Buy Staffline #STAF says VectorVest. Strong track record, plus the stock continues to offer plenty of capital and dividend growth potential.

Established in 1986, Staffline (STAF.L) is now the UK’s market leading Recruitment and Training group. It has two divisions namely Recruitment and PeoplePlus. Staffline Recruitment is the UK’s leading provider of flexible blue-collar workers, supplying over 60,000 staff per day to c. 1,500 private sector clients, across a wide range of industries including agriculture, drinks, driving, food processing, logistics and manufacturing.  It operates from over 400 locations in UK, Eire and Poland. The PeoplePlus Division is the leading adult skills and training provider in the UK, delivering apprenticeships, adult education, prison education and skills-based employability programmes across the country.

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On July 25th 2018, STAF published interim results to June 30th 2018. Group revenues grew 12.4% to £481m, while underlying PBT fell 6.8% to £15m following four acquisitions and digital investment into Recruitment, and the acquisition of LearnDirect Apprenticeships for PeoplePlus. Underlying diluted EPS fell 5.8% to 47.2p, while the interim dividend was increased by 2.7% to 11.3p. CEO Chris Pullen said STAF had made an excellent start in what was the first year of a five-year growth strategy to increase underlying diluted EPS to 200p. He added, “We are confident that the strategic decisions taken in the first half of 2018 will enable us to deliver our current 2018 expectations and provide the basis for our continued future growth.”

STAF first came to the attention of VectorVest as the key RT (Relative Timing) metric ticked up over 1 in early April 2018. A sharp drop to year lows of 880p in June flagged further alerts, since which time both the share price, and RT numbers have moved sharply higher.  Today, the STAF RT metric, (a fast, smart indicator of a stock price trend) logs the stock at 1.46 – excellent on a scale of 0.00 to 2.00. The RV metric, (an indicator of long-term price appreciation potential) logs STAF as good value at 1.39 (on a scale of 0.00 to 2.00), and the stock also registers an excellent GRT (Earnings Growth Rate) rating of 21%. Despite trading at 1,208p, VectorVest still sees further upside for STAF shares through to a current valuation of 1,575p.

To highlight the long-term performance of STAF.L the price action over the last 8 years is shown above with earnings per share (EPS) shown in the window below the price. The share has been trading within a consolidation pattern since 2016 and is presently nearing a breakout of that pattern. The 8-year weekly chart above presents a very bullish situation if such a breakout should occur with a technical target of over 20 pounds over the next few years. The technical target is based on the size of the trending move from 2011 to 2016. The share is on a Buy recommendation on VectorVest after charting a double bottom pattern at support during 2018.

Summary: During the thirty-two years it has been in existence, Staffline has delivered impressive and consistent growth as a company. Indeed, sales revenues for the past ten years have increased at a compound annual growth rate of 25%, so the company’s target to grow underlying EPS to 200p in five years is a claim to be taken seriously. With this in mind, the sharp drop in the shares in June prior to the interim results provided an excellent opportunity to pick up the stock at a discount. Notwithstanding the sharp recovery since then, VectorVest remains of the opinion that STAF continues to offer investors plenty of capital and dividend growth potential with a decent margin of safety. Buy.

Dr David Paul – August 22nd 2018

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European Financial Publishing Limited T/A VectorVest UK (VectorVest) is authorised and regulated by the Financial Conduct Authority under register number 543038. You should remember that the value of investments and the income derived therefrom may fall as well as rise and you may not get back the amount that you invest. Past performance is not a reliable guide to the future. This material is directed only at persons in the UK and is not an offer or invitation to buy or sell securities. If investors are in any doubt of the suitability of an investment given their individual circumstances, they are recommended to contact an investment manager or independent financial adviser who may be able to provide tailored advice. Opinions expressed whether in general or both on the performance of individual securities and in a wider economic context represent the views of VectorVest at the time of preparation. They are subject to change and should not be interpreted as investment advice. VectorVest and connected companies, clients, directors, employees and other associates, may have a position in any security, or related financial instrument, issued by a company or organisation mentioned on this site. European Financial Publishing Limited is a company incorporated in Scotland under Company Number SC357322 with its registered address at Exchange Tower, 19 Canning Street, Edinburgh EH3 8EH. Email: support@VectorVest.com

 

Grafton Group Increases Interim Dividend By 14%

Grafton Group plc GFTU has produced a strong performance for the half year to the 30th June   with all segments reporting double digit growth in profitability and excellent organic growth in key markets. Statutory profit before tax and basic earnings per share both rose by 18% after a 9% rise in revenue and the interim dividend is to be increased by 14% to 6p. per share.

Empresaria Group EMR saw profit before tax rise by 12% on a constant currency basis in the half year to the 30th June as it continued to deliver on its diversification strategy which produced first half organic profit growth. Revenue grew by 5% on a constant currency basis. After regulatory change in two of its main markets, Germany and Japan, both are expected to return to profitability.

Cloudbuy plc CBUY claims to be making progress in reducing losses and cash burn despite a further 21% fall in revenue in the six months to the 30th June. The operating loss for the half year fell by 39%.

Robinson plc RBN First half revenue rose by 15% and underlying volume was up by 9% for the half year to the  30th June. The volume increase came from improved trading with existing customers and new business obtained in Poland and the UK following investment in strengthened commercial teams. With revenue showing some signs of momentum, further growth is expected in the second half and the interim dividend is to be maintained at 2.5p per share.

Paragon Entertainment Ltd. PEL had already warned it had suffered a very poor half year to the 30th June but the order book has started to recover and management claims it is committed to making a substantial recovery in the second half of the year. First half revenue collapsed by 50% and basic earnings per share fell from a positive 0.18p to a negative 1.07p per share.Last years underlying first half profit of £448,000 was turned into a loss of over £2m.

Beachfront villas & houses for sale in Greece;   http://www.hiddengreece.net

Brand CEO Alan Green discusses Strat Aero #AERO, GBGI #GBGI, Andalas Energy #ADL & #ECR Minerals on Vox Markets podcast

Brand CEO Alan Green discusses Strat Aero #AERO, GBGI #GBGI, Andalas Energy & Power #ADL & ECR Minerals #ECR with Justin Waite on the Vox Markets Podcast. Interview is 21 minutes 25 seconds in.

Ian Pollard – Persimmon Homes #PSN strong performance to continue in H2

Persimmon Homes plc PSN proclaims that strong results for the half year to the 30th June reflect the continued successful delivery of the Group’s long term strategy. Profit before tax and basic earnings per share both rose by 13%, group revenue by 5% and new home sales by 4%. Forward sales are 6% ahead of last year and expectations are that results for the second half year will also be strong.

BHP Billiton plc BLT is paying a record final dividend of 63 cents per share, making a total payout for the year 118 cents, a rise of 42%, for the year to the 30th June, reflecting. a strong operating performance and well ahead of the minimum permitted payout.. Attributable profit and basic earnings per share both fell by 37% after taking into account exceptional items but on an underlying basis the figures showed rises of 33% each.

Wood Group (John) plc WG enjoyed strong organic growth during its first half to the end of June, with revenue rising by 13.4% and the operating profit rising from $72m to $125. However last years first half profit of $6m. was turned into a loss of $52m due to amortisation charges of $125m and exceptional costs of $101m. Basic earnings per share fell from 1.1c per share to a negative 7.9 cents per share.The interim dividend is to be increased by 2% to 11.3 cents per share. A stronger second half is expected due to project phasing and market recovery.

Angling Direct plc ANG trading in the six months to the 31st July was extremely positive and ahead of management expectations, with a rise of 56%. On a like for like basis sales rose by 4.2%

Tracsis TRCS Group trading for the year to the 31st July has been strong with revenues ahead of market expectations at c. £40m compared to last years £34.5. EBITDA and adjusted profit are also expected to be ahead of market expectations and also ahead of the previous year.

 Beachfront villas & houses for sale in Greece;   http://www.hiddengreece.net

Tertiary Minerals #TYM – Director Dealing, Issue of Equity & Total Voting Rights

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector announces that pursuant to terms agreed on 30 April 2014 and further to the RNS dated 20 August 2014, a non-executive director of the Company will be receiving a portion of his annual fees in  ordinary shares of 0.01 penny each in the Company, on a six-monthly ongoing basis calculated with reference to the closing mid-market price on the trading day prior to the issue of the Ordinary Shares.

On 17 August 2018, the Company resolved to issue a total of 217,597 Ordinary Shares to Donald McAlister for the six month period ended 30 June 2018. 

These Ordinary Shares were issued at a price of 0.625 pence per share, being the closing mid-market price on 16 August 2018.

The following table shows the number of Ordinary Shares issued to Donald McAlister together with his total holdings following the issue of the Ordinary Shares: 

Director

Number of Ordinary Shares issued

Price of Ordinary Shares issued

Interest in total number of Ordinary Shares following Admission

% of Company’s issued share capital following Admission

Donald McAlister

217,597

0.625 pence

876,765

0.24%

 

Application has been made to the London Stock Exchange for 217,597 Ordinary Shares to be admitted to trading on AIM (“Admission”), and it is expected that Admission will occur on or around 24 August 2018.

Total Voting Rights

In accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTRs”), following the issue and Admission, the total issued share capital of the Company with voting rights will be 359,323,754 ordinary shares.

The above figure of 359,323,754 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTRs.

Market Abuse Regulation 

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the issue of ordinary shares to a director.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Donald McAlister

2.     

Reason for the notification

a)

Position/status:

Non-Executive Director

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:   

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Ordinary shares of 0.01p each

 
GB0008854563

b)

Nature of the transaction:

Issue of new ordinary shares in lieu of  fees

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.625 pence

217,597

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.625 pence

217,597

 

e)

Date of the transaction:

17 August 2018

14:30 UTC

f)

Place of the transaction:

Outside a trading venue

 

 

Enquiries

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Richard Clemmey, Managing Director

 

 

 

+44 (0)1625 838 679           

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Ewan Leggat /Lindsay Mair

+44 (0) 20 3470 0470

 

Notes to Editors 

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada USA (MB Project).

Cadence Minerals #KDNC – Shareholder presentation & Q&A with CEO Kiran Morzaria

Kiran Morzaria, CEO of Cadence Minerals, held a live investor Q&A where he did a short presentation around the company’s asset and the markets they are within. Kiran then had investor questions put to him live from Scott Bannerman, Managing Director of BRR Media. 

Link here to Cadence Minerals Shareholder Q&A

Andalas Energy & Power #ADL – Results of work programme and completion of acquisition of additional interest

Andalas Energy and Power Plc, the AIM listed upstream oil and gas and energy company (AIM: ADL), is pleased to provide an update on its investment in Eagle Gas Limited.  Eagle’s operating subsidiary Holywell Resources Limited now has the results of the 2018 seismic interpretation work programme on Southern North Sea Licence P2112, which contains the gas prospect known as Badger.

Highlights:

  • 2018 technical work programme completed thereby completing the Licence commitment.
  • Following the interpretation of the reprocessed 3D seismic covering the block, Holywell has assessed the resource potential of the Badger gas prospect:
    • Four seismic horizons mapped to represent prospective sandstone reservoir objectives: Base Ketch, Westphalian B (Murdoch equivalent), Westphalian A and Namurian (Trent equivalent) layers.
    • Gross mean prospective resources assessed to be 399 Billion cubic feet (Bcf) of recoverable gas (net of inerts and liquids) and 3.9 million barrels of natural gas liquids.
  • Potential exploration well location identified to target 2 of the 4 objectives.
    • The well would be drilled in water depth of circa 45 metres (148 feet) to a total depth (TD) of circa 4,200 metres (13,800 feet).
  • Proposed well location is approximately 35 kms from local infrastructure, including the Perenco operated Eagles Transport System (ETS) pipeline that could, subject to negotiation, be the evacuation route for the produced gas to the Bacton terminal, North Norfolk.
  • Completion of acquisition of increased interest in Eagle (announced 25 July 2018):
    • Andalas now has a 25% interest in Eagle.
    • Andalas has issued 2,941,176 consideration shares to Eagle.
    • Simon Gorringe appointed to the board of Eagle.

Simon Gorringe, CEO of Andalas Energy and Power Plc said: “We believe that the definition of a prospective resource is validation of our decision to participate in the project via our investment in Eagle.  Badger is a significant gas prospect, which has the potential to be one of the larger discoveries in recent years in the UK Southern North Sea.

“The programme finished on time and on budget.  The next steps for the project include the presentation to the UK OGA and for the joint venture partners to agree a forward plan under which they can progress the project.”

Table 1 Gross prospective unrisked resources (Note 1 and 2):

GIIP (bcf) * Recoverable Gas (bcf) * Recoverable Liquids (MMstb) * GCOS (%)
P90 P50 P10 Mean P90 P50 P10 Mean P90 P50 P10 Mean
Badger: Westphalian A
 – Compartment A 22 48 102 57 17 36 77 43 0.1 0.3 0.8 0.4 34%
 – Compartment B 22 49 107 59 17 37 81 44 0.1 0.3 0.9 0.4 34%
 – Compartment C 19 49 124 64 15 37 94 48 0.1 0.3 1.0 0.5 26%
Badger: Westphalian B
 – Murdoch sst 24 62 138 74 18 46 104 55 0.1 0.3 0.7 0.4 28%
Badger: Namurian
 – Trent sst 54 121 268 146 40 90 202 110 0.3 0.8 1.9 1.0 30%
Badger: Lower Ketch
 – Ketch 64 140 297 166 38 84 180 99 0.4 1.0 2.2 1.2 22%
Total 566 Total 399 Total 3.9

Table 2 Net (to Holywell) prospective unrisked resources*

GIIP (bcf) * Recoverable Gas (bcf) * Recoverable Liquids (MMstb) * GCOS (%)
P90 P50 P10 Mean P90 P50 P10 Mean P90 P50 P10 Mean
Badger: Westphalian A
 – Compartment A 14.7 32.0 68.0 38.0 11.3 24.0 51.3 28.7 0.1 0.2 0.5 0.3 34%
 – Compartment B 14.7 32.7 71.3 39.3 11.3 24.7 54.0 29.3 0.1 0.2 0.6 0.3 34%
 – Compartment C 12.7 32.7 82.7 42.7 10.0 24.7 62.7 32.0 0.1 0.2 0.7 0.3 26%
Badger: Westphalian B
 – Murdoch sst 16.0 41.3 92.0 49.3 12.0 30.7 69.3 36.7 0.1 0.2 0.5 0.3 28%
Badger: Namurian
 – Trent sst 36.0 80.7 178.7 97.3 26.7 60.0 134.7 73.3 0.2 0.5 1.3 0.7 30%
Badger: Lower Ketch
 – Ketch 42.7 93.3 198 110.7 25.3 56.0 120.0 66.0 0.3 0.7 1.5 0.8 22%
Total 377.3 Total 266.0 Total 2.6

*Andalas has a 25% shareholding in Eagle, which is the 100% owner of Holywell, which is the owner of 66 2/3% of the licence.

Note 1: The work carried out using international resources and reserves reporting and classification standard adopted by the AIM market of the London stock exchange – the March 2007 SPE/WPC/AAPG/SPEE Petroleum Resources Management System (“PRMS”).

Note 2: Prospective Resources are those estimated quantities of hydrocarbons that may be potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Issue of Equity

The Company has issued 2,941,176 nil par value ordinary shares in Andalas to Eagle ( “Consideration Shares”) and therefore completed the acquisition of its additional interest, thereby taking its interest in Eagle to 25%. The Consideration Shares which will rank pari passu with existing Ordinary Shares. Application will be made to the London Stock Exchange for the Consideration Shares to be admitted to trading on AIM and it is expected that dealings in the consideration shares will commence on or about 21 August 2018.

Total voting rights

Following Admission of the Consideration Shares, expected on or around 21 August 2018, the Company’s issued share capital will consist of 296,184,423 ordinary shares of nil par value (“Ordinary Shares”), with each Ordinary Share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. This figure of 296,184,423 Ordinary Shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules (“DTRs”).

Reserves and Resources Cautionary Statement

Oil and gas reserves and resource estimates are expressions of judgment based on knowledge, experience and industry practice.  Estimates that were valid when originally calculated may alter significantly when new information or techniques become available.  Additionally, by their very nature, reserve and resource estimates are imprecise and depend to some extent on interpretations, which may prove to be inaccurate.  As further information becomes available through additional drilling and analysis, the estimates are likely to change.  This may result in alterations to development and production plans which may, in turn, adversely impact the Company’s operations.  Reserves estimates and estimates of future net revenues are, by nature, forward looking statements and subject to the same risks as other forward looking statements.

Qualified Person’s Statement

The technical information contained in this announcement has been reviewed and approved by Mr. Gregor Mawhinney. Mr. Mawhinney is consulting for Andalas, acting in the role of Vice President Operations. He has nearly 40 years experience in the oil and gas industry,  is a member of the Society of Petroleum Engineers (SPE) and a member of the Professional Engineers and Geoscientists of Newfoundland and Labrador (PEGNL).

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR).  Upon the publication of this announcement via a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

For further information, please contact:

Simon Gorringe Andalas Energy and Power Plc Tel: +62 21 2965 5800
Roland Cornish/ James Biddle Beaumont Cornish Limited
(Nominated Adviser)
Tel: +44 20 7628 3396
Colin Rowbury Novum Securities Limited
(Joint Broker)
Tel: +44 207 399 9427
Christian Dennis Optiva Securities Limited
(Joint Broker)
Tel: +44 20 3411 1881

Glossary:

Unless otherwise stated, words and expressions used in this announcement have the same meaning as is given to them in the SPE Peteroleum Resources Management System.

bbl Barrel
Bcf Billions of cubic feet
best (or mid) estimate or P50, a 50% probability that a stated volume will be equalled or exceeded
GCOS Geological chance of success
GIIP Gas initially in place
high estimate or P10, a 10% probability that a stated volume will be equalled or exceeded
low estimate or P90, a 90% probability that a stated volume will be equalled or exceeded
MMbbl million barrels
Recoverable Gas Those quantities of hydrocarbon gas which are estimated to be producible from accumulations, either discovered or undiscovered.
Recoverable Liquids Those quantities of hydrocarbon liquids which are estimated to be producible from accumulations, either discovered or undiscovered.

Andrew Hore – Quoted Micro 20 August 2018

NEX EXCHANGE        

Health and community care properties developer Ashley House (ASH) reported a much-improved profit for the year to April 2018. There was a strong second half performance because of the completion of four schemes. Full year revenues were flat at £18.5m, while pre-tax profit jumped from less than £100,000 to £1.8m, although that includes a £500,000 write back of a previous impairment charge. Net debt was reduced from £2.5m to £1.5m. The housing and health property pipeline is valued at £206m, covering 22 schemes. The F1 Modular business lost money last year but trading appears likely to improve.

Ananda Developments (ANA) has acquired $200,000 of convertible loan notes in iCAN Israel-Cannabis Ltd, which focuses on medicinal cannabis. This is the first investment for Ananda and the convertibles have an annual interest rate of 6%. The interests of Ananda director Charles Morgan have assigned $100,000 of the convertibles to the company. iCan has subsidiaries involved in organising cannabis symposiums and cannabis-based research services, plus a 5% stake in CannRx Technology Inc, which has developed liquid soluble cannabinoids for use in treatments, and a 20% stake in CMTREX, which is developing a trading platform for cannabis.

Nigel Wray has reduced his stake in High Growth Capital (HASH) from 5.99% to 4.72%. Healthperm Resourcing Ltd (HPR) non-executive chairman David Sumner has bought 29,230 shares at 190p each, taking his stake to 84.7%.

Early Equity (EEQP) says trading in the company shares will resume on 28 August. Trading had been suspended on 16 May. The resumption follows an agreement with NEX Exchange that will change how shares are distributed to related parties. Early Infinity Holdings (EI) is the exclusive distributor for Yicom Global, where Early Equity is a 47. 1% shareholder. EI’s agents sell the products in Malaysia and elsewhere in south east Asia. EI incentivises its agents by gifting them shares in Early Equity. These were deemed to be a gift rather than a trade, so they were not reported. A new nominee company with two trustees that are not shareholders in Early Equity has been set up. This will hold shares for the benefit of agents of EI. Agents will receive a warrant certificate. These agents own 46.7% of Early Equity and shares equivalent to 6.29% of the company will be transferred to the nominee company. Early Equity previously announced that it wants to move to a standard listing. The company’s NAV was £1.54m, including £429,000, at the end of 2017.

Coinsilium Group Ltd (COIN) is investing $125,000 in Bundle Network Ltd, which is developing an online platform that enables the trading of cryptocurrencies. Coinsilium will also receive Bundle Network crypto tokens.

MetalNRG (MNRG) has paid a $50,000 option fee, which could lead to the company gaining a 51% stake in a new company that holds the rights to the Kamyshanovskoye uranium project in the Kyrgyz Republic. The project has an inferred uranium resource that could be worth $144m at $26/lb, plus exploration upside. International Mining Company owns 100% of the project and it would be put into a new vehicle, where MetalNRG would inject cash to gain its majority stake. MetalNRG has 90 days to undertake due diligence and review data. If the option is not taken up the option fee would be converted into a 2.5% stake in the new vehicle.

VI Mining (VIM) is starting its drilling campaigns at minas Pampa and Rosario de Belen, while the vendors are in discussions about changes in the terms of the deals. The timing of the due payment has been extended while the talks continue.

Panther Metals (PALM) has appointed Ariana Resources (AAU) boss Dr Kerim Sener as a non-executive director.

Ecovista (EVTP) is asking for shareholder approval for a resolution that will enable it to issue up to 3.486 billion shares so that management can continue with its strategy.

AIM   

Gatemore Investments has increased its stake in TLA Worldwide (TLA), the company famous for issuing a profit warning after the market closed prior to Christmas 2016, from 7.4% to 12.2%. Bart Campbell has stepped down as executive chairman of TLA, but he will continue to receive his monthly salary until the end of the year.

Last year, revenues fell by nearly one-third to £24m at microwave electronic products supplier Filtronic (FTC) but it had already been flagged. The ending of a low margin contract meant that pre-tax profit fell from £2.16m to £1.23m, although that includes exceptional finance charges of £486,000 due to exchange rate movements. The broadband and wireless divisions are being merged because they have similar customer bases. There is net cash of £3.6m plus available bank facilities. Investment in new products continues and there is long-term demand from investment in 5G networks and security-related areas.

Marshall Motor (MMH) reported a decent set of figures given the tough new car market, which is exacerbated by the decline in diesel car sales. There was a small dip in continuing revenues but underlying pre-tax profit edged up to £16.4m. Used vehicle profit improved. The dividend is maintained at 2.15p a share. Trading will be even tougher in the second half, partly due to testing regulation changes, and full year profit is expected to decline from £29.1m to £24.2m. There is a strong balance sheet with a NAV of £201m.

Zamano (ZMNO) has ended discussions with its potential reverse takeover target. This means that cash is likely to be returned to shareholders.

Condor Gold (CNR) has been granted an environmental permit for developing a processing plant for the La India project by the Nicaragua authorities. Gold production could be 80,000 ounces a year from a single open pit. Accounts for the six months to June 2018, show cash of £1.57m.

Abzena (ABZA) is recommending a 16p a share cash bid from Astro Bidco, which values it at £34.4m. The life sciences company joined AIM four years ago when it raised £20m at 80p a share. It needs additional finance pumped into the business.

Oil and gas producer Empyrean Energy (EME) has received a $906,000 tax refund from the IRS from the 2016-17 tax year.

SalvaRx Group (SALV) is selling its business to a Toronto-quoted company in return for shares, most of which will be distributed to shareholders. The 94.2% stake in cancer drugs developer SalvaRx Ltd is being swapped for 757.9million shares in Portage Biotech Inc, which are deemed to have a value of $67.5m. SalvaRx shareholders will receive 18 Portage shares for each SalvaRx share they own if they approve the disposal. SalvaRx will retain around 100 million Portage shares and become a shell.

ClearStar (CLSU) has been named as preferred contract labour screening provider for Gulfstream Aerospace. This should contribute to a reduction in loss this year.

Premier African Minerals (PREM) has raised £750,000 at 0.18p a share. Premier plans a drilling programme of up to 2,750 metres to expand the resource base at the RHA Tungsten mine. The cash should last until the end of 2018.

MAIN MARKET  

Tex Holdings (TXH) reported a slump in interim pre-tax profit from £423,000 to £96,000 even though there was a small reduction in admin expenses. There was a much better contribution from the plastics division but that was more than offset by the slump in profit by the engineering division due to delays in orders. Metal fabrication and powder coating business Argento UK has recently been bought. The interim dividend is unchanged at 2.5p a share.

Nanoco (NANO) expects the first displays using its cadmium-free quantum dots to be launched before Christmas. Volume production is expected at the new Runcorn plant before the end of 2019. The 2017-18 revenues were lower than expected because it could not recognise a payment from a large customer. Net cash is estimated at £7.9m at the end of July 2018.

Dukemount Capital (DKE) reported an increase in full year loss from £177,000 to £286,000. The NAV was £379,000 at the end of April 2018. There is £148,000 in the bank. Dukemount is on the brink of moving forward with its first two supported living developments.

PV Crystalox Solar (PVCS) has settled its claim with a customer. The customer will pay a total of €28.8m, of which the outstanding payment of €14.3m will be paid at the end of November. The customer has also waived the delivery of the solar wafers that were supposed to be supplied.

Andrew Hore

Ian Pollard – Rank #RNK raises dividend after year of decline and disappointment

Rank Group RNK the year to the 30th June was a year of decline and disappointment which for some reason has left the Board full of confidence. The results are in line with the Boards expectations but only expectations which had been revised during the year. For Grosvenor Casinos the year was a challenging one but Mecca’s performance by contrast beat expectations. Profit before tax and earnings per share for the year both fell by 6.3% although on a statutory basis the fall in profit was much steeper at 41.4%. A company-wide transformation programme is only in its development phase but the new Chief Executive says he is moving quickly to identify the key priorities. The disappointment has not been allowed to spread to the final dividend which contrary to the other statistics is to be increased by 2.1%.

Marshalls plc MSLH produced strong revenue growth in the 6 months to the end of June and the interim dividend is to be increased by 18%. Revenue and profit before tax both rose by 12%, basic earnings per share by 10% and EBITDA by 13%. In June and July, however growth became even stronger with revenue rising by 21%.

Kingfisher KGF updates that second quarter group like for like sales to the end of July rose by 1.6% and on a reported basis by 3.4%.  The Chief Executive claims that the company is now on track to deliver its strategic milestones for the third year in a row, helped by good recoveries at both B&Q and Screwfix. For once the UK & Ireland is not the laggard with screwfis sales rising by 11.8%, still someway behind Germany with a rise of 26.6%

Filtronic plc FTC experienced another year of strong demand for its products. For the year to the end of May profit before tax rose from 1.2m to 2.2m and basic earnings per share from 0.59p to 1.51p per share after sales revenue rose from £24m. to £35.4m. Two major contracts were secured during the course of the year and the company was also approved as a vendor by a major US mobile network operator.

Tribal Group TRB has completed the first phase of the turnaround started in 2016 and for the half year to the 30th June, despite a small fall in revenue, earnings per share rose by 76% and and statutory profit after tax by 83%. Market share has been gained in its core markets.

Beachfront villas & houses for sale in Greece;   http://www.hiddengreece.net

Buy GBGI says VectorVest: The Insurance Group Continues to Trade at a Discount Despite Substantial Progress at the Half Year

Guernsey based GBGI (GBGI.L) is a leading integrated provider of international benefits insurance, operating globally across over 120 jurisdictions. Trading principally as “The Global Benefits Group” or “GBG”, the Group distributes and underwrites health, life and disability, and travel insurance, with a client base that spans multinational corporations, expatriates, local HNWIs, international schools, non-profit organisations and international students. GBGI is a fully integrated insurance group providing services from policy sales to claims administration and servicing and is committed to delivering high levels of customer service.

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On August 10th 2018, GBGI published a trading update in advance of interim results for the six months ended 30 June 2018. GBGI reported continued growth in the business across its diversified product and regional footprint during H1 2018, recording year over year growth (adjusted for the Group’s exit from the Angolan market in 2017) in gross written premium as compared to the same period in CY 2017. GBGI said it anticipates that GWP and underlying net income (adjusted for certain one-off non-recurring expenses) for the year to 31 Dec 2018 will be broadly in line with initial expectations. CEO Bob Dubrish said GBGI had made a strong start to the third quarter…”and we are confident in our business model and that we are making good progress on our 2018 initiatives.”

Since May 2018, VectorVest members will have noted progress on the key RT (Relative Timing) and RV (Relative Value) metrics for GBGI. The RT metric, (a fast, smart indicator or a stock price trend) moved sharply higher in mid-July in line with the subsequent share price moves, and today logs the stock at 1.47 – excellent on a scale of 0.00 to 2.00. The RV metric, (an indicator of long-term price appreciation potential) again has moved sharply higher to register at 1.36, which is very good on a scale of 0.00 to 2.00. And at 18%, GBGI’s GRT (Earnings Growth Rate) metric is also rated as very good by VectorVest . At 104p, GBGI trades at a discount to the current VectorVest valuation of 135p.

The chart of GBGI.L is shown above over the past 10 months of trading. Earnings per share (EPS) is shown by the blue line study in the window below the price. EPS has grown by 30% over this period. Over the past three months the share has bottomed out and charted a double bottom at the 80p level. The share has broken upwards through a trendline defining the fall in the share price from January to May 2018. The share is on a Buy recommendation on VectorVest since the start of August 2018.

Summary: On the face of it, some investors may look past insurance group GBGI in favour of more exciting and dynamic growth companies with cutting edge technology. To do so would mean missing out on a highly investible proposition, offering cash generation, a solid management team and a decent 4.5% dividend yield. As the VectorVest stock selection system has shown time and time again, small companies such as GBGI can grow to become large companies that go on to form the backbone of many an investment portfolio. GBGI shares have delivered a sharp recovery since last week’s trading statement, and might just go onto become one of the stock market successes of 2018. Buy

Dr David Paul

August 15th 2018

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European Financial Publishing Limited T/A VectorVest UK (VectorVest) is authorised and regulated by the Financial Conduct Authority under register number 543038. You should remember that the value of investments and the income derived therefrom may fall as well as rise and you may not get back the amount that you invest. Past performance is not a reliable guide to the future. This material is directed only at persons in the UK and is not an offer or invitation to buy or sell securities. If investors are in any doubt of the suitability of an investment given their individual circumstances, they are recommended to contact an investment manager or independent financial adviser who may be able to provide tailored advice. Opinions expressed whether in general or both on the performance of individual securities and in a wider economic context represent the views of VectorVest at the time of preparation. They are subject to change and should not be interpreted as investment advice. VectorVest and connected companies, clients, directors, employees and other associates, may have a position in any security, or related financial instrument, issued by a company or organisation mentioned on this site. European Financial Publishing Limited is a company incorporated in Scotland under Company Number SC357322 with its registered address at Exchange Tower, 19 Canning Street, Edinburgh EH3 8EH. Email: support@VectorVest.com

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