Digital Asset Management: Crowdcube’s first Gibraltar company

UK Investor Magazine
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Digital Asset Management: Crowdcube’s first Gibraltar company

We would like you to know that Digital Asset Management (DAM/DAMEX) is now public on Crowdcube as the first Gibraltar registered company to crowdfund. 

In the first few days of being live in Dam’s community, the company has raised over 1,000,000 GBP.

Dam is now overfunding and at the time of writing, we have achieved 108% of our initial target. There is still a limited allocation of shares available during the public phase of our crowdfund, so now’s the time to invest before it’s too late following the link crowdcube.com/dam

Watch our video and feel free to start discussion on our Crowdcube pitch page

About Us

Established in 2017, DAM is one of 12 DLT licensed and regulated companies in Gibraltar, taking advantage of the regulatory certainty offered by the Gibraltar Government. DAM is licensed and regulated to offer crypto OTC (Over-The-Counter) brokerage and custodial services by the GFSC. The company has 32 employees, most of which are based in Gibraltar and has ambitions to enter the American markets in 2022. 

DAM has over 400 OTC clients and has traded +500m euros worth of crypto in the first half of 2021 alone and over 1B since 2019.The company is launching Damex in Q4 this year. Damex is a retail application focused on health and finance which has gained over 80,000 sign ups on a waiting list so far.

Aside from the DLT license in Gibraltar, which allows DAM to buy/sell and store crypto for their clients as a financial institution, DAM 

is also registered with the FCA in the UK as an EMI (Electronic Money Institution) agency company under Modulr Finance Ltd. Which allows DAM to issue IBANs (International Bank Account Numbers) and Sort Codes to their clients within the Damex mobile application. 

Additionally, the DAMEX debit card has been approved by Visa and shipments will begin before the end of the year. 

DAM’s CEO, Sam Buxton commented:‘‘Our first four years have been a successful grind and we are now well positioned for the next four years to be game changing for the company. We truly believe our Damex Application will make a positive impact in our communities.” “We’re excited to welcome the public into our family and we look forward to the journey ahead with the community by our side.”

Sign up to crowdcube.com/damand join DAM’s social media channels to stay up to date with upcoming announcements.

Welcome to the #DamFam

Taylor Wimpey, China and UK Banks with Alan Green

UK Investor Magazine
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Taylor Wimpey, China and UK Banks with Alan Green

Alan Green joins the UK Investor Magazine for a broad discussion of UK Banks, China result from Taylor Wimpey.

We discuss Natwest (LON:NWG), Lloyds (LON:LLOY), Taylor Wimpey (LON:TW) and Mode (LON:MODE).

Natwest and Lloyds reported after we looked at Barclays results on last week’s Podcast and where largely similar in terms of earnings growth driven by a reversal of COVID provisions that ravaged profit last year.

Taylor Wimpey released bumper half year results which demonstrated the robustness of the UK housing market and we look at what investors can expect going forward.

We also pay attention to China and how relevant their growth story is as we emerge from the pandemic.

Rolls-Royce confirms protracted sale of Bergen Engines

Liam Roche
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Rolls-Royce confirms protracted sale of Bergen Engines

Rolls-Royce will keep €110m from the deal

Rolls-Royce (LON:RR) has struck an agreement to sell Bergen Engines, its Norwegian maritime engine business, to Langley Holdings, the UK engineering group, for €63m (£53.6m).

Rolls-Royce will keep €110m (£93.6m) as part of the agreement, €70m from the deal, as well Bergen’s current €40m cash holding.

Bergen employs more than 900 people across the world and made revenues of around €200m last year.

The deal is awaiting approval from the Norwegian government as they have expressed concerns over the company being sold to a Russian company due to national security concerns.

The sale by Rolls-Royce is part of its wider plan to generate money from disposals to aid its recovery from the devastating impact of the coronavirus pandemic on its balance sheet.

The FTSE 100 company initially put Bergen up for sale in March, however, it was vetoed at that point by the Norwegian government.

Rolls-Royce had put Bergen back on sale in March after a deal to sell the company to a Russian group for €150m (£132.5m) was vetoed by Norwegian politicians on national security grounds.

The Rolls-Royce share price is up by 1.75% during the morning session on Wednesday.

Warren East, CEO of Rolls-Royce, commented on the sale: “We believe that this agreement will provide Bergen Engines and its skilled workforce with a new owner able to take the business on the next step of its journey. The sale of Bergen Engines is a part of our ongoing portfolio management to create a simpler, more focused group and contributes towards our target to generate at least £2bn from disposals, as announced last year.”

China’s services sector reaches its highest level since May

Liam Roche
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China’s services sector reaches its highest level since May

Recent rise of the Delta variant in China is causing concern

Data emerging from China revealed that the nation’s service sector growth sped up in July, reaching its highest level since May.

However, the ongoing spread of the Delta variant of the coronavirus remains a concern and is posing a threat to a full recovery.

The Caixin /Markit services Purchasing Managers’ Index (PMI) rose to 54.9 in July, up by 4.6 from the month before. Any value above 50 represents monthly growth rather than contraction.

So far the recovery of the service sector in China has been outpaced by that of its manufacturing sector.

However, the more recent rise of the Delta variant is causing concern and leading to an element of uncertainty of China’s near-term outlook.

July figures suggested Covid-19 was successfully contained in the southern region of China, according to Wang Zhe, senior economist at Caixin Insight Group, however, he said the latest outbreak would be likely too negatively impact August’s PMI figures.

“The economy still faces enormous downward pressure, and we need to ensure business owners remain confident,” Wang said.

FTSE 100 sets sights on recent 7,217 intraday high

Liam Roche
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FTSE 100 sets sights on recent 7,217 intraday high

The FTSE 100 continues to fight back after a sell-off in mid-July, rising by 0.28% to 7,126 during the morning session on Wednesday.

“If it can break the 7,217 intraday high seen on 16 June, then the index would be trading at levels not seen since February 2020 when global markets started to crash as the pandemic spread,” says Russ Mould, investment director at AJ Bell.

“Hitting that level looks possible this summer in the absence of any major negative news to trouble investors,” Mould added.

“Sadly, it doesn’t take much to rattle the markets, and there are plenty of reasons to remain cautious, such as many stocks trading on elevated valuations and the Delta variant continuing to cause disruption.”

The UK market on Wednesday was supported by BP extending gains for a second day following yesterday’s results, while banks and housebuilders were also on the menu for investors.

“What’s interesting is how demand for certain industries has remained strong post-lockdowns. There was a feeling that some sectors would see a drop-off as life starts to return to normal, but in many cases that hasn’t happened,” said Mould.

FTSE 100 Top Movers

Taylor Wimpey (3.02%), Legal and General (2.26%) and Prudential (2.05%) are leading the way on the UK index less than two hours into trading.

Just Eat (-2.35%), Fresnillo (-2%) and Ocado (-0.99%) are trailing the pack on the FTSE 100.

FTSE 100

Taylor Wimpey, the homebuilder, has constructed a record number of homes over the past half-year, boosting the company’s revenue levels in the process. 

Over the last six months the FTSE 100 company completed 7,303 homes, a substantial increase from 2,771 during the same period a year ago. 

The additional 4,500 properties saw its revenue surge by 191.1% to £2.1bn.

Taylor Wimpey also confirmed it raised its full-year profit guidance as the average selling price rose by 7%.

Ryanair more than doubles passenger levels in July to 9.3m

Liam Roche
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Ryanair more than doubles passenger levels in July to 9.3m

Ryanair recently announced a recruitment drive for cabin crew for its UK bases

Ryanair, the budget UK airline, released figures for its flight traffic on Wednesday, proving that travellers leapt at the opportunity to go abroad in July as restrictions on travel eased.

9.3m passengers took Ryanair flights during July, more than double the 4.4m figure from June.

Ryanair operated over 61,000 flights in July with an 80% “load factor”, meaning 80% of the available seats were filled. This showed that the airline considered flying to be safer than in June, when the “load factor” was 72%.

The pandemic battered the airline industry, and specifically Ryanair, as the company lost around £900m.

The company made a net loss of €273m for Q1 ending in June, although it has said it could make a profit in Q2, and break even over the course of the year.

Ryanair recently announced a recruitment drive for cabin crew for its UK bases as the airline recovers from the Covid-19 pandemic.

The airline has renewed its partnership with Crewlink, a company which specialises in the recruitment and training of cabin crew.

The Ryanair share price is up by 0.12% during the morning session on Wednesday.

Taylor Wimpey raises full-year guidance on bumper H1 results

Liam Roche
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Taylor Wimpey raises full-year guidance on bumper H1 results

Taylor Wimpey revenue surges by 191.1% to £2.1bn

Taylor Wimpey (LON:TW), the homebuilder, has constructed a record number of homes over the past half-year, boosting the company’s revenue levels in the process.

Over the last six months the FTSE 100 company completed 7,303 homes, a substantial increase from 2,771 during the same period a year ago.

The additional 4,500 properties saw its revenue surge by 191.1% to £2.1bn.

Taylor Wimpey also confirmed it raised its full-year profit guidance as the average selling price rose by 7%.

The firm’s new expectation is that its operating profit for 2021 will exceed £820m, which exceeds the top end of its previous estimates.

The FTSE 100 company is expecting between 13,200 and 14,000 new house completions.

Taylor Wimpey’s construction levels were impacted last year by pandemic-induced restrictions causing supply chain issues across the world.

Laura Hoy, Equity Analyst at Hargreaves Lansdown. commented on Taylor Wimpey’s results and the wider housing market:

“Another set of strong results from the UK’s housebuilders adds to mounting evidence that the pandemic has been a tailwind for the housing market. Turns out being locked inside for months on end has caused many people to re-evaluate their current living situation. Add to that the rising popularity of working from home, and you have the perfect excuse to move house.”

“Over the past few months, there’ve been mutterings of a potential slowdown in the UK’s red-hot housing market—Halifax reported a small decline in house prices in June—but from Taylor Wimpey’s perspective things are still ticking over nicely. The group reported a double-digit rise in house prices, a strong forward order book, and cancelation rates in line with 2019 levels.”

“If things carry on like this, Taylor Wimpey could be one of the pandemic’s biggest winners. The group was bolder than some of its peers with an aggressive land buying strategy that will pay off if the market remains buoyant. Of course, the group will suffer if the economy stumbles in the wake of the pandemic, but so far the group is building from a strong base.”

The Taylor Wimpey share price is up by 3.87% during the morning session on Wednesday.

Peter Gyllenhammar builds stake in First Property

Andrew Hore
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Peter Gyllenhammar builds stake in First Property

Swedish investor Peter Gyllenhammar is building up a stake in First Property (LON: FPO), which was hit by a sharp share price decline following its full year results. There is upside for the property manager and investor, though, because of its strong balance sheet and recurring income.
Peter Gyllenhammar is predominantly a value investor so he must see value in First Property, which manages property funds and owns property directly in the UK, Poland and Romania. On 28 July, his shareholding passed 3% and the stake has been increased to 4.07%.
The share price fell to 26.5p during 26 June and i...

Gold price underwhelms as the precious metal awaits non-farm payroll figures

Liam Roche
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Gold price underwhelms as the precious metal awaits non-farm payroll figures

Spot gold fell 0.11% to $1,810.74

Gold prices held steady on Tuesday, while the dollar was also subdued, as investors await US non-farm payroll data due this week.

Spot gold fell 0.11% to $1,810.74 per ounce by 1534 GMT.

Senior officials at the Federal Reserve suggested that it could start to reign in its support for the economy by October if non-farm payroll figures increase, as expected, by between 800,000 and 1m.

“If they come in as strong as the last one, then I think you have made the progress you need,” the Federal Reserve Governor Christopher Waller told CNBC. “If they don’t, then I think you are probably going to have to push things back a couple of months.”

Analysts are expecting the yellow metal to move sideways throughout the week ahead of the announcement of employment figures.

Gold’s underwhelming performance is a reflection of other markets, as the US dollar remains weak, while bond yields are low.

“A larger allocation into gold from investors is unlikely to materialize unless growth assumptions continue to deteriorate, thereby reducing the risk of central bank action,” said Ole Hansen, head of commodity strategy at Saxo Bank to Kitco.

Argo Blockchain share price benefits from the reduction in global hash rate

Liam Roche
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Argo Blockchain share price benefits from the reduction in global hash rate

Argo Blockchain Share Price

The Argo Blockchain share price (LON:ARB) is down by 3.47% on Tuesday as the bitcoin miner provided an operational update for July. Over the past five days of trading, the Argo Blockchain share price is hovering around the 130p level. It remains some way off its all-time-high of 284p reached in February. July was a busy month for both Argo and bitcoin, culminating in a renewed sense of optimism in the crypto market following the crash.

Operational Update

Argo’s mining output was up substantially in July to 225 bitcoin, compared to 167 the month before. It brings the company’s total bitcoin mined since the beginning of the year to 1108 bitcoin.

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in July amounted to £5.6n ($7.79m), up from $6.05m the month before.

Argo Blockchain now owns 1,496 bitcoin as of the end of July.

Peter Wall, Chief Executive of Argo said: “I’m delighted that we have been able to capitalize on the reduction in global hash rate and mining difficulty this month to deliver these results at an impressive margin. We are also pleased to have broken ground at the Texas facility, and are excited about the opportunities that this development offers in allowing us to exercise greater control over our mining operations, to continue to utilize renewable power and to work with the local community in Texas to enact positive change.”

Bitcoin

As the bitcoin price pulled back over the last few days, investors will be curious over the direction of the cryptocurrency, and its impact on the Argo Blockchain share price.

At the time of writing, bitcoin is at £27,735, having been above £30,500 over the weekend.

Mark Warner, head of trading at BCB Group, gave Forbes his take, which will be well received by those with an eye on the Argo Blockchain share price.

“There are many sellers at $42,000, where longs have been trapped since 19 May, so we expect more resistance at this level. A confirmation of the breakout, by BTC retesting $34,500-$36,000, could provide buying opportunities for those who missed out.”

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