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Andrew Hore – Quoted Micro 14 May 2018
NEX EXCHANGE
Ashley House (ASH) is expected to achieve its full year profit target of £1.8m, although that includes a non-cash write back. The health and community care property developer had year-end net debt of £1.5m. The Morgan Sindall joint venture has reached financial close on its first extra care apartments and bungalows scheme in the Isle of Wight with a further scheme expected to reach financial close in the next few weeks. Modular building business F1 Modular lost money last year. There is work manufacturing classrooms for schools and projects in the retail sector so it is not dependent on residential and health development. Maureen Moy has taken her stake to 10% after buying 1.9 million shares at 13.23p a share.
Dairy and livestock services provider National Milk Records (NMR) generated revenues of £5.32m in the three months to March 2018. This means that revenues are £1.51m ahead so far this year, although the comparatives are weak. Herdwise, the screening service for Johne’s disease and other testing services are providing growth with a small improvement from milk recording services. Rising milk supply has started to hold back milk prices. There will be a one-off benefit in the fourth quarter and the first quarter of next year from a contract to supply 10,000 genomic tests that should help to provide information to improve resistance to bovine TB. NMR is one of the nominees for NEX Exchange company of the year at the 2018 Small Cap Awards.
Forbes Ventures (FOR) says that the majority shareholder in challenger bank Civilised Investments Ltd has exercised warrants that increased its shareholding to 95.7. Warwick Capital Partners is also underwriting a £12m subscription, although £4.65m of this can be subscribed by minority shareholders. This would increase the overall valuation of the bank to £20m. Forbes owns 0.05% of Civilised Investments prior to the subscription and it has not said if it will be investing any more cash.
Gledhow Investments (GDH) had £172,000 in cash at the end of March 2018 but £20,000 is trapped in a Beaufort Securities account. NAV has increased from £510,000 to £869,000.
Gunsynd (GUN) says that Brazil Tungsten Holdings, the company it owns a 6.18% stake in, has restarted mining operations after a government suspension was lifted.
Coinsilium Group Ltd (COIN) will advise FANTOM Foundation on the $39.8m token generation event due to start on 15 June. FANTOM is using Directed Acyclic Graph (DAG) as a smart contract platform. This is an alternative to blockchain, which should be faster and have lower fees.
IMC Exploration Group (IMCP) is focusing on the completion of works programmes in its three principal projects. The joint venture with Trove Rehabilitation only requires ministerial approval to complete. Eamon O’Brien has been appointed as a director and he will become chairman. Kathrine Byrne is also joining the board. Nial Ring and Liam McGrattan will step down from the board.
AIM
A strong performance in the used vehicles market and continued growth in aftersales helped to offset the downturn in the new vehicles contribution at Cambria Automobiles (CAMB) in the six months to February 2018. Underlying operating profit still fell from £5.8m to £5.3m. Interim pre-tax profit was £4.8m. Full year pre-tax profit is expected to decline from £11.3m to £9.5m. The significant capital investment programme continues but net debt is minimal.
Vertu Motors (VTU) also performed well despite the tough background in the motor dealer sector. In the year to February 2018, adjusted pre-tax profit fell from £31.5m to £28.6m on flat revenues. The full year dividend was increased by 7% to 1.5p a share. It appears that trading may be starting to improve and the benefits of the current investment programme are yet to show through. Net cash is £19.3m. A further dip in profit to £25m is expected this year.
CEPS (CEPS) reported flat 2017 revenues but the underlying pre-tax profit jumped from £146,000 to £902,000. The biggest improvement in profit came from Friedman’s and Aford Awards, while CEM Press made a larger loss.
TyraTech Inc (TYR) says sales of the PureScience poultry mite treatment are building in the US and a launch is planned in Europe. Trials of a treatment for intestinal worms in pigs have shown a 70% reduction in the worms. TyraTech has shown that it can develop effective products and the remaining cash from the sale of Vamousse will finance further product development and trials.
Deltex Medical (DMG) had a tough 2017 but lower cost meant that the loss was reduced. The medical monitoring equipment and consumables supplier has won significant contracts in the US and France. Revenues dipped from £6.3m to £5.9m, while the loss was down from £2.4m to £2m. Annualised cost reductions of £1m will partly show through in 2018. The UK remains tough with potential recovery later in the year. International business should grow. A £2m fundraising should provide enough cash to invest in the technology and cover a reduced loss.
HaloSource Inc (HALO) has disappointed the market again. This time the auditors have not allowed some of the sales shipped at the end of 2017 to be included in revenues. Cantor Fitzgerald has maintained its 2018 loss forecast at $3.4m, down from $5.7m. The cash outflow should be lower.
Sprue Aegis (SPRP) has come to an agreement with BRK over the termination of their distribution and manufacturing agreements. Sprue Aegis will have to pay £11m in instalments up until December. There will be a £3.8m exceptional charge in the 2017 accounts. The full year results will be published on 15 March.
Wey Education (WEY) reported interim revenues 44% ahead at £1.74m and an improvement in underlying pre-tax profit from £75,000 to £145,000. An initial contribution from Academy 21 accounted for part of the improvement. A 2017-18 profit of £500,000 is forecast, rising to £2.5m the following year.
Trading in the shares of Lionsgold Ltd (LION) has been suspended following the completion of the acquisition of Goldbloc, which has developed a digital gold currency. This is deemed as a change of business. The suspension could last up to four months.
Fox Marble (FOX) increased revenues by 50% to €1.2m in 2017 and lost €3.4m. This year will be more significant with the processing factory up and running and capital investment made in machinery. There was €440,000 in the bank at the end of April 2018.
Out-of-hospital care services provider Totally (TLY) has secured the renewal of an urgent care services contract worth €1.2m with the Northumbria Healthcare NHS Foundation Trust.
Westminster Group (WSG) has admitted that a previously announced Middle East contract is in Iran and it has still to become effective. The current political situation could scupper the deal or at least delay it.
Microsaic Systems (MSYS) has signed a distribution agreement with Rightek, which will distribute the Microsaic 4500 MiD mass spectrometry detector in Taiwan.
MAIN MARKET
Stem cell services provider WideCells Group (WDC) has commitments to invest £1.47m at 3p a share and is offering the chance of additional investment of up to £450,000, via a bookbuild using the Teathers app and that closes on 21 May. WideCells has still not been able to publish its 2017 accounts so trading in the shares remains suspended. Directors have loaned the company £215,000. At the end of June 2017, there was cash of £869,000 and debt of £634,000, before any of the director loans. WideCells intends to repay £120,000 of debt, spend £150,000 on product development, £110,000 on the CellPlan platform and £33,000 on WideAcademy. The other £1m plus will pay expenses and provide working capital.
Nanoco (NANO) will receive a £1.8m milestone payment from its unnamed US-listed partner. This is the second of three milestone payments.
Falcon Media House (FAL) has raised a further £200,000 from a convertible loan note issue, taking the total to £3.14m. The conversion price is 2.5p a share.
Treatt (TET) has sold pressed vegetable seed oils supplier Earthoil Plantations for £11m. That takes pro forma net cash to £17.5m. In the six months to March 2018, Treatt increased revenues by 14% to £53.6m and underlying pre-tax profit improved from £4.79m to £5.77m.
Andrew Hore
Andrew Hore – Quoted Micro 8 January 2018
NEX EXCHANGE
Kryptonite 1 (KR1) has invested $249,000 in a presale of 4,775,686 Simple tokens in a project administered by OpenST Ltd. The plan is for the tokens to be used to enable digital currencies to be launched by businesses. There has also been a $100,000 investment in the presale of tokens in the Props project. That bought 859,569 Props tokens. These tokens are used as a cryptocurrency as part of a decentralised ecosystem of video applications.
DagangHalal (DGHL) has launched its mobile app MEEMBAR (meaning raised platform in Arabic), which is targeted at Muslim travellers, on the Android platform. The app provides details of mosques, hotels and restaurants in an area. The app will become available on the IoS platform later this year. Longer-term, the company wants to introduce the ability to undertake transactions.
AIM…….
Housing developer Inland Homes (INL) ended the year strongly, selling two sites for a total of £12.7m. Inland Partnerships, which develops social housing, has entered into a £29.5m contract to develop 136 homes.
Kestrel Partners has taken a 4.32% stake in telematics equipment and services provider Trakm8 (TRAK).
Gear4Music (G4M) says that Christmas sales grew by 42%. The online musical instruments retailer is still on course for a full year profit of £2.4m.
Peter Scott is taking on the role of chief executive at digital marketing services provider Be Heard Group (BHRD) and David Morrison will replace him as chairman.
Smart metering technology supplier CyanConnode (CYAN) says that its order book is in excess of $100m even though a large order has been delayed. There was £5.5m in the bank at the end of 2017.
Cambria Automobiles (CAMB) has announced a new Lamborghini dealership in Chelmsford on the same site as the Bentley dealership. The showroom should be open by the end of the first quarter. A new site in Hatfield to house the new McLaren dealership and the company’s other dealerships in the area should be completed by the end of the year. Cambria is still cautious about the UK car market. Trading in the first quarter is in line with expectations. Chairman Philip Swatman and his wife sold 100,000 shares at 57p a share, leaving them with 200,000 shares.
Marble quarry operator Fox Marble Holdings (FOX) is raising £2.76m through a placing at 10.5p a share and Indian firm Kesari Tours PVT is investing £2m of the cash. Kesari boss Shailesh Patil has committed to buying a minimum of 3,000 tonnes a year of marble in return for exclusivity in the Arabian Gulf. Fox is also raising £235,000 via a convertible loan note issue and capitalising £783,000 of debt. Directors are also taking part of their pay in the form of shares. Fox will use £1.5m of the cash to repay debt and the rest will go towards expanding production. Total marble production was 8,800 tonnes in 2017. The new processing facility has capacity of up to 440,000 square metres a year so it will be able to cope with much higher quarry production.
Network data processing technology supplier Ethernet Networks Ltd (ENET) has disappointed the market six months after flotation. A customer has chosen to sign up to a different proposal than expected and two other projects have been delayed until 2018. This means that 2017 revenues and profit will be lower than anticipated, although profit will be higher than 2016. In 2016, revenues were $2.16m and operating profit was $339,000, which was exceeded in the first half of 2017 even though revenues were much lower.
Victoria Oil and Gas (VOG) says that its gas supply contract with ENEO in Cameroon has not been extended. This had covered 53% of Logbaba gas sales revenues in 2017. ENEO owes $8.7m.
Churchill China (CHH) says that its 2017 results will be slightly better than expected thanks to strong export sales. Full year figures will be published on 27 March.
Strand Hanson has resigned as nominated adviser to BNN Technology (BNN) following news that the company failed to account for a bonus claimed by Darren Mercer. The £270,000 bonus has been offset against the £450,000 he owes the company. Mercer also claims that the remaining amount of the loan should be reduced.
Corero Network Services (CNS) has gained $400,000 of contracts for its SmartWall cyber security system.
Ultrasound simulation technology provider Medaphor Group (MED) says that 2017 revenues were 27% ahead at £4.2m. The loss will be £2.9m. There was £4.2m in the bank at the end of 2017.
Cantor Fitzgerald has downgraded its 2017 profit forecast for waste treatment and energy generation plants developer Green and Smart Holdings (GSH) from RM7m to RM6.7m and the 2018 figure from RM16.9m to RM10.8m because of delays to electricity generation projects. Local project finance is taking longer than expected to secure.
Attractions designer Paragon Entertainment Ltd (PEL) chief executive John Dobson has acquired 1.43 million shares at 2.5p each. That increases his stake to 6.55%. This has helped the share price to recover after almost a year of decline following disappointing trading statement.
Babestation producer Cellcast (CLTV) says that it intends to provide for the £495,000 it had invested in the Lexinta fund, which is being investigated by the Swiss authorities. The investment vale had been raised to £754,000 in the last accounts. This appears to be in the trade receivables in the balance sheet last June. There was £862,000 in cash in the bank.
European PR firm SEC (SECG) has acquired 51% of Colombia-based Newlink for up to €2.2m and this could rise to €4.3m if the option to acquire the rest of the shares is taken up in the next five years.
TyraTech Inc (TYR) will buy back $8.4m worth of shares at the tender price of 3p a share.
Oil and gas firm San Leon Energy (SLE) has ended bid discussions with two potential bidders. A potential reverse takeover is still on the cards.
Even though Crawshaw Group (CRAW) says that the performance of its factory shops has been good, like-for-like sales for the delicatessen products retailer have declined. This has led Peel Hunt to increase its loss forecasts for this year and next year as like-for-like revenues are expected to continue to decline.
Egdon Resources (EDR) has had its appeal for planning permission for the Wressle oil development in Lincolnshire. Egdon owns 25% and Union Jack Oil (UJO) has a 15% stake. Egdon has been allow to retain the original planning permission until the end of April.
ReNeuron (RENE) is consolidating 100 shares into one new share. Management hopes that this will help to attract institutional investors. The cell-based therapeutics developer had £45.3m in the bank at the end of September 2017.
Christopher Brown is stepping down as chief executive of TomCo Energy (TOM) but he will remain for the short-term. He has agreed to loan £100,000 to the company.
Packaging machinery manufacturer Molins (MLIN) is changing its name to Mpac following the sale of the Molins tobacco machinery business.
The People’s Operator (TPOP) has returned from suspension having completed its £2.82m fundraising at 0.1p a share. The London Stock Exchange says that the settlement of outstanding trades is occurring and it allowed the restoration in dealings, but it says that it will continue to closely monitor the situation.
BOS Global Holdings (BOS) has appointed Marcus Yeoman, Will Giles and Michael Wilczynski to the board andMark Uren has resigned, which means that it does have the minimum required number of three directors. The finances of the software developer remain uncertain and trading in the shares is still suspended. A general meeting requisition has been withdrawn.
Average oil production from the Trinidad operations of Range Resources Ltd (RRL) in the fourth quarter of 2017 was 629 barrels a day and the current daily production is 703 barrels a day.
Premier African Minerals (PREM) did not meet its guidance on production at the RHA tungsten mine in the last quarter of 2017 and this means that it did not achieve profitable production in December. Premier has said that it would not provide any more cash unless profitability were achieved. Premier is spinning off the Zulu lithium project, which could have a value greater than Premier, and drilling programmes could be funded by offering a stake in the new company.
MAIN MARKET
Cayman Islands-based cash shell AIQ Ltd (AIQ) (ww.aiqhub.com) is joining the standard list on 9 January. AIQ has raised £3.6m after expenses, mainly at 8p a share. The plan is to seek an e-commerce acquisition, which has a strong management and is near to cash generation.
North American oil and gas explorer and producer PennPetro Energy (PPP) acquired Nobel Petroleum UK last May, which gives it a 75% working interest in City of Gonzales petroleum leases in Texas. Nobel has secured £2m in additional funding for the leases. PennPetro joined the standard list and was valued at £17.7m at 25p a share. Former Arsenal managing director Keith Edelman is chairman.
Andrew Hore
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
Quoted Micro 15 May 2017
NEX EXCHANGE
Newbury Racecourse (NYR) increased its revenues by 4% to £16.9m in 2016. Underlying trading profit was 8% ahead at £740,000 but there was also a £19.4m gain on the sale of land for housebuilding partly offset by £3.45m impairment charge. The NAV was £44.4m, which is around double the company’s market value. Net cash is £5.4m. The redevelopment of the racecourse continues with the latest phase due to be completed next year.
Good Energy Group (GOOD) has launched a corporate bond. It wants to raise £10m but could raise the subscription level to £20m. Existing bond holders can roll over some or all of their investment into the new bonds. The bonds have a coupon of 4.75% or 5% for customers.
Via Developments (VIA1) has sold all 26 apartments in Napier House in Luton. Deposits of £394,000 and £52,000 of non-refundable reservations have been received. The project should be completed in the first quarter of 2018.
AfriAg Global (AFRI) continues to seek acquisitions in the agricultural logistics sector. In 2016, revenues grew from £1.98m to £3.04m and the loss fell from £96,000 to £9,000. Directors’ fees were reduced from £108,000 to £19,000. The 40%-owned AfriAg (Pty) increased its revenues by 91% to £11.7m but its reported profit dipped from £359,000 to £104,000.
Walls & Futures REIT (WAFR) has completed its first supported housing sector investment. It has bought a grade two listed building in Stroud for £475,000. There will be further investment in improving the property over the next four months. The property will then be let on a 25 year lease to a UK care provider with rents adjusted each year by inflation.
Capital for Colleagues (CFCP) has invested a further £100,000 in space software and hardware developer Bright Ascension. The initial investment was £150,000 and Capital for Colleagues holds 250,000 A shares. The cash will be used for product development and building up the company’s sales infrastructure.
Anna Halpern-Lande, a cleantech sector expert, has joined the board of Milamber Ventures (MLVP). Two new partners have been appointed. Executive chairman Andy Hasoon has converted £50,000 of his director loan into 312,500 shares at 16p each. Two other individuals have taken shares for fees.
Coinsilium Group Ltd (COIN) has invested $75,000 (£60,000) in Coin-Dash, which is developing a social trading platform for cryptocurrency investors. Coinsilium also has an entitlement to an undisclosed number of Coindash crypto tokens.
MiLOC Group Ltd (ML.P) has raised £276,000 at 28.5p a share from four investors. NQ Minerals (NQMI) has raised a further £230,000 for working capital. Valiant Investments (VALP) has raised £22,000 at 0.1p a share, while 84.7%-owned apps developer Flamethrower has paid $25,000 for advertising revenues generating Minecraft Command website.
AIM
TyraTech Inc (TYR/TYRU) is splitting itself into two businesses so that they can each raise finance to accelerate growth. The separation should be complete by the end of the year. TyraTech used up $2.2m of cash in 2016 leaving it with $1.8m, thanks to cash management in the second half. Allenby expects cash to fall to $700,000 by the end of 2017 but in reality management would hope to have raised money for the two businesses before that time. Marketing spending is required to grow the human health business while further product development investment is required by the animal health business.
Musical instruments retailer Gear4Music (G4M) is increasing its market share in Europe. In the year to February 2017, revenues grew from £35.5m to £56.1m and pre-tax profit jumped from £600,000 to £2.7m. A new head office has been acquired for £5.3m and a German distribution centre is being opened.
Cosmetics supplier Warpaint London (W7L) has done particularly well since it joined AIM and its figures were better than expected leading to an upgrade for this year. In 2016, Warpaint made a pre-tax profit of £6.7m on revenues of £27m. A 2017 profit of £7.6m is forecast. Growth is coming from the UK and internationally with US revenues starting to build up.
RedstoneConnect (REDS) has raised £6.5m at 1.5p a share and £1.4m of this will be spent on systems integrator acquiring Anders + Kern. This will help the group to sell its OneSpace smart buildings software. A one-for-100 share consolidation is planned.
Motor dealer Vertu Motors (VTU) improved its full year pre-tax profit from £26m to £29.8m and its NAV is 62.3p a share. The share price is trading at a discount to NAV of one-fifth. Aftersales revenues continue to grow and used vehicle sales were strong. The new car market has declined but trading in March and April is in line with expectations.
Cambria Automotive (CAMB) has also performed well even though new and used vehicle volumes declined. Acquisitions helped its revenues to grow by 11% while its pre-tax profit was more than one-fifth higher at £5.6m. The full year profit forecast has been edged up to £11.2m.
The proposed energy price cap has hampered Flowgroup (FLOW) in its attempt to sell its energy business. It is still in talks but appears more likely to require to raise an additional £20m. This would be highly dilutive because it would be at 1.5p a share plus convertible securities. Losses will continue for the next couple of years and Flow is reducing its exposure to the microCHP business.
Arian Silver Corporation (AGQ) has completed initial sampling at its Mexican Salar project and this confirms the presence of lithium. Further tests are required to fully assess the mineralisation.
Savannah Resources (SAV) has lodged the Environmental Impact Assessment for the Mahab 4 copper mine development, having already done this for the Maqail South deposit. Savannah owns 65% of the company that has the licence for the block that includes Mahab 4. The approval process is expected to take three months. An economic study should be completed by July.
Active Energy (AEG) is reducing its exposure to Ukraine and dividing its operations into Advanced Biomass Solutions, which will own the CoalSwitch technology, and Timberlands International for the timber asset management operations. Supplying woodchip from Ukraine to Turkish fibreboard manufacturers is the main revenue generator but exposure to Ukraine has held back the share price. The company’s former chief operating officer may make an offer for the Ukrainian operations.
Draganfly Investments (DRG) has raised £500,000 at 0.5p a share. Pelamis Investments Ltd owns 11.26%.
MAIN MARKET
Waterman Group (WTM) has recommended a 140p a share bid from CTI Technology, which has already acquired 30%. This means that the £43m bid is mandatory. CTI is one of the largest consulting engineers in Japan.
A strong performance in South Korea has fuelled a strong performance from window components manufacturer Titon (TON). In the six months to March 2017, revenues were 29% higher at £14m, while pre-tax profit was 61% higher at £1.18m. The dividend was increased by 20% to 1.5p a share. Net cash is £2.71m.
Storage and wireless semiconductors developer CML Microsystems (CML) says full year trading was ahead of expectations. Revenues grew by one-fifth to £27.6m – organic growth is estimated to be 16%. Pre-tax profit was £4.2m – 5% higher than forecast. There was £12.4m in the bank t the end of the financial year.
World Trade Systems (WTS) has appointed John Hoskinson as a non-executive director. He has experience of mining, energy, property and services sectors. Clio Lee has stepped down from the board. Trading in WTS shares continues to be suspended.
UNQUOTED
Richard Griffiths and Blake Holdings have acquired 11.2% of former AIM-quoted investment company Sarossa for £519,500 (1p a share). This takes the concert party’s stake to 51.9% so it has to make a mandatory bid at 1p a share but that is well below the most recent asset value. At the end of 2016, the NAV was £11.3m or 2.4p a share. That included £3.73m of cash.
Andrew Hore
Not Even A Nation Of Shoppers
England used to be a nation of shopkeepers but those days are long gone, thanks to the allegedly super efficient Lidl and Aldi but it now looks like we are not even a nation of shoppers.
The first half results for ASOS ASC has growth in EU and US up by 31 and 34% respectively, leaving the UK trailing behind with a rise of 25%. Alright let us not forget that the EU is a super rich trading area with super rich member countries like Greece, Portugal, Bulgaria etc etc. It leaves Diddy David’s lies about the strength of the UK economy, looking even more threadbare.
Profit before tax at ASOS rose by 18% for the six months to the end of February and active customers rose by 17% as momentum continued to improve.
The shares have done well over the past 6 weeks having risen from 2,600p in late February to 3,450p on Friday last.
Tyra Tech TYR made 2015 a step change year, with revenue up from $4.9m to $7.4m, thanks to Vamousse, its killer head lice treatment and shampoos which have taken the US and the UK by storm, whilst its mosquito repellant is number one seller on Amazon. Market penetration expanded rapidly during the year and by 31st December the company had 34,000 US stores and supermarkets plus another 7,800 in the UK. More expansion in both existing markets and geographically, is promised for the current year.
The company is still making a net loss before tax but 2015 saw this fall from $5.1m to $2.3m The shares had a major collapse in september, falling drastically from 5.40p but recovery was soon under way and they are now at 3.13p
Good times are here, says the chairman of Next Fifteen Comm NFC as revenue for the year to 31st January rises by 18.9%, profit before tax by 28.8% and EBITDA by 31.5%. The dividend is raised by 20% as more is promised for 2016.
The shares of Fishing Republic FISH have doubled since late February with a rise from 16p to a high of 32p but one may wonder if this has been overdone somewhat, as they have weakened on today’s full year results. True second half sales rose by 45%, full year sales by 22% and online sales by 30% but profit before tax and exceptional items rose by only 3%.
The Chief executive says it was an exciting year – let us hope it will not get too exciting.
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