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Quoted Micro 20 November 2023
AQUIS STOCK EXCHANGE
Marula Mining (MARU) has completed the phase 1 drilling programme at the Blesberg lithium and tantalum mine. The 21 holes were finished ahead of schedule and assay results are awaited. Phase 2 drilling has started and 15 out of 21 holes have been completed. Financial forecasts for the planned open pit hard rock mining plan.
Valereum (VLRM) says that the Gibraltar Stock Exchange is surrendering its licence and closing its markets. Valereum still wants to acquire the Gibraltar Stock Exchange and holds a fixed charge over a 50% stake. The plan would be to apply for a new licence. Alan Gravitz has left the board.
Ananda Developments (ANA) subsidiary MRX Medical has signed a drug supply agreement with the University of Edinburgh and the Lothian Health Board. The MRX1 cannabidiol oil formulation will be used in a trial for the treatment of chemotherapy induced neuropathic pain.
Gunsynd (GUN) has paid the first tranche of £250,000 for a farm-in agreement with Metals One. Gunsynd will hold Finnaust Mining Northern. Gunsynd has sold 1.24 million shares in Charger Metals for £257,000. It retains 1.3 million shares.
Vinanz Ltd (BTC) has already spent some of the money raised at the beginning of November to acquire 171 bitcoin miners in North America. The plan is to buy a total of 250 bitcoin miners. Vinanz currently holds 9.1 bitcoin.
Cadence Minerals (KDNC) says its subsidiary has issued a request for consultations and negotiations to the Mexican government concerning the possible revocation of the mining concessions for the Sonora lithium project. These concessions are held by joint venture companies, where Cadence Minerals has 30% stakes.
Quantum Exponential (QBIT) has converted its £450,000 investment in Universal Quantum in exchange for 84 million shares at 5319.47p each. A one-for-1,000 share split will happen after the share issue. This means that the subsequent 84,000 shares will be 0.51% of buildable quantum computers developer Universal Quantum.
Wishbone Gold (WSBN) says initial mineralised results from the first half of the Cottesloe project in Western Australia. The company expects full results during next January.
Oberon Investments (OBE) has switched from the Access to Apex segment of the Aquis Stock Exchange.
SuperSeed Capital (WWW) has adjusted its NAV figure for the end of June 2023. It has been reduced from 1.184p/share to 1.121p/share.
Wheelsure Holdings has received potential financing and acquisition approaches, but nothing has been finalised and it is running short of cash. The shares have been suspended and the quotation cancelled on 15 November. Talks continue.
Tunch Kashif reduced his stake in ChallengerX (CXS) from 21.6% to 17.9%. Mark Horrocks has increased his shareholding in Lift Global Ventures (LFT) from 13.3% to 14.99%.
AIM
Hotel Chocolat (HOTC) is recommending a 375p/share bid from Mars, which values the chocolate company at £534m. Mars is keen to help Hotel Chocolat expand into new regions. The track record of the current management when it comes to international expansion has been mixed and it will help to have a larger company with greater resources backing the expansion. Shareholders can accept an alternative offer of one rollover share in the bid vehicle for each share. The value of these shares will be dependent on the performance of the business, and this would be taking a risk.
Verici Dx (VRCI) has entered into an exclusive licence agreement with Thermo Fisher for its pre-transplant prognostics. This will generate staged payments of $5m over the next 12 months, plus future royalties of per test. That means that Verici Dx will have enough cash until the end of 2024. Thermo Fisher has the commercial expertise to roll out the technology and it will further develop the product.
City Pub Group (CPC) is also the subject of an agreed bid. Young & Co’s Brewery (LON: YNGA) is offering 108.75p in cash and 0.032658 of an A share for each City Pub Group share, valuing it at 145p/share or £162m. The share price jumped 52.5% to 136.5p. Young’s has been seeking to grow its managed pubs business and believes it is rare to have the opportunity to acquire such an attractive portfolio of pubs. The deal will increase the number of pubs owned by 50 to 279. A significant amount of City Pub Group’s central overheads of £5.6m could be saved by the combined group and there could be other savings. Young’s shares rose 1.86% to 1095p.
AMTE Power (AMTE) has secured a short-term financing. The battery technology developer will receive £2.5m from a subscription by Pinnacle International Venture Capital at 1.7p/share and it is also providing a £200,000 convertible loan facility. A placing will raise a further £400,000 at 0.5p/share. A general meeting is required to approve the subscription.
Jarvis Securities (JIM) has confirmed it is not paying a fourth quarter dividend. The FCA is planning a further review into the company’s operations, including the approach to uninvested cash and interest retention. This report has to be delivered by the end of February 2024.The voluntary restrictions on the business are continuing and another review is required before they can be lifted. The reviews have cost more than £1.3m this year.
AFC Energy (AFC) is purchasing Octopus Hydrogen’s UK mobile hydrogen storage and distribution assets. These assets can be used to provide a hydrogen fuelling service for H-Power generator units rented by new partner Speedy Hydrogen Solutions and other future users of hydrogen powered equipment.
Celadon Pharmaceuticals (CEL) has secured a new sales contract with a European medicinal cannabis company that could generate up to £26m over a three-year period. The first delivery will be in the second half of 2024. The cannabis grower and drug developer will supply pharmaceutical-grade cannabis. There are other interested buyers.
Autonomous vehicles developer Aurrigo International (AURR) has launched a placing to raise at least £3.5m at 100p/share and there will also be a retail offer at the same price. Coventry-based Aurrigo International won the best newcomer title at the 2023 AIM awards, having floated AIM on 15 September 2022 at 48p/share. Aurrigo International had cash of £2.8m at the end of June 2023 after a £1.9m outflow from operations in the first half. There will be £1.5m spent on customer roll out and £400,000 for additional staff.
Chain and transmission equipment Renold (RNO) reported strong interims with revenues 8% ahead at £125.3m and pre-tax profit 55% higher at £11.3m. The revenues and margins of the transmission business have jumped as the new MoD contract builds up. The chain division also grew revenues and margins. Order intake has slowed, but that is at least partly down to there being more confidence in the supply chain.
Freight and parcel delivery company DX (DX.) is recommending a 47.5p/share bid from HIG European Capital Partners, which values the company at £315m. The shares have gone ex-dividend, and the final dividend of 1p/share will be paid on 7 December. That reduced the level of the bid.
DP Poland (DPP) says third quarter like-for-like sales in Poland were 14.1% higher and they were 34.8% ahead in October. The Croatian business is growing even faster. Singer believes the pizza retailer could move into profit in 2024.
Initial results from drilling at the Wedding Bell and Radium Mountain owned by Thor Energy (THR) confirm the potential of the US uranium projects. More than 50% of the 25-hole drill programme has been completed. The initial results come from downhole gamma logs and handheld pXRF devices to determine anomalous levels of uranium and these will be sent to laboratories for final analysis.
Blue Star Capital (BLU) investee company SatoshiPay has appointed Benchmark International to value the business and seek potential acquirers. Blue Star Capital owns 27.9% of SatoshiPay.
Saietta Group (SED) says that its 49.5% owned Indian joint venture has secured an order for complete eDrives from its main client for a second of its light commercial vehicles. The initial order is worth £106,000 over three months and the first full year of production could generate £12.7m. This is the first significant order for the new radial flux technology.
MAIN MARKET
Data integrity and banking integration software provider Gresham Technologies (GHT) is losing business with ANZ its biggest customer. The company will no longer provide sub-contracting services, but ANZ will still use its Clareti software. This was lower margin work, and the focus is on software.
J Smart (Contractors) (SMJ) reported a higher loss on contracting and did not have any disposal gains in its investment activities. That meant that pre-tax profit fell £8/19m to £105,000. There was an operating loss offset by interest income. A 2.27p/share dividend is payable on 29 January.
Andrew Hore
Quoted Micro 25 October 2021
AQUIS STOCK EXCHANGE
Lush co-founder Andrew Gerrie plans to float a new shell called Silverwood Brands on the Aquis Stock Exchange. The strategy is to acquire and develop consumer brands and pay with shares and cash. Hotel Chocolat (HOTC) founder Angus Thirlwell is an adviser. Silverwood Brands was formed in August. There are currently 100 shares, which were issued at par value of 1p. A pre-IPO subscription of £1m recently closed.
Boanerges (BNRG) has agreed to acquire the business and assets of digital ecommerce company WeShop, where AIM-quoted Brandshield Systems (BRSD), Vela Technologies (VELA), Primorus Investments (PRIM) and IamFire (FIRE) are shareholders. The payment will be 33.33 million shares at 75p each, compared with a market price of 77p, following a May flotation at 20p a share. Boanerges intends to leave Aquis and join the JP Jenkins matched bargain facility. Boanerges is offering to acquire any shares bought since the Aquis flotation at 75p each. Boanerges believes it has the cash it requires to develop the WeShop business, and it may seek a listing in the future.
Arbuthnot Banking (ARBB) says customer deposits have increased by 19% to £2.8bn so far this year, while loans have risen by one-quarter to £1.97bn. Assets under management are 14% higher at £1.3bn.
Capital for Colleagues (CFCP) has sold its investment in Office for Public Management for £469,000, having invested £250,000.
Dispersion Holdings (DEFI) has acquired Accru Finance for £8.75m in the form of 250 million shares. The vendors will own 29% of Dispersion and the founders Philip Blows and Digby Try will join the Dispersion board. The former will become chief executive. Accru is developing cryptocurrency trading platform, which is yet to get FCA approval.
Altona Rare Earths (ANR) has agreed to acquire a 51% interest in the Chambe rare earths project in Malawi and this new deal is likely to delay the move to the standard list. An initial payment of one million shares will be held in escrow until the exploration licence is transferred to a new company in which Altona can increase its interest to 70%.
Vulcan Industries (VULC) reported revenues of £5.23m in the year to March 2021. There was a loss of £3.42m. Net debt is £3.4m.
There was a £891,000 cash outflow at Semper Fortis Esports (SEMP) in the six months to July 2021. There is still £1.77m in the bank.
AIM
Bens Creek Group (BEN) has acquired coking coal mining assets in West Virginia, and it believes it can restart production before the end of 2021. The estimated coal resources are 17.2 million in-place tons with proven and probable reserves of 2.34 million tons. Bens Creek raised £5.8m, after expenses, at 10p a share when it joined AIM. Bens Creek announced an offtake agreement for washed Hi-Vol-B metallurgical coal with Integrity Coal Sales, which has agreed to take 22,000 US short ton of coal each month for a 12-month period. This deal starts in January and covers 50% of expected production volumes. The current market price is $277/short ton and the price paid will depend on the market price at the time. This deal sparked an uptick in the share price, which reached 13.25p by the end of the week.
Devon-based Tungsten West (TUN) is developing the Hemerdon tungsten and tine mine near Plymouth and it joined AIM during the week. The share price ended the week at 63p, up from the 60p at which £39m was raised before expenses. Hemerdon was previously owned by Wolf Minerals, which went into administration, and acquired by Tungsten West two years ago. There had previously been more than £170m invested in the mine. There is an estimated mineral resource of 325Mt at 0.12% tungsten. A bankable feasibility study was completed in March.
Disinfection products supplier Tristel (TSTL) reported lower revenues and profit but that was down to stockpiling in the comparative period. Revenues were 2% lower at £31m, while pre-tax profit fell by one-quarter to £5.4m, which is similar to the 2018-19 level. Profit growth should recommence this year, but it will take time to beat the 2019- 20 figure. Tristel is shedding non-core products, which will reduce costs. Progress continues with US product approvals.
ASX-listed Future Metals (FME) did not raise any cash when it gained a secondary quotation on AIM. The share price ended the first day of trading at 12.25p and then fell to 10.5p. The company was previously quoted on AIM as Red Emperor Resources and has returned following the acquisition of 100% of the Panton PGM project in Western Australia. There is definitely a resource. A bankable feasibility study was completed by previous owners in September 2003, and it was reviewed in 2011. There is a JORC mineral resource of 14.3Mt at 5.2g/t PGM and 2.4m ounces of gold. There is also nickel, cobalt and copper mineralisation.
Solid State (SOLI) has an order book at record levels. The order book has increased by 48% to £61.5m with orders stretching further ahead than in the past. Interim pre-tax profit is estimated to have risen from £2.6m to £3.3m. Operating margins benefited from a change in product mix.
Internet domain name registry and services provider CentralNic (CNIC) is continuing to perform ahead of expectations. Organic growth was 29% in first nine months of this year. CentralNic expects full year EBITDA of at least $32m, up from $22.1m in 2020.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) is trading in line with expectations of achieving a full year underlying operating profit of at least £39m. Revenues are 36% higher than the 2020 figure. Gross margins are slightly lower due to cost pressures.
Andrew Hore
Ian Pollard – Lighthouse #LGT Full Year Divi Up By 67%
Lighthouse Group plc LGT claims an excellent set of results for 2018 despite softening market conditions in the second half of the year. With an Interim dividend of 0.20p. per share already paid, a final dividend of 0.50p. per share is now proposed compared to 30p per share in 2017, making a 67% increase for the full year. Further growth is expected for 2019 notwithstanding current market uncertainty.
Travis Perkins plc TPK saw like for like revenue growth of 4.9% in the year to the 31st December, after a strong second half. in which adjusted operating profit, excluding property profits, grew by 10.7%. helped by successful cost reductions. Despite that, adjusted operating profit for the year as a whole fell by 1.3% and the rise in the yearly dividend was limited to 2.2%. Uncertain market conditions are expected to continue in the near future and adjusted operating profit for 2019 is expected to be similar to 2018 at 375m.
Meggitt PLC MGGT Organic revenue growth of 9% reflected a strong performance in growing end-markets for 2018, with 7% growth in civil aerospace, 10% in defence and 19% in energy. On an organic order basis growth came in at 12%. Recommended final dividend of 11.35p gives a full year increase of 5%. The Chief Executive regards it as a landmark year and further good progress is expected for 2019.
Augean PLC AUG is currently experiencing strong initial trading for the start of 2019 after a pleasing 2018 in which adjusted profit before tax increased by 69% and basic earnings per share by 56%. Cost savings exceeded their target. Trading in the first months of 2019 is well ahead of last year. Further growth is targeted in the core key markets of Energy from Waste and North Sea Decommissioning.
Hotel Chocolat Group HOTC Enjoyed strong sales growth across retail, digital & wholesale channels in the six months to the end of December. Revenue rose by 13% and both reported profit before tax and profit after tax rose by 7%. The interim dividend remains unchanged at 6p per share.Christmas was again successful, with the launch of the new Velvetiser Hot Chocolate maker which exceeded initial expectations six-fold.
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Ian Pollard – Burberry #BRBY revenue falls; excitement with brand heat & social conversation
Burberry Group plc BRBY would have you believe that customers are experiencing excitement ahead of new product delivery. They are also building brand heat and that is causing the customer excitement to grow even more. Digital engagement is also high on the list of jargon in todays update which is for the 13 weeks to the 29th December. Unfortunately the figures will not create any excitement as they show retail revenue fell by 1% during the thirteen weeks or 2% at constant exchange rates.Social conversation reached c57 million consumers during the Festive season. The company seems to appear to be proud of that even if it did not do much for revenue. In case you missed it first time round hey are keen to confirm this brand heat thing.
Antofagasta ANTO finished the year strongly with record copper production for the quarter whilst net cash costs for the quarter were the lowest since 2012. 2019 is expected to start with real momentum for what the company expects to be another record-setting year’ with production increasing by up to 9% to 750-790,000 tonnes.Group and copper production also set a record for the year and fourth quarter gold production increased by 87% over the previous quarter. Gold, copper and molybdenum production in 2019 are all expected to set new records.
WH Smith plc SMWH claims a strong trading performance across the Group for the 20 weeks to the 19th January.Total sales rose by 6% and like for like by 3%, The High Street is said to be doitg well with a sales fall of 1%, whilst the international business has continued to grow and now has over 420 stores.
Hotel Chocolat Group HOTC updates that total Group revenue for 13 weeks to the 30th December increased by 15% compared to the previous year. 15 new stores were opened during the six months to the end of December,
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Ian Pollard – Glencore #GLEN Strongest Performance on Record
Glencore GLEN claims that its 2017 performance was the strongest on record with industrial adjusted EBITDA rising by 60% and basic earnings per share by 310%, helped by rising commodity prices which are completely outside the control of the company and a strong unit cost performance for which it must be given credit. Net debt fell by a hefty 31%. As for the future it believes that its unrivalled positioning and commodity diversification can create superior long term value for all stakeholders – until the next commodity slump that is but in the meantime enjoy the ride.
First Group FGP updates that reported revenue for the year to date rose by 10.7% but in constant currency terms that was reduced to 1.1%. Greyhounds long haul business was affected by intense airline competition. Even the weather with heavy snowstorms on the eastern sea board as far down as Florida, proved to be a challenge. Modest first half growth at Greyhound has turned into a decline of 0.4% for the year to date as the second half worsened with a 2.8% decline for the period from the end of September to January. At First Rail like for like passenger revenue rose by 3.2% both for the year to date and for the second half so far. TransPennine Express is described as producing industry leading growth which has got even stronger with the introduction of its new fleet in the autumn.
Bilby plc BILB Revenue and profitability for the year to the end of March will be ahead of current market expectations as the company continues to win new clients, new contracts and invitations from existing and long term customers to broaden the scope of work which it provides.Excellent customer service is regarded by the company as the clue to its success.
Gooch & Housego GHH is experiencing exceptional demand for critical components used in micro electric manufacturing, the order book as at the beginning of January stood at record levels with a rise of 48% compared to the same tie lasy year and put icing on the cake, overall market conditions are good.
Hotel Chocolat Group HOTC announces another period of strong sales growth for the half year to 31st December, with revenue, underlying EBITDA, profit before and after tax and earnings per share all rising by 15%. An interim dividend of 0.6p per share is to be paid following the maiden dividend of 1.6p at the year end in September. Mothers Day, Easter and Valentines Day results are all being looked forward to eagerly.
Inspirational Healthcare Group IHC has continued to perform strongly in the second half, as forecast the the half tear stage. Full year profit are expected to be in line.
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Corporate news review Wednesday 27th September 2017
boohoo.com BOO reports adjusted interim EBITDA up 68% at £27.8m on revenues up 106%. BOO has a strong balance sheet with net cash of £119.2m and raises FY guidance.
Defenx DFX reports increased H1 operating losses of €1.31m (1H16: €296,000) on revenues up 35% to €3.13m. DFX says there may be an adverse effect on revenues and profits in the short term, but remains confident that it has the right strategy to maximise revenues and profits in the medium and long term.
Entertainment One ETO anticipates FY financial performance will be in line with management expectations with a similar H1/H2 weighting to FY17. EBITDA is anticipated to be around 1.2x at the end of the FY18 financial year, in line with guidance given when the Group reported its FY17 full year results.
Hotel Chocolat Group HOTC reports FY revenues up 12% at £105.2m, with underlying EBITDA up 32% to £16.3m. PBT rose 100% to £11.2m driven by strong sales growth across retail, digital & corporate channels. Given the encouraging performance of retail and internet channels, along with the pipeline of opportunities ahead, the group are confident of further growth.
Halma HLMA says it has made good progress in line with expectations. Cash generation was good and the Group’s financial position remains strong.
PZ Cussons PZC says despite tough trading conditions in Q1 it remains on track to deliver full year growth in operating profits with performance underpinned by a robust and innovative product pipeline and tight control of costs.
Brand CEO Alan Green discusses Trifast (TRI) & Hotel Chocolat (HOTC) on the Vox Markets podcast
Brand CEO Alan Green discusses Trifast (TRI) & Hotel Chocolat (HOTC) with Justin Waite on the Vox Markets podcast. The interview is exactly 28 minutes in.
Metro Bank – Providing A Service, Does Pay
Metro Bank MTRO Cheeky little Metro Bank is giving the big bad banks a lesson in growth and has now moved into profit for each quarter of the second half. Profit before tax in quarter 3 was a tiny £0.6m, increasing to £1.5m in quarter 4. Losses for the full year shrank from £46.4m in 2015 to £11.7m. Asset growth came in at 64%, lending and deposit growth were both at record levels with rises 56% and 66% respectively, whilst revenue was up by 62%. Somebody must love its policy of actually trying to provide a service to its customers.
Barratt Developments BDEV Despite a fall of 5.8% in completions and revenue down by 3.2% in the six months to 31st December, Barratt claims it was a strong half year with profit before tax up by 8.8% and shareholders rewarded with a rise of 21.7% in the interim dividend. Total forward sales orders now stand at record levels after a rise of 17%. The one statistic which is omitted for some strange reason, is the increase in the average selling price. I wonder why.
Lloyds Banking Group LLOY is increasing its final ordinary dividend by 13% and maintaining last year’s special dividend of 0.5p meaning an overall rise for the year of 11%. Statutory 2016 profit before tax rose by 158% to £4.2b and earnings per share by 263%, whilst operating costs were reduced by 3%.
Gooch & Housego GHH good trading conditions during the first four months of the current financial year enabled GHH to see its order book up by 64.9% as at 31st January compared to last year, although on a like for like basis, excluding foreign exchange movements and acquisitions, the figure comes in at a more modest 19.4%. So far trading for the full year is expected to be in line but there does seem to be a hint of optimism in today’s trading update as a result of continuing good market conditions.
Hotel Chocolat HOTC produced strong growth in both sales and profitability in the 6 months to 25th December. Profit before tax rose by 28% on reported revenue up by 14% and the net cash position was transformed with a positive balance of £16.1m compared to debt of £1m at the end of the previous year.
Blue Prism Group PRSM now expects full year revenue will be materially ahead of current market expectations following the positive trading momentum evidenced at the end of last year, continuing into the current year.
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Headwinds and Challenges Impact Reckitt Benckiser
Travis Perkins TPK The real truth about the state of the UK economy is beginning to bite. With like for like third quarter sales growth falling to 2% and an uncertain UK outlook, TPK is to close over 30 branches and 10 distribution and fabrication centres. In addition challenging market conditions led to Plumbing & Heating sales falling by 3.9%, a performance which management regards as unsatisfactory. Like for like sales growth for the nine months of the year to date stands at 2.7% which adds emphasis to the 3rd quarter decline.
Reckitt Benckiser RB has been impacted by expected third quarter headwinds and other challenges which reduced the quarter’s like for like growth to 2% which became 17% if you take into account sterling devaluation. RB looks like yet another company whose day has been saved by the benefits provided by collapse of sterling. India and China produced strong growth but Brazil proved challenging. The target for full year like for like growth still remains at 4%.
Rentokil RTO is pleased with its 3rd quarter performance which produced like for like growth of 3.1%which was increased to 16.6% by contributions from acquisitions and compares to 2.7% for the year to date. Pest control had an excellent quarter with like for like growth of 5.9% whilst emerging markets shot up by 20.4% and growth markets by an even higher 26.3%. Europe on the other hand was tough in parts and particularly France.
Foxtons FOXT reduced activity in the London property sales market hit Foxtons hard in its third quarter with sales revenue down by a third. It believes that the London market remains very attractive and presents a huge opportunity for growth but it can not quite bring itself to provide any facts to justify its belief.
Hotel Chocolat Group HOTC which was admitted to AIM in May almost doubled last years statutory pre tax profit from £2.9m to £5.6m and expects a strong Christmas with what it describes as its “more cocoa, less sugar” policy.
OMG plc OMG expects revenues for the year to the end of September to reach £29m., ahead of market expectations after what it describes as a successful close to the year
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