News & Tips: Catlin, Hyder Consulting, Treatt, First Property & more

February 10, 2014 by  
Filed under Solar Energy Tips

Equities have started the day flat in London but The Trader Dominic Picarda believes that the bounce seen late last week suggests the correction could be over.

IC TIP UPDATES:

Reinsurer Catlin (CGL) has posted a 27 per cent rise in full year profits to $432m after a 7 per cent increase in gross written premiums to $5.3bn. Buy.

Hyder Consulting (HYC) has warned that its full year results are expected to come in ‘materially’ below expectations due to delays in new contract awards in Australia due to the election and project delays in the Middle East. Our recommendation is under review.

Simon Thompson recommendation Treatt (TET) is on course to meet expectations after a good first quarter performance and a solid start to the second quarter. The ingredients and flavouring specialist said its order book is running ahead of last year although revenues from some longer term contracts will not fall in this year.

Fellow Simon Thompson recommendation First Property (FPO) says its Polish property fund has acquired a shopping centre in Ostrowiec, Southern Poland, for €4.27m along with borrowings of €17.2m.

Well head technology specialist Plexus Holdings (POS) has won a three year extension to a contract with Wintershull Noordzee for well head and mudline equipment services. Buy.

KEY STORIES:

Construction and support services specialist John Laing has announced its intention to sell its environmental infrastructure assets to a spin off vehicle, John Laing Environmental Assets, which is planning a London listing. The new vehicle is looking to raise £160m and will run a portfolio of renewable energy and waste and water assets with a view to providing investors with a 6 per cent dividend yield on the initial purchase price.

Millennium Copthorne Hotels (MLC) has agreed to buy the Novotel New York Times Square for $273.6m.

Latchways (LTC) has warned that slower than expected trading in its core UK and Europe businesses means some revenues that were expected to fall in this year will now slip into the next financial year, leaving revenues and profits ‘materially’ short of expectations.

OTHER COMPANY NEWS:

Manx Telecom (MANX), which runs the telecommunications infrastructure on the Isle of Man, started trading on Aim today after raising just short of £160m from investors.

Tarsus (TRS) has announced a £10m placing alongside the acquisitions of events businesses HealthScienceMedia of the US and SADA Uzmanlik Fuarlari, which it will buy 60 per cent of.

Skyepharma (SKP) will launch its Flutiform asthma treatment in France, receiving a €3m milestone payment from Mundipharma.

READ MORE…

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