Best of the Brokers


Numis has the iconic cooker maker “under review” following last week’s trading update. According to the broker, the firm will continue to generate earnings and revenue growth this year. However, Numis has lowered it outer profit before tax forecast for 2013 from £8m to £7.5m. Profit before tax for 2012 is set to be ahead of the figure for 2011, but the broker has also cut back its 2012 forecasts, from £7m to £6.6m profit.

Panmure Gordon has maintained its “hold” rating on the pub chain with a target price of 607p, lower than its current trading range. Greene King is due to issue an interim statement today and the broker predicts around four per cent year on year sales growth in its managed pubs. It forecasts lower profit before tax figures compared to the consensus figures, at £158.5m for the full year versus £161m.

Numis has a “buy” rating on the publisher with a target price of 77p. The broker’s note references the improved underlying performance of Centaur’s revenues, with print accounting for 31 per cent of total revenues down versus 45 per cent the previous year. The group has managed to slow its revenue fall, with declines of three per cent for the first six months against a four per cent decline for the first four months.