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Ian Pollard – Burberry #BRBY Forced To Adopt Meaningless Jargon

Burberry Group BRBY   claims to have completed global roll out of new digital clienteling tool. Despite this first quarter comparable sales have grown 3%, which it finds pleasing.Even worse in the jargon stakes it is engaging consumers with frequent and sometimes unexpected “drops of fresh product”.  The final insult to the intelligence of its readers, shareholders and customers is its claim that “Farfetch collaboration” is performing ahead of its expectations. What management in its right mind, especially one trying to market high end luxury goods, is so lacking in know how, that it proudly admits to having anything in its armoury which is far fetched

Barratt Developments BDEV updates that it has produced a strong financial and operational performance for the year to the 30th June and achieved 17,579 completions the highest level in a decade. Helped by a strong end to the year, profit before tax expected to be around £835m a rise of some 10% on last years figure.

Wetherspoon JDW in the 10 weeks to the 8th July like for like sales rose by 5.2% sales. In his by now almost one man battle to ensure that Brexit happens, Chairman, Tim Martin explains in detail the benefits of Brexit to both Wetherspoons and many other companies. “The main advantage of Brexit is that the EU is a protectionist system that imposes high tariffs on non-EU imports such as wine, rice, coffee, oranges, children’s shoes and clothes, and over 12,000 other products.  “Leaving the EU allows the UK to adopt the approach of countries like Singapore, Hong Kong, Switzerland and Australia by dismantling the tariff walls, which improves general living standards.He ends with a quote from the Australian High Commissioner that there was never a country that embraced free trade that was poor as a result.

Page Group plc PAGE The second quarter produced a number of records with a record 16% rise in profits and a record total profit for any quarter of 202m. The rise of 16% was the highest quarterly growth rate for seven years. For the half year total profits rose by 12.5% or 14% at constant exchange rates.

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Ian Pollard – Mitchells & Butler – Reports Results on a Snow Adjusted Basis

Mitchells & Butler MAB tries to claim a strong performance for the half year to the 14th April but is reduced in the process to having to adjust its growth figures by calculating the impact of snow. Thus  like for like sales growth of 1.6% becomes 2.5% on a snow adjusted basis. In the end it decides to give up the pretence  and restore its credibility by admitting that underlying profitability remained flat, which is in itself perhaps something of an exaggeration with reported profit before tax down from £75m to £69m. It is a pity when management has to admit that it can not tell the difference between flatness and a fall. Basic earnings per share came in at 13p as against 13.7p

SSP Group SSPG reports another strong performance for the half year to the 31st March, with underlying  profit before tax rising  by 40.3% and earnings per share by 33.3%. Like for like sales increased by 2.8%. The interim dividend is to be increased by 50% to 4.8p per share.

Burberry Group BRBY saw 2018 as a year of transition which would leave the company ready to start its transformation.  Like for like sales for the year to the 31st March grew by 3%, together with growth in both profit and cash flow. Revenue for the year fell by 1% both on a reported basis and and at constant exchange rates. Adjusted operating profit was up by 2% on a reported basis and by 5% at constant exchange rates and adjusted diluted earnings per share was up by 6% and 10% respectively. The final dividend is being increased by 6% from 38.9p per share to 41.3p. The outlook for 2019 includes a proposed share buy back of 150m.

Coats Group plc COA is now undergoing a transformation which will accelerate its transition from the industrial age to the digital age. In the first four months of the year it has seen robust growth of 4% in its core thread business and double digit growth continued in Performance Materials with a rise of 19%. Group sales were up  5% at constant exchange rates with a strong performance from the industrial business with growth of 6%.

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Pearson Selling The Family Silver

Pearson plc PSON  The best that can be said about Pearsons 2017 results is that they came out at the top end of guidance and that the restructuring programme is on track. Nonetheless underlying revenues fell by 2% due to a 4% decline in North America where US higher education coursework fell by 3% despite a rise of 9% in digital coursework. For 2018 further falls are possible and adjusted operating profit is expected to be between £520m and £560m after disposals compared to 2017’s £ 570 to £575m. Disposals which were completed in 2017 included a 22% stake in Penguin Random House. Perhaps it is time that management woke up to the fact that there is only a limited supply of family silverware and in the end it runs out.

Burberry Group BRBY not surprisingly saw retail revenue down by 2% in the quarter to the 30th December which management should perhaps be reminded, included Christmas, although to be fair, on a comparative store basis, they did manage an increase of 2%. Here is another former stalwart of British retail  whose management is trying to transform it and to do so with strings of meaningless verbiage. The aim is to establish it firmly in luxury – it does not actually say ” luxury what” but no doubt they will get round to deciding that later.They seem to have completely forgotten that the company was for decades firmly esconsed in the luxury goods market and apparently no longer is..This great transformation is going to be underpinned by “people strategies”, We will also see a “global engagement campaign” for employees and best and most important of all “the piloting of  new enhanced digital sales associate tools.”At least management is not lost for words, it is just sales it is a bit short of.

Beazley plc BEZ expects to report that pre tax profits for the year to the end of December will be ahead of current market expectations, helped partly by a reduction in US Corporation tax rates from 35% to 21%.

Cineworld CINE achieved growth of  11.6% in the year to 30th December after admissions increased compared to 2016. Another year of progress is expected for 2018 after refurbishments and selective site closures duing 2017.

UK High Street – Not In Good Health ?

Image result for sainsbury logoSainsbury SBRY hs been forced to cut  its interim dividend by 14% to 3.1p. Despite all the hype about outperforming this and growing market share in challenging conditions etc etc, in the end it was forced to choose between sticking to its strict policy of paying an interim dividend  equal to 30% of the prior full year dividend or leaving it as it was, so it chose to cut. And looking at the figures that comes as no surprise. Underlying earnings per share and profit before tax fell by 22% and 9% respectively whilst on a statutory basis profit before tax slumped from 372m  to 220m and earnings per share collapsed by over 50% from 14.8 pence per share to 7.1p. The Group Chief Executive regards this as a good performance.  Like for like sales for the half year to 23rd September do provide a better picture with rise of 1.6% including fuel.

Image result for burberry logoBurberry Group BRBY is increasing its interim dividend by 10% after delivering a strong first half which double digit underlying profit growth of 17% after revenue growth of 4% on an underlying basis  and 9% reported. It is perhaps significant that Burberry has a strong international presence which will help to protect it from the ills afflicting British retailers.

Image result for national grid logoNational Grid NG maintained strong momentum in the US and continued to deliver a solid performance in the UK during the half year to 30th September. Despite all round falls in profit before tax, operating profit and earnings per share, which senior executives now seem to regard as an essential  before their company can be  described as a success, the interim dividend  is tweaked upwards by 2.1%.

Image result for halfords logoHalfords HFD also felt the effects of the abandonment of High Street shopping by the great British Public with its first half to the 29th September producing all round falls in underlying profit before tax (down 9.8%), basic earnings per share (down 10.8%) and underlying EBITDA (down 3.9). all of which taken together are seen as justification for increasing the interim dividend, in this case by 3%. The outlook for the full year remains unchanged they say, provided of course Christmas shoppers will abandon that nasty habit of shopping online and leave the comfort of their homes to endure huge traffic jams and all the other horrors of reality shopping in winter Britain.

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Royal Mail Responds To Challenges

Royal Mail Group RMG One can adjust ones view of Royal Mails results for the year to 31st March, according to whether one prefers ones results on a reported or on an adjusted basis.Whichever one prefers the final dividend of 15.6% means a rise for the year of 4%. On a reported basis, profit before tax has risen by some 50% to £335m and basic earnings per share have risen from 21.5p to 27.5p.

Its main achievement for the year has been to respond to a challenging operating environment. No explanation is given as to what management found challenging in managing to deliver parcels and letters on time but these days no self respecting company misses the opportunity to say it operates in challenging conditions, which helps to make management look better than it actually is. On a positive note for the current years performance, RMG says it is past the peak of its investment spend.

Burberry Group BRBY tried to elevate its business in the year to 31st March, using key revenue drivers to enable it to  gain the necessary height. It also had growth in digital as it invested in omni channel – the ignorant amongst us may ask “omni channel” what ? Elevating the brand appears to have resulted in profit before tax falling by 21% on an underlying basis and 5% on an adjusted and reported basis, Dividends for the full year are to be increased by 5%. A new CEO will also come on board soon. Let us hope for the sake of  Burberry that he will have and keep his feet on the ground.

Greggs GRG has made a good start to the year with sales up by 7.5% on the first 19 weeks to the 13th May. There is growing demand for its £2 breakfast and for Balanced Choice but what may one ask will happen to the good old sausage sarnie – will that too become just a symbol of a bygone age? 87 shops have been refurbished during the year

Thomas Cook TCG enjoyed strong winter demand for Spain and long haul destinations led to a 3% revenue rise for the six months to 31st March. Online UK bookings have risen by 15%, way behind the Germans who are showing a rise of 35%. summer demand is strong for Greece and smaller European destinations,with  bookings from Northern & Continental Europe showing double digit growth and confirming that there is real momentum  behind managements strategy for growth.  Greece has proved to be the outstanding destination for the coming summer.

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Brand CEO Alan Green talks Feedback (FDBK), Burberry (BRBY) & ASOS (ASC) on TipTV

Brand CEO Alan Green discusses Feedback (FDBK), Burberry (BRBY) & ASOS (ASC) with Zak Mir on TipTV.

Burberry Fails To Benefit From Collapse In Sterling

Burberry BRBY claims that its ambitious revenue growth plans are on track with a 4% drop in revenue for the six months to the end of September. Presumably it can find some form of logic in that but if there is it certainly seems to have escaped the CEO who produces a wordy paragraph of what read like vague and empty promises and explanations to justify the company’s performance. True, the second quarter did show some improvement with like for like sales rising by 2%, compared to the first quarters fall of 3%. Wholesale revenue for the half year fell by 14%, demand in the Americas is described as uneven and licensing revenue fell by 54% after the planned expiry of Japanese licences. Digital was one strong point and outperformed in all regions.

Burberry is just the sort of company which was supposed to reap large benefits from the collapse of sterling and is yet more proof, if proof were needed that company’s are failing miserably to take advantage of this so called golden opportunity.

Hays plc HAS shows the UK slumping whilst the rest of the world gets on with making itself prosperous.Whilst Asia Pacific grew by 30% in the quarter to the end of September and Continental Europe and the Rest Of the World by 33%, poor old UK & Ireland actually fell by 10%. As an example of how bad this is,  France managed  to produce 22% growth. recruitment is one of the main bel lweather of any economy. On these figures the UK’s bell is badly cracked. Hays claims it has a world class management team in the UK and it is leading the company through uncertain times.

Utilitywise UTW is increasing its dividend by 30% for the year to the end of July, after a 22% rise in revenue led an increase of 7% in profit before tax. Net debt was down by 97%. Customer numbers were up by 23% in the UK and Ireland and by 49% internationally.

Gear4Music G4M Strong first half revenue and profit growth seems set to be followed by  a strong Christmas trading period and the board believes that full year results will now be ahead of its previous expectations.Revenue for the half year to the end of August rose by 73% and gross profit by by 74%. Adjusted profit before tax came in at £966,000 after last years first half loss of £217,000.  Europe produced particularly strong growth, especially in July and August and now accounts for nearly 40% of sales.

Marshall Motor Holdings MMH claims it knows of no reason for recent share price movements, other than general speculation about the possible consequence of Brexit. Since the end of June the company has enjoyed material growth in revenue and profits, following two acquisitions and September produced significant like for like new vehicle sales growth, whilst after sales revenue also grew strongly.

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Wetherspoon Savages Mandelson and Cameron

Wetherspoon (JD) JDR Tim Martin devotes most of  todays update to a withering attack on  Christine La Garde, Cameron, Carney and all the others involved in the fear and terror propaganda machine known as Remain.

First the boring bits. For the 11 weeks to 10th July Wetherspoons like for like sales rose by 4% and for the 50 weeks to 10th July they were up by 3.4%. total sales for the 50 weeks rose by 5%.

As for the company’s outlook he says; Wetherspoon trade strengthened slightly in recent weeks and we consequently anticipate a modestly improved outcome for this financial year. Caution should be exercised in extrapolating current levels of sales growth for future years.” And then comes the killer thrust.

“Unbeknown to most voters, one of the “architects” of the Remain campaign, which devised the above approach, was Peter Mandelson (“How the struggle for Europe was lost”, Peter Mandelson, Financial Times, 2 July), who worked closely with Cameron, Osborne and others.

 “In my opinion, the above individuals and organisations are either dishonest, or they have a poor understanding of economics, since democracy and prosperity are closely linked and the EU is clearly undemocratic. By voting to restore democracy in the UK, I believe the UK’s economic prospects will improve, although it is quite possible that the unprecedented and irresponsible doom-mongering, outlined above, may lead to some kind of slowdown.

Barratt Developments  BDEV proclaims another strong performance for the year to 30th June with profit before tax expected to show a rise of 20%, after a 5.3% rise in completions and another huge rise of 10.6% in average selling prices. Not surprisingly Barratt remains supportive of governments schemes designed to ensure that housebuilders can continue to benefit from strong demand and inflation beating price rises.

Burberry BRBY continues to suffer from falling sales even in its most important markets, as it tries, so far without much signs of success, to position itself for long term growth in the midst of a challenging external environment. In the three months to the 30th June, Asia Pacific and Hong Kong, where it once rode so high, saw a double digit % decline in like for like sales whilst Continental Europe was depressed and saw a similar fall in sales to travelling luxury customers.The UK on the other hand did deliver mid, single digit % growth. Caution is also expressed about the outlook for wholesale sales since May and expects that the 6 months to the end of September will produce a fall of 10%.

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Daily Actions – UK Main & AIM markets 25022016

IntellisysLogoDaily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.

AIM Market

ST Rec. changed
Basic Resources From To
Centamin Neutral Sell
Chaarat Gold Holdings Buy Neutral
Horizonte Minerals Buy Neutral
Jubilee Platinum Neutral Buy
Mariana Resources Buy Neutral
Regency Mines Neutral Buy
Stellar Diamonds Buy Neutral
Construction    
Michelmersh Brick Holdings Buy Neutral
Mountfield Group Buy Neutral
Financial Services    
Amphion Innovations Buy Neutral
FastForward Innovations Buy Neutral
Tengri Resources Buy Neutral
Manx Financial Buy Neutral
Fairpoint Group Buy Neutral
First Property Group Buy Neutral
Fletcher King Buy Neutral
Impax Asset Management Group Buy Neutral
Polar Capital Holdings Buy Neutral
Food & Beverage    
Purecircle Buy Neutral
Wynnstay Group Buy Neutral
Health Care    
Omega Diagnostics Group Buy Neutral
Industrial Good & Services    
Cap-XX Neutral Buy
Croma Security Solution Group Buy Neutral
Hargreaves Services Buy Neutral
Nakama Group Buy Neutral
The Kellan Group Buy Neutral
Synectics Sell Neutral
Sutton Harbour Holdings Neutral Buy
Tangent Communications Sell Neutral
Oil & Gas – Explorers    
Ascent Resources Buy Neutral
Independent Resources Buy Neutral
Retail    
Stanley Gibbons Group Buy Neutral
Technology    
Simigon Buy Neutral
Travel & Leisure    
Minoan Group Buy Neutral
Utilities    
OPG Power Ventures Buy Neutral

 

Main Market

ST Rec. changed
From To
Aerospace & Defence
Smiths Group Neutral Buy
House Construction    
Persimmon Neutral Sell
Engineering & Machinery    
Halma Neutral Sell
Weir Group Buy Neutral
Food Producers & Processors    
Associated British Foods Neutral Sell
General Retail    
Burberry Group Neutral Buy
Darty Sell Neutral
Leisure & Hotels    
Mitchells & Butlers Buy Neutral
Media & Entertainment    
Pearson Neutral Buy
Photo-Me International Sell Neutral
St. Ives Neutral Sell
Personal Care & Household Products    
McBride Neutral Sell
Pharmaceuticals & Biotechnology    
BTG Buy Neutral
Real Estate – REIS    
CLS Holdings Buy Neutral
Support Services    
Aggreko Neutral Buy
Bunzl Neutral Sell
Dignity Neutral Sell
G4S Buy Neutral
RPS Group Buy Neutral
Telecommunication Services    
Cable & Wireless Communications Sell Neutral

 

RISK WARNING

Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com

 

The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.

 

DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report.The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK.Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth.

Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors.

No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company.

Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise.

Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules.

Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance.

Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW.

 

Daily Actions – UK Main & AIM markets 12022016

IntellisysLogoDaily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.

AIM Market

ST Rec. changed
From To
Basic Resources    
Altona Energy Neutral Buy
Amur Minerals Corporation Neutral Buy
Aurum Mining Buy Neutral
Centamin Neutral Sell
Asa Resource Group Buy Neutral
Pan African Resources Neutral Sell
Zincox Resources Neutral Buy
Financial Services    
Amphion Innovations Neutral Buy
Health Care    
Eco Animal Health Group Neutral Sell
ValiRx Neutral Buy
Industrial Good & Services    
Augean Neutral Buy
21st Century Technology Neutral Sell
Oil & Gas – Explorers    
Ascent Resources Strong Buy Buy
Oil & Gas – Producers    
Gulf Keystone Petroleum Neutral Buy
PetroCeltic International Buy Neutral
Technology    
Concurrent Technologies Neutral Sell
DDD Group Buy Neutral
IQE Buy Neutral
K3 Business Technology Group Neutral Sell
SciSys Neutral Sell
Travel & Leisure    
Best of the Best Neutral Sell
PPHE Hotel Group Neutral Sell

 

 


 

Main Market

ST Rec. changed
From To
Banks    
Barclays Neutral Buy
HSBC Neutral Buy
Standard Chartered Neutral Buy
Beverages    
SAB Miller Neutral Sell
Engineering & Machinery    
Castings Neutral Sell
General Retail    
Burberry Group Neutral Buy
Leisure & Hotels    
Enterprise Inns Buy Neutral
Media & Entertainment    
Pearson Neutral Buy
St. Ives Neutral Sell
Personal Care & Household Products    
PZ Cussons Buy Neutral
Real Estate – REIT    
Town Centre Securities Neutral Sell
Real Estate – REIS    
J Smart Neutral Sell
St. Modwen Properties Neutral Buy
Speciality & Other Finance    
Aberdeen Asset Management Neutral Buy
Support Services    
Michael Page International Buy Neutral
Transport    
James Fisher & Sons Neutral Buy

 

 

RISK WARNING

Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com

 

The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.

 


 

 

DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report.

The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK.

Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth.

Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors.

No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company.

Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise.

Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules.

Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance.

Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW.

 

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