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Andrew Hore – Quoted Micro 30 July 2018
NEX EXCHANGE
Milamber Ventures (MLVP) has signed heads of terms for the acquisition of health and social care training provider Orchard Rock. Milamber will pay up to £1.9m in cash and shares. If the deal goes ahead then there will be an initial cash payment of £800,000. A further £200,000 is payable when the management handover is completed and up to £900,000 is payable in shares depending on EBITDA. In the year to April 2018, Orchard Rock achieved revenues of £980,000 and EBITDA of £374,000. The deal includes a 15% stake in digital learning business YourHippo in return for £100,000 in shares. At the AGM, shareholders voted through the authorities required for equity and debt funding for the Orchard Rock deal. Two new private investors have acquired 166,668 shares at 9p each.
Smart home products supplier Sandal (SAND) says that its smart home products revenues exceeded £1m in the year to May 2018. This growth did not quite offset the fall in the PowerConnections division due to destocking. Two product ranges have been discontinued at a stock write-off cost of £72,000. According to Equity Development, MiHome revenues could almost double this year and they would represent most of the growth in group revenues and help Sandal to move into profit. In 2019-20, MiHome should be generating the majority of group revenues.
Peru-based VI Mining (VIM) is acquiring the Cushuro gold project for $27.5m in (5.75 million) shares from Karmin Exploration. Karmin has restrictions on selling shares until 2 March 2020. Cushuro is in the same region as the existing two silver and gold projects.
MetalNRG (MNRG) is acquiring the Gold Ridge project in Arizona, which includes three mines that were previously producing gold. MetalNRG will pay $700,000 in cash and shares to Winston Gold Corporation.
South Africa-based social impact investor Inqo Investments Ltd (INQO) had R2.9m in cash at the end of February 2018. There are also loans of R784,000 to offset against that. Full year revenues increased from R17m to R23m, but the lack of other income meant that Inqo has fallen back into loss. The Kazuko game reserve is achieving better room rates and higher occupancy, helped by the weak Rand. Honey producer Bee Sweet Honey generated revenues from the May 2017 harvest but not from the November one because of bad weather. There was also an interest contribution from Four One Financial Services.
Crispin Freeman, non-executive director of Hydro Hotel, Eastbourne (HYDP), has bought 600 shares at 740p each, thereby taking his stake to 6,600 shares.
AIM
Pennant International Group (PEN) has achieved three-fifths of its 2018 profit forecast in the first half. The defence training services provider expects to report a more than doubled interim profit of £2.1m on the back of a 30% increase in revenues. The order book is worth £30m. A full year profit of £3.5m is forecast. This is without a contribution from the potential Middle East contract.
Geospatial data technology developer 1Spatial (SPA) is raising £8m at 3.75p and this cash will be deployed to repay the overdraft, develop additional technology and win new customers.
APC Technology Group (APC) has raised £2.54m at 6.75p a share in order to help finance the £2.2m acquisition of Aspen Electronics, although £500,000 is being paid in shares. This has sparked a one-third upgrade in the Stockdale 2018-19 earnings per share forecast to 0.75p. Aspen distributes RF and microwave components.
Tern (TERN) is raising £2.9m at 26p a share. This cash will help to develop its investee companies, particularly cyber security business Device Authority. Tern has a 50% stake in Internet of Things business InVMA, which has acquired the IP of AMIHO Technology, which has developed technology for the connectivity for the smart energy sector.
Judges Scientific (JDG) continues to benefit from currency movements and operating profit will show progress at the interim stage. The interims will be published on 18 September. There should be less of second half bias this year. At the end of June 2018, the order book stood at more than 14 weeks.
Holders Technology (HDT) moved back into profit in the six months to May 2018 and both PCB and LED businesses increased their revenues. An interim loss of £53,000 was turned into a profit of £65,000. The interim dividend is unchanged at 0.25p a share. NAV is 96p a share, which is double the current share price.
Online gaming marketing services provider Veltyco (VLTY) has made consistent progress since reversing into an AIM shell but this has come to a halt. Marketing revenues continue to grow but the progress of 51%-owned Bet90 has been slower than expected, sparking the decision to spend more on marketing. This means that group EBITDA will be lower than expected. Altair Entertainment owes Veltyco €3.4m and it has agreed to pay €300,000 a month. Veltyco had €1m in the bank at the end of June 2018.
Financial services provider STM Group (STM) says first half trading was in line with expectations. The Harbour acquisition should be fully integrated with STM Malta by the end of August. STM is recruiting additional directors and management.
Wynnstay Properties (WSP) is acquiring units 10-15 in Petersfield Business Park for £3.83m. The current annual rent is just over £203,000.
Beximco Pharmaceuticals (BXP) is exporting its fourth product to the US. The latest product is an anti-diabetic drug, which is the generic equivalent of Bristol-Myers Squibb’s Glucophage.
MAIN MARKET
Bioquell (BQE) increased its revenues by 9% to £15.7m in the first half of 2018. The bio decontamination services provider generated like-for-like revenues growth of 15% at constant currency rates. Pre-tax profit is two-fifths higher at £1.96m, although that includes a £76,000 gain on disposal. There is £15m in the bank.
Telecoms services provider Toople (TOOP) had a slightly more successful third quarter. Gross profit was 57% higher than the third quarter of the previous year. That follows flat gross profit at the interim stage. However, gross profit needs to be much higher to cover overheads.
Laurence Orbach has stepped down as a director of book publisher Quarto Group (QRT).
Andrew Hore
William Hill On A Winning Streak
William Hill plc WMH Adjusted operating profit for the year to 26th December is expected to show a rise of 11%, ahead of expectations. In the nine weeks since the last trading statement on the 11th November the UK and the US have shown good momentum, gross win margins have been ahead of expectations and significantly ahead of the previous year.Net revenue has been very strong.
Judges Scientific plc JDG The positive demand for the company’s products which started in the second half of 2016 has continued throughout 2017Organic order intake for the year to 31st December increased by 16% and it is anticipated that earnings per share will be above current market expectations.
Watkin Jones WJG delivered what it describes as another set of impressive results with profit before tax for the year the year to 30th September soaring from £13.3m to £43m., a rise of 326.3%, on revenue up by 13.1%. Both revenue and gross profit showed strong growth, driven by student accommodation developments. EBITDA was up by 8.6% and the final dividend is to be increased by 10% to 6p per share.
SpaceandPeople SAL enjoyed strong trading during the final quarter of 2017 and became debt free by the end of the year on the 31st December, all bank debt having been repaid during the course of the year. Profit before tax will be £100,000 higher than anticipated at about £1.2m. Dividend payments are to be re-commenced and a final dividend of 1.5p per share will be proposed.
Sinclair Pharma plc SPH Revenue over the past two years has grown by in excess of 80%, returning the company to EBITDA profitability in 2017, a year which saw a strong performance across all key brands and revenue growth of 20% or 14% on a constant currency basis. The fourth quarter was particularly strong in Germany and Brazil and 2018 is expected to produce further strong growth overall.
Steppe Cement STCM Revenue for the year to 31st December rose by 20% over the previous year, after a 4% volume increase and a 15% price rise. Exports doubled to 146,000 tonnes
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Pure Circle recovering from US Customs Debacle
Pure Circle PURE Final results for the year to the 30th June were severely affected by it being denied access to the US market where it had been producing a third of its revenue, after it was made subject to a Withold Release Order by US Customs & Border Protection. Extensive investigations resulted in it being removed from that list but not until the 30th January and although sales to the US have now resumed, it will take time for it to rebuild the previous momentum which it had acquired in the US market. Operating profit fell by nearly half to US$17.6m. and earnings per share were also halved from 8.49 to 4.16 cents per share. The company claims it has a unique market position with 72 patents granted and a further 200 pending.
OCADO Group OCDO Revenue in the 13 weeks to 27th August continued to grow strongly with an increase of 13.1%, significantly ahead of the industry average. Orders per week increased by 16% but the average order size fell by 1.2%.
Judges Scientific JDG has made a robust recovery from a year ago with interim results to the 30th June showing new records being set for revenue, profit before tax, earnings per share and dividends. Revenue rose by 20%, (14% on a like for like basis), adjusted pre tax profit by 48%. and basic earnings per share by 65.1%. The interim dividend is being increased by 11% to 10p per share.
Swallowfield plc SWL reports another very strong performance and excellent progress in the year to the 24th June with the final dividend being increased by over 50% to 3.5p per share making a total increase for the year of 68%. Helped by the weakness of sterling and acquisitions revenue grew by 36% or 8% excluding acquisitions. On a constant currency basis the figures were 31% and 2% respectively.
Augean AUG Despite a 14.4% rise in revenue for the six months to the 30th June, adjusted profit before tax fell by 7.2% and adjusted earnings per share by 7.4%, following losses in its Industry and Infrastructure businesses which it describes as legacy issues from Colt. To add to its mixed fortunes waste disposed of by its Energy and Construction business declined by 23.7%.
Keyword Studios KWS delivered another strong set of results for the half year to the 30th June and the interim dividend is being raised by 10%. Like for like revenue rose by 17% and adjusted profit before tax and earnings per share by 60% and 55% respectively.
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Sports Direct – Is It “Come Uppance” Day ?
Sports Direct SPD Preliminary results for the year to 30th April show revenue growth of 11.7% but apart from that it looks like Mike Ashley needs to get himself down the pub sharpish for another of those famous non alcoholic problem solving meetings. Profit before tax fell by 58.7% on an underlying basis and 22.2% on a reported basis whilst earnings per share were down by 67.9% on an underlying basis and 15.8% on a reported basis. Mr. Ashley lists a litany of reasons which impacted the company but bouncily proclaims that he is looking to the long term and will try to avoid short term volatility. Meanwhile he sees SDL as a sort of Selfridges. At least trading in his new flagship stores is exceeding expectations but “come uppance” may be today’s popular catch phrase in the city
The third quarter to the 30th June has been a strong one with capacity rising by 9.5% and passengers by 10.8%. Revenue per seat at constant currency rates rose by 2.2%, ahead of guidance and the figures were further aided by strict cost control and an improved underlying trend in the trading environment. The result is that headline profit before tax expectations have been upgraded to between £380m. and £420m. for the full year.
Moneysupermarket.com MONY is increasing its interim dividend for the half year to 30th June by 3% and with a commitment that its progressive dividend policy will be continued. Group revenue for the half year rose by 5% led by a strong performance, especially in quarter 2, from insurance which showed a rise of 18% and good growth from money, credit cards and loans. However adjusted operating profit for the full year is now expected to be at the lower end of the consensus range.
Judges Scientific plc JDG is pleased to have seen the the reversal of a long term trend, in the half year to the 30th June. Organic order growth rose by 28.1%, matched by double digit like for like sales growth. Strong first quarter orders were followed by a good second quarter and interim results will be expected to show solid progress in revenue, EBIT and earnings per share.