News & Tips: Ithaca Energy, WH Ireland, Asos, AA & more

June 23, 2014 by  
Filed under Wind Energy Tips

Equities in London have taken a hit this morning on weaker output data from Europe and ongoing geopolitical concerns, but The Trader Dominic Picarda thinks this is just a temporary pause in the upwards march.

IC TIP UPDATES:

Ithaca Energy (IAE) is to spend $170m acquiring interests in three producing assets in the North Sea, adding a further 20 per cent to its 41 per cent interest in the Cook field and just over 7 per cent each in the Pierce and Wytch fields. This adds 12m barrels of reserves and 2,500 barrels per day of production. We keep our buy rating.

Simon Thompson recommendation WH Ireland (WHI) reports that it has had an encouraging start to the year with a strong increase in management fees and commission in its private clients business in particular. We maintain our buy recommendation.

KEY STORIES:

The AA (AA.) has announced the successful completion of its initial public offering with conditional dealing commencing this morning at 250p per share with full dealing starting on Thursday. The company is raising £185m to pay down debt.

Online retailer Asos (ASC) was able to recommence trading overnight after briefly suspending operations from Friday evening after a fire at its Barnsley distribution centre damaged 20 per cent of stock held there.

Imperial Innovations (IVO) has announced plans to raise up to £150m from shareholders via a placing at 400p a share. The proceeds will be used to further support investment in its portfolio companies.

Filtration specialist Porvair (PRV) grew revenues by 32 per cent to £51m and profits by 27 per cent to £3.8m in the six months to May with its microfiltration division performing particularly well, growing revenues by 48 per cent and the metals filtration operation growing by 5 per cent.

OTHER COMPANY NEWS:

Ultra Electronics (ULE) announces that its EMS Development Corporation operation in New York has won a $21m multi-year contract for naval power systems from General Dynamics Electric Boat Corporation.

Rail scheduling and maintenance technology specialist Tracsis (TRCS) is enjoying strong trading conditions which will result in revenues and profits being ‘significantly ahead’ of expectations for the year to July.

Renewable Energy Generation (WIND) has won planning permission for a six turbine wind farm at Hallburn near Carlisle.

READ MORE…

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