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Quoted Micro 22 August 2022
AQUIS STOCK EXCHANGE
Invinity Energy Systems (IES) has signed a memorandum of understanding with US Vanadium to create a US-based 50/50 joint venture to build and sell vanadium flow batteries. Arkansas-based US Vanadium produces high-purity vanadium pentoxide and electrolyte for vanadium flow batteries. Invinity Energy Systems has also delivered and installed a 1.8MWh VS3 flow battery system at the European Marine Energy Centre hydrogen R&D facility in the Orkney Islands.
Valereum (VLRM) is swapping its 20 bitcoin miners in the US for a 24% stake in new company Vinanz, which is conditional on the company listing on a recognised stock exchange. The final stake will depend on the money raised at the time of the listing. This will enable Valereum to concentrate on the Gibraltar Stock Exchange when the deal gets regulatory approval.
CBD and hemp products supplier Voyager Life (VOY) generated revenues of £178,000 in the period to March 2022. There is £1.43m in the bank.
DXS International (DXSP) has entered a licence and services agreement with Deontics, which is a clinical AI company. The technology will be integrated into the DXS clinical software.
Shares in TECC Capital (TEC) remain suspended ahead of a readmission document for the proposed EDX Medical acquisition. There was £1.03m in the bank at the end of March 2022.
Goodbody Healthcare (GDBY) increased revenues by £2.55m to £7.4m in the first half of 2022. This was driven by revenues from the testing clinics. The loss grew from £1.27m to £1.41m. There is cash in the bank of £3.74m.
Psych Capital (PSY) investee company Awakn Life Sciences, where Psych Capital owns 426,000 shares, has entered the US addiction treatment and relapse prevention market through a licensing partnership with Revitalist Lifestyle and Wellness Ltd, a ketamine wellness clinic chain. Awakn has a treatment that was validated in a phase II a/b trial, which delivered 86% abstinence for six months after treatment versus 2% before the trial. Revitalist will pay an annual fee and a revenue share per treatment.
Ingraine (KING) says AZD1656, which is being developed as a treatment for people with diabetes suffering from Covid-19, has shown evidence that it activates T-regs that might suppress the inflammation that is the prime cause of tissue damage in autoimmune disease. LANCET eClinicalMedicine is publishing the results of the phase II clinical trial. Ingraine owns 2% of Excalibur Medicines Ltd, which has exclusive rights to AZD1656.
Wishbone Gold (WSBN) has a second drill rig is on site at the Red Setter gold copper project in the Patersons Range area in Western Australia. The drilling has shown the intersection of multiple zones of quartz veining, carbonate and chalcopyrite and pyrrhotite.
Premium Nickel Resources Ltd, where Evrima (EVA) owns 1.11 million shares, has been readmitted to TSX-V after the reverse takeover of North American Nickel Inc. The first assay results from the Selebi nickel copper cobalt sulphide mine in Botswana have been published. There was a positive update for the Molopo Farms complex project in Botswana, where Evrima has an 8.93% project-level interest.
Hydrogen Utopia International (HUI) is starting a US roadshow from 22 August, following the start of trading of the shares on OTCQB Venture Market. Recent US legislation could increase investor interest in the clean energy market.
Altona Rare Earths (ANR) is raising £1.1m at 8p a share ahead of the planned move to the Main Market at the end of September.
Chris Akers has increased his stake in Oscillate (MUSH) from 13.1% to 14.25%. The share price fell 11%.
AIM
Fashion brand Joules (LON: JOUL) was the worst performer of the week, falling by more than one-third. Trading has deteriorated in recent weeks, although wholesale sales are higher. This means that it will not make a profit this year, even if second half trading improves. Peel Hunt has downgraded its forecast for 20222-23 from a profit of £4m to a loss of £4.2m. Jonathan Brown becomes Joules chief executive at the end of September. Talks with NEXT about a cash injection continue.
Agricultural products supplier and retailer Wynnstay Group (WYN) raised £10.5m in a placing at 560p a share, which was above the minimum price indicated of 550p a share. The plan is to redevelop the Calne feeds site that came with an acquisition earlier this year. This can be developed into a feed mill with a 185,000 metric tonne capacity that produces poultry and ruminant feed. There are also opportunities for further acquisitions.
Online fashion retailer boohoo (BOO) has made a strategic investment in cosmetics supplier Revolution Beauty (REVB), which recently announced a profit warning. boohoo has bought a 7.13% shareholding. Revolution Beauty products are sold through several of boohoo’s websites.
Frasers Group (FRAS) has bid 2p a share for MySale Group (MYSL), which values the retailer at £13.6m. The bid is not recommended.
Newcrest Mining is not taking up the option to acquire a further 5% stake in the Havieron asset, so Greatland Gold (GGP) will retain a 30% stake. The price for the 5% stake had been set at $60m and much of that cash was earmarked to pay off loans from Newcrest. Greatland Gold management says that it is happy to retain the larger stake. The latest mineral resource for the Havieron deposit announced by Newcrest is 5.5 million ounces of gold and 223,000 tonnes of copper.
AI product revenues at Intelligent Ultrasound (IUG) reached £300,000 in the first half. There were royalties from the GE deal and direct product sales. Full year revenues are expected to be £600,000. In the six months to June 2022, group revenues grew 62% to £5.9m, although that includes £1.4m of one-off ultrasound simulation orders from an NHS training initiative. There was a 13% decline in US revenues to £1.1m, but they should recover in the second half. The group remains loss-making and there is cash of £3.5m, which is expected to decline to £1.8m by the end of 2022.
MTI Wireless Edge (MWE) has been winning contracts that should benefit the second half. In the six months to June 2022, revenues improved from $21.3m to $22.7m, while pre-tax profit barely changed from $2.05m to $2.04m, due to a higher interest charge and amortisation related to the recent acquisition of communication and monitoring systems developer PSK WIND Technologies. Russia accounted for 6% of revenues and 5% of profit in 2021.
Full year revenues of digital services provider Made Tech Group (MTEC) were 120% higher at £29.3m and it moved into profit. There was cash of £12.3m at the end of May 2022. The contracted order book is worth £38.2m.
Flexible electrical connectors manufacturer Strip Tinning (STG) shocked the market when it revealed that a Croatian customer wants to terminate a contract from 1 October. This contract for cell management systems for electric vehicles was supposed to be worth €2m a year once peak volumes were hit in a couple of years.
Fishing equipment retailer Angling Direct (ANG) increased interim revenues by 1% to £38.9m, but they weakened in the second quarter and management says that full year revenues will be lower than previous guidance of £82m. That will lead to a sharp reduction in expected EBITDA to between £3m and £3.4m.
In-game advertising services provider Bidstack Group (BIDS) has extended its contract with Sports Interactive, which created the Football Manager game. This is a multi-year renewal of a contract that initially began in 2017.
Specialist recruitment firm Gattaca (GATC) says net fee income grew by 4% to £44m in the year to July 2022. There was an increase in permanent recruitment income offsetting a decline in contract income. There is good demand but a shortage of candidates for the roles.
Frontier IP Group (FIPP) has sold 391,200 ADSs in Exscientia at an average price of $11.97 each. This raised £3.88m. That is £1.85m below book value. Frontier IP still holds 782,400 shares in Exscientia. So far, sales have raised £9.96m compared with a cash cost of less than £2,000.
Property services provider Kinovo (KINO) nearly doubled its operating profit in the year to March 2022. Net debt was reduced to £340,000. First quarter revenues have risen by 28% to £14m and Kinovo has moved into a net cash position. The latest estimate for the liability for DCB, which has gone into administration, is that it will cost £4m plus expenses to complete work, which is lower than previous estimates.
Sustainable energy projects developer SIMEC Atlantis Energy (SAE) finance boss Andrew Dagley was voted off the board at the AGM on Thursday. There were 53.5% of the votes against his re-election. There were also 45% of votes against the audited financial statements for 2021 and 27% against the directors’ remuneration report.
MAIN MARKET
Private equity firm Thoma Bravo LP has made a preliminary approach to artificial intelligence (AI)-based cybersecurity services provider Darktrace (DARK) concerning a possible cash bid. Discussions are at an early stage.
Plant hire company Vp (VP.) has ended its formal sales process after the board unanimously decided to conclude the process.
Flavouring ingredients supplier Treatt (TET) says that profit will be below expectations in the year to September 2022. Restrictions in China have hampered progress, while costs have increased, and sales of iced and leaf tea in the US have been lower than expected. Currency movements have made things worse. The order book is ahead of this time last year.
Mears (MER) has acquired IRT Surveys, which provides data-led services focused on addressing fuel poverty and energy efficiency, for up to £4.1m. The initial payment is £3m, with the rest payable depending on performance over a two-year period. There should be a £200,000 profit contribution this year.
Andrew Hore
Andrew Hore – Quoted Micro 26 August 2019
NEX EXCHANGE
Walls and Futures REIT (WAFR) grew revenues by one-third to £136,000 but the ethical housing provider moved from profit to loss. In the year to March 2019, revenues improved from £103,000 to £136,000. The main reason behind the reported loss was a reduction in the gain on revaluation of assets from £198,000 to £145,000. The NAV still increased from £3.25m to £3.31m. These figures were prior to the acquisition of a property in Didcot. There is a pipeline of other potential transactions.
Barkby Group (BARK) has appointed finnCap as its corporate adviser.
Peterhouse has resigned as corporate adviser to Gamfook Jewellery (GAMF) and that follows the resignation of its auditor Crowe and the continued delays to the publication of the accounts for 2018. Peterhouse took over as corporate adviser from Daniel Stewart in March. Gamfook floated in December 2018.
Rutherford Health (RUTH) has opened its latest centre in Reading. The company was previously known as Proton Partners International Ltd.
Henry Lees-Buckley is taking on the chief executive role at Sativa Group (SATI) and Geremy Thomas has moved to deputy chairman.
AIM
Injection moulded plastic products Coral Products (CRU) returned to profit in the year to April 2019, although the underlying pre-tax profit only edged up from £568,000 to £580,000 because of a decline in exceptional costs. The second half was not as good as the first half, but cost cutting enabled a recovery at the end of the year. Net debt was £8.2m at the end of April 2019. There is no final dividend following the interim of 0.25p a share. Continuing problems at a major customer could continue to hamper progress. Equipment enabling recycling of plastic products is up and running. New products will be launched later this year, including roof tiles and road highway sound barriers.
International staffing provider Empresaria (EMR) had a tough first half, but despite this the company still expects to maintain its full year profit at £11.4m. Interim net fee income was 7% ahead but underlying pre-tax profit was one-fifth lower at £3.7m. That suggests a much stronger second half even though the German and Japanese businesses remain subdued, although they could start to recover. The diversification of the business in terms of sectors and geographies helps to offset the weakness in parts of the group. New chief executive Rhona Driggs is putting in place a new strategy, which should help next year’s figures.
Adamas Finance Asia Ltd (ADAM) has maintained its NAV at $1.10 a share (88p a share). Investee company Hong Kong Mining Holdings is still on course to restart mining operations and it is acquiring additional land for mining activities. Fook Lam Moon is assessing opportunities to expand its catering operations. The internal fit out for Infinity Capital’s Tellus Niseko project should be completed before the end of September.
MySale Group (MYSL) has raised £11.2m at 2p a share, which is a 58% discount to the market price. There will be £5.5m used to pay down bank facilities. The number of shares in issue is trebled. This follows a strategic review by the retailer, which is refocusing on Australasian operations and the selling down of stock. The cost base will be reduced.
Transport optimisation software and equipment supplier Tracsis (TRCS) grew its cash pile to £24m at the end of July 2019, even after paying around £9m on acquisitions. Pre-tax profit is in line with expectations at £9.4m, up from £8.5m.
Breedon Group (BREE) intends to change its tax domicile from Jersey to the UK. The company will still be incorporated in Jersey. The general meeting to gain approval to change the article of association will be held on 9 September.
Packaging supplier Robinson (RBN) improved gross margins by 12 percentage points to 19.7% in the first half, but that was partly offset by higher overheads. Pre-tax profit improved from £478,000 to £684,000. Net debt was £9.1m. The interim dividend is unchanged at 2.5p a share.
IT services provider Adept4 (AD4) is in talks to acquire CloudCoCo, which was set up by former sales directors of Redcentric. The deal would involve the issue of new shares that would nearly double the number in issue. The Business Growth Fund has agreed to sell £5m of unsecured loan notes to MXC Capital for £3.5m.
Data software and services provider D4T4 (D4T4) says that the figures will be second half weighted this year but not as much as last year.
Science Group (SAG) has increased its stake in Frontier Smart Technologies (FST) by subscribing £1m at 25p a share. This takes the stake to 52.3% (costing £6.9m) and this means that Frontier’s results will be consolidated. A standby facility is also being provided. Frontier’s cost base is being reduced.
Commodity trading and risk management software provider Brady (BRY) expects 2019 revenues to be around one-fifth lower than previous forecasts. That means that revenues are expected to decline from £23.2m in 2018 to £19m and this will lead to a loss of more than £4m.
Three directors have been removed from the board of Management Resource Solutions (MRS) and they have been replaced by John Copley and Robert Wall following a requisitioned general meeting.
Cancer therapies developer Scancell (SCLP) has initiated the UK SCIB1 phase 2 clinical trial for advanced melanoma, where SCIB1 is used in conjunction with the checkpoint inhibitor Pembrolizumab.
The financial director of Maestrano (MNO) has resigned to take up a role in Australia. The software company continues to undertake due diligence on a potential acquisition. An Australian bank client has decided not to go ahead with a new banking platform. There should be enough cash to last into next year.
Cyber security company Osirium Technologies (OSI) has signed up the first customer for its Opus privileged process automation software, plus two customers for the PxM platform. The Opus client is an asset manager that is already a user of PxM.
Cellcast (CLTV) has called a general meeting on 6 September in order to approve the sale of its operations. The company will change its name to Vintana.
MAIN MARKET
BATM (BVC) reported an improved interim profit, but that was due to a one-off unrealised gain after an investment in the Ador diagnostics joint venture. Revenues dipped from $58.2m to $56.2m. The second half performance will be more important. Revenues are expected to grow from $119.6m to $128.5m, with pre-tax profit jumping form $2m to $6.7m. There is further longer-term growth to come from both the biomedical and networking divisions. The recent fundraising means that there is plenty of cash to finance growth.
Argo Blockchain (ARB) is further increasing its capacity and this could make it the largest quoted cryptocurrency miner by next year.
Injection moulding and engineering company Tex Holdings (TXH) says net assets per share have fallen from 168p to 140p after it swung into loss last year. There is no final dividend. The plastics division is trading profitably and orders have improved at the engineering division.
Path Investments (PATH) plans to acquire FineGems Extraction Corporation, which has a 75% stake in a company that holds the Jagoda licence in Zambia. The assets are near to production. They are manganese ore and tourmaline deposits. The acquisition would leave existing shareholders with 50% of the enlarged share capital.
Gold explorer IMC Exploration (IMC) has raised £150,000 at 1p a share and has paid £27,000 of professional fees in shares. The cash will be spent on exploration and geological work on a tailings project in Avoca, County Wicklow.
Dev Clever (DEV) has appointed Novum Securities as joint broker and raised £436,000 at 3.4p a share. The consumer engagement systems company has secured a three-year agreement with Toshiba Global Commerce Solutions, which will offer Dev Clever’s Engage gamification platform and its learning and development platform to retail customers.
Andrew Hore
Andrew Hore – Quoted Micro 20 May 2019
NEX EXCHANGE
Fuel emulsification technology developer SulNOx Group (www.sulnoxgroup.com) plans to join NEX. SulNOx has developed an emulsification and condition process for hydrocarbon fuels. This process makes the fuel more efficient and thereby reduces fuel usage and emissions. Nouryon AB will manufacture and distribute the company’s products under the Berol brand. SulNOx will do the sales and marketing. The directors are applying for approval of eligibility of the company for EIS relief.
Arbuthnot Banking (ARBB) has obtained a NEX Growth Market quotation. The shares continue to be traded on AIM.
AfriAg Global (AFRI) has agreed to subscribe for four million shares in Apollon at 25p each, although part of the investment requires shareholder approval. This is equivalent to a 2.34% stake. However, AfriAg needs to raise this £1m in order to make the investment. It had £101,000 in the bank at the end of 2018 and NAV was £1.9m. The plan is to obtain an option to acquire the rest of the company. Apollon is a medicinal cannabis company and it has an affiliate in Jamaica that has a licence to cultivate, process and sell hemp and medicinal cannabis. Specific strains of medicinal cannabis have been developed.
KR1 (KR1) is generating staking yield revenues on the Cosmos Network, which launched on 14 March. The yields will be a minimum 5.6% yield and it could be much higher. This type of revenues could be generated by other networks where KR1 has an investment.
Sativa Investments (SATI) had £3.74m of cash at the end of 2018. This will be used to develop operations in the UK and Germany. Last year’s revenues were £260,000.
Tectonic Gold (TTAU) has taken operational control of the Vast Mineral Sands diamond mining contract. Cash generated will finance gold exploration.
High Growth Capital (HASH) has consolidated 20 shares into one new share. Dealings commenced on 16 May.
Primorus Investors (PRIM) increased its NAV from £4.95m to £5.16m at the end of 2018. This has been achieved even though pre-IPO investments have had their flotations delayed by poor market conditions. There was £408,000 in cash in the balance sheet.
Proton Partners International Ltd (PPI) has raised £10m at 176p a share by issuing shares to Woodford as part of the agreement in the flotation prospectus. NQ Minerals (NQMI) has issued 1.37 million shares at 6.5p each to satisfy a payment for the three month extension of maturing debt.
Gowin New Energy (GWIN) has extended the loan agreements with four shareholders so that the repayment dates are all around the beginning of November. The loans total £500,000.
AIM
Software provider Sanderson (SND) prospered in the first half. Revenues improved by 18% to £17.2m and operating profit was one-third higher at £2.8m. Recurring revenues grew by 18% and they are 55% of total revenues. Sanderson has already secured most of the revenues it requires to make the full year revenues forecast of £35.3m, which is expected to generate pre-tax profit of £5.4m.
Block Energy (BLOE) has raised £12m at 11p a share. This comes less than one year after Block joined AIM when the oil and gas company was valued at £10.3m at the placing price of 4p. The cash will be invested in the West Rustavi PSA in the Republic of Georgia. Up to four horizontal sidetracks will be drilled in order to scale up existing production, as ell as drilling one new well. There will also be funds for 3D seismic, appraisal of two existing gas discoveries and increase the capacity of production facilities to up to 5,000 barrels per day. This will all be done over the next 12 months.
Investment and new store opening costs have pushed fishing equipment retailer Angling Direct (ANG) into loss. In the year to January 2019, revenues grew from £30.2m to £42m. International sales more than doubled to £4.7m. IT investment is improving efficiency. Angling Direct will continue to lose money this year as the number of stores is set to be increased from 24 to 34. It takes more than a couple of years for a store to start to mature so the benefits of the current investment will take time to show through in profit terms.
Live events agency Aeorema Communications (AEO) says its revenues reached a new high in the second half and full year revenues will be better than expected. New business has been won but it is lower margin than previous contracts so profit will be in line with expectations. There should be a full year dividend. Last year’s dividend was 0.75p a share, which was an increase of 50%.
TruFin (TRU) is launching a tender offer for up to £5m of shares at 92p each. The tender offer closes on 4 June. TruFin recently £44.5m raised from the sale of its stake in Zopa and demerged Distribution Finance Capital (DFCH). There are plans to return a further £5m by the end of 2019.
Churchill China (CHH) is continuing to trade strongly so far this year. The opening of the Rotterdam distribution facility is supporting European growth. Sales of added value products are growing. The integration of the Dudson brand and products is progressing well.
Online retailer MySale (MYSL) has sold the cocosa.co.uk website. This is part of the plan to exit the UK and concentrate on Australia and New Zealand.
Film completion contracts provider FFI Holdings (FFI) says operating profit will be at the lower end of the range of $7.5m to $11.5m previously reported.
Maistro (MAIS) has decided to leave AIM. The company has gone from a hyped-up online business called blur to cash strapped operation that needs to save as much money as possible. Maistro has raised plenty of cash in its time as a quoted company.
Veltyco Group (VLTY) has generated flat revenues from sportsbook and casino marketing business in the year to April 2019. The revenue mix has changed, and lower margin activities have grown in importance. The company is loss-making and more investment will be required.
The recovery at Safestay UK (SFE) appears to be stalling, even though it is growing revenues faster than the market is growing. The problem is that margins are not improving as quickly as expected.
Ten Lifestyle (TENG) increased revenues by 24% to £21.5m but the loss has risen due to greater investment in the business. The lifestyle and travel platform still has £13.2m in the bank. New contracts are being won and existing ones increased in size.
MAIN MARKET
Blencowe Resources (BRES) has wasted little time in securing a takeover target. It plans to acquire a company which is the owner of the Oram graphite project in Uganda for £2m in shares at 6p each.
nmcn (NMCN), which formerly North Midlands Construction, says first quarter revenues increased by 27% to £94.4m and improved margin meant that profitability increased by 170% to £1.75m. The built environment division moved back into profit and the water division doubled its profit. There is £22m in the bank. The secured workload for the year is £342m.
Packaging manufacturer and distributor Macfarlane Group (MACF) says profit is ahead of last year and in line with expectations. Sales have grown by 7% so far this year and organic growth is 3%. The manufacturing operations have grown fastest.
Highway Capital (HWC) is catching up with its figures having published more than one set this week. The interims to August 2018 show a cash outflow from operations of £9,000. Net liabilities were £614,000.
There was a £949,000 cash outflow from operations at Toople (TOOP) in the six months to March 2019. There is net cash of £546,000.
Flavours supplier Creightons (CRL) says second half sales will be similar to those in the first half. There will be a £350,000 benefit from research and development tax credits.
Argo Blockchain (ARB) has adjourned its general meeting following the resignation of Jonathan Bixby. Mike Edwards become chairman. Another director will be appointed in consultation with First Investments, which requisitioned the general meeting. First Investments is backing the existing business by investing up to $1m as a cryptomining-as-a-service customer.
Andrew Hore
Ian Pollard – Shaftesbury #SHB beats the High St blues
Shaftesbury Plc SHB updates that it enjoyed robust footfall and trading over Chistmas and the New Year, with resilient demand for regular space and high occupancy, leaving one wondering whether the demise of the high street was just another media myth. Occupiers generally, they claim, reported growth in turnover compared with the same period in 2017 and despite reports to the contrary Shaftesbury’s restaurants, cafes, pubs and bars were particularly busy throughout the festive period.”
SSE plc SSE updates for its third quarter ending on the 31st December that it still intends to recommend a full-year dividend for 2018/19 of 97.5 pence per share and to deliver the five-year dividend plan set out in May 2018;However surrounded on all sides by interfering busybodies from the Europen Court of Justice to ministers of the Crown and our own ridiculous looking politicians, there is little wonder that it ever finds time to get down to its real job of keeping our homes war. If the Brexit shambles ever taught anything it must be that politicians and Bureaucrats must never be allowed anywhere near industry. This years consequnce of so doing is that there will be a directly attributable fall of 6% in earnings per share from 64p to 69p per share. Imagine the screams and accusations from Parliament if a major UK company caused so much damage to itself. It is at least happy that it has been able to make good progress in our core businesses and also demonstrated its ability to create value for shareholders. No mean achievements in view of the obstacles placed in its way.
Smart Metering Sys SMS produced a 54% increase in the total number of metering and data assets under management by 31 December 2018. The portfolio of domestic smart meters increased by 100% increase year on year from 423,000 at 31 December 2017 to 846,000 a year later.The company has also signed an agreement with Co-operative Energy Limited to be appointed preferred supplier fund and install Co-operative Energy’s meters of which it already has 326,000.
MySale Group MYSL experienced challenging trading in the first half with Group revenue decreasing by 17% and gross profit down by 35% with active customers falling by 7% .The performance is admitted to be disappointing but management claims that immediate action has been taken to remedy it and an improved performance will be delivered in the second half when a positive underlying EBITDA is expected.
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Ian Pollard – Ashtead #AHT ups expectations & interim dividend
Ashtead Group plc AHT delivered a strong second quarter with a good performance across the Group. As a result, Group rental revenue increased 18% for the half year to the 31st October and underlying pre-tax profit by19%. Earnings per share rose by 38% in the second quarter and by 42% over the half year. Accordingly the company expects that full year results will now be ahead of prior expectations.The interim dividend reflects the success of the first half with an increase of 18% from 5.5p to 6.5p per share.
RWS Holdings plc RWS claims an outstanding performance for the year to the 30th September with revenue up by 87% and adjusted profit before tax up by 43%. The proposed final dividend is to be increased by 15% making a total increase for the year of 15%. A very good start has been made to full year 2019 with a strong performance in the first two months, leading to expectations of another record year
My Sale Group plc MYSL is very disappointed in its performance during this year’s peak trading period. Challenging conditions impacted the second quarter and as a result the board now believes that revenue and profits for the year to 30 June 2019 will be significantly below market expectations. Selective price increases have had to be reversed after adversely affecting both revenue and transaction volume. Higher levels of discounting and postage promotions had to be used in order to offset lower demand. In Q1 the business traded in line with expectation, but in Q2, the peak trading period, the ongoing disruption caused by legislative changes in Australia was more acute than anticipated and gross profit was negatively impacted.
Zytronic plc ZYT Reported profit before tax for the year to the 31st September fell to £4.2 from £5.4m..in 2017 , as a result of reduced revenues, lower gross margins and litigation costs. An unchanged final dividend of 15.2p is proposed bringing total dividends for the year to 22.8p a rise of 20% year on year. Present revenues and trading are at similar levels to last year.
LightwaveRF plc LWRF Enjoyed a strong last quarter with revenue run rate up 50% on the previous three quarters after a weak first half performance. Revenue for the year to the 30th September fell to £2.81 million compared to 2017’s £3.03 million, whilst the loss before and after taxation slumped to £2.54 million from last years £0.85 million.However things are now improving Revenue run rate for first two months of the 2019 financial year, up a further 25% on the strong last quarter of 2018
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Ian Pollard – Ocado Slumps To Half Year Loss
Ocado OCDO The 26 weeks to the third of June was a transformational period for Ocado, claims the CEO but perhaps not the sort of transformation which every company would welcome. Group EBITDA fell by 13.9% and 2017’s first half profit before tax of £7.7m was transformed into a loss of £9m.for the current year. First half sales growth however was significantly ahead of the market at 11.7% and retail revenue growth of between 10% and 15% is expected for the current year.
My Sale Group MYSL updates that the year to the 30th June produced another record performance with double digit revenue growth of 10% driving EBITDA growth. Results are expected to be at least in line with the top end of market expectations leading to a significant year-on-year increase in profitability.
Softcat plc SCT expects that adjusted operating profit for the year to the 31st July will be materially ahead of prior expectations following an exceptionally good performance in the final quarter. Market conditions have been very favourable and growth against last year has accelerated.
Dechra Pharmaceuticals DPH has delivered another year of strong revenue growth, with reported group revenue for the year to the 30th June showing an increase of 14% at constant exchange rates and 13% at actual rates. North America produced what is described as an excellent performance.
Young & Co Brewery plc YNGA Trading in the current year has started well, with managed house sales for the first thirteen weeks up 8.8% in total and 5.2% on a like-for-like basis and the warm weather getting at least some of the credit.
Begbies Traynor BEG proposes to increase its total dividend for the year, by 9% the first increase since 2011 and whilst this may be good news for shareholders it does not bode well for the economy. Profit before tax for the year to the 30th April rose from last years £0.6m to £2.3m and basic earnings per share increased from £0.2m to £1.3m
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Ian Pollard – Ultra Electronics Keeps Shareholders On Side
Ultra Electronics ULE found 2017 to be a challenging year and only modest progress can be expected for 2018. 2017 ended with a strong order intake and a sound balance sheet but basic earnings per share fell by 20%. revenue by 1.3% and both underlying operating profit and underlying profit before tax both fell by 8.4%. So it will despite the poor year,raise its final dividend by 4.8% as any self respecting company will do when things are not good and and it needs to keep the shareholders in line. Mind you it did the same at half time when it had become apparent that things had started to go seriously wrong with its UK military business. Then it increased the interim dividend by 2.8p. per share even though storm clouds were gathering on the horizon.
Wizz Air Holdings WIZZ February passenger numbers rose by 23.5%, slightly less than the increase in capacity and the load factor also fell slightly to 91.2%. The network expanded with 4 new routes.
BATM Advanced Communications plc BVC 2017 became a milestone year as the company capitalised on previous investment and achieved its first year on year growth since since 2011. Revenue for the year rose by 18.5% and earnings per share moved from a loss of 0.27c oer share in 2016, to a positive 0.06c. Adjusted operating profit jumped from $0.9m to $5.6m. The bio medical division continued to show particular strength and growth momentum across both divisions, is expected to be maintained for 2018.
Zoo Digital ZOO updates that growth has continued into the second half and full year EBITDA is now expected to be above market expectations whilst full year revenue to the end of March should have risen from $16.5m to $28m.
Fusion Antibodies FAB updates that revenue for the year to the end of March is expected to show a rise of 40%, a substantial drop on the first half’s 70% growth but only because of the significant amount of management time and focus which had to be spend on the pre Xmas IPO. Growth rates are expected to resume their earlier trend now that management is free to concentrate on running the business.
My Sale Group plc MYSL produced a record first half performance for the half year to 31st December with underlying profit before tax rising by 266% on revenue up by 11%. Underlying basic earnings per share showed a rise of 82% and the active customer base rose by 12% to 1 million
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Ian Pollard – National Express Gearing Up For A Strong Christmas
National Express NEX has continued to see a good trading performance across all its divisions in October and November. In both the US and Spain early Christmas trading has been strong and advanced sales are higher then last year. Two small acqisitions have been completed, one in he states with 204 buses and the second in Madrid with 73 buses, each of which is expected to provide a return of 15 – 20% in line with company policy.
Elegant Hotels ELG had received an approach from Melia Hotels regarding a possible all cash offer for shares in Elegant but discussions have now been terminated and Melia will not be making any offer.
Alliance Pharma APH has agreed to acquire from Tyra Tech for an initial consideration of £13m, the worldwide rights to Vamousse which is an innovative consumer healthcare brand. The acquisition will be immediately earnings enhancing.
My Sale Group MYSL will announce at today’s AGM that the current year has started well, revenue growth has accelerated compared to last year, gross margins are increasing and costs are being kept under control. Plans fr the year are ambitious but underlying profitability is growing in line with management expectations.
Palace Capital PCA is increasing its interim dividend for the 6 months to the 30th September, by 5.6%. The end September portfolio valuation showed a rise of 10.7%, profit before tax increased by 25.6% and adjusted earnings per share by 18.5%. Palace claims it has built a high quality portfolio, due to careful stock selection and is showing increasing growth both in income and in capital value.
Cora Gold Limited CORA has commenced a six month drill pogramme at its Sanankora Gold discovery in southern Mali. The pogramme is expected to be completed during he second quarter of 2018.
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