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Quoted Micro 1 July 2024
AQUIS STOCK EXCHANGE
Voyager Life (VOY) has entered into an option to acquire M3 Helium Corp, which is a Kansas-based helium producer, for 57.6 million shares. Production is from one well and four other wells are being tested. There is also a processing plant. Voyager Life has raised £864,000 at 3p/share to finance the development of operations and fund the readmission document. M3 Helium is loss-making.
Ananda Developments (ANA) announced promising results from cardiac fibrosis studies with CBD-based therapy MRX1. It has potential as a treatment for heart failure with preserved ejection fraction. It mitigates cardiac fibrosis and improves heart health. Next steps are being assessed.
Tennyson Securities has published initial research on Good Life Plus (GDLF) the prize-based draw lottery. Investment in the business means that it will continue to lose money for the next two years before moving into profit in 2026-27 when earnings of 0.7p/share are forecast. The 12-month target price is 4.24p/share.
Time to ACT (TTA) subsidiary GreenSpur has received an award of £613,000 from the EU BEETHOVEN project for the development of advanced magnetic materials. This will be used for development of the rare earth-free magnet.
Valereum (VLRM) reported a reduction in loss from £4.25m to £353,000. There was a swing from net liabilities of £758,000 to net assets of £351,000 following an increase in the value of the investment in Vinanz (BTC). That was partly offset by an impairment charge on the GSX investment.
Brewer Adnams (ADB) expects to conclude its evaluation of future funding later in the summer.
Housebuilder St Mark Homes (SMAP) reported an increase in loss from £1.47m to £2.93m. Directors are halving their remuneration from the beginning of July. Because of the weakened financial position, the board will ask shareholders at the AGM to agree to the departure from the Aquis Stock Exchange.
Food company Essentially Group (ESSN) lost £960,000 on revenues of £1.59m in the 16 months to the end of 2023. There was £301,000 in the bank at the end of the year.
Ormonde Mining (ORM) had net assets of €10.5m at the end of 2023, including €2.3m in cash. Management is evaluating investment opportunities.
Wishbone Gold (WSBN) reported an increase in cash outflow from operations from £787,000 to £1.62m. Cash fell below £6,000 at the end of 2023. A share issue at 1.2p/share and exercise of warrants raised £550,000 this year.
Phoenix Digital Assets (PNIX) made a pre-tax profit of £20.1m in 2023 following a fair value gain of £25.3m. This is prior to the recent tender offer.
Marula Mining (MARU) believes that the Blesburg lithium and tantalum mine will generate positive cash flow in the second half of 2024. The company has confirmed delivery of manganese ore from the Larisoro manganese mine and they will increase in the second half.
SuperSeed Capital (WWW) has issued 100,000 investor warrants exercisable at 120p/share to VSA Capital. The convertible loan notes will be redeemable on 21 June 2026 instead of September 2024.
Invinity Energy Systems (IES) increased revenues from £2.94m to £22m in 2023. The loss rose from £18.5m to £23.2m.
KR1 (KR1) had net assets of 106.3p/share at the end of May 2024.
Startup Giants (SUG) left Aquis on 27 June.
AIM
PI Industries has launched a 9p/share bid for Plant Health Care (PHC) and this is recommended by the board. The bid values the natural crop enhancement products company at £32.8m. PI is involved in all areas of the agricultural inputs sector in India, and it would be able to provide the finance and distribution to grow the Plant Health Care operations. PI wants to expand into areas such as the US and Brazil where Plant Health Care is already active.
Pubs and bars operator Nightcap (NGHT) has decided to cancel the AIM quotation because of the weak share price and the difficulty to raise additional funds. Trading is challenging and this is expected to continue for the rest of the year. EBITDA for the year to June 2024 is below expectations. Integrating The Piano Works has been more costly than anticipated. A general meeting will be held on 17 July but there is already sufficient support to pass the resolution to leave AIM. The quotation is likely to be cancelled on 29 July. A matched bargain facility will be provided by Asset Match.
Renewables investment company I(X) Net Zero (IX.) also plans to cancel its AIM quotation. The share price has slumped since joining AIM, partly because of the timing. Renewables businesses were in favour, but there was a subsequent change in investor sentiment to companies that were not profitable. There has also been a lack of liquidity in the shares. Cash is flowing out of the company and more funds are likely to be required. There were $81.1m of unrealised gains in 2023, mainly due to a rise in valuation for WasteFuel after an investment by BP. NAV is $122.2m. There are plans to obtain a matched bargain facility though JP Jenkins.
Musical instruments retailer Gear4Music (G4M) reported full year figures in line with the recent trading statement. Revenues were 1% higher at £83.1m, while the company returned to profit. Founder Andrew Wass will focus on growth strategy and Gareth Bevan will take over as chief executive. The new strategy involves continued investment in the platform, enhancing the product range and diversifying channels to market. This year, pre-tax profit is expected to improve from £1.1m to £2.8m.
Renewable energy company SIMEC Atlantis Energy (SAE) generated cash in 2023 due the sale of the Uskmouth energy storage project and ongoing revenues from MeyGen tidal project. Net debt was reduced from £54.1m to £50.6m, with the majority of debt in the MeyGen project, which is set to be expanded. Core company debt was £13.7m, before the subsequent receipt of £7m from a land sale. This puts the company in a strong position make further energy storage project investments.
Giftware and stationery manufacturer IG Design (IGR) continues to improve margins. Revenues declined 11% to $00m, while pre-tax profit increased from $9.2m to $25.9m. The decline was in North America. Lower margin business was not continued, and progress was made despite the economic conditions. Net cash was $95.2m. The company is stopping manufacturing in China.
AIM-quoted investment company Braveheart Investment (BRH) increased its stake in thermal insulation and acoustic material manufacturer Autins Group (AUTG) from 26% to nearly 27%. Autins interim revenues improved slightly to £11.7m and cost savings reduced the loss, but it was still £466,000. Second half sales are likely to decline in the UK because of changes in customer order mix and there is a halt in production at a European EV manufacturer. Flooring sales are weak.
Battery technology developer Gelion (GELN) has signed a joint development agreement with natural resources company Glencore International. The two companies will assess the suitability of Gelion technologies for use in Glencore’s stationary or mobile applications and pilot any opportunities. There will also be an assessment of strategic supply of materials to Gelion and future recycling.
Sanderson Design (SDG) is still finding the UK consumer market tough. Brand revenues have declined, and UK sales are 14% lower in the initial five months of the financial year. Manufacturing revenues are flat. Singers has downgraded its 2024-25 pre-tax profit forecast from £12m to £7.8m, which is not much higher than the figure for 2020-21. Net cash could fall to £10m.
Duke Capital (DUKE) says some investee companies have not been paying the expected amounts to the company. This has led to a decline in valuations of investments in the balance sheet. This is particularly the consumer-related investments. Total cash revenues were £30.3m in the year to March 2024, helped by three exits from investments. However, the fourth quarter recurring cash revenues fell to £5.8m, from £6.3m in the previous quarter. NAV is 39.8p/share.
Cosmetics supplier Warpaint London (W7L) expects interim revenues to be £46m, up 26%. First quarter revenues were 28% higher. There is a second half weighting to trading and new customers have been added. Freight costs are rising.
Nasdaq has sent two written notices to Renalytix (RENX) because the ADS price has fallen below $1 for at least 30 consecutive days. It is also below the minimum market valuation of $50m. Renalytix will appeal the determination that trading in the ADSs will be suspended on 2 July and they will subsequently be kicked off Nasdaq. Management will present a plan to become compliant again.
R and Q Insurance Holdings (RQIH) has sold Accredited to Onex Partners for $420m. Prior to that Inceptum was sold for £11.25m. Teneo has been appointed as provisional liquidator of R and Q.
Live Company Group (LVCG) is continuing discussions with a cornerstone investor to provide cash required because of the shortfall at the Brick Live division. A KPOP event in Germany is being promoted alongside the cornerstone investor. The 2023 accounts will not be published by the end of June, so trading in the shares will be suspended 1 July.
Secure payments technology developer PCI-Pal (PCIP) has settled all its patent litigation with Sycurio in the UK and US. The settlement is confidential.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) has returned to profit. In the year to March 2024, revenues were flat at £62.6m, while a loss of £200,000 was turned into a pre-tax profit of £1m. The number of active customers increased from 991,000 to 1.05 million. Net debt was reduced £700,000. Like-for-like sales are 3.5% ahead in the latest quarter.
Harworth Group (HWG) is raising £106m from the sale of land at Skelton Grange, which is more than double book value.
IT services provider Triad (TRD) fell into loss in the year to March 2024. Staff were retained ahead of securing work for them. Cash fell to £2.1m. The total dividend was maintained at 6p/share.
Andrew Hore
Quoted Micro 10 May 2024
AQUIS STOCK EXCHANGE
Time to ACT is planning to join the Aquis Stock Exchange later this month and it has launched a fundraising ahead of the flotation. The flotation will take place even if there is no money raised. Time to ACT plans to develop a group of engineering-based energy transition businesses. Middlesborough-based Time to ACT has two subsidiaries. Diffusion Alloys is a long-established diffusion coating business. The technology provides an intermetallic layer that protects metal components at high temperatures. GreenSpur is a much newer business that is developing direct drive generator technology for use in wind power that does not require rare earths for magnets. The Winterflood Retail Access Platform is being used to raise up to £1m. The issue price and closing date have yet to be announced. Investors have to apply for shares via a broker. The minimum subscription is £100.
Cykel AI (CYK) has agreed a bid from standard listed Mustang Energy (MUST). The offer is 1.911 Mustang Energy shares for each Cykel AI share. Both companies’ shares have been suspended since 17 January. The Mustang Energy suspension price was 30.6p, but the bid is based on a much lower share price valuing the company, which has net liabilities, at £1m. That values the bid at 9.37p/share and Cykel AI is valued at £19.2m. Cykel AI is developing artificial intelligence products.
Newbury Racecourse (NYR) increased 2023 revenues by 9% to £19m and reported pre-tax profit improved from £130,000 to £720,000. However, there was a £700,000 exceptional gain relating to the release of a provision included. Cost increases reduced underlying profit. Raceday attendances fell from 141,000 to 130,000. The nursery has increased capacity by 18%. Shaun Hinds will become chief executive on 3 June.
Silverwood Brands (SLWD) executive director acquired 100,000 shares at 20p following the restoration of trading at the beginning of May. The share price recovered by 48.5% to 24.5p, but it is still not back to its suspension price.
Marula Mining (MARU) has appointed a new mine manager at the Larisoro manganese mine in Kenya. Bernard Kiprotich has five years of mining experience in Kenya. Marula Mining is investing in the established Larisoro manganese mining operation by securing a 60% commercial interest with an option to increase it to 70%. There are three shallow open pits. The purchase price is £300,000 satisfied by the issue of 2.4 million shares. Marula Mining will provide investment of $1.5m for equipment to enable production to be increased.
Essentially Group (ESSN) has completed the acquisition of Best Latin Foodstuff Trading for £1.945m in shares at 52.5p each. Catalina Onate, who founded the food importer, has been appointed as an executive director.
Shareholders passed resolutions at the AGM of Supernova Digital Assets (SOL), including a cancelation of the share premium account and authority to buy back shares.
TruSpine Technologies (LON: TSP) chief executive Laurence Strauss has resigned. He was appointed in April 2023.
RentGuarantor Holdings (RGG) raised £35,000 at 274p/share.
AIM
Metallurgical coal company Bens Creek (BEN) says a further court hearing related to the three US operations that are in Chapter 11 bankruptcy protection will be held on 6 June. The court has accepted the proposed Avanti debtor in possession financing and $2m has been drawn down. This provides enough cash until the end of May. The final terms of the facility are being negotiated.
Genedrive (GDR) has raised £2.1m in a placing at 1.5p. This follow’s yesterday evening’s announcement of a fundraising, where the point of care pharmacogenetic testing company wanted to raise £2.5m via a placing. There is also a REX retail offer for up to £3.5m, which closes on 17 May, and a one-for-one open offer that could raise up to £2.1m. If the total amount raised is not at least £6m the fundraising will not go ahead, so a further £3.9m is required. The company’s tests are being commercialised and a direct to consumer strategy pursued in the UK, while there will be distributors in other countries. There will also be investment to improve manufacturing efficiency and to fund regulatory approvals.
Plant Health Care (PHC) generated a 72% increase in revenues to $4.3m in the first four months of 2024. There is cash of $2.3m. The loss could be reduced from $3m to less than $1m this year. A profit is possible in 2025.
Third quarter driver management systems units produced by Seeing Machines (SEE) have gone into 313,662 vehicles, which is 51% higher than the previous quarter. This is more than treble the number in the same period two years and 80% higher than one year previously with more contracts set to contribute. Monitored connections of the Guardian fleet units were 5% higher on the quarter at 59,706.
Push-to-talk and workplace management technology developer Mobile Tornado (MBT) has won a contract through its regional partner to supply technology for a mobile network in the Middle East and Africa, which has more than 50 million customers. Management believes that there should be increasing sales momentum following the deal.
Healthcare services provider Totally (TLY) reassured the market with its latest trading statement. Full year EBITDA was £2.3m, down from £6.9m, and net debt was £800,000 at the end of March 2024. Revenues fell 22% to £106m because of the loss of a contract. Cost reductions and efficiency improvements have offset the tough market. Annualised cost savings of £3.5m are expected.
Bushveld Minerals (BMN) has agreed the conditional disposal of Vanchem to Southern Point Resources Fund 1 for up to $40.6m. The initial consideration is $20.6m. This requires shareholder approval. Southern Point Resources is increasing the interim working capital facility it is providing that is secured on production at Vanchem. This, and a $9m working capital facility, will be offset against the initial consideration and be used to pay creditors. This will leave a cash payment to Bushveld Minerals of $3.5m when the disposal happens. The deferred consideration is based on 25% of distributable free cash flow with a minimum of $1.25m paid for each quarter of the three-year period.
Mothercare (MTC) reported a 13% decline in global system sales last year due to poor trading in the Middle East. Destocking is a problem. There was better trading in the UK and Indonesia. The retailer will improve EBITDA, but Cavendish reduced its forecast EBIDA by 9% to £7m, compared to £6.7m in 2022-23. Refinancing talks continue and a conclusion should reduce the interest bill.
Battery technology developer Ilika (IKA) is raising up to £3.4m at 28p/share to spend on the Goliath solid-state battery. This cash should last at least 12 months. A placing and subscription raised £1.7m and a one-for-26 open offer could raise up to £1.7m more. The open offer closes on 28 May. There will be £750,000 earmarked for the development of the Goliath battery and this supplements the grant assistance obtained. A further £750,000 will be used to increase testing capacity to 0.75MWh/a and for upgrading dry room facilities. Additional cash raised will support further capital expenditure and working capital for Goliath and the Stereax miniature battery.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) disappointed with its AGM trading statement and lost the majority of the share price gain this year. Prices are falling, but this reflects lower costs, so margins are being maintained. First quarter sales were 9.5% lower, which does reflect a reduction in volumes. There should be improvement in the second half.
Oxford Cannabinoid Technologies (LON: OCTP) plans to cancel the standard listing. Management believes that stockmarket uncertainty is making it difficult to raise cash at an acceptable share price. The development of the drug pipeline will continue. The cancelation date is 6 June.
Andrew Hore
Ian Pollard – Ocado #OCDO lifted by new Warehouse facility
Ocado Group plc OCDO produced revenue growth of 11.5% in the quarter to the 2nd September plus double digit growth of 11.4% in the average number of weekly orders.The average size of the orders remained constant at 106. The unique proprietary technology at the new warehouse at Erith enabled Ocado to process over 20,000 customer orders with 14 weeks of opening, compared to the 15 months it took the Andover warehouse to achieve the same throughput.
BBA Aviation BBA announces that it has acquired Firstmark Corp for a consideration of $97m. Firstmark is a leading provider of highly engineered, proprietary components and subsystems for the aerospace and defence industries.The acquisition enhances BBA’s exposure to the commercial and military aerospace markets.
Spire Healthcare Group SPI managed to maintain its interim dividend at 1.3p per share despite a decline in performance for the six months to the 30th June. NHS admissions fell significantly, coupled with lower than anticipated growth in Private admissions and the cost of investment in Clinical quality and Consumer engagement.Whilst revenue only fell by 1.1%, EBITDA was down by 20.6%, adjusted profit after tax by 52.7% and basic earnings per share by 52.9%. The company admits that the results are disappointing but claims that everybody else is facing similar headwinds and significant business challenges. Nonetheless it has a new strategy, which it claims “is absolutely the right one”, albeit the outlook for the full year has still had to be revised.
Plant Healthcare PHC expects strong revenue growth in the second half which would lead to growth of 30% for the full year. Revenue for the six months to the 30th June was down slightly from $3.1m to $3m.The company also expects to become cash positive in 2020.
Pure Circle Limited PURE showed a return to growth in both revenue and net profit after tax for the year to the 30th June. Sales rose by 10%, with a particularly strong recovery in North America, volume was up by 17% and net profit after tax by 20%.
Smart Metering Systems SMS is increasing its interim dividend by 15% for the half year to the 30th June, after a 27% rise in sales. EBITDA increased by 29% and profit before tax by 9%
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Ian Pollard – Finsbury Foods #FIF accelerates reshaping of Asset footprint !!
Finsbury Food FIF Once you read that the group has done well in accelerating the reshaping of its asset footprint during the year to the 30th June, you know that it has had problems. Meaningless jargon is always a sign of a management lost for words even if it does manage to claim that its performance has been resilient. In fact so resilient that sales, taking into account closed businesses, declined by 3.4% and even the 50% owned European business saw a drop of 0.7%. On a like for like basis group sales rose by 2.4% and FIF is confident that it will deliver profits in line with expectation. The trading environment was very challenging with unprecedented commodity and labour inflation.
Inland Homes INL updates that growth in both revenues and homes delivered and under construction was strong during the year to the 30th June. Good quality also helped customer demand to remain strong, as did an average affordable selling price of 293,000 per unit. Open market completions rose by 46.3% and revenue by 66.7% but as for the future there seems to be a cloud on the horizon, with forward sales as at the trading update down by 23.1%
Plant Health Care PHC Is on track to achieve full year revenue expectations, which would represent 30% growth over 2017. In Brazil, Harpin αβ was launched in February 2018 for use on sugarcane and demonstration field trials showed an average yield increase of over 20% whilst n the USA, an agreement has been reached which will give Harpin αβ access to the large corn seed treatment market. First sales will be in the second half of 2018. The planted area of corn has now reached 90 million acres and significant growth is expected thereafter.
TP Group TPG claims it has made a strong start to 2018 with the completion of a number of major contracts during the half yer to the 30th June. A new manufacturing facility in Manchester has also been completed and it continues to be active in the acquisition field.
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Ian Pollard – Sharp profits fall at Card Factory
Card Factory plc CARD seems undecided as to how to explain the impact of increased costs which it blames for a fairly large drop in profits whilst at the same promising another special dividend for shareholders of between 5-10p per share with the half year results. The problem is that apart from increased foreign exchange costs the other major impact on profits has been the cost of having to pay a living wage to staff. That really is very unfair. Think what other goodies the shareholders could have had but for that living wage problem. As it is the shareholders have had to make do with dividend increases measured in fractions of pence, the final dividend rising by 1.6%% and the total ordinary dividend up by a mere 2.2% per share unless you include the whacking special dividend of 15 pence per share paid on the 22nd December. Things are so good that there is likely to be another return of cash to shareholders at the next year end of between. 5 and 10p per share. Proof of how good things really are is shown by a fall of 12.3% in profit before tax and 11.3% in basic earnings per share, occasioned no doubt by the strong like for like sales growth both from the stores and online and the delivery of a strong program of cost mitigation.
Thus do some companies expose their management.
Eddie Stobart ESL saw a substantial fall in underlying profits for the year to 30th November. Profits were down by nearly a third from £37.8m to V24m despite a rise in revenue from £549m. to £623.9m and statutory earnings per share fell from 3.p per share to 1.2p A final dividend of 4.4p per share is proposed, making 5.8p per share for the full year. The new financial year has got off to good start.
Plant Health Care PHC Claims exciting progress in the year to the end of December with external sales growth in the Rest of the World rising by 100% and sales of commercial products returning to strong growth with a rise of 21%. After two difficult years both the operating loss and loss before tax were halved.
Hydrogen Group HYDG plans to resume dividend payments with a final dividend of 0.8p for the year to 31st December which it describes as a transformational year.Net fee income for the year rose by 29% and underlying profit before tax of £0.8m was the same as the previous year.
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Ian Pollard – Staffline Still On Target For Bursting The Billion
Staffline STAF remains on target for its Burst The Billion plan. A strong set of results for for the year to 31st December produced a 27.5% rise in statutory profit before tax. The final dividend is to be increaed by 2.6%. Market share has increased more than ever and net debt has more than halved from from 36.7m to 16.5m.
Wetherspoon JD plc JDWY Strong growth in the second quarter matched that of the first quarter, with like for like sales to the 21st January and for the year to date, both rising by 6%.Underlying profit before tax was slightly ahead of expectations, helped by better than expected sales. Chairman,Tim Martin repeats his accusations that the CBI, Whitbread, Sainsbury, the FT, The Times and The Gaurdian are trying to fool the public by issuing misleading information as to the costs of Brexit. Despite ample opportunity to rebuff Martins attack, every one of these august bodies has remained silent, apparently now accepting that Brexit will lead to a fall in food prices which the Customs Union keeps artificially high
Crest Nicholson Holdings CRST saw sales by volume grow by only 2% in the year to 31st October as against a 7% rise in value and a 33% rise in total dividends for the year. Forward sales as at mid January were up by 8% in value but the volume figure is not disclosed.. Statutory revenue rose 5%, profit before tax by 6% and basic earnings per share by 7%. The new build housing market continues to be robust thanks to government policies and strong demand.
Sage Group SGE Group organic revenue for the first quarter to the 31st December grew by 6.3%.with North America putting in a strong performance and France under performing. The second quarter is is expected to be stronger and full year organic growth is expected to be in the region of 8%.
Plant Healthcare PHC made strong progress in the year to 31st December, in implementing its key strategic objectives.Revenue rose by 22%, helped by particularly strong sales growth of 100% in Europe Africa.
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Amerisur Moves Towards Profitable Production
Amerisur Resources AMER Produced a slightly increased loss after tax at $28.5m in the year to the end of December, following lower oil prices, planned reduction in production and a one off impairment charge of $15.3m. from its investment in Paraguy. Since the year end global oil prices have increased, transport costs have fallen and there has been a significant increase in production from the Platanillo field which is now producing over 4,000 barrels of oil per day and continuing to rise towards its 2017 target of 6 to 7,000 bopd. The company sees a strong outlook for 2017, with production becoming increasingly profitable.
The shares have lost over two thirds of their value since August 2014, falling from 66p to a low of 20p. There has recently been something of a recovery with the price now at 22.17. Whether that will hold on the basis of future promises, rather than on 2016’s past performance remains to be seen.
CEY Centamin First quarter gold production fell, as forecast, at 109,187 ounces, down 20% on the previous quarter and 13% on 2016 Q1. The full year target for 2017 of 540,000 oz. is still expected to be
met.
Plant Health Care PHC US Sales disappointed in the year to the end of December, due to distributors having excess year end inventories. Outside the US sales rose by 15% on a constant currency basis, showing strong progress its key strategic objectives.