All other things equal, we would expect the 25bps increase in UK base rates to boost IFG’s revenue/PBT by circa £2.4m in a full year (adding c.3%/20% to our FY 2018 forecasts respectively). The Q3 update on November 10th will provide a timely update on underlying trading, although it may take longer to draw a line under the legacy Elysian Fuels issue, which IFG has said it is hoping to resolve – and clarify any financial exposure – prior to the year-end.
Davy research
Davy ResearchIAG - Updated long-term goals at Capital Markets Day
Davy ResearchAmadeus IT Group - Solid quarter with in-line EBITDA; Premier Inn a new customer for Hospitality IT
Davy ResearchTotal Produce - Acquisition of 50% stake in The Fresh Connection, LLC
Davy ResearchAir France KLM - Strong Q3 results: unit revenue backdrop continues to improve
Davy ResearchMarket comment - First rate rise in a decade but gloomy outlook for UK growth
Davy ResearchLafargeHolcim - A pivot to growth – but first a 4% EBITDA downgrade
Davy ResearchIFG Group - A beneficiary of the UK rate rise