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Quoted Micro 15 January 2024
AQUIS STOCK EXCHANGE
Electric motors and drivetrains developer Equipmake Holdings (EQIP) has won an extension of its contract from sightseeing tours operator Big Bus Tours, and it has doubled in size to cover 20 buses. The contract is worth £3.5m. The buses will be delivered by the end of the third quarter of 2024. Full year revenues are expected to be £13.4m, although Equipmake will still be loss making. The share price slipped 8.57% to 8p, but it has risen by one-fifth over the past year.
Silverwood Brands (SLWD), whose shares are suspended at 30p. has come to a conditional settlement with the vendors of the 19.8% Lush stake, which was never transferred to the company by Lush. The deal was cancelled. The vendors are paying £300,000 to Silverwood Brands to cover deal costs.
Capital for Colleagues (CFCP) had 14 investments in the quarter to November 2023 and the NAV was £15.1m or 81.67p/share, down from 81.99p/share at the end of August.
Tyndall Investment Management increased its stake in skin treatments developer Incanthera (INC) from 6.85% to 11.8%.
Tony Wilson has increased his stake in Oscillate (MUSH) from 3% to 3.66%, while Rikki Devlin has taken a 3.04% shareholding.
Bitcoin mining company Vinanz Ltd (BTC) says that the SEC in the US has approved Bitcoin ETFs, which will provide investors with a way to access cryptocurrency. This should be positive for Vinanz. David Lenigas has bought 80,000 shares at an average share price of 9.2p.
NFT Investments (NFT) is changing its name to Phoenix Digital Assets. The share price rose 18.5% to 3.2p. NAV is 4.67p/share.
EDX Medical Group (EDX) sent shareholders a letter that stated it is pursuing nine different projects for point of care and laboratory testing services. The reverse takeover of TECC Capital means that there has been selling by legacy shareholders holding back the share price, but it has started to rally rising 17.2% % to 8.5p.
AQRU (AQRU) is changing its name to Supernova Digital Assets and it is focusing on becoming a value provider for the Solara ecosystem. Net assets are 0.297p/share, including crypto assets of 0.166p/share.
Kasei Holdings (KASH) non-exec director Bryan Coyne has acquired 125,000 shares at an average price of 8.14p each.
Valereum (VLRM) says that the general meeting to approve the acquisition of GSX Group will be held on 30 January and there will be a shareholder update meeting the next day. Nick Cowan has joined the board as chief executive, as has former AIM and Plus Markets boss Simon Brickles. Gary Cottle has also joined as a non-exec.
EPE Special Opportunities (EO.P) had net assets of 301.9p/share at the end of 2023.
PanGenomic Health (NARA) has entered into a non-binding letter of intent with Crescita Capital for a $5m drawdown facility. This will last three years and can be used for working capital and acquisitions. The facility involves the issue of shares at a discount to the market price at the time of issue. There will be a $300,000 commitment fee payable in cash or shares.
Tony Wilson has increased his stake in Oscillate (MUSH) from 3% to 3.66%, while Rikki Devlin has taken a 3.04% shareholding.
AIM
The Property Franchise Group (TPFG) has made an agreed bid for rival franchised lettings company Belvoir (BLV). The agreed offer of 0.806377 TPFG shares for each Belvoir share values Belvoir at 277.4p/share based on a TPFG share price of 344p, but it has subsequently fallen to 307.5p valuing Belvoir at 248p/share. TPFG shareholders will own 51.75% of the enlarged group.
Capital equipment supplier Mpac (MPAC) had a strong second half in 2023 and there was a record order intake during the year. Margins improved in the second half and full year pre-tax profit was £6.9m, up from £3.5m in 2022. The higher second half margins should continue in 2024, enabling a further improvement in profit.
NWF (NWF) has signed a 15-year lease on a third food distribution warehouse in Newcastle-under-Lyme. This will add 52,000 pallets to capacity. The site should be open in the autumn after capital expenditure of £8.5m. This site could add £1.2m to pre-tax profit in 2025-26.
Another positive trading statement from payments services provider Cornerstone FS (CSFS) has led to an upgrade of December’s previous upgrade. A maiden pre-tax profit of £800,000 on doubled revenues of £9.6m is forecast for 2023. Revenues per customer increased by around two-thirds to more than £10,000. The company moved from net debt to net cash.
AdvancedAdvT (ADVT) switched from the standard list to AIM on 10 January. Last year, five businesses were acquired from Capita and one of these is being sold. The remaining companies operate in business solutions and human capital management.
Online builders’ merchant CMO Group (CMO) had a tough fourth quarter. Online traffic rates declined, but conversion rates improved. Overall orders were flat. Home improvement and DIY spending is declining. The overall repair, maintenance and improvement sector is still relatively strong, but it weakened in the second half of 2023. Market share has grown, and costs have been cut. Liberum has increased its 2023 pre-tax loss forecast from £800,000 to £1.2m and forecasts a 2024 loss.
Consultancy Elixirr International (ELIX) confirmed 2023 results are in line with expectations and it will pay two dividends each year. Pre-tax profit is expected to improve from £19.3m to £23.9m. The shares will go ex-dividend for the 5.3p/share interim on 19 January.
Plant monitoring technology developer Light Science Technologies (LST) published a positive 2023 trading statement. Cost savings have helped to halve the pre-tax loss of £1.3m on revenues rising from £8.2m to £9.3m. Contract electronic manufacturing remains the largest sales contributor, although controlled environment agriculture products are growing in importance.
Touch sensors manufacturer Zytronic (ZYT) reports a 30% decline in full year revenues to £8.6m and it fell back into loss. Gross margins were hit by higher raw material costs and product mix. Sales continue to decline this year. There are signs that there could be improvement in the second half. Net cash is £4.7m.
Palm oil producer Dekel Agri-Vision (DKL) says 2023 revenues were at record levels, but there are problems with ramping up the cashew operation. Investment is required to replace parts of the machinery used in cashew production. Production should improve in the second quarter. The 2024 pre-tax profit forecast has been cut from €1.5m to €600,000.
Mercantile Ports and Logistics (MPL) says some trading activity was deferred last December. Cavendish reduced its 2023 revenues forecast from £6.9m to £5.4m. Coal import to the Karanja port were lower because of destocking. The loss will be higher. Management hopes to replace the current debt facilities with a new facility with lower interest charges. Buying by directors did not help the share price. Non-exec John Fitzgerald acquired 624,419 shares at 1.5725p each and Dmitri Tsvetkov bought 617,360 shares at 1.62p each.
Oriole Resources (ORR) has confirmed receipt of the payment of $450,000 related to the earn-in agreement with BCM International for the Bibemi gold exploration project in Cameroon. BCM will spend $4m on exploration to earn 50% of the project. Drilling should resume in the first quarter.
Semiconductors designer EnSilica (ENSI) has released a range of Post-Quantum Cryptography accelerators. These are cryptographic algorithms that can withstand cyber-attacks from quantum computers.
MAIN MARKET
Tertre Rouge Assets (TRA) has entered into a purchase agreement for a 1972 Lamborghini Miura P400 SV for £2.8m, which means that there are purchase agreements for six cars valued at £32m. Formal marketing of a fundraising has commenced, and the issue price should be 105p. Approval of the prospectus by the FCA is still awaited.
Kelso Group Holdings (KLSO) plans to raise up to £1.88m at 3p/share. The cash will be used for further investments in UK listed companies. Previous fundraisings were at 2p/share and 2.5p/share.
Standard list shell Sivota (SIV) has identified a potential acquisition that operates a technology platform in the travel sector, subject to due diligence and other conditions. The plan is to acquire up to 51% of the company for $15m. Sivota will raise £2.5m to provide the target with a convertible loan for working capital.
Quantum dots developer Nanoco (NANO) has signed a joint development agreement with STMicroelectronics. This two-year programme will optimise a second generation sensing material. This will boost non-licence fee income in 2024 and sales of test materials in 2024 and 2025.
Andrew Hore
Ian Pollard – Ashtead #AHT ups expectations & interim dividend
Ashtead Group plc AHT delivered a strong second quarter with a good performance across the Group. As a result, Group rental revenue increased 18% for the half year to the 31st October and underlying pre-tax profit by19%. Earnings per share rose by 38% in the second quarter and by 42% over the half year. Accordingly the company expects that full year results will now be ahead of prior expectations.The interim dividend reflects the success of the first half with an increase of 18% from 5.5p to 6.5p per share.
RWS Holdings plc RWS claims an outstanding performance for the year to the 30th September with revenue up by 87% and adjusted profit before tax up by 43%. The proposed final dividend is to be increased by 15% making a total increase for the year of 15%. A very good start has been made to full year 2019 with a strong performance in the first two months, leading to expectations of another record year
My Sale Group plc MYSL is very disappointed in its performance during this year’s peak trading period. Challenging conditions impacted the second quarter and as a result the board now believes that revenue and profits for the year to 30 June 2019 will be significantly below market expectations. Selective price increases have had to be reversed after adversely affecting both revenue and transaction volume. Higher levels of discounting and postage promotions had to be used in order to offset lower demand. In Q1 the business traded in line with expectation, but in Q2, the peak trading period, the ongoing disruption caused by legislative changes in Australia was more acute than anticipated and gross profit was negatively impacted.
Zytronic plc ZYT Reported profit before tax for the year to the 31st September fell to £4.2 from £5.4m..in 2017 , as a result of reduced revenues, lower gross margins and litigation costs. An unchanged final dividend of 15.2p is proposed bringing total dividends for the year to 22.8p a rise of 20% year on year. Present revenues and trading are at similar levels to last year.
LightwaveRF plc LWRF Enjoyed a strong last quarter with revenue run rate up 50% on the previous three quarters after a weak first half performance. Revenue for the year to the 30th September fell to £2.81 million compared to 2017’s £3.03 million, whilst the loss before and after taxation slumped to £2.54 million from last years £0.85 million.However things are now improving Revenue run rate for first two months of the 2019 financial year, up a further 25% on the strong last quarter of 2018
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Ian Pollard – Games Workshop #GAW issues secret warning
Games Workshop Group GAW Issues a strange update covering the short period to the 7th October from the date of the last update in September. Sales are ahead and profits are at a similar level to last year, so why the need for an update. Well there seems to be a big “but” in that suddenly the Board decided that it should warn that there are some uncertainties and it remains aware of them.i.e. it has not just discovered them, since September and these uncertainties, are not just any old uncertainties, they are uncertainties about future trading which the Board is keeping secret.So why issue a warning and keep secret the reason for the warning.That makes it sound serious. An update about the update will be given “as appropriate” makes it sound even more mysterious.
RWS Holdings plc RWS has enjoyed its best year ever, with group revenues in the year to the 30th September having risen by 85%. Adjusted profit before tax is also expected to have been slightly ahead of market expectations. The Chairman eulogises that this has been a transformational year underpinned by a strong financial performance and increasing momentum.
Zytronic plc ZYT Preliminary results for the year to the 30th September showed that trading in the second half of the year produced a 10% improvement in revenues over the first half, resulting in total revenues for the year of £22.3m which is in-line with market expectations.The cost of new designs and production techniques however, resulted in lower than expected margins, and in particular a spurious patent claim was settled for £72k, plus legal costs of triple that amount, resulted in full year profits before tax being behind market expectations. Query, why settle a patent claim if it is spurious.
Renishaw plc RSW Saw revenue for the 3 months to the 30th Setember rise by 8% on a like for like basis. Despite a 27% rise in Healthcare adjusted profit before tax for the quarter declined by 9%
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Ian Pollard – Ashtead (AHT) to exceed expectations
Ashtead Group AHT is to increase its interim dividend by 16% and will also over the next 18 months, commence a share buy back programme of up to £1bn. The second quarter results showed growth exceeding that achieved in the first quarter and it is expected that full year results will now exceed expectations. For the half year to the 31st October rental revenue rose by 20%, profit before tax by 23% and earnings per share by 22%’
Balfour Beatty BBY reports that its performance to date is in line but still insists on ignoring the fact that the ludicrous and oft used name of its quality programme “Build to Last” just acts as a constant reminder of the horrors of the not too distant past.
Driver Group DRV saw a significant improvement on all fronts in the year to the 30th September with like for like revenue rising by 15%. Last years loss of £0.4m has been turned into a profit before tax of £2.5m and net borrowings slumped from £9.9m to £0.2m and are continuing to fall further.
Zytronic ZYT The year to the 30th September saw a significant improvement in trading profit which rose from £4.3m to £5.4m, with basic earnings per share up by 29%. The final dividend is to be increased by 39% making a total rise of 32% for the full year. A sound base has now been created, says the company, for further dividend increases in the future.
Joules Group JOUL updates that it has performed well in the half year to the 26th November, with group revenue rising by 18.2% in constant currency. Further expansion has been delivered across channels and products, reflecting the growing appeal of its brands as well as a growing customer base which now exceeds more than 1 million active customers.
Servoca plc SVCA A strong financial performance across all five of its business areas during the year to the 30th September saw revenue rise by 15.9% and adjusted profit before tax and EBITDA up by 11.4% and and 12.8% respectively. The final dividend is increased to 0.4p, a rise of14.3p
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Vodafone Increases Dividend As Losses Rise
Vodafone VOD. My own personal experience is that Vodafone can not even operate its own internal phone systems properly so it is not much of a surprise to see that it has problems globally. Group revenue fell by 4.4% for the year to the end of March, the loss for the year rose by 18.7% and the basic loss per share rose by 11.2% all of which were celebrated with a 2% increase in the interim dividend despite a rise in the company’s debt.
The groups explanation is that foreign exchange movements were primarily responsible for the loss, it faces increased regulatory headwinds but as signs of hope for the future, adjusted like for like earnings per share grew by 17% and organic EBITDA by 5.8%.
Crest Nicholson CRST reports that the housing market continues to be robust with mortgages easily available and government support in the shape of the Help to Buy scheme showing no sign of ending. Unit sales growth of about 10% is expected for the year to the 31st October, although sales per outlet in the first half are expected to show a fall from 0.87 to 0.81. As a result of investment in higher quality land, average selling prices have increased (what a surprise). It was expected that unit completions in the first half would fall and they did – from 1206 units to 1,064. As at the end of April forward sales were 5% ahead of last year.
Hardide HDD First half revenue rose by 57% over last years first half and by 27% on the second half, as demand began to return from the oil and gas sector, which is still challenging and volatile. Sales to the sector rose by 115%. The company is still loss making but the EBITDA loss is down from £0.72m. to £0.43m. and the like for like group operating loss for the first half has fallen from £1.02m to £0.72m.
DCC PLC (DCC) after a strong year DCC is raising its final dividend for the year to 31st March by 16.3%, making a total increase for the year of 15%. Continuing revenue rose by 9%, leading to a rise of 21% in total operating profit and 18% in earnings per share. The current year is expected to show further profit growth and development.
Zytronic ZYT After what appears to be strong all round growth, Zytronic is increasing its interim dividend by 10% for the half year to the 31st October.Basic earnings per share rose by 44%, group revenue was up from £9.9m to £11.3m. and profit before tax enjoyed a healthy jump from £1.8m to £2.5m. The second half of the year has started well, says the company.
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What’s In A Name – Ask Balfour Beatty
Balfour Beatty plc BBY Any construction company which calls its transformation programme “Build to Last” has obviously got serious problems as the repeated use of the name just provides further reminders of past problems. The sooner it removes the blinkers and changes the name of the programme the better for the company. The first phase of the transformation is nearing completion but there are still 2 years to go before it can achieve industry standard margins so there is plenty of time in which to find a more marketable name for it and bury the past – even simply “transformation programme” would be enough if it is beyond the wit of management to find something more alluring.
Bellway plc BWY Robust customer demand has enabled Bellway to put in a strong performance over the 18 weeks since the first August which produced a 7% increase in the reservation rate. For the year as a whole volume growth of 5% is expected.
NCC Group NCC First half group revenue grew by 35% with strong like for like growth of 18% but the loss of profitability caused by 3the cancellation of 3 contracts and the deferral of a fourth will not now be made up for by the year end at the 31st May. Full year adjusted EBITDA is seen as coming in at 5%, less than earlier expectations.
Zytronic ZYT is increasing its dividend by 20% for the year to the end of September after a significant improvement in trading profits and making it the company”s third successive year of double digit dividend growth. Exports now account for 95% of total revenue. There has been an encouraging start to the new year with orders, revenue and trading all ahead of last year.
Veltyco VLTY Following strong fourth quarter trading, full year results are expected to be ahead of market expectations.
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