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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  The Rank Group Plc    RNK   GB00B1L5QH97

THE RANK GROUP PLC

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Pandemic Spurs U.K. Companies to Tap London Equity Market at Fastest Pace in 11 Years -- Financial News

11/25/2020 | 09:51am EST

By Lina Saigol and Paul Clarke

Of Financial News

Capital raised by U.K.-listed companies has soared to its highest level since 2009 as companies rush to tap equity markets to tide them through the coronavirus pandemic.

Listed companies have raised more than 26 billion pounds ($34.74 billion) this year from London Stock Exchange main and junior AIM markets, according to analysis by investment bank Goodbody.

This marks the highest total in 11 years. In total, 463 companies completed transactions to raise additional capital as they were forced to shore up their balance sheets because of the impact of Covid-19.

"In recent years, a rise of passive funds and a trend towards de-equitization has taken the focus away from the vital role active investor's play in keeping equity capital markets healthy for listed companies," said Piers Coombs, head of Goodbody's London office.

"This year has firmly reversed that trend, and through institutional and retail investors giving their backing to companies at this difficult time, thousands of jobs have been protected and businesses can plan for the future," he added.

The consumer discretionary sector, which include automobile, consumer services, travel and leisure, saw the greatest value of capital raised, with 70 companies raising a total of GBP11.4 billion in the period.

This included several of the largest deals of the year to date, including Compass Group PLC, the FTSE 100 catering group, which raised a total of GBP2 billion from both retail and institutional investors.

Companies in the industrials sector, which includes aircraft engine maker Rolls-Royce Holdings PLC, raised the second-biggest amount at GBP4.2 billion as it looked to bolster its finances.

The financial sector saw 95 companies raise GBP3.9 billion.

In the travel and leisure sector alone--one of those hit hardest by the pandemic amid an unprecedented slump in demand --30 companies have carried out equity issues, raising GBP5.5 billion, including British Airways owner International Consolidated Airlines Group SA, which raised GBP1.3 billion.

More recently in November, Mecca Bingo and Grosvenor Casinos owner Rank Group PLC raised GBP70 million to give it enough headroom to steer through the next stage of the pandemic.

"The sectors that have raised the most capital will come as no surprise, as retail, travel and leisure businesses have all looked to repair their balance sheets," Mr. Coombe said.

However, he noted that not all transactions have been limited to those struggling to survive with companies--particularly those in the fast-growth technology sector--raising capital to take advantage of surging demand to grow their businesses.

Venture capital firm Draper Esprit PLC, for instance, raised a further GBP110 million in October, highlighting investor demand for the high-growth and pre-market technology companies the AIM-listed company invests in.

In the video gaming sector, where social restrictions have accelerated growth, Keywords Studios PLC raised GBP100 million in May and was the first example of a listed company since the onset of Covid-19 to raise equity for acquisitions, a key part of its growth strategy.

Website: www.fnlondon.com

(END) Dow Jones Newswires

11-25-20 0950ET

Stocks mentioned in the article
ChangeLast1st jan.
COMPASS GROUP PLC -0.72% 1370.5 Delayed Quote.1.28%
DRAPER ESPRIT PLC -2.27% 690 Delayed Quote.6.97%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -0.68% 139 Delayed Quote.-12.42%
KEYWORDS STUDIOS PLC 5.05% 2704 Delayed Quote.-10.00%
LONDON STOCK EXCHANGE PLC -4.18% 8670 Delayed Quote.0.44%
MSCI UNITED KINGDOM (STRD, UHD) -1.50% 1053.257 Real-time Quote.2.91%
ROLLS-ROYCE HOLDINGS PLC -1.20% 95.16 Delayed Quote.-13.42%
THE RANK GROUP PLC -0.63% 126.2 Delayed Quote.-8.76%
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Financials
Sales 2021 428 M 586 M 586 M
Net income 2021 -51,9 M -71,0 M -71,0 M
Net Debt 2021 290 M 396 M 396 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 591 M 810 M 809 M
EV / Sales 2021 2,06x
EV / Sales 2022 1,22x
Nbr of Employees 8 500
Free-Float 52,8%
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Number of Analysts 3
Average target price 200,00 GBX
Last Close Price 1,26 GBX
Spread / Highest target 18 917%
Spread / Average Target 15 748%
Spread / Lowest Target 11 390%
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Managers and Directors
NameTitle
John Patrick O'Reilly Chief Executive Officer & Non-Independent Director
Alexander Vincent Thursby Chairman
William James Spencer Floydd Chief Financial Officer & Director
Jonathan Plumb Chief Information Officer
Christopher John Bell Senior Independent Non-Executive Director
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