Member Info for LesBoy

Régis Schultz, Chief Executive Officer of JD Sports Fashion Plc, said:

"We have today reported record interim results with Group revenue of £5.0bn, and Profit before tax and adjusting items of £405.6m, underscoring our ability to outperform the sector in a volatile global marketplace. Our success is a direct reflection of the strength and agility of our global, multi-brand strategy, which allows us to adapt swiftly to fast-changing industry trends across the world, and our operational excellence. This ensures we continue to deliver an industry-leading customer proposition both in store and online.

"Organic sales growth in the first half was 6.4% and our underlying operating margins were in line with last year, notwithstanding continued cost investment in our long-term growth. We are reiterating our previous Profit before tax and adjusting items guidance range of £955-1,035m.

"Our acquisition of Hibbett, Inc., which completed just before the period end, is a key milestone in our international development and advances the global nature of the Group through our strengthened position in the US. I remain confident in the delivery of our exciting growth plans for North America and that the Group is well positioned to continue growing share in the world's largest sportswear market.

"I am very proud of our teams across the globe, whose dedication and hard work have been instrumental in achieving these results. Our strong business model and clear strategy position us to deliver long-term growth and value creation for our shareholders."

Cheers, Paddy... much appreciated.

Your existing holding in MARLOWE PLC will be removed and replaced by 1 share in OPTIMA HEALTH PLC.

Reuters

Mon, 23 Sept 2024, 12:12 am BST

(Reuters) - Australian property listing firm REA Group said on Monday Britain's largest real estate portal Rightmove had rejected its sweetened 6.1 billion pounds ($8.12 billion)cash-and-stock takeover offer.

In recent years, gold discoveries around the world have become more scarce and smaller in size, dampening the outlook for future supply of the metal, according to the latest analysis by S&P Global.

The new report shows that there have only been five major gold discoveries since 2020, adding about 17 million ounces to the firm’s database of gold discoveries. For its analysis, the New York-based firm defined a major gold discovery as one containing at least 2 million ounces in reserves, resources and past production.

In total, there are now 350 gold discoveries catalogued by S&P between 1990-2023, containing nearly 2.9 billion ounces of gold. The discovery count represents a 3% rise on the previous analysis in 2023, which had 345 gold discoveries with 2.81 billion ounces.

However, S&P’s report noted that while the number of discoveries and amount of gold continue to grow each year, most of the assets were discovered decades ago and only recently met its criteria for a notable gold discovery.

Compared to its last year’s analysis, the five new discoveries contributed to just 22% of the 79 million ounces added in the 2024 update.

It also pointed out that the average size of the recent gold discoveries has shrank, at about 3.5 million ounces compared with 5.5 million ounces during 2010-2019. In fact, none of the discoveries made over the past 10 years entered the list of the 30 largest gold discoveries.

This trend, said S&P research analyst Paul Manalo, supports the firm’s long-held view that the industry’s focus on older and known deposits limits the chances of finding huge gold discoveries in early-stage prospects.

“The lack of quality discoveries in the recent decade does not bode well for the gold supply,” said Manalo.

“Based on the latest monthly Gold Commodity Briefing Service, we expect gold supply to peak in 2026 at 110 million ounces, driven by increased production Australia, Canada and the US — countries that also account for the most discovered gold.”

He went on to add that gold supply is expected to fall to 103 million ounces in 2028, resulting from a decline in supply from these countries.

https://www.mining.com/dearth-of-quality-new-gold-discoveries-puts-supply-growth-under-threat-report/

The Defence Equipment & Support (DE&S) has tasked BAE Systems with carrying out the Sting Ray Mid-Life Upgrade (SRMLU) from Mod 1 to Mod 2, which will help make the torpedo “best in class” and improve its performance against emerging threats.

The Sting Ray has been in service with the Royal Navy since 1983, with the current Mod 1 version in service since 2001. It is designed to counter fast, deep-diving submarines as well as quieter conventional submarines operating in coastal waters.

The upgrade will also benefit the Royal Air Force (RAF), which uses the torpedo on its Poseidon Maritime Patrol Aircraft, complementing the United States Navy’s Mk54 weapon.

The four-year upgrade contract covers the design, development, and testing of the Mod 2 version of the lightweight torpedo, including in-water trials.

The firm says that this will sustain over 100 highly skilled engineering and specialist jobs across BAE Systems’ sites in Portsmouth and Hillend, Fife, while also providing investment to small and medium-sized enterprises (SMEs) in the UK’s high-tech sectors.

https://ukdefencejournal.org.uk/uk-upgrading-sting-ray-torpedoes-to-be-best-in-class/

Greatland Gold plc (AIM:GGP) (Greatland or the Company) is pleased to announce that, further to its earlier announcement at 4:45 p.m. on 10 September 2024 (the Placing Announcement), it has conditionally placed 5,179,010,416 new ordinary shares (Placing Shares) at 4.8 pence per Placing Share (the Issue Price), for a total oversubscribed placing of approximately £248.6 million (approximately US$325.0 million) (the Placing).

As set out in the Placing Announcement, Greatland has entered into a binding agreement with certain Newmont Corporation subsidiaries (Newmont) to acquire, subject to certain conditions being satisfied, a 70% ownership interest in the Havieron gold-copper project (Havieron) (consolidating Greatland's ownership of Havieron to 100%), 100% ownership of the Telfer gold-copper mine (Telfer), and other related interests in assets in the Paterson region (together, the Target Assets) (the Acquisition). Under the terms of the Acquisition, the Company has agreed to acquire the Target Assets for a total consideration and debt repayment of up to US$475 million in aggregate (before adjustments).

The proceeds of the Placing will be used to finance the US$155.1 million cash component of the Acquisition consideration, repayment of the US$52.4 million outstanding Havieron joint venture loan to Newmont, repayment of the outstanding balance of approximately A$7.1 million under an existing working capital facility, the stamp duty payable by the Company on the Acquisition, the payment of transaction costs and expenses in connection with the Acquisition and the Placing, and working capital requirements.

Retail Offer

As announced at 4:49 pm on 10 September 2024 the Company has also made a conditional offer for subscription of new ordinary shares of 4.8 pence each in the capital of the Company ("Ordinary Shares") via PrimaryBid (the "Retail Offer"). The Retail Offer will open to investors resident and physically located in the United Kingdom following the release of this Announcement. The Retail Offer is expected to close at 4:45 p.m. on 12 September 2024 and may close early if it is oversubscribed.

Commenting on the Placing, Greatland's Managing Director, Shaun Day, said:

"We are delighted to have successfully closed the Placing, which was strongly supported and oversubscribed. The Placing proceeds will fully fund the cash consideration for the Acquisition of 100% ownership of Havieron and Telfer, to make Greatland a material producer of gold and copper.

"I would like to extend a warm welcome to all investors who have participated in the Placing, both existing and new shareholders of Greatland. We appreciate the support and look forward to the compelling opportunity that the Acquisition affords us to create value for all Greatland shareholders."

https://www.investegate.co.uk/announcement/rns/greatland-gold--ggp/successful-placing-of-us-325-million-/8410100

It's in the rns:

Greatland Gold plc (AIM:GGP) (Greatland or the Company) refers to an article published in the Australian Financial Review today titled "Greatland Gold raising [A]$500m to buy Newmont's Telfer" (Media Article).

1 AUD 0.50 GBP

... hardly an eye-watering sum.

... this should be a lot higher.

Rolls-Royce’s new mtu 8V199 engine, they claim, promises improved performance and efficiency, with Knut Müller, Senior Vice President Global Governmental at Rolls-Royce Power Systems, stating, “The new 800 kW version is the perfect drive solution to ensure that the vehicles in the Leopard 1 family can continue to be operated efficiently in the future.”

The proposed engine, which delivers 800 kW—190 kW more than the original—offers several advantages beyond increased power. According to Rolls-Royce, the mtu 8V199 is lighter, more economical, and boasts longer service intervals, contributing to both cost savings and enhanced vehicle performance.

The engine has already proven itself in military vehicles like the “Boxer” family, and its integration into the Leopard 1 variants is designed to be a “plug-and-play” solution, simplifying the logistics for armies already using Series 199 engines.

FFG will oversee the development of a power pack tailored to the new engine, while ZF will focus on maintaining the 4HP250 transmission to ensure compatibility with the upgraded engine. Jörg Kamper, Managing Director of FFG, emphasised that the project offers an affordable way for militaries to adapt to the evolving security landscape without the high costs of replacing their existing fleets.

“This concept will be an excellent opportunity for many armies to adapt to the changed security situation at a reasonable cost and within a manageable period of time,” Kamper said.

https://ukdefencejournal.org.uk/rolls-royce-and-ffg-to-modernise-leopard-1-tank-family/

... as analysts seek to calm Monday’s panic sell-off.

Aero-engineer Rolls Royce (RR.) is near the top of the FTSE 100 leaderboard on Tuesday (3 Sep) after analysts increasingly suggest a component failure that led airline Cathay Pacific (0293:HKG) to cancel some Airbus (AIR:EPA) A350 flights is probably less serious than Monday’s panic sell-off might imply.

The market’s reaction, which saw Rolls-Royce’s shares fall 6.5%, wiping £2.7 billion off its market cap, appears to have been overly severe given the potential limited scope and financial impact of the issue, said analysts at Jefferies.

They emphasised that the affected engine, installed on the A350-1000 delivered to Cathay Pacific, ‘was delivered in early 2019 and was the 15th ever delivered A350-1000. Since then, it has only been in storage for 18 days, and continued operations even through the COVID pandemic’, the analysts said.

Reuters reported that the affected parts are thought to be fuel nozzles, which are easier to reach and examine than more crucial components like blades.

Drawing parallels to past challenges faced by Rolls-Royce, particularly the Trent 1000 issues, Jefferies analysts note that the Trent 1000’s troubles were far ‘more complex and costly.’

Rolls-Royce shares moved 3.5% higher in Tuesday trading to 480p. The stock has rallied hard during the past two years as the company worked tirelessly to bounce back from complex problems that affected its fleet of Trent 1000 engines.

https://www.sharesmagazine.co.uk/news/shares/rolls-royce-nears-top-of-ftse-leaderboard-as-analysts-seek-to-calm-mondays-panic-sell-off

The value of European sustainable investment funds’ exposure to defence stocks has more than doubled since Russia’s invasion of Ukraine, as policymakers push the need for a strong defence industrial base.

https://www.ft.com/content/eadd15a5-29c3-452b-954d-cfea75294761?desktop=true&segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8#myft:notification:daily-email:content

This takes the total value of the contract, which relates to M109A7 howitzers, to almost US$3 billion, according to BAE.

“We are focused on producing and fielding modern artillery capabilities that provide the army with overmatch,” BAE ground vehicle production director Dan Furber commented.

BAE added the contract was set to be fulfilled between August 2025 and July 2026 after production efforts were recently expanded throughout the company’s sites in the US.

Last week, BAE raised full-year earnings and sales guidance as it reported a 13% increase in half-year underlying pre-tax earnings to £1.4 billion.

Fulled by heightened geopolitical tensions, this came as sales rose across all of BAE’s electronic systems, platforms and services, air, maritime, and cyber segments.

https://www.proactiveinvestors.co.uk/companies/news/1053465/bae-systems-agrees-493mln-extension-to-us-army-artillery-contract-1053465.html

SimplyWallSt - Tue 06 Aug 2024:

Up from UK£4.82, the current price target is an average from 16 analysts.

12:40 05 Aug 2024 BST: Citi's current share price target is 555p.

Results from Rolls last week showed a 74% rise in underlying profit to £1.1 billion for the six months to June and the company guided to free cash of £2.1 billion to £2.2 billion for full-year 2024.

Citi said annual growth of 3% to 5% was a "reasonable range".

The FTSE 100-listed group’s 2027 free cash flow target of between £2.8 billion and £3.1 billion looks “much more credible” following results last week, the analysts wrote in a note.

At £3.1 billion by 2027, on compound annual growth of 5%, the targeted free cash flow could imply a current fair value of as high as 777p, analysts said.

07:45 05 Aug 2024 BST:

Rolls-Royce Holdings is in talks with investors about raising cash for its mini nuclear power stations and is looking at a "range of options".

The FTSE 100 engine maker has received interest in buying a stake in the venture from multiple investors, according to a Sunday Telegraph report.

It is looking to raise fresh funds for Rolls-Royce Small Modular Reactors, where funds need to be topped up after a last fundraising in 2021 raised £195 million.

As well as reporting results than impressed investors, last week saw the UK's Office for Nuclear Regulation (ONR) give a green light to Rolls-Royce SMR advancing to the next stage of the regulatory approval process.

Rolls' group CEO Tufan Erginbilgic confirmed the investor discussions about raising money for the venture, telling the newspaper he was "very comfortable" about the funding process as SMR "is an attractive proposition and it’s got a great future and some investors potentially recognise that".

The small nuclear business, which is developing scaled-down nuclear reactors based on the proven technology the company provides for the Royal Navy's nuclear submarines, has drummed up almost £500 million of funding so far from private investment groups and grants from the government, with investors including US utilities Constellation and Exelon Generation, family office BNF Resources, and the Qatar Investment Authority.

A company spokesperson said the SMR business is "attracting investor interest and we continue to consider a range of options to support our future growth".

https://www.proactiveinvestors.co.uk/companies/news/1053347/rolls-royce-in-talks-to-sell-stake-in-mini-nuclear-reactor-business-1053347.html

The A350 engine leads in sales.

In civil aerospace, the Trent XWB-97 engines secured 108 new orders and became the best selling engine in the first half of the year. It is worth noting that the Trent XWB-97 engines power Airbus A350-1000 widebodies. The XWB-97 is a 97,000lb thrust Trent and is the more powerful sister engine of the XWB-84, which powers the A350-900 aircraft.

https://simpleflying.com/rolls-royce-h1-operating-profit/

Rolls-Royce boss says UK must move fast to be world leader in small reactors.

Britain risks repeating the mistakes of the past if delays in rolling out small nuclear reactors persist, the chief executive of Rolls-Royce has said, urging the new Labour government not to pass up the chance to develop a world-leading industry.

Speaking as Rolls-Royce upgraded profit guidance and restored its dividend, sending the company’s shares to a record high, Tufan Erginbilgiç said British homes could be powered by its first small modular reactor (SMR) by 2031, if the government commissions the first of them this year.

But he highlighted delays in the competition process run by Great British Nuclear, warning that the UK must learn from its failure to become a global leader for offshore wind technology.

“Frankly speaking, the UK missed a trick on offshore wind supply chain development,” he said.

“If you look at the North Sea, the UK had lots of offshore wind potential but they didn’t move early enough, therefore the supply chain was developed somewhere else.

“You don’t want that to happen to SMR.”

He said countries including the Czech Republic, Sweden and multiple Middle Eastern nations were eyeing SMRs and had done extensive due diligence but that lingering “nervousness” about the technology would disappear if the UK adopted it.

Rolls-Royce’s 470 megawatt (MW) SMRs, known colloquially as mini-nukes, are intended to power 1m homes each and last for 60 years. They passed the second phase of the government’s regulatory approval process earlier this week, a milestone that Erginbilgiç said put both the UK and Rolls-Royce about 18 months ahead of competitors.

“Actually, we can create first mover advantage that’s going to allow UK to continue to build supply chain in the UK, but also there is an enormous export potential, because every SMR is £2.5bn, he said.”

https://www.theguardian.com/business/article/2024/aug/01/rolls-royce-shares-profit-dividend

One wonders what motivates such a sad example of pond life?