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Andrew Hore – Quoted Micro 23 August 2021
AQUIS STOCK EXCHANGE
Adnams (ADB) says that trading has improved since 17 May with strong demand for hotel accommodation. Interim revenues were flat at £20.5m, while the loss dipped from £3.87m to £3.34m. Net bank debt was £13.4m at the end of June 2021.
GP software provider DXS International (DXSP) increased its full year revenues from £3.28m to £3.61m, while pre-tax profit improved from £239,000 to £254,000 even though the amortisation charge was significantly higher. There was £1.24m of cash generated from operations, although that is less than the £1.5m of capitalised research and development spending.
Good Energy (GOOD) continues to reject the 340p a share bid by Ecotricity because it undervalues the company. Management believes that the company can grow significantly as an independent entity. They also point out that Ecotricity is loss-making.
Oscillate (MUSH) has made a pre-IPO investment in Psych Capital, which would be one of first quoted psychedelic healthcare companies. Oscillate has acquired a 10.4% stake for £300,000. The Oscillate finance director is also finance director of Psych Capital. Richard and Charlotte Edwards have increased their stake in Oscillate from 5.94% to 8.31%. Oscillate has a 24.6% stake in Igraine (KING) which says that the report on the ARCADIA trial – relating to a potential treatment for people with diabetes suffering from Covid-19 – will be published by Excalibur Medicines on 6 September. Igraine has a 2% stake in Excalibur Medicines and also a co-investment agreement.
Yooma Wellness Inc (YOOM) is making the first of its promised acquisitions. It is paying up to £10.2m in cash and shares for Birmingham-based Vitality CBD, which sells its products through Boots, Tesco and Asda. Revenues were £1.6m in the first half of 2021.
Clarify Pharma (PSYC) has also made its first acquisition since joining Aquis. It has contributed $700,000 to a fundraising by Beckley Psytech. This gives Clarify a 0.26% stake. Beckley is developing psychedelic compounds to treat neurological and psychiatric disorders.
Dispersion Holdings (DEFI) has invested $200,000 in Blimp Technologies Inc, which has a platform that rewards homebuyers and sellers for contributing value to a tokenised network established by Home Network Foundation. Dispersion has made a second investment in Defi Yield Technologies Inc. The C$800,000 investment follows an initial investment of C$200,000, which was at a lower share price. This takes the shareholding to 2.24 million shares.
Watchstone Group (WTG) reduced its underlying admin expenses but there was still a £2.31m cash outflow in the first half of 2021. NAV was £15.4m at the end of June 2021. Watchstone has £14.1m in the bank and £1.8m more in escrow. The focus is on continuing litigation.
Eastinco Mining (EM.P) had a £528,000 outflow from operating activities in 2020. There was £52,000 of cash at the end of 2020.
SulNOx Group (SNOX) reduced its loss from £1.81m to £856,000 in the year to March 2021. SulNOx intends to move to AIM.
Coinsilium (COIN) has invested £300,000 in shares in financial services firm Greengage Global and is subscribing for up to £200,000 in convertible loan notes.
Evrima (EVA) has completed its investment in Eastport Ventures Inc, which is planning a flotation.
Abdelatif Lachab has increased his stake in Helium Ventures (HEV) from 5.94% to 6.23%.
AIM
Floorcoverings distributor Likewise (LIKE) switched from The International Stock Exchange to AIM last week and raised £10m at 25p a share. The cash raised will provide working capital for growth and cash for acquisitions. There will also be investment in further distribution centres, including a larger site in Manchester. Likewise chief executive Tony Brewer joined Headlam in 1991 and became chief executive in 2000. He left the company in 2016. The plan is to be a national distributor with revenues of more than £200m and an operating margin of more than 5% are targeted. Trading has been ahead of budget in the first half of 2021. Daily revenues exceeded £250,000 in each of May and June. The share price has risen to 31p.
Interim figures from plastic packaging manufacturer Robinson (RBN) led to a sharp downgrading of the 2021 pre-tax profit forecast. Raw material prices have soared, and volumes have not grown as fast as expected. Interim revenues were 19% higher at £21.2m – there was modest like-for-like growth excluding the Schela acquisition. A slump in gross margins meant that the business fell into loss. An interim dividend of 2.5p a share has been announced.
Piling contractor Van Elle (VANL) lost money last year, but it should return to profit this year. In the year to April 2021, revenues were flat at £84.4m, which was a good outcome because revenues were sharply lower in the first quarter due to lockdown. The underlying loss was one-third higher at £1.2m. The cold winter also held back progress. Van Elle plans to pay a dividend next year if trading goes to plan.
SkinBioTerapeutics (SBTX) had more cash than expected at the year end and it has set the price for its AxisBiotix-Ps food supplement. In the UK, the psoriasis treatment will cost £1.50 per sachet, which is higher than expected. There was £4.6m in the bank at the end of June, compared with expectations of £3.4m.
Intelligent Ultrasound (IUG) AI technology has yet to make a significant contribution to revenues. GE is offering ScanNav Assist as an option on its SWIFT ultrasound machine, but first half revenues were minimal because of Covid-19 restrictions holding back marketing. Even so, interim revenues increased by 36% to £3.6m due to higher sales of training simulators. That growth is continuing and AI revenues will build up over the longer-term.
MTI Wireless Edge (LON: MWE) has continued to grow its profit and demand is improving for its antennas with new contracts from space and naval customers. In the first half of 2021, revenues improved from $19.6m to $21.3m, while pre-tax profit rose from $1.83m to $2.05m.
Engineer Tricorn (TCN) has appointed administrators because it is running out of money and the board is trying to sell the trading operations. Trading in the shares has been suspended and Arden has resigned as nominated adviser.
DBAY Advisors has decided not to bid for credit hire and legal services firm Anexo (ANX). Trading has been ahead of expectations at Anexo.
MAIN MARKET
Trading in standard list shell Pineapple Power Corp (PNPL) shares has been suspended following the announcement of the reverse takeover of BVP Investments and its sustainability-focused investment portfolio.
Canadian Overseas Petroleum (COPL) has completed the reverse takeover of Atomic Oil and Gas. This adds producing assets. Oil production is expected to continue to increase. Other potential asset acquisitions are being assessed.
Tirupati Graphite (TGR) is acquiring Suni Resources SA, which has a portfolio of graphite interests in Mozambique. They include the Montepuez graphite project which is already under construction. The acquisition will cost £6.6m.
Andrew Hore
Ian Pollard – Harmful MPs Blamed For Significant Brexit Damage To UK Economy
K3 Capital Group plc K3C makes no bones about the significant uncertainty being created by the countries hapless politicians and the damage they are doing to the UK’s economic and political environment in the run up to Brexit, against what is becoming an increasingly difficult backdrop. At least here is somebody prepared to stand up and paint a true picture of how harmful our rulers really are. Significant transactions which the company has been working on continue to make progress and are in advanced stages of commercial negotiation.but they continue to experience challenges and take longer to complete than anticipated, Consequently they may not close within the current financial year which ends on the 31st May. The Group has continued to perform well and four out of five income streams across the Group will see strong growth. Despite this the mishandling of the Brexit situation is damaging the prospects of these high value transactions and will inevitably lead to a temporary dip in profitability
GVC Holdings plc GVC updates that it has made an excellent start to the year with continued strong volume growth in all major territories for the quarter between 1st January and 31st March. Total online NGR grew by 17% and total group retail NGR by 8%.
Creo Medical Group plc CREO continued to deliver against its strategic objectives during the 18 months to the 31st December reflecting a period of considerable progress. A widening suite of innovative medical devices was developed, The list of physicians participating in the Clinical Education Programme as part of a training led commercialisation plan was increased and the distribution network and manufacturing capacity was evolved in anticipation of commercial launch.The operating loss of £17.7m compared to £8.9m for the12 months to 30 June 2017 and was in line with management expectations.The company feels it has now established a solid platform for future growth.
Tricorn Group plc TCN expects profit before tax for the year to the 31st March to be about 30% up on the previous year, whilst revenue for the Year is expected to be around 2.5 per cent ahead.
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RWS Becomes A Major Global Player
RWS Holdings RWS After a strong first half performance, record revenues of not less than £76m are expected for the six months to 31st March, a rise of 33% on 2016. Adjusted profit before tax is expected to show a rise of 36.7%. Following the acquisition of LUZ in February, integration of which has proceeded smoothly, RWS is now a major force in Life Sciences and a premier global supplier of intellectual property support services. This makes it an attractive home for niche companies specialising in these fields. Further expansion and further progress are expected during the remainder of the year.
The share price has risen by over 50% since May 2016 and now stands at 340p.
WH Smith SMWH is increasing its interim dividend by 9%, after what it calls a good first half in which group revenue remained flat but group trading profit rose by 5% and earnings per share by 7%. Travel was particularly strong with a like for like sales rise of 5%.
PageGroup plc PAGE produced a record first quarter with gross profit growth of 9.1%. Regional profits grew strongly on a world wide basis except for the UK which lagged way, way behind and actually managed to produce a decline of 0.1%, all due it is claimed, believe it or not, to the uncertainties created by Brexit
HydroDec Group HYR First quarter revenue grew by 25% over quarter 1 2016, leading the company to believe that it will have achieved positive EBITDA. Further growth in both revenue and EBITDA is expected for the remainder of the year, as further progress is made in establishing the company as a profitable business.
Tricorn Group TCN benefited from an improvement in trading towards the end of the year with second half revenue up by 7.5% on the first half and 20% on the second half of 2016. The energy division was particularly strong and it is anticipated that adjusted profits before tax for the year to 31st March will now exceed market expectations.
D4t4 Solutions D4T4 expects that profits (excluding foreign exchange gains) will be ahead of current market expectations for the year to the 31st March. Software revenue and recurring revenues both showed strong growth with sales of Cerebrus rising by 48%. The company claims it is in robust shape.