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Andrew Hore: Quoted Micro 29 October 2018
NEX EXCHANGE
Auxico Resources Canada Inc (AUAG) has added a NEX quotation to its year-old Canadian Stock Exchange listing. Auxico has mineral properties in Colombia and Mexico. There is already a UK investor base.
Chapel Down Group (CDGP) had a bumper 2018 harvest that was 125% ahead of the previous best, thanks to the hot summer. Some vineyards produced their first crops.
Ace Liberty and Stone (ALSP) is paying this year’s dividend in three instalments: October, April and July. The first interim will be 0.83p a share and the ex-dividend date is 25 October. The sale of Hume House in Leeds has been completed for £3.9m, compared to a cost of £1.67m in March 2014. A 37-storey building will be constructed on the site.
Eight Capital Partners (MORE) is investing £250,000 in AIM-quoted Imaginatik (IMTK) with £160,000 subscription for shares at 1.1p a share for a 29.7% stake, and £90,000 in convertible loan notes with an annual interest rate of 7.5%. Eight Capital is issuing up to £2.5m of convertible bonds at 95% of their nominal value. The annual coupon is 5%. One warrant will be granted for every two shares issued.
Trading in the shares of Etaireia Investments (ETIP) has been suspended ahead of a potential acquisition of property assets from the Oyston family.
Gunsynd (GUN) will get a 4% stake in Human Brands when, or if, it floats on the standard list. Previously it would have been a 1% stake. Gunsynd has £289,000 invested in drinks distributor Human Brands loan notes.
Founder Sebastian Snow has resigned as creative director of pubs and inns operator Barkby Group (BARK) and Lana Snow has also left the group. Occupancy rates were good in September and there is significant demand for the Christmas period.
Ganapati (GANP) reported a reduction in interim loss from £4.54m to £3.56m, although total income was flat at £2.19m. There was cash in the bank of £2m at the end of July 2018. This could be added to by an initial coin offering by Malta-based blockchain subsidiary GanaEightCoin Ltd next spring.
NQ Minerals (NQMI) has raised £81,250 at 15p a share to provide further working capital.
The chairman and chief executive of DXS International (DXSP) have both bought shares in the healthcare technology company. Bob Sutcliffe bought 100,000 shares at 8.515p each, while David Immelman bought 20,538 shares at 8.66p each, which takes the chief executive’s stake to 10.3%.
Sativa Investments (SATI) has signed an option on a 298,806 square foot glasshouse for growing medicinal cannabis. Mark Blower is becoming a non-executive director.
Melissa Sturgess has acquired 590,000 shares in Ananda Developments (ANA) at 0.4496p each. The executive director of the cannabis-focused investment company owns 47.8 million shares. Ananda joined NEX on 4 July having raised £930,000 at 0.45p a share. The share price ended the first day at 0.975p and it has more than halved since then.
AIM
Chris Marsh has resigned as finance director of Patisserie Holdings (CAKE) having been suspended on 9 October. Previously undisclosed LTIP share awards have been revealed.
GB Group (GBG) has acquired Australia-based ID verification services provider Vix Verify Global for £21m. This has led to a 2.7% upgrade in the 2019-20 forecast earnings per share. Third quarter trading of the existing business was in line with expectations with organic growth in revenues of 11%.
Avingtrans (AVG) is acquiring Texas-based Tecmag Inc for $243,000. Tecmag manufactures instrumentation for magnetic resonance imaging and nuclear magnetic resonance systems. This fits well with Avingtrans’ magnets business in the sector.
Energy supplier Yu Group (YU.) has shocked investors with accounting changes relating to accrued income and increases in impairment charges for trade debtors. This will slash £10m for this year’s profit turning it into a loss. There is £11.5m in the bank at the end of September 2018.
1Spatial (SPA) reduced its loss n the first half and is on course to cut its full year loss from £1.5m to £1m. The geospatial data services provider should move into profit next year.
HaloSource Corporation (HALO) says it has sufficient working capital until the end of the year, but up to $5m is required to add a further 12 months. The company expects to generate revenues of $2m-$2.5m in 2018 and the target is to treble that figure in 2019, which would reduce the loss.
EKF Diagnostics (EKF) says the record date for the distribution of shares in Renalytix AI is 23 October and the shares will start trading on 2 November.
Nexus Infrastructure (NEXS) expects 2017-18 profit to be in line with expectations and order books are strong. Infrastructure services provider Tamdown’s revenues will be slightly lower due to planning delays with the growth coming from utility connections business TriConnex. Net cash is £20m.
RA International (RAI) has won a $9.1m contract with URS Group Inc. This is a new client. The contract covers construction services for an asphalt runway in Somalia and lasts for 11 months.
Data analysis software and services provider D4T4 Solutions (D4T4) trebled its interim revenues to £14m, although the comparatives were weak. Net cash is £12.2m.
Gfinity (GFIN) is raising £6m at 8p a share and this cash will further develop the esports activities and the UK Elite series. The 2017-18 revenues were 82% ahead at £4.3m and losses continue.
Angling Direct (ANG) is taking advantage of its strong position in the fishing tackle retail market by raising £20m at 92.5p a share, which compares to the July 2017 flotation price of 64p a share. The cash will finance the opening of 20 stores and the launch of European websites. This accelerated investment means that Angling Direct will fall into loss this year.
Velocity Composites (VEL) has managed to trade in line with downgraded forecasts for the year to October 2018. Revenues will be slightly above £24m and there is net cash of £3.6m. The company is seeking a new chief executive and the former incumbent has left the board.
The cancellation of a contract and the failure to gain backing for an acquisition have hampered the progress of Image Scan Holdings (IGE) in the year to September 2018. Revenues fell from £5m to £3.5m, although the gross margin improved from 39% to 48%. Pre-exceptional profit will slump from £480,000 to £45,000. That was before the £245,000 cost of the failed acquisition. There was £780,000 in the bank at the end of September 2018. Sarah Atwell-King has been appointed finance director.
VR Education (VRE) has been hit by the delayed launch of its Titanic VR product on PlayStation. This should still happen this year, but 2018 revenues will be well below expectations. The timing of the launch will determine the outcome for the year. The ENGAGE platform will be launched before the end of the year as anticipated. Non-executive director Mike Boyce is helping out with sales.
SkinBioTherapeutics (SBTX) increased its research and development spending from £157,000 to £416,000 in the year to June 2018. The cosmetic application has started a human study and data should be available between November and April 2019. A clinical trial for an eczema treatment could start before the end of 2019. There was £3.2m in cash at the end of June 2018.
Rare books trader Scholium (SCHO) says it will move into loss in the first half, but it expects to make a higher full year profit than the £38,000 reported last year. Start-up Mayfair Philatelics is losing money but three auctions are taking place in the second half.
AfriTin Mining Ltd (ATM) is making progress towards production at its Uis tin project in Namibia. The first phase plant being constructed will be able to process 500,000 tonnes of pegmatite in order to produce 720 tonnes of tin concentrate a year. AfriTin has the cash required to reach production.
A strong performance from manned guarding meant that Croma Security Solutions (CSSG) increased its full year revenues by 59% to £35.1m and pre-tax profit was 400% higher at £2m. There were some one-off boosts during the year. Net cash was £2.1m. The dividend has been increased from 0.5p a share to 1.6p a share.
Property investment adviser First Property Group (FPO) has reduced its stake in Fprop Opportunities to 44.3% so it will no longer be consolidated in the group’s results. The plan is to lower the stake to below 30%. Fund management will be a greater contributor to profit.
More cash is required at meat and delicatessen products retailer Crawshaw (CRAW) for restructuring purposes and it also still needs a new nominated adviser.
Kemin Resources (KEM) will leave AIM on 29 October because it has not been able to find a replacement for Strand Hanson as nominated adviser. JP Jenkins Ltd will provide a trading facility.
OnTheMarket (OTMP) has signed up Belvoir Lettings (BLV) to its online platform. All Belvoir’s sales and lettings properties will be on the platform.
StatPro Group (SOG) says annualised recurring income has increased by 3% to £54.8m.
MAIN MARKET
Communisis (CMS) is recommending a 71p a share cash offer by consumer communications services provider OSG, which values the target at £153.8m. The combined business would be able to develop internationally because of OSG’s global strength.
WideCells Group (WDC) has signed a partnership deal with stem cell extraction and storage company Smart Cells. The deal is with the healthcare insurance subsidiary CellPlan, whose insurance plans will be offered to Smart Cells’ 60,000 clients.
Hemogenyx Pharma (HEMO) has signed a second agreement with US biopharma company Orgenesis Inc. The deal involves the development and commercialisation of the company’s Human Postnatal Hemogenic Endothelial Cell (Hu-PHEC) technology, which could develop cancer-free, patient-matched blood stem cells after transplantation into a patient. Like the previous agreement, Orgenesis will provide a convertible loan of $1m and this can be converted into shares in the Hemogenyx subsidiary that owns the technology. Orgenesis will pay a 12% royalty on net revenues generated by the technology.
North Midland Construction (NMD) says that full year revenues will be better than anticipated at between £340m and £345m, with net margins between 1.7% to 1.8%. The order book for delivery in 2019 is £222m. A new single identity for the group will be launched in November. HR director Karen Morris has bought 8,172 shares at 550p each.
Ian Pollard – Amino Commits to 10% Dividend Hike Despite Intense Headwinds
Amino Technologies plc AMO goes straight for the jargon box as it seeks reasons in advance for the full year results due in November. An intensification of external macroeconomic headwinds have been the main problem. These have resulted in lower than anticipated orders, higher than expected component price increases in the second half, as well as orders delayed because of instability in the economies of certain emerging markets. Planned trade tariffs in the US, have created confusion among customers, it is claimed, even before they have had any impact on the companies products. Shareholders will no doubt be delighted that all this gloom and despondency has not prevented Amino from maintaining its commitment to an increase of at least 10% in the final dividend.
Sopheon plc SPE updates that the third quarter which is usually the quietest of the year, produced a record performance which saw revenue break through the $30m dollar level. Sales activity for the remainder of the year is robust and full year results are expected to exceed current market expectations.
Angling Direct plc ANG enjoyed another highly successful period in the six months to the 31st July. Group revenue rose by 55.8%, gross profit by 52.6% and earnings per share from a loss of 0.33p to a positive 1.44p. The online business increased by an exceptional 60% and In August and September like for like store sales were up by 15.4% and 12% respectively.
eassyHotel plc EZH describes its year to the 30th September as a transformational one, with a strong performance across the portfolio.Total systems sales for the year rose by 25% and as at the end of the year the total owned hotel portfolio increased by 42%. Five new owned hotels with 610 rooms and four new franchised hotels with 297 rooms brought the total network to 33 hotels and 3,068 rooms.
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Ian Pollard – Persimmon Homes #PSN strong performance to continue in H2
Persimmon Homes plc PSN proclaims that strong results for the half year to the 30th June reflect the continued successful delivery of the Group’s long term strategy. Profit before tax and basic earnings per share both rose by 13%, group revenue by 5% and new home sales by 4%. Forward sales are 6% ahead of last year and expectations are that results for the second half year will also be strong.
BHP Billiton plc BLT is paying a record final dividend of 63 cents per share, making a total payout for the year 118 cents, a rise of 42%, for the year to the 30th June, reflecting. a strong operating performance and well ahead of the minimum permitted payout.. Attributable profit and basic earnings per share both fell by 37% after taking into account exceptional items but on an underlying basis the figures showed rises of 33% each.
Wood Group (John) plc WG enjoyed strong organic growth during its first half to the end of June, with revenue rising by 13.4% and the operating profit rising from $72m to $125. However last years first half profit of $6m. was turned into a loss of $52m due to amortisation charges of $125m and exceptional costs of $101m. Basic earnings per share fell from 1.1c per share to a negative 7.9 cents per share.The interim dividend is to be increased by 2% to 11.3 cents per share. A stronger second half is expected due to project phasing and market recovery.
Angling Direct plc ANG trading in the six months to the 31st July was extremely positive and ahead of management expectations, with a rise of 56%. On a like for like basis sales rose by 4.2%
Tracsis TRCS Group trading for the year to the 31st July has been strong with revenues ahead of market expectations at c. £40m compared to last years £34.5. EBITDA and adjusted profit are also expected to be ahead of market expectations and also ahead of the previous year.
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Ian Pollard: Iofina #IOF Hit By Anti Dumping Duties
Iofina IOF expects to see a significant rise in production for 2018 with a target of 575 to 605 metric tonnes of crystalline iodine compared to 503 metric tonnes in 2017. As a bonus on top of that, iodine price have continued to strengthen. The cloud on the horizon however, is that Iofina and a number of other companies have been found guilty of dumping iodine into China, resulting in the imposition of anti dumping duties. A final decision on this is not expected until the autumn but the poor state of trade relationships between the US and China means that a favourable outcome is not a certainty
DS Smith plc SMDS produced a strong set of results in the year to 30th April as it saw a return to growth. Revenue and adjusted profit before tax both rose by 17% on a constant currency basis and basic earnings per share rose by 10%. Margins were strong and good momentum is being maintained in the current year.
Volex plc VLX produced its best financial performance for five years and claims that it is strongly positioned for future growth. The year to the first of April saw the company produce its first statutory profit after tax since 2012. Last years statutory loss of $8.5m was turned into a profit before tax of $7m.and revenues are expected to show organic growth in the current year.
Angling Direct ANG is continuing its strategy of consolidating the fishing tackle market with the acquisition of Ted Carter Fishing Tackle which has a 3,000 s.ft. store at Preston. Carter had a turnover of £1.2m. in the year to 31st March and the consideration for the takeover is £125,000 plus stock at valuation, payable in cash.
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Andrew Hore – Quoted Micro 21 May 2018
NEX EXCHANGE
Newbury Racecourse (NYR) grew 2017 revenues from the nursery, hotel and media operations. There was a 11% increase in raceday attendances, which totalled 196,000 last year, leading to a 1% like-for-like rise in revenues. Overall revenues were 5% higher at £17.8m, while underlying pre-tax profit edged up from £178,000 to £188,000. There was a small cash outflow from operations. Capital investment meant that cash was reduced from £12.9m to £5.2m with more payments to come from the David Wilson Homes deal. A further £5.17m will be spent on upgrading the Pall Mall stand. There are concerns that the cutting of maximum stakes for gaming machines following the recent government announcement could hit bookmaker sponsorship and media rights revenues.
Block Commodities Ltd (BLCC) has a secured a strategic investment from Swarm Fund, which is a decentralised marketplace platform using blockchain. Investors will be able to participate in the FarmCoin asset-backed investment coin via the Swarm platform. FarmCoin is a joint venture between FinComEco and Block Commodities focused on the agriculture sector. There will be up to $45m of FarmCoin tokens issued.
National Milk Records (NMR) is holding a general meeting on 4 June in order to propose a reduction in capital that should put it in a position to have distributable reserves if it wants to pay a dividend.
Pre-IPO investor Primorus Investments (PRIM) had cash of £561,000 at the end of 2017. The NAV was £4.95m. This was after a £3.26m inflow from share issues.
AIM
Watkin Jones (WJG) has found a new chief executive but he will not be able to start until the beginning of 2018. Richard Simpson is joining from student accommodation developer Unite Group. The build to rent operations of Watkin Jones has secured a development arrangement for a site in Reading, which will have 315 apartments.
GAN (GAN) and Webis (WEB) are two companies that could benefit from the legalisation of online sports betting in the US. The Supreme Court of the United States has decided to overturn the Federal prohibition of sports betting. US sports betting could be worth $6bn by 2023. That covers online and onsite gambling. GAN can launch a sports betting service in New Jersey and Pennsylvania in the second half of this year – in time for the NFL season. GAN already has a deal with Betfair in New Jersey and adding sports betting will increase revenues. Webis has a US subsidiary called WatchandWager, which is based in California, a strong potential market for sports betting.
Genedrive (GDR) has agreed to sell its research and pharmacogenomics divisions to a director for up to £1.9m so that it can concentrate on its core Genedrive diagnostics platform. The initial payment is £1.15m with the rest deferred and subject to claims for R and D tax credits.
Lakehouse (LAKE) is acquiring heating and renewables services provider Just Energy Solutions, which fits with the company’s gas compliance businesses in the public sector and expands coverage in the industrial and commercial sectors. There is no upfront cost and payments will be dependent on profitability over two years. Lakehouse has also won a £55m, three year, Warm Homes contract with the Wales government.
Oil and gas demand is recovering at advanced coatings provider Hardide (HDD) but it is still well below previous levels. Other customers are enhancing growth and aerospace business is on the horizon. Interim revenues were 43% higher at £2.16m but the company is still loss-making. That will continue for a couple of years.
Angling Direct (ANG) increased revenues by 44% to £30.2m in the year to January 2018 and this led to an upgrade in forecast revenues for the current year. The fishing tackle retailer grew online sales by 54% but these tend to be lower margin. Pre-tax profit was £900,000 and it is expected to rise to £1.1m this year.
Online women’s fashion retailer Sosander (SOS) says that its full year revenues will be at least £1.34m. Like-for-like sales in the fourth quarter nearly quadrupled and gross margins are improving.
Portmeirion (PMP) has increased revenues by one-fifth in the first four months to 2018, although the second half of the year is always the more significant. Full year profit is still forecast to rise from £8.8m to £9.4m.
Churchill China (CHH) says that trading is ahead of the same period last year. The ceramic products manufacturer continues to have success in Europe and other export markets.
A new patent application has been filed for SkinBiotix by SkinBiotherapeutics (SBTX) and this covers the increasing of filaggrin levels in skin. Filaggrin is required for the formation of the outer layer of skin. Eczema sufferers have a low level of filaggrin.
The People’s Operator (TPOP) is increasing its UK subscribers but US numbers have declined so the performance was down in the first quarter of 2018. Churn is declining. Margins are better than expected. Even so, progress is too slow and an alternative strategy is required by the virtual mobile network business and it is considering divesting the US subscribers. That should cut cash burn by one-third.
A bathing water test by Molendotech, which is one of the investee companies of Frontier IP Group (FIPP), is being launched by Halma. This follows the agreement earlier this year.
Altona Energy (ANR) will begin a drilling programme on the Westfield tenement of the Arckaringa coal project during August. There could be 100mt of coal in the tenement. It will take three weeks to drill 15 holes to a depth of 120 metres.
Active Energy Group (AEG) intends to acquire a controlling interest in PowerWood Canada. Which owns forestry assets in Canada. This will secure feedstock for the roll-out of CoalSwitch, the biomass replacement for coal. There are plans to construct a 25 tonne per hour CoalSwitch plant in Alberta.
Servoca (SVCA) wants shareholders to agree to the cancellation of the AIM quotation. Management says that this will save £150,000 a year.
Volex (VLX) is buying Silcotec Europe for €18.1m and raising £36m at 75p a share. Silcotec supplies harnesses and electronic sub-assemblies to the medical, telecoms and computer industries and generated an operating profit of €3.1m.
Audioboom (BOOM) is not going ahead with the reverse takeover of Triton Digital Canada Inc because it could not raise the cash from a placing. A £700,000 break fee in cash (£90,000) and shares is payable. The audio business still requires more cash and that is why trading in the shares is still suspended.
MAIN MARKET
Sportech (SPO) has a strong presence in the US so it is in a good position to benefit from the legalisation of sports betting. It already has 90 licenced operator clients and its own network of off-track betting facilities in Connecticut.
The reasons behind founder Laurence Orbach increasing his stake in books publisher Quarto Group Inc (QRT) to 20.1% have become clear. Orbach was removed from the board in November 2012 but he has joined with 27% shareholder Lion Rock to unseat four non-executive directors at the AGM. Orbach and former finance director Mick Mousley have returned to the board, along with two nominees from Lion Rock. Orbach becomes executive chairman.
Shefa Yamim (SEFA) has completed bulk sampling in zone 1 and this should enable a resource estimate to be calculated.
Standard list shell Papillon Holdings (PPHP) has signed heads of terms for a 50% stake in CarCloud, a car sales-based fintech company. The deal to acquire energy storage systems developer Phestor is off. That follows the abortive takeover of Myclubbetting.
S&U (SUS) says non-prime car finance applications are 10% higher this year, although approval rates have fallen. Net receivables have increased by £48m to £258m.
North Midland Construction (NMD) has made a strong start to the year. There is a secured workload of £310m for this year and this should enable an improved financial performance this year.
World Trade Systems (WTS) wants to diversify its business outside of China. A new Taiwan-based health and fitness subsidiary is being incorporated. Kun Xin International will provide a loan facility of up to £3m to finance the new business. European opportunities are being sought.
Blood diseases treatments developer Hemogenyx Pharma (HEMO) has signed a development agreement with a global pharma company, which will provide Hemogenyx with free technical support and some intellectual property. The pharma company will be granted a research licence for anything jointly developed.
Andrew Hore
Ian Pollard – Centrica Faces “High Level Competitive Intensity.”
Centrica CNA has issued a jargon riddled update, which believe it or not ends with the startling claim that the outcome for the year will be dependent on its operational and commercial performance. Well, well what a surprise. To cover itself all ways up it also adds to the list, the impact of an uncertain regulatory environment, weather patterns and commodity prices. Management skills are, it appears not included in the list as being likely to have any impact on the company, beneficial or otherwise. The year has however begun well, thanks to abnormally cold weather and despite unplanned outages in Morecambe Bay and production issues in Norway. Its core markets have been affected not just by intense competition but by “High level competitive intensity” which makes it sound really, really serious.
Diploma plc DPLM delivered robust growth in revenue and profits during the half year to the 31st March despite currency headwinds and is increasing its interim dividend by 10% to 7.7p per share.Adjusted earnings per share rose by 12% whilst revenue and profit before tax each rose by 8%. Currency movements caused revenue to fall by 4%. The Board believes that the company will continue with its excellent track record of value creation.
Eckoh plc ECK updates that the year to the 31st March ended with a robust balance sheet and a strong order pipeline. Good progress was made in the US where secure payment revenues more than doubled, although in the UK market conditions were more challenging. The company is looking forward to the introduction of European GDPR on the 25th May which could produce substantial opportunities in the UK and in the US where it appears thare will be widespread adoption of the new European regulations.
Angling Direct ANG achieved record revenue and profits during the year to the 31st January, a year in which it not only joined AIM but also went on the acquisition trail in a big way. Group revenue rose by 44%, gross profit by 37% and online sales surged by 54% compared to a rise in store sales of 40%. Like for like sales however gave a much more modest and realistic growth figure of 9%. A good start has been made to the current year, despite adverse fishing weather.
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Andrew Hore – Quoted Micro 20 November 2017
NEX EXCHANGE
Clean Invest Africa (CIA) raised £530,000 at 0.4p a share and joined the NEX Exchange Growth Market on 14 November. The founders subscribed for shares at 0.25p each during September and October. The expected admission price was 1p and the share price ended the week at 1.45p (1.3p/1.6p). That values the company at £2.26m. There is £512,000 in the bank after expenses of £63,800. Clean Invest Africa is focused on renewable and clean energy projects and technologies that will aid the development of Africa. Executive coach Rene Carayol has a 6.28% stake.
Brewer Daniel Thwaites (THW) reported an improvement in interim revenues from £44m to £48m but pre-tax profit was flat at £5.4m, excluding movements on interest rate swaps. The interim dividend is unchanged at 1.1p a share. Net debt rose to £60.9m due to hotel acquisitions and capital investment. Most of the growth in revenues has come from the hotels and inns businesses. Management says that it is aware of some weakening in its consumer markets.
Metal NRG (MNRG) lost £59,000 in the six months to August 2017 but there was still £273,000 in the bank. The focus is cobalt and investments have been made in Western Australia and Nevada. There are further potential investments in Australia and North America. Management plans to announce how it will increase its profile and the liquidity of its shares.
African Potash Ltd (AFPO) is raising £400,000 at 0.025p a share and the cash will finance the development of the African fertiliser trading business and an eVoucher payment system using blockchain.
AIM
Science in Sport (SIS) has secured £14m via a placing at 70p a share in order to expand geographically and in terms of sports. A further £1m could be raised through a one-for-32 open offer at the same share price. The cash will be used to expand the company’s online presence in the US and new product development. The US expansion will be predominantly via Amazon initially and this will require additional stock levels. The SIS.com ecommerce platform will also grow. A move into football will increase the addressable market. Losses are expected to continue for at least two more years.
Zoo Digital (ZOO) is already getting the initial benefits from its film and video dubbing service ZOOdubs. This has widened the scope of the business and helped interim revenues to grow by 63% to $12.7m. A full second half from ZOOdubs will help achieve full year revenues of $26m and that should move Zoo digital into profit in the year to March 2018 even though costs are being increased ahead of expansion in revenues. Localisation services are generating more than two-thirds of revenues with subtitling service ZOOsubs also growing its revenues. ZOOscripts is being developed to provide scripts and metadata that can be used by the other services.
Floorcoverings manufacturer Victoria (VCP) has agreed to acquire floor and wall ceramic tiles manufacturer Keraben Grupo for £246.5m. A placing is raising £180m at 783p a share.
Meat and dairy products supplier Zambeef (ZAM) achieved its downgraded forecast for last year but there has been a further downgrade for 2017-18. Revenues were 17% higher at $255.8m but profit slumped to £200,000. Sales are expected to be flat this year but a recovery in pre-tax profit to $4.2m is anticipated. Non-executive director Tim Pollock, who is investment director for food and agriculture at CDC Group, will take over as joint chief executive from Carl Irwin at the end of March.
President Energy (PPC) is beginning the workover programme of four wells on Puesto Flores, which will cost $2.2m. The payback should be less than 12 months, assuming an oil price of $55/barrel. This is one of the reasons behind the expected increase in forecasts sales from $20.6m in 2017 to $69.5m in 2018, which will enable a 2018 pre-tax profit of $10m.
SRT Marine Systems (SRT) expects a strong second half following a 10% rose interim revenues to £2.9m but a higher loss of £1.6m. That excludes a £1.5m impairment charge for a large Asian contract that has been delayed until 2018-19. finnCap expects the maritime awareness technology developer to report flat full year pre-profit of £1.5m but that requires £12m of revenues in the second half. That requires project milestones to be achieved.
AB Dynamics (ABDP) continued to grow its business at the same time as starting to move into new premises. In the year to August 2017, the automotive testing systems and measurement products supplier increased revenues by one-fifth to £24.6m. Underlying pre-tax profit improved from £4.72m to £5.94m. The total dividend has been raised by 10% to 3.331p a share. Net cash was £9.6m.
Versarien (VRS) wanted to raise £1.2m via institutions and PrimaryBid.com at 18p a share and it ended up accepting £2.9m. Back in March, £1.5m was raised at 15p a share in the same way. The advanced materials company has announced a collaboration with a global consumer goods company on the development of the Nanene graphene nano-platelets in polymer structures. The first purchase order has been made.
GCM Resources (GCM) has completed the appointment of Northland as nominated adviser and joint broker. GCM wants to raise £2m via an offer at 34.4p a share through PrimaryBid. The cash will be used to provide further funding for the development of a mine mouth power plant proposal and for working capital.
Serabi Gold (SRB) has announced the conditional acquisition of Chapleau Resources Ltd for an initial $5m, with a further $5m payable in three months and the final $12m when first gold is produced from the Coringa project in Brazil or 24 months from the initial payment. Coringa is relatively near to Serabi’s existing producing gold mine at Palito. Running the two together should reduce the costs of production. The initial payment can come out of existing facilities. Serabi generated revenues of $36.2m and a cash inflow from operations of nearly $7m.
InterQuest Group (ITQ) appears to have set in motion the first stage of plans to leave AIM. That is because it wants shareholder approval to allow it to issue additional shares equivalent to 75% of the issued share capital. The management behind the recent bid for the company own a majority of the shares but need the backing of 75% of the shares voted in order to cancel the quotation. By issuing additional shares InterQuest can dilute the stake of the shareholders that oppose the cancellation of the AIM quotation and management can get what it wants.
AdEPT Telecom (ADT) reported a 36% increase in interim revenues to £22.6m with managed services contributing more than two-thirds of the total. Pre-tax profit increased by 29% to £3.9m. The interim dividend was raised by 13% to 4.25p a share. Full year profit is expected to rise from £6.9m to £8.3m.
Boku Inc develops technology which enables people to pay for services via their mobile. The company is loss-making but it is highly operationally geared so after it covers its costs the profit should grow rapidly. At 59p a share, Boku will be valued at £125.9m. Existing shareholders will raise £30m and the company will raise £15m.
Belluscura has announced details of its plans to join its parent company Tekcapital (TEK) on AIM in early December. Tekcapital’s 47.5% stake in Belluscura will be diluted by a fundraising to generate between £7.5m and £10m. Belluscura has acquired non-core product lines from large medical device companies as well as new IP and technologies.
Keystone Law Group is the latest legal firm to come to AIM. A placing at 160p a share will raise £10m and value the company at £50m. The flotation is due to be completed on 27 November.
Beeks Financial Cloud Group is raising £7m at 50p a share, which values the company at £24.5m. The flotation date is 27 November. Beeks is a cloud-based provider of automated foreign exchange and futures trading.
Ten Lifestyle Group is a lifestyle and travel platform providing concierge services. Corporate clients provide Ten’s services to individual customers. It also expects to join AIM on 27 November.
Mirriad Advertising has developed native in-video advertising technology, which can insert branded advertising into existing content. Revenues are modest and Miriad is still heavily loss-making. IP Group currently owns 38.2%. The flotation is expected on 29 November.
Concepta (CPT) has confirmed a £600,000 order from China for its MyLotus product which provides measurements to help improve the chances of conception. On the back of this, Concepta raised £2m at 7p a share.
Amryt Pharma (AMYT) has signed an exclusive distribution agreement with El Seif in Saudi Arabia for its products.
Africa Oil Corp is subscribing for £8.46m worth of shares in Eco (Atlantic) Oil and Gas (ECO) and this will give it a 19.8% stake. The subscription price of 22.25p a share was at a 28% premium to the closing price on the previous day’s trading. The cash will be used to identify and acquire new oil and gas exploration assets.
MTI Wireless Edge (MWE) has won a $1m contract for military antennas. Along with previous contracts, the revenues will be recognised over the period until the end of 2019. There is potential for larger orders to come.
TLA Worldwide (TLA) reported its 2016 results at 7am on 15 November and the 2017 interims at 7.01am on the same day. That is much better than releasing the profit warning concerning the 2016 figures at 6.26pm on the last day of trading prior to Christmas 2016. Trading in the shares resumed at 2pm on 16 November after the 2016 accounts were posted. The 2017 loss was $9.26m. The interim loss was $3.86m and net debt was $25m with further contingent consideration of $12.2m. The share price slumped to 12p and then recovered to 14p.
Former chairman Michael Ellis has requisitioned a general meeting at Van Elle Holdings (VANL) so that he and his son-in-law Thomas Lindup can be returned to the board. Both men had left the board of the ground engineering services provider prior to its profit warning in March, which was five months after floating. Ellis also wants to remove chief executive Jon Fenton and senior independent director Robin Williams.
Utilitywise (UTW) has delayed publication of its results because of the requirements for further auditing.
Integumen (SKIN) has acquired the Stoer skincare range for men and its ecommerce platform. This brand complements the Visible Youth brand aimed at women. Integumen is issuing 12.6% of its enlarged share capital in payment for Stoer, which values it at £510,000 at a share price of 2.45p.
Interim revenues fell from £21.9m to £17m at Hornby (HRN) and the loss increased to £5.7m. Net debt was £4.7m at the end of September 2017. A £12m placing and open offer at 29.5p a share will provide cash for investment and to buy a 49% stake in the holding company of Oxford Diecast Ltd, which is controlled by Hornby chief executive Lyndon Davies.
Blue Prism Group (PRSM) has sparked another upgrade with its latest trading statement. The robotic process automation supplier has added more customers and has a 100% renewal rate so full year figures will be comfortably ahead of expectations but the loss will be in line with forecasts. The annual figures will be published on 25 January.
Fishing Republic (FISH) has been hit by increased competition in the fishing market, which has knocked profit margins. There was a decline in like-for-like store sales in October. That means that there will be a loss this year. This has led to the departure of the chief executive and other board members. Chris Griffin becomes acting chief executive and he will conduct a strategic review. His experience should be helpful with online sales, which continue to grow.
Angling Direct (ANG) has acquired North West Angling Centre and Tacklesaver for £450,000 in cash plus stock. They have annual revenues of £1.8m. That takes the number of stores to 20. Angling Direct has reassured the market that trading is in line with expectations.
Oracle Power (ORCP) and its partners have submitted plans to the Pakistan authorities for a 660MW power plant which would eventually become a 1,320MW plant. The coal for the power plant will come from Thar Block VI. If the regulator issues a letter of intent then the partners will have to submit an electricity tariff application and apply for a generation licence.
Film finance provider FFI Holdings (FFI) has acquired digital, post-editing machine rental business EPS-Cineworks for $9.54m. This business fits well with the Pivotal Post post-production business acquired earlier this year prior to flotation.
BOS Global Holdings (BOS) says that Innovation Corporation has asked for security to be provided against its convertible note. Innovation has converted £217,000 of convertibles at 16p a share. That left £1.06m available from the note. Former managing director Michael Travia, who has requisitioned a general meeting to change the BOS board, is associated with Innovation and they have a total stake of 18.9%. BOS admits that its cash position is tight.
MAIN MARKET
Packaging supplier Macfarlane Group (MACF) says it expects full year expectations to be met as the momentum of the first half has continued into the second half. The distribution division increased revenues by 11% in the four months to October 2017 which more than offset a small dip in manufacturing sales. Manufacturing profit will be flat this year but distribution profit will be much higher.
Standard list shell Spinnaker Opportunities (SOP) has viewed potential acquisitions but has yet to find one that fits with its criteria. It is seeking an energy or industrial acquisition valued at between £5m and £30m. There was still £1.1m in cash at the end of October 2017 and the NAV was 4.23p a share.
Telecoms business Toople (TOOP) has more than 1,300 small business customers and it says that “monthly revenues have consistently exceeded £100,000” between June and October 2017. Toople has decided to end its relationship with a third party sales agency and bring sales in-house. The current customer acquisition cost is said to be “within the range previously announced of £40 to £91 per customer” and that is the same as 12 months ago. In the first half, admin expenses were £662,000. There was a £82,000 gross profit on sales of £655,000. Management has tried to keep costs down but revenues do not appear to be significantly higher in the second half based on the above statement. The first half cash outflow from operating activities was £552,000. This may have been reduced in the second half but the outflow is still likely to be significant. There was net debt of just over £300,000 at the end of March 2017 but since then £1.26m net from a fundraising in June. The share price is 1.18p, compared with the 2p fundraising price.
Simian Global (SMG) says that the exclusivity period for the acquisition of media and advertising company GVC Holdings has been extended to the end of March 2018. A further £50,000, on top of £200,000 already lent, will be provided to GVC at an interest rate of 15%.
Andrew Hore
Centamin Production At Record Levels
Centamin CEY With all sections of its Sukari mine producing, gold production for the quarter ending on the 30th September rose to record levels with a 26% increase over the second quarter and a 5% increase over the third quarter of 2016. Production guidance of 540,000 ounces for 2017 is maintained.
YouGov plc YOU has for the third year in succession, delivered growth which is “significantly above the market both in revenue and profit”, resulting in a recommendation that the final dividend be increased to 2p, a rise of 43%. Revenue for the year to 31st July rose by 21% and statutory profit before tax and earnings per share by 43% and 35% respectively. Growth is expected to continue in the current year.
Angling Direct ANG Gross profit for the half year to the 31st July grew by 35.3% and EBITDA by 72.6% to 0.93m. Online sales surged by 67% whilst store sales showed an increase of 38%, both of which will be suitably augmented by the acquisition of Fosters of Birmingham, announced on the 2nd October and new store openings since admission to AIM which it describes as a “strong pipeline”.
Plant Impact PIM A rise of 17% in revenue for the year to 31st July was due mainly to the strength of the dollar, without which it would have been a much more modest 2%. Gross profit for the year saw a rise of 19% and the company claims that it has an excellent set of commercial and R&D prospects ahead which will help in its aim to establish itself as leader in what ir describes this new category of “agricultural inputs” sic.whatever one of those may be.
CAP-XX Limited CAP-XX claims it is pleased to announce a drop in sales for the year to 30th June from A$5 m. to A$4.1m. and a near doubling in the EBITDA loss from A$0.7m. to A$1.2m. As against that it should be and is more than pleased to see royalty revenue more than tripling from A$0.2m to A$0.7m and operating expenses falling by A$0.5m. The CEO says it has been an exciting year which saw “tangible traction” which is presumably a good thing to see.
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NEX EXCHANGE
National Milk Records (NMRP) has changed its year end to June and its latest figures are for the 15 months to June 2017. This is a period when the dairy information and data services provider sorted out its pension deficit problem and this removed significant, and volatile, liabilities from the balance sheet. The market has been tough for at least two years because of the weak milk price but it is starting to recover. In the 15 month period, revenues were £25.3m and operating profit before pension and one-off charges was £1.1m. The total loss before tax is £11.9m, which is after a pension related charge of £12.5m. Trading is improving.
WH Ireland believes that Ashley House (ASH) could report a pre-tax profit of £1.8m for the year to April 2018, although it is likely to be second half weighted. This follows a decline in underlying pre-tax profit to £53,000 last year because of uncertainty about government policy. The community care properties provider has a strong pipeline of potential developments. The acquisition of an off-site manufacturing business will help the group to win modular buildings business.
Energy efficiency products supplier Sandal (SAND) reported a 14% rise in full year revenues to £3.75m. The Energie MiHome range grew by 154%, albeit from a low base. The loss was halved to £135,000 but refunded tax reduced the cash outflow from operations. Development expenditure will broaden the product range in the smart home sector.
Ace Liberty & Stone (ALSP) reported a jump in pre-tax profit from £612,000 to £1.12m in the year to April 2017 and this is prior to the disposal of all the residential properties. The property investor made a £1.02m gain on disposals but this was offset by a £391,000 unrealised reduction in property values, compared with a £283,000 unrealised gain in the corresponding period. NAV was £18.1m at the end of April 2017.
Capital for Colleagues (CFCP) had a net asset value of 42.58p a share at the end of August 2017. Recent investment include £400,000 in timber frame buildings company Employee Owners Group and £150,000 follow-on investment in Computer Application Services.
London Nusantara Plantations (PALM) has £129,000 in the bank following the disposal of its initial land investment. There was a small gain on disposal but it was not enough to wipe out the interim loss. Management is assessing acquisition opportunities of plantations and mill capacity in Sumatra and Kalimantan, Indonesia. This will require additional funding.
Black Sea Property (BSP) has completed the €5.4m fundraising, at €0.01 a share, which it requires to progress the acquisition of the office building in Ivan Vazov Street in Sofia from UniCredit Bulbank. Debt funding of €7m still has to be secured from UniCredit Bulbank. Black Sea Property has paid a deposit of €1.04m out of the purchase price of €10.5m.
AIM
Bushveld Minerals Ltd (BMN) has published the circular for the demerger of its tin interests. Shareholders will receive one share in Afritin Mining Ltd, which will own the company’s Greenhills business, for each Bushveld share. Afritin will own the Mokopane tin project and Zaaiplaat tin tailings project in South Africa plus an interest in the Uis tin project in Namibia. Bushveld will still have coal assets but the main focus will be the vanadium assets and the potential value adding battery-related products.
Toilet tissue supplier Accrol Group Holdings (ACRL) has asked for trading in its shares to be suspended because of uncertainty about its financial position. It has been difficult to pass on extra raw materials costs and operational problems have also increased costs. There is also going to be a large fine relating to a health and safety incident.
Earthport (EPO) has raised £25m at 20p a share. This cash will be used to expand the corss-border payment services company’s market and global presence, develop further products and invest in the operating platform.
The requisitioner of the general meeting at Conroy Gold and Natural Resources (CGNR) failed to get any of its resolutions passed so there are no more changes to the board. Conroy raised €240,000 at €0.30 a share. The exercising of warrants raised €167,000. The cash will be used to develop the Clontibret deposit and pay for additional exploration at the Slieve Glah gold prospect.
Reabold Resources (RBD) is raising £1.76m at 0.5p a share. This follows a £3.96m subscription at the same share price. Reabold intends to change its focus to European oil and gas projects. Two former M&G analysts have joined the board.
City of London Group (CIN) has completed the reverse takeover of Milton Homes, which provides equity release products for residential property owners.
Stanley Gibbons (SGI) has found a new buyer for its interiors division. Gurr Johns is paying £1.25m with up to £400,000 deferred consideration. Stanley Gibbons is retaining £300,000 of inventory and the Mallett premises in New York. It has also retained the Mallett and Made by Meta brands. Millicent had agreed to pay £2.4m for the assets and brands and it has to pay a termination fee. Stanley Gibbons reported a £30.2m loss for the year to March 2017. Even taking out exceptionals the underlying loss was £11.1m. The NAV is £18m.
Kin Group (KIN) has raised £1m at 0.001p a share and every four shares come with a warrant to subscribe for a new share at 0.004p each. A CVA is proposed where unsecured creditors will swap their money owed of £2.27m for shares at 0.01p each. A capital reorganisation is required to reduce the nominal value of a share to below the placing price. John Taylor, who has been involved in the aerospace and military sectors, and Lindsay Mair, a corporate financier at SP Angel, are joining the board.
Redcentric (RCN) has appointed Chris Jagusz as chief executive. Net debt is falling but it is still £33.3m. Working capital management has improved. Profit should start to recover this year.
Orosur Mining Inc (OMI) has announced a drilling programme for the Anza gold project in Colombia. There will be 15,000 metres of diamond core drilling and the first results should be available by next February. The plan is to define a maiden resource and the potential for further mineralisation.
Avacta (AVCT) has announced a research collaboration with FIT Biotech in order to assess the effectiveness of is Affimer technology with FIT’s vector technology for delivering a gene.
The Environmental Protection Agency in the US has asked Tristel (TSTL) to resubmit its application for its Duo surface cleaner. This means that approval could be five months later than planned.
Northland has initiated coverage of Venture Life (VLG) and it expects the consumer healthcare firm to move into profit in 2018. Northland believes that Venture Life will benefit from growth in demand for self-care products because of the ageing global population. Venture Life already sells its products in more than 40 countries.
Angling Direct (ANG) is acquiring Fosters Fishing for £3m in cash. Fosters have a 17,000 square feet store in Birmingham and made an operating profit of £460,000 last year. When a new store in Slough opens Angling Direct will have 18 outlets.
SkinBioTherapeutics (SBTX) says that its technology has passed third party cytotoxicity tests. Phototoxicity and in vitro ocular toxicity tests are underway.
AdEPT Telecom (ADT) has declared a 13% increase in interim dividend to 4.25p a share. Recent acquisitions are performing well and are helping to focus the group on managed services.
Redhall Group (RHL) says delays on nuclear and infrastructure will hit its figures for the year to September 2017. The Hinckley Point C contract is expected to start in October 2017. The Chieftain facility is being closed. The 2016-17 profit forecast has been halved to £500,000. The 2017-18 profit forecast has been trimmed by £200,000 to £3.4m.
Adams (ADA) has taken its cash pile to £660,000 following the sale of £584,000 worth of shares in GVC.
Former AIM company Clinical Computing has sold its trading subsidiaries to TSX-listed Constellation Software.
MAIN MARKET
InnovaDerma (IDP) is raising £4.4m at 276p a share. The Skinny Tan brand owner needs the cash for working capital. Despite declaring a profit of more than £1m in the year to June 2017 there was a £607,000 cash outflow from operations as inventory levels soared.
Curzon Energy (CZN) raised £2.33m at 10p a share but the share price has declined to 9.25p. Curzon has acquired coalbed methane licences in Oregon. Curzon believes that gas could be produced before the end of the year.
Haynes Publishing (HYNS) has completed the acquisition of E3 Technical from Solera UK for £4.72m. This will expand the data-related operations of Haynes, as well as providing cross-selling opportunities. E3 provides repair and maintenance information and vehicle registration look-up services.
Andrew Hore
New Records For James Halstead
James Halstead plc JHD The year to the 30th June again produced record turnover and profits and saw the final dividend increased to record levels with a rise of 8.8%. Revenue rose by 6.5%, profit before tax by 2.5% and earnings per share by 3.5%, achieved despite the uncertainty caused by Brexit and tougher than normal trading conditions.
Stanley Gibbons SGI survived another difficult year with turnover falling by 28%. The adjusted loss before tax for the year to 31st March rose from £4.9m to £11.1m.and net asset value fell by a further 48%. Trading has continued to be difficult since the last update on the 9th May.
Ashley House ASH Preliminary results are so full of pipeline references that it sounds more like an oil and gas company, than a rather unsuccessful property company specialising in health and community care. The lack of success is of course the governments fault and apparantly nothing to do with the management or the Board. The best claim it can make for the year to the 30th April is that it remained profitable but only just. Revenue fell by 10% and adjusted profit before tax slumped from £1,160,000 to £53,000. On an unadjusted basis the figures were £67,000 compared to £241,000.
Angling Direct plc ANG confirms that the conversion of fishing from a hobby, to big business is proceeding apace with the announcement that it has acquired the entire issued share capital of Fosters Fishing Limited for £3.0 million payable in cash. Angling is the largest specialist fishing tackle and equipment retailer in the UK. Fosters on the other hand which trades from a 17,000 sq ft superstore some 3.5 miles from the centre of Birmingham, is one of the largest fishing tackle retailers in Europe and has been in business for over 30 years. It appears that the Fosters who have built the business up are not really required any more by the new management, with Mark Foster remaining for only a few weeks to help the hand over and Richard Foster reduced to working part time in the business.
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