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Quoted Micro 25 November 2024
AQUIS STOCK EXCHANGE
Cooks Coffee (COOK) moved back into profit in the six months to September 2024. Revenues were 27% higher at NZ$2.74m with growth coming from new openings and existing sites. This income comes from fees from franchisees. Like-for-like growth in the UK was 6% and 3% in Ireland. Sales growth has accelerated in the second half with record sales per store in October. There were 83 coffee shops at the end of September 2024, and this could rise to 90 by next March. The company is moving domicile to the UK.
In the year to September 2024, Time to ACT (TTA) increased revenues from £958,000 to £1.67m. There was an underlying operating profit. There was a cash outflow from operating activities of £784,000 because of working capital movements. There was £1.17m in cash.
Global Connectivity (GCON) has had its stake in Rural Broadband Solutions diluted to £9.5m. The valuation of the stake has been reduced from £13.6m to £11.7m, which is equivalent to 3.2p/share. There is an agreement in principle for an investment in a new business.
Aquaculture technology developer OTAQ (OTAQ) has sent out the circular seeking shareholder approval to leave Aquis. The general meeting will be held on 10 December. Delays in orders mean that 2024 Dowgate forecasts a drop in revenues from £4.4m to £3.1m (previously £4.2m) this year and a £1.8m loss, up from £1.2m in 2023. There should be net cash of £100,000 by the end of the year. Convertible loan note interest can be capitalised with up to 75% of proceeds from the sale of certain inventory will be used to pay back the holders.
Lift Global Ventures (LFT) core financial information business Miriad made a positive contribution despite the tough financial markets. It generated £127,000 in cash. There was £163,000 in cash at the end of June 2024.
Invinity Energy Systems (IES) has sent a circular to shareholders to gain approval to move the domicile from Jersey to the UK.
Tap Global Group (TAP) has cancelled its long-term incentive plan and granted options to directors with most of the options vesting when there are increases in the share price. Peter Wall has been formally appointed as chairman.
Marula Mining (MARU) has appointed Morre Kingston Smith as auditor. Results from metallurgical testing work on ore from the Kinusi copper mine should be available in the first quarter of 2025. Further test shipments will happen before the end of the year. Sampling work of high-grade tungsten deposits at the Northern Cape lithium and tungsten project in South Africa is continuing. Tungsten concentrate could be produced next year.
Oscilate (MUSH) has identified areas to start hydrogen operations in Minnesota. Work is under budget.
Valereum (VLRM) has been admitted to the Apex segment of the Aquis Stock Exchange.
Vinanz Ltd (BTC) has added another 21 bitcoin miners to its site in Nebraska, taking the total to 56.
RentGuarantor Holdings (RGG) has launched an offer of £500,000 10% convertible loan notes lasting two years. This will fund an expansion of the workforce. The Renters’ Rights bill will increase demand for rent guarantor services.
SuperSeed Capital (WWW) reported a NAV of 111p/share at the end of September 2024.
Capital for Colleagues (CFCP) has disposed of more shares in investee company Computer Application Services and raised £299,000. It still owns 24.4%. Pipes and valves distributor TPS shares were sold raising £901,000. The remaining TPS stake is 16%. The cash raised will be invested in other businesses.
WeCap (WCAP) investment WeShop has appointed a US investment bank ahead of a flotation. Audited accounts for 2022 and 2023 have been signed off.
AIM
Rail optimisation software and services provider Tracsis (TRCS) had a tough year, but strong recurring revenues helped. One-off revenues the previous year meant that revenues were 1% lower at £81m. Underlying pre-tax profit fell from £14.1m to £10.4m. Total dividend is 2.4p/share. There should eventually be further investment in the rail industry, which will be good news for Tracsis. The timing of the spending is uncertain. There are already potential deals in the pipeline, though. The business has been rationalised so that management can focus on core operations and further acquisitions. There is £19.8m in cash that can be spent on acquisitions that will enhance earnings.
Telecoms enterprise software supplier Cerillion (CER) continues to beat expectations. Full year pre-tax profit was 18% ahead at £19.8m. There were record new orders of £38.1m. The technology helps telecoms companies to operate more efficiently. Growth is set to continue.
It was no surprise that telecoms testing equipment supplier Calnex Solutions (CLX) had a tough first half. Revenues dipped from £7.8m to £7.4m and the loss more than doubled to £1.3m. Even so, the interim dividend has been maintained at 0.31p/share. Cash was reduced to £8.6m. New partners are starting to sell group products, and they are replacing Spirent. Second half revenues should be better than the particularly weak comparatives. This should enable a return to profit for the full year.
Semiconductors developer CML Microsystems (CML) improved interim revenues, but that was down to the Microwave Technologies business not being included in the comparatives. Like-for-like revenues were similar to the second half of last year. Pre-tax profit slumped from £1.9m to £800,000. The interim dividend is maintained at 5p/share. Net cash is £15m. There are potential property sales that will boost the balance sheet. The proposed move of Microwave Technologies to a new site will reduce the cost base. Existing and new products have good long-term prospects.
Frontier IP (FIPP) is raising £3m via a placing and subscription at 28p/share. A retail offer via Primary Bid could raise up to £1m. Minimum subscription is £250. The offer closes at 5pm on 25 November. Frontier IP made unrealised gains of £1.3m in the year to June 2024, but there was an overall loss of £1.3m. NAV is 79.7p/share. Despite that, there is a shortage of cash in the balance sheet and the additional cash should last 12 months as the company tries to generate some additional cash from investment realisations.
Helix Exploration (HEX) drilling at Clink#1 in Montana has been successful. There was 2.5% helium encountered in the Flathead formation, which was higher than expected, and 55% hydrogen in drilling mud. Testing is ongoing and there should be further news in the near future. The well could go into production next year.
Tavistock Investments (TAVI) is acquiring Alpha Beta Partners, which is an asset manager with £3bn under management. The business is focused on retail investors, and this will scale up the existing business of offering asset management services to third party advisers. Operating profit was more than £500,000 on revenues of £4m in the year to September 2024. The initial payment is £6m, with the maximum consideration of up to £18m. Two disposals have been completed and the initial payment of £22m will be received in early December. They could eventually generate £37.75m.
Iron treatment provider Shield Therapeutics (STX) says it will hit the 2024 target revenues of $31.5m, up from $13.1m, as revenue peer prescription has increased. Recruitment has been completed for an Accrufer phase III study in China. The proposed $10m investment by AOP Health still requires shareholder approval. Costs are being lowered by 10%. Cash flow breakeven should be hit by the end of 2025, if the sales growth momentum continues.
Chain and transmission equipment Renold (RNO) reported flat interim revenues of £123.4m and pre-tax profit of £11.3m. Spending on acquisitions increased net debt to £42.2m. There was a dip in chain revenues and transmission revenues were slightly higher with improved margins. North America should recover in the second half and destocking is ending in Europe. The Valencia factory being hit by flooding has hurt sentiment. There will be additional short-term costs of £4.8m because of this with insurance payments potentially coming through in 2025-26.
Webis (WEB) has decided to leave AIM. The US-focused gaming company will seek shareholder approval on 18 December. This will help to reduce costs. The operations remain loss making.
Churchill China (CHH) had a tougher second half than expected with a lack of seasonal uplift in the fourth quarter. This means that 2024 pre-tax profit will be well below expectations. Next year is expected to continue to be weak with hospitality businesses hit by higher National Insurance costs. There will also be a hit for Churchill China and costs are being reduced, but 2025 expectations are also downgraded. The balance sheet remains strong.
Scientific instruments supplier Judges Scientific (JDG) says order intake has reduced if the large Geotek contract is excluded. China is particularly weak, but other markets are also tough, and orders have been deferred. Zeus has cut its 2024 pre-tax profit forecast by 19% to £25m. Next year’s forecast has also been trimmed.
Ilika (IKA) has reached the D6 milestone through the testing of 10Ah cells in its Goliath solid state batteries for electric vehicles. These larger cells have been shown to be safe and the D7 version should be available to potential customers in the second quarter of 2025. This moves the company nearer to finding a partner for the Goliath battery.
Property fund adviser and investor First Property (FPO) had a good first half with one-off profits from the trading of properties by a fund, where the company has an investment. There was also the early receipt of fees from disposal of properties in another fund. There was a swing from a loss of £650,000 to a pre-tax profit of £1.16m. Net debt was £18.7m.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) has received a further £200,000 drawdown from the committed credit facility and the lender is committed to providing the remaining £500,000. However, it has to sell an investment to provide the cash. There is still £400,000 outstanding from a share subscription. Celadon Pharmaceuticals has enough cash to get it to January. Talks with another lender continue.
MAIN MARKET
Construction equipment hire company Speedy Hire (SDY) made a small profit in the first half with a recovery expected in the second half. Interim revenues fell 2% to £204m with flat hire revenues and lower fuel sales. Volumes are not being chased so that profit can be maximised. Pre-tax profit was £300,000 because of operational gearing, higher interest charges and a lower joint venture contribution. The Amey contract starts in the second half. Net debt is £112m.
J Smart and Co (Contractors) (SMJ) improved its full year pre-tax profit from £105,000 to £2.37m despite a higher loss on construction activities. The investment property business made a larger contribution. Investment properties are worth £70m and there is £7.5m of net cash. NAV is £126.3m. The total dividend is 3.23p/share.
Media Concierge has approached publisher National World (NWOR) about a possible offer of 21p/share. Media Concierge claims to have the backing of 72.2% of the share capital. Media Concierge wants the offer to be recommended by the board and to be able to complete due diligence. National World claims that entities affiliated with Media Concierge owe it £4.4m.
Technology consolidator Sealand Capital Galaxy (SCGL) is making its maiden AI investment. After evaluating suitable opportunities, the company has decided on EVOO AI (www.evoo.ai), which is a data platform with AI learning models incorporated. It provides insights to the luxury goods sector, such as market trends and consumer behaviour. The main product is Olive, a luxury e-commerce marketplace that offers personalised shopping. The company was incorporated on 15 December 2023. On 14 March 2024, EVOO AI had net assets of £848,000, including fixed asset investments of £800,000 and £1 in cash. The plan is for Sealand Capital Galaxy to invest in a convertible loan note. The first tranche is £200,000 and the second trance will be £100,000. The annual interest rate is 12% and the term is 18 months. Interest is payable on maturity. There will be a fee of one million warrants exercisable at €0.06/share. If the company floats at a lower share price the exercise price will match that price.
Andrew Hore
Brand CEO Alan Green discusses Petrofac #PFC, Andalas Energy #ADL, Speedy Hire #SDY & Apollo Minerals $AON on Vox Markets podcast
Brand CEO Alan Green discusses Petrofac #PFC, Andalas Energy #ADL, Speedy Hire #SDY & Apollo Minerals $AON with Justin Waite on the Vox Markets podcast. Interview is 16 minutes 18 seconds in.
Reiterate buy Speedy Hire #SDY says VectorVest. Solid results & bullish technical picture warrant a revisit to the investment case.
Newton-le-Willows based Speedy Hire (SDY.L) was founded in 1977, and provides tool and equipment hire services to construction, manufacturing, industrial, and related industries. It offers a range of tool and equipment for hire, which include access towers, light plant, fencing, heating and cooling equipment, portable accommodation, pumps, generators and compressors, lifting equipment, safety equipment, rail equipment, heavy duty hammer drill, headroom hoist, and power pipe cutter, as well as instruments for surveying, civil engineering, and construction applications. SDY provides various asset services, including product specialization, testing and inspection, fuel management, survey service centre, on-sites, and hire direct, as well as a range of advisory services. It operates from over 200 depots across the UK and Ireland.
Examine this trading opportunity and a host of other similar stocks. A single payment of £5.95 gives access to the VectorVest Risk Free 30-day trial. More here
On May 16th2018, SDY announced a strong set of FY results, which revealed a 59.9% hike in adjusted PBT to £25.9m, on revenues up 6.4% to £371.6m. Group net debt fell to £69.4m (2017: £71.4m) after £21.3m of acquisition spend (Prolift and PSHL), while adjusted EPS rose to 4.04p (2017:2.45p). SDY shareholders benefitted from a 65% increase in the FY dividend to 1.65p. CEO Russell Down said the board “are delighted with these results which reflect a strong operational performance, robust capital management..”He added the current year “has got off to an encouraging start with revenue ahead of the comparative period on a like for like basis. Whilst we are early into the new financial year, and some of the benefits from the acquisitions have been realised, we are confident of delivering further progress in the year ahead in line with our current expectations.”
On November 22nd2017, VectorVest published a buy note for Speedy Hire at 55p, noting that the stock first flagged across key metrics as far back as November 2016. View that article here. Shares moved higher, hitting our then 64.1p target intraday during mid December before falling back during March. Following a solid set of results in May, SDY shares continue to push higher backed by the VectorVest RT (Relative Timing) metric, a fast, smart, accurate indicator of a stock’s price trend. Today at 63p the SDY RT metric still logs a rating of 1.51, which is excellent on a scale of 0.00 – 2.00, while a GRT (Earnings Growth Rate) of 16% is still considered very good by VectorVest. Despite the push higher, VectorVest still sees more to come, and recommends a price target of 71.7p.
The weekly chart of SDY is shown above over the past two years. The share appreciated strongly in the period of June 2016 to June 2017. Since this time the share has charted a double bottom pattern which after a strong move upwards is a strong technical signal. The first technical target from the double bottom is approximately 75p which is similar to the VectorVest valuation.
Summary: The VectorVest November note was very much based on the strong set of half-year results. SDY followed that with another solid set of FY results, so it was entirely logical that VectorVest should revisit the investment opportunity. Both RT and GRT metrics are indicating there is more to come, and this backed by the 65% increase in the FY dividend is once again a clear and confident signal from the SDY board of more growth to come. As such VectorVest reiterates a buy rating for SDY.
June 13 2017
Readers can examine trading opportunities on SDY and a host of other similar stocks for a single payment of £5.95. This gives access to the VectorVest Risk Free 30-day trial, where members enjoy unlimited access to VectorVest UK & U.S., plus VectorVest University for on-demand strategies and training. Link here to view.
VectorVest Unisearch
On VectorVest a simple search using the Unisearch tool will quickly find shares that are undervalued with good fundamentals that have just issued a Buy recommendation. This will give the active trader a short list of many high probability trading opportunities each week. Traders now have the opportunity to spend five weeks discovering VectorVest’s unique simplicity, automation and independent guidance. Just £5.95 buys a 5 week trial to enable deep exploration, or how the system can assist in smarter trading in as little as 10 minutes a day. Powerful tools. Proven strategies. Unique Perspectives.
Link here for more info and to set up a trial.
European Financial Publishing Limited T/A VectorVest UK (VectorVest) is authorised and regulated by the Financial Conduct Authority under register number 543038. You should remember that the value of investments and the income derived therefrom may fall as well as rise and you may not get back the amount that you invest. Past performance is not a reliable guide to the future. This material is directed only at persons in the UK and is not an offer or invitation to buy or sell securities. If investors are in any doubt of the suitability of an investment given their individual circumstances, they are recommended to contact an investment manager or independent financial adviser who may be able to provide tailored advice. Opinions expressed whether in general or both on the performance of individual securities and in a wider economic context represent the views of VectorVest at the time of preparation. They are subject to change and should not be interpreted as investment advice. VectorVest and connected companies, clients, directors, employees and other associates, may have a position in any security, or related financial instrument, issued by a company or organisation mentioned on this site. European Financial Publishing Limited is a company incorporated in Scotland under Company Number SC357322 with its registered address at Exchange Tower, 19 Canning Street, Edinburgh EH3 8EH. Email: support@VectorVest.comFREE! For free VectorVest analysis on any stock, go to this link here
Buy Speedy Hire #SDY says VectorVest. Earnings and dividend hike indicates more growth to come.
Newton-le-Willows based Speedy Hire (SDY.L) was founded in 1977, and provides tool and equipment hire services to construction, manufacturing, industrial, and related industries. It offers a range of tool and equipment for hire, which include access towers, light plant, fencing, heating and cooling equipment, portable accommodation, pumps, generators and compressors, lifting equipment, safety equipment, rail equipment, heavy duty hammer drill, headroom hoist, and power pipe cutter, as well as instruments for surveying, civil engineering, and construction applications. SDY provides various asset services, including product specialization, testing and inspection, fuel management, survey service centre, on-sites, and hire direct, as well as a range of advisory services. It operates from over 200 depots across the UK and Ireland.
Examine this trading opportunity and a host of other similar stocks. A single payment of £5.95 gives access to the VectorVest Risk Free 30-day trial. More here
On November 14th 2017, SDY published half-year results, which revealed pre-tax profits up 11% to £6m, EBITDA up 11.2% to £33.8m on revenues (excluding disposals) up 6.9% to £183.2m. Net debt fell to £63.1m (31 March 2017: £71.4m), and SDY reported a strong balance sheet and leverage 0.95 times EBITDA (2016: 1.47 times). As a result the dividend was raised by 51.5% to 0.50 pence per share. During the period, the UK and Ireland business were restructured to better align with the customer proposition and provide improved opportunities for cross-selling and operational efficiencies. CEO Russell Down said the board “are confident of delivering a result for the year above current expectations and that the Group has a strong future ahead of it.”
The improving picture at SDY had been flagged to VectorVest subscribers as far back as Nov 2016, when the shares rose sharply from 40p to hit a May 2017 year high of 59p. The subsequent retracement triggered a further VectorVest flag at the end of Sept 2017, at which point the GRT (Earnings Growth Rate) metric started to rise again, to stand at 27% currently. This is considered to be an excellent rating – GRT reflects a company’s 1-3 year forecasted earnings growth rate in % per year. Although the RS (Relative Safety) risk rating stands at just 0.98 for SDY on a scale of 0.00 to 2.00, the RV (Relative Value) rating, an indicator of long-term price appreciation potential stands at 1.41 – again excellent on a scale of 0.00 to 2.00. Finally VectorVest values SDY at 64.11p per share, indicating nearly 20% upside from the current 55p.
The chart of SDY.L is shown below in my usual format. The share is trading below the VectorVest valuation and is on a Buy recommendation. The share has found solid support at around 50p on numerous occasions and looks set to break upwards towards the VectorVest valuation and beyond.
Summary: The strong half year results announced by SDY last week provides validation of the group’s efforts to restructure and improve efficiencies. The strong improvement in GRT flagged on the VectorVest platform gave subscribers a window of opportunity to pick the stock up at a modest valuation, while the 51% hike in the dividend is a clear and confident signal from the SDY board of more growth to come.
Dr David Paul
November 22 2017
Readers can examine trading opportunities on SDY and a host of other similar stocks for a single payment of £5.95. This gives access to the VectorVest Risk Free 30-day trial, where members enjoy unlimited access to VectorVest UK & U.S., plus VectorVest University for on-demand strategies and training. Link here to view.
VectorVest Unisearch
On VectorVest a simple search using the Unisearch tool will quickly find shares that are undervalued with good fundamentals that have just issued a Buy recommendation. This will give the active trader a short list of many high probability trading opportunities each week. Traders now have the opportunity to spend five weeks discovering VectorVest’s unique simplicity, automation and independent guidance. Just £5.95 buys a 5 week trial to enable deep exploration, or how the system can assist in smarter trading in as little as 10 minutes a day. Powerful tools. Proven strategies. Unique Perspectives.
Link here for more info and to set up a trial.
European Financial Publishing Limited T/A VectorVest UK (VectorVest) is authorised and regulated by the Financial Conduct Authority under register number 543038. You should remember that the value of investments and the income derived therefrom may fall as well as rise and you may not get back the amount that you invest. Past performance is not a reliable guide to the future. This material is directed only at persons in the UK and is not an offer or invitation to buy or sell securities. If investors are in any doubt of the suitability of an investment given their individual circumstances, they are recommended to contact an investment manager or independent financial adviser who may be able to provide tailored advice. Opinions expressed whether in general or both on the performance of individual securities and in a wider economic context represent the views of VectorVest at the time of preparation. They are subject to change and should not be interpreted as investment advice. VectorVest and connected companies, clients, directors, employees and other associates, may have a position in any security, or related financial instrument, issued by a company or organisation mentioned on this site. European Financial Publishing Limited is a company incorporated in Scotland under Company Number SC357322 with its registered address at Exchange Tower, 19 Canning Street, Edinburgh EH3 8EH. Email: support@VectorVest.comFREE! For free VectorVest analysis on any stock, go to this link here
Vislink Board To Examine Itself
Vislink VLK has abolished its interim dividend and intends to keep it that way until bad debt is below 1 x EBITDA. Orders for the half year to 30th June fell by nearly 25% and revenue was also substantially down , leading to a basic loss per share of 26.9%. Last years half year profit of £2.2m has been turned into a loss of £1.1m and the company is forecast to breach its banking covenant in September i.e. today. Fear not however, the Board is continuing to examine its own structure as well as that of the group, some may say a bit late in the day.
Speedy Hire SDY is on the rebound with results for the half year to the end of September expected to show an improved performance. Revenue is slightly ahead of expectations and overheads are lower indicating that profits for the full year will be ahead of expectations.
Iomart IOM has performed strongly in the 6 months to 30th September and both revenue and profit are expected to be materially ahead of last years first half.
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