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Quoted Micro 20 May 2024
AQUIS STOCK EXCHANGE
Digital assets investor KR1 (KR1) reported a decline in 2023 revenues from £20.2m to £8.65m, but larger gains on digital assets mean that the reported profit was not down as much at £14.7m, from £19.5m. The introduction of the bitcoin ETF has helped the valuation of digital assets in the diversified portfolio. NAV was 132.05p/share at the end of March 2024, which is higher than the figure at the end of 2023. The company has been buying back shares at a discount to the NAV.
Aquaculture technology developer OTAQ (OTAQ) plans to raise up to £2m from a convertible loan note issue. The conversion price will be 3p/share. A reduced loss is expected for 2023, even after exceptional costs. The 2023 results should be announced by the end of June. First quarter revenues are 19% ahead. The live plankton analysis system has been launched.
Brewer Adnams (ADB) increased annual sales by 11% with growth in on-trade and off-trade business. Management is still exploring ways of funding growth.
All Things Considered (ATC) has acquired 55% of music management company Raw Power, whose artists include The Damned, for £1.41m in cash. This takes the artists managed by the combined group to 80. The existing shareholders will retain the rest of the shares. Some of these were involved with Sanctuary Group, which was quoted two decades ago. In the year to February 2023, Raw Power made a pre-tax profit of £326,000 on revenues of £2.27m. Phantom Music Management holds loan notes in the acquired business and is subscribing £200,000 for shares in All Things Considered, which had net cash of £10m at the endo of 2023. Last year. All Things Considered increased revenues by 156% to £24.1m, but there was a swing from profit to loss, although there was a one-off profit in the previous year. There was also a larger loss from the minority interest in livestreaming company Driift.
Clarify Pharma (PSYC) reported a reduced loss in the year to November 2023. NAV fell from £1.41m to £597,000, including cash of £167,000. Investments were valued at £706,000.
EPE Special Opportunities (EO.P) had net assets of 347.96p/share at the end of April 2024.
Res Privata has increased its stake in WeCap (WCAP) from 7.28% to 9.69%. Silverwood Brands (SLWD) director Andrew Gerrie invested £20,000 in shares at just over 26p each. Newbury Racecourse (NYR) director Dominic Burke has bought 1,125 shares at 5.449p each. Tap Global Group chief executive Arsen Torosian acquired 33.75 million shares at 0.681481p each.
Secured Property Developments has changed its name to Mollyroe (MOY).
AIM
Nexus Infrastructure (NEXS) reported a decline in revenues in the six months to March 2024, but the order book is improving. Revenues generated by the infrastructure services provider fell from £51m to £25.8m and the company slipped into loss. The interim dividend is maintained at 1p/share. There was a cash outflow, but cash is still £9.3m, which is not much less than the market capitalisation. The order book is worth £72m, but the recovery in revenues may not happen until next year.
B90 Holdings (B90) has refocused on business to business gaming operations. This will enable a reduction in costs and could move the company into profit in 2024. Net cash was Euro800,000 at the end of 2023 and the cash outflow should end in the second half. There is an experienced management team. In the medium-term the company should become a consolidator in the sector.
Cerillion (CER) continues to win significant orders and there was a major win following the end of the first half. Revenues grew 10% to £22.5m in the first half. The software company is on course to improve pre-tax profit from £16.8m to £17.3m in the year to September 2024. Net cash could rise to £30.4m.
Semiconductors designer Sondrel (SND) is raising £5.63m at 10p/share and plans to cancel the AIM quotation. ROX Equity Partners is subscribing for the shares and its loans will be converted into a further 28.7 million shares, taking its stake to 49.3%. This requires government and shareholder approval. Miles Woodhouse will be ROX Equity Partners’ representative on the board. A new chief executive is being sought. Sondrel recognises it needs to manage projects better.
Orchard Funding Group (ORCH) believes that it is not worth being quoted on AIM and the insurance premium finance provider intends to cease paying dividends. The cash can then be used to make a tender offer to shareholders when appropriate.
Active Energy Group (AEG) says that its audit may not be completed by June, which would lead to a suspension of trading in the shares. Cash is running out and management may have to consider liquidating the company. This depends on whether the CoalSwitch assets are sold. There is currently $500,000 in the bank. There is also a 4.1% stake in green technology investor Alpha Prospects, but whether this is really worth the £680,000 book value is questionable.
A trading update from professional services provider FRP Advisory (FRP) shows revenues 23% ahead at £128m and much higher than forecast EBITDA of £37m. Work on corporate administrations is rising, but all five of the divisions grew. Net cash was around £30m at the end of March 2024. Cavendish has raised its 2023-24 pre-tax forecast to £33m with a further improvement to £34.2m in 2024-25.
Phoenix Copper (PXC) says that it has conditionally raised $80m from a bond issue to fund the construction of the Empire copper-gold mine in Idaho. The cash will be drawn down in tranches. The arrangement fee is paid for by the issue of 33.9 million shares. NIU invest is acquiring the bond and it will have the right to subscribe for a 25% stake in Phoenix Copper over a five-year period.
Lower gold production meant that Anglo Asian Mining (AAZ) revenues fell from $84.7m to $45.9m, which meant that it swung from pre-tax profit of $7.5m to a loss of $32m. There were $18m of non-cash impairment charges of capitalised exploration costs and the value of the Libero Copper and Gold investment. All-in sustaining cost of gold production jumped from $1,064/ounce to $1,510/ounce. Total production was 31,821 ounces.
Retail software provider itim Group (ITIM) has secured a five-year contract renewal with Majestic Wine. This is a multi-million pounds contract. This follows the publication earlier in the week of 2023 figures showing revenues 15% higher at £16.1m. Annual recurring revenues were £13.2m. Revenues are expected to increase to £17m this year, but itim will still lose money before a potential move into profit in 2025.
Kohlberg Kravis Roberts has made a recommended bid of 480p/share for IQGeo (IQG), which values the geospatial software company at £333m. KKR believe it can accelerate the growth of IQGeo.
Revolution Bars (RBG) says that it has not received any takeover bid or offer for assets as a whole as part of the formal sale process. There are offers for certain assets, but none would result in any return to shareholders. A restructuring and fundraising plan is still possible, and the board is still open to other plans, possibly by Nightcap (NGHT).
E-commerce firm Huddled (HUD) reported a 2023 pre-tax profit of £13m, but that was due to gains on the disposals of Immotion and Uvisan. The underlying pre-tax loss was £2.29m. Cash of £12.7m was returned to shareholders out of the disposal proceeds, but there was still £4.27m in the bank at the end of 2023. The new core business Discount Dragon was acquired in October, so the figures do not provide a good indication of ongoing operations. Discount Dragon generated revenues of £2.1m in the first quarter of 2024.
Horizonte Minerals (HZM) has appointed FRP Advisory as administrator. The nominated adviser has resigned.
MAIN MARKET
Flavourings supplier Treatt (TET) reported a dip in interim revenues to £72.1m because of destocking, but underlying pre-tax profit improved from £7.3m to £7.6m. There is good momentum in the second half.
Standard list shell Sivota (SIV) has ended acquisition talks with an online technology platform in the travel sector.
Andrew Hore
Andrew Hore – Quoted Micro 27 December 2021
AQUIS STOCK EXCHANGE
All Things Considered Group (ATC) is a music artist management and services provider that branched out into live streaming events due to Covid-19. There was £4.13m raised at 153p a share, and the share price rose to 155p, valuing the company at £15m. In the six months to June 2021, revenues jumped from a sharply reduced figure of £1.39m to £5.04m, including £3.31m from live streamed events. ATC is loss making. The cash and valuation of the stake in livestreaming company Driift appear to provide an underpinning for the valuation, but there is a significant amount of accruals relating to unpaid performing rights fees on live streaming.
ChallengerX (CXS) was used as a holding company to acquire SportsX prior to joining the Access segment of Aquis. The core business is providing marketing services to rugby and football clubs. Smaller clubs need ways of generating additional income, so the services should be attractive to them. ChallengerX will earn income through revenue sharing agreements and by retaining a 10% to 30% reserve position in any club’s social tokens, that it will help the clubs to issue. ChallengerX raised £752,000 at 2p a share. The bid/offer spread at the end of the first day was 2p/3p and the mid-price was still 2.5p on Christmas Eve.
Fellow Aquis company Dispersion Holdings (DEFI) had invested £216,000 in SportsX in May, which was its first investment after flotation, and then swapped this stake for shares in ChallengerX that were worth £1.25m at the subscription price.
Good Energy (GOOD) says that November trading was in line with expectations. Domestic price tariffs were raised at the beginning of November, and this offset the lack of win generation during the month. Power prices continue to rise, though, and wind generation remains low, which means that 2021 profit will be £3m lower than expectations. Good Energy requires more cash for working capital because of the higher prices.
Rutherford Health (RUTH) intends to leave Aquis. A general meeting will be held on 11 January and if the shareholders are in agreement, then the company will cancel the quotation on 25 January. Rutherford Health has found it difficult to raise additional cash and does not want the distraction of being quoted.
CBD products supplier Voyager Life (VOY) has acquired Cannafull, a manufacturer of CBD skincare products, including under its own Ascend Skincare brand. Voyager Life paid the liquidator of the company £9,000 for the brands and assets.
Hydro Hotel Eastbourne (HYDP) is paying a 20p a share dividend to shareholders on the register on 31 December.
Tectonic Gold (TTAU) had £542,000 in the bank at the end of June 2021, although there are also borrowings of £322,000. The operating cash outflow was £210,000 with a further £401,000 spent on exploration during the year. The subsequent sale of Kazera Global shares raised more cash. A $275,000 tax refund relating to the Specimen Hill gold project is due to be received.
IamFire (FIRE) is subscribing £2m for WeShop Holdings Ltd convertibles and has the option to invest a further £2.5m. The conversion price is 75p a share and the shares trade on JP Jenkins. The social media retail platform will be fully launched in the first quarter of 2022.
Lombard Capital (LCAP) has sold its property in Preston for £2.075m. The total cost of the property was nearer £3m.
Love Hemp Group (LIFE) has allotted 65 million shares at 1.5p each in final deferred consideration for Love Hemp Ltd. Chief executive Tony Calamita has an 8.87% stake. A Love Hemp virtual store has been set up with Deliveroo.
Trading in Igraine (KING) shares recommence after its full year and interim figures were published. This period pre-dates the move into medical technology investment.
AIM
CT Automotive (CTA) is a supplier of interior components to the automotive sector and it already has a strong relationship with Nissan. The top three customers account for two-thirds of revenues. CT Automotive raised £33.6m at 147p a share and this will go towards reducing debt. The shares ended the week at 160p. Electronic component shortages have hit the second half of 2021, after a strong first half’s trading. Trading will be disrupted well into 2022.
Libertine Holdings (LIB) raised £9m at 20p a share to finance the opportunity to become an important part of the move towards vehicles being able to use cleaner fuels via its own powertrain technology can extend the range of battery-powered electric trucks. Large commercial vehicles are the main market, but there are other uses for the technology. The cash will be used to take on more commercial and development people, as fund further development of technology and facilities. The share price jumped to 37.5p by the end of the week.
York-based Aptamer Group provides contract research services with longer-term potential for royalties and licence revenues when the client uses the reagents in commercial applications. Three-quarters of the top 20 global pharma companies are clients. Raising £10.8m at 117p enables it to scale up its operations. In the 15 months to June 2021, Aptamer Group revenues were £1.6m and the loss was £2.91m. The share price ended the week at 136p.
Surveying and Corridor.ai analysis platform operator Cordel (CRDL) has won a 6.5 year contract with Network Rail that starts at the beginning of 2022. This is worth £500,000 a year and covers storing and processing of gauge and clearance information for the whole network.
Delivered ready meals company Parsley Box (LSE: MEAL) says that trading improved at the end of the year and supply problems are easing. Net cash is £2.2m, but significant cash outflows mean more money is required, possibly as much as £6m. A large discount to the market price may be required to raise that much.
Deepmatter Group (DMTR) managed to secure £2.55m of funding ahead of the Christmas break. It was at a heavily discounted 0.1p a share. Existing shareholders are being given the chance to invest at the same price via a one-for-3.7 open offer that could raise up to £250,000. The digital chemistry data company is still in discussions with South Korea-based drug discovery company Standigm Inc, but the deal will not be done this year, so 2021 revenues will be lower than the company’s previous expectations.
Anglo Asian Mining (AAZ) has taken a 19.9% stake in TSX Venture Exchange Libero Copper and Gold Corporation for $4.9m. This is the first step in the diversification outside of Azerbaijan. Libero has the option to acquire copper exploration properties in Colombia, Argentina and Canada.
Redx Pharma (REDX) will receive a $9m milestone payment following the start of a phase 1 trial of AZD5055, a porcupine inhibitor targeting fibrotic diseases. There are up to $360m of additional payments depending on successful development.
Primorus Investments (PRIM) says that investee company Alteration Earth will not be joining the standard list until 2022. The prospectus has been submitted for a second reading by the UKLA. Primorus invested £350,000 for five million shares in the shell. Primorus is electing to take Bushveld Minerals (BMN) shares in return for its Mustang Energy loan notes, because of ongoing litigation.
Lekoil Ltd (LEK) has formally rejected the 1.9p a share bid from Lekoil Nigeria. It points out that the offer does not take account of the potential cancelation of $350m of intercompany debt.
MAIN MARKET
Great Southern Copper (GSCU) has options over potential copper gold projects in northern Chile and news of a new left wing president in Chile hit the early trading in the shares on the standard list. Great Southern Copper raised £3.52m at 5p a share and ended the first day at 4.55p before recovering to 4.9p at the end of the week. The assets under option are the San Lorenzo copper gold project northeast of coastal town La Serena in northern Chile and the Especularita copper gold project, which is south of the other project. Initial exploration should help the company to understand the prospects in the two areas before spending a more significant amount of money.
House broker finncap still expects personal care products supplier Innovaderma (IDP) to make a small profit on the back of a recovery in revenues in the year to June 2022. Cash should be maintained at £2.3m.
Cash shell Hawkwing (HNG) wanted share trading to recommence after the proposed acquisition of ecommerce aggregator Internet Fusion Group. The FCA says that the £13.7m loan to Internet Fusion Group is a transaction under the definition of a reverse takeover so trading cannot recommence. Hawkwing is trying to unwind the loan.
Andrew Hore
Andrew Hore – Quoted Micro 28 September 2020
AQUIS STOCK EXCHANGE
SAPO (SAPO) has agreed to acquire Secure Web Services (SWS) and it will change its name to Rural Broadband Solutions. SAPO is paying £1.6m in cash and shares and £236,500 of the cash paid will be used to subscribe to a fundraising. SAPO wants to raise £2.5m. SWS is based in Shropshire and had revenues of £730,000. There are 2,300 customers and this could be doubled in three years. A buy and build strategy will expand the group across the UK.
Specialist social housing developer Walls and Futures REIT (WAFR) swung from loss to profit in the year to March 2020. The pre-tax profit of £626,000 includes a gain on revaluation of £798,000. The underlying loss was similar to the year before. Net assets increased from £3.3m to £4m, equivalent to 107p a share. There are plans to dispose of the remaining London residential units and reinvest in specialist supported housing. The Wimbledon Park property was sold for £656,000 in June, which was a 3% discount to book value.
S-Ventures (SVEN) has made an investment in vitamin fortified, smoothies and juices provider Coldpress Foods. It has taken an initial 3.3% plus an investment in a convertible that could take the stake to 6.2%. The total investment is £60,000. Coldpress has revenues of more than £1.6m.
Oncology treatments developer Incanthera (INC) says that skin cancer technology Sol has exceeded expectations in a recent study. Sol has been shown to be effective in penetrating the skin barrier.
A requisition for a general meeting at Primorus Investments (PRIM) has been withdrawn following the proposed board appointments of Rupert Labrum, Hedley Clark and Matthew Beardmore. Donald Strang will leave the board.
SulNOx Group (SNOX) says Nicholas Nelson has resigned from the board but remains as chief executive. Shareholders had requisitioned a general meeting to remove him from the board, but there is no need for this to happen. Nouryon has agreed to manufacture SulNOx’s HFO emulsifier and a diesel conditioner, which will be sold under the brand SulNOxEco diesel conditioner.
Altona Energy (ANR) is seeking to raise up to £500,000 at 6.5p a share. Existing and new investors can subscribe for shares via www.nrprivatemarket.com. The offer is set to last until 15 October. The cash will go towards financing the two rare earth element projects in Malawi and Uganda.
Belvedere Leisure Resorts (BELV) has signed an agreement with Landal GreenParks UK for an exclusive partnership for the leisure park at the Barncosh site until the end of the year. Belvedere will deliver the first 50 units and then the 20-year arrangement will take effect. Belvedere has agreed to acquire the land for the 50 units at a cost of £500,000. Belvedere continues to seek new funds.
Gunsynd (GUN) has invested a further £75,000 in copper/gold explorer Eagle Mountain Mining. Gunsynd owns 1.54% of the ASX-listed company.
AfriAg Global (AFRI) believes that the FCA guidance has given it confidence that its deal with medicinal cannabis company Apollon Formularies will go ahead.
European Lithium (EUR) has raised A$2.1m at 4.5 cents a share and this will be spent on metallurgical test work at the Wolfsberg lithium project. Early Equity (EEQP) has raised £193,000 at 0.5p a share.
Sativa Wellness Group Inc expects to gain admission to the Aquis Stock Exchange on 30 September.
Newbury Racecourse (NYR) non-executive director Dominic Burke has bought 20,000 shares at 700p each. He owns 127,365 shares.
AIM
Gold production in Azerbaijan fell in the first half but Anglo Asian Mining (AAZ) is confident it can still hit its full year target of 75,000-80,000 ounces of gold equivalent, which would be slightly lower than the previous year. The higher gold price offset the decline in production from 39,905 ounces to 32,501 ounces. Even though the cost of production increased because of lower volumes and the reduction in grades at the Ugur open pit, pre-tax profit improved from $10.3m to $11.8m. There was $21.4m of cash generated from operations. There is plenty of cash to invest in Azerbaijan and the new venture in Ireland with Conroy Gold and Natural Resources (CGNR). The interim dividend was increased by 29% to 4.5 cents a share and the possibility of a special dividend next year. There was cash of $29.2m at the end of June 2020.
Specialist IFA Frenkel Topping (FEN) has made an indicative all-share offer for personal injury claims generator NAHL (NAH). Frenkel Topping has already acquired 6.11% of NAHL. finnCap forecasts an improvement in Frenkel Topping pre-tax profit from £1.8m to £2.3m in 2020.
NWF (NWF) says that trading is in line with expectations. Fuel volumes are lower than the same time last year because of reduced economic activity, but they are as anticipated. The food distribution trading has been hit by volatility in demand and lower demand from the catering sector. The feeds division has benefited from a stable dairy market.
Spinger-Verlag has increased its stake in DeepMatter (DMTR) from 2.9% to 7.4% following the issue of deferred consideration.
Cyber security services provider ECSC (ECSC) grew managed services and consultancy revenues in the first half, although there was lower utilisation in consulting during lockdown. Consultancy revenues are improving in the second half. There was cash of £1.6m in the middle of September.
Battery technology developer Ilika (IKA) has signed a framework agreement with the UK Battery industrialisation Centre for the production of Goliath solid state pouch cells. This will help with the scale up of production for the batteries aimed at domestic appliances and electric vehicles.
MAIN MARKET
Critical Metals (CRTM) is raising £800,000 at 5p a share. That will more than double the number of shares in issue. Critical wants to buy or acquire stakes in natural resources assets in Africa. The focus will be near-term brownfield projects that can be brought into production. Chief executive Russell Fryer is a former investment adviser in the natural resources sector and founder of Western Uranium Corporation.
Gulf Marine Services (GMS) has received another general meeting requisition letter from Seafox. The removal from the board of Mike Turner, David Blewden, Mo Bississo and Dr Shona Grant is Seafox’s wish. It wants Rasid Al Jarwan, Mansour Al alami and Saeed Mer Abdulla Khoory to replace them.
Auctus Growth (AUCT) is in discussions to acquire HeiQ Materials AG, which is a materials innovation company focusing on the apparel, medical and home textile markets. Trading in the shares has been suspended.
Hawkwing (HNG) is switching from AIM to the standard list on 30 September and raising £1.2m after expenses at 3p a share. That values the shell, which has failed to secure a technology acquisition in the time required by AIM, at £1.5m.
Digital Landscape Group (DLGI) is cancelling its standard listing on 2 October. Trading will begin on the Nasdaq Global Market on 5 October.
Challenger Acquisitions Ltd (CHAL) has received 73.94% acceptances from shareholders in Cindrigo Energy. When other conditions are satisfied the remaining shares will be mopped up and a prospectus prepared for a reintroduction to the standard list.
Andrew Hore
Andrew Hore – Quoted Micro 27 July 2020
AQUIS STOCK EXCHANGE
Healthcare IT provider DXS International (DXSP) moved from loss to profit in the year to April 2020. Revenues were slightly lower at £3.28m, while a loss of £200,000 was turned into a pre-tax profit of £239,000. There was £1m in the bank at the end of April 2020, following the recent fundraising. There has only been a marginal drop in revenues due to COVID-19 and growth should return later in the year. Chairman Bob Sutcliffe has bought 46,153 shares at 6.5p each.
KR1 (KR1) has raised $493,000 from the sale of Nexus Mutual tokens. They cost $79,000. KR1 still owns three-quarters of the tokens it originally acquired in the blockchain-based mutual insurance company.
Gunsynd (GUN) has bought a stake in Eagle Mountain Mining at A$0.13 a share. The £110,000 investment in the ASX-listed company provides exposure to copper exploration. The cash will finance exploration at the Oracle Ridge copper mine project.
Clean Invest Africa (CIA) has raised £150,000 at 1p a share. The new shares come with warrants exercisable at 2.75p each.
The Tasmanian government has transferred the mining lease to the Beaconsfield gold mine to NQ Minerals (NQMI).
AfriAg Global (AFRI) had £76,000 in cash at the end of June 2020. There are also £1.16m of investments available for sale.
Eurocann International (BUD) has yet to identify a medicinal cannabis business that fits its acquisition criteria and price expectations, although it has made some short-term investments.
Trading in the shares of Lombard Capital (LCAP) has been suspended following a sharp rise in the share price.
AIM
Tungsten Corporation (TUNG) is benefiting from its focus on building up recurring revenues from its e-invoicing platform. Additional products and services are being added to help accelerate growth. As revenues grow they will cover overheads and profit could increase rapidly after this point has been reached.
Frontier IP (FIPP) has raised £2.33m at 55p a share. This will enable the IP investment company to provide bridge finance and invest directly in funding rounds. Frontier also wants to take on more people to help advise and develop investee companies.
In the year to March 2020, Mercia Asset Management (MERC) generated enough income to cover its overheads for the first time. That was with a part-year contribution from Northern Ventures. However, there were fair value write downs of assets of £15.8m. The NAV is 32.1p a share. Funds under management are £658m. Since the year end there was a gain on the disposal of the stake in Native Antigen.
Oil and gas producer Touchstone Exploration Inc (TXP) has confirmed the major potential of the Cascadura discovery in Trinidad. The estimate for 2P reserves is 45 mmboe of gas/condensate. Touchstone’s production could be multiplied by ten. finnCap has set a risked-NAV of 91p a share.
Scientific instruments manufacturer Judges Scientific (JDG) says that first half order intake was 17% lower. North American orders were one-third lower. Like-for-like interim sales were 12% lower. Cash was generated from operations.
Disinfection products supplier Tristel (TSTL) says that full year revenues were one-fifth ahead helped by an additional £1.5m due to COVID-19. Net cash was £6.2m at the end of June 2020.
Synairgen (SNG) says that its phase II trial of SNG001 in hospitalised COVID-19 patient shows a 79% reduction in the development of severe disease and death. Discussions have started with regulators.
Conroy Gold and Natural Resources (CGNR) has secured a joint venture with Anglo Asian Mining (AAZ) to develop a gold mine in Ireland. Anglo Asian is committing to spend €2m for an initial 17.5% stake with an option to spend the same amount to take the stake to 25%. The maximum stake that can be earned is 55%, which would take the Clontibret gold deposit to the point where the mine is ready for construction. Anglo Asian has been issued with 325,000 Conroy warrants exercisable at 16p a share. Sanderson Capital Partners has cut its stake to below 3%.
Bidstack (BIDS) generated revenues of £275,000 in the first half, but the second half is more important. The in-game advertising company is winning business around the world.
Mattress retailer eve Sleep (EVE) generated slightly lower revenues of £12.2m in the first half of 2020, but the loss will be much lower due to cost savings. Cash was generated in the first half and there is net cash of £9.1m. Some competitors are withdrawing from the European market.
MAIN MARKET
Retailer French Connection (FCCN) has reduced costs during a tough trading period. Websites sales were 24% higher in the past 15 weeks. Stores started to reopen on 15 June, but the recovery is gradual.
Standard list shell Auctus Growth (AUCT) had £780,000 in the bank at the end of June 2020.
Bermele (BERM) intends to acquire Singapore-based East Imperial, which sells premium mixers and New Zealand spring water. There is a nine month exclusivity agreement. Trading in Bermele shares is suspended.
Andrew Hore
Primark Sales Fall as UK Weather Bites
Associated British Foods ABF Whoever would have thought that ABF would be reduced to the state where it has to blame poor sales at Primark on unseasonable UK weather. First Christmas was too hot and then March and April were too cold, it bleats. It has also joined that raft of companies which has now started to benefit substantially from the weakness of sterling, which was supposed to help the UK’s manufacturing industries export more not save the management of companies like ABF from embarassing results. At constant currency Primark sales are expected to have been 9% ahead for the 53 weeks to 17th September but the unavoidable truth is that like for like sales fell 2%.
Overall ABF expects the second half operating performance will have been ahead of expectations plus added benefits coming from sterling weakness. Full year earnings per share are expected to be marginally ahead of last year, as are grocery revenues.
Anglo Asian Mining AAZ Stronger metal prices have helped Anglo Asian return to profitability for the half year to 30th June, last years loss of $4.1m being turned into a profit of $3.5m. Strong first half production figures saw record copper and silver production with gold slightly down but gold bullion sales fell sharply. The figures were also helped by a fall of 26% in cash operating costs.
Restore plc RST is increasing its interim dividend by 33% after like for like adjusted profit before tax rose by 26% for the half year to 30th June. Revenue for the half year rose by 26% on a like for like basis and EBITDA by 37%
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