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UK Investor Magazine Podcast- CEO Alan Green discusses Burberry, Argo Blockchain, and AB Dynamics
Alan Green joins the Podcast as we discuss key market themes and a selection of UK equities.
We discuss:
- Burberry (LON:BRBY)
- Argo Blockchain (LON:ARB)
- AB Dynamics (LON:ABDP)
UK inflation has began to fall and the FTSE 100 continues to flirt with all time highs. We look at what could derail a rally and the key influences on stocks.
Burberry has been a major beneficiary of Chinese economic expansion over the past 20 years. We run through this morning’s update as China reopens.
Argo Blockchain have secured financing to avoid a worst case scenario in the short term, we look at whether the recent jump in Argo shares is a dead cat bounce, or can be sustained.
We finish by looking at AB Dynamics.
Alan Green talks about AB Dynamics #ABDP, Moonpig #MOON and Caracal Gold #GCAT on the Vox podcast
Alan Green talks about AB Dynamics #ABNP, Moonpig #MOON and Caracal Gold #GCAT on the Vox Markets podcast.
https://www.voxmarkets.co.uk/articles/alan-green-talks-about-ab-dynamics-moonpig-and-caracal-gold-c2b55c9/
Alan Green talks AB Dynamics #ABDP, Echo Energy #ECHO & Kavango Resources #KAV on Vox Markets podcast
Alan Green discusses AB Dynamics #ABDP, Echo Energy #ECHO & Kavango Resources #KAV with Justin Waite on the Vox Markets podcast
Alan Green talks markets, Itaconix #ITX, AB Dynamics #ABDP & Gfinity #GFIN on the UK Investor Magazine podcast
Alan Green discusses markets, US Elections, Itaconix #ITX, AB Dynamics #ABDP & Gfinity #GFIN on the UK Investor Magazine podcast.
Alan Green talks Ixico #IXI, AB Dynamics #ABDP & San Leon Energy #SLE on the Vox Markets Podcast
Alan Green discusses Ixico #IXI, AB Dynamics #ABDP & San Leon Energy #SLE with Justin Waite on the Vox Markets podcast. Interview is 15 minutes 41 seconds in.
Andrew Hore – Quoted Micro 19 November 2018
NEX EXCHANGE
Renewable energy supplier Good Energy (GOOD) has traded slightly ahead of expectations and been cash generative in the first ten months of 2018. Customer numbers have remained flat. The financial year should be in line with expectations. This reassurance led to a 17% increase in the share price, although it is still more than two-fifths lower than one year ago.
Capital for Colleagues (CFCP) has made a further investment in TG Engineering Ltd, which makes steel and aluminium components for the aerospace and medical sectors. A loan of £150,000 takes the total loan to £625,000, alongside a 35% stake.
MetalNRG (MNRG) has raised £159,500 from a placing at 1p a share and the exercise of warrants. This will fund the investment in the uranium mine in the Kyrgyz Republic, over which MetalNRG has an option, and progress work at the Gold Ridge project in Arizona. There was £77,000 in the bank at the end of August 2018.
NQ Minerals (NQMI) has produced its first lead, gold and silver concentrate from the Hellyer polymetallic project in Tasmania. This has been delivered to Traxys Europe and payment has been received.
Tectonic Gold (TTAU) has mapped a large intrusive intersection of two major crustal faults at Mount Cassidy. This could a significant intrusive related gold system.
Clinical support systems provider DXS International (DXSP) has set a target of achieving a six-fold increase in turnover over the next five years and it believes that post-tax profit could reach £7m a year. This would come on the back of past investment in developing new products, two of which have been launched recently.
Ganapati (GANP) says that its Malta-based subsidiary has signed a games licence agreement with NYX Interactive for the supply of gaming software. After the initial software is supplied, Ganapati will supply one game each month for three years.
TechFinancials Inc (TECH) will receive a $867,000 dividend from 51%-owned Asia Pacific-focused subsidiary DragonFinancials.
Frontier IP (FIPP) has raised £2.49m at 65p a share from existing and new investors and this will finance an expansion of the management team and provide working capital for the business. The value of the company’s investment portfolio has increased by one-third to £9m and there was £1.1m in the bank at the end of June 2018. The NAV increased from £11.8m to £12.7m. The cash should last into 2020 even if there are no proceeds from investment realisations.
SVS has pulled the £532,000 placing at 8.5p a share for TomCo Energy (TOM) and resigned as broker. SVS says that there has been a material change because of the suspension of the field test on the Holliday block in Utah. Trading in the shares has been suspended. TomCo has cash of £250,000.
There were disappointing phase III trial results for the Hutchison China Meditech (HCM) drug Fruquintinib, which did not achieve the primary endpoint in treating non-small cell lung cancer patients. That knocked nearly one-fifth off the share price.
AB Dynamics (ABDP) continues to grow strongly and is already planning to add to its capacity at its new site. Forecasts were raised for the automotive testing and simulator systems supplier earlier in the year and the full year outcome was a 51% increase in revenues to £37.1m and a jump in underlying pre-tax profit from £5.9m to £8.6m. A profit of £10.4m is expected this year.
Eve Sleep (EVE) is changing its focus following the appointment of a new chief executive. The mattress supplier will focus less on heavy marketing for one-off purchases and instead expand its range and generate repeat purchases. Lower marketing spending will reduce the growth rate of revenues. There was £7m in the bank at the end of October 2018 and the company wants to raise a further £15m.
Genedrive (GDR) has raised £5.6m after expenses from a placing at 23p a share, jointly run by Stanford Capital Partners and Peel Hunt, and an issue of loan notes to the British Growth Fund. There was £3.53m in the bank at the end of June 2018. The funds will finance the launch of the Genedrive HCV-ID kit for hepatitis C diagnosis and further assay development for antibiotic induced hearing loss and tuberculosis.
Trakm8 (LSE: TRAK) slipped out its interims on a Friday, albeit at 7am and not at Immunodiagnostic Systems Holdings (IDH) o’clock (around 4.30pm). In the six months to September 2018, revenues fell 38% to £8.84m and even excluding contract manufacturing, which is not done any more, the decline is 26%. Recurring revenues fell by 7%. Even taking the most flattering figures, a pre-tax profit of £363,000 last time was turned into a £2.46m loss. Net debt more than doubled to £5.73m.
Marshall Motor Holdings (MMH) is going to make a better full year profit than expected despite the disruption of new testing rules. That has helped used car sales. The 2018 pre-tax profit is still expected to decline from £29.1m to £25.7m, but that is an improvement for the continuing operations.
Beximco Pharmaceuticals (BXP) has increased its first quarter revenues by 26%, although some of the improvement came from Nuvista, which did not contribute in the corresponding period. Pre-tax profit was 17% higher at BDT973 million. Beximco reported a 37% increase in export sales for its last financial year and they accounted for 12% of total sales. There are five treatments with US approval and it will take time to build up sales. The plan is to eventually generate two-fifths of revenues from exports.
Trinidad-focused oil and gas producer Touchstone Exploration Inc (TXP) generated $9.12m from operations in the nine months to September 2018, up from $2.22m in the corresponding period last year, thanks to higher production and selling prices and slightly lower operating expenses. This cash has been used to increase development spending.
Wynnstay Properties (WSP) is increasing its interim dividend by 8% to 7p a share. The NAV was760p a share at the end of September 2018 and 99% of the property portfolio is let. There was a decline in income due to disposals.
AIM shell Stirling Investments (STRL) had £7.7m of cash at the end of September 2018. Management includes ex-Melrose management. The share price has fallen from 100p to 74.5p, which is less than the cash per share.
IFA Lighthouse Group (LGT) has signed an agreement with Tavistock Investments (TAVI) for the use of the latter’s investment products, which will be offered by Lighthouse as well as its own Luceo Asset Management products. Tavistock raised £1.2m at 3.28p a share and Lighthouse subscribed for £1m of the total.
Event driven marketing technology services provider Mporium Group (MPM) has raised £2.3m at 5p a share.
Mercantile Ports and Logistics (MPL) is raising £27.75m at 2p a share and could raise a further £2.07m via an open offer.
Fastjet (FJET) has raised £9m at 1p a share in order to keep itself going. There has also been a £3.16m subscription from Solenta Aviation and £19.1m worth of shares have been issued to acquire four Embraer 145s from Solenta and settle various fees, charges and loans. A further £4.1m could be raised via and open offer at 1p a share. This should finance the airline business for 2019.
Empyrean Energy (EME) has raised £1m at 10p a share and this will provide working capital.
Allenby Capital has resigned as nominated adviser to CSF Group (CSFG) and will step down at the end of 2018. CSF has been turned down by potential replacements and trading is likely to be suspended at the end of 2018 and the quotation cancelled at the end of January 2019.
Rasmala (RMA) plans to cancel its AIM quotation and tender for up to 20% of tis share capital at 150p a share.
MAIN MARKET
Resources-focused standard list shell Cobra Resources (COBR) floated on 15 November when it raised £523,500 at 1.5p a share. The share price ended the week at 1.75p. The board believes this is a good time to identify and acquire undervalued base and precious metals projects, which are already have a good management team and are well on the way to becoming a producing asset. There could be direct investments or farm-ins. There are 59.9 million warrants exercisable at 2p each.
The former Golden Saint Resources, now known as Golden Saint Technologies (GST), is planning to join the standard list. A placing at 0.75p a share will raise £911,000, of which £270,000 will go to pay directors fees that are owed. The rest will pay other costs. The company has switched from diamond exploration to an installer of network and connectivity products.
Trifast (TRI) reported interims in line with expectations and the fastenings supplier is on track to improve full year pre-tax profit from £22.2m to £23.1m. Management is cautious about the UK, but two-thirds of revenues are overseas.
Andrew Gaughan is stepping down as chief executive of Sportech (SPO) in February. The chairman will take up an executive position for an interim period and he purchased 250,000 shares at 40.6p each. The potential acquisition of ilottery provider Lot.to Systems was also announced with a strategic alliance initially put in place.
Avation (AVAP) has announced a 2 cents a share interim dividend. The aviation leasing business estimates that in the six months to December 2018 leasing revenues will increase from $41.7m to $57.8m and, along with a disposal gain, this means that interim profit will be better than expected and much higher than the $7.3m achieved in the first half of the previous year.
IQ-AI (IQAI) has made its first commercial sale of StoneChecker Software to a South Korean hospital.
BigDish (DISH) is building up resources to grow its business in the UK next year. The restaurants platform is considering selling its Asian business.
Bluebird Merchant Ventures Ltd (BMV) has completed a $380,000 placing at 2.5p a share. Each of the new shares has a warrant exercisable at 2.5p, which has to be done if the share price trades at 3p a share or above for ten consecutive days.
Andrew Hore
Ian Pollard – #SSE – Diverting Wrath
SSE plc SSE although interim results for the six months to the 30th September are ahead of previous expectations they are only slightly so and they are still fairly dire. Adjusted profit before tax is down by 40.9% and adjusted earnings per share by 39.9% with a reported loss per share of 22.6p. The Chairman admits that they fall well short of what the company hoped to achieve at the start of the year and that this is disappointing and regrettable. Not however so regrettable and disappointing as to prevent the company from increasing the dividend by 3.2%. No doubt that may help to divert a certain amount of wrath.
Smiths Group SMIN saw revenue fall by 1% in the 3 months to the end of October as the company was impacted by a number of factors. At Smiths Medical, revenue was impacted by the previously announced regulatory and contract challenges. In Smiths Detection, the phasing of orders impacted first quarter revenue but a robust order book is expected to see a strong second half. Management expectations for the full year remain unchanged
AB Dynamics plc ABDP has delivered another year of record revenue and adjusted profit. Revenue for the year to 31st August grew by 51%, profit before tax by 78% and basic earnings per share by 74%. The proposed final dividend is to be increased by 10%. Despite this very strong growth, order intake has continued to run ahead of sales and this has provided a healthy order book with visibility into the third quarter of 2019
Workspace Group WKP reports a strong perfomance driven by customer demand for the half year to the 30th September. Strong growth in net rental income, up 17% year on year, resulted in 20% growth in adjusted trading profit and the interim dividend is also to be increased by 20%. However despite all this talk of strong performances and dividend increases profit before tax fell by 18%
Marshall Motor Holdings MMH updates that following better than anticipated trading during October 2018 and a more positive outlook for the remainder of the current financial year.the Board expects continuing underlying profit before tax for the year ending 31 December 2018 will be ahead of the Group’s record results reported last year.
Falanx Group Ltd FLX Interim results for the six months to the 30th September delivered a rise of 51% in Group Revenue, with an even more spectacular rise in the cyber division of 198%. Cyber attacks pose ever growing threats and provide an increasing opportunity for the company. New business is at record levels, as are tendering opportunities.
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Ian Pollard – Ted Baker #TBK will continue to be challenged
Ted Baker plc TED group revenue rose by 3.5% in the 28 weeks to the to the 11th August but profit before tax fell by 3.2% and basic earnings per share by 1.8%, so the management did two things. Firstly it increased the interim dividend by 7.8% and secondly it sought refuge in the time honoured excuse of “challenging external trading conditions”, thereby completely ignoring the successful companies which not only face challenging conditions but beat them. Wholesale sales did rise by 10% and e commerce by 24.1%. North America, the UK and Europe did see small sales rises in retail sales but the rest of the world showed a small rise or a small decline depending on how you calculated your currency. As for the future it looks like the board has already succumbed to those challenging conditions which it believes will continue through the second half.
Electrocomponents ECM benefitted from strong momentum in the six months to the 30th September. Group like for like revenue grew by 10% after a strong second quarter and adjusted profit before tax for the half year is expected to grow from last year’s £79m to £100m.
Audioboom Group BOOM produced record revenue for the quarter ended 31 August 2018 with a rise of 14% on Q2 2018 and 26% up on Q3 2017. Despite that revenue for the 13 months ending 31 December 2018 is now expected to be below current market expectations. That will still show a hefty rise on the 12 months to November 2017 which produced $6mUS$ compared to between $11.5m and US$13m which is expected for the end of the current year.
Gooch & Housego GHH has entered its new financial year with a record year end order book, which, as at 30 September 2018, stood at £96.1 million, an increase of 33% compared with last year. On a like for like basis and excluding the impact of foreign exchange this still comes in as a healthy 17% rise. The company is in a strong position and has been able to take advantage of positive market conditions.
Intercede Group IGP updates that operating losses for the six months to the end of September have been substantially reduced to less than £1.0m compared to last years £3.1m. Revenue for the half year has risen by more than 10% compared to last year.
AB Dynamics plc ABDP has performed well throughout the year and the Board expects both revenue and profit before tax will significantly exceed market expectations.
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Andrew Hore – Quoted Micro 30 April 2018
NEX EXCHANGE
Chapel Down Group (CDGP) reported a 15% increase in annual sales to £11.8m. Wine sales were one-fifth higher at £8.12m with cider and beer sales, via associate Curious Drinks, were 7% ahead at £3.68m. Operating profit improved from £346,000 to £470,000 but there was a much larger loss from the Curious Drinks associate so pre-tax profit was lower. The new brewery should be open in the first quarter of 2019. Last year’s fundraising means that Chapel Down has a strong balance sheet and is in a good position to expand. Michael Spencer has increased his stake from 17.5% to 18.2%.
Adnams (ADB) says that beer volumes were nearly 5% higher in the first quarter, while spirit volumes were 30% ahead. However, the first half outcome will be lower than last time because the poor weather hit the company’s pubs and there are additional costs for updating the brewery and IT systems. The second half is expected to be stronger and also to benefit from cost savings.
PLACTAL (Play Data is Capital) has appointed Coinsilium Group Ltd (COIN) to advise on its token generation event for a decentralised mobile game advertising application. South Korea-developed PLACTAL will tokenise a gamer’s gaming data.
Cyber security technology developer Crossword Cybersecurity (CCS) more than doubled its revenues in 2017. The loss still increased from £950,000 to £1.24m despite the improvement in revenues from £345,000 to £737,000. The cash outflow was £1.06m, which left £490,000 in the bank. Since then, £2.16m was raised via a placing at 270p a share.
Early Equity (EEQP) is seeking to move to a standard listing. The company’s NAV was £1.54m, including £429,000, at the end of 2017
Sandal (SAND) has secured a term loan of up to £500,000 from major shareholder Greenbrook Industries Ltd and £250,000 would be used to buy back 862,068 shares from Greenbrook. The shares will be cancelled and this will enhance earnings per share. Shareholders are being asked to approve the share buy back.
The ownership of Via Developments (VIA1) has changed. It was 100%-owned by Pyramid Court Investments Ltd, which is owned by John Kahn. John Kahn directly owns 90%, Ivan McKeever 5% and David Harris. Stephen Kahn has an option to acquire a 45% stake from John Kahn.
Etaireia Investments (ETIP) has appointed Myles Cunliffe as executive chairman. He has two decades of experience as a finance broker and he founded online car finance provider Get Me Finance. More recently, he has been involved in property finance.
AIM
Automotive testing systems supplier AB Dynamics (ABDP) reported a 39% increase in revenues to £15.3m in the six months to February 2018. Underlying pre-tax profit was one-third higher at £3.3m. There is a strong order book so the outlook is positive. AB has moved into its new factory and this will provide additional capacity. A new subsidiary has been set up in Germany.
Nexus Infrastructure (NEXS) has warned that its TriConnex utility connections business is likely to report flat revenues and operating profit in 2018 even though its order book has grown. It is taking longer to get onto sites as the builders have to satisfy local government pre-conditions so revenues are slower coming through. The Tamdown infrastructure services provider should contribute a higher profit this year.
Safestyle UK (SFE) is not paying its 7.5p a share final dividend. The replacement windows and doors company wants to conserve its cash because it expects 2018 profit to be much lower than expected due to competitive pressures. Steve Halbert has resigned as chairman.
Panthera Resources (PAT) has been a warded an initial three-year exploration licence for Bassala in southern Mali. Several large gold anomalies have already been identified. Further soil sampling will help to provide drilling targets.
Osirium Technologies (OSI) is expanding in the UK and internationally. The cyber software supplier increased revenues from £478,000 to £648,000 but invoiced sales more than doubled so Osirium already has significant revenues it will recognise this year. There was £1m in the bank at the end of 2017. Since then, £4.2m has raised at 134p a share. It will take time for revenues to build up and losses are anticipated for the next couple of years at least.
Graphene technology developer Directa Plus (DCTA) has a strong base in a number of markets and they should help it grow its revenues over the coming years. A large chunk of the existing revenues come from the textiles sector. The environmental market could be a significant one for the company. Directa Plus has linked up with Sartec to commercialise its Grafysorber technology in the oil and gas sector. The plan is to develop a pilot plant to treat contaminated water. The most recent deal is for the potential use of Graphene Plus in the production of new and retreaded tyres. This is a development agreement with Marangoni, a major truck tyre manufacturer. A bespoke version of Graphene Plus will be developed and there could be a commercial launch in 2019.
There has been positive news from Futura Medical (FUM) concerning its MED2002 erectile dysfunction gel. A phase III efficacy study is being prepared following pharmacokinetic study information that suggests that higher dosages should increase efficacy. A rapid rate of absorption was demonstrated with peak levels in the bloodstream at between 10 and 12 minutes. Lombard Odier has trimmed its stake to below 18% after the uptick in the share price.
D4t4 Solutions (D4T4) says that full year profit will be slightly better than expected as revenues should hit £20m. Demand for Celebrus software remains strong and there is a greater interest in the recurring revenue-based offering. Net cash is £3.9m.
Driver Group (DRV) has sold and leased back its central admin offices in Haslingden, Lancashire. This generated £1.65m in cash. After taking into account rent from a sub-let the annual rental cost will be £105,000.
Tax Systems (TAX) reported revenues of £15.1m and pre-tax profit of £4.9m in its first full year in its current form. The corporation tax services provider has strong recurring revenues and is a strong cash generator. Net debt was £18.2m at the end of 2017. Cash generation will reduce this, although management wants to be acquisitive. It is taking its time, though, and has not gone through with a couple of deals because they did not meet the criteria.
Audioboom (BOOM) says that the structure and terms of its acquisition of Triton Digital Canada are going to change. Candy Ventures is providing a £1m convertible loan note so that the company has working capital while it waits for the deal to go ahead, although there is no certainty it will.
Access Intelligence (ACC) is raising £2.8m at 4p a share in order to invest in its Vuelio platform so that analytical information is better presented.
Volex (VLX) is paying up to 3.5 million shares for medical and industrial cables business MC Electronics. The North American company made a small loss on revenues of $19.1m in the year to October 2017.
Zoo Digital (ZOO) says that full year revenues will grow from $16.5m to at least $28m and EBITDA will improve from $1.8m to $2.3m. The main growth has come from localisation services.
MAIN MARKET
London and Associated Properties (LAS) has completed the £37.25m sale of its Brixton Markets assets. Andrew Perloff’s Maland Pension Fund, which has a 5.3% shareholding, has requested a resolution at the next annual meeting. Maland wants non-Heller family shareholders to be given a chance to realise their investment at no more than a 7.5% discount to net assets. The current share price is at a greater discount to NAV. The directors and Heller family own 56.6% of the company and they will vote against the resolution.
Bisichi Mining (BISI) has a portfolio of UK shopping centres that it owns jointly with London and Associated Properties and the Heller family are major shareholders. Bisichi owns the Black Wattle coal mine in South Africa. In 2017, revenues increased from £22.8m to £37.5m and pre-tax profit jumped from £630,000 to £1.94m. It would have been higher without a £1.83m write-off of a joint venture investment. A total dividend of 5p a share will be paid for 2017, which includes a 1p a share special dividend. Cavendish Asset Management owns 18.1% of Bisichi.
Nanoco (NANO) has extended its partnership with a major US corporation. Nanoco has won this latest development deal after a competitive process. The original deal was for sensor applications of Nanoco’s technology.
Ross Group (RGP) increased revenues from £59,000 to £335,000 and managed to swing from loss to profit in 2017. The profit was achieved after a provision for unpaid debts. Management still wants to find an acquisition to fully exploit the premium listing. Net debt is just over £6m but this is at zero interest rate.
Standard list shell daVictus (DVT) still had £484,000 in the bank at the end of 2017, down from £632,000 the previous year. Fellow shell Auctus Growth (AUCT) had £972,000 in cash, down from £1.01m. Neither has found a suitable acquisition.
Sure Ventures (SURE) has made its first virtual reality investment. The £500,000 investment in Immotion Group, which has developed VR cinema pods that are being placed in theme parks and museums. Sure is on the Specialist Fund Segment.
Andrew Hore
Ian Pollard – GKN winning sales at expense of margins prior to takeover
Melrose Industries MRO & GKN. Melrose has published a trading update for GKN for the 13 weeks from 1st January to the 31st March and based on GKN’s own management accounts produced prior to the takeover on the 19th April. GKN’s performance showed trends which were below market expectations. Melrose has made allowance for further under performance and claims that GKN, with sales up 5% and operating profit down 10%, was achieving sales growth at the expense of operating margins. GKN’s net debt during the period rose from £889m. to £1124m. Despite this Melrose is confident that its net debt at the 2018 year end will be consistent with previous guidance.
London Stock Exchange Group plc LSE produced a strong performance in the quarter to the 31st March. Total income increased by 13% both year on year and on an organic and constant currency basis. All of the businesses performed well and the Group says it is well placed to develop its many growth opportunities.
Focusrite plc TUNE has thoroughly enjoyed its first six months and is celebrating by increasing its interim dividend for the half year to the 28th February by 33% to 1p per share. Group revenue rose by 21.2%, EBITDA by 33%, profit before tax by 26.8% and basic earnings per share by 23.3%. All major regions benefited from revenue growth and Xmas trading was particularly strong.
AB Dynamics ABDP has made an excellent start to the current financial year with revenue growing by 39% in the 6 months to 28th February, profit before tax up by 34% and basic earnings per share by 86%. The interim dividend is to be increased by 10% to 1.465p per share. Demand for driving robots hit an all time high and the forward order book is described as good both for the reminder of this financial year and going through into 2019
Osirium Technologies OSI total revenue for the year the 31st December rose by 63% and bookings by 123% but the loss for the year also rose – from £1,822,497m. to £2,296,814m.The company claims that it is continuing to build both momentum and value
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