months ending 30 September 2010 of an estimated $215 million (H2 2010: $268 million) but welcome positive performance from flagship funds, such as AHL & IP220

AHL up 7.6% in the calendar year to 31 Aug;

IP220 up 17.5%.

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About the Author

Fangorn

Premium Member

15 comments

nigelpm

28th Sep '10

Nothing in there to really worry me. Falling profits expected.

Further share price fall this morning reflects the sheer lack of interest in the stock.

loglorry

28th Sep '10

Hi Nigel

I hold and I'm quite encouraged by these results. The rebased dividend looks pretty safe and on that basis it looks like a decent stock to tuck away for the longer term. In better times I think we'll easily see 300p and we get paid to wait.

Log

nigelpm

28th Sep '10

Exactly Log. We live in crazy times right now. Anything with Oil in it ramps up on no news but good solid businesses are being neglected - Tech boom anyone?

loglorry

28th Sep '10

Agreed but not sure that Man is such a great business - just it is available at a pretty reasonable price. Some of the oil stuff is clearly crazy but there have been some pretty material finds in others that probably justify the price.

Log

nigelpm

28th Sep '10

Some of the oil stuff is clearly crazy but there have been some pretty material finds in others that probably justify the price.

I'm going to stick my neck out and say the majority of it right now is nuts.

A swift retreat in the oil price will knock the fluff out.

deucetoace

28th Sep '10

Oil prices have been fairly stable recently at around $75 have they not? I don;t think a swift fall is likely or is driving many of the oil co prices. There's a lot of speculation around I agree.

nigelpm

28th Sep '10

Oil prices have been fairly stable recently at around $75 have they not?

So what? That doesn't mean they will stay stable.

There's a lot of speculation around I agree.

Too much. Prices are rising on rumour and noise. Not healthy.

Anyway we can talk about this elsewhere. This thread is for EMG.

Fangorn

28th Sep '10

The statement “was disappointing in our view as it indicated that the company expects to report performance fees, flows and performance below our expectations,” said David McCann, a London-based analyst at Numis Securities Ltd., who downgraded his earnings forecast by 12 percent to 14 percent and lowered his stock recommendation to “add” from “buy.”

For info.....

Am a buyer myself around 200, where I last bought, so will be watching this one for the time being..Very interested to see how the GLG acquisition pans out.

Fangorn

28th Sep '10

Good to see the irrational exuberance of punters spilling over from Oilies to the likes of FML!

FML up 35% today alone..Last news was them missing their gold production target (dated 17th Sept I think!)

Crazy market.

Fangorn

7th Oct '10

Found this over on Adfvn

"Man Group rose 5.1 percent to 249.7 pence as of 11:11 a.m. in London, the most since May 27. The shares have risen 15 percent over the past four days. George Trefgarne, a spokesman for London-based Man Group, declined to comment.

“There is vague talk a U.S. bank may be interested in bidding for them,” said Manoj Ladwa, a London-based senior trader at ETX Capital. “The stock has been performing very well over the last few days and it is backed up by volumes.”" Man Group Jumps on Speculation of Takeover Offer From U.S. Bank By Andrew MacAskill

Fangorn

7th Oct '10

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8048517/Man-Group-shares-climb-on-talk-of-BNY-Mellon-bid.html

loglorry

7th Oct '10

I don't buy the bid news to be honest so I've sold into the spike. Might regret what I've done and the papers over the weekend will be full of themselves but I don't think a bid is on the cards and certainly not at 3.90 which has been discussed elsewhere.

I'll buy back in when things quieten down or maybe not. I bought at 2.17 and got the final dividend so its been a nice wee trade for me.

Log

Fangorn

7th Oct '10

I tend to agree Log regarding the likelihood of a bid. 3.90 seems a tad high imv. I tucked away some of these for the divi,and the fact that at 2.00 I thought they were pretty undervalued.

Happy to hold currently.

nigelpm

7th Oct '10

Bid or no bid it's still far too cheap so holding.

djpreston

7th Oct '10

Its an interesting situation since it does look decent value. The key, and one that lots overlook, is the absence of performance fees due to the highwater mark. These marks aren't that far away now so a decent performance or markets continuing to rise and then the performance fees start to appear again, making a Big difference to earnings. That's not to be overlooked and would be a consideration of any potential bidder.

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Trading statement for 6 months to Sept'10

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Fangorn

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