RCS - Arbuthnot Banking - Hardman Research: Value added strategy in results <Origin Href="QuoteRef">ARBB.L</Origin>

Arbuthnot BankingAnnouncement

27/07/2017 11:36

RNS Number : 3047M
Arbuthnot Banking Group PLC
27 July 2017
Hardman Research: Value added strategy in results
H117 results delivering the value added strategy: H117 saw Arbuthnot delivering on its promises with strong franchise, revenue and underlying profit growth. H217/2018 promises more of the same with the full benefit of franchise growth seen over the past twelve months (loans +34% to 879m, deposits +31% to 1,229m and assets undermanagement +26% to 1,001m). ABG has surplus liquidity and capital (c90m) giving it flexibility to exploit opportunities in uncertain economic times. Management risk appetite remains conservative. From a small base, it can grow strongly and with good credit quality. The shares trade at 0.9x NAV despite the long track record of adding value - with this history, we would expect them to trade at a premium to NAV.
Please click here for the full report:
http://hardmanandco.com/docs/default-source/company-docs/arbuthnot-banking-group-plc-documents/27.07.17-strong-profitable-growth-not-shown-in-share-price.pdf
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Hardman & Co
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Mark Thomas mt@hardmanandco.com
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