MARKET VIEWS

The London Buses syndrome

Fairpoint made a small acquisition costing £0.4m in deferred payments over two years - but the implication is that it is serious about plans to build a legal services business around Simpson Millar LLP as a "consolidator". We consider the group undervalued following the AGM statement. The core IVA division …

Published: 4th July 2014

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A return to 5 day weeks

May is a slow news month, however the new brooms at Brewin Dolphin have given us something to think about with a £32m write-off on software that hasn't even been put into operation in the main wealth management division, just in the much smaller execution-only Stocktrade: a cloud over some …

Published: 2nd June 2014

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Beazley opens Lloyd’s reporting season with record results

Beazley rightly describes its underwriting performance as exceptional.  Despite their plans to grow premiums by 5-10% in the current year, this excellent result leaves Beazley with surplus capital so it is returning £81m to shareholders in the form of a special dividend of 16.1p on top of the increased final …

Published: 10th February 2014

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A tale of two stockbrokers

Charles Stanley's (CAY) third quarter trading statement was impressively good,  while Brewin Dolphin's switch of emphasis from an overwhelmingly client-oriented firm to a profit-oriented company has shrunk its client list.

Published: 4th February 2014

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New Year Cheer

Arden was expected to show an improvement, but a 50% rise in adjusted eps is impressive and encouraging - all the more so since its year is to end-October so the two good months for AIM, November and December 2013, fall into 2013/4. City of London IG reported a 29% fall …

Published: 21st January 2014

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Year End Round-Up

It is pleasant to note that General Financials have been one of the best-performing sectors in 2013 with a 42% rise in the sector index, more than double the 17% rise in the All-Share. The Non-Life Insurance index is only up 12% but that is largely due to the 27% …

Published: 2nd January 2014

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