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Update
Ashtead’s full-year revenue to be ahead of expectations
Ashtead (AHT) released a strong set of interim results this week in which pre-tax profit jumped 28% to $688m in the three months to end October.
The US focused tool hire group said it has been encouraged by strong demand for rental equipment across its markets, as clients cut back on buying to lower capital expenditure.
Ashtead now expects full-year rental revenue to grow by 18% to 21%, up from a previous forecast of 15% to 17% growth.
Ashtead’s chief executive, Brendan Horgan, commented:
“The Group’s strong performance across all geographies continues with rental revenue up 26% at constant currency”.
“Our end markets remain strong and half-way through our strategic growth plan, Sunbelt 3.0, we are ahead of plan”.
“We now expect full year results ahead of our previous expectations and the Board looks to the future with confidence.”
AHT Daily Candle Chart
TP ICAP gets crypto exchange license in the UK
TP ICAP (TCAP), the world’s largest inter-dealer broker, announced last week that it has got a license to register as a cryptoasset exchange provider with UK’s financial regulator through its Fusions Digital Assets marketplace.
The crypto exchange platform, which is for institutional investors only, will be operated by its unit Tullett Prebon Ltd.
TP ICAP launched its wholesale trading platform for cryptoassets in June last year pending registration approval with the FCA.
“Until now the wholesale digital assets market has lacked the credible infrastructure and assurance necessary for them to allocate capital” commented Duncan Trenholme, co-head of digital assets at TP ICAP.
TCAP Daily Candle Chart
Morgan keeps full-year outlook unchanged at capital markets day
In a brief statement released in conjunction with its capital markets day, Morgan Advanced Materials (MGAM) said its full-year outlook remained unchanged.
The smart materials group laid out its financial objectives for the year ahead which included extending its position in faster growing markets and delivering attractive operating margins of 12.5% – 15%.
Morgan also said it has secured a new five-year Revolving Credit Facility of £230m that replaces its existing RCF that was due to mature in 2023.
On the price chart, the shares continue to consolidate in a tight ‘box’ or ‘flag’ which signals a continuation of the upside move we’ve seen since the bullish trading update in early November.
MGAM Daily Candle Chart
Vodafone CEO Nick Read to step down
The chief executive of Vodafone (VOD) Nick Read said on Monday he would step down at the end of the month.
The mobile group’s chief financial officer Margherita Della Valle will take over as interim group chief executive.
“I agreed with the board that now is the right moment to hand over to a new leader who can build on Vodafone’s strengths and capture the significant opportunities ahead” commented Read.
After an initial bounce the share shares continued to fall as finding a permanent successor may take time.
Vodafone have said they remain focused on completing two deals and improving its weak performance, but bold moves like a breakup will have to take a back seat.
VOD Daily Candle Chart
AstraZeneca to buy Neogene for up to $320m in oncology push
AstraZeneca (AZN) are set to acquire Neogene Therapeutics, a developer of cell-based cancer treatments, for up to $320m.
The deal will continue to bolster AstraZeneca’s market-leading oncology portfolio.
Neogene’s T-cell receptor (TCR) therapies seek to target not just certain proteins on the surface of cancer cells but mutations in the DNA that are specific to tumours.
Susan Galbraith, executive vice president of oncology research at AstraZeneca said:
“Neogene’s leading TCR discovery capabilities and extensive manufacturing experience complement the cell therapy capability we have built over the last three years”.
AstraZeneca’s share price has performed well in recent weeks, and we’re happy with our decision to snap up a second tranche.
AZN Daily Candle Chart
