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Andrew Hore – Quoted Micro 23 March 2020
AQUIS STOCK EXCHANGE
Gin and spirits supplier British Honey Company (BHC) is using spare capacity in its distillery to produce # alcohol sanitisers. There is a shortage of sanitisers due to the coronavirus and HMRC has given permission for British Honey to produce denatured alcohol. The sanitisers are made with 70% alcohol and extracts of honey and green tea. Longer-term, the strategy is to buy other spirits brands to use spare capacity. British Honey started off as a honey producer and moved into craft spirits infused with honey in 2017. It has a computer-controlled, 1,000-litre capacity still and bottling facility with a capacity of 1.5 million bottles a year. Ingredients can be tracked. There has been £4m invested in this infrastructure. The existing products use a small proportion of this capacity. The company also produces spirits on behalf of third parties. Discussions have begun with some potential acquisitions. British Honey joined Aquis Stock Exchange at the beginning of the week and raised £4.25m (£3.88m after expenses) at 110p a share. Advanced assurance of eligibility for the Enterprise Investment Scheme has been obtained. The initial market capitalisation was £10m. Cairn is corporate adviser and Stanford Capital Partners is broker.
Sativa (SATI) is launching a cannabigerol (CBG) and alcohol-based hand sanitiser. CBG is thought to be effective as an antibacterial product and could combat superbugs.
Energy supplier Good Energy (GOOD) reported better than expected 2019 pre-tax profit. Underlying pre-tax profit still dipped from £2.3m to £2.1m due to lower gross margins. Profit is expected to bounce back to £3.1m in 2020. Both business and domestic customers were higher last year. The total dividend has been increased from 3.5p a share to 3.7p a share. Net debt was £39.2m at the end of 2019.
Brewer Shepherd Neame (SHEP) has decided not to pay the interim dividend of 6p a share announced the week before. The sharp downturn in trading and subsequent closure of pubs due to COVID-19 means that Shepherd Neame is also cutting capital investment and the board is taking a one-fifth cut in pay. Rent receipts from tenants were suspended from 16 March.
KR1 (KR1) has generated $168,000 from selling ATOM, taking the total raised from disposals to $290,000. It still holds nearly 17,000 ATOM.
Sheltered housing developer Walls and Futures REIT (WAFR) has outperformed its benchmark for a third year in a row. The MSCI UK Residential index increased by 4.4% in 2019, while Walls portfolio increased by 23%.
BWA Group (BWAP) says that its subsidiary has been awarded an exploration licence for an area known as Dehane in central Cameroon. The focus is rutile sands and other minerals. The permit is for three years and the financial commitment in year one is £275,000, followed by £207,000 in each of the next two years. Tri Castle Investments is subscribing £100,000 at 0.5p a share.
First Sentinel (FSEN) has raised £389,000 at 20p a share for working capital. VI Mining (VIM) raised £56,000 via a placing at 15p a share that was curtailed because of COVID-19. Further cash will be raised in the future.
Eastinco Mining and Exploration (EM.P) has secured a $200,000 facility from Augustin Corp, which is owned by a trust related to Eastinco executive chairman Charles Bray. The annual interest rate is 6 percentage points above commercial lending rates and the facility lasts for up to 18 months.
SAPO (SAPO) is holding a general meeting on 14 April to gain shareholder approval for increasing the share capital. Executive chairman Dr Keith Harris has been issued 20 million shares at 1p a share. The consideration will be paid by the end of 2024.
Belvedere Leisure Resorts (BELV) believes that once normality is resumed it can accelerate its resort development and deliver phase one on time.
Dozens Savings (DS07) says that 795 investors have subscribed for company bonds.
Trading in Dana International (DANA) shares remains suspended. The property investor is still trying to gain full information about share transfers.
Christian Taylor-Wilkinson has become interim chief executive of Altona Energy (ANR) following the resignation of executive chairman Qinfu Zhang.
AIM
Sales of COVID-19 tests by Novacyt (NCYT) continue to accelerate. It has received orders worth more than £8.7m in a six-week period. Manufacturing capacity is being increased.
Synairgen (SNG) is about to start a phase II trial for SNG001 for the treatment of an initial 100 patients with mild-moderate COVID-19. Initial results should be available by the summer. SNG001 is inhaled interferon beta, which has shown benefits in the treatment of SARS. The existing COPD phase II trial has been paused, but initial results suggest that there is clinical benefit.
Best of the Best (BOTB) would have been in trouble a decade ago when it generated its competition entries from airports and other areas of high footfall. Having gone online, the competitions organiser has continued to prosper. Additional marketing investment has helped the 2019-20 performance to be above expectations. The pre-tax profit forecast for the year to April 2020 has been raised from £2.6m to £3m.
Payment systems provider PCI-Pal (PCIP) has won a contract for its Agent Assist product with a UK government organisation. The annual contract value is £565,500.
Manx Financial (MFX) is buying back the 12.94% shareholding owned by Aaron Banks. Manx intends to pay £1.61m for the shares and then cancel them. This cash will become a loan to Manx and an existing £483,500 convertible will be added to the sum. Banks has requisitioned a general meeting at iodine manufacturer Iofina (IOF) in order to remove Lance Baller from the board and become a director himself. Banks does not intend to make a bid for the company.
Mobile payment services provider Bango (BGO) is still set to move into profit in 2020. End user spend doubled last year.
Indigovision (IND) is recommending a 405p a share cash bid from Motorola Solutions. This values the video security technology company at £30.4m. In 2019, pre-tax profit was $1.3m.
MJ Hudson (MJH) grew organic revenues by 12.5% in the first half. The asset management services provider has net cash of £20.1m following last year’s flotation. The acquisition of Meyler will expand the range of services provided in the US. The customer base is predominantly long-term and closed ended funds. A full year pre-tax profit of £1.1m is forecast.
Big Sofa Technologies (BST) has put itself up for sale and trading in the shares is suspended. The video and data analytics technology developer needs additional cash and it is difficult to raise funds in the market when there is so much uncertainty. The company expects proposals by the end of April.
The Wressle oil field development in north Lincolnshire is set to commence production in the second half of 2020 and Egdon Resources (EDG) has a 30% stake and is operator. Europa Oil and Gas (EOG) and Union Jack Oil (UJO) also have interests. The breakeven oil is estimated at $18/barrel. Production could start at 500 barrels a day. An application has been allowed against North Lincolnshire council for costs relating to delays in gaining a permit.
Diagnostic and precision testing services provider Diaceutics (DXRX) boosted revenues by 30% last year following its flotation. Although gross margins improved, a significant increase in headcount meant that pre-tax profit dipped to £500,000. The initial benefits of the investment in the business are showing through growth in Asia and other regions.
Regional property investor Real Estate investors (REI) increased its dividend by 7% to 3.8p a share. Like-for-like rental income was slightly lower at £16.9m and the weak retail property market led to a 3% reduction in EPRA NAV to 67.4p a share. Loan to value is 46.7%. The Midlands property market is strengthening ahead of the Commonwealth Games in Birmingham. An improvement in NAV to near-69p a share is forecast for 2020.
Xeros (XSG) has signed a joint development agreement with a global commercial laundry business. XFiltra micro-particle filtration technology will be included in the partner’s commercial washing machines. The EU plans to have micro-particle filtration in use by 2026. Xeros is likely to need to raise more cash next year.
Oncimmune (ONC) says NICE has completed a positive review of EarlyCDT Lung and believes that it can help in the early diagnosis of lung cancer.
MAIN MARKET
Trading in the shares of Boston International Holdings (BIH) has been suspended ahead of the proposed acquisition of invoice factoring company Alexanders Discount Ltd, which is based in the South East. Alexanders Discount accounts for the year to November 2019 are for a dormant company and the assets were worth £4. The standard list shell floated in October 2016.
Telecoms services provider Toople (TOOP) says that the integration of DMSL is ahead of plan and it has won two new contracts.
BATM Advanced Communications (BVC) is partnering with Novamed for an at-home COVID-19 diagnostic kit. The kit should be completed within four months.
AIQ Ltd (AIQ) has signed a conditional share purchase agreement for Alchemist Codes, a Malaysian IT services developer. AIQ is paying £2.3m in shares.
Andrew Hore
Ian Pollard: NMC Health Comfortable Contradictions – And Jargon A Plenty
NMC Health plc updates that management remains comfortable with and reiterates guidance for 2018 and 2019 whilst at the same time contradicting itself with statements that it is delivering further positive operational progress, enjoying strong growth and improving second half cash flow. The update then repeats the updated figures for full years 2018 and 2019 given at the last update. There is one change however in that O&M vertical continues to expand and KPIs for management LTIP have been revised. At this late stage of the year NMC must now be well in the running for first prize in the jargon stakes.
Big Sofa Technologies Group BST revenues for the year ending 31 December 2018 are expected to show growth growth of approximately 31 per cent over 2017. The Board believes that the programme of material cost savings for 2018 and 2019 places the Company on an accelerated path to breakeven.
Access Intelligence ACC announces that strong growth for the year to the end of November has led to the company enjoying the busiest year in its history with a growing market position. The Group’s total annual contract value at 30 November 2018 was approximately £12.4 million, compared to £8.6 million as at the end of November 2017. Recent contract wins including Porsche, Fiat Chrysler ,Mercedes, Médecins Sans Frontières, Investec, Philips, Air France KLM, Emirates Group, and DFDS Seaways, to name but a few.
Van Elle Holdings plc VANL experienced a quiet start to the current year after a challenging period for UK construction markets in early 2018. Market conditions have improved in the second quarter. Expected underlying PBT of £2.8m (H1 2017: £5.4m) for the first half to the 31st October reflects the impact of those earlier subdued activity levels. At the end of October the Group’s order book was 16% ahead of last year. Momentum is now building into the third quarter.
Hardide plc HDD reports record revenues for the year to the 30th September with a rise of 42%. Sales to customers in North America rose by 84% year on year and now account for 61% of total group sales. Oil and gas revenue grew significantly, with strong sales to new and existing customer. Further progress towards profitability will be made in the coming year
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Ian Pollard Eckoh (ECK) Wins Largest Ever Contract
Eckoh ECK has won its largest ever contract, to provide secure payment solutions to one of the largest corporations in the United States. The contract worth $7.4m. has delighted the CEO of Eckoh and is expected to make a modest financial contribution in the current year, with the majority coming in the following two financial years.
Range Resources Ltd. RRL has seen a significant improvement in operational and financial performance during the 12 months to the 1st June. Revenue increased by 55% to $13.1m.after a 25% increase in production from Trinidad and a 25% increase in the realised oil price from $44.7 per barrel to this years $55.4 dollar per barrel. The loss for the year has been materially reduced from last years US $54.4 million to $17.5m.
Imaginatik IMTK Updates that its financial performance has improved since the 1st June.and not only that but its sales pipeline has has been cleaned, whatever that may mean. The immediate focus of the new management team is for the business to become self funding as soon as possible.
Iomart Group IOM has continued to perform strongly in the six months to the 30th September with both revenue and trading profits expected to be well ahead of last year’s first half. Good levels of new business have continued to be won and these are expected to filter through into increased sales in the second half.
Wey Education plc WEY reports that in its traditional online school and B2B division sales are materially ahead of the same time last year. The formation of the joint venture in China is taking longer to complete than originally anticipated but the delay is not expected to have any material effect on revenues or profits for the current year.
Big Sofa Tech. Grp. BST Claims to have made considerable progress in the half year to the 30th June, with revenue up by 20% on last year and work commissioned showing a rise of 100% compared to a year ago. The company is still loss making but the loss for this half year has been reduced by 19% from £2.1m to £1.7m.
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Ian Pollard – Wizz Air #WIZZ increases capacity by 20% and fills it!
Wizz Air Holdings WIZZ opened six new routes in June and took delivery of 4 brand new A320 family aircraft, taking the flee to 102. Seat capacity increased by 20.5% over June. 2017 whilst passenger numbers rose by 21.8% and load factor was up by 1pp to 93.3%
RM plc RM The first six months to the 31st May has seen good progress in each of the three divisions with revenue rising by 33.1% and statutory operating profit up by 78.4%. The interim dividend is to be increased by15% and the Board is confident of at least meeting full year expectations.
Andalas Energy ADL The appointment of a New CEO and a new Chairman resulted in the imposition of greater financial discipline during the year to the 30th April The operating loss was reduced by 73% to $1,161,000 from 2017’s $4,317,000. The company has reviewed its operations and restructured its business.and claims it is now in a good position to reap the benefits of its new strategy.
Solid State plc SOLI delivered a combination of strong organic revenue growth and strategic re-organisation in the year to the 30th April. Revenue rose by 16% but adjusted operating profit fell by 4%. During the first two months of the financial year the order book was strong and as at the 31 May stood at a record level of £23.0m, up 11% on the previous year. The dividend remains unchanged at 12p. per share.
Big Sofa Tech Group BST has continued to build on the positive momentum achieved in 2017 and In the first half of 2018, the order book reached nearly £1 million, a 91% increase over the first half of 2017
Cohort plc CHRT improved its performance during the year to the 30th April and adjusted operating profit rose by 8% to record levels, despite a large fall in the order book from £108.6m. to £76.6m. which the company says was due to delays rather than “losses or lack of opportunities”. . Adjusted earnings per share rose by 7% and the dividend is to be increased by 15%
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