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Quoted Micro 22 July 2024
AQUIS STOCK EXCHANGE
M3 Helium, where Voyager Life (VOY) has an option to acquire the company, says two samples from the Rost well at Fort Dodge in Kansas showed 5.1% helium. Two other samples were above 4.8% helium. These are highly commercial levels.
Marula Mining (MARU) is acquiring Northern Cape Lithium and Tungsten, which holds prospecting rights over land in the Northern Cape province in South Africa. This is north of the Blesburg lithium and tantalum mine.
Substrate AI (SAI) increased interim revenues by 256% to Euro9.09m and it moved from loss to positive EBITDA.The figures were slightly lower than forecast.
Hydro Hotel, Eastbourne (HYDP) increased interim revenues from £1.8m to £1.96m and reduced its loss from £171,000 to £77,000. There was a decrease in repair costs.
Ormonde Mining (ORM) investee company TRU Precious Metals Corp says its exploration programme at the Golden Rose project in Newfoundland is underway. The programme will investigate copper, nickel and zinc.
ProBiotix Health (PBX) nearly doubled interim revenues to just above £1m and reduced the loss. A US partner has obtained positive clinical results for IBS and antibiotic recovery for a probiotic containing the company’s LP (LDL). The share price rose 7.14% to 3.75p.
Automotive electrification Equipmake (EQIP) revenues are improving, but the loss has increased. In the year to May 2024, revenues were 60% ahead at £8.1m. There was £2.5m in cash at the end of May 2024. There are plans to reduce costs and focus on higher margin technology. The share price increased 5.56% to 4.75p.
Inqo Investments (INQO) has invested in Flybox Budongo, which has developed a modular containerised system to produce Black Soldier Fly eggs and five-day old larvae that can convert organic waste into animal feed.
Valereum (VLRM) says blockchain consulting firm Antier will collaborate in the development of the V-Wallet that will form part of the VLRM Market’s ecosystem. This should be launched later this year and will enable uses to buy, sell and hold multiple cryptocurrencies. The share price fell 13.3% to 3.25p.
Gunsynd (GUN) says investee company Metals One has published a JORC inferred mineral resource of the P5 area of the Finland – Black Schist project of 29Mt. There is 1.8Mt attributable to Gunsynd, which owns 6.25% of a subsidiary of Metals One, and that company has an option to buy back the stake.
Christopher Potts reduced his stake in Shortwave Life Sciences (PSY) from 11.65% to less than 3%.
AIM
A new sensor contract for security technology provider Spectra Systems (SPSY) has led Zeus, the new broker following the takeover of WH Ireland’s broking business, to upgrade its forecasts. The contract is with an existing central bank customer. This was expected, but it is likely to be more profitable than anticipated. The 2024 pre-tax profit forecast is raised from $10m to $12m and the 2025 figure increased from $14m to $25.5m. However, the 2026 figure has been cut from $18m to $16m.
Building products manufacturer Alumasc (ALU) has done better than expected in the year to June 2024. Organic growth was more than 6%, even though the construction market fell 2%. Cavendish has raised its pre-tax profit estimate from £12m to £12.6m, it has also edged up the 2024-25 forecast from £13.1m to £13.5m. All three divisions have done better. Net debt is £6.9m and could halve by next June.
Chain and transmission equipment manufacturer Renold (RNO) beat upgraded full year expectations and there is another upgrade for the year to March 2025. Last year, pre-tax profit improved from £18.6m to £22.1m even though there was a small decline in revenues. Efficiency improvements are increasing margins. Net debt has fallen to £24.9m after acquisition payments and share buy backs. There was £36m in cash generated from operations. A 0.5p/share dividend has been declared. The 2024-25 pre-tax profit forecast is £22.8m.
Intelligent Ultrasound (IUG) rose on the back of the news that it is selling its Clinical AI operations to GE for £40.5m. The consideration is equivalent to 12.4p/share. So far, £12.2m has been invested in the development of AI. There are plans to return a substantial amount of this cash to investors. This deal does not include the NeedleTrainer and NeedleTrainer Plus products or the simulation business. The remaining business had annual revenues of £10m last year. Lower simulation sales meant that the latest interim revenues fell from £6.1m to £5.3m. That includes £1.5m from Clinical AI, compared with £2m for the whole of the previous year.
Vela Investments (VELA) has subscribed for £300,000 of convertible loan notes from fully listed Liberia-based gold explorer Hamak Gold (HAMA) by issuing 2.42 million shares at 0.012375p. This is an opportunistic, short-term investment because it does not fit the core investment policy. The loan notes are redeemable on 16 July and the annual interest rate is 10%. The conversion price is the lower of a 25% discount to the average market price for five days prior to conversion and 3p/share. The Hamak Gold share price is 1.075p. Hamak Gold hopes to take advantage of a narrowing of the share discount to the NAV of Vela Technologies, which is currently around two-thirds.
Maritime AI technology services provider Windward (WNWD) sparked a second upgrade of forecast revenues for this year following its interim trading statement. Interim revenues were 37% ahead at $17.6m. Net cash has fallen from $17.3m to $13.8m over the six-month period.
Caspian Sunrise (CASP) shares have returned from suspension following publication of 2023 accounts. Average oil production fell 16% to 1,800barrels/day last year. Current aggregate production is 2,300 barrels/day from the BNG contract area, which is being sold for up to $88m, which is above the previous expectation of $83m. Production is expected from Block 8 and West Shalva later this year. The board will consider special dividends and share buy backs.
Surface Transforms (SCE) has recovered from its recent all time low after it confirmed revenues guidance of £17.5m for 2024, although the figures will be second half weighted. Interim sales were £4.6m. Pre-production engineering revenues will be recognised in the second half. Capacity is being increased. The ceramic brakes technology company could become cash generative during 2025.
Kyrgyzstan miner Chaarat Gold Holdings (CGH) is the latest company to announce the intention to cancel its AIM quotation. This is a condition of a recapitalisation proposal that will more than halve existing liabilities to less than $20m. The maturity date of the convertible loan will be extended from July 2024 to December 2025. There will also be an additional facility of $5m that can be drawn down. The $550,000 of salary owed to former executive chairman Martin Andersson will be paid in shares. The AIM departure is expected to be on 16 August.
Destiny Pharma (DEST) is leaving AIM to make it easier to fund the XF-73 post-surgical infection prevention treatment through access to private capital. It has been difficult to secure a commercial partner for XF-73. Destiny Pharma needs to find funding for a phase 3 study.
Publishing software and services provider Ingenta (ING) has won three new contracts. Two of these are follow-on contracts with existing customers. These are multi-year contracts worth mor than £500,000. The largest contract is a three-year deal to migrate, host and support an existing customer’s Vista deployment onto Ingenta’s dedicated infrastructure. This worth £1.4m over three years.
MAIN MARKET
ACG Acquisition (ACG) has agreed the reverse takeover of the Gediktepe polymetallic mine in the Balikesir province of Turkey from conglomerate Calik Holding. The mine is producing gold and silver, and production of copper and zinc will start in 2026. The deal is valued at £290m in cash and shares.
Tertre Rouge Assets (TRA) has not been able to raise the funds for its planned acquisitions. The company plans to delist on 15 August.
Andrew Hore
Ian Pollard – Bronhill To Pay Maiden Dividend
Bronhill Group BONH saw revenue rise to £8m compared to £2.6m for the year to the end of March 2018. Adjusted EBITDA increased to £0.9m from a loss of £0.4m and net assets jumped from £2m to £22.9m for the nine months to the 31st December. Arrangements are also under way for a maiden dividend to be paid for the six months to the 30th June.
Spectra Systems SPSY has excellent prospects for maintaining strong earnings in 2019.and expects the annual dividend to be increased by 17% for payment in June, after a rise in profit before tax of 19%. For the year to 31st December, net income rose by 24%, adjusted earnings per share by 11% and EBITDA by 16%.
Be Heard Group plc BHRD Despite a difficult start to 2018, which resulted in management changes becoming necessary, the year finished strongly with group revenue rising by 51% and like for like revenue up by 15%. Adjusted EBITDA increased by 90%. The operational loss for the year to 31st December came in at 9.7m but the company has now produced nine consecutive months of profitability up to February, with strong organic growth.
MediaZest plc MDZ has faced a difficult economic background since the interim results were announced on the 5th November. Accordingly the Board now expects the full year results for the year ended 31 March 2019 will be below current market expectations, although they will still be an improvement on the previous year. the Group’s trading results for the second half of the financial year (6 months to 31 March 2019) are expected to be lower than the first half of the year. A small loss after tax is now expected for the year end..New business , combined with recurring revenue contracts, will provide the Group with a base for further growth over the next 12 months.
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Andrew Hore – Quoted Micro 17 December 2018
NEX EXCHANGE
Ecommerce software provider Netalogue Technologies (NTLP) moved into profit in the first half and had £648,000 in the bank at the end of September 2018. Revenues increased by £168,000 to £647,000, even though subscription-based pricing is reducing the initial revenues from B2B clients. A loss of £60,000 became a pre-tax profit of £142,000, helped by lower operating expenses.
Veni Vidi Vici Ltd (VVV) is acquiring a 51% stake in a licence in the Shangri La gold, silver and copper project in Western Australia for A$220,000, which is payable to Goldfields Consolidated in the form of 190,000 shares and A$20,000 in cash. The shares cannot be sold for three months. VVV will spend an initial A$300,000 over three years and Goldfields will receive a 10% management fee.
Coinsilium Group Ltd (COIN) has raised £367,000 at 4p a share and each new share comes with a two-year warrant exercisable at 7.5p a share. If the share price averages more than 15p for five consecutive days, then the company can require the warrants to be exercised.
Gastropubs operator Barkby Group (BARK) has signed heads of terms to acquire Northamptonshire-based upmarket car dealer Centurian Automotive Ltd. The most recent accounts were for a dormant company and shows £200 in the bank.
Quetzal Securities Ltd sold 6.75 million shares in Pelican House Mining (PHM) for 0.5p each and Eight Capital Partners (ECP) acquired 8.25 million shares at 0.491p each. Quetzal subsequently sold a further 6.75 million shares in Pelican shares, leaving a 13.2% stake, to Eight Capital at 0.5p a share, taking its stake to 15.3%.
Hydro Hotel, Eastbourne (HYDP) has declared an unchanged total dividend of 21p a share for the year to October 2018. An interim of 7p a share will be paid in January (ex-dividend 20 December) and a final dividend of 14p a share paid in May (ex-dividend 18 April).
Ace Liberty and Stone (ALSP) has appointed Northland as broker.
EPE Special Opportunities Ltd (EL.P) had a NAV of 200.95p a share at the end of November 2018. The shares are trading at 160p.
Construction consultancy Driver Group (DRV) reported a 2017-18 pre-tax profit of £3.8m, up from £2.5m, and it is returning to paying dividends with a 0.5p a share payment. Net cash is £6.9m, helped by a property disposal, and this could reach more than £10m by September 2019 even after dividend payments. The Diales expert witness business is becoming an increasingly important revenue generator and overall utilisation levels have improved. There has also been a focus on better margin work in the Middle East.
SigmaRoc (SRC) is in the process of acquiring precast concrete products supplier CPP Building Products for £15.2m, although the deal requires shareholder approval for share issues, so it will not happen until early January. CPP is based in north west England and fits well with the existing precast concrete business. In the year to August 2018, revenues were £20.9m and EBITDA was £2.6m. This year’s trading is in line with expectations. There are plans to refinance the convertible loan notes.
Nexus Infrastructure (NEXS) had already warned about delays to its utility connection contracts with housebuilders and the 2017-18 figures were slightly better than expected with flat pre-tax profit of £9.2m. Nexus has a strong order book and could increase its 2018-19 pre-tax profit to £10.4m. The new electric vehicle charging points division will take time to build up.
Advanced coatings provider Hardide (HDD) has benefited from an upturn in demand from the oil and gas sector. It is also getting nearer to obtaining its first aerospace orders. Hardide remains loss-making and this will still be the case next year as it continues to invest in increasing capacity in the UK and US as demand grows.
Curtis Banks (CBP) has purchased around 600 SIPPS with assets of £180m from Hargreaves Hale, which will continue to manage the assets. Curtis Banks will launch a new SIPP product in January.
Clinical trials manager Venn Life Sciences (VENN) is collaborating with Open Orphan DAC. The two firms will share resources in the orphan drugs market. Venn is raising £1m from a two-year loan note issue.
WH Ireland has upgraded its forecast for banknote authentication and brand protection technology business Spectra Systems (SPSY) for the second time. The underlying pre-tax profit forecast has been raised by 10% to $4.5m. The 2019 forecast, which had previously been upgrade by 16%, is maintained for the time being.
Kibo Energy (KIBO) says that its 60%-owned subsidiary MAST Energy Developments has an exclusive option to undertake due diligence and acquire three peaking power sites totalling 31.3MW. This would provide initial revenues for Kibo later next year. Kibo has renewed its memorandum of understanding with Mozambique-based electric utility Electricidade de Mocambique for the financing and operation of the Benga independent power project.
eServGlobal Ltd (ESG) says that 2018 revenues will be lower than expected due to weak trading at the PayMobile business and the failure to close orders. The PayMobile business may be sold and the focus will be the HomeSend remittances business.
NWF (NWF) says feeds demand was strong in the summer because of a lack of natural grazing. In contrast, the hot weather held back demand for fuels. A Solihull-based fuel distributor has been acquired. The food distribution business continues to trade at around capacity because of contract wins. The interims will be published on 29 January.
ReNeuron (RENE) has important clinical trial results coming up in the next 18 months. A retinitis pigmentosa treatment is in phase I/II trials and there should be data in mid-2019. A phase IIb trial for a CTX cell therapy-based treatment for chronic stroke is due to report by early 2020. There was £30.7m in the bank at the end of September 2018. Management is seeking partners to help it to make the most of its technology.
PhotonStar LED Group (PSL) has raised £100,000 at 0.02p a share and this will enable the board to assess new business opportunities.
Property adviser Fletcher King (FLK) is maintaining its interim dividend at 1p a share even though pre-tax profit has dipped from £148,000 to £132,000. Ratings appeals revenues were lower. There is £2.28m of cash in the balance sheet.
Kromek (KMK) has secured an initial contract with the US Department of Defense worth $2m over 12 months. The plan is to develop a proof-of-concept device for a vehicle-mounted biological threat identifier.
Crossword Cybersecurity (CCS) started trading on AIM on Friday and the share price ended the day at 272.5p. Crossword raised £2m at 290p a share.
Volex (VLX) is buying cable assemblies and connectors manufacturer GTK for £14.3m in cash and shares. in the year to July 2018, GTK generated a pre-exceptional operating profit of £1.7m. There was £1.3m in the bank. The deal is earnings enhancing.
African Battery Metals (ABM) has found it difficult to raise the cash it requires and trading in the shares has been suspended. The company wants to come to a settlement with creditors so that it could continue to trade.
Smaller company mergers and acquisitions business K3 Capital Group (K3C) is cautiously optimistic but the full year outcome will depend on the timing of deals. There could be a small dip in pre-tax profit to £7m this year and there could be a corresponding dip in dividend from 11.2p a share to 10.8p a share.
Telit Communications (TCM) says that it will not complete the sale of its automotive business until next year. Telit is expected to make a 2018 loss. Further cost savings are being made in the Internet of Things operations.
More bad news from Filtronic (FTC) with sales of Massive MIMO antennas lower than expected. The main customer has reduced its forecast demand. The capitalised development costs of £500,000 will be written off and options are being reviewed. The rest of the business is trading in line with expectations. Filtronic will be loss-making this year. Net cash was £2.3m at the end of November 2018.
Science Group (SAG) has ended its formal sale process because of stockmarket and exchange rate uncertainty. The strategic review continues. Trading is in line with expectations and the company will recommence the share buy back programme. Net cash was £6.4m at the end of November 2018.
Like-for-like sales growth has been slowing at DP Poland (DPP) and this means that progress in 2019 is unlikely to be as good as expected. This means that it will take longer to reach profitability. Rivals have been spending money on marketing and warm weather has also held DP Poland back. A full year trading update will be published on 29 January.
Taptica International Ltd (TAP) plans to spend up to $10m on buying back shares and it has already spent nearly £110,000. There was net cash of $42.1m at the end of June 2018.
Tristel (TSTL) says that the US regulatory process for its disinfection products is on track and interim pre-tax profit should be £2.2m.
TomCo Energy (TOM) has managed to secure £550,000 at 2p a share. The previous £532,000 placing at 8.5p a share was pulled. Laurence Read has become a non-executive director.
RA International (RAI) has won a five year contract worth up to $5.6m from a US corporate client in Central Africa.
MAIN MARKET
Circassia Pharmaceuticals (CIR) is moving to AIM and it has decided to exercise its option to acquire US rights to COPD treatment Tudorza from AstraZeneca. This deal should complete by the end of the year and it will trigger a payment of $5m. A further $20m is payable upon approval of Duaklir and then there is further deferred consideration of $100m.
Tex Holdings (TXH) has warned that second half earnings will be lower than anticipated due to delayed deliveries and reorganisation costs.
Cadmium-free quantum dots developer Nanoco (NANO) is on course to complete the expansion of its Runcorn facility by the end of 2018 with commercial volume manufacturing by the middle of 2019.
Lb-shell (LBP) is being wound-up because of potential litigation relating to before it became a shell. There is unlikely to be anything left for shareholders.
Giant Saint Technologies Ltd (GST) is installing a $1m data centre in Singapore.
Andrew Hore
Spectra Systems – To Significantly Exceed Expectations
Spectra Systems SPSY has been notified by its authentication technology licensee that royalties in 2017 will reach a record level to the extent that profits for the year to 31st December will significantly exceed market expectations. For 2018 it is expected that royalties will continue to be higher than average.
Bioventix BVXP is increasing its second interim dividend from 26p to 31p as well as paying a special dividend of 40p per share. after announcing what it describes as yet another set of excellent results for the year to the 30th June. Revenue for the year rose by 31% and profit after tax by 40%
System 1 Group plc SYS1 Trading for the six months to the 30th September has been slower than expected and in constant currency terms, gross profit is expected to show a 12% decline over the previous year. The company remains cautious about prospects because of what it describes as”our usual lack of revenue visibility”.
ConvaTec Group CTEC Organic revenue growth for the full year will be lower than expected after quarter 3 was severely impacted by a number of issues, including supply problems and lower than anticipated revenue from new products. The implications of growth on margins for 2018 are being reviewed. Third quarter like for like group revenue rose by 3.3% but it is now expected that full year organic revenue growth will be down to between 1% and 2%.
Polymetal Int. plc POLY enjoyed a robust third quarter with gold sales rising by 50% and gold output up by 38%. Total sales for the 3 months to the 30th September rose by 17% and gold equivalent production rose to record levels with a 26% increase over the previous year.
Physiomics PYC suffered from a 9% decline in total income for the year to the 30th June and losses for the year rose by 6%, resulting in the company’s cash position becoming constrained until a deal with a major client can be finalised. Active cost control measures have been put in place.
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Sylvania Platinum On A Roll
Sylvania Platinum SLP The year to the 30th June saw basic earnings per share rise by 139 % whilst profit after tax surged from $3.73m to $8.87m. Group EBITDA was up by 65% and group revenue rose by 28%. The equation was further helped by a fall of 12% in general and administrative costs. Sylvania Dump Operations set a record for the fourth consecutive year.
Spectra Systems Corporation SPSY trading has been strong during the first half and market expectation for full year profit before tax and cash flow will significantly exceed market expectations.
Avanti Communications Group AVN has agreed a launch slot with Arianespace for its Hylas 4 satellite beginning on the 1st March 2018. This will enable it to reach geostationary orbit 90 days earlier than previously expected.
DX (Group) plc DX Trading in shares of DX Group has resumed this morning following the failure to reach agreement with John Menzies Distribution. The DX Board is now pursuing business transformation on a stand-alone basis,
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Next Finds Horror On The High Street
Next NXT issues a stark warning about current profits and the level of both this years and next years sales. It failed to live up to its own expectations for 4th quarter sales in the face of what it describes as exceptional levels of uncertainty. Between the 1st November and 24th December sales fell by 0.4%. For the year to 24th December they fell by 1.1% even after taking into account new selling space. Even worse, end of season Sales were down by 7%. Group profit before tax for the full year to 17th January is now expected to be down by 3.6% and the downturn is expected to continue with a further warning that the company is budgeting for full price sales for 2017-18 to be down by a further 4.5%.
Ryanair RYA On the back of lower fares, December traffic surged by 20% to 9m passengers with load factor rising by 3% over a year ago. Even lower fares are promised for the coming summer.
Staffline Group STAF has experienced strong second half trading and expects full year profits to be announced on 25th January, will be in line.
Spectra Systems SPSY Expects that profits for the year to 31st December will significantly exceed expectations, with revenue also ahead.
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