Using data from the London Stock Exchange we update our liquidity analysis from two years ago. Overall liquidity remains good and retail participation is strong. However the strong trends that were evident in 2013 are now absent and the market appears to be in more of a business as usual state. Against our expectations, volumes on the electronic order book have not grown and it remains a small, but important, part of ORB.
Founded over 20 years ago, Hardman is an FCA registered capital markets research and consultancy business providing a wide range of services to the UK corporate sector. The original Hardman business was acquired in late 2012, by a group of investors, all with significant career backgrounds in stockbroking and fund management. The business is owned by the staff and operates on the basis of a genuine partnership. Significant expansion has taken place in the last three years and it has developed a reputation for producing research and advice of the very highest quality. Our services are provided by a large team of highly qualified industry professionals who are all very experienced in working with companies and investors. Their knowledge and business skills were developed working at many of the best known and highest quality investment houses in London where they learnt to understand capital markets, client needs, producing work of the highest possible standards and the importance of developing long term relationships. These same standards form the foundation of everything that we do at Hardman.
For the past 20 years Hardman has been producing specialist research designed to improve investors’ understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies’ profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.
Prospects are very uncertain, and cost reduction measures are being implemented. However, the group continues to develop its product offering to the automobile turbocharger industry through development of its main operational facilities. The recent technical problems at the new machine shop are now resolved, and Chamberlin remains on track strategically. The recent disposal of Exidor has financially de-risked the group, and the shares remain attractively valued against the peer group on most methodologies.
DPP announced this morning that, while EBITDA for 2018 will be broadly in line with expectations, revenue will be lower, due to unseasonally warm weather and competitive marketing activity by delivery aggregators. The company is cautious about the impact of the above issues continuing into 2019, and so we have cut our forecasts for the next few years, effectively pushing back the path to profitability by a year. This means, in our view, that the company is likely to need some additional funding during 2019.
genedrive plc (GDR) is a commercial-stage company focused on point-of-care molecular diagnostics. Its Genedrive® molecular diagnostic testing platform is at the forefront of this technology, offering a rapid, low-cost, simple-to-use device with high sensitivity and specificity in the diagnosis of infectious diseases. Rapid analysis of patient samples greatly aids clinical and public health decision-making, with field testing particularly important in emerging markets. The 2018 fiscal year saw solid operational progress to generate first commercial sales. CE marking of the assay for hepatitis C...
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