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Hardman & Co Research
Hardman & Co Research: 2018 results: growth and diversity
The 28 March results showed the great progress made in profitably deploying the capital ABG generated from the partial sale of its stake in Secure Trust Bank (STB). Underlying EPS rose from 17.6p in 2017 to 40.3p, loans grew 17% to £1,225m, and deposits increased 23% to £1,714m. New businesses are diversifying income and credit risk. Commercial Banking reported a £2.5m profit (2017: £2.1m loss), Asset-Based Lending facilities totalled £43m at end-December, Specialist Finance got its first loan sanctioned in 2019, and Arbuthnot Direct is live. The group is well funded (loans 71% of deposits) and capital ratios are strong (Core Tier 1: 15.9%).Please click here for the full report:
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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.
Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.
Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.