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Andrew Hore – Quoted Micro 16 July 2018
NEX EXCHANGE
Hotel operator Hydro Hotel, Eastbourne (HYDP) reported flat interim revenues of £1.51m in the six months to April 2018, during a period where building repairs were undertaken. Higher overheads and maintenance costs meant that the loss increased from £153,000 to £200,000. There is £635,000 in the bank.
AfriAg Global (AFRI) has raised £300,000 at 0.1p a share in order to finance its new investing strategy of investing in medicinal cannabis businesses.
Panther Metals (PALM) has signed an option agreement to acquire gold exploration properties in Ontario. The total potential consideration is C$133,000 (£77,000) in cash and the issue of 19.15 million shares at 0.3p each, locked-in for six weeks. A non-refundable payment of C$30,000, one-half cash and one-half shares, has been paid. Due diligence needs to be completed within eight weeks.
NQ Minerals (NQMI) has entered into two marketing and off-take agreements, combined with a $10m secured prepayment facility with Traxys Europe. The off-take agreements relate to all lead and zinc concentrates from the Hellyer project in Tasmania in the first five years of production.
Pelican House Mining (PHM) had nearly £49,000 in the bank at the end of June 2018. The former Hellenic Capital acquired a 15% stake in Might Oak Explorations last month.
Melissa Sturgess and Michael Langoulant have been appointed as directors of Imperial Minerals (IMPP) and James Hamilton and Russell Hardwick have resigned.
Wheelsure Holdings (WHLP) has received approval for the Tracksure locking device from the Italian State Railway.
Clean Invest Africa (CIA) plans to buy out the other shareholders in CoalTech LLC. Due diligence has commenced prior to making an offer for the 97.5% of CoalTech not owned by the clean technology investment company. The initial investment was $500,000.
AIM
Frontier IP (FIPP) investee company Pulsiv Solar has won a UK government grant worth £130,00, which will be put towards a £289,000 project to compete the development of its solar micro-inverter by next April. Frontier IP owns 18.9% of the University of Plymouth spin-out.
Kestrel Partners continues to build up its stake in broadcast software provider Pebble Beach Systems (PEB) and it has taken it from 16.6% to 17.4%. Continuing operations moved back into operating profit in 2017, even though revenues fell from £10.9m to £10.3, but the £500,000 was not enough to cover interest charges and rationalisation costs. Net debt was still £10.3m after getting some proceeds from the sale of the Vislink hardware business. The revolving credit facility is £15m.
Medical imaging technology developer Polarean Imaging (POLX) has raised £800,000 at 16p a share, following last month’s investor symposium. This provides additional cash to support phase III clinical trials in the US and invest in further development.
Veltyco (VLTY) has decided not to go ahead with the potential acquisition of sportsbook operator Ruleo Alpenland.
Telit Communications (TCM) has agreed to sell its automotive division to TUS International for $105m and the deal should be completed by the end of 2018. In 2017, this business made a $10.1m contribution to EBITDA before group overheads. This deal will more than wipe out the current net debt of $25m. The focus will be the Internet of Things operations.
Online women’s fashion retailer Sosandar (SOS) continues to build up its sales. The reported interim revenues were £1.35m. Like-for-like interim revenues grew by 268%. The company remains loss-making but the gross margin improved from 37.8% to 49.4%. There was £4.6m in the bank at the end of March 2018 and this will help to finance further increase in the product range as well as continued losses. There is a database of more than 54,000 customers and 11,407 of those were repeat customers in the period.
Duke Royalty Ltd (DUKE) is raising £44m at 44p a share to fund the pipeline of royalty financing opportunities. There are already four new potential royalty partners requiring £27.5m. These include healthcare, foods and media businesses. Within 12 months, Duke expects to increase its dividend yield. Last December Duke raised £20m at 40p a share.
Itaconix (ITX) is raising £3.4m at 2p a share, which was a 70% discount to the suspension price. Trading in the shares will start again on Monday 16 July. The speciality polymers designer will have enough cash for 12 months, assuming shareholders vote in favour of the share issue. Revenues have been building up slowly and last year they nearly doubled to £553,000. The loss was £11.9m.
One year after it joined AIM, superyacht painting and maintenance services provider GYG (GYG) says that first half trading was weaker than expected. There were delays in refits and fewer new build projects were won. First half revenues of around €25.1m are lower than the two previous first half outcomes. It appears that the interim loss will be more than €1m. There are €12.1m of orders expected to be completed in the second half with a further €25m of “high probability prospects”. The 2017 revenues were €62.6m.
Marlowe (MRL) is raising £20m at 475p a share in order to finance further acquisitions in the critical asset management services sector.
Tristel (TSTL) says that its full year pre-tax profit should be at least in line with the £4.4m forecast, up 8%. Higher investment in gaining US approvals for disinfection products has held back profit growth, but it is expected to accelerate in 2018-19 when a pre-tax profit of £5.2m is forecast.
ReNeuron (RENE) has signed a three-month exclusivity agreement with a major pharma company to potentially out-licence the global rights, excluding China, of its hRPC retinal stem cell technology platform. A non-refundable payment of $2.5m will be received with a further $2.5m due if the deal goes ahead. There was £34.7m in the bank at the end of March 2018 and this should last well into 2020 even though there will be significant spending on trials, including the phase III trial of the CTX cell treatment for stroke disability.
Xpediator (XPD) has acquired Import Services Ltd, which operates a logistics and warehousing business at the Port of Southampton, for up to £12m. The business, which made a 2017 profit of £1.7m, fits well with Xpediator’s existing business in the port and has a good management team that can help the enlarged operations to grow. It should be earnings enhancing in the first full year. A placing raised £7m at 70p a share.
Fifteen-month figures from healthcare services provider Totally (TLY) include five months from the Vocare acquisition but that was still enough to generate revenues of £42.5m. A full 12 months of Vocare should increase revenues to £85m but Totally would still be loss-making. There is further restructuring and integration required. Cost savings should help Totally move into profit in 2019-20. Net cash was £10.2m at the end of March 2018.
Collagen Solutions (COS) improved its revenues in the second half, compared with the first half, but full year revenues were still 6% lower at £3.83m. There is still £5.02m in the bank. There was growth in EMEA. The eight year clinical study for cartilage repair product ChondroMimetic was successful.
Full year figures from managed communications services provider AdEPT Telecom (ADT) were better than expected. Managed services were more than two-thirds of revenues, which were 35% ahead at £46.4m. Underlying pre-tax profit was one-third higher at £7.7m. Net debt was £17.6m at the end of March 2018.
Strategic Minerals (SML) generated sales of $696,000 from the Cobre magnetite operations in the three months to June 2018, but the suspension of a major contract will hit the current quarter. There was $2.09m in the bank at the end of June 2018 and a payment of $375,000 has subsequently been received.
ECR Minerals (ECR) has raised £650,000 at 0.7p a share and that provides enough cash until the third quarter of 2019. The development programme at the Blue Moon target in Victoria, Australia will be accelerated.
An international mining company has agreed to subscribe $250,000 for shares in Orosur Mining Inc (OMI) and that will help to finance further exploration at the Anza project in Colombia. The subscription is at 5.2p a share, double the market price at the time of the agreement.
Fishing tackle retailer Fishing Republic (FISH) expects interim revenues to decline from £4.1m to £3.4m following the closure of five underperforming stores. Like-for-like store sales were 22% lower and online sales also fell. Inventory levels have fallen.
Clear Leisure (CLP) has started operations at its crypto currencies mining data centre in Serbia.
Battery technology and advanced materials developer Ilika (ILK) has raised £4m at 20p a share and an open offer could raise up to £1m more. The cash will finance the costs of developing battery technology for the automotive market. There was £2.8m in the bank at the end of April 2018.
N4 Pharma (N4P) reported disappointing results from the pharmacokinetic data for the clinical trial for reformulated sildenafil, which is better known as Viagra. The plan is to improve the speed at which the drug takes effect but the formulation has not meet the targets set.
Ariana Resources (AAU) says that the Kiziltepe mine produced 7,171 ounces of gold in the second quarter of 2019 and it is still on course to produce 20,000 ounces of gold for the whole year.
Trading remains tough at replacement windows supplier Safestyle UK (SFE) although order intake has firmed in recent weeks. This follows the loss of staff to a competitor that is being sued by Safestyle. It will take until next year to rebuild the team. Thee will be a loss this year even before £6m of restructuring costs. This will use up the cash in the bank.
Next Fifteen Communications (NFC) is paying an initial £2.2m for Technical Associates Group, which is a technical content and digital marketing business. This deal increases the group’s exposure to the industrial engineering sector.
MAIN MARKET
More director changes at Quarto Group Inc (QRT) with Andy Cumming appointed as senior independent non-executive chairman. Major shareholder Laurence Orbach has stepped down as executive chairman and will become a non-executive director. Chief operating officer Ken Fund has joined the board.
Nicholas Lyth has resigned from the board of Sealand Capital Galaxy Ltd (SCGL) having been a director for 17 months.
China-focused healthcare investor Cathay International Holdings (CTI) says that the first half sales and profit will be lower than expected but it hopes to make up the shortfall in the second half. Healthcare subsidiary Lansen has appointed a new chief executive and there have been operational changes, while regulation changes also continue to hit sales in the first quarter. The company’s hotel operations are trading ahead of expectations. The interim will be published in late August.
Andrew Hore
Ian Pollard – easy Hotel trading strongly
easy Hotel plc EZH Strong trading experienced in the previous year has continued through the year to the end of September. The groups owned hotels have significantly outperformed both the competition and the wider OK hotel market. Franchised hotel have also traded strongly especially in continental Europe.In 2018 four new owned hotels will be opened adding a total of 517 rooms, whilst new franchised hotels due to be opened will add a further 798 rooms.
Sopheon plc SPE The board now expects revenue for the year to he 31st December will be comfortably ahead of market expectations whilst EBITDA and pre tax profits should be significantly ahead.This follows two substantial deals in the final quarter leading to an increase from 49 to 59 in licences for the year as a whole.
James Halstead plc JHD Turnover for the half year to the 31st December rose by 5% to record levels after strong December trading in the UK, Germany and Australia
Utilitywise UTW Trading in the company’s shares will be temporarily suspended at 7-30 this morning as it will not be able to publish its annual audited accounts by the end of this month. The delay is due to the amount of work involved in its new revenue recognition policy and the suspension will be lifted as soon as it is able to publish its results.
Telit Communications TCM has received expressions of interest from numerous parties with regard to the proposed sale of its automotive division and due diligence is now being undertaken. There is no intention of selling any other divisions or activities.
Defenx DFX confirms that revenues for the year to 31st December will be materially below those of the previous year resulting a significant loss for 2017. The appointment of a new CEO in November has resulted in progress being made in solving the company’s problems but difficulties remain in collecting in trade debts and collections have been limited during the last three months.
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Quoted Micro 1 January 2018
NEX EXCHANGE
Commercial property investor Ace Liberty and Stone (ALSP) has launched an open offer of convertible notes and warrants to raise up to £4.85m. The conversion price is 25p a share, while the warrants are exercisable at 80p a share. The closing date is 22 January.There are already commitments for £3.01m. Additional cash is required to make more property purchases.
Good Energy (GOOD) chairman John Maltby has invested £100,000 in the renewable energy supplier. He acquired 58,000 shares at 173p a share.
In the six months to September 2017, Via Developments (VIA1) increased its operating income from £309,000 to £557,000 but still made a small loss. There were net liabilities at the end of the period.
Positive Healthcare (DOC) made a maiden profit of £64,000 on revenues of £4.67m in the six months to September 2017. The year end is being changed to March. The healthcare staffing business continues to control costs.
Technology company incubator Milamber Ventures (MLVP) reported an increase in interim loss from £196,000 to £263,000. Milamber has launched the Milamber Education Technology Fund and has completed the acquisition of healthcare training company Essential Learning. The education sector will be increasingly important to Milamber.
Hot Rocks Investments (HRIP) reported a decline in NAV from £901,000 to £853,000 in the year to September 2017. Hot Rocks has 14 investments in oil and gas, mining and pharma companies.
AIM
Stanley Gibbons (SGI) put out its interim results just before the end of the year, thereby avoiding suspension. In the six months to September 2017, revenues fell from £17.3m to £16.6m, while the loss fell from £6.36m to £3.09m. The stamps business continues to lose money and the profit from coins was lower.
Avanti Communications (AVN) was another company bringing out results just days before trading in shares would have been suspended. The satellite communications operator’s revenues fell from $82.8m to $56.6m. There was net debt of $562m at the end of September 2017, which was before the refinancing plans. David Williams will step down as chief executive after March.
Telit Communications (TCM) says that its main bank has granted a waiver for breach of covenants at the end of 2017.
Parallel Media has completed the acquisitions of Brick Live and Parallel Live for £10m and changed its name to Live Company Group (LVCG). The previous businesses have been sold. There was £1.26m raised at 30p a share and £2.03m of debt was capitalised.
A net gain on its investment portfolio enabled Legendary Investments (LEG) to report an interim pre-tax profit of £248,000. The gain was on the stake in business services software supplier Virtual Stock Holdings. There was a net cash outflow from operations of £28,000. The NAV was £5.22m at the end of September 2017.
Clear Leisure (CLP) is injecting its 4.53% stake in 3D mapping company Geosim Systems Ltd into a new subsidiary company that will also be launching a joint venture called Miner One to develop bitcoin mining blockchain data centre. Clear Leisure will invest €200,000, lent by Eufingest, a 10% plus shareholder in Clear Leisure, for 50% of the joint venture. The new subsidiary will be used to acquire other IT business and could eventually be spun-off in order to gain its own quotation.
Thor Mining (THR) has appointed exploration manager Richard Bradley to the board. The definitive feasibility study for the Molyhil tungsten/molybdenum project should be finalised in the first quarter of 2018. A mineral resource estimate is expected for the Kapunda copper project is due early in the year.
Clean water technology company HaloSource (HAL) says that the Chinese government has halted production facilities in the region that supplies its glass pitchers so fulfilment of orders for JiuBan will be delayed. This means that 2017 revenues will be up to $3m and the loss will be up to $5.5m. There should be revenues of at least $840,000 from JiuBan in 2018.
Alliance Pharma (APH) has completed the purchase of Vamousse from TyraTech Inc (TYR) for an initial $13m plus additional payments of up to $4.5m. The human head lice treatment has been developed by TyraTech and it has built up Vamousse as an international brand. The deal is earnings enhancing for Alliance and provides TyraTech with the cash to develop animal health products. TyraTech launched a tender offer of up to $8.5m. The tender offer price is 3p a share. Alliance will be able to distribute Vamousse through its existing European and international partners.
Kestrel Partners is building up a shareholding in STM Group (STM) and just before Christmas it took its stake to 3.72%.
Oil re-refiner HydroDec Group (HYR) has extended the repayment date of three facilities to the end of 2018 and one of them has been increased by £500,000. The facilities are provided by director Andrew Black.
Oracle Power (ORCP) has raised £621,000 at 2.3p a share and broker Brandon Hill has exercised warrants at 0.65p each, which raised £150,000.
Silence Therapeutics (SLN) has sold further shares in Arrowhead Pharmaceuticals, taking the total sale proceeds to £17.2m ($23m). The total cost of the Arrowhead stake was £9.2m ($11.3m) and Silence still owns 472,509 shares.
TechFinancials Inc (TECH) will invest $200,000 for a fully diluted 2% stake in Cedex Holdings, a Blockchain-based diamonds exchange. There is also an option to acquire a further 90%, fully diluted, stake at an exercise price of $40,000. These stakes could be diluted by other share issues.
Copper and gold producer Rambler Metals and Minerals (RMM) has amended its offtake agreement with Transamine Trading, which is making a $4m advanced payment in return for a right of first refusal on any offtake agreement for five years from January 2022. The advance payment plus interest is repayable over 18 months. The phase II expansion is nearly complete and this will extend the mine life by 20 years.
EQTEC (EQT) has completed the acquisition of Eqtec Iberia for £14m in shares just over five months after it was announced. The acquisition owns the EGT gasification technology. EQTEC also raised £1.6m at 0.65p a share.
China New Energy Ltd (CNEL) is holding general meeting on 17 January In order to gain permission to buy back up to 20% of the shares in issue. This could benefit the share price, which currently has a modest rating given the profitability of the business.
New Trend Lifestyle Group (NTLG) is selling its remaining China-focused business for £100 and concentrating on Singapore. The Feng Shui business continues to trade poorly and is seeking acquisitions in Asia.
Xeros Technology (XSG) has completed its £25m placing at 225p a share. The polymer technologies developer will use the cash to further develop cleaning, tanning and textile technologies.
Gresham House (GHE) is selling its Newton-le-Willows property for £2.1m. The completion of the sale of legacy assets will have raised more than £18m. Gresham House should qualify for IHT exemption.
Summit Therapeutics (SUMM) is acquiring Discuva, which is a developer of antibiotics using a bacterial genetics based platform. Summit is paying £5m in cash and £5m in shares for Discuva but no employees will be taken on. Summit will still have enough cash to last it until the end of 2018.
Aquatic Foods Group (AFG) has been unable to publish its accounts and it has lost its AIM quotation.
URU Metals Ltd (URU) had £1.84m in cash at the end of September 2017. The first drill results for the Zebediela nickel and copper project in South Africa have been published and the drill results for the most recent three holes are due in January. URU also has a 9.7% stake in AIM-quoted Management Resource Solutions (MRS).
Draper Esprit (GROW) has made a gain of £7.2m on its stake in Clavis Insights, having originally invested £8.1m in December 2016. This gain will add 3p a share to NAV. Clavis, which is an e-commerce data analyser, was acquired by Ascential for $119m.
Windar Photonics (WPHO) has received a new order from its Chinese distribution partner for five WindVision LiDAR systems. Windar has already delivered 50 systems.
MAIN MARKET
World Trade Systems (WTS) has reached agreement with Germany-based Naturemed and related companies about the commercialisation of its personal hygiene and healthcare products and it will also help to obtain Chinese registration for them. WTS has signed a five year lease on a London office. Shares in WTS are still suspended.
Over the top video streaming business Falcon Media House (FAL) made initial revenues of £232,000 in the six months to September 2017. The interim loss was £2.71m. Since then, £3.4m has been raised from a convertible loan note issue.
Rockpool Acquisitions (ROC) still has nearly £385,000 in the bank. Negotiations are continuing concerning the possible acquisition of Greenview Gas Ltd.
Andrew Hore
Corporate news review Thursday 28th September 2017
Air Partner AIP reports gross profit up 12.2% at £18.1m, with underlying PBT up 34.4% at £4.1m. AIP says it enters the next six months with optimism that FY expectations will be met.
Ascent Resources AST interims – recompletion and flow testing of well Pg-10. Construction of the new pipeline connection at MRS Lendava required to export gas production to Croatia. Refurbishment of separation equipment at the existing CPP (a gas separation facility) owned and operated by partner Petrol Geoterm. Raised £2.9m through PrimaryBid and reduced debt by almost £6m through loan note conversions. Post Period Highlights: Now selling gas, with reported revenues for the first time since 2013 and are now virtually debt free. The Company is now in a strong position to look to expand our operations into new territories and face the future with increased optimism.”
Chapel Down Group CDGP interim year on year sales up 22% to £4.977m and EBITDA up to £235k (H1 2016: £93k). CEO Frazer Thompsonsays the group has a fantastic team of people, and are excited about the prospects for the future.
Clinigen Group CLIN reports FY adjusted gross profit up 22%, adjusted EPS up 25% to 41.8p and strong cash flow with cash generated from operations of £54.7m (2016: £49.4m). Net debt substantially decreased by £33.1m to £35.0m, and the FY divi is up 25% to 5.0p.
CMC Markets CMC pre-close trading update – profitability in H1 2018 is significantly higher than the same period in 2017 with both net operating income and revenue per client higher (and marginally higher than H2 2017), driven by increased client volumes. Regulation remains a key focus, and despite profitability in H1 2018 being significantly higher than the same period in 2017, CMC remains cautious about the future outlook.
Euromoney Institutional Investor ERM pre-close trading update ahead of FY results. Since issuing its trading update on July 21, 2017, overall trading has continued in line with the board’s expectations for the financial year.
Telit Comms TCM updates on trading and narrows its financial guidance such that it expects revenues of $390m-$400m for the financial year to 31 Dec 2017 (2016: $370.3m) and adjusted EBITDA is expected to be $44m-$48m (2016: $54.4m) before one-off restructuring costs which are expected to be incurred as the review is implemented. Telit expects to see, as normal, significant cash generation during H2 and expects to satisfy all financial covenants which are imposed upon it when tested as at 30 September 2017.
NWF Group NWF AGM statement: “Trading has been ahead of the same period last year and in line with the Board’s expectations, with net debt reflecting the normal seasonal fluctuations. “The Board’s outlook for the financial year remains in line with its expectations and we continue to focus on development opportunities, both organic and through targeted acquisitions.
Legal & General Impressed By Its Excellent Management.
Legal & General LGEN heaps praise upon itself for its resilient and consistently improving financial performance, as it raises its interim dividend from 4p per share to 4.3p per share. The figures are certainly impressive with half year profit before tax and earnings per share each up by 41% and it is all due to excellent management execution. Of course when Brexit or other clouds, gather on the financial horizon, it will probably all become the fault of the politicians but we can leave that for another day.
G4Splc GFS is yet another company whose Chief Executive witters on about its “pipeline” with new products and services strengthening its sales operations. For the six months to the 30th June revenue rose by 6.2% and earnings per share at constant rates were up by 7.8%. The company’s investment proposition is to deliver sustainable growth in earnings, cash flow and dividends – hands up anyone who can name a company which admits to different aims. Despite pipelines and investment propositions, the interim dividend remains unchanged.
Telit Communications plc TCM The Chief Executive, Oozie Cats has requested and been granted leave of absence following speculation about his possible indictment in the US in respect of matters which are entirely unconnected with the company.
Tasty plc TAST has had to admit that despite a full review of its operations, management has been unable to take any action which is likely to bring about the expected improvement in the company’s fortunes during the course of the current year. Instead it falls back on the forecast made at the end of March that the trading environment would be challenging and so it has proved to be. Profit after tax for the 27 weeks to the 2nd July collapsed from last years 1,283,000 to a mere 200,000 pounds.. Disposals and closure to take place. The full story should be released with the interim results in September.
Nanoco Group NANO welcomes as much needed, the decision by the European commission to ban the use of Cadmium in TVs lighting and other displays. Nanoco is a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials.
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Plus 500 Record Breaking Results And More To Come
Plus 500 PLUS produced a strong performance with record breaking results significantly ahead of expectations, in the six months to the 30th June. Net profit rose by 104%, EBITDA by by 100% and earnings per share by 103%. Revenue rose by 19%. Including the share buy back programme returns to shareholders more than doubled, rising from $26.7m to $64.4m. Current trading continues to be strong and it is expected that results for the remainder of the year will continue to exceed market expectations, significantly.
Telit Communications TCM plunged from a profit of $4.7m to a loss of $6.7m before tax in the six months to the 30th June. Revenue growth was hekd back by a number of factors including delays in the US certification of LTE poducts which is not now expected until quarter 3. Despite the delay the company still expects these to be strong growth drivers in the second half and remains confident of a strong performance but just to be on the safe side the interim dividend of 2.5 US cents per share is being abolished.
Ultra Eectronics ULE Expects to see the year more heavily weighted than normal towards the second half following delays in the awarding of new contracts due to the UK general election and delays in the US budget being approved. First half revenue fell by 0.1% and underlying profit before tax by 0.2% but the interim dividend is being increased by 2.8%
Filta Group Holdings FLTA updates that revenue growth in the six months to the 30th June has been in the region of 38% following strong performances in both the UK and the US. The first half has been substantially ahead of last year and further growth is expected throughout he remainder of the year.
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Whitbread Raises Dividend by 6%
Whitbread plc WTB is increasing its full year dividend by 6% after another year of strong sales and growth. Revenue for the year to 2nd March rose by 8.2% and underlying profit before tax by 6.2%. On a like for like basis revenue at Premier Inns increased by 2.3% after achieving an occupancy rate of over 80%. 3816 rooms were added during the year. Costa grew by 2% on a like for like basis and opened 255 net new stores worldwide. However a tougher consumer environment is foreseen for 2017, although Premier Inns has made a good start to the new financial year and Costa has continued to see like for like sales growth.
Minds & Machines Group MMX saw an increase of 159% in gross profit for the year to the end of December, after growth of 100% in billings and 146% in revenue. Operating costs fell by 46%. EBITDA was transformed from a loss of $4.4m in 2015 to a positive $3m. There is still significant scope for revenue and billing improvements and the size of the Board was reduced from seven to four.
Elementis ELM enjoyed strong demand in most markets, exceeding that of the first quarter of 2016. Growth in Personal Care and in Energy was notably stronger than last year. for the remainder of the current year all 3 sectors are expected to produce growth in operating profits.
Telit Communications TCM has traded in line since the beginning of the year and is on course to meet expectations for double digit revenue growth for the full year.
Imaginatik plc IMTK claims good underlying progress for the year to the end of March, with flat revenues and bookings down some 25% from £4.7m to £3.6m. The strong dollar resulted in a foreign exchange loss of £0.23m and net of that. the adjusted loss after after tax will be basically in line with expectations at £0.55m. New business opportunities for 2017 are said to be strong.
EU Supply plc EUSP reduced its loss before interest and tax by 42% for the year to 31st December and actually moved into profit in the final quarter. New contrcts entered into in 2016 helped to establish a profitable platform for growth and generated a strong order book for the start of 2017
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CEO admits Marks Business Is Unsustainable
Marks & Spencer MKS CEO Steve Rowe openly admits in todays strategic update that Marks business is not sustainable and needs to be built into one that is and one which will also delight its customers. If its stores in Greece are anything to go by he is dead right and it is going to take a lot of work to make them anything like sustainable and pleasing.
How can you make a profit if you can not bother to open up until 9am. when you are within 100 m. of a Lidl which opens and has queues from 8a.m. and 50 m from one of Greeces largest supermarkets which like most shops also opens at 8a.m. The M&S staff in the clothing store are so unsupervised that they go and sit on the steps outside and smoke whilst customers queue because of unattended check outs and are told if they want to be served quicker they must go upstairs. it is in the backwoods of a business that management weaknesses are exposed not in stores within a stones throw of head office.
Food sales for the half year to 1st October did rise by 4% and made good progress but like for like sales still fell by 0.9% despite outperforming the market. Clothing and Home fell by 5.3% or 5.9% on a like for like basis. In the UK like for like sales fell by 3.0%. Basic earnings per share for the half year slumped by 90.5%, statutory profit before tax by 88%. and on an underlying basis profit before tax was down by over 18%
Punch Taverns PUB Average profit per pub rose by 4% during the year to 20th August as strategic disposals came to an end. The year produced a strong set of results but nowhere near strong enough to reinstate a final dividend. Underlying profit before tax was down from £60m to £53m. but last years loss of £105m was transformed into an actual profit before tax of £60m.
GETECH GTC Profit before tax fell by nearly two thirds during the year to 31st July and earnings per share were down from 5.77p to 3.25p. However steps taken in the first half strengthened considerably the performance in the second half. The backdrop to the company’s performance remained challenging as oil prices remained low and volatile.
Aviva AV. is raising its interim dividend for the half year to the 30th September by 117% to 13p but it is only doing this so that full year dividends are re weighted towards the interim dividend. I winder how the final dividend will be re weighted. The full year outlook is in line.
Telit Communications TCM expects to finish the current year strongly, with double digit growth anticipated in EBITDA and earnings per share.
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Alan Green discusses Telit Communications (TCM) results on the AFVFN podcast
Alan Green discusses Telit Communications (TCM) results with Justin Waite on the AFVFN podcast. Click here to listen to the podcast.
Looks like they delivered too! A 28.8% increase in first half adjusted EBITDA to $21.8m on revenues up 13.1% to $156.3m. Adjusted basic EPS rose 30% to 11.7 cents while net cash/debt fell to $nil from net debt of $3.9m in Dec 2014. Each and every operational financial parameter improved during the first half compared to the corresponding period in 2014; expenses, while growing in absolute numbers, decreased as a percentage of revenues.
CEO Oozi Cats said the first half result “starts to reveal the strength of our strategic acquisitions in the area of IoT connectivity and Application Enablement Platform (AEP) in recent years. These have added a layer of recurring revenues to Telit’s traditional business and we expect them to continue increasing their contribution over the coming years.”