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Quoted Micro 10 February 2025
AQUIS STOCK EXCHANGE
Third quarter revenue from emissions reduction additives supplier SulNOx Group (SNOX) more than doubled to £208,000 compared to the same period last year. Volume growth was 88.7%. There was cash of £2.5m at the end of 2024. There are 44 shipping companies evaluating the additives and there are more set to sign up. Crystal is the first cruise operator to evaluate the additive, and it made an average fuel saving of 3.4%.
Rogue Baron (SHNJ) has decided to change its strategy from drinks, because of a lack of market support for the sector, to natural resources, particularly in North America. The spirits business will be sold. The disposal will turn Rogue Baron into an Enterprise Company on Aquis. An investment committee of Hamish Harris and Charlie Wood will consider potential investments base or precious metals. The company name will change to Richmond Hill Resources. Tomoya Daimon has resigned from the board. A placing raised £209,000 0.6p/share.
Oscillate (MUSH) says it has analysed early-stage data for hydrogen in the Animikie Basin in northern Minnesota. Soil gas sensing equipment has been deployed, and shallow soil gas sampling technology will evaluate hydrogen potential.
Marula Mining (MARU) says assay results of copper concentrate samples from the Kinusi copper mine in Tanzania provide further confirmation of high-grade copper content of the material stockpile.
Oberon Investments Group (OBE) is holding a general meeting to gain approval for a capital reduction to create distributable reserves.
Coinsilium Group Ltd (COIN) is rebranding its Nifty Labs subsidiary as Forza (Gibraltar) and it will focus on treasury management for the holding company. Coinsilium is assessing innovative opportunities in treasury management.
Trading in Hydrogen Future Industries (HFI) shares has been suspended because accounts for the year to July 2024 have not been published.
Barry Hersh has forfeited the 18.66 million unpaid shares in Global Connectivity (GCON).
Paul Mathieson’s stake in Investment Evolution Credit (IEC) has reduced from 38.9% to 35.4%. That was prior to a £35,650 subscription at 1p/share. Dr Richard Leaver doubled his shareholding to two million shares after the subscription and he has become chief executive. Dr Leaver is a former director of AIM companies Blue Star Capital (BLU), Image Scan (IGE) and Toumaz. He has experience with AI and the board believes this will help to grow the consumer credit business. John van Kuffeler will not become chairman.
Supernova Digital Assets (SOL) generated revenues of £114,000 in the 12 months to October 2024 according to unaudited management accounts. A £2.7m increase in the fair value of digital assets and tokens. The pre-tax profit was £2.41m. Net assets were £5.8m at the end of October 2024.
Ventura Finance, which is controlled by Mark Jackson, owns 3.93% of Walls and Futures REIT (WAFR).
DXS International (DXSP) chairman Bob Sutcliffe is continuing to buy shares adding another 20,000 at 3.5p each, taking his stake to 1.99%. Shepherd Neame (SHEP) has amended an earlier purchase by chairman Richard Oldfield (that was said to be 42,459 shares) to 1,500 shares at 519p each. He has also acquired 2,000 shares at 540p each. BWA Group (BWAP) managing director has bought 1.5 million shares at 0.15p each, taking his stake to 6.75%. Ananda Pharma (ANA) chief executive Melissa Sturgess bought 5 million shares at 0.43p each, taking her shareholding above 10%.
Time to ACT (TTA) has appointed VSA Capital as corporate adviser and broker.
Jim Williams has resigned from VVV Resources (VVV) and David Ajemain has been appointed as executive chairman. The company is reviewing potential projects.
ASSET MATCH
VP Fintech (VPF) joined the Asset Match private market on 5 February. It owns 56% of Canadian company Valens Pay, which has developed a fintech platform that offers directly or via third parties users services including payment, forex and investments. There is no limit on size of transaction. At the end of 2024, there were 21 partners using the platform. Co-founder James Holmes owns 46.1%, TP Finans ApS, which is owned by co-founder Torben Pedersen, 38.9% and Torben Pedersen’s own holding is 12.1%. The first share auction will be in March. At a share price of 100p, the market capitalisation is £25m.
Nightcap (NGHT) has acquired the 115 lease on the i360 Tower in Brighton. It is one of the world’s tallest moving observation towers with 20,000 square foot of hospitality space. The deal excludes any debt, which has been released by the local council.
Oil and gas explorer and producer SDX Energy (SDX) has left AIM and joined Asset Match on 3 February. The first auction will be in March.
Isle of Scilly Steamship (IOS) has appointed Jonathan Hinkles as managing director of airline Skybus. He has been an adviser for six months and his job is to return Skybus to sustainable profitability. Skybus flies from airports in Cornwall and Devon to St Mary’s and has seven aircraft.
Marshalls of Cambridge (MCH) has appointed David Mitchard as a non-executive director.
AIM
Engineering consultancy RC Fornax (RCFX) joined AIM on 5 February after raising £5.2m at 32.5p/share. Existing shareholders raised a further £1m. The share price ended the week at 35p. RC Fornax was set up in 2020 and is focused on the UK defence sector and it would like to move into new territories.
Building components manufacturer Alumasc (ALU) is maintaining margins and has managed to generate organic growth in a period where the construction market contracted. New product development and improving efficiency help to improve the figures. Interim revenues rose by one-fifth to £57.4m with organic growth of 8%. Pre-tax profit was 19% ahead at £7.5m. Exports grew 43% as demand from the Chek Lap Kok project in Hong Kong started to build. The interim dividend was raised by 1% to 3.5p/share.
Energy supplier and energy efficiency services provider Good Energy (GOOD) has reached agreement with Dubai-based Esyasoft and is recommending a 490p/share bid. That is higher than the share price had ever previously been and values Good Energy at £99.4m. Major shareholder and former potential bidder Ecotricity has committed to accepting the bid.
Digital tech services provider TPXimpact (TPX) says third quarter trading was in line with expectations, but contract starts have been delayed and slow to build up which will hit the fourth quarter. This is due to the UK government putting off spending decisions. The UK government comprehensive spending review should be completed in June and spending will hopefully return to expected levels after that. Dowgate has cut 2024-25 revenues from £84m to £76m, which has led to a pre-tax profit downgrade to £2.8m.
RA International (RAI) directors have decided to ask for shareholder permission to leave AIM. The remote services provider to global organisations says that disclosure requirements hamper the business by enabling rivals have a greater insight into its strategy. Also, confidentiality agreements mean that it is difficult to provide investors with the information they want. Liquidity is poor because Soraya Narfeldt and Lars Narfeldt own more than 80% of RA International. Contract mobilisation delays are hampering trading, and a loss is expected for 2024. Costs will be reduced this year and non-core business could be sold for up to $5m.
Lung cancer diagnostics developer Lung Life AI (LLAI) is planning to leave AIM with discussions continuing with one strategic partner to help to commercialise its lung cancer tests. However, there is unlikely to be an agreement in the short-term and cash, currently $1.31m, is only going to last until later in the second quarter. A public share issue is unlikely to be viable. If no source of funding can be found, then the company would be wound up.
Fuels, food and feed distributor NWF (NWF) reported an improvement in underlying pre-tax profit from £3.4m to £3.6m. Higher contributions from fuels and feed offset a small dip in profit at food distribution, where the new site at Lymedale is taking longer than expected to fill up. There are £600,000 of exceptional costs relating to an investigation into a conflict of interest in contracting transport services and the investigation will be completed by May. Full year pre-tax profit expectations have been maintained at £8.6m.
Space and defence communications technology supplier Filtronic (FTC) trebled interim revenues and went from loss to a pre-tax profit, excluding the movement in the value of SpaceX warrants and share-based payments, of £7.8m. The momentum is not expected to continue in the second half, where the comparatives are much tougher anyway. Despite investment in new capacity and working capital requirements net cash is £5.1m and it should be much higher at the year-end. There have been two forecast upgrades in recent months, and it is not a surprise that the full year pre-tax profit forecast has been maintained at £11.5m, up £3.4m last year. There is potential for further contract wins, though.
APQ Global Ltd (APQ) says the US government’s slashing of international aid and foreign assistance has created a tough environment for its investee companies. Cash flow generation and refinancing debt should enable APQ Global to repay convertible loan holders by the end of March, but it is more uncertain than previously. The outstanding principle is £26.1m. Delphos is the main investment and two-thirds of its transaction advisory contracts have been cancelled, and they were worth $5m. The others are also likely to be cancelled. Cash inflows over December and January were expected to be $18.9m, but they were $1.1m. The estimate for February has been downgraded from $16.5m to $14.5m, although the March estimate has been raised from $4.3m to $11.1m. That still means a reduction $12m over the period. APQ Global had $3.2m in cash at the end of January.
Cosmetics supplier Warpaint London (W7L) warns that growth is slowing. Interim revenues were 25% higher in the first half and they grew 14% to £102m for the full year. Usually, the second half is much stronger. Margins continue to improve. So far this year, revenues are 15% ahead.
Ilika (IKA) has successfully demonstrated the scalability of its Goliath battery and it will produce prototypes for potential customers. The battery was produced using standard equipment. Ilika is working with Mpac (MPAC) on a 1.5MWh solid state battery production line to produce the Goliath prototype for automotive use. The Agratas factory built to supply Jaguar Land Rover is assessing it its ability to produce Goliath batteries.
Team Internet (TIG) revealed 2024 revenues fell 4% to £803m. Even three months ago growth was anticipated. Profit also declined. The original domain names business grew revenues by 7%, while the new comparison division grew 43%. The search division, which is the rest of the online marketing business, reports a 11% decline in revenues. This is the main profit contributor and gains elsewhere were more than offset by the lower profit here. Net debt was $97m at the end of 2024. It would have fallen without acquisition costs. The Shinez acquisition has not gone as well as expected and there will be a non-cash write-down, plus legal action against the sellers.
Online gaming marketing services provider B90 Holdings (B90) moved into profit in 2024 as overheads were slashed. Zeus forecasts a pre-tax profit of €600,000 on revenues two-thirds ahead at €5m. Net cash is €1.1m. Profit and net cash could double this year.
Gfinity (GFIN) has signed an exclusive licence agreement with 0M Technology Solutions to commercialise 0M’s AI technology Connected IQ (CIQ). Gfinity believes it combine its network and contacts in the advertising sector to help commercialise CIQ. The fee is 30% of net profit generated by the licence. It is unclear how quickly sales can be built up. Gfinity has the option to buy 0M for £2m after the first anniversary of the agreement and lasting until the end of third year. 0M is owned by Robert Keith, who owns 19.6%. Gfinity has raised £260,000 ay 0.0625p/share. The new shares come with warrants exercisable at 0.09p/share.
Sustainable laundry technology developer Xeros Technology (XSG) is progressing with tech verification from four global washing machine manufacturers and two of those could move to substantial paid-for joint development agreements. Timing is uncertain, though. Even so, Cavendish has reduced its 2024 and 2025 forecast revenues. The loss is estimated to decline from £4.8m to £4.5m in 2024. Net cash was £2.8m at the end of 2024 and it should be £800,000 at the end of 2025.
Nativo Resources (NTVO) announced a share consolidation of 1,500 existing shares into one new share. The board believes this will help to make the share price less volatile.
MAIN MARKET
Homeware products supplier Ultimate Products (ULTP) says recovery has been slower than expected as the consumer market remains weak. Higher freight costs and taxes will hit profit for the year to July 2025. Pre-tax profit is forecast to fall from £14.4m to £11m.
Codex Acquisitions (CODX) has entered into an acquisition agreement of Technologies New Energy, a Portugal-based renewable energy company, for £28m in shares at a notional price of 20p each. This would make the deal large enough for the company to be readmitted to the Main Market. Trading in the shares was suspended at 5.5p.
Andrew Hore
Quoted Micro 18 December 2023
AQUIS STOCK EXCHANGE
Flex Labs Inc (FLEX) joined the Access segment on 15 December. The Canada-registered company is developing AI middleware for natural language processing text generators. There is no product yet. The introduction price was 3p, which valued Flex Labs at £3.42m. The share price ended the week at 6p.
Investment Evolution Credit (IEC) joined the Access segment on 14 December and raised £508,000 at 20p/share, valuing the online consumer loans company at £2.99m. The company currently focuses on the US but plans to move into the UK. In the US, Mr Amazing Loans offers loans of between $2,000 and $10,000 with interest rates of between 19.9% and 29.9%. Approvals are required to start offering loans in the UK. The core business is loss-making. The share price ended the week at 6p.
Shares in Semper Fortis Esport (SEMP) rose as shareholders agreed to the acquisition of Good Life + and the subsequent reverse takeover that occurs on 18 December.
Yooma Wellness Inc (YOOM) left Aquis on 15 December. The company has been put into voluntary liquidation.
China-focused eCommerce company Samarkand (SMK) reported a 1% dip in interim revenues of £8.1m, while the loss was reduced. There was growth in sales outside of China. Revenues from own brands rose 18%. VSA has downgraded its expectations for the full year because the recovery has not gained the anticipated momentum. Cost savings are helping to reduce the loss. The full year loss is still expected to fall from £4.7m to £3.8m. Samarkand could move near to breakeven next year.
Business assurance provider Adsure Services (ADS) generated revenues of £4.25m in the six months to September, which was prior to joining Aquis. There was an interim loss, but last year the second half was highly profitable. There are plans to diversify the customer base.
Retail carbon trading company Ora Technology (ORA) did not generate revenues in the period to July 2023. There was £1m in the bank at the end of July 2023.
In November, Guanajuato Silver (GSVR) increased month-on-month silver production by 23% to 295,284 ounces equivalent. The production improvement is set to continue into next year.
Marula Mining (MARU) is involved with local partners in applications for graphite mining licences at the Nyorinyori graphite project and the NyoriGreen graphite project in Tanzania. New processing equipment has been installed at the Blesberg lithium and tantalum mine.
Wishbone Gold (LON: WSBN) says visual inspection of core from recent drilling at the Cottesloe project in Western Australia show zones containing base metals while x-ray fluorescence scanning shows elevated base metals readings. Assay results will make things clearer.
Newbury Racecourse (NYR) has appointed Shaun Hinds to replace Julian Thick as chief executive.
IamFire is raising £1m at 1.5p/share and it has changed its name to WeCap (WCAP).
EPE Special Opportunities (EO.P) had net assets of 300.48p/share at the end of November 2023.
Marallo Holding Inc has acquired 1.75 million shares in NFT Investments (NFT) for a total cost of £47,375. Michael Heald has increased his stake in brewer Adnams (ADB) from 21.4% to 23.5%. Oscillate (MUSH) non-exec John Treacy has bought an initial 880,000 shares at 0.54p each.
AIM
Recruitment firm Impellam (IPEL) has finally agreed a takeover offer after months of being in a bid situation. HeadFirst is offering 557.2p/share in cash and 392.8p/shares in loan notes for each Impellam share. Shareholders will also receive the 55.9p/share dividend announced, plus a further cash dividend of 22.4p/share and a in specie dividend of 56.1p/share. This all adds up to 1,084.4p/share and values Impellam at £483.2m. The non-convertible loan notes offer annual interest of 17% and last an initial 3 years. The convertibles have annual interest of 12% and the total loan amount can be converted into 20% of the bid vehicle.
Venue management software supplier Skedda Inc has proposed an 82p/share offer to SmartSpace Software (SMRT) valuing it at £25m. The share price has not been that high since 2021 and it jumped 103% to 70p, still well short of the bid level. JO Hambro, which owns 8.3% of the software developer, is supportive of the offer. Skedda believes that it can provide the financial backing that SmartSpace Software requires. The SmartSpace Software board is considering the offer. The company is currently loss-making.
Dispute resolution services provider Driver Group (DRV) moved back into profit in the year to September 2023, mainly due to higher gross margins. The £1.1m pre-tax profit was still lower than the £2m reported for 2020-21. The cost base has been reduced and additional projects have been won. Net cash is £5.8m. The final dividend is 0.75p/share and management says that there is around £1m of surplus capital that can be used for share buy backs. The core businesses will be rebranded Diales and there are plans to move into other sectors, such as aerospace and IT.
Defence and forgings company MS International (MSI) more than doubled interim pre-tax profit from £3.46m to £7.72m. Revenues improved from £42m to £57m. The defence business returned to profit and generated all the revenue growth. That offset lower contributions from other divisions. Net cash is £50m. There are £57.5m of contract liabilities on long-term contracts and NAV is £43.4m. Deliveries for US navy contracts begin in the second half.
Shore Capital has reduced its 2024 and 2025 forecasts for pawnbroker H&T (HAT). The pledge book is growing faster than expected and an additional £10m of funding was recently secured. That additional profit is offset by increased wage costs following the raising of the National Minimum Wage. There will also be higher interest costs. The dividend is likely to grow by a lower percentage than previously anticipated. The 2024 revenues have been edged up to £261m, while pre-tax profit is reduced from £36.7m to £39.7m. A higher tax rate means that there will be a 10% drop in earnings estimates to 62.8p/share.
There is a continued decline in the share price of energy and water efficiency company Eneraqua Technologies (ETP) after the announcement that two local authorities are delaying spending. There is also a £900,000 exceptional charge relating to defective equipment. A loss of £6m is forecast for 2023-24.
Phase 3 trials of the grass allergy treatment developed by Allergy Therapeutics (AGY) show highly statistically significant reductions in symptoms compared with a placebo. There will be a meeting with the regulators in the first quarter of 2024.
Image Scan (IGE) returned to profit in the year to September 2023 as revenues were 50% ahead at £3m. A further improvement is expected this year. The order book is worth £650,000 with a pipeline of potential work that underpins further growth.
Former ITM Power (ITM) boss Dr Graham Cooley has acquired a 6.6% stake in Distil (DIS). This follows the drinks company’s £765,000 fundraising at 0.35p/share.
MAIN MARKET
RM (RM.) expects 2022-23 revenues from continuing operations to decline from £214.2m to £196m, which includes £19m (£33.6m) from Consortium, which is being closed. The educational technology provider expects to have a significant write-own relating to that business. Management is renegotiating lending facilities.
Kitchenware retailer ProCook Group (PROC) reported an underlying interim pre-tax loss was reduced from £2.8m to £2.2m. Revenues fell, but gross margins have improved, helped by lower freight charges. High street sales are growing, although online revenues have declined due to problems that have been sorted out. In the most recent eight weeks sales were 1.5% ahead
S and U (SUS) says net receivables have grown from £417m to £446m since the half-year end with the growth coming from the car finance and property bridging divisions. Management is cautious about prospects.
Andrew Hore
Ian Pollard – Sainsbury #SBRY, Asda & Walmart – Merger Banned To Prevent Price Increases
J Sainsbury plc and Asda. The proposed merger between Sainsbury”s and Asda has been prohibited by The Competition and Markets Authority in its final report published today. As a result, Sainsbury’s, Walmart and Asda have mutually agreed to terminate the transaction.The reasoning behind the prohibition is that the proposed merger would result in increased prices for the consumer. Sainsbury is still unconvincngly trying to argue that it would mean lower prices. I know who I believe. Well done the CMA
Meggitt plc MGGT Revenue during the first quarter was strong with organic growth of 9% excluding the effects of foreign exchange and disposals. Strong revenue growth is expected to continue for the remainder of the year which is expected to be more challenging as air traffic growth is expected to moderate. The demand for defence products is also uneven despite organic revenue growth of 18%
Image Scan Holdings IGE produced a performance which was slightly behind expectations during the six months to the 31st March but expects to meet market expectations for the year to 30 September 2019. Revenue declined by some 30% and the half year profit of £39,000 was turned into a loss before tax of £178,000.The Chairman says that the recent decline in the share price is disappointing for shareholders but what else can he expect with results like that.
Ixico plc IXI updates that it is on track to deliver robust revenue growth for the first half of the year to the 31st March. Reported revenues are expected to show growth of 22% and the company is confident that full year revenue growth will match that. The momentum in building the order book during the first half of the year has continued from 2018. The order book is now robust and is expected to enable the company deliver on the +20% revenue growth targets which the business has set for itself.
Synnovia plc SYN expects results for the year to the 31st March will show strong growth in both sales and profits.Although profits will show a significant rise they are still expected to be marginally below current market expectations. The Industrial Division has performed extremely well as new business came on stream after the unexpected delays encountered in the previous year. Profitability in the Films Division was adversely affected by project delays in the current year.The Group also has to report that it has recently discovered an overstatement of revenue amounting to £1.619 million for the financial year ended 31 March 2018. This it claims, is non material but with repeated delays in its its two main divisions over this year and last, the picture painted by management could have been a happier one.
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Ian Pollard: Stagecoach Pleased With Operating Loss of £6.2m (Unadjusted)
Stagecoach Group plc SGC is pleased to report positive half-year financial results, ahead of expectations, at least according to the Chief Executive, David Griffiths. These included a total unadjusted operating loss of £6.2m compared to a profit of £114.8m profit for 2018, which may lead the more cynical to comment that some people are easily pleased. Virgin Rail did produce a strong profit in the six months to the 27th October but a statutory loss of 5.5p per share compares with last years first half earnings per share of 13.6p. Not surprisingly the interim dividend remain unchanged. Encouraging results have been delivered at the UK regional bus business, together with high customer satisfaction. The above forecast rail earnings have enabled increased expectations for full-year adjusted earnings per share.
Wood Group plc WG has been awarded a $43 million (USD) contract by a large-cap midstream US company to construct 80 miles of steel pipeline in west Texas. This is a strategic pipeline for the US and a milestone project for the company.
Versarian plc VRS is delighted to have entered into an MOU with a subsidiary of a subsidiary of China Railway Group Limited (“CRG”).one of the world’s largest construction and engineering contractors. The cooperation is intended to explore the applications for graphene, which are specific to CTCE’s needs. IT is envisaged that CTCE will provide funding for any manufacturing venture in a structure to be agreed.
Image Scan Holdings IGE after rapid growth in both sales and profits between 2015 and 2017 the year to the 30th September proved to be a disaster. Sales fell from £5m to £3.5 and profit before tax slumped from £480,000 to £90,000 as the company was impacted by exceptional costs associated with the an aborted acquisition and a decline in portable X-ray orders .However the order pipeline is strong, the team has been strengthened and research and development has been refocused with the aim of returning to the growth of previous years.
Brave Bison Grp plc BBSN reports it is on track for a year of real progress in 2018. Trading is ahead of management expectations with an improved financial performance, revenues growing and full-year EBITDA3 positive for the first time since the Group came to market in 2013, as well as expectations of cash flow being positive. In October the company was named as the world‘s second-biggest digital media publisher for views and consistently in the top 10 during 2018. The shares are so far responding well in early trading this morning.
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Andrew Hore: Quoted Micro 29 October 2018
NEX EXCHANGE
Auxico Resources Canada Inc (AUAG) has added a NEX quotation to its year-old Canadian Stock Exchange listing. Auxico has mineral properties in Colombia and Mexico. There is already a UK investor base.
Chapel Down Group (CDGP) had a bumper 2018 harvest that was 125% ahead of the previous best, thanks to the hot summer. Some vineyards produced their first crops.
Ace Liberty and Stone (ALSP) is paying this year’s dividend in three instalments: October, April and July. The first interim will be 0.83p a share and the ex-dividend date is 25 October. The sale of Hume House in Leeds has been completed for £3.9m, compared to a cost of £1.67m in March 2014. A 37-storey building will be constructed on the site.
Eight Capital Partners (MORE) is investing £250,000 in AIM-quoted Imaginatik (IMTK) with £160,000 subscription for shares at 1.1p a share for a 29.7% stake, and £90,000 in convertible loan notes with an annual interest rate of 7.5%. Eight Capital is issuing up to £2.5m of convertible bonds at 95% of their nominal value. The annual coupon is 5%. One warrant will be granted for every two shares issued.
Trading in the shares of Etaireia Investments (ETIP) has been suspended ahead of a potential acquisition of property assets from the Oyston family.
Gunsynd (GUN) will get a 4% stake in Human Brands when, or if, it floats on the standard list. Previously it would have been a 1% stake. Gunsynd has £289,000 invested in drinks distributor Human Brands loan notes.
Founder Sebastian Snow has resigned as creative director of pubs and inns operator Barkby Group (BARK) and Lana Snow has also left the group. Occupancy rates were good in September and there is significant demand for the Christmas period.
Ganapati (GANP) reported a reduction in interim loss from £4.54m to £3.56m, although total income was flat at £2.19m. There was cash in the bank of £2m at the end of July 2018. This could be added to by an initial coin offering by Malta-based blockchain subsidiary GanaEightCoin Ltd next spring.
NQ Minerals (NQMI) has raised £81,250 at 15p a share to provide further working capital.
The chairman and chief executive of DXS International (DXSP) have both bought shares in the healthcare technology company. Bob Sutcliffe bought 100,000 shares at 8.515p each, while David Immelman bought 20,538 shares at 8.66p each, which takes the chief executive’s stake to 10.3%.
Sativa Investments (SATI) has signed an option on a 298,806 square foot glasshouse for growing medicinal cannabis. Mark Blower is becoming a non-executive director.
Melissa Sturgess has acquired 590,000 shares in Ananda Developments (ANA) at 0.4496p each. The executive director of the cannabis-focused investment company owns 47.8 million shares. Ananda joined NEX on 4 July having raised £930,000 at 0.45p a share. The share price ended the first day at 0.975p and it has more than halved since then.
AIM
Chris Marsh has resigned as finance director of Patisserie Holdings (CAKE) having been suspended on 9 October. Previously undisclosed LTIP share awards have been revealed.
GB Group (GBG) has acquired Australia-based ID verification services provider Vix Verify Global for £21m. This has led to a 2.7% upgrade in the 2019-20 forecast earnings per share. Third quarter trading of the existing business was in line with expectations with organic growth in revenues of 11%.
Avingtrans (AVG) is acquiring Texas-based Tecmag Inc for $243,000. Tecmag manufactures instrumentation for magnetic resonance imaging and nuclear magnetic resonance systems. This fits well with Avingtrans’ magnets business in the sector.
Energy supplier Yu Group (YU.) has shocked investors with accounting changes relating to accrued income and increases in impairment charges for trade debtors. This will slash £10m for this year’s profit turning it into a loss. There is £11.5m in the bank at the end of September 2018.
1Spatial (SPA) reduced its loss n the first half and is on course to cut its full year loss from £1.5m to £1m. The geospatial data services provider should move into profit next year.
HaloSource Corporation (HALO) says it has sufficient working capital until the end of the year, but up to $5m is required to add a further 12 months. The company expects to generate revenues of $2m-$2.5m in 2018 and the target is to treble that figure in 2019, which would reduce the loss.
EKF Diagnostics (EKF) says the record date for the distribution of shares in Renalytix AI is 23 October and the shares will start trading on 2 November.
Nexus Infrastructure (NEXS) expects 2017-18 profit to be in line with expectations and order books are strong. Infrastructure services provider Tamdown’s revenues will be slightly lower due to planning delays with the growth coming from utility connections business TriConnex. Net cash is £20m.
RA International (RAI) has won a $9.1m contract with URS Group Inc. This is a new client. The contract covers construction services for an asphalt runway in Somalia and lasts for 11 months.
Data analysis software and services provider D4T4 Solutions (D4T4) trebled its interim revenues to £14m, although the comparatives were weak. Net cash is £12.2m.
Gfinity (GFIN) is raising £6m at 8p a share and this cash will further develop the esports activities and the UK Elite series. The 2017-18 revenues were 82% ahead at £4.3m and losses continue.
Angling Direct (ANG) is taking advantage of its strong position in the fishing tackle retail market by raising £20m at 92.5p a share, which compares to the July 2017 flotation price of 64p a share. The cash will finance the opening of 20 stores and the launch of European websites. This accelerated investment means that Angling Direct will fall into loss this year.
Velocity Composites (VEL) has managed to trade in line with downgraded forecasts for the year to October 2018. Revenues will be slightly above £24m and there is net cash of £3.6m. The company is seeking a new chief executive and the former incumbent has left the board.
The cancellation of a contract and the failure to gain backing for an acquisition have hampered the progress of Image Scan Holdings (IGE) in the year to September 2018. Revenues fell from £5m to £3.5m, although the gross margin improved from 39% to 48%. Pre-exceptional profit will slump from £480,000 to £45,000. That was before the £245,000 cost of the failed acquisition. There was £780,000 in the bank at the end of September 2018. Sarah Atwell-King has been appointed finance director.
VR Education (VRE) has been hit by the delayed launch of its Titanic VR product on PlayStation. This should still happen this year, but 2018 revenues will be well below expectations. The timing of the launch will determine the outcome for the year. The ENGAGE platform will be launched before the end of the year as anticipated. Non-executive director Mike Boyce is helping out with sales.
SkinBioTherapeutics (SBTX) increased its research and development spending from £157,000 to £416,000 in the year to June 2018. The cosmetic application has started a human study and data should be available between November and April 2019. A clinical trial for an eczema treatment could start before the end of 2019. There was £3.2m in cash at the end of June 2018.
Rare books trader Scholium (SCHO) says it will move into loss in the first half, but it expects to make a higher full year profit than the £38,000 reported last year. Start-up Mayfair Philatelics is losing money but three auctions are taking place in the second half.
AfriTin Mining Ltd (ATM) is making progress towards production at its Uis tin project in Namibia. The first phase plant being constructed will be able to process 500,000 tonnes of pegmatite in order to produce 720 tonnes of tin concentrate a year. AfriTin has the cash required to reach production.
A strong performance from manned guarding meant that Croma Security Solutions (CSSG) increased its full year revenues by 59% to £35.1m and pre-tax profit was 400% higher at £2m. There were some one-off boosts during the year. Net cash was £2.1m. The dividend has been increased from 0.5p a share to 1.6p a share.
Property investment adviser First Property Group (FPO) has reduced its stake in Fprop Opportunities to 44.3% so it will no longer be consolidated in the group’s results. The plan is to lower the stake to below 30%. Fund management will be a greater contributor to profit.
More cash is required at meat and delicatessen products retailer Crawshaw (CRAW) for restructuring purposes and it also still needs a new nominated adviser.
Kemin Resources (KEM) will leave AIM on 29 October because it has not been able to find a replacement for Strand Hanson as nominated adviser. JP Jenkins Ltd will provide a trading facility.
OnTheMarket (OTMP) has signed up Belvoir Lettings (BLV) to its online platform. All Belvoir’s sales and lettings properties will be on the platform.
StatPro Group (SOG) says annualised recurring income has increased by 3% to £54.8m.
MAIN MARKET
Communisis (CMS) is recommending a 71p a share cash offer by consumer communications services provider OSG, which values the target at £153.8m. The combined business would be able to develop internationally because of OSG’s global strength.
WideCells Group (WDC) has signed a partnership deal with stem cell extraction and storage company Smart Cells. The deal is with the healthcare insurance subsidiary CellPlan, whose insurance plans will be offered to Smart Cells’ 60,000 clients.
Hemogenyx Pharma (HEMO) has signed a second agreement with US biopharma company Orgenesis Inc. The deal involves the development and commercialisation of the company’s Human Postnatal Hemogenic Endothelial Cell (Hu-PHEC) technology, which could develop cancer-free, patient-matched blood stem cells after transplantation into a patient. Like the previous agreement, Orgenesis will provide a convertible loan of $1m and this can be converted into shares in the Hemogenyx subsidiary that owns the technology. Orgenesis will pay a 12% royalty on net revenues generated by the technology.
North Midland Construction (NMD) says that full year revenues will be better than anticipated at between £340m and £345m, with net margins between 1.7% to 1.8%. The order book for delivery in 2019 is £222m. A new single identity for the group will be launched in November. HR director Karen Morris has bought 8,172 shares at 550p each.
British Minnows Swimming Strongly
Today brings more evidence of the strength of small, even tiny, British companies which are prospering and growing strongly. No complaints from them about Brexit, challenging market conditions, the weakness of the pound and all the other moans which issue forth on a daily basis from so many of our major companies who have become sclerotic lost both the will and the ability to succeed.
easyJet EZJ has reached agreement with Air Berlin to acquire part of Air Berlin’s operation at Berlin Tegel airport for a consideration of 40 million Euro. easyJet will take leases on up to 25 A320 aircraft and offer employment to up to 1,000 of Air Berlins pilots and cabin crew, thereby stealing a march on Ryanair which has suffered such severe consequences as a result of suddenly finding it had a pilot shortage.
Image Scan plc IGE is exceptionally proud of its achievements in the year to 30th September which saw sales rise by over 50% from £3.3m to £5m and profit before tax rise nearly five fold from £105,000 to £480,000. 65% of the increase in sales came from portable x ray machines, strong progress was made in new markets in India and the order intake for the year was a record at £5.4m. The CEO states that the strong momentum is set to continue.
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Cerillion plc CER updates for the year to 30th September, that it has continued to perform well in the second half and full year revenue and EBITDA are expected to show rises of 8.2% and 16.3% respectively. Growth in software revenue form existing customers has been strong and opportunities for the future are seen as encouraging.
Artilium plc ARTA The year to the 30th June was one of significant operational and technical progress, which enabled the company to become a leading figure in innovative telecom software solutions. Adjusted EBITDA for the year grew by 21.7% and revenue by 8.6%. New markets were penetrated, especially in Germany where a new office has been opened and strong demand is seen for the company’s software solutions. The leading position which it now holds is expected to be reflected in both revenue and EBITDA growth in the current year.
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Walker Greenbank Hikes Interim Dividend by 25.5%
Walker Greenbank WGB benefited from three factors which helped sales to increase by 29% in the half year to the 31st July, enabling the interim dividend to be increased by 25.5%. The first was a strong contribution from Clarke & Clarke, acquired in October 2016 and which produced sales of £10.3m out of a total of £54 million. The second was a 17.9% increase in licensing income and the third was a strong export performance which helped to offset a weaker UK. Despite this, statutory operating profit fell by some 10% due to acquisition costs but underlying operating profit rose by 52.8% and adjusted earnings per share by 39.4%.
Gooch & Housego GHH ended its financial year on the 30th September with a record order book, up by 29% in constant currency terms and on a like for like basis. Strong demand was seen throughout the year in the industrial and telecommunications sectors. About a third of the company’s business now relates to Aerospace and Defence.
Image Scan Holdings IGE has had such a busy September that the update given at the end of August is already out of date. Completion of orders which were due for delivery later in the year has been accelerated as has factory acceptance of other orders. The result is that sales for the year to 30th September are now expected to be £5 million compared to August’s estimate of £4.5million whilst profit before tax is expected to be well up at £450,000 as against August’s estimate of £250,000. The year end order book is also said to be strong.
Lightwave RF plc. LWRF anticipates that revenue for the year to 30th September will have more than doubled from 2016’s £1.44m Gross margins are also expected to have materially increased from last years 32.5%. Even so losses before tax are expected to be broadly in line with the £0.84m. loss for 2016
Redhall Group RHL expects results for the year to 30th September will now be materially below expectations due to client delays, especially relating to work on Hinckley Point C. The delays are not anticipated to continue and a strong performance is expected for 2018.
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Bunzl – 24 years of Dividend Growth
Bunzl plc BNZL is increasing its interim dividend by 8% giving it a 24 year track record of dividend growth. Revenue for the half year to 30th June rose by 7%, adjusted profit before tax by 5% and adjusted earnings per share by 7%, all at constant exchange rates. Like for like revenue growth increased to 3.7%. Eleven acquisitions have been announced so far during the current year.
Real Good Food plc RGF announced at the beginning of the month that it expected EBITDA for the year to the end of March 2017 would be some £2m. Since then the new Finance Director has carried out a review which indicates that it is now expected to be only about half that, at £1m. The Board is now in discussion with its bankers with a view to varying some of the conditions of its banking facility.
Polymetal International POLY First half revenue rose by 17% and gold sales were up by 19%, although silver sales were down 5%.Cash costs fell by 28% due largely to the strength of the Russian rouble. An interim dividend of US$ 014 is being proposed compared to last years US$0.09
Image Scan Holdings IGE announced last month rapid growth in orders across a broad range of its products. Sales for the year to the end of September are now expected to reach £4.5m. with profit before tax of £250,000
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Pearson Gives Notification of Exit & Other Nonsense
Pearson PSON has brought out a new literacy programme which management has obviously not read. Had it done so they could have written their 9 month interim management statement in something like English instead of nonsense such as “some 3,600 Full Time Equivalent employees have been notified of exit.” – and this from a purveyor of higher education products, who seems to be surprised that its nine month sales have declined by7% although this is glossed over as due to retailer inventory corrections. Come off it. A slump in sales is still a slump in sales however you dress it up in fancy language. Pearson even claims that this is a good competitive performance even though sales are continuing to suffer from a further 3% fall and sales are trending lower than expected in North American higher education..
Fortunately the declining pound is there to rescue management to the extent that if current exchange rates persist, earnings per share are expected to increase by about 4.5p or some 8%. Saving weak management is not supposed to be the reason for allowing the pound to collapse.
Lok’n Store Group LOK claims that the year to 31st July was an exciting one which produced an impressive performance with more to come. Document storage more than doubled its profits and self storage performed strongly. The annual dividend is to be increased by 12.5%
Mortice Limited MORT has enjoyed another strong period of growth with year on year revenue for the first half, up by 57%, including contributions from its two acquisitions which have been performing well.
Image Scan Holdings IGE Sales for the year to the end of September have almost doubled with a rise from £1.7m to £3.3m and margins rising from 38% to 42%. Pretax trading profit for the year is expected to have risen over sixfold to £0.64m. As a sign of continuing success the outstanding year end order book has almost tripled from a year ago and now stands at £1.7m.
Tristel TSTL results for the year to the end of June are ahead of market expectations and the full year dividend is to be increased by 11%. Overseas sales rose by 22% and total turnover by 12%. Pretax profit and EBITDA before share based payments rose by 27% and 26% respectively. Tristel has no debt and there is £5.7m in the bank.
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