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Secure Trust Bank: Numis raises target price from 1167p to 1234p, hold recommendation kept.
I previously sold out way too early with these bad boys !...its an impressive graph
In September 2012 STB became the first bank in the UK to be awarded the Customer Service Excellence Award. This award was introduced by the Cabinet Office in 2010 to replace the former Charter Mark. Then, in October 2012 STB was awarded a 4 star Fairbanking Mark for its current account. These positive achievements mark the culmination of 18 months of hard work to improve the way in which STB interacts with its customers and the quality of the range of services it provides. Everyday Loans has been successfully integrated with the Group. A new branch has now opened in Middlesbrough and others will follow reflecting our growth plans for this business. The costs associated with opening new branches are relatively modest and they typically become profitable within 12 months. STB continues to work on a diverse pipeline of organic and external business opportunities as it progresses its growth strategy.
Update on third quarter trading Secure Trust Bank PLC ("STB") traded well during the quarter ending 30 September 2012. Demand for lending and deposit products remained strong. Cycle finance in particular has seen positive new business levels undoubtedly as a consequence of the Olympics. The bank continues to enjoy favourable funding conditions. Indeed the most recent deposit raising was successfully concluded after raising over £36 million in the first 8 days in August. STB is progressing an application to be included within the Funding for Lending Scheme and is giving due consideration to the extent, if any, it accesses the discounted funding available, noting it remains highly liquid at this time. In its interim results statement on 26 July 2012 STB reported that, when it released the White Paper on 14 June 2012, the Government signalled that it recognised the competitive challenges facing smaller banks. STB is now engaged with the Government's Banking Reform Team and the Treasury to help them to understand better these issues. In common with other banks, and as previously disclosed, STB is being inundated with entirely spurious claims originated by claims management companies (CMCs). The operational impact of having to respond to huge volumes of baseless claims is an unwelcome distraction.
http://www.investegate.co.uk/Article.aspx?id=201210180701029451O
Henry Angest, Chairman, said: "Secure Trust Bank is successfully delivering the commitments made at the time of the flotation as evidenced by the significant progress in the first half of the year, with underlying pre-tax profits up by 50%. We have remained true to our philosophy of managing the bank's balance sheet on a prudent basis. This is reflected in robust capital, modest gross leverage and very strong funding positions. Provided there is no material deterioration in the economy, we expect to see growth in the underlying profitability of the business in the second half." Paul Lynam, Chief Executive Officer, said: "Despite a challenging economic environment, we have been able to deliver a strong underlying performance and an excellent set of results. These highlight the positive progress we are making with our plans to grow a sustainable alternative to the current high street banking models. Our strong funding, liquidity and capital positions enable us to take full advantage of opportunities in our chosen markets. We are continuing to see strong demand for our products from a wide variety of customers and the recent acquisition of Everyday Loans has helped us establish a more prominent presence in our chosen markets. We have an ongoing pipeline of organic and external business opportunities and, subject to there being no material deterioration in the economic environment, we are confident about the future potential of Secure Trust Bank." *This is after excluding the fair value gain, costs relating to the acquisition of Everyday Loans, the effects of acquired portfolios the accrued costs for the share options granted at the IPO, the costs of surplus deposits held in anticipation of the acquisition and group recharges. This announcement together with the associated investors' presentation are available on www.securetrustbank.com.
OPERATIONAL HIGHLIGHTS · Overall loan book increased to £260.3m; 110% higher than H1 2011:£123.9m (FY 2011:£154.6m) · Customer deposits increased to £297.9m; 37% higher than H1 2011:£217m (FY 2011:£272.1m) · Total customer numbers increased to 198,767; 58% higher than H1 2011: 125,500 (FY 2011:139,693) · Acquisition of Everyday Loans contributed £71m of loans · The costs avoided through lower than expected impairments of £3.1m have enabled the business to bring forward planned investment in risk, finance and anti fraud teams without impacting anticipated profitability
Secure Trust Bank PLC ("STB" or the "Company") has traded strongly during H1 2012, with both the lending and deposit-gathering businesses demonstrating strong, controlled growth. In the first six months of 2012 it has reported a profit before tax of £12.4m, including a fair value gain on the acquisition of Everyday Loans. This is an increase of 239% on the 2011 statutory figure. FINANCIAL HIGHLIGHTS · Operating income £16.9m (2011:£13.6m) · Reported profit before tax £12.4m (2011:£3.7m) · Underlying* profit before tax £7.5m (2011: £5.0m) representing growth of 50% · Capital ratios, liquidity and funding positions remain strong · Return on average equity 39.8% · Earnings Per share 82.5p (Underlying* earnings per share 42.1p) · Interim dividend per share of 14p
http://www.investegate.co.uk/Article.aspx?id=201207260709495286I
Valuation: Value enhancing deal raises valuation Our stance has consistently been to forecast on an organic growth basis and to only include acquisitions when completed. We believe this is conservative, noting the high probability of deals. With this deal we have raised our 2012/13 pre-tax, preexceptional profit forecast by c £3m and our average valuation is now c £10.75. There will be accounting complications that are likely to see statutory profits in 2012 well ahead of this and then lower in 2013/14.
http://www.edisoninvestmentresearch.co.uk/researchreports/STBUpdate130612.pdf
Canaccord Genuity kept its "buy" stance on Secure Trust Bank (STB) with a target price of 1,200p. The bank's acquisition of sub-to-near prime lender Everyday Loans gives the firm access to an unsecured loan book of 64 million pounds, said the broker, as well as a network of 25 offices and an experienced management team. Canaccord expects the acquisition to add 2.2 million pounds to the firm's earnings for 2012, rising to 3.7 million pounds in 2013.
midas article & buy recommend http://www.dailymail.co.uk/money/experts/article-2093142/MIDAS-Customers-turn-Secure-Trust-Bank-budgeting-aid.html
ticking up nicely
anyone with level 2 looking?