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Andrew Hore Quoted Micro 14 October 2019
NEX EXCHANGENational Milk Records (NMRP) increased its pre-tax profit by one-fifth to £2.4m in the year to June 2018. Revenues improved from £21.4m to £22.8m. The farm-based milk recording business grew, but the main growth came from the much smaller traceability and reproductive businesses. These figures are for the period before the recent virus attack. The dividend has been halved from 2.5p a share to 1.25p a share because management wants to invest in laboratories and IT. Net debt was £1.7m.
Good Energy (GOOD) has clarified its interim figures. The renewable energy supplier says that there was a misclassification of £4.9m relating to cash and current assets and current liabilities. The problem was the timing of payments. This does not change NAV and profit. There was a £20m in the bank at the end of September 2019. Good Energy has signed a technology platform agreement with Octopus Group, which could involve investment of £4m in order to improve efficiency. The existing technology will be written down over the 12 months to June 2019. Operating cost savings should cover the investment in 18 months of full implementation.
Vox has ended merger discussions with PCG Entertainment (PCGE) and Align Research saying that it is difficult to raise money for any business involving Align Research. Vox is concerned that this will hamper fundraisings for future deals, and it believes it could have a negative effect on its main business.
VI Mining (VIM) has acquired rights to near-surface oxide gold at the Aripuana project in Brazil. The company’s other assets are in Peru.
Reyker Securities has been suspended as a broker on NEX Exchange.
AIM
PCI-compliant payment services provider PCI PAL (PCIP) is making progress in winning new contracts in North America. Recurring annual contract value is £1.9m, compared with forecast revenues of £4.8m in the year to June 2020, up from £2.8m. PCI Pal will continue to lose money as it builds up revenues. Net cash was £1.5m at the end of June 2019. A new £2.75m facility will provide the working capital required to cover losses until the company starts to generate cash. Net debt of £1.5m is forecast at the end of June 2021, so this is well within the funding available.
Uhuru Corporation is a Japanese Internet of Things technology company planning to join AIM this month. Tokyo-based Uhuru (www.uhuru.co.jp/en) is involved in consultancy and engineering, as well as providing creative content and data analysis. Customers include NEC, Dentsu, Honda, Komatsu, Yamaha and Mitsubishi Heavy Industries.
Duke Royalty (DUKE) raised £461,500 at 44p a share via PrimaryBid.com, which takes the total raised to £16.55m. A two-for-51 open offer has been launched to raise a further £3.45m.
AIM shell Wilmcote Holdings (WCH) had discussions about the participation in the purchase of US-based speciality chemicals company Arclin Inc, but these have ended. The costs of the work done on this potential transaction have reduced the cash pile to £900,000. Wilmcote is holding talks with investors about how to fund expenses while it seeks another speciality chemicals acquisition. Trading in the shares has recommenced and the share price slumped from 97p to 65p.
Oil and gas producer Amerisur Resources (AMER) has issued revised bidding instructions to the potential acquirers that were provided data as part of the strategic review and formal sale process. The process will hopefully conclude before the end of the year.
Applied Graphene Materials (AGM) is focusing on the customers that are utilising its dispersion know-how and provide the best near-term revenue potential. That will enable the graphene producer to cut its operating costs and make the cash in the bank last at least another two years. Net cash was £6.1m at the end of July 2019 and a tax credit of £600,000 has since been received. Manufacturing will be streamlined, and the annual cost base could fall from £4.3m to £3.2m. Revenues remain modest.
Pawnbroker Ramsdens Holdings (RFX) will make a one-off gross profit of £600,000 from scrapping slow moving jewellery in order to take advantage of the rise in the gold price. Trading is in line with expectations. The interims will be published on 3 December.
United Oil and Gas (UOG) is on course to acquire Rockhopper Egypt for $16m before the end of 2019. A share issue is required in order to fund the initial cash payment of at least $11m. The rest of the payment will be in shares issued at the placing price. The main asset being acquired is a 22% interest in the Abu Sennan concession.
Time Out Group (TMO) has raised £17.1m at 127p a share. The June 2016 flotation price was 150p. The cash will be used to cut debt and roll-out more Time Out Market sites, with Chicago and Montreal due to open later this year and more contracted sites for the future. Net debt was £34.4m at the end of June 2019.
Investors give no quarter when it comes to profit warnings these days. Public housing software provider Castleton Technology (CTP) says recurring revenues are still going well, but there is a shortage of one-off revenues. This has led to a 15% cut in forecast revenues for the year to March 2020. That leads to a cut in pre-tax profit forecast from £6.4m to £5.3m. A similar reduction has been made in the forecast for 2020-21, which is £5.8m. The share price fell by more than one-third to 57p, which is less than ten times prospective earnings.
Trading in the shares of Solo Energy (SOLO) has been suspended ahead of a proposed acquisition of assets from ONE-Dyas for an initial €30.1m. That will be funded by debt and a share issue raising £20m, which will involve an open offer. The 14 gas fields are in the Dutch sector of the North Sea. Tom Reynolds is moving from non-executive to chief executive. The admission document should be published in November and the name will be changed to Scirocco Energy.
Dekeloil (DKL) is still being hampered by a low crude palm oil price but it is optimistic that the price will improve. There was a 11% decrease in third quarter crude palm oil production to 4,803 tonnes. However, there was a 30% increase in sales to 7,138 tonnes. The average price achieved was 16% lower at €456/tonne. The cashew processing project is on course for first production in 2020. The company is changing its name to Dekel Agri-Vision Ltd.
Managed services provider Redcentric (RCN) says that first half trading was on track. It is on course to improve pre-tax profit from £7.2m to £9.8m.
MAIN MARKET
Nottinghamshire-based nmcn (NMCN) is acquiring Lintott Control Systems (LCS), which designs and manufactures water and wastewater treatment systems and process software. The total cost of LCS could be as high as £3.76m. The initial payment is £1, plus up to £676,000 dependent on the receipt of payment for certain invoices. The rest is dependent on profit levels over the three years to the end of 2021.
Argo Blockchain (ARB) has increased third quarter revenues by 75%, compared with the second quarter. Revenues were £3.63m and the cryptocurrency mining margin is 73%, even though the bitcoin price has dropped. The number o machines in production should double to 12,000 by the end of the year.
Rainbow Rare Earths (RBW) used cash of £2.31m in operations in the year to June 2019. Rainbow generated revenues of £1.54m from trial rare earths mining at Gakara in Burundi, but production costs were double that level. Write downs mean that net assets were £3.37m at the end of June 2019. More exploration activity is required before production levels are increased.
Stranger Holdings (STHP) has agreed terms to acquire two mineral companies. One has assets in Cameroon and the other is in Idaho. Minerals include cobalt and nickel. Previous potential transactions have been terminated.
Standard list shell Auctus Growth (AUCT) is still seeking an acquisition. There is still £912,000 in the bank.
Andrew Hore
Andrew Hore Quoted Micro 12 August 2019
NEX EXCHANGE
Imperial X (IMPP) non-executive director Melissa Sturgess has sold 4.615 million shares at 2p each and she retains an equal number of shares. The total stake was acquired at 1p a share, so she has effectively made her money back. Imperial X is moving into the cannabis sector. Charles Morgan, a relation of Melissa Sturgess, converted £46,150 of loan notes into 4.615 million shares.
NQ Minerals (NQMI) has invested a further £150,000 Tasmania Energy Metals through a convertible loan, taking the total investment to £450,000. The exclusivity period relating to the acquisition of an option over the company’s assets has been extended to the end of October 2019. NQ would have nine months to exercise the option in return for shares worth £5.5m. The latest investment will be used to develop a facility that would produce nickel and cobalt salts for electric vehicle batteries.
Founder Stephen Minion has resigned from the board of Ashley House (ASH) so that there are no conflicts of interest between his role as a director and his other interests. He is chairman and major shareholder of Invescare, which has provided a loan to Ashley House.
iGaming software developer Ganapati (GANP) says that its Malta-based subsidiary has signed a resale agreement with BetConstruct, which will provide the company’s slot games to its integrated operators via its platform. Another deal is with PG Entertainment and this will make Ganapati’s games available in Latin America via a smartphone platform.
Asia Wealth Group Holdings Ltd (AWLP) improved pre-tax profit from $150,000 to $268,000 in the year to February 2019, partly due to a reduction in impairment losses. The company is looking at fintech acquisitions.
The conversion of loan notes in Equatorial Mining and Exploration (EM.P) has led to the issue of just over nine billion shares. There are 24.2bn shares in issue.
Valiant Investments has changed its name to Eurocann International (BUD).
AIM
Oil and gas company Amerisur Resources (AMER) has effectively put itself up for sale and multiple companies are interested in bidding. They are being provided confidential information. The formal sale process continues.
Execution only broker Share (SHRE) made a first half profit even though stockmarket trading conditions and volumes have been poor and the dividend from Euroclear was moved to the second half. Revenues increased 9% to £11.1m as interest income grew. Account fees have been increased. Share is benefiting from its digital investment. The 20,000 accounts being taken on from JP Morgan will contribute from September. A full year profit of £400,000 is forecast.
Credit hire and legal services provider Anexo (ANX) is trading more strongly than expected, even after previous upgrades. Management has managed to reduce insurance costs. The full year pre-tax profit forecast has been increased by 15% to £23m and next years by 14% to £25m.
Artificial intelligence-based physician platform DocDoc, where Adamas Finance Asia (ADAM) is an investor, has raised $13m. Adamas led the convertible loan note financing for the Singapore-based company. DocDoc operates in eight countries. Hong Kong-based CASIL Clearing has reduced its stake in Adamas from 6.9% to 2.9%. Pello Capital has been appointed joint broker.
Presidential Energy (PPC) is not making the progress it hoped to, but profit is improving. The share price of the Argentina-focused oil and gas company has been declining. finnCap describes its estimates for average production and EBITDA as “challenging” due to delays and disruptions. It has been forecasting EBITDA of $27.9m due to an oil price estimate that is above current levels, whereas the company believes it could be around $20m. There are no plans to change the forecast until the interims are released in September.
StatPro (SOG) increased organic annualised recurring revenues by 3.2% to £56.5m in the first half. The asset management performance software provider increased interim revenues £27.2m to £28.3m, while pre-tax profit improved from £2.37m to £2.66m due to flat operating costs. Net debt is £24.2m.
Richard Bernstein has increased his stake in Ultimate Sports Group (USG) from 27% to 29.8%. Bernstein has an agreement with Ultimate where he would receive 1% of the value of the first acquisition he introduces to the company as long as it is completed by 30 September. Matthew Farnum-Schneider has been appointed chief executive of Ultimate. He has been granted a range of options. Some are exercisable at 20p a share, which is just below the current share price, some at 40p a share and others at 60p a share. Geoffrey Simmonds has left the board.
Urban Exposure (UEX) is not going ahead with a proposed issue of 6.5% secure sterling bonds 2026 because of market conditions.
MAIN MARKET
S and U (SUS) says demand for motor finance has been strong in the first half, even though the quality of business has been increased. The Aspen property bridging finance business has net receivables of £24m and is growing gradually in a weak housing market. Borrowings are just over £125m and there are additional facilities of £35m. The interims will be published on 24 September.
Construction company nmcn (NMCN) increased interim revenues from £161.2m to £184m, while pre-tax profit improved from £2.5m to £3.5m. The former North Midland Construction had net cash of £15.6m at the end of June 2019. The order book is worth £456m with the main increase coming from the built environment division, which accounts for one-fourth of the order value. A full year profit of £7.4m is forecast.
Iconic Labs (ICON) is making its first acquisition since transforming itself from stem cell services provider WideCells into a social media marketing business. Iconic has agreed to acquire social media agency Social Alchemist. Iconic Labs is still in a poor financial state. There are £600,000 of legacy debts that have to be paid, plus £400,000 that is disputed. The European High Growth Opportunities Securitization Fund will provide up to £1.375m in six tranches in return for loan notes. This is dependent on a prospectus being issued within six months. This prospectus will enable warrants to be attached to the loan notes. There are also more shares to be issued under the previous financing agreement.
Argo Blockchain (ARB) generated 163 bitcoins in July and these are valued at £1.36m. They were mined at a margin of 80%. More mining machines have been ordered and will be up and running by the fourth quarter. This investment will quadruple capacity. Argo could be highly profitable in the second half with a full year pre-tax profit of £6m.
Andrew Hore
Ian Pollard: Morrisons Smashes Competition With 132% Dividend Rise
Morrison W. Sprmkts MRW which many still regard as that upstart from Bradford has taught the high streets major retailers, the biggest lesson they have had in decades. Forget your Tescos, your M&S and your snooty Sainsbury’s. Morrisons has just smashed the high street competition into little bits and is raising its interim dividend by a record amount. With second quarter like for like sales at a nine year high it has increased its ordinary dividend by 11.4% on top of which it is paying a special dividend of 2p per share making a total increase of 132%. Group like for like sales for the half year to the 5th August rose by 4.9% up from last years 3%. Underlying profit before tax rose by 9% and earnings per share by 8.5%.
The future is seen as containing many opportunities for meaningful and sustainable sales and profit growth. David Potts the Chief Executive, sees Morrisons continuing to become broader and stronger and a more popular brand whilst the Chairman looks forward to “more and more customers trying Morrisons.” Proof if ever proof was needed that the high street is alive and kicking and can be rescued from the damage caused to famous names by sclerotic management and placemen.
Ricardo plc RCDO saw solid revenue growth of 8% during the year to the 30th June with the order book rising by 14% to end the year at record levels. Despite falls in statutory profit before tax and basic earnings per share of 14% and 27% respectively, the final dividend is to be raised by 6% to 20.46p per share. On an underlying basis profit before tax fell by 1% and earnings per share rose by 1%
Amerisur Resources AMER saw strong revenue growth of 93% in the half year to the 30th June and last years first half loss of $2.3m was turned into a profit after tax of $10.8m. The turn round was helped by a rise of 33% in average production and a jump in the oil price from $47.2 to $64.2 per barrel.
SafeCharge Int. Grp SCH enjoyed strong revenue growth of 26% in the half year to the 30th June. Adjusted EBITDA was up by 15% and the interim dividend is also being increased by 15%. The CEO says that the strong set of results has been followed by a good start to the second half and it is anticipated that revenue for the year will be at the top end of market expectations.
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Ameriseur Production Soaring And Prices Rising
Amerisur AMER increased production significantly to 4475 BOPD in the half year to the 30th June. compared to 2016’s 2641 barrels. At the same time the average realised sale price rose from $38.4 per barrel to $47.3. These two factors resulted in revenue for the half year rising by more than 57% with the Platanillo field alone having producing 8MMBO so far this year. Average production by the end of the year is expected to have reach 7,000 barrels of oil per day compared to the present rate of 6,000 barrels. By the end of 2018, 16 wells are expected to be operational, all of them fully funded from cash resources and operational cash flow.
M&C Saatchi SAA enjoyed strong revenue momentum and earnings growth in the 6 months to the 30th June and interim dividend is to be increased by 15%. The UK as so often is the case, was the geographical laggard with only 5% like for like growth compared to 15% in Europe and 14% in the USA. Profit before tax and like for like revenue, both rose by 17% and earnings per share by 11%. The second half is said to have started well.
Elecosoft plc ELCO Saw profit before tax rise by 81% in the 6 months to the 30th June and shareholders are rewarded with a 30% proposed increase in the interim dividend. On a constant currency basis the rise in profits came to 68%. Revenue for the half year rose by 14%, basic earnings per share by 83% and EBITDA by 66%. Growth was experienced in all of the company’s geographical regions.
Osirium Technologies plc OSI which came to aim in 2016, has produced strong progress in sales momentum in the six months to the end of June with invoiced sales rising by 393% and revenue up by 59%. High profile data breaches and new regulations which are due t come into force in 2018 have attracted new customers and ensured the renewal of existing contract. Profitability has not yet been achieved because of high investment in sales and marketing and operating losses for the half year more than doubled but the company is pleased with its operational and financial progress which has resulted in it being declared a “cool vendor” by Gartner.
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Debenhams offers a fun social time as profits slide
Debenhams DEB Where shall we take the kids today, darling ? What about Debenhams for a fun social time? Daddy. daddy yes, pleeease ! There used to be only one reason to go to Debenhams and management appears to have completely forgotten what that was. It was to shop and buy things, you dunderheads. If Debenhams customers are going for and having, a fun social time they are not buying and Debenhams is not selling. No wonder UK EBITDA is down by 6% No wonder its online performance has been strong and it is trying to make progress in non clothing categories and no wonder that for the half year to the 14th March group profit before tax fell by 6.4%.
Unilever plc ULVR is raising its quarterly dividend by 12% as first quarter turnover rose by 6.1% after a positive currency impact of 2.4%. Underlying sales growth for 2017 is now expected to rise by between 3% and 5%. Market conditions remained challenging with negative volume growth in Europe and North America. India did show some recovery from the effects of removal of currency notes but Brazil was adversely impacted by its economic crisis.
MAN Group EMG The first quarter of 2017 was a strong one for Man with funds under management rising by 10%, with growth in each of its investment engines. MAN now looks forward to the” alpha” opportunities being created by the global environment – Nothing like jargon when you are stuck for words – alpha opportunities indeed !
Paragon Entertainment Ltd PEL claims to have succeeded in doing what it set out to do in 2016, with revenue up by 70% to £14.4m and gross profit up by 91% to £3.76m. Projects completed included Coronation street, Fountains Abbey and Rolling Stones. With new projects in the pipeline, the company claims it is excited about its future
Amerisur Resources AMER Platanillo – 22 well has now been tested at 613 barrels of oil per day which is materially ahead of pre test expectations of between 300 and 400 bopd. The well has been placed on commercial production.
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Amerisur Moves Towards Profitable Production
Amerisur Resources AMER Produced a slightly increased loss after tax at $28.5m in the year to the end of December, following lower oil prices, planned reduction in production and a one off impairment charge of $15.3m. from its investment in Paraguy. Since the year end global oil prices have increased, transport costs have fallen and there has been a significant increase in production from the Platanillo field which is now producing over 4,000 barrels of oil per day and continuing to rise towards its 2017 target of 6 to 7,000 bopd. The company sees a strong outlook for 2017, with production becoming increasingly profitable.
The shares have lost over two thirds of their value since August 2014, falling from 66p to a low of 20p. There has recently been something of a recovery with the price now at 22.17. Whether that will hold on the basis of future promises, rather than on 2016’s past performance remains to be seen.
CEY Centamin First quarter gold production fell, as forecast, at 109,187 ounces, down 20% on the previous quarter and 13% on 2016 Q1. The full year target for 2017 of 540,000 oz. is still expected to be
met.
Plant Health Care PHC US Sales disappointed in the year to the end of December, due to distributors having excess year end inventories. Outside the US sales rose by 15% on a constant currency basis, showing strong progress its key strategic objectives.