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EQS-News News vom 26.06.2018

Hardman & Co Research: Non-Standard Finance (NSF): 1H'18 preview: costs 1H-weighted, revenue 2H

Hardman & Co Research

26-Jun-2018 / 14:10 GMT/BST

Hardman & Co: 1H'18 preview: costs 1H-weighted, revenue 2H

We preview the 1H'18 results due in early August. The 18 June trading update confirmed trading was consistent with FY guidance, but we think investors should recognise the split between 1H and 2H. We forecast that NSF will deliver 46% of FY'18 revenue in 1H'18 and 46% of impairments, but 50% of costs and 49% of finance costs; thus, we estimate 18% of group 2018 PBT in 1H'18 and 82% in 2H'18. The revenue split reflects business seasonality and payback for investment. Impairments reflect IFRS9 taking more provisions upfront when loans are added. Costs reflect the timing of investments in each division, operational normalisation in EL, and guarantor loans synergies. We make no changes to 2018 estimates.

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About Hardman & Co: For the past 21 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.

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End of Announcement - EQS News Service

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