Tatton Asset Management FY23 Profit, AUM Climb; Lifts Dividend – Quick Facts

Tatton Asset Management PLC or TAM (TAM.L) Tuesday announced fiscal 2023 results, reporting strong, double-digit growth across all metrics in line with market expectations.

For the year, profit before tax grew to 16 million pounds from last year’s 11.28 million pounds. Basic earnings per share was 22.43 pence, up from 15.92 pence a year ago.

Adjusted earnings per share were 20.61 pence, compared to 18.62 pence a year ago.

Group revenue increased 10.1 percent to 32.33 million pounds from 29.36 million pounds last year.

Assets Under Management or AUM increased 12.3 percent to 12.74 billion pounds from prior year’s 11.34 billion pounds.

Organic net inflows were 1.794 billion pounds, an increase of 15.8 percent of opening AUM.

Further, the Board is proposing to increase the final full year dividend by 17.6 percent to 10.0p per share, bringing the total ordinary dividend for the year to 14.5p per share, an increase of 16 percent.

Subject to shareholder approval at the forthcoming Annual General Meeting, the dividend will be paid on August 15 to shareholders on the register on July 7.

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Hargreave Hale Reports Pretax Profit In H1 On Revenue Basis – Quick Facts

Hargreave Hale AIM VCT PLC (HHV.L) posted a pretax loss of 11.5 million pounds for the six months ended 31 March 2023 compared to a loss of 46.0 million pounds, last year. Loss per share was 3.72 pence compared to a loss of 18.74 pence.

On a revenue basis, pretax profit was 130 thousand pounds compared to a loss of 692 thousand pounds, last year. On a revenue basis, profit per share was 0.04 pence compared to a loss of 0.28 pence.

An interim dividend of 1 penny will be paid on 28 July 2023, with an ex-dividend date of 29 June 2023 and a record date of 30 June 2023.

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Durr Group To Buy BBS Automation To Boost Its Automation Business

The Durr Group (DUERF.PK), a German mechanical and plant engineering firm, said that it has signed a deal to acquire BBS Automation Group. Durr expects the deal to further expand its automation technology business.

The enterprise value of BBS Automation is in the range of 440 million euros – 480 million euros and depends on the 2023 earnings growth.

Durr expects to fund the transaction by using cash and credit facilities.

Durr does not see the acquisition having any impact on the full-year results. Post transaction, Durr expects its automation technology sales revenue to more than double and reach around 500 million euros in 2024.

The transaction is scheduled to be closed at the end of the third or beginning of the fourth quarter of 2023.

In 2023, BBS Automation is expected to achieve sales of around 300 million euros.

BBS Automation is projected to grow profitably within the Durr with a projected EBITDA margin of 13 percent – 15 percent, on sales of 400 million euros to 450 million euros, for 2026.

In the course of the transaction, Durr will buy Rome HoldCo GmbH (Munich), the holding company of BBS Automation, from a consortium led by financial investor EQT.

Centrica Says Performance For 5-month Period Was Strong

Centrica Plc (CNA.L), a British energy services and solutions company, said on Tuesday that its performance over the first five months of the year has been strong.

The company noted that its performance in retail, optimization, infrastructure, and energy marketing and trading segments has remained strong to date.

For full year 2023, Group projects its adjusted earnings per share to be around the top end of the range of recent sell side analyst expectations of 16.5 pence to 24.7 pence, with adjusted earnings per share heavily weighted towards the first half.

Centrica is scheduled to release its 2023 interim results on July 27.

Nano Dimension Reaffirms Tender Offer For Stratasys – Quick Facts

Nano Dimension Ltd. (NNDM) reaffirmed $18 per share all-cash tender offer for Stratasys shareholders. Nano demands that the Stratasys Board call an Extraordinary General Meeting of shareholders following the completion of the $18 per share special tender for the purpose of removing the majority of the Stratasys Board of Directors and replacing them with nominees proposed by Nano.

Nano Dimension said the company is offering a straightforward plan to deliver value. The company noted that its offer provides more certainty than the pending Desktop Metal Ltd. (DM) merger agreement or the 3D Systems Corp. (DDD) proposal.

Oil Prices Rebound On China Stimulus Hopes

Oil prices recovered some ground on Tuesday after having fallen over 4 percent the previous day on fuel demand concerns.

Benchmark Brent crude futures rose 1.2 percent to $72.73 a barrel, while WTI crude futures were up 1 percent at $67.78.

A weaker U.S. dollar and China’s surprise rate cut offered some support as investors fret about the outlook for energy demand.

The dollar sagged on hopes that U.S. inflation data later in the day would likely show an easing in prices in May, and that the Federal Reserve would resist raising rates at the end of a two-day policy meeting on Wednesday.

The European Central Bank is expected to hike interest rates by another quarter percentage point on Thursday while the Bank of Japan is expected to maintain its ultra-loose policy when it meets on Friday.

Meanwhile, the People’s Bank of China (PBOC) cut its seven-day reverse repo rate by 10 basis points in a bid to restore market confidence and prop up slowing economic growth.

China’s new loan data missed expectations, but fueled speculation that policymakers will unveil more stimulus to support the economy.