Announcement • May 22
Arbuthnot Banking Group PLC and Arbuthnot Latham & Co., Limited Appoint Stephen Fletcher as Non-Executive Director, Effective June 1, 2026 Arbuthnot Banking Group PLC announced the appointment of Stephen Fletcher as a new, non-independent, non-executive director, with effect from June 1, 2026. Mr. Fletcher will also rejoin the board of Arbuthnot Latham & Co., Limited, the Company's banking subsidiary, as a non-executive director from that date. Stephen John Fletcher, aged 64, is a highly experienced professional in the banking world who retired at the end of December 2025 from his part-time role as Managing Director, Specialist Finance where he was responsible for the Group's Renaissance Asset Finance Limited and Arbuthnot Commercial Asset Based Lending Limited subsidiaries. Prior to that, he was Deputy Chief Executive, Banking and a Director of Arbuthnot Latham & Co., Limited from August 2018 to September 2021, having joined the Bank in 2015 when he launched the Commercial Banking proposition. He is presently a consultant to the Group, providing Credit duties and advising on other matters. Before joining the Group, Mr. Fletcher held several senior management roles at RBS and Coutts Bank. Mr. Fletcher is or has been a director or trustee of the following companies in the last five years: Arbuthnot Commercial Asset Based Lending Limited, Arbuthnot Latham & Co., Limited, Arbuthnot Latham (Nominees) Limited, Arbuthnot Latham Real Estate Holdings Limited (dissolved February 22, 2022), Arbuthnot Specialist Finance Limited, Renaissance Asset Finance Limited. New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 46% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Declared Dividend • Mar 29
Final dividend of UK£0.31 announced Shareholders will receive a dividend of UK£0.31. Ex-date: 16th April 2026 Payment date: 29th May 2026 Dividend yield will be 6.0%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is well covered by earnings (35% payout ratio) and is expected to be covered in 3 years' time (54% forecast payout ratio). The dividend has increased by an average of 6.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 4.4% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 28
Arbuthnot Banking Group plc Recommends Final Dividend in Respect of Year Ended December 31, 2025, Payable on May 27, 2026 The Board of Arbuthnot Banking Group PLC is recommending a final dividend of 31p per ordinary and ordinary non-voting share in respect of year ended December 31, 2025. This is an increase of 2p compared to the final dividend of 2024. The final dividend, if approved at the 2026 AGM, will be paid on 29th May 2026 to shareholders on the register at the close of business on 17th April 2026. Reported Earnings • Mar 27
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: UK£1.09 (down from UK£1.52 in FY 2024). Revenue: UK£171.4m (down 2.0% from FY 2024). Net income: UK£17.8m (down 28% from FY 2024). Profit margin: 10% (down from 14% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) exceeded analyst estimates by 2.9%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Mar 27
Arbuthnot Banking Group PLC, Annual General Meeting, May 19, 2026 Arbuthnot Banking Group PLC, Annual General Meeting, May 19, 2026. New Risk • Feb 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.5% net profit margin). Upcoming Dividend • Aug 21
Upcoming dividend of UK£0.22 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 26 September 2025. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of British dividend payers (5.4%). Higher than average of industry peers (4.1%). Major Estimate Revision • Jul 29
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from UK£182.6m to UK£177.6m. EPS estimate also fell from UK£1.30 per share to UK£1.12 per share. Net income forecast to grow 22% next year vs 16% growth forecast for Banks industry in the United Kingdom. Consensus price target down from UK£16.00 to UK£15.25. Share price rose 4.9% to UK£10.08 over the past week. Reported Earnings • Jul 24
First half 2025 earnings released: EPS: UK£0.42 (vs UK£0.95 in 1H 2024) First half 2025 results: EPS: UK£0.42 (down from UK£0.95 in 1H 2024). Revenue: UK£84.2m (down 3.0% from 1H 2024). Net income: UK£6.94m (down 55% from 1H 2024). Profit margin: 8.2% (down from 18% in 1H 2024). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 22
Price target decreased by 9.0% to UK£15.25 Down from UK£16.75, the current price target is provided by 1 analyst. New target price is 59% above last closing price of UK£9.60. Stock is down 1.3% over the past year. The company is forecast to post earnings per share of UK£1.24 for next year compared to UK£1.52 last year. Announcement • Jul 22
Arbuthnot Banking Group PLC Proposes Interim Dividend for the Six Months Ended June 30, 2025, Payable on 26 September 2025 Arbuthnot Banking Group PLC's Board are proposing to pay an interim dividend of 22p per Ordinary and Ordinary Non-Voting share for the six months ended June 30, 2025, an increase of 2p per share compared to the regular interim dividend paid in the prior year. This dividend will be paid on 26 September 2025 to shareholders on the register at 29 August 2025. Announcement • Jul 08
Arbuthnot Banking Group plc and Arbuthnot Latham & Co., Limited Appoints Charlotte Louise Benham Crosswell as Independent Non-Executive Director, Effective July 16, 2025 The Board of Arbuthnot Banking Group PLC announced the appointment of Charlotte Crosswell OBE as a new independent non-executive director, with effect from 16 July 2025. Ms. Crosswell will also join on the board of Arbuthnot Latham & Co., Limited, the Company's banking subsidiary, as an independent non-executive director from that date. Charlotte Louise Benham Crosswell, aged 52, is an experienced executive and non-executive director with a breadth of experience from roles in high growth sectors including financial technology and technology as well as financial services. Ms. Crosswell has undertaken significant financial services and market infrastructure roles as Chair, CEO, Advisor and Non-Executive Director of regulated financial services and fintech firms, trading platforms, clearing houses and financial services lobbying groups. She currently performs a number of board roles including as Executive Chair of Raidiam Services Limited which provides Software-as-a-Service that underpins data sharing-technologies for businesses and global regulators. She was previously Chair and Trustee, Open Banking Ltd. Her executive roles included being CEO, Innovate Finance, CEO of NASDAQ NLX, and she had other executive roles at NASDAQ international and before that at the London Stock Exchange where she was Head of International Business Development. Ms. Crosswell is or has been a director or trustee of the following companies in the last five years: Current directorships: Centre for Policy Studies Limited; Exadin Ltd; Freemarketfx Limited; Raidiam Services Limited. Past directorships: Centre for Finance, Innovation and Technology; Change Banking Limited (dissolved); Open Banking Limited (Chair and Trustee); Innovate Finance Limited; UK Finance Limited. New Risk • Jun 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Jun 12
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: UK£1.52 (down from UK£2.23 in FY 2023). Revenue: UK£174.9m (down 1.9% from FY 2023). Net income: UK£24.9m (down 30% from FY 2023). Profit margin: 14% (down from 20% in FY 2023). Non-performing loans: 3.50% (down from 3.84% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 13
Upcoming dividend of UK£0.29 per share Eligible shareholders must have bought the stock before 17 April 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of British dividend payers (6.4%). In line with average of industry peers (5.4%). Announcement • Mar 28
Arbuthnot Banking Group PLC, Annual General Meeting, May 21, 2025 Arbuthnot Banking Group PLC, Annual General Meeting, May 21, 2025. Reported Earnings • Mar 27
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: UK£1.52 (down from UK£2.23 in FY 2023). Revenue: UK£174.9m (down 1.9% from FY 2023). Net income: UK£24.9m (down 30% from FY 2023). Profit margin: 14% (down from 20% in FY 2023). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Mar 27
Arbuthnot Banking Group PLC Recommends Final Dividend in Respect of 2024, Payable on 30 May 2025 The Board of Arbuthnot Banking Group PLC is recommending a final dividend in respect of 2024 of 29 pence per Ordinary share and Ordinary Non-Voting share. This is an increase of 2 pence compared to the final dividend of 2023. The final dividend, if approved at the 2025 AGM, will be paid on 30 May 2025 to shareholders on the register at the close of business on 22 April 2025. This, together with the interim and special dividend gives a total dividend of 69 pence per Ordinary share and Ordinary Non-Voting share, which compares to the total dividend of 46 pence per share paid in respect of 2023. New Risk • Feb 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Dec 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Aug 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non Executive Director Richard Gabbertas was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 25
First half 2024 earnings released: EPS: UK£0.95 (vs UK£1.29 in 1H 2023) First half 2024 results: EPS: UK£0.95 (down from UK£1.29 in 1H 2023). Revenue: UK£86.1m (up 1.1% from 1H 2023). Net income: UK£15.4m (down 23% from 1H 2023). Profit margin: 18% (down from 23% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jul 02
Arbuthnot Banking Group PLC Announces Appointment of Richard Gabbertas as A New Independent Non-Executive Director The Board of Arbuthnot Banking Group PLC announced the appointment of Richard Gabbertas as a new independent non-executive director, with immediate effect. Mr. Gabbertas is already on the board of Arbuthnot Latham & Co., Limited, the Company's banking subsidiary, having served as an independent non-executive director since November 2020. Richard Kenneth Gabbertas, aged 64, is a highly experienced accountant and auditor, having been a partner of KPMG for 23 years, with a client base consisting of a number of financial services and banking firms, prior to his retirement in 2018. Since 1 June 2024, he has been the Chairman of the Arbuthnot Latham Risk Committee, having previously been Chairman of its Audit Committee. He is currently a non-executive director of a banking company, Recognise Bank Limited, a subsidiary of City of London Group plc of which he is also a director. He was previously a director of Hadwin Investments Limited which was dissolved on 2 April 2024. He is or has been a director of the following companies or partner in the following partnerships in the last five years: Current directorships: Arbuthnot Latham & Co., Limited, Recognise Bank Limited, and City of London Group plc (in voluntary liquidation). Past directorships: Hadwin Investments Limited. Major Estimate Revision • May 03
Consensus revenue estimates increase by 14%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from UK£160.9m to UK£183.6m. EPS estimate fell from UK£1.81 to UK£1.67. Net income forecast to shrink 22% next year vs 11% growth forecast for Banks industry in the United Kingdom . Consensus price target up from UK£16.40 to UK£16.75. Share price fell 3.5% to UK£10.28 over the past week. Upcoming Dividend • Apr 14
Upcoming dividend of UK£0.27 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 31 May 2024. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (6.4%). Major Estimate Revision • Apr 09
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from UK£185.3m to UK£160.9m. EPS estimate fell from UK£1.95 to UK£1.81 per share. Net income forecast to shrink 23% next year vs 11% growth forecast for Banks industry in the United Kingdom . Consensus price target of UK£16.40 unchanged from last update. Share price was steady at UK£10.60 over the past week. Declared Dividend • Mar 30
Final dividend increased to UK£0.27 Dividend of UK£0.27 is 8.0% higher than last year. Ex-date: 18th April 2024 Payment date: 31st May 2024 Dividend yield will be 4.3%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is well covered by earnings (14% payout ratio) and is expected to be well covered in 3 years' time (26% forecast payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 8.7% over the next 2 years. However, it would need to fall by 84% to increase the payout ratio to a potentially unsustainable range. Announcement • Mar 29
Arbuthnot Banking Group PLC Recommends Final Dividend for the Year Ended 31 December 2023, Payable on 31 May 2024 The directors of Arbuthnot Banking Group PLC recommend the payment of a final dividend of 27 pence per share for the year ended 31 December 2023 (2022: 25 pence). This represents total dividends for the year of 46 pence (2022: 42 pence). The final dividend, if approved by members at the 2023 AGM, will be paid on 31 May 2024 to shareholders on the register at close of business on 19 April 2024. Reported Earnings • Mar 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: UK£2.23 (up from UK£1.10 in FY 2022). Revenue: UK£178.2m (up 38% from FY 2022). Net income: UK£35.4m (up 115% from FY 2022). Profit margin: 20% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.3%. Earnings per share (EPS) also missed analyst estimates by 1.7%. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Feb 22
Arbuthnot Banking Group PLC to Report Q4, 2023 Results on Mar 28, 2024 Arbuthnot Banking Group PLC announced that they will report Q4, 2023 results on Mar 28, 2024 New Risk • Feb 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (8.5% increase in shares outstanding). Recent Insider Transactions • Dec 07
Chairman & CEO recently bought UK£682k worth of stock On the 5th of December, Henry Angest bought around 70k shares on-market at roughly UK£9.75 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Henry's only on-market trade for the last 12 months. Recent Insider Transactions • Oct 30
Independent Non-Executive Director recently bought UK£77k worth of stock On the 25th of October, Jayne Almond bought around 9k shares on-market at roughly UK£8.92 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought UK£77k more in shares than they have sold in the last 12 months. New Risk • Oct 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (8.5% increase in shares outstanding). Announcement • Aug 22
Arbuthnot Banking Group PLC Appoints Jayne Almond, Angela Knight and Lord Sassoon as Independent Non-Executive Directors, with Effect from 1 September 2023 The Board of Arbuthnot Banking Group PLC ("the Company") announced the appointment of three new independent non-executive directors, Jayne Almond, Angela Knight and Lord Sassoon, with effect from 1 September 2023. Jayne Doreen Almond, also known as Jayne Hale (married name), aged 65, is a highly experienced professional in the banking, mortgages and financial services arenas, with past and present appointments as Chairman, Chief Executive and NED in a wide range of organisations. She is currently Chairman of Kensington Mortgages, a subsidiary of Barclays Bank UK plc and of Bluestep Bank AB. She is or has been a director of the following companies or partner in the following partnerships in the last five years: Current directorships: Kensington Mortgage Company Limited; Bluestep Bank AB; Quinta Properties Limited; Aldeburgh Golf Club Ltd; Barts Square Freehold Owners Limited; Redemption Roasters C.I.C. Past directorships: Butterfield Mortgages Limited; Butterfield Holdings (UK) Limited; Leopold Joseph Holdings Limited; KHL Mortgage Services Limited; The Northview Group Limited; GH Vive Limited. Angela Ann Knight (formerly Cook) CBE, aged 72, has a wealth of commercial and financial experience from her time in government as a Treasury Minister, as Chief Executive of the British Bankers' Association (now UK Finance) and of Energy UK and as a non-executive director of a range of listed companies over many years. She is currently a Non-Executive Independent Member of the Board of the Astana Financial Services Authority, an independent regulator in Kazakhstan and was the former Chair of the Office of Tax Simplification. She is or has been a director of the following companies or partner in the following partnerships in the last five years: Current directorships: Arbuthnot Latham & Co., Limited; Vanquis Banking Group plc; Encore Capital Group Inc. (US corporation); Pool Reinsurance Company Limited; Vanquis Bank Ltd. Past directorships: Tillman Brewin Dolphin Limited, an Irish subsidiary of Brewin Dolphin plc; TP ICAP PLC; Taylor Wimpey PLC; Froggatt Trustee Limited. Lord James Meyer Sassoon, aged 67, is a highly experienced professional in the banking and financial services industry. From 1985 he was at SG Warburg (latterly UBS Warburg), leading the firm's global privatisation business and ending as Vice-Chairman, Investment Banking. In 2002, he joined HM Treasury as Managing Director, Finance, Regulation and Industry. In 2007/08 he acted as President of the Financial Action Task Force and was Commercial Secretary to the Treasury in 2010 to 2013. He served as a director of The Merchants Trust plc from 2006 to 2010. He is currently Chairman of The CityUK China Market Advisory Group, President of the China-Britain Business Council and Member of the International Advisory Council of the China Investment Corporation. He was also formerly a Member of the Global Advisory Board for Mitsubishi UFJ Financial Group Inc. (MUFG). He is or has been a director of the following companies or partner in the following partnerships or trustee of the following charities in the last five years: Current directorships: Barco NV; The Hong Kong Association; Sir John Soane's Museum (Trustee of the Charity); HM Sassoon Charitable Trust (Trustee of the Charity). Past directorships: Dairy Farm International Holdings Limited; Hongkong Land Holdings Limited; Jardine Matheson Holdings Limited; JLT Group Holdings Limited; Mandarin Oriental International Limited; Matheson & Co., Limited; The British Museum Friends; The British Museum (Trustee of the Charity); Jardine Motors Group UK Limited; Trent Park Museum Trust (Trustee of the Charity). Price Target Changed • Aug 22
Price target increased by 21% to UK£16.40 Up from UK£13.54, the current price target is an average from 2 analysts. New target price is 71% above last closing price of UK£9.60. Stock is up 7.3% over the past year. The company is forecast to post earnings per share of UK£2.19 for next year compared to UK£1.10 last year. Upcoming Dividend • Aug 17
Upcoming dividend of UK£0.19 per share at 4.2% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (5.5%). Major Estimate Revision • Aug 06
Consensus revenue estimates decrease by 19%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from UK£169.2m to UK£136.7m. EPS estimate increased from UK£2.05 to UK£2.19 per share. Net income forecast to grow 2.7% next year vs 6.0% growth forecast for Banks industry in the United Kingdom. Consensus price target of UK£13.74 unchanged from last update. Share price was steady at UK£10.70 over the past week. Reported Earnings • Jul 20
First half 2023 earnings released: EPS: UK£1.29 (vs UK£0.18 in 1H 2022) First half 2023 results: EPS: UK£1.29 (up from UK£0.18 in 1H 2022). Revenue: UK£85.2m (up 43% from 1H 2022). Net income: UK£20.0m (up UK£17.3m from 1H 2022). Profit margin: 23% (up from 4.5% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 13
Upcoming dividend of UK£0.25 per share at 4.4% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 02 June 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of British dividend payers (5.9%). In line with average of industry peers (4.7%). Major Estimate Revision • Apr 08
Consensus revenue estimates increase by 18% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from UK£136.8m to UK£162.0m. EPS estimate increased from UK£1.58 to UK£2.08 per share. Net income forecast to grow 83% next year vs 5.3% growth forecast for Banks industry in the United Kingdom. Consensus price target broadly unchanged at UK£13.74. Share price was steady at UK£9.53 over the past week. Reported Earnings • Mar 31
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: UK£1.10 (up from UK£0.45 in FY 2021). Revenue: UK£127.3m (up 45% from FY 2021). Net income: UK£16.5m (up 143% from FY 2021). Profit margin: 13% (up from 7.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 25
Price target decreased by 14% to UK£13.52 Down from UK£15.75, the current price target is provided by 1 analyst. New target price is 58% above last closing price of UK£8.55. Stock is down 11% over the past year. The company is forecast to post earnings per share of UK£0.93 for next year compared to UK£0.45 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Nigel Boardman was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Oct 13
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from UK£114.6m to UK£117.1m. EPS estimate increased from UK£0.71 to UK£0.83 per share. Net income forecast to grow 185% next year vs 9.4% growth forecast for Banks industry in the United Kingdom. Consensus price target of UK£15.75 unchanged from last update. Share price rose 4.1% to UK£8.25 over the past week. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 21% share price decline to UK£6.45, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Banks industry in the United Kingdom. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£3.84 per share. Upcoming Dividend • Aug 18
Upcoming dividend of UK£0.17 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 23 September 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.0%. Lower than top quartile of British dividend payers (5.2%). In line with average of industry peers (4.9%). Announcement • Aug 01
Arbuthnot Banking Group PLC Announces Directorate Changes The Board of Arbuthnot Banking Group PLC announced the appointment of Frederick Angest as a non-executive director of the Company with effect from 1 September 2022. The Board also announced that Sir Nigel Boardman, an independent non-executive director of the Company since June 2019, has agreed to take on the role of Chairman of the Group's principal subsidiary, Arbuthnot Latham. Sir Henry Angest who has been Chairman of Arbuthnot Latham since it became a Group company in 1994 will remain as a non-executive director of the Bank, of which he has been appointed Life President, and continues in his role as Chairman and Chief Executive of Arbuthnot Banking Group PLC. Frederick Alexander Henry Angest, aged 27, son of Sir Henry Angest, works at Arbuthnot Latham and is or has been a director of the following companies or partner in the following partnerships in the last five years(all current directorships): Ashmore & Strone Estate Limited, Dalmunzie Castle Hotel Limited, Dalmunzie Limited. Frederick Angest, together with his sister Gabriella Angest and their mother, Lady Angest, is one of the potential future beneficiaries of a trust holding 8,351,401 Ordinary Shares representing 56.1% of the ordinary voting shares in the Company (excluding shares held in treasury) and 86,674 (64.9% of the non-voting shares excluding shares held in treasury), the current beneficial owner of which is Sir Henry Angest, as previously disclosed. Major Estimate Revision • Jul 27
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from UK£105.4m to UK£114.6m. EPS estimate increased from UK£0.57 to UK£0.71 per share. Net income forecast to grow 147% next year vs 11% decline forecast for Banks industry in the United Kingdom. Consensus price target broadly unchanged at UK£15.75. Share price was steady at UK£8.25 over the past week. Reported Earnings • Jul 19
First half 2022 earnings released: EPS: UK£0.18 (vs UK£0.27 in 1H 2021) First half 2022 results: EPS: UK£0.18 (down from UK£0.27 in 1H 2021). Revenue: UK£59.7m (up 40% from 1H 2021). Net income: UK£2.67m (down 35% from 1H 2021). Profit margin: 4.5% (down from 9.6% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 4.1%, compared to a 6.4% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Announcement • Jul 12
Albert Labs International Corp. Announces Board Appointments Albert Labs International Corp. announced the appointment of Mike Thompson MBE and Katie Shelton-Innes to its Board. Mike Thompson, MBE joins Albert Labs as a prominent figure in Healthcare and Pharmaceuticals, bringing twenty-five years of experience in the Life Sciences sector. Between 2016 and 2019, Mike served as CEO at The Association of the British Pharmaceutical Industry (ABPI) and previously held senior positions at GSK in Global, European Regional and UK levels of the company. In 2021 Mike was awarded an MBE for services to medicines supply and resilience in the Queen's Birthday Honours List. During his time as CEO at the ABPI, Mike was at the forefront of UK drug approval and pricing policy, working hand-in-hand with Government bodies on behalf of the pharmaceutical industry. Amongst a number of considerable achievements in this role, Mike oversaw the agreement for pounds sterling60bn of expenditure on branded pharmaceuticals, working closely with 10 Downing Street, HM Treasury and the Department of Health and Social Care. Katie Shelton-Innes is well-known in the United Kingdom for her work advising and raising funds for growth companies. She has a wealth of experience working for full-service investment banks, focussing on small to mid-cap companies, and was Head of Corporate Brokering at Arbuthnot Banking Group and Northland Capital Partners. Katie brings an astute knowledge of financial markets and a broad range of subsequent experiences and relationships. She joins the Albert Labs Board at a fitting time with the company exploring a listing in the United Kingdom while simultaneously scaling its operational functions across the UK, Canada and Portugal. Her appointment will consolidate the company's presence in the UK financial markets and support the company with its strategy for generating value for investors. Board Change • Jul 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Nigel Boardman was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from UK£0.50 to UK£0.57. Revenue forecast unchanged at UK£114.0m. Net income forecast to grow 27% next year vs 18% decline forecast for Banks industry in the United Kingdom. Consensus price target of UK£14.00 unchanged from last update. Share price was steady at UK£10.00 over the past week. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Nigel Boardman was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 14
Upcoming dividend of UK£0.22 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 31 May 2022. Payout ratio is on the higher end at 84% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of British dividend payers (4.6%). Lower than average of industry peers (5.3%). Price Target Changed • Mar 24
Price target increased to UK£12.50 Up from UK£11.25, the current price target is provided by 1 analyst. New target price is 28% above last closing price of UK£9.75. Stock is up 9.2% over the past year. The company is forecast to post earnings per share of UK£0.30 next year compared to a net loss per share of UK£0.089 last year. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Nigel Boardman was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 19
Upcoming dividend of UK£0.16 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 24 September 2021. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (3.8%). Higher than average of industry peers (2.6%). Reported Earnings • Jul 22
First half 2021 earnings released: EPS UK£0.27 (vs UK£0.009 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£42.7m (up 23% from 1H 2020). Net income: UK£4.09m (up UK£3.96m from 1H 2020). Profit margin: 9.6% (up from 0.4% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 27
Full year 2020 earnings released: UK£0.089 loss per share (vs UK£0.41 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: UK£69.7m (down 2.7% from FY 2019). Net loss: UK£1.33m (down 122% from profit in FY 2019). Non-performing loans: 2.70% (up from 1.97% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 17
New 90-day high: UK£8.98 The company is up 42% from its price of UK£6.30 on 19 November 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£2.84 per share. Announcement • Feb 14
Arbuthnot Banking Group PLC to Report Fiscal Year 2020 Results on Mar 25, 2021 Arbuthnot Banking Group PLC announced that they will report fiscal year 2020 results on Mar 25, 2021 Is New 90 Day High Low • Jan 18
New 90-day high: UK£8.75 The company is up 20% from its price of UK£7.30 on 20 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£2.79 per share. Is New 90 Day High Low • Dec 24
New 90-day high: UK£7.90 The company is up 4.0% from its price of UK£7.58 on 25 September 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 44% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£2.82 per share. Major Estimate Revision • Dec 12
Analysts update estimates The company's losses in 2020 are expected to worsen with analysts lowering their consensus EPS forecasts from -UK£0.043 to -UK£0.058. No change was made to the revenue estimate which at the last update was UK£70.3m. The Banks industry in the United Kingdom is expected to see an average net income growth of 2.3% next year. The consensus price target of UK£9.35 was unchanged from the last update. Share price stayed mostly flat at UK£7.70 over the past week. Is New 90 Day High Low • Dec 02
New 90-day high: UK£7.70 The company is up 17% from its price of UK£6.60 on 03 September 2020. The British market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£2.18 per share. Valuation Update With 7 Day Price Move • Nov 26
Market bids up stock over the past week After last week's 17% share price gain to UK£7.40, the stock is trading at a trailing P/E ratio of 29x, up from the previous P/E ratio of 24.7x. This compares to an average P/E of 11x in the Banks industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 44%. Is New 90 Day High Low • Oct 29
New 90-day low: UK£6.40 The company is down 13% from its price of UK£7.35 on 30 July 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£2.20 per share.