Sep 28 2023
Business Support Services
Recent Research
DCC, AGM trading statement
Jul 13 2023
DCC, Acquisition of PVO
Sep 27 2022
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DCC
Strong value creation ahead
At its recent Energy Insights Day, DCC provided significant new details on how it plans to grow earnings through the energy transition while lowering its carbon intensity. We do a deep...
DCC
Energy Insights Day provides a clear vision through the energy transition
At DCC’s Insights Day on its Energy division yesterday (September 6th) in Paris, the group reconfirmed its ambition to double EBITA by FY2030. It provided a clear roadmap on its vision...
DCC
AGM trading statement
DCC has announced in a trading statement, ahead of its AGM later today, that operating performance is in line with expectations in Q1. Growth in DCC Energy is more than offsetting...
DCC
FY2023 results reflect another strong year of execution
DCC’s FY2023 results reflect strong growth in adjusted EBITA and are slightly above consensus. This has been achieved despite significant cost inflation and a difficult macro backdrop....
DCC
Interim results reflect growth in challenging markets
DCC’s interim results reflect strong earnings growth in the period. Energy is the standout performer, with underlying margin expansion. This has more than offset the anticipated end...
DCC
Acquisition of PVO
DCC has announced the acquisition of PVO, which is a leading European distributor of solar panels, invertors and batteries. The business had €190m of revenues in its last fiscal year....
IWG plc
Good H1 numbers; occupancy and price still trending positively
IWG has reported its H1 figures to June 2022. H1 numbers have beaten our forecasts, and we are unlikely to see significant changes in estimates for the current year or next at this...
PageGroup plc
Strong H1 delivery; shares discounting significant slowdown
Page has released its H1 statement to June 2022E. There are no surprises in the statement considering Q2 was released in mid-July, although the conversion rate is very strong....
Serco Group plc
Another strong statement
Serco has released its H1 numbers to the end of June today. There are no surprises considering the company’s detailed statement at the end of May and subsequent meetings with...
Intertek Group plc
Revenues slightly ahead; margin forecast below 2021
Intertek has published its H1 results today. These were clearly affected by the Chinese lockdowns, the effects of which should now be behind the company. We are unlikely to make any...
