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Quoted Micro 19 September 2022
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) has secured a new commercial partner in Asia Pacific. Nutraceutical business Nutraconnect will develop and implement strategies for ProBiotix Health ingredients in Asia Pacific.
IamFire (FIRE) says investee company WeShop Holdings had 23,000 user downloads by the end of August. Transactions increased from 2,633 in July to 5,981 in August. Average spend per transaction has increased to £81. A US launch is planned.
Gunsynd (GUN) is making a further conditional investment of £100,000 in ASX-listed Rincon Resources. The investment is dependent on Rincon Resources shareholder approval.
Fintech investment company Eight Capital Partners (ECP) has generated £1m in fees from Zamaz (ZAMZ), which joined the standard list a fortnight ago. Zamaz believes that its technology platform can help to efficiently build direct to consumer brands via e-commerce. Other Eight Capital Partners revenue have been modest.
Evrima (EVA) says investee company Premium Nickel Resources has created a new metals division.
Spirits brand Rogue Baron (SHNJ) says that a third party has been contacting investor saying it is raising cash for the company, which is not true. Rogue Baron is considering ways of raising further funds.
SulNOx Group (SNOX) has won a new order from Ghana for SulNOxEco fuel conditioner. There is enough to treat six million litres of diesel, which is a larger order than the previous one. New agreements are being discussed in other African countries.
Site works have commenced at the Blesberg lithium and tantalum project in South Africa. Marula Mining (MARU) says mining permits have been applied for.
A company associated with Asimilar Group (ASLR) non-exec director Mark Horrocks has acquired 750,000 shares at 4.1p each, which takes his share interest to 5.27%.
Engineering company Vulcan Industries (VULC) has raised £132,000 at 0.92p a share. Superseed Capital Ltd (WWW) has issued £1m of convertible loan notes to SuperSeed Venture LLP, which is its investment manager. The conversion price is 130p a share.
Barry Hersh is a 9.98% shareholder in Rural Broadband Solutions (RBBS). PEU SA has a 7.56% stake in Eastinco Mining and Exploration (EM.P).
AIM
Churchill China (CHH) had an extremely strong first half in 2022 because of demand for hospitality products. Sales of plates and other products to restaurants and hotels were behind the 73% growth in revenues to £41.4m. Sales of retail products declined as production focused on hospitality products. Churchill China is gaining market share in the UK and internationally. The interim dividend is 57% ahead at 10.5p a share. A full year pre-tax profit of £8.8m is forecast.
New admission Aurrigo International (AURR) has risen a further 9.52% to 57.5p. The transport technology products supplier raised £8m at 48p a share when it joined AIM. The cash will be invested in the aviation technology division and to develop new products.
Broker and administrator Jarvis Securities (JIM) has appointed Ocreus to review systems and controls at its main subsidiary after it ran into trouble with the FCA. This will take between three and six months. Jarvis has voluntarily agreed not to take on new clients from certain existing Model B corporate clients until the systems have been reviewed. The restrictions should not hamper forecast revenues and profit, although the costs of the review could hamper shareholder dividends from Jarvis Securities. This news was announced late on Friday and the share price nearly halved.
Retail brand Joules (JOUL) has ended its talks with retailer NEXT (NEXT) about a cash injection, leaving it with the need to find another source of funding. That is likely to require a share issue.
Baby products retailer Mothercare (MTC) reported revenues falling from £85.8m to £82.8m, but it returned to profit. The figures were at the top end of expectations and the company was cash generative. finnCap forecasts a fall in pre-tax profit from £8m to £1.9m this year. The pension deficit is declining.
TV and film production services provider Facilities by ADF (ADF) had tough comparisons for its interim figures and reported pre-tax profit was lower. Revenues improved from £11.5m to £12.6m, but the lack of large productions and higher overheads since flotation mean that profit was lower. There will be more, and higher value, productions in the second half, so some of the profit shortfall should be offset. Flotation funds are being used to increase the size of the vehicle fleet.
Artisanal Spirits Company (ART) increased membership by 24% in the first half of 2022. This growth was international, and the current membership is around 36,000. Full year revenues are expected to increase from £18.2m to £21.6m. The value of the casks of whisky in stock has increased from £430m to £455m in the latest six month period.
Cyber security services provider Corero Network Security (CNS) improved sales in the first half and growth could accelerate in the second half. Full year revenues are forecast to increase by one-third to $27.9m. Demand for cyber security continues to increase. Corero should breakeven this year.
Strong growth in first half revenues at plant-based polymers developer Itaconix (ITX) means that it is set to double full year revenues to $5.2m. Revenues trebled from cleaning applications. There was $900,000 of net cash at the end of June 2022.
The Property Franchise Group (TPFG) increased interim revenues by 18% to £13.1m and pre-tax profit was 9% higher at £3.8m. The interim dividend was increased by 11% to 4.2p a share. Trading remains strong even though house buying incentives were ended last year.
Building and architecture software supplier Eleco (ELCO) did not surprise the market with the 3% decline in interim revenues to £13.4m, although recurring revenues were 9% higher at £8.2m. This reflects the change to a SaaS model. Pre-tax profit was 23% down at £2.1m due to higher costs.
Ncondezi Energy Ltd (NCCL) has replaced a working capital facility with a convertible loan and more cash is being made available. The shareholder loan repayment cannot be demanded before 30 November 2023.
Shell company Advance Energy (ADV) raised £425,000 at 0.085p a share. There are warrants attached to each new share that are exercisable at 0.13p a share. The cash will enable management to investigate a suitable reverse takeover candidate and fund due diligence. Management is in talks with the majority owner of a European oil and gas company and trading in the shares is suspended. Any deal will be funded with shares and via an earn-out based on production. The suspension will continue until a prospectus is published or the deal does not happen.
Tertiary Minerals (TYM) has signed a technical co-operation agreement with First Quantum Minerals for two copper projects in Zambia – Mukai and Mushima North. Mukai is next door to First Quantum’s Trident project. First Quantum also has interests in the same region as Mushima North. First Quantum will supply historical exploration date for the areas. First Quantum does not have first right of refusal over the projects.
MAIN MARKET
Fintech Asia Ltd (FINA) is seeking fintech acquisitions. This includes mobile banking, digital payments and blockchain. It raised £1.46m at 50p a share, before expenses of £613,000. The cash should finance the operating of the company and investigating potential acquisitions for more than one year. Further share issues will be required when any targets are identified, and deals secured. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).
Ikigai Ventures Ltd (IKIV) is looking to acquire businesses with a positive social impact strategy, particularly those based in Asia. It has a similar shareholder base to Fintech Asia. Ikigai Ventures raised £2.09m at 50p a share, before expenses of £714,000. That cash should last more than one year. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).
Innovative materials developer HeiQ (HEIQ) increased interim revenues by 17% to $30.3m and it is making progress with newer products, such as AeoniQ and GrapheneX. Hygiene products generated 43% of total revenues. Service and licence revenues more than trebled. There was $9.5m in the bank at the end of June 2022. Cenkos expects revenues to grow from $57.9m to $69.4m in the full year and grow by a further 10% next year. The 2022 pre-tax profit is expected to be $4.8m.
Andrew Hore
Quoted Micro 12 September 2022
AQUIS STOCK EXCHANGE
Samarkand (SMK) has been hit by a large cash outflow, which means that the China-focused e-commerce technology and brands retailer requires a cash injection of up to £3m via an open offer at 55p a share. Covid lockdowns in China have delayed progress and hampered the ability to supply products. In the year to March 2022, revenues fell from £20.6m to £16.6m, although if one-off revenues in the previous period are excluded then there was a 12% improvement. There was an initial contribution from the Zita West supplements brand acquired last year. Nomad software platform revenues were 18% ahead at £7.5m.
Aquis Stock Exchange owner Aquis Exchange (AQX), which is also quoted on AIM, has relaunched the EU dark pool trading operation it acquired from UBS as the Aquis Matching Pool.
BWA Group (BWAP) has been granted a new licence for Dehane 2 at the Dehane heavy mineral sands project in Cameroon. Results from granulometric test work at the Nkoteng heavy mineral sands show rutile is the most abundant mineral.
More news about the investee companies of Evrima (EVA) this week. Eastport Ventures Inc, where it owns 6.85%, has entered a letter of intent with TSX-V listed Auston Capital concerning a possible merger.
Marula Mining (LON: MARU) says that initial test work at the Blesberg lithium and tantalum project in South Africa shows an average lithium grade of 6.1%. Tantalum was also identified.
SulNOx Group (SNOX) has signed a memorandum of understanding with Rominserv, a subsidiary of Rompetrol. The Romanian company is considering using SulNOx products in its refinery processes.
MiLOC Group Ltd (ML.P) has received a civil judgement against subsidiary Star C, which has to return £166,000 to one of its distributors.
Ananda Developments (ANA) subsidiary DJT Plants is working on self-crossing cannabis strains to create stable strains. So far, it appears that self-pollination of cannabis plants can be achieved. Field trials for growing cannabis have been successful.
Coinsilium Group Ltd (COIN) says its advisory clients Blvck Paris and Metalinq Labs are joining together to launch a collection of wearables. The Metalinq technology can be used to convert 2D designs into multi-metaverse 3D designs.
Wishbone Gold (WSBN) raised £2.375m at 10.35p a share and the share price fell below that level. This cash will finance expansion of exploration activities in Australia. Significant copper and gold grades have been found at the Halo project in Queensland. There are also zones of high gold silver and coper at Grassy Oaky. A high-resolution gravity survey is commencing at the Red Setter gold copper project.
EPE Special Opportunities Ltd (ESO) reported a decline in NAV to 231.9p a share by the end of August 2022.
AIM
Online musical instruments supplier Gear4Music (G4M) warned that trading has been tough in recent months. The first quarter to June 2022 was encouraging but spending in July and August was weaker than expected even if the hot weather is taken into account. September is showing signs of improvement. Guidance has been lowered with pre-tax profit expected to slump from £5m to £1.1m with a possible recovery to £3.3m next year.
Online competitions organiser Best of the Best (BOTB) is linking up with Globe Invest Ltd, the family office of Teddy Sagi the founder of gaming technology firm Playtech (PTEC), to grow international income. Globe Invest will also buy a 29.9% stake from the directors and related parties at 400p a share. They intend to enter a licensing and distribution agreement and a marketing collaboration agreement. Globe Invest will licence the Best of the Best business model outside of the UK.
Cosmetics supplier Warpaint London (W7L) says trading is ahead of market expectations with sales of at least £61m and underlying pre-tax profit of more than £9m. The previous pre-tax profit forecast was £8.23m. There could be additional gains from foreign exchange.
Franchised lettings and estate agency business Belvoir Group (BLV) did well in the first half considering the ending of property buyer incentives. In the six months to June 2022, revenues were 12% higher at £15.4m. There was a 1% improvement in the underlying business with the rest of the growth coming from acquisitions. Underlying pre-tax profit fell from £4.9m to £4.2m as the cost base returned to normal. Net debt is £2.5m and the interim dividend is maintained at 4p a share.
Premium bricks maker Michelmersh Brick (MBH) increased interim revenues by 14% to £34m, while pre-tax profit was 9% ahead at £6.1m. Production efficiencies helped to offset some of the cost increases. A price rise has been pushed through in July. Overall brick stocks remain at low levels. Management has secured 90% of energy costs for this year and 50% for 2023. Net cash was £9.9m at the end of June 2022. The interim dividend is 13% higher at 1.3p a share.
Sylvania Platinum (SLP) announced a doubled final dividend of 8p a share alongside its results for the year to June 2022. There has already been a special dividend of 2.25p a share and a $7.1m share buyback. Production declined and selling prices for platinum group metals were lower in the year to June 2022. Even so, net profit was $56.2m and Sylvania Platinum has been able to finance the cash distributions and plough money back into development. The benefits of that investment will show through in 2023-24. There is still $121m of cash in the balance sheet, although the dividend will reduce that.
Avacta Group (AVCT) says the US Food and Drug Administration (FDA) has granted orphan drug designation for the lead preICISIONdrug soft tissue sarcoma treatment candidate, AVA6000. This provides tax credits and other incentives, plus seven years of market exclusivity in the US, if the drug is improved. There is an ongoing phase I clinical trial.
Shares in AIM shell Advance Energy (ADV) were suspended on Friday after the announcement of non-binding heads of agreement have been signed for the acquisition of a European oil and gas company.
VSA published an initiation note on Prospex Energy (PXEN) and the broker believes there is upside from the development of the onshore Selva gas project in Italy, where Prospex owns 37%. First production should be in the middle of next year. Cash is being generated from the El Romeral gas to power project in Spain.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) interim revenues dipped by 2% to £106.4m, but they are still higher than in 2019. There was a sharp drop in pre-tax profit from £16.6m to £4.6m. The interim dividend has been reduced from 2.6p a share to 1.6p a share. DIY demand has fallen back and there was also destocking. The EV business should make a greater contribution in the second half.
Critical Metals (CTRM) has published the prospectus for the proposed acquisition of a 57% shareholding in Madini Occidental, which owns 70% of the Molulu copper cobalt project in the Democratic Republic of Congo. The acquisition is expected to complete on 12 September.
Darktrace (DARK) has ended bid talks. Last year, revenues grew 46% to $415.5m and the AI company moved into profit.
Andrew Hore
Alan Green talks Caerus Minerals #CMRS, Advance Energy #ADV & Altona Rare Earths #ANR on Vox Markets podcast
Alan Green discusses Caerus Minerals #CMRS, Advance Energy #ADV & Altona Rare Earths #ANR on Vox Markets podcast. Interview is 17 minutes 14 seconds in.
Alan Green joins the UK Investor Magazine podcast to discuss the commodities super cycle – Mast Energy Developments #MAST, Advance Energy #ADV and Caerus Mineral Resources #CMRS
Alan Green discussed the commodities super cycle on the UK Investor Magazine Podcast as it began at the beginning of 2021. Since then, major commodities indices have increased dramatically with copper touching 10 year highs and Oil breaching $70.
Demand for commodities is increasing as economies reopen after the pandemic and under investment in commodity exploration and development has caught supply off guard leading to higher prices. This is particularly evident in Lumber markets which has seen $25,000 added to the cost of constructing the average US home.
With the Federal Reserve hinting QE tapering is some way off, meaning interest rate increases won’t be happening for some time, the path is clear for further commodity price rises. We explore what this means for equity markets and how commodities shares could outperform over the next decade.
We discuss Mast Energy Developments (LON:MAST), Advance Energy (LON:ADV) and Caerus Mineral Resources (LON:CMRS).
Alan Green presents the investment case for Advance Energy #ADV and Mirriad Advertising #MIRI on StockBox Media Research Talks
Alan Green presents the investment case for Advance Energy #ADV and Mirriad Advertising #MIRI on his weekly Stockbox Media Research talk.