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Corporate news review Friday 28th July 2017
28th July 2017 / Leave a comment
Barclays BARC – Reports a 13% increase in half-year PBT to £2,341m reflecting materially lower non-core losses of £647m (H116: £1,904m), while core PBT fell 25% to £2,988m impacted by PPI charges of £700m (H116: £400m). EPS came in at 11.8p, while tangible NAV fell to 284p (Dec 2016: 290p) as profit from continuing operations was offset by decreases across reserves.
BT Group BT.A – Q1 revenues rose 1% and underlying revenues rose 0.2%. Adj EBITDA fell 2% due to increased pension costs, business rates, sport programme rights and investment in customer experience. CEO Gavin Patterson said he is “confident in the outlook for our Company.”
Johnson Matthey JMAT – trading is in line with expectations. Q1 saw low single-digit sales growth at constant rates and double-digit reported sales growth. The restructuring programme announced in June which will deliver £10m cost savings in H2, with a further £15m cost savings in 2018/19.
Gear4music G4M – At today’s AGM the company will report that trading in the financial year to date is in line with Board expectations. Based on the overall performance, the Board is confident of another year of good progress.
International Airlines Group IAG – Results for the six months to June 30, 2017 include Q2 operating profit €805m before exceptional items (2016: €555m), with passenger unit revenue for the quarter up 1.5%, (4% at constant currency). Half year operating profit before exceptional items grew 37.3% to €975m
Rightmove RMV – reports an 11% increase in half-year revenue to £119.5m with underlying operating profit up 11% to £91m. Trading in July has been in line with the strong monthly revenue achieved in the first half of the year. The visibility gives the Board confidence in delivering its expectations for the current year.
Wolseley Should Be Grateful For Slump in Pound
20th June 2017 / Leave a comment
Wolseley WOS has benefited enormously from the slump in sterling created by the UK government’s mismanagement of both the economy and the pound. Revenue for the quarter to the 30th April rose by 4.6% at constant exchange rates or 6.6% on a like for like basis. Exchange rate movements alone increased revenue by £423m and trading profit by £29m. during the quarter. Exchange rates have now become a major factor in Wolseley’s finances. Over the first nine months of the year markets in the UK remained weak and UK trading profit fell by 7.9%.
Barclays BARC has today been charged with fraud by the Serious Fraud Office. Two charges allege a conspiracy to defraud between the bank and some of its former senior officers and employees whilst the second charge relates to an allegation of unlawful financial assistance relating to a $3bn loan. I shall of course make no comment.
RWS holdings RWS with a 39.6% rise in adjusted profit before tax, the company claims an extremely strong performance making the half year to the 31st March outstanding. Sales rose by 35% and the interim dividend is to be increased by 13% to 1.3p per share. Trading in the first two months of the second half has continued in line with the first half’s enhanced performance.
Aukett Swanke Group AUK suffered more misery in the half year to the 31st March with revenue down by 9% and and a loss of £358,000. Continuing market weakness and claims are blamed for the companies problems which have hampered its development. Over the past year the share price has almost halved to yesterdays 2.5p at the close. The company’s only boast is that it has maintained its liquidity.
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Brand CEO Alan Green discusses Tertiary Minerals (TYM), Barclays (BARC) and AB Dynamics (ABDP) on VOX Markets podcast
1st December 2016 / Leave a comment
Brand CEO Alan Green discusses Tertiary Minerals (TYM), Barclays (BARC) and AB Dynamics (ABDP) with Justin Waite on the VOX Markets podcast. The interview is 12 minutes 25 seconds in.
Brand CEO Alan Green on Feedback (FDBK), Barclays (BARC) & Conviviality Retail (CVR) on the VOX Markets podcast
17th November 2016 / Leave a comment
Brand CEO Alan Green discusses Feedback (FDBK), Barclays (BARC) & Conviviality Retail (CVR) with Justin Waite on the VOX Markets podcast. The interview is 9 minutes 10 seconds in.
Brand CEO Alan Green talks Barclays (BARC) and JRP Group (JRP) on the VOX Markets podcast
10th November 2016 / Leave a comment
Brand CEO Alan Green talks Barclays (BARC) and VectorVest pick JRP Group (JRP) with Justin Waite on the VOX Markets podcast. The interview is exactly 23 minutes in.
Debenhams Invents The Sentence Without a Verb
27th October 2016 / Leave a comment
Debenhams DEB The year to the 3rd September must have been one of the most boring on record and the tone of the full year results does nothing to dispel that impression. Like for like sales sales rose 0.7%, EBITDA was down 2.2%, underlying earnings per share declined gently from 7.6p to 7.5p and the full year dividend is gently increased by 0.7%. It looks like it will be next Spring before anything really exciting happens, with the issue of an update about future plans which will continue Debenham’s exodus from clothing. Those who are not into jargon may wince at “Growth in mobile supported strong multi-channel performance” which is part of the latest craze in management speak, the sentence without a verb. At least growth there was real growth with a rise of 9.3% in online sales.
Inchcape plc INCH expects that its full year performance will be resilient after a solid third quarter which produced growth across all five of its revenue streams. On a constant currency basis group revenue rose by 4.8% and like for like revenue by 1.8%. Trading results for 2017 are expected to be impacted by currency pressures and uncertainty over the timing of the recovery which it expects in some of its markets.
Barclays Bank BARC prefers to highlight what it describes as its strong core business performance which produced a 4% rise in third quarter core profit before tax, which still left a 10% decline in Group profit before tax or an even worse 17% drop in profits after tax over nine months.. Net operating income over the first nine months fell by 10% at the same time as operating expenses rose by 6%. Basic earnings per share fell by nearly 25% to 9.6p on a continuing basis. Dividends over the nine months are down by two thirds.
C&C Group CCR has been impacted by currency movements for the 6 months to the end of August to the extent that reported revenue and operating profit declined by 24.4m Euro and 2.8m Euro respectively, which translate into percentage falls of 8.1 % and 7.9%. Earnings per share fell by 6.1% after they had been both adjusted and diluted. despite gloom there were a number of strong points with export markets up by 10%, Magners volume up by11% and Bulmers by 6%. This appears to have encouraged the Board to believe that, despite the problems, it is right and proper to maintain its progressive dividend policy and the interim dividend is raise by 5%.
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Daily Actions – UK Main & AIM markets 06042016
6th April 2016 / Leave a comment
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London
AIM Market
ST Rec. changed | ||
From | To | |
Basic Resources | ||
Ariana Resources | Buy | Neutral |
Firestone Diamonds | Neutral | Buy |
Landore Resources | Neutral | Buy |
Rare Earth Minerals | Neutral | Buy |
Financial Services | ||
ADVFN | Strong Buy | Buy |
Manx Financial | Buy | Neutral |
Mirland Development Corporation | Neutral | Buy |
Health Care | ||
Cyprotex | Buy | Neutral |
Futura Medical | Strong Buy | Buy |
Immunodiagnostic Systems | Neutral | Buy |
Industrial Good & Services | ||
Cohort | Sell | Neutral |
Falkland Islands Holdings | Buy | Neutral |
Impellam Group | Neutral | Sell |
Servision | Neutral | Buy |
Tanfield Group | Neutral | Buy |
Tangent Communications | Sell | Neutral |
Oil & Gas – Explorers | ||
Serica Energy | Buy | Neutral |
Oil & Gas – Producers | ||
Infrastrata | Buy | Neutral |
Pantheon Resources | Buy | Neutral |
Retail | ||
Stanley Gibbons Group | Buy | Neutral |
Technology | ||
Brady | Neutral | Sell |
Pennant International Group | Buy | Neutral |
Zoo Digital Group | Buy | Neutral |
Main Market
ST Rec. changed | ||
From | To | |
Aerospace & Defence | ||
Cobham | Buy | Neutral |
Banks | ||
Barclays | Neutral | Buy |
House Construction | ||
Persimmon | Neutral | Sell |
Food Producers & Processors | ||
Cranswick | Neutral | Sell |
Leisure & Hotels | ||
Restaurant Group | Buy | Neutral |
Media & Entertainment | ||
UBM | Neutral | Sell |
Oil & Gas | ||
John Wood Group | Buy | Neutral |
RISK WARNING
Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com
The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.
DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.
Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report. The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK. Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth. Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors. No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company. Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise. Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance. Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW. |
Daily Actions – UK Main & AIM markets 18032016
18th March 2016 / Leave a comment
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London
AIM Market
ST Rec. changed | ||
From | To | |
Basic Resources | ||
Ariana Resources | Buy | Neutral |
Minco | Neutral | Buy |
Zincox Resources | Buy | Neutral |
Financial Services | ||
Dolphin Capital Investors | Strong Buy | Buy |
EKF Diagnostics Holdings | Buy | Neutral |
Health Care | ||
Alliance Pharma | Neutral | Sell |
ReNeuron Group | Neutral | Buy |
Industrial Good & Services | ||
Dart Group | Sell | Neutral |
Oil & Gas – Explorers | ||
Bowleven | Neutral | Buy |
Oil & Gas – Producers | ||
Pantheon Resources | Buy | Neutral |
Personal & Household Goods | ||
Colefax Group | Sell | Neutral |
Main Market
ST Rec. changed | ||
From | To | |
Banks | ||
Barclays | Neutral | Buy |
HSBC | Neutral | Buy |
Royal Bank of Scotland | Neutral | Buy |
House Construction | ||
Persimmon | Neutral | Sell |
Leisure & Hotels | ||
Mitchells & Butlers | Neutral | Buy |
Media & Entertainment | ||
WPP | Sell | Neutral |
Transport | ||
Stagecoach Group | Neutral | Buy |
RISK WARNING
Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com
The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.
DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.
Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report. The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK. Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth. Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors. No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company. Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise. Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance. Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW. |
Alan Green discusses Byotrol (BYOT) & Barclays (BARC) on VOX Markets podcast.
2nd March 2016 / Leave a comment
Alan Green discusses Byotrol (BYOT) & Barclays (BARC) with Justin Waite on the VOX Markets podcast. The interview is 28 minutes in. Click here to listen.
Daily Actions – UK Main & AIM markets 02032016
2nd March 2016 / Leave a comment
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.
AIM Market
ST Rec. changed | ||
From | To | |
Banks & Investment Banks | ||
London Capital Group Holding | Sell | Neutral |
Basic Resources | ||
Alexander Mining | Neutral | Buy |
Centamin | Neutral | Sell |
Horizonte Minerals | Neutral | Buy |
Mariana Resources | Buy | Neutral |
Zincox Resources | Buy | Neutral |
Paternoster Resources | Neutral | Buy |
Chemicals | ||
Byotrol | Neutral | Buy |
Financial Services | ||
Manx Financial | Buy | Neutral |
Fletcher King | Neutral | Buy |
Impax Asset Management Group | Neutral | Buy |
Park Group | Neutral | Buy |
Polar Capital Holdings | Neutral | Buy |
Private & Commercial Finance Group | Buy | Neutral |
Industrial Good & Services | ||
Flowgroup | Buy | Neutral |
Hydro International | Neutral | Sell |
Sabien Technology Group | Sell | Neutral |
Oil & Gas – Explorers | ||
Bowleven | Neutral | Buy |
Solo Oil | Buy | Neutral |
Oil & Gas – Producers | ||
Plexus Holdings | Buy | Neutral |
Retail | ||
Stanley Gibbons Group | Buy | Neutral |
Technology | ||
SQS Software Quality Systems | Neutral | Buy |
Travel & Leisure | ||
Minoan Group | Neutral | Buy |
Main Market
ST Rec. changed | ||
From | To | |
Banks | ||
Barclays | Neutral | Buy |
Engineering & Machinery | ||
Halma | Neutral | Sell |
Media & Entertainment | ||
Photo-Me International | Neutral | Sell |
WPP | Neutral | Sell |
Pharmaceuticals & Biotechnology | ||
Ixico | Buy | Neutral |
Speciality & Other Finance | ||
London Stock Exchange Group | Neutral | Sell |
RISK WARNING
Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com
The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.
DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report.
The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK. Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth. Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors. No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company. Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise. Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance. Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW. |
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