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Telford Homes Breaking Records
Telford Homes TEF reports that revenue for the year to 31st March rose by 19% to a record £291.9m, allowing the final dividend to be increased to 8.5p, making an increase of just over 10% for the full year. Profit before tax is expected to exceed £40m for 2018 and £50m for 2019.
Avanti Communications AVN updates that it is recovering from the disruption of the first nine months and in the last two months it has won over $25m of new business. Weak macro economic conditions especially in Africa, Brexit and industry volatility have all presented significant challenges over the last 12 months but new contracts are again being won and it is expected that they will begin to make a significant impact in the next financial year, when like for like growth will recommence. The launch of Hylas 4 is nearing and this is expected to have a strong positive effect on the image of the business
IG Group Holdings IGG expects revenue for the year to 31st May will be ahead by some 7% and that profit before tax and earnings will be modestly ahead of the previous year.
Futura Medical FUM is delighted by the constructive feedback which it has received for MED 2002 from US and UK regulatory authorities both of whom have a broad consensus on the development pathway. No impact is expected on the timing of the submissions for market authorisation, now expected in the second quarter of 2019
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Quoted Micro 31 October 2016
ISDX
Via Developments (VIA1) says the Canal Street project in Manchester should be completed next March, while another Manchester site is attempting to gain enhanced planning permission that would enable 71 apartments to be built. Via expects deposits of 15% of the purchase price of the eight flats in Canal Street before the end of 2016 and this should generate £329,000. The Napier House project in Luton has been granted permitted development for 26 one-bedroom apartments. Additional planning permissions for an extra floor and a change to the facade of the building have been submitted. Via has received firm commitments for £1m of additional 7% debenture stock. This will take the debentures in issue to £4.5m.
Ganapati (GANP), the developer of apps for social media and games, reported an increase in its interim loss from £7.47m to £8.41m following the opening of a London office. Revenues fell from £2.3m to £1.34m. A unrealised foreign exchange loss of £5.71m on Yen borrowings. Management hopes that the Yen bonds in issue will be extended when they come up for repayment. There was £1.5m in the bank at the end of July 2016 but Ganapati wants to raise more money via a share issue to invest in further research and development. .
Ashford Borough Council has granted planning permission for the new Curious Brewery on a 1.6 acre site in the town centre. The Chapel Down Group (CDGP) brewing subsidiary raised money to build the brewery through crowd funding.
Miton Asset Management has increased its stake in rail safety products developer Wheelsure Holdings (WHLP) to 10.2% following the latest share subscription. WB Nominees has increased its stare to 9.2%, while JM Finn Nominees has raised its holding to 8.5%. Chief executive Gerhard Dodl increased his shareholding by 500,000 to 4.215 million shares, giving him 2.4% of Wheelsure.
AIM
Symphony Technology increased its offer for the remaining subsidiaries of Bond International Software (BDI) and the 121p a share bid by Constellation Software Inc has lapsed after gaining total acceptances of 47.4%. Constellation says that it will vote in favour of the disposal to Symphony for £22.8m. The proceeds and the other cash held by Bond will be distributed to shareholders as part of a liquidation process. Between 127p a share and 129.5p a share should be distributed with an initial distribution of at least 126p a share. Constellation originally bid 105p a share and it had acquired the majority of its 29.9% stake in Bond at 75p a share back in 2010.
Cyprotex (CRX) is recommending a bid from German drug discovery firm Evotec AG. The 160p a share cash bid values the contract pharma research services business at £41.7m. The share price has not been at the level of the bid since 2014. Cyprotex believes that it needs a partner to help it grow its operations further and Evotec will help it to grow in Europe.
Sunrise Resources (SRES) has revealed details of the results for the phase 2 drilling at the Bay Street silver project in Nevada. There was no positive news from this drilling and further exploration and drilling is required.
Eastern Europe-focused oil and gas explorer Ascent Resources (AST) has raised £3.5m via a placing at 1p a share and a further £1m via a loan note issue. Some of the cash will be used to repay a £871,510 loan facility from Henderson, which has also deferred the redemption of £8.2m of loan notes to 19 November 2019. The rest of the cash will complete the drilling of two wells and connect them with a refurbished central treatment station. This should enable Ascent to commence gas production by next spring and the gas will be initially be sold to Croatia.
South Africa focused miner Ironveld (IRON) is raising £1.8 at 4.5p a share with some of the cash going towards the development of the 15MW DC smelter for the iron, vanadium and titanium project in the Bushveld complex. The cash should last until next June and the shares come with a warrant to subscribe for another share at 6.75p for 12 months after the shares are issued. The Industrial Development Corporation has approved facilities of R244m for the project and negotiations continue for the remaining debt requirements. The total finance required is R841m. An offtake agreement has been finalised for the high purity iron powder that will be produced over a five year period from the commencement of production. Offtake agreements were already secured for titanium and vanadium.
Workforce optimisation software provider eg solutions (EGS) has won its first direct contract in Asia. The £500,000 contract is with a Singapore-based financial business and 50% of this will be recognised in the year to January 2017. This underpins the current expectations.
There has been further good drilling news concerning the Hot Maden project in Turkey, including some improvements in grade, and Mariana Resources (MARL) expects to report the preliminary economic assessment in late November. This assessment will provide the first guidance about the economics of the project.
Futura Medical (FUM) has raised £12m at 57p a share in order to fund the development of its portfolio of products. This includes the commercialisation of erectile dysfunction treatment MED2002 and trials for pain relief products TPR100 and TIB200. There was £2.9min the bank at the end of June 2016. Henderson will maintain its stake in Futura at just below 20%. The CSD500 condom has received European approvals for an extended shelf life of 18 months for the products manufactured in India. The European supplier has applied for the same shelf life extension.
Arian Solver Corporation (ACQ) has extended the exclusivity period for the Notche Buena gold silver tailings project in Mexico until 27 December. Recovery levels have been poor even though gold grades have been commercial so more tests are required. Arian is assessing an advanced silver exploration project in the US.
Share (SHRE) has made another add-on acquisition of customer accounts and the existing business is trading in line with expectations. The purchase of a book of 8,000 customer accounts with £200m under administration should be completed in April 2017. The Share Centre has maintained its market share of a peer group of brokers revenues, excluding interest, at more than 10%. In the third quarter, revenues were 7% ahead, while customer assets have increased by one-third to £3.6bn. Dealing commission and fee income have both grown but interest income fell by more than one-third. Share is still expected to make a small underlying loss this year.
MAIN MARKET
Nasdaq OMX-quoted AB Traction has increased its stake in engineering and environmental consultancy Waterman Group (WTM) to 14.3%. AB Traction went above 3% in April 2013 and has been building up the stake since then. AB Traction (www.traction.se) is an active long-term investor which does not focus on any particular sector. The strategy is to grow NAV.
Andrew Hore
Excellent progress at JD Sports Fashion (JD.)
JD Sports Fashion JD claims excellent progress with another record half year for the 6 months to the 30th July. Profit before tax leapt by 73% on revenue up by 20%. Earnings per share rose by 63% and the interim dividend is being increased by by 4.2% to 1.25p. International development of the business continues with a further 20 new stores across Europe.
Hilton Food Group HFG Despite challenging market conditions, profit before tax rose by 26.7% in the 28 weeks to the 17th July, earnings per share were up by 28% and the interim dividend is increased by 12.2%. Sales rose by 9% and the company’s internatyonal presence was further strengthened by a new agreement in Portugal, additions to the range of supplies in Sweden and the opening on time of its new Australian facility. Hilton also benefited from foreign exchange movements.
Ocado OCDO Group sales for the 12 weeks to the to the 7th August rose by 15.4% and the average number of weekly orders was up by 18.9%, as the company’s performance showed strong steady growth with the best volume performance in five years. Sustained pressure on margins is good news for the consumer and this is going to continue beyond the short term.
Futura Medical FUM After last weeks heady rise when the shares tripled in a day, the share price is beginning to return to more sensible levels and now stands at 73.90p down from last Thursday’s closing price of 92p. The company has announced this morning that the estimated annual sales potential of MED2002 is in excess of $500m, in addition to which CSD500, another of its stable of new drugs, will have its first partner laucnh, later this year.
Good Energy Group GOOD has a target of a fivefold increase in sales of 100% renewable energy by the end of 2020, as against the governments target of doubling renewal energy usage by the same year. Good Energy is keeping well on target with a 40% rise in revenue for the 6 months to the end of June and basic earnings per share for the half year up by 217%. Profit before tax rose by 164%
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Futura Medical Hardens on Erectile Disfunction News
Barratt Developments BDEV Heaps praise on itself for its full year performance to the 30th June as if it was in any way responsible for the continuing housing boom which has enabled it to raise private average selling prices during the year by a mind boggling 10.4%. Perhaps they have forgotten but should remember that well worn phrase – “it’s the economy, stupid”. Profit before tax rose by 20.7%, revenue by 12.7% but completions were up by a comparatively meagre 5.3% and forward sales are up by an even smaller 4.1%. Shareholders do well out of the bonanza with a 19.1% increase in the final dividend.
Ashtead Group AHT enjoyed a strong first quarter with a 12% rise in revenue leading to a 4% increase in profit before tax. It also benefited to the tune of £17m from the collapse in the pound.
Trakm8 Holdings TRAK New orders have risen by 37% since the 1st April, of which 27% is organic growth. First half profits however are expected to be down on last year, with the decline being recouped in the traditionally stronger, second half.
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