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Alan Green talks Bitcoin, Berkeley Group #BKG, Mosman O&G #MSMN & Altona Rare Earths #ANR on UK Investor Magazine podcast
Alan Green joins the Podcast for our weekly instalment of markets and UK equities.
This Podcast starts by looking at Bitcoin and the factors driving the recent selloff. China has implemented restriction on Bitcoin that sent the price spiralling and we look at both sides of the argument around whether now is a time to buy.
We explore Berkeley Group Holdings (LON:BKG) after the company updates the market on a bumper 2020 where the South East focused house builder managed to grow their top line despite the pandemic.
However, shares in the London-listed company fell in the immediate aftermath and we question whether investors were simply expecting too much from the company, or were nerves around a slowdown in the wider housing market driving sentiment.
Rightmove said they saw house prices rise 0.8% in June, down from 1.8% in May.
We also discuss Mosman Oil & Gas (LON:MSMN) and Altona Energy (LON:ANR).
by Ian Pollard
Whitbread WTB – Management reports a good start to the year, with first quarter sales growth of 7.6%, in line with expectations. Premier Inn continued to win overall market share with strong sales growth of 9.2%, benefitting from a resilient hotel market and the contribution from the c.9,000 rooms opened over the last two years. Costa sales grew 8.7% with UK equity like for like growth of 1.1% and a good performance in the expanding travel and drive thru channels. Whitbread has a clear plan to deliver growth and remain on track to open c.4,200 hotel rooms, 230-250 Costa coffee shops and install c.1,250 Costa Express machines this year.
Hornby HRN – A dismal performance from a management team that needs to turn this company around, although CEO Steve Cooke claims “solid evidence of our delivery in phase one of our Turnaround Plan.” FY revenue of £47.4m (2016: £55.8m), loss before tax of £9.5m (2016: £13.5m loss). At least net cash at 31 March 2017: stood at £1.5m (2016: £7.2m net debt). Hornby claims the current financial year has started positively and it is are well placed to achieve the Board’s expectations for the year.
Wynnstay Group WYN – Interim results benefited from greater demand for agricultural inputs over the winter period but were affected by continued subdued trading at pet products business, Just for Pets. Revenue of £205.32m (2016: £193.24m) and adjusted profit before tax, before goodwill & investment impairment charges of £4.07m (2016: £4.08m). The interim dividend of 4.20p is an increase of 5%.
Lekoil Limited LEK – Reports continuous commercial production and cash flow generation at Otakikpo. The company says the 15m Shell offtake facility secured on Otakikpo production provides liquidity to complete Phase 1 development and ramp up production to 10,000 bopd by year end. The Honourable Minister of State, Petroleum Resources of Nigeria, granted consent to complete the transfer of the original 17.14% participating interest that LEKOIL acquired in OPL 310 in February 2013.
Berkeley Group Holdings BKG – FY profit before tax shot up an impressive 53% to £812.4m, with net asset value per share up 18.4% to £15.56. Management claimed it had delivered another strong performance in a fast-changing environment.