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Andrew Hore – Quoted Micro 22 June 2020
AQUIS STOCK EXCHANGE
Cancer treatment developer Incanthera (INC) had cash of £392,000 at the end of March 2020, following its fundraising when it joined the Aquis Stock Exchange. The company has a call option on more than £350,000 of additional cash. That should fund this year’s requirements and make the company’s cash last until next summer. The initial focus is topical cream Sol, which prevents sun damage turning into skin cancer.
European Lithium (EUR) has obtained initial funding from the EU-backed Greenpeg programme to support lithium sourced from Europe. The cash goes towards to the Wolfsburg lithium project in Austria.
Cadence Minerals (KDNC) says that the Yangibana rare earths joint venture has commenced drilling at the project. The plan is to increase the existing 21.25Mt JORC resource. The drilling will continue until October. The Amapa iron ore project, where Cadence will own a 20% stake, is set to start shipping its stockpile early in the third quarter of this year.
Angelfish Investments (ANGP) intends to change its investment strategy to one focused on healthcare.
TechFinancials (TECH) had cash of $672,000 at the end of 2019. However, write-offs mean that net assets have fallen to $309,000. Management is uncertain about the future of the Footies ticketing technology operation.
Altona Resources (ANR) had net liabilities of £353,000 at the end of 2019. There is a bank overdraft of £100,000.
Globe Capital Ltd (GCAP) is currently being supported by one of its shareholders Toddbrook Investments and the company’s loan note provider. Net assets were turned into net liabilities of £88,000 at the end of 2019.
AIM
Digital payments and fraud prevention services provider Boku (BOKU) is buying rival Fortumo Holdings for an enterprise value of $41m. Boku has raised £20.1m at 85p a share to finance the acquisition. In 2019, Fortumo made EBITDA of $2.3m on revenues of $7.2m. Fortumo is focused on smaller businesses than Boku.
International pensions administrator STM (STM) has made a good start to 2020, but profit is still set to decline this year, although that is partly due to the lack of one-off income. The current share price reflects this with the prospective multiple of eight, but that could fall to less than five in 2021.
Trans-Siberian Gold (TSG) has increased the JORC compliant mineral resource estimate at the Asacha gold mine to 452,000 ounces of gold at an average grade of 14.7g/t and 1.33 million ounces of silver at an average grade of 44g/t. Three-quarters of this is in the measured and indicated category. The mine life should extend to 2027. More drilling is planned in the east zone. A final dividend of $0.023 a share is proposed, and the shares go ex-dividend on 9 July.
Best of the Best (BOTB) has received tentative bid approaches and management is exploring strategic options. This follows the announcement of the competitions organiser’s full year figures. A 3p a share final dividend and 20p a share special dividend were announced.
Feedback (FDBK) is raising up to £5.59m via a placing and open offer at 1p a share in order to invest in the development and marketing of its Bleepa medical imaging communications platform. This could double the number of shares in issue. A one-for-ten open offer will raise up to £540,000 depending on the take-up. Stanford Capital was the bookrunner.
VR Education (VRE) reported a 43% increase in 2019 revenues and the loss was reduced. COVID-19 has increased interest in virtual reality-based conferences and this has probably pushed VR Education much further ahead than it would have been. The benefits of this will show though in the next couple of years as revenues grow faster than previously expected. The cash injection from HTC means that VR Education has plenty of cash for its requirements.
Omega Diagnostics (ODX) is raising up to £11m at 40p a share in order to finance further COVID-19 testing opportunities and to increase production capacity.
Inspiration Healthcare (IHC) is acquiring SLE, which makes ventilators for neonatal intensive care, for £18m in cash and shares. A £16.5m placing at 65p a share and an open offer raising up to £500,000 at the same share price will fund the cash element of the acquisition price.
Urban Exposure (UEX) says that Randeesh and Danjit Sandhu have resigned and will receive settlement payments, while Ravi Thakar has been made redundant. They can also sell their shares. This is because of the decision to stop taking new property loan business. NAV is estimated at 84p a share at the end of 2019. An orderly wind down should produce 70p-83p a share. A loan book sale is not currently attractive. There should be quarterly cash distributions as cash comes into the company.
Information management services provider IDOX (IDOX) made a strong recovery in the first half. Revenues were 13% ahead at £35.1m, while there was a small pre-tax profit from continuing operations. More than 90% of full year revenues have been contracted. Net debt fell from £26.4m to £14.3m over the six months to April 2020.
MAIN MARKET
Fasteners supplier Trifast (TRI) has raised 315m at 120.5p a share. An initial £5m will be invested in projects to enhance growth and the rest will provide additional working capital. Trading in the year to March 2020 was in line with forecasts adjusted for COVID-19 effects. There have been improving activity levels since May.
Seafox International has lodged a second requisition for a general meeting at Gulf Marine Services (GMS) and it has been accepted. Seafox proposes Hassan Heikal and Hesham Helbouny as directors.
Contango Holdings (CGO) has completed the acquisition of a 70% stake in the Lubu coalfield project and been readmitted to the standard list.
Spinnaker Opportunities (SOP) is still waiting for the listing requirements relating to its acquisition of Kanabo Research. There is still uncertainty over listing regulations for cannabis-related companies. The acquisition was announced 16 months ago.
LED lighting supplier Dialight (DIA) says it is experiencing improving but volatile demand. The order book is better than expected and overdue deliveries are being made. Crucial component stocks are being built up. Net debt was 317.3m at the end of May 2020.
Andrew Hore
Ian Pollard: ABF – Primark Faces 2% Like For Like Decline
Associated British Foods ABF expects a small reduction in adjusted operating profit as it enters the close period for its interim results for the 24 weeks to 2 March 2019. Despite this, sales growth is expected from all the businesses with the exception of Sugar but this is obviously not the ABF of old. For the full year results are expected to be in line with last year, That would have been unheard of and completely unacceptable even in the comparatively recent past. To add to the woes AB Sugar revenue from continuing operations is expected to be lower than last year with the result that the division will now make a marginal loss for the first half. Primark faces a 2% decline in like-for-like sales although sales are expected to be 4% ahead of last year and profit is expected to be well ahead of the same period last year but only because of a higher margin. The Eurozone has helped to save the day with sales expected to be 5% ahead of last year.
Bunzl plc BNZL has acquired a further safety business in the US. Californian based Liberty Glove & Safety, is engaged in the sale of a full range of personal protection equipment. No it’s not what you thought and its not knuckledusters either, it’s gloves, with revenue in 2018 of US$93 million.
Finsbury Food Group FIF Revenue for the 26 weeks to the 29th December rose by 0.5% on a like for like basis Total group revenue however fell by 3.5% reflecting the closure of businesses partially offset by acquisitions. Better news is that last years first half loss of £1.2m was turned into a Profit before tax of £7.5m and the interim dividend is being increased by 5.5% to 1.16p per share.The CEO describes the results as robust, delivered in a challenging period. A warning note is that wider market pressures will continue in the period ahead.
Dechra Pharma DPH Trading in the six months to the end of December was strong with group revenue rising by 19.1% and the interim dividend up by 29.6%. EBITDA increased by 27.7%, operating profit by 35.8% and diluted earnings per share by 47.4%
Dialight DIA found 2018 to be a challenging year but one in which the foundations were laid to drive growth and restore market share. The prospects of further progress in 2019 remain unchanged, but with a second half weighting. Three major products are to be launched which will significantly expand the Group’s market.and the company has two new facilities in Mexico and Malaysia, to provide sufficient capacity to meet growth aspirations.
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Ian Pollard – Ibstock Warns As Production Falls
Ibstock plc IBST updates that demand in the UK brick markets is robust and factories have been producing at, or close to, full capacity for an extended period. Adjusted EBITDA for the six months to the 30th June is expected to be about £58m which reflects the impact of bad weather at the start of the year and higher energy costs.But whilst demand from the new housing sector has been strong and market fundamentals are favourable, there are clouds on the horizon and it looks as if the tide may be turning to reflect the realities of life among the house builders. In recent months and particularly in July, production has been lower than expected and it is now anticipated that output for the second half of the year, will be below expectations.
Keller Group KLR is increasing its interim dividend by 24% for the half year to the 30th June, after rises in statutory pofit before tax and earnings per share of 31% and 37% respectively. First half revenue was a record at £1,075m with constant currency growth of 15%. The strong financial performance was achieved despite a harsh winter in the northern hemisphere and markets have remained broadly healthy.
Cranswick CWK revenue in the first quarter to the 30th June was 3.2% ahead of the same period last year and export revenues were modestly ahead. The Group is in a robust financial position with net debt of 18m. a year ago having been turned into net cash of 8m. at the quarter end despite substantial ongoing capital investment.
Senior plc SNR Trading in the six months to the 30th June has been slightly ahead of expectations with profit before tax for the half year riing by 36% and basic earnings per share by 25%. The interim dividend is to be increased by 6.8% and he order book remains strong across most of the businesses.
Dialight plc DIA claims to have taken targeted actions to improve its operational performance during the six months to the 30th June. Despite that, statutory profit before tax fell from 4.0m. to 2.8m. and earnings per share from 8p to 6.4p. Late orders have been significantly reduced since the start of the year and on-time delivery and cost performance are now both excellent, it says. The move from recovery to growth leaves the Group excited by its future prospects.
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Dialight Descends Into Gloom
There is a mystery about the 2015 results for Dialight (DIA) in that revenue rose slightly from £159.8m to £161.4m whilst everything else nosedived and no real explanation is being given for a disaster which affects both shareholders and employees.
The best that the company can, or will say, is that the year to 31st December was a difficult one because of operating challenges which it does not bother to specify but which it claims were exacerbated by downturns across a number of its markets.
The result is devastating for shareholders and employees. No final dividend is being paid. Even worse the company is closing its UK manufacturing plant after 40 years, with all UK staff at risk of redundancy, except of course for the directors who are allowing themselves to continue to preside over the fiasco, save for two board members whose heads are to roll. Manufacturing will be transferred to a global manufacturing partner whose location and identity the board thinks should be kept a closely guarded secret.
Now for the statistics. Underlying operating profit plunged by 66% and a strategic review imposed additional costs of £9m. Statutory earnings per share were transformed from 29.4p to a loss of 6.4p. whilst another major transformation saw statutory profit fall from £15.5m to a loss of £3.9m and net cash of £0.6m., become debt of £3.8m. Underlying operating margins declined from 11% to 4%
At least the board tried a new strategy during the year with a new 3 year plan but remains silent on whether that was alleviated the problems or added to them. What the board does say is that it only has confidence in the medium to long term outlook which indicates that the short term outlook could be fairly grim.
Another mystery is the company’s October trading update which made it fairly clear that the third quarter had not been good but gave no cause for concern about quarter 4 which by then had of course, already started. In fact the shares which had halved to 400p in the year to February 2016, had since rallied strongly to 516p at yesterdays close. This morning they have, so far, shed over 5% to 488p.
They had peaked in September 2013 at 1402p, before starting their long decline which now seems likely to continue further.
One can only wonder who, if anyone, will shed light on, or even accept a modicum of responsibility for what is a very sad and disturbing story.
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Daily Actions – UK Main & AIM markets 27012016
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.
AIM Market
| ST Rec. changed | ||
| From | To | |
| Basic Resources | ||
| Amur Minerals Corporation | Buy | Neutral |
| Arian Silver | Buy | Neutral |
| Avocet Mining | Neutral | Sell |
| Financial Services | ||
| ADVFN | Buy | Strong Buy |
| Amphion Innovations | Neutral | Buy |
| Health Care | ||
| Abcam | Sell | Neutral |
| AorTech International | Neutral | Buy |
| Taihua | Buy | Neutral |
| Media | ||
| Mediazest | Buy | Neutral |
| Oil & Gas – Producers | ||
| Baron Oil | Buy | Neutral |
| Plexus Holdings | Buy | Strong Buy |
| Technology | ||
| Indigovision Group | Neutral | Buy |
Main Market
| ST Rec. changed | ||
| From | To | |
| Banks | ||
| Lloyds Banking Group | Buy | Neutral |
| Electronics & Electrical Equipment | ||
| Dialight | Neutral | Buy |
| Engineering & Machinery | ||
| IMI | Buy | Neutral |
| Food & Drugs Stores | ||
| Tesco | Neutral | Sell |
| Food Producers & Processors | ||
| Cranswick | Sell | Neutral |
| Unilever (UK) | Sell | Neutral |
| Information Technology & Hardware | ||
| Filtronic | Sell | Neutral |
| Leisure & Hotels | ||
| Millennium & Copthorn Hotels | Buy | Neutral |
| Personal Care & Household Products | ||
| PZ Cussons | Neutral | Buy |
| Pharmaceuticals & Biotechnology | ||
| AstraZeneca | Sell | Neutral |
| Real Estate – REIT | ||
| Primary Health Properties | Sell | Neutral |
| Real Estate – REIS | ||
| CLS Holdings | Neutral | Buy |
| Support Services | ||
| Aggreko | Buy | Neutral |
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