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Quoted Micro 5 December 2022
AQUIS STOCK EXCHANGE
Good Energy (GOOD) says trading to the end of October was in line with expectations, but the subsequent mild winter has reduced gas consumption. Risk management actions should enable the energy supplier to meet 2022 expectations. There was £21.2m in cash at the end of October 2022. Heat pump installer Igloo Works has been acquired for £1.75m. Last year’s revenues were £1m. This will form an energy services division.
Invinity Energy Systems (IES) has sold 15MWh of vanadium flow batteries to Everdura Technology in Taiwan. A deposit will be paid soon, and the first deliveries will be late in 2023. This is the largest ever single order and there is follow-on potential of 255MWh over three years and it will help to underpin 2023 forecast revenues of £23.7m.
Capital for Colleagues (CFCP) has acquired Staffordshire-based MI Accountancy Solutions, which already provides accountancy services to the employee owned businesses investor’s clients. The cost is £90,000 with a further £20,000 deferred depending on performance.
Hydrogen Utopia International (HUI) has entered an agreement with Fishertown Property for a proposed lease of a 2.5 acre site in County Longford. This will become its first full scale waste plastic to hydrogen in Europe. A €50,000 payment has been made and an option for the site is being negotiated.
Tectonic Gold (TTAU) has completed drilling at the Specimen Hill project in Queensland. This has intersected a geophysical target below high-grade historic mine. An adjacent target has also been intersected. Joint venture discussions will be pursued.
Guanajuato Silver Company Ltd (GSVR) produced 700,264 of silver equivalent ounces in the third quarter, which is more than double the previous quarter. Cash costs fell by 19% to $19.53/ounce. However, lower silver and gold prices meant that the loss increased.
Field Systems Designs Holdings (FSD) was still affected by Covid in the year to May 2022. The mechanical and engineering contractor’s revenues fell from £9.98m to £8.09m. That meant that the loss increased from £534,000 to £1.9m. Revenues from the water sector have not grown as expected, but work is coming through. More than £9m of work has been secured for this year.
IamFire (FIRE) has subscribed for £2m of convertible loan notes in WeShop Holdings, which could be converted into one million shares, while an existing £4m investment would convert into 1.33 million shares. IamFire has the right to subscribe for a further £1.75m of convertibles. IamFire also holds convertibles in a shell that owns 25% of WeShop.
Pioneer Media Holdings (PNER) generated initial revenues of $482,000 in the year to May 2022. There was a reported loss of $28.6m, after $25.7m of impairment charges and fair value changes on investments. There was a credit of $3.26m relating to changes on accrued consideration. The cash outflow from operations was $2.14m. There is cash of $1.65m.
Recently floated Cooks Coffee Company (COOK) increased interim operational revenues by 37% to NZ$1.93m. Overall revenues fell because of the timing of recognising capital revenues on store openings. Pre-tax profit improved from NZ$128,000 to NZ$146,000 as costs were reduced.
Africa-focused sustainable investment company Inqo Investments (INQO) increased interim revenues from R608,000 to R3.39m. The loss was slightly reduced at R5.18m after a sharp increase in employee costs.
Nine months revenues from Yooma Wellness Inc (YOOM) improved from $4.91m to $8.91m and the reported loss was reduced.
Marula Mining (MARU) secured a 73% commercial interest in the Bagamoyo graphite project in Tanzania, which includes 22 graphite mining licences.
In the six months to August 2022, Asia Wealth Group Holdings Ltd (AWLP) reported a decline in revenues from $940,000 to $844,000 and it moved from profit to loss. There was $1.19m in the bank at the end of August 2022.
Ace Liberty and Stone (ALSP) says that it received £3.07m from its open offer at 25p a share, compared with the £4.56m it was seeking.
Evrima (EVA) chief executive Burns Singh Tennent-Bhohi has made a £250,000 secured convertible loan facility available to the company. So far, £100,000 has been drawn down. This matures at the end of November 2023 and the coupon is 10%.
Goodbody Health (GDBY) chief executive Marc Howells has resigned, and George Thomas has replaced him.
AIM
Online retailer boohoo (BOO) has increased its stake in Revolution Beauty (REVB) from 13% to 26%. Bob Holt has taken over as chief executive. The shares remain suspended and there are still concerns about the 2021-22 figures.
Digital media company Digitalbox (DBOX) has acquired The Poke (www.thepoke.co.uk) for an undisclosed sum. It picks humorous content from the internet, unlike the Daily Mash which writes its own content. The Poke generated revenues of £170,000 in the year to November 2021.
Duke Royalty (DUKE) reported a 67% increase in recurring interim cash revenues from its royalty investments and free cash flow was 1.71p a share. There was a further improvement in cash revenues in the third quarter.
First Property (FPO) reported a fall in reported profit due to one-offs, but the interim dividend was maintained at 0.25p a share. NAV is 48.3p a share, not including any valuation for the investment management business, which is more than twice the share price.
A trading update from Light Source Technologies (LST) says that farmers are reluctant to commit to capital investment and that has slowed progress leading to a higher loss in the year to November 2023. The growers are finding it difficult to pass on cost increases to customers, so they are not making the commitment to install the controlled environment technology. Also, contract manufacturing margins have declined.
Venture Life Group (LON: VLG) is buying HL Healthcare, which owns Earol, EarolSwim and Sterinase, for £13m. The products generated EBITDA of £1.7m in 2021-22 and they should do better this year – £3m of the consideration is dependent on 2022-23 revenues. Venture Life is expected to make a 2022 pre-tax profit of £946,000 and that could improve to more than £4m in 2023.
Telecoms customer engagement software provider Pelatro (LON: PTRO) says the currency movements between the US dollar and Indian Rupee will lead to a shortfall in reported revenues this year. Along with other factors, this will reduce revenues by up to $800,000, although the currency movements will have a positive effect on costs that partly offsets the shortfall. EBITDA will be slightly below expectations. Some new clients are moving to a licence model, which means revenue will be recognised earlier.
Luxury brand Mulberry Group (MUL) reported flat interim revenues with higher international sales offsetting a decline in the UK. Mulberry moved from profit to loss as marketing and other spending was increased. There was an £11.2m cash outflow from operations.
Compliance and maintenance services provider Kinovo (KINO) continues to improve its profit in the six months to September 2022 and it has a strong order book. Revenues improved by one-quarter to £29.8m in the first half. Margins continue to rise with underlying pre-tax profit recovering from £1.61m to £2.1m. Three-year visible revenues total £146m, which includes contracts and predictable spend. That underpins around 90% of the 2022-23 forecast revenues of £62.1m. Net debt has fallen to below £100,000. However, in the short-term debt will increase again because of the requirements to finish contracts that are part of DCB, which was sold and then went into administration. Part of the deal was that Kinovo would guarantee the completion of projects. This could cost a total of £4.3m.
Inspiration Healthcare (IHC) says that it expects 2022-23 revenues to be similar to the previous year because of market uncertainty, particularly in China. Cenkos has reduced its forecast revenues from £45m to £41.1m. Because the reduction relates to higher margin products it means that pre-tax profit will dive from £3.96m last year to £540,000 this year.
Floorcoverings distributor Likewise (LIKE) says third quarter like-for-like sales were 21.8% higher and in October and November this accelerated to 27.7%. Total sales have more than doubled this year.
Fox Marble (FOX) has won damages and costs in its arbitration proceedings with a customer in India. Damages were Euro383,177 and costs were £454,584. The customer has 28 days to challenge the award.
MAIN MARKET
Antimicrobial and textile odour control materials developer HeiQ (HEIQ) has acquired the land and property of Chem-Tex Laboratories Inc in the US for $2.5m in cash and shares at 74.4p each. Securing the site will enable further expansion. The focus of manufacturing investment will be the US because of the availability of chemicals and the reduced exposure to rising energy prices.
Edward Spencer is requisitioning a general meeting at MetalNRG (MNRG). He owns 7.3% of the company and wants to remove the chairman and chief executive. He wants four people to be voted onto the board, including himself.
Highway Capital (HWC) has still not completed the acquisition of Guinevere Esports and Entertainment, which was announced in October 2021. Highway made an interim loss of £243,000.
Andrew Hore
Andrew Hore – Quoted Micro 6 August 2018
NEX EXCHANGE
Veni Vidi Vici Ltd (VVV) joined NEX on 2 August. The minerals investment company has net cash of £513,000, following a £490,000 subscription at 50p a share. The focus will be precious metals and base metals opportunities in Australia, Western Europe and North America. Management will concentrate on capital appreciation.
EPE Special Opportunities (ESO) is changing its domicile from the Isle of Man to Bermuda. The private equity investment company will have to be readmitted to NEX and AIM. EPE has invested £2m in Main Market-listed LED lighting company Luceco at 39.74p a share. That takes EPE’s stake in Luceco to 27.4%. Poor trading has meant that the Luceco share price has slumped to well below its 2016 flotation level. EPE has redeemed 50% of its unsecured loan notes.
Etaireia (ETIP) has appointed Dennis Rogers as chief executive. He has more than three decades of experience in property development.
Equatorial Mining and Exploration (EM.P) has issued 2.685 billion shares, around one-quarter of the enlarged share capital, to wipe out the convertible loan note debt and other creditors. Twenty three year old Devon Marais, who works with ARQ Minerals, which is helping Equatorial to extract coal from the St Leonard’s mine in Nigeria, has been appointed as a non-executive director of Equatorial.
Asia Wealth Group Holdings (AWLP) reported a profit last year. In the year to February 2018, revenues increased from $1.52m to $2.16m, while a pre-tax loss of $110,000 was turned into a pre-tax profit of $150,000. That figure was helped by a $114,000 currency gain, compared with a $19,000 loss. There was still a small net loss from operations before other income.
AIM
Petrol stations operator Applegreen (APGN) intends to take a majority stake in UK Motorway services operator Welcome Break. The purchase of a 55% stake for €361.8m would be a reverse takeover. The deal would make Applegreen market leader in the UK as well as Ireland.
A subsidiary of Stride Gaming (STR) has been issued a notice by the Gambling Commission, which intends to levy a significant financial penalty because of the manner in which it carried on its trading. This is not final and there might be room to appeal but it has hit the share price of the online bingo operator.
The Property Franchise Group (TPFG) increased interim revenues by 11% to £5.3m. Most of the growth came from management service fees from the property lettings franchisees. The EweMove estate agency business was profitable.
Goldplat (GDP) says that gold production fell by 17% to 35,400 ounces, which is lower than anticipated, but pre-tax profit will be in line with expectations because of a higher margin per ounce. There was 39,400 ounces of gold sold during the year.
Beximco Pharmaceuticals (BXP) has received abbreviated new drug application approval from the FDA to sell Nadolol tablets, which are a generic form of Corgard and used for managing high blood pressure. This is the fifth approval in the US. A pre-tax profit of £33.3m is forecast for the year to June 2018.
Tough UK trading and higher costs held back the results of security and facilities management services provider Mortice Ltd (MORT) in the year to March 2018. Revenues were 21% higher at $219m, but underlying pre-tax profit was down by 16% to $3.9m. Net debt was $18.4m.
Precision marketing software supplier Pelatro (PTRO) is acquiring assets from the Danateq Group for an initial $7m. The deal will take the group into central Europe and adds to the recurring revenues base. A placing has raised £6m at 73p a share.
GetBusy (GETB) grew its interim revenues from £4.5m to £5.2m, with £4.5m of that figure recurring revenues. Annualised recurring revenues are running at £9.4m. Profit generated from document management software sales is being ploughed back into developing the existing product and the new GetBusy software. There is £2.37m in the back.
Starcom (STAR) says that interim revenues have improved from $1.92m to $3m and the loss will be lower. Most of the revenue increase came from two large clients. Growth is starting to come from higher margin security products. The 2018 loss is expected to be much lower than last year’s.
Kosovo-based quarry operator Fox Marble Holdings (FOX) increased interim sales from €329,000 to €614,000 and the second half has started strongly. The benefits of investment in capital equipment are beginning to show through.
MAIN MARKET
Argo Blockchain (ARB) has joined the standard list after raising £25m at 16p a share, which values the company at £47m. However, the share price fell to 12.5p by the end of the first day of trading on 3 August. Argo is developing a global datacentre management business facilitating cryptocurrency Mining-as-a-Service. It currently covers four cryptocurrencies. AIM-quoted Vela Technologies (VELA) owns 2.5 million shares, which were acquired for 8p a share.
Motor finance provider S&U (SUS) achieved record first half profit as the second hand car market continues to grow. Quality standards have been tightened with 25% of applications accepted, but net receivables have reached £263m. The property bridging loan book has risen from £11m to £16m over six months. The interims will be announced on 25 September.
BigDish (DISH) was originally going to reverse into AIM shell Nyota Minerals Ltd but instead it has joined the standard list. The company operates an online and mobile restaurant reservation platform, which is in operation in the Philippines, Indonesia and Hong Kong. The purchase of Pouncer, takes the company into the UK. Revenues come from booking fees per diner. BigDish raised £2.22m at 4.5p a share.
Path Investments (PATH) is raising £10m to complete the farm-in agreement with 5P Energy for the proposed acquisition of a 50% participating interest in the Alfeld-Elze II licence and gas field. This will make Path cash generative. The new shares will be eligible for EIS and VCT relief because Path is moving to AIM.
Dave Brieth has sold his stake in telecoms services provider Toople (TOOP).
Associated British Engineering (ASBE) reported a sharp increase in full year revenues from £1.04m to £1.6m in the year to March 2018. The loss fell from £962,000 to £582,000. This includes investment in developing new diesel engines. The NAV is £976,000, as the loss was partly offset by a £600,000 property revaluation gain. The oil and gas-related operations are still depressed.
Mila Resources (MILA) plans to acquire Capital Metals, which owns 100% of a high-grade mineral sands project in southern Asia. The reverse takeover will be subject to due diligence and shareholder approval.
Fandango Holdings (FHP) has ended bid discussions with Corporate Commercial Collections and Vatbridge following initial due diligence.
Andrew Hore
Andrew Hore – Quoted Micro 14 May 2018
NEX EXCHANGE
Ashley House (ASH) is expected to achieve its full year profit target of £1.8m, although that includes a non-cash write back. The health and community care property developer had year-end net debt of £1.5m. The Morgan Sindall joint venture has reached financial close on its first extra care apartments and bungalows scheme in the Isle of Wight with a further scheme expected to reach financial close in the next few weeks. Modular building business F1 Modular lost money last year. There is work manufacturing classrooms for schools and projects in the retail sector so it is not dependent on residential and health development. Maureen Moy has taken her stake to 10% after buying 1.9 million shares at 13.23p a share.
Dairy and livestock services provider National Milk Records (NMR) generated revenues of £5.32m in the three months to March 2018. This means that revenues are £1.51m ahead so far this year, although the comparatives are weak. Herdwise, the screening service for Johne’s disease and other testing services are providing growth with a small improvement from milk recording services. Rising milk supply has started to hold back milk prices. There will be a one-off benefit in the fourth quarter and the first quarter of next year from a contract to supply 10,000 genomic tests that should help to provide information to improve resistance to bovine TB. NMR is one of the nominees for NEX Exchange company of the year at the 2018 Small Cap Awards.
Forbes Ventures (FOR) says that the majority shareholder in challenger bank Civilised Investments Ltd has exercised warrants that increased its shareholding to 95.7. Warwick Capital Partners is also underwriting a £12m subscription, although £4.65m of this can be subscribed by minority shareholders. This would increase the overall valuation of the bank to £20m. Forbes owns 0.05% of Civilised Investments prior to the subscription and it has not said if it will be investing any more cash.
Gledhow Investments (GDH) had £172,000 in cash at the end of March 2018 but £20,000 is trapped in a Beaufort Securities account. NAV has increased from £510,000 to £869,000.
Gunsynd (GUN) says that Brazil Tungsten Holdings, the company it owns a 6.18% stake in, has restarted mining operations after a government suspension was lifted.
Coinsilium Group Ltd (COIN) will advise FANTOM Foundation on the $39.8m token generation event due to start on 15 June. FANTOM is using Directed Acyclic Graph (DAG) as a smart contract platform. This is an alternative to blockchain, which should be faster and have lower fees.
IMC Exploration Group (IMCP) is focusing on the completion of works programmes in its three principal projects. The joint venture with Trove Rehabilitation only requires ministerial approval to complete. Eamon O’Brien has been appointed as a director and he will become chairman. Kathrine Byrne is also joining the board. Nial Ring and Liam McGrattan will step down from the board.
AIM
A strong performance in the used vehicles market and continued growth in aftersales helped to offset the downturn in the new vehicles contribution at Cambria Automobiles (CAMB) in the six months to February 2018. Underlying operating profit still fell from £5.8m to £5.3m. Interim pre-tax profit was £4.8m. Full year pre-tax profit is expected to decline from £11.3m to £9.5m. The significant capital investment programme continues but net debt is minimal.
Vertu Motors (VTU) also performed well despite the tough background in the motor dealer sector. In the year to February 2018, adjusted pre-tax profit fell from £31.5m to £28.6m on flat revenues. The full year dividend was increased by 7% to 1.5p a share. It appears that trading may be starting to improve and the benefits of the current investment programme are yet to show through. Net cash is £19.3m. A further dip in profit to £25m is expected this year.
CEPS (CEPS) reported flat 2017 revenues but the underlying pre-tax profit jumped from £146,000 to £902,000. The biggest improvement in profit came from Friedman’s and Aford Awards, while CEM Press made a larger loss.
TyraTech Inc (TYR) says sales of the PureScience poultry mite treatment are building in the US and a launch is planned in Europe. Trials of a treatment for intestinal worms in pigs have shown a 70% reduction in the worms. TyraTech has shown that it can develop effective products and the remaining cash from the sale of Vamousse will finance further product development and trials.
Deltex Medical (DMG) had a tough 2017 but lower cost meant that the loss was reduced. The medical monitoring equipment and consumables supplier has won significant contracts in the US and France. Revenues dipped from £6.3m to £5.9m, while the loss was down from £2.4m to £2m. Annualised cost reductions of £1m will partly show through in 2018. The UK remains tough with potential recovery later in the year. International business should grow. A £2m fundraising should provide enough cash to invest in the technology and cover a reduced loss.
HaloSource Inc (HALO) has disappointed the market again. This time the auditors have not allowed some of the sales shipped at the end of 2017 to be included in revenues. Cantor Fitzgerald has maintained its 2018 loss forecast at $3.4m, down from $5.7m. The cash outflow should be lower.
Sprue Aegis (SPRP) has come to an agreement with BRK over the termination of their distribution and manufacturing agreements. Sprue Aegis will have to pay £11m in instalments up until December. There will be a £3.8m exceptional charge in the 2017 accounts. The full year results will be published on 15 March.
Wey Education (WEY) reported interim revenues 44% ahead at £1.74m and an improvement in underlying pre-tax profit from £75,000 to £145,000. An initial contribution from Academy 21 accounted for part of the improvement. A 2017-18 profit of £500,000 is forecast, rising to £2.5m the following year.
Trading in the shares of Lionsgold Ltd (LION) has been suspended following the completion of the acquisition of Goldbloc, which has developed a digital gold currency. This is deemed as a change of business. The suspension could last up to four months.
Fox Marble (FOX) increased revenues by 50% to €1.2m in 2017 and lost €3.4m. This year will be more significant with the processing factory up and running and capital investment made in machinery. There was €440,000 in the bank at the end of April 2018.
Out-of-hospital care services provider Totally (TLY) has secured the renewal of an urgent care services contract worth €1.2m with the Northumbria Healthcare NHS Foundation Trust.
Westminster Group (WSG) has admitted that a previously announced Middle East contract is in Iran and it has still to become effective. The current political situation could scupper the deal or at least delay it.
Microsaic Systems (MSYS) has signed a distribution agreement with Rightek, which will distribute the Microsaic 4500 MiD mass spectrometry detector in Taiwan.
MAIN MARKET
Stem cell services provider WideCells Group (WDC) has commitments to invest £1.47m at 3p a share and is offering the chance of additional investment of up to £450,000, via a bookbuild using the Teathers app and that closes on 21 May. WideCells has still not been able to publish its 2017 accounts so trading in the shares remains suspended. Directors have loaned the company £215,000. At the end of June 2017, there was cash of £869,000 and debt of £634,000, before any of the director loans. WideCells intends to repay £120,000 of debt, spend £150,000 on product development, £110,000 on the CellPlan platform and £33,000 on WideAcademy. The other £1m plus will pay expenses and provide working capital.
Nanoco (NANO) will receive a £1.8m milestone payment from its unnamed US-listed partner. This is the second of three milestone payments.
Falcon Media House (FAL) has raised a further £200,000 from a convertible loan note issue, taking the total to £3.14m. The conversion price is 2.5p a share.
Treatt (TET) has sold pressed vegetable seed oils supplier Earthoil Plantations for £11m. That takes pro forma net cash to £17.5m. In the six months to March 2018, Treatt increased revenues by 14% to £53.6m and underlying pre-tax profit improved from £4.79m to £5.77m.
Andrew Hore
Andrew Hore – Quoted Micro 8 January 2018
NEX EXCHANGE
Kryptonite 1 (KR1) has invested $249,000 in a presale of 4,775,686 Simple tokens in a project administered by OpenST Ltd. The plan is for the tokens to be used to enable digital currencies to be launched by businesses. There has also been a $100,000 investment in the presale of tokens in the Props project. That bought 859,569 Props tokens. These tokens are used as a cryptocurrency as part of a decentralised ecosystem of video applications.
DagangHalal (DGHL) has launched its mobile app MEEMBAR (meaning raised platform in Arabic), which is targeted at Muslim travellers, on the Android platform. The app provides details of mosques, hotels and restaurants in an area. The app will become available on the IoS platform later this year. Longer-term, the company wants to introduce the ability to undertake transactions.
AIM…….
Housing developer Inland Homes (INL) ended the year strongly, selling two sites for a total of £12.7m. Inland Partnerships, which develops social housing, has entered into a £29.5m contract to develop 136 homes.
Kestrel Partners has taken a 4.32% stake in telematics equipment and services provider Trakm8 (TRAK).
Gear4Music (G4M) says that Christmas sales grew by 42%. The online musical instruments retailer is still on course for a full year profit of £2.4m.
Peter Scott is taking on the role of chief executive at digital marketing services provider Be Heard Group (BHRD) and David Morrison will replace him as chairman.
Smart metering technology supplier CyanConnode (CYAN) says that its order book is in excess of $100m even though a large order has been delayed. There was £5.5m in the bank at the end of 2017.
Cambria Automobiles (CAMB) has announced a new Lamborghini dealership in Chelmsford on the same site as the Bentley dealership. The showroom should be open by the end of the first quarter. A new site in Hatfield to house the new McLaren dealership and the company’s other dealerships in the area should be completed by the end of the year. Cambria is still cautious about the UK car market. Trading in the first quarter is in line with expectations. Chairman Philip Swatman and his wife sold 100,000 shares at 57p a share, leaving them with 200,000 shares.
Marble quarry operator Fox Marble Holdings (FOX) is raising £2.76m through a placing at 10.5p a share and Indian firm Kesari Tours PVT is investing £2m of the cash. Kesari boss Shailesh Patil has committed to buying a minimum of 3,000 tonnes a year of marble in return for exclusivity in the Arabian Gulf. Fox is also raising £235,000 via a convertible loan note issue and capitalising £783,000 of debt. Directors are also taking part of their pay in the form of shares. Fox will use £1.5m of the cash to repay debt and the rest will go towards expanding production. Total marble production was 8,800 tonnes in 2017. The new processing facility has capacity of up to 440,000 square metres a year so it will be able to cope with much higher quarry production.
Network data processing technology supplier Ethernet Networks Ltd (ENET) has disappointed the market six months after flotation. A customer has chosen to sign up to a different proposal than expected and two other projects have been delayed until 2018. This means that 2017 revenues and profit will be lower than anticipated, although profit will be higher than 2016. In 2016, revenues were $2.16m and operating profit was $339,000, which was exceeded in the first half of 2017 even though revenues were much lower.
Victoria Oil and Gas (VOG) says that its gas supply contract with ENEO in Cameroon has not been extended. This had covered 53% of Logbaba gas sales revenues in 2017. ENEO owes $8.7m.
Churchill China (CHH) says that its 2017 results will be slightly better than expected thanks to strong export sales. Full year figures will be published on 27 March.
Strand Hanson has resigned as nominated adviser to BNN Technology (BNN) following news that the company failed to account for a bonus claimed by Darren Mercer. The £270,000 bonus has been offset against the £450,000 he owes the company. Mercer also claims that the remaining amount of the loan should be reduced.
Corero Network Services (CNS) has gained $400,000 of contracts for its SmartWall cyber security system.
Ultrasound simulation technology provider Medaphor Group (MED) says that 2017 revenues were 27% ahead at £4.2m. The loss will be £2.9m. There was £4.2m in the bank at the end of 2017.
Cantor Fitzgerald has downgraded its 2017 profit forecast for waste treatment and energy generation plants developer Green and Smart Holdings (GSH) from RM7m to RM6.7m and the 2018 figure from RM16.9m to RM10.8m because of delays to electricity generation projects. Local project finance is taking longer than expected to secure.
Attractions designer Paragon Entertainment Ltd (PEL) chief executive John Dobson has acquired 1.43 million shares at 2.5p each. That increases his stake to 6.55%. This has helped the share price to recover after almost a year of decline following disappointing trading statement.
Babestation producer Cellcast (CLTV) says that it intends to provide for the £495,000 it had invested in the Lexinta fund, which is being investigated by the Swiss authorities. The investment vale had been raised to £754,000 in the last accounts. This appears to be in the trade receivables in the balance sheet last June. There was £862,000 in cash in the bank.
European PR firm SEC (SECG) has acquired 51% of Colombia-based Newlink for up to €2.2m and this could rise to €4.3m if the option to acquire the rest of the shares is taken up in the next five years.
TyraTech Inc (TYR) will buy back $8.4m worth of shares at the tender price of 3p a share.
Oil and gas firm San Leon Energy (SLE) has ended bid discussions with two potential bidders. A potential reverse takeover is still on the cards.
Even though Crawshaw Group (CRAW) says that the performance of its factory shops has been good, like-for-like sales for the delicatessen products retailer have declined. This has led Peel Hunt to increase its loss forecasts for this year and next year as like-for-like revenues are expected to continue to decline.
Egdon Resources (EDR) has had its appeal for planning permission for the Wressle oil development in Lincolnshire. Egdon owns 25% and Union Jack Oil (UJO) has a 15% stake. Egdon has been allow to retain the original planning permission until the end of April.
ReNeuron (RENE) is consolidating 100 shares into one new share. Management hopes that this will help to attract institutional investors. The cell-based therapeutics developer had £45.3m in the bank at the end of September 2017.
Christopher Brown is stepping down as chief executive of TomCo Energy (TOM) but he will remain for the short-term. He has agreed to loan £100,000 to the company.
Packaging machinery manufacturer Molins (MLIN) is changing its name to Mpac following the sale of the Molins tobacco machinery business.
The People’s Operator (TPOP) has returned from suspension having completed its £2.82m fundraising at 0.1p a share. The London Stock Exchange says that the settlement of outstanding trades is occurring and it allowed the restoration in dealings, but it says that it will continue to closely monitor the situation.
BOS Global Holdings (BOS) has appointed Marcus Yeoman, Will Giles and Michael Wilczynski to the board andMark Uren has resigned, which means that it does have the minimum required number of three directors. The finances of the software developer remain uncertain and trading in the shares is still suspended. A general meeting requisition has been withdrawn.
Average oil production from the Trinidad operations of Range Resources Ltd (RRL) in the fourth quarter of 2017 was 629 barrels a day and the current daily production is 703 barrels a day.
Premier African Minerals (PREM) did not meet its guidance on production at the RHA tungsten mine in the last quarter of 2017 and this means that it did not achieve profitable production in December. Premier has said that it would not provide any more cash unless profitability were achieved. Premier is spinning off the Zulu lithium project, which could have a value greater than Premier, and drilling programmes could be funded by offering a stake in the new company.
MAIN MARKET
Cayman Islands-based cash shell AIQ Ltd (AIQ) (ww.aiqhub.com) is joining the standard list on 9 January. AIQ has raised £3.6m after expenses, mainly at 8p a share. The plan is to seek an e-commerce acquisition, which has a strong management and is near to cash generation.
North American oil and gas explorer and producer PennPetro Energy (PPP) acquired Nobel Petroleum UK last May, which gives it a 75% working interest in City of Gonzales petroleum leases in Texas. Nobel has secured £2m in additional funding for the leases. PennPetro joined the standard list and was valued at £17.7m at 25p a share. Former Arsenal managing director Keith Edelman is chairman.
Andrew Hore
Quoted Micro 30 October 2017
NEX EXCHANGE
The government proposal to drop plans to cap housing benefit in the supported living sector to Local Housing Allowance rates is good news for Ashley House (ASH) because the rates would not have been viable. Ashley House has development schemes that could go-ahead following the change of government plans. There could still be other proposals that hamper development in the government paper on funding supported housing that is due to be published on Tuesday but if there are not then Ashley House is in a good position.
Belvedere Capital has subscribed for £31,500 of convertible loan notes in Forbes Ventures (FOR) and the investment is expected to increase to up to £100,000. The initial cash will pay creditors and enable Forbes to issue its interim figures. That is required for trading in the shares to recommence. The interest rate is 1% per month and the conversion price is 0.1p a share. A representative of Belvedere, which is focused on technology investments in northern England, will join the Forbes board as an executive director.
First Sentinel (FSEN) has made a £625,000 investment in standard-listed Curzon Energy (CZN). The shares in the oil and gas company were acquired at the flotation price of 10p each but the share price has fallen back to 8.38p. Curzon has a coal bed methane asset in Oregon.
Middle East-focused investment company Indigo Holdings (INGO) has made four investments, although one of these was earlier this month so it is not included in the balance sheet to the end of June 2017. There was still nearly £241,000 in the bank, prior to investing £10,000 in 3sootjobs, a job search platform in Iran.
Supported housing developer Walls and Futures REIT (WAFR) has been granted membership of the Social Stock Exchange. Management hopes that this will help the company attract investors seeking investments with a positive social impact.
Black Sea Property (BSP) has completed the €10.5m purchase of the UniCredit Bulbank office building in Sofia.
AIM
A management review at Real Good Food (RGD) has uncovered further disappointment and there will be a loss this year. All three divisions are growing their sales with overall like-for-like sales 13% ahead but this is not translating into higher profit. A combination of higher commodity prices and disruption from capital investment. Overheads are being reviewed and Real Good Food is also racking up costs relating to its corporate governance problems. The head office is being moved from London to Liverpool. New banking covenants have been agreed but the further downgrades could mean they come under pressure but the food company has the backing of its three main shareholders.
Investment in European distribution centres and a new UK head office held back the first half progress of musical instruments retailer Gear4Music (G4M) but the benefits will start to show through in the second half. There was a small loss in the first half but a full year pre-tax profit of £2.4m is forecast as European sales build up and margins start to recover.
Stratex International (STI) is holding a general meeting requisitioned by shareholders, including AnglGold Ashanti and Teck Resources, on 1 November. The requistioners, which own 24% of Stratex, want to remove the current chairman and chief executive and block the proposed reverse takeover of Brazil-focused Crusader Resources, which was announced in May. They want former Stratex directors David Hall and Paul Foord to return to the board. The two men run Thani Stratex Resources Ltd, which is 30%-owned by Stratex. Institutional Shareholder Services Inc advises voting against the resolutions. Stratex has the backing of shareholders owning 12.1% of the share capital. Earlier this month, Stratex sold its 13.7% stake in Goldstone Resources for £550,000 (1.6p a share).This was valued in the latest accounts at £950,000.
Datatec (DTC) is dropping its AIM quotation and concentrating on the JSE listing. There has been a lack of interest in the shares in London with non-South African investors trading through the JSE. The cancellation becomes effective on 8 December.
It appears easier to push a piano up a steep flight of stairs than for TLA Worldwide (TLA) to bring out its 2016 accounts. The latest management estimate for publication is before the end of November. Former CFO Don Malter is said to have misappropriated $800,000 of funds over three years. It is unclear if any of this is included in the $6.8m EBITDA adjustment for 2016 that was revealed in June. TLA remains best known for publishing a profit warning at 6.26pm on 23 December 2016. It will be interesting to see whether the accounts are published before this date and time in 2017.
Lombard Risk Management (LRM) had a tough first half but it expects to do much better in the second half and move back into profit. Interim revenues fell by 16% as risk management software sales fell. Regulatory reporting software sales improved. A full year profit of £1.8m is forecast.
Zinc Media (ZIN) has acquired Tern Television Productions for up to £5.45m, with up to £2.35m deferred. Tern made a pre-tax profit of £300,000 on revenues of £5.3m in the year to March 2017. Tern specialises in factual programming. A placing at 0.9p a share raised £3.5m.
Systems1 Group (SYS1) had a poor first half with revenues falling and costs increasing. The market research firm reported a 10% decline in interim revenues to £13.8m and a 70% slump in pre-tax profit to £540,000. There was still £3.5m in the bank at the end of September 2017. Rebranding and reorganisation hampered the business at a time when clients were also holding back spending.
Fox Marble (FOX) has sold the first polished marble slabs from its factory in Kosovo. This sale was part of the agreement to supply Marble Dino. Fox recently signed a three year agreement to supply OM Enterprises in India. An advance payment of $500,000 has been received.
Third quarter trading at broking business Share (SHRE) continued to be strong and revenues were 29% higher compared with the third quarter of 2016. Market share jumped to 13.9%.
A new finance director has reviewed the forecasts for Attraqt Group (ATQT) and problems in timing of contracts have been identified. This means that revenues will be 10% lower than expected in 2017, although there will be organic growth. There was £2.3m in the bank at the end of September.
Hardide (HDD) has raised £2.54m at 1.7p a share in order to fund an increase in reactor capacity. Two additional reactors will be installed in the US and other equipment will be installed in the UK and US. The surface coatings business has signed a framework agreement with a North American oil and gas business. Full year figures will be published on 11 December.
Botswana Diamonds (BOD) expects major developments over the coming months. There is enough cash to last into 2018. An inferred resource is expected to be reported for the Thorny River project before the end of the year. Eight kimberlites have been discovered at the Free State project.
Ascent Resources (AST) is raising a further £1.5m via PrimaryBid.com. Ascent is a regular user of the crowdfunding site. The shares will be issued at 1.66p each. Ascent is awaiting a signature on a government document that will enable it to export gas from Croatia.
Internet gaming software-as-a-service provider GAN (GAN) will benefit from the final approval of a bill in Pennsylvania that legalises real money online gaming. The regulated gaming is expected to start early in 2018.
Cenkos has lowered its revenue expectations for Collagen Solutions (COS) following a trading statement. It has knocked £400,000 off its 2017-18 revenues forecast and trimmed forecasts for later years. A profit is not anticipated until 2019-20. First half revenues of the collagen products supplier were flat.
K&C REIT (KCR) is raising £150m at 100p a share, following a ten-for-one share consolidation. The name is being changed to KCR Residential REIT and a move to a premium listing is planned.
The Ottoman Fund Ltd (OTM) has repatriated cash from Turkey and shut three Turkish subsidiaries. This is an important step in winding up the company returning cash to shareholders. The final distribution will be in the range of 1.36p a share to 1.53p a share.
Stellar Diamonds (STEL) has been granted an environmental licence for the Tongo project in Sierra Leone.
MAIN MARKET
Fuel cell technology developer Intelligent Energy Holdings (IEH) is selling its business and being wound up. Convertible loan note holders are likely to get 65% of the principal of the loan notes prior to their cancellation but ordinary shareholders will get nothing. Cash is likely to run out in November. Meditor Energy is paying £19.5m for the remaining business and this will be used to pay the 65% of principal of the loan notes. A Meditor fund owns 85.5% of these loan notes.
Orient Telecoms (ORNT) is a new standard list company that wants to start a telecoms business in Singapore from scratch. The share price ended the first day at 11p (10p/12p) and it remains unchanged since then. The shares are tightly held so any trading activity could push up the share price, so beware of this lack of liquidity. There does not appear to have been any trading activity, as yet.
Aquila Services Group (AQSG) is acquiring development consultancy and financial modelling services business pod. The business made an operating profit of £162,000 on annual revenues of £1.09m. This fits with the group’s affordable housing services operations.
Andrew Hore
Corporate news review Thursday 28th September 2017
Air Partner AIP reports gross profit up 12.2% at £18.1m, with underlying PBT up 34.4% at £4.1m. AIP says it enters the next six months with optimism that FY expectations will be met.
Ascent Resources AST interims – recompletion and flow testing of well Pg-10. Construction of the new pipeline connection at MRS Lendava required to export gas production to Croatia. Refurbishment of separation equipment at the existing CPP (a gas separation facility) owned and operated by partner Petrol Geoterm. Raised £2.9m through PrimaryBid and reduced debt by almost £6m through loan note conversions. Post Period Highlights: Now selling gas, with reported revenues for the first time since 2013 and are now virtually debt free. The Company is now in a strong position to look to expand our operations into new territories and face the future with increased optimism.”
Chapel Down Group CDGP interim year on year sales up 22% to £4.977m and EBITDA up to £235k (H1 2016: £93k). CEO Frazer Thompsonsays the group has a fantastic team of people, and are excited about the prospects for the future.
Clinigen Group CLIN reports FY adjusted gross profit up 22%, adjusted EPS up 25% to 41.8p and strong cash flow with cash generated from operations of £54.7m (2016: £49.4m). Net debt substantially decreased by £33.1m to £35.0m, and the FY divi is up 25% to 5.0p.
CMC Markets CMC pre-close trading update – profitability in H1 2018 is significantly higher than the same period in 2017 with both net operating income and revenue per client higher (and marginally higher than H2 2017), driven by increased client volumes. Regulation remains a key focus, and despite profitability in H1 2018 being significantly higher than the same period in 2017, CMC remains cautious about the future outlook.
Euromoney Institutional Investor ERM pre-close trading update ahead of FY results. Since issuing its trading update on July 21, 2017, overall trading has continued in line with the board’s expectations for the financial year.
Telit Comms TCM updates on trading and narrows its financial guidance such that it expects revenues of $390m-$400m for the financial year to 31 Dec 2017 (2016: $370.3m) and adjusted EBITDA is expected to be $44m-$48m (2016: $54.4m) before one-off restructuring costs which are expected to be incurred as the review is implemented. Telit expects to see, as normal, significant cash generation during H2 and expects to satisfy all financial covenants which are imposed upon it when tested as at 30 September 2017.
NWF Group NWF AGM statement: “Trading has been ahead of the same period last year and in line with the Board’s expectations, with net debt reflecting the normal seasonal fluctuations. “The Board’s outlook for the financial year remains in line with its expectations and we continue to focus on development opportunities, both organic and through targeted acquisitions.
Quoted Micro 14 August 2017
NEX EXCHANGE
Brewer Adnams (ADB) continues to grow its beer volumes and Ghost Ship is behind much of that growth. Interim revenues improved from £31.2m to £33.2m, while there was a swing from a pre-tax profit of £1.86m to a £284,000 loss. There is a one-off cost of £721,000 mainly due to a write down in the value of the Swan Hotel and the costs of removing asbestos and a reduction in the disposal profit from £1.42m to £526,000. Even so, there was a still a sharp drop in underlying profit. The closure of the Swan Hotel knocked £550,000 off profit even before the one-off charges. Beer and spirit sales improved even though the Lagunitas beer distribution rights were sold one year ago. The B share dividend has been increased by 2p a share to 78p a share and the A share dividend has been improved by 0.5p a share to 19.5p a share. The capital investment programme is near to completion and bank debt has risen to £14.4m.
Secured Property Developments (SPD) is still finding it difficult to suitable investment. There was a £12,000 loss in the six months to June 2017. There is £310,000 in the bank and debtors of £415,000. Mark Jackson has increased his stake from 7.6% to 8.6%.
NQ Minerals (NQMI) has raised A$1m at 10 cents a share and A$49,000 at 12 cents a share. NQ has also appointed Adrian Lungan to the board as a non-executive director. He effectively owns 11% of NQ.
Coinsilium Group Ltd (COIN) has an option to acquire 7% of Singapore-based Indorse for SG$350,000. The option lasts for three months and Coinsilium has already invested SG$100,000 (£56,000) via a convertible loan. Along with the convertible, the stake could be 10%. Indorse plans to develop a blockchain-based decentralised network for professionals and it has raised $5.37m from a token pre-sale, which continues until 7 September. Coinsilium received Indorse tokens as part of the convertible investment.
AIM
Share (SHRE) had a strong first half in 2017 and Cenkos has upgraded its forecast on the back of the interims. Revenues generated by the owner of The Share Centre retail stockbroker, increased from £7.2m to £8.9m even though interest revenues continue to decline. Underlying pre-tax profit jumped from £110,000 to £310,000. The investment in digital, such as the upgraded website and app, are starting to pay off but there should be much more to come. Assets under management were one-quarter higher at £4.3bn. The 2017 earnings per share forecast has been raised by 94% to 0.3p and the 2018 forecast by 36% to 0.4p.
Conroy Gold & Natural Resources (CGNR) is being asked to hold another general meeting by Patrick O’Sullivan, who owns 28% of Conroy. O’Sullivan successfully removed six directors at the general meeting last week. However, Conroy says that the proposed appointments of Patrick O’Sullivan, Paul Johnson and Gervaise Heddle did not comply with the company’s constitution. The plan is to remove the three directors not affected by the original requisition: Professor Richard Conroy, Maureen Jones and Professor Garth Earls.
There have been more departures from Real Good Food (RGD) and this includes executive chairman Peter Totte. Finance director David Newman has also stepped down and he is replaced by Harveen Rai. Hugh Cawley becomes a non-executive director and Pat Ridgwell is interim chairman. Christopher Thomas moves from non-executive to executive director.
Fiserv has edged up its bid for Monitise (MONI) from 2.9p a share to 3.1p a share, which values the mobile technology company at £75m. Gross cash was £22.2m at the end of June 2017.
Fox Marble Holdings (FOX) has signed a three year agreement with US distributor Pristine Stone NYC, which will act as marketing sales and distribution agent in the US. As part of the deal Fox Marble gets a 5% stake in Pristine, which itself will receive 750,000 warrants in Fox Marble exercisable at 2p a share although that depends on achieving minimum volumes of $1.5m over three years.
Prospex Oil & Gas (PXOG) is acquiring a 50% economic interest in the EIV-1 Suceava concession in north east Romania for €750,000 plus the promise to finance €550,000 of this year’s work programme. The operator Raffles Energy owns the other 50%. The area includes an undeveloped discovery but the investment does not include the two producing fields in the area.
LiDCO (LID) has signed its first high use contract in the US. The patient monitoring devices developer has signed a two year contract with a potential two year extension. This order covers 44 monitors. However, disappointing sales in Europe and China, where a registration process has been messed up, have led to a forecast downgrade for this year. Interim revenues are 4% ahead at £3.94m but the full year revenues forecast has been cut from £9.5m to £8.6m, still higher than the £8.2m made last year. This means that the loss will be higher than originally forecast and LiDCO is not expected to move into profit next year.
Altona Energy (ANR) has agreed with its joint venture partners that there should be a different strategy for the coal asset at the Arckaringa site in Australia. The new strategy involves producing coal to create gas to generate electricity. Other by-products will be methanol and ethanol. A specialist adviser has been appointed to report on the best way of progressing with the strategy.
MAIN MARKET
North Midland Construction (NMD) reported a more than doubled interim profit. In the six months to June 2017, revenues increased from £129.6m to £135.1m and pre-tax profit jumped from £512,000 to £1.22m. The main reason behind the improvement was a swing into profit by the telecommunications division. There were lower contributions from construction, because of project delays, and water divisions. The power division fell into loss. One customer still accounts for two-fifths of group revenues. The interim dividend was doubled to 3p a share. The FCA has concluded that it will not take any further action on a breach of the related party rules by the Moyle family as controlling shareholders.
Rainbow Rare Earths (RBW) says that the laboratory assessment of material from the main vein at Gasagwe, which is part of the Gakara project in Burundi, showed an average total rare earth oxide grade of 62.17%. Rainbow hopes to start production at Gasagwe by the end of 2017 and it should produce ore for two years. Rare earths prices have strengthened so the ore is becoming more valuable.
Andrew Hore
Quoted Micro 16 May 2016
ISDX
Carduus Housing (CHPB/CHP2) has discovered that £1.43m of its cash has been paid to Carduus Finance Ltd and £875,000 to a third party. It is estimated that £1.675m of this cash did not conform to budgeted spending or the company’s investment strategy. Carduus Finance has subsequently sold its stake in Carduus Housing for £1. Pankaj Rajani owns 75% and Beaufort Securities 25%. Peterhouse has resigned as corporate adviser and Brian Gilmour, Drew Oswald and Luke Cairns have resigned as directors. Pankaj Rajani and Darren Edmonston have joined the Carduus board. Gilmour is one of the main shareholders in Carduus Ltd, the holding company for Carduus Finance. On 2 February 2016, in his capacity as sole director, he made a solvency statement for Carduus Ltd. Stuart Black who was a director of ISDX-quoted Etaireia Investments is a former director of Carduus Ltd and Carduus Finance. When Black was on the Etaireia board it claimed it had planning permission for a site in Scotland but this proved to be untrue. Carduus Housing joined ISDX on 30 September 2015 when £3.5m of 6.5% unsecured bonds were admitted to trading. It has subsequently raised £3.5m from the issue of 6.25% unsecured bonds. Trading in the bonds remains suspended pending clarification of its financial position. The strategy is to invest in affordable housing, with 37 properties currently owned, but this may be changed. There is still £1.9m in the bank. The company will try to recover the cash that has been paid out for reasons outside the remit of the corporate strategy. Carduus Housing may need to raise additional cash by 2020 in order to redeem the bonds.
Secured Property Developments (SPD) continues to seek a suitable residential development project and it has widened the scope of its search to outside of the M25. A property in Scarborough has been sold for £327,500 – it was in the books for £300,000 – and no other investment properties are owned. The NAV was £758,000 at the end of 2015. There should be more than £700,000 in cash after the disposal. At 19.5p (18p/21p) a share, Secured Property is valued at £400,000.
Leni Gas Cuba (CUBA) is linking up with Commercial Funded Solar Ltd (CFS) in order to install and operate renewable energy assets in Cuba. CFS was established as a limited company in February 2015. The directors include Dmitry Gavrilov, who joined the board in March 2016 and is a 10% shareholder, and Timothy Dobson, who owns 80% of the company. Cuba wants to produce 24% of its electricity from renewable sources by 2030. The funding for any projects will come from external investors. The income related to developing and installing the plant will be shared 50/50 while Leni Gas Cuba will receive 25% of the revenues from operational contracts. At 1.35p (1.2p/1.5p) a share, Leni Gas Cuba is valued at £6.7m.
Brett Miller has resigned as a director of Gledhow Investments (GDH), although he remains company secretary, and has sold his 2.2 million shares at 2.2472p each – a large premium to the market price. At 1p (0.75p/1.25p) a share, Gledhow is valued at £490,000. On 11 May, 170,000 shares were traded at 1.15p each. Peterhouse employee Guy Miller has joined the board. He owns 264,700 shares.
AIM
Online retailer of musical instruments Gear4music (G4M) more than doubled its underlying operating profit in the year to February 2016. Revenues increased from £24.2m to £35.5m, while underlying operating profit excluding flotation cots jumped from £376,000 to £895,000. There was a small pre-tax profit after interest charges. The cash raised in the flotation means that these interest charges will be significantly reduced this year. Net cash was £2.6m even after investing in higher inventories. The product range is being expanded by 20% each year. Instead of a London showroom, the company is planning to open up European distribution hubs. There is a chance of a dividend for this financial year.
AdEPT Telecom (ADT) is acquiring managed IT and telephony services provider Comms Group UK for £3.5m plus surplus cash. The management is remaining with the business which has long-term relationships with small business customers. The business made an operating profit of £500,000 in the year to March 2015 and that is estimated to have risen to £800,000 in 2015-16, so the deal should be immediately earnings enhancing. Further information on AdEPT can be found at http://www.hubinvest.com/AIMPDFMay2016_80.pdf.
Digital performance marketing services provider XLMedia (XLM) says current trading remains strong and it still has organic growth opportunities on top of the potential for consolidation. The strategic review has been completed and XLMedia still believes that it should remain on AIM. The company will continue to seek opportunities in new territories and sectors as well as further developing its technology.
Marble quarry business Fox Marble (FOX) has raised £2m at 10p a share and the directors have agreed to take their salaries in shares at the market price. The cash will help to finish the Kosovo factory where cut and polished marble slabs should be produced by the summer.
MediaZest (MDZ) has raised £250,000 through a share issue at 0.1p each and it has capitalised a loan of £50,000 at 0.15p a share. The audio visual company says that it made its best ever performance in the year to March 2016. The cash will help to finance working capital for projects with HMV, Adidas and Diesel. MediaZest is trying to build a recurring revenue base.
MAIN MARKET
Telecoms services provider Toople (TOOP) made strong start to trading on the standard list despite the limited nature of its current business. One man who will be pleased to see the shares go to a premium is chief executive Andrew Hollingworth, who acquired his 26% stake for less than £20,000 when the company was formed on 2 March 2016and it is currently worth more than £2m. His shares were issued at 0.0667p each compared with the placing price of 8p a share and the current share price of 8.88p. Hollingworth has an annual salary of £120,000 –Toople will have to grow to generate revenues that high – and seven weeks holiday entitlement each year. Former Coms boss David Brieth sold the main operating businesses to the group for 39 million shares and he is paid £120,000 a year, which is effectively for a three day week.
In the six months to March 2016, trickle ventilator and window components manufacturer Titon (TON) reported a dip in profit from £792,000 to £735,000 on flat revenues of £10.9m. That was due to weak Korean trading as competition increased. Net cash was £2.46m at the end of March 2016.
Engineering and environmental consultancy Waterman Group (WTM) says that revenues were 10% ahead in the first nine months of this financial year and is on course for a full year profit of £3.3m in the year to June 2016. Net cash will be better than expected. Waterman wants to improve its operating margin from 3.3% in 2014-15 to around 6% in 2018-19.
Latest edition of AIM Journal available here.
ANDREW HORE