Good morning! The FTSE finished up 2% yesterday and got back within the range where it spent most of last year:
The Aim All-Share Index remains in a state of total depression:
I’ve reached a point now in my own thinking where I don’t know if the Aim Index is useful as a benchmark for anything – its performance has been that poor over the long-term! I’d rather use one of the FTSE Indexes instead.
Companies Reporting
Name (Mkt Cap)RNSSummaryOur view (Author)
Wise (LON:WISE) (£12.1bn)
FY25 vol +23% to £145bn, active cust +21% to 15.6m. Adj income +16% to £1.36bn. 20% PBT mgn.
B&M European Value Retail SA (LON:BME) (£3.0bn)
SP +3.5%
FY25 rev +3.7%, adj EBITDA exp top half of guidance (£605-625m). LFL +ve in France, -ve in UK.
News on CEO appointment expected “in coming weeks”.
AMBER/RED (Roland) [no section below]
I’m pleased to see there are no further downgrades after February’s profit warning. But I remain concerned by apparent weakness in the core UK business, where LFL sales fell by 3.1% last year. With operating costs up by 6% over the same period, margins must surely be under pressure? In this context, the group’s plans to maintain a high rate of store openings looks a little risky to me. With the CEO departing on 30 April, I’m going to leave my mildly negative view unchanged ahead of June’s FY results.
Frasers (LON:FRAS) (£2.8bn)
Long-term strategic partnership with Accent Group
25yr agreement to launch Sports Direct in Aus/NZ. Frasers will fund with £29m Accent (ASX:AX1) share purchase.
Tate & Lyle (LON:TATE) (£2.4bn)
Integration Update & Pre-Close Statement
Integration of CP Kelco “on-track”, improved EBITDA margin. FY25 results exp in line with guidance.Greatland Gold (LON:GGP) (£1.8bn)Telfer Ore Reserve, Outlook and Havieron expansionTelfer dual train extended through FY27 before Havieron in FY28. Exp avg 280-320koz/yr in 26/27.
Integrafin Holdings (LON:IHP) (£1.0bn)
Q2 25 net inflows of £1.2bn, FUD +8% YoY to £65.9bn. H1 group rev exp +9%. FY25 guidance unch.
Firstgroup (LON:FGP) (£932m)
FY25 adj op profit & EPS to be ahead of previous expectations. Strong rail perf, bus…
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