Quoted Micro 31 May 2016

ISDX

Transport safety technology developer Wheelsure Holdings (WHLP) increased its revenues by 47% to £133,000 in the six months to February 2016. However, the operating loss edged up to £120,000. Orders are still being received from London Underground but at a slower rate than expected. There are more tube lines that can order the Tracksure range of fasteners. Orders are also coming in from other European countries. Royalty income from the US remains modest. Tax losses almost total £4.5m. Daniel Stewart is hopeful that Wheelsure could break even this year.

Crossword Security (CCS) has won a contract with the Ministry of Defence that will lead to the development of blockchain enabled smart documents. The contract was won with the University of Warwick. Hybridan has been appointed as broker.

V22 (V22O) has made £225,000 from selling half of its option interest in a company that owns the freehold to a building in South Bermondsey. V2 has already received £150,000 with £75,000 payable by the end of June. V22 retains an option over 15% of the holding company that owns the building. At 0.9p a share, V22 is valued at £300,000.

The acquisition of the Akoko prospecting licence by Goldcrest Resources (GCRP) has been terminated because Goldcrest had not been able to join AIM by the end of May. A revised sale and purchase agreement may be possible.

Social impact investor Inqo Investments (INQO) has taken a stake in a Zambia-based organic honey producer. Bee Sweet Honey uses a network of small farmers in northern Zambia with each farmer having an average of ten beehives. The honey is exported to the US and EU.

AIM

TSX-listed WSP Group Inc has launched an agreed bid for rival professional services provider Sweett Group (CSG). The offer is 35p a share in cash, which values Sweett at £24m. The combined business will be a stronger competitor in global markets and Sweett will enhance WSP’s project and cost management services. There will also be cross-selling opportunities

Graphene supplier Directa Plus (DCTA) got off to a strong start on its first day of trading. A placing had raised £12.8m at 75p a share for the Italy-based company and they ended the first day at 105.5p. Unusually for a graphene producer, Directa Plus already has significant sales of product although it still loses money. The company has been trading for more than one decade and there are a wide range of potential uses for its graphene products, which it manufactures itself. In recent times, the graphene (in various forms) has been used for bicycle tyres, ski-wear and environmental remediation.

TechFinancials Inc (TECH) grew its revenues from trading platform software licensing in 2015 but problems with regulation hit the revenues of the company’s own trading platforms. This meant that TechFinancials slumped from profit into loss. New joint ventures will help to boost revenues but they will take time to make a significant contribution. There is $3.4m in the bank and first quarter trading is in line with expectations.

Regenerative medical devices developer Tissue Regenix (TRX) says that the sales of wound care product DermaPure have exceeded expectations. Sales are building up in the US but the cost of the sales infrastructure and EU clinical trials mean that the group loss increased from £7.6m to £9.5m in the year to January 2016. Tissue Regenix has a strong balance sheet with £19.9m in the bank at the end of January 2016, thanks to the £19m placing at 19p a share, which was completed at the beginning of last year. Sales may begin in the EU could commence in this financial year.

Redx Pharma (REDX) continues to build a commercially-focused pipeline in oncology, anti-infectives and immunology. A development candidate has been selected for the potential treatment of pancreatic, head and neck and triple negative breast cancer. Human studies of RDX004 are set to start in early 2017. The pipeline continues to expand with plans to identify another development content by the end of 2016. There is pro forma cash of £14.4m.

Telecoms billing and CRM software supplier Cerillion (CER) increased its recurring revenues by 22% to £2.2m in the six months to March 2016. That is nearly one-third of total revenues of £6.85m, while underlying pre-tax profit improved by one-fifth to £703,000. The move into cloud-based services should enhance recurring revenues. There is also potential for acquisitions. Even though Cerillion has only been quoted for a few weeks it is paying a dividend of 1.3p a share.

MAIN MARKET

Standard listed CML Microsystems (CML) is acquiring China-based fabless semiconductor company Wuxi Sicomm Technologies for $11m in cash and shares. The wireless semiconductors supplier has around £11m in the bank so it can afford the acquisition. The deal will enable CML to address higher volume markets. Joint broker SP Angel has not updated its forecast yet. The 2015-16 figures should will be published on 14 June.

Illustrated book publisher Quarto (QTR) says that first quarter revenues have increased from $28.4m to $33.3m. This is a quieter period for the group and this year will be even more second half weighted. Net debt has fallen to $67.6m, compared with $77.6m 12 months earlier.

Standard list cash shell Senterra Energy (SEN) has secured a deal to acquire a sim-card technology business rather than an oil and gas business as originally envisaged. Singapore-based Oasis Smart Sim PTE had 2015 revenues of $13m with most of the revenues generated from 2G, 3G and 4G SIM cards. Senterra is providing a £500,000 loan to the acquisition target. The deal requires shareholder approval because it is outside of the company’s investing strategy. Trading in the shares has been suspended. Existing Senterra shareholders will end up with 15% of the group before any fundraising.

ANDREW HORE

BlackCabbieTrader John Walsh – Trading idea Tuesday 31st May

bc-logo-web-versionBlackCabbieTrader John Walsh publishes tradingJohn2a ideas every day on his Routemaster blog on the blackcabbietrader.com website. His full watch list, exact entry points, stops loss placement etc. are all published in real time in The Knowledge area of the website.

Today’s idea for Tuesday 31st May is Long INXN. More here

Tertiary Minerals (TYM) – Total Voting Rights

TYM1Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector announces that in accordance with Financial Conduct Authority’s Disclosure and Transparency Rules, the total issued share capital of the Company with voting rights is 266,845,276 ordinary shares.

The above figure of 266,845,276 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 DTR.

Enquiries

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman 

Richard Clemmey, Managing Director

 

 

 

+44 (0)1625 838 679             

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Ewan Leggat / Tercel Moore                     

 

 

+44 (0)203 470 0470

Beaufort Securities Ltd

Joint Broker

Elliot Hance

 

Brand Communications

Alan Green

 

+44 (0)207 382 8300

+44 (0)7976 431608

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).

Advanced Oncotherapy (AVO) – Final Results for the year ended 31 December 2015

AVO1Advanced Oncotherapy (AVO), the developer of next generation proton therapy systems for cancer treatment, announces audited results for the year ended 31 December 2015, a year of good progress in the development of the Company’s LIGHT system.

Highlights:

  • Oversubscribed placing to raise £20 million (net) to develop and install first LIGHT system
  • Sale of two LIGHT systems in China and four additional framework agreements signed
  • Harley Street lease agreement for the UK’s first proton therapy centre using the LIGHT System
  • Operator agreement with CircleHealth for the Harley Street site
  • Progress in the technical developments apace with the original timetable
  • Cash and cash equivalents of £9.0 million at 31 December 2015
  • Loss from continuing operations per ordinary share of 0.46p (2014: loss of 0.67p)

Post Period End Events & Key Milestones

  • Industrialisation agreement with Thales
  • Continued team expansion through senior management appointments
  • £24m financing secured for the provision of vendor financing for the Harley Street project

Michael Sinclair, CEO of Advanced Oncotherapy, said: 2015 has been a year of significant progress for the Company. We have delivered on all of the milestones that were promised throughout the year within the timeframe set out in 2014 and continue to work towards delivering a cost effective proton therapy unit. We have realigned our management team to reflect the changes in responsibility as the business has shifted from working on the development of the first LIGHT system to the ongoing commercial roll-out of the technology. We are well positioned to have the first operational proton beam therapy centre in London and look forward to creating more commercial deals and agreements to further enhance our position.” 

Advanced Oncotherapy Plc

www.avoplc.com

Michael Sinclair, CEO

Tel: +44 20 3617 8728

Nicolas Serandour, CFO & COO 

Stockdale Securities (Nomad & Joint Broker)

Antonio Bossi / David Coaten

Tel: +44 20 7601 6100

Beaufort Securities (Joint Broker)

Jon Belliss / Elliot Hance 

Tel: +44 20 7382 8300

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or avo@walbrookpr.com

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy’s team “ADAM” based in Geneva focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and between a quarter and a fifth of the cost. This compact configuration delivers proton beams in a way that facilitates a greater precision and electronic control which is not achievable with older technologies.

As a result, Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as better health outcomes and lower treatment related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons. 

 

EXECUTIVE CHAIRMAN’S STATEMENT

INTRODUCTION

2015 has been another year of significant progress in our aim of delivering the ground-breaking LIGHT (Linac for Image Guided Hadron Therapy) system, a next generation proton therapy system for treating cancer. During 2015 we have delivered on all of the milestones that we have set out in our various shareholder communications. In the high technology environment in which we work, it is sometimes difficult to understand the complexities of our operations so we – as a management team – have taken the decision to provide as much technical knowledge as possible in our shareholder communications.  Ultimately however, we remain a company dedicated to providing cancer patients with more effective and affordable therapy and by implication generating superior returns for our shareholders.

With that in mind, our strategy is to disrupt the business model associated with traditional proton radiotherapy equipment through delivering a cost effective proton therapy unit which can be installed in cancer treatment centres of excellence in conurbations worldwide, based on the LIBO (LInac BOoster) technology that has been developed at CERN. 

OVERVIEW OF PROGRESS

During the year we have been successful in a number of key areas. Principal among these have been:

  • progression on the development and testing of LIGHT elements;  
  • first sales and pipeline of commercial opportunities; and
  • completion of significant financing round.

PROGRESSION ON THE DEVELOPMENT AND TESTING OF LIGHT ELEMENTS 

Progress in the technical development of our first LIGHT systems has continued apace with the delivery of a number of components to the team at our facility in Geneva.

In January 2015, we were able to confirm that the first high-speed accelerator or Coupled Cavity Linac accelerating module was completed and delivered to our Geneva facility. Ten CCL modules are required by the LIGHT system to accelerate the protons to the energies needed to treat all radiosensitive tumours found in a typical clinical setting. In May 2015, this first unit successfully completed its first Radio Frequency Power testing. The second CCL was delivered to our testing facility in July 2015, alongside the Modulator and Klystron power units ready for high power testing. This commenced in August 2015 and was completed at full power in November 2015.

In May 2015 the first RF Power units, manufactured by ScandiNova Systems AB, were delivered to our facility for testing. RF power units generate the high-power needed to accelerate protons to energies whereby they can effectively target cancer cells. The LIGHT machine requires 12 RF Power units in total and we are now going through the process of testing multiple units together at full operational power.

In early July 2015 we were able to initiate our first tests on the Side Coupled Drift Tube Linac module. The SCDTLs sit between the Radio Frequency Quadrupole, which first accelerates the protons to 5MeV, and the CCLs. When combined, the four SCDTL modules will accelerate protons from 5MeV to 37.5MeV. We have been pleased with the results achieved so far.

The support of our suppliers who have delivered to schedule or even ahead of schedule has been key, and has enabled us to complete this phase of the testing both successfully and on time. 

FIRST SALE AND PIPELINE OF COMMERCIAL OPPORTUNITIES 

The advantages of proton therapy over conventional radiation therapy have been increasingly demonstrated over the years in a number of target cancers which are difficult to reach or closely associated with sensitive structures such as the brain and spinal cord.  The unique way in which the proton beam travels through tissue means that only a small amount of energy is delivered along the path to the cancer and that most of the dose is delivered precisely in the cancerous tissue being targeted. As a result, proton therapy overcomes one of the major limitations associated with conventional radiotherapy, that of irradiating healthy tissue leading to unwanted side effects, such as secondary tumours.

However, proton technology to date has been very expensive to install requiring a very significant footprint for the equipment that generates the proton beam and the treatment rooms required.  As a result, there are only 54 facilities in the world providing proton therapy treatment at present. These facilities cost up to $200 million, and each clinical treatment radiotherapy course costing up to $100,000.

We believe that our ground-breaking LIGHT system will significantly change the current market dynamic for proton therapy, enabling more machines to be installed, more patients to be treated, and ultimately creating significant value for our shareholders as LIGHT becomes ‘best practice’ for proton therapy. 

During 2015, we made a number of significant announcements regarding the building and installation of our first LIGHT system and further commercial sales.  One of the most important was our agreement in January 2015 with Howard de Walden Estates to lease 141 and 143 Harley Street, London. Harley Street is the most prestigious medical address in the UK and recognised globally as a centre for medical excellence. The properties comprise approximately 11,800 sq ft, which is sufficient to house the LIGHT system and treatment rooms as well as other services required for a fully functional clinic. This will become the UK’s first Proton Therapy Centre using the LIGHT system. The total cost of the redevelopment will be borne by our partner, Howard de Walden Estates and is estimated at £7 million, which is considerably less expensive than the building costs associated with the comparable units being considered by the UK NHS.

In October 2015 we signed a joint venture agreement with Circle Health to operate the Company’s proton beam cancer therapy centre in Harley Street. Discussions are also ongoing surrounding an agreement to supply a LIGHT system alongside Circle Health’s planned new-build hospital in Birmingham. Circle Health has around 2,000 partners. It runs private hospitals in Bath and Reading, an NHS Treatment Centre in Nottingham, and an NHS whole-population contract for musculoskeletal care in Bedfordshire. The company is part-owned by its staff. Circle Health will take responsibility for all operational and clinical matters at the facility as well as the additional procurement, fit-out and facility testing requirements needed for full commissioning and beyond the testing required during the technical development of the system. Circle Health will also take responsibility for insurance provision for the centre. 

During the year we were also able to announce two further commercial sales of the LIGHT proton therapy system in China through our partnership with Sinophi Healthcare Limited (“Sinophi”). Sinophi is a UK company investing in and managing public general and specialty hospitals in China, providing them with the best and most affordable technology to improve patient outcomes.

In October 2015, we received a $75/80 million purchase order from the China-Japan Union Hospital of Jilin University, through our partnership with Sinophi. The China-Japan Union Hospital is one of the largest hospitals in North-East China with over 3,300 beds and is located in Changchun, Jilin Province. The purchase order relates to a single LIGHT system to be installed at the heart of a five treatment room facility.

This is the second commercial sale of the Company’s next-generation proton therapy system in China and follows the announcement in March 2015 that the Company’s LIGHT system will be installed as part of Sinophi’s oncology hospital project in Huai’an City, in Jiangsu province, East China. 

COMPLETION OF SIGNIFICANT FINANCING ROUND 

The Company is well resourced following an oversubscribed £21 million equity funding in May 2015.  The money raised has funded the manufacture and testing of the various components that make up the LIGHT system which is being assembled at the ADAM facility in Geneva. The funding also supports our first commercial site in the UK at 141-143 Harley Street London. This site is being developed in conjunction with the owners, Howard de Walden Estates, and Circle Health who will run the facility once it is completed. The balance is being allocated to general working capital.

In May 2016, we also secured a £24 million Vendor financing agreement with Metric Capital, a pan-European private capital fund manager. This means that the purchase cost of the LIGHT machine and funding for the operations related to our Harley Street project are all in place. Vendor financing has become standard practice in the Proton Therapy Sector and this forms an essential part of our financial strategy, giving us greater confidence to secure new purchase orders and enhancing our returns. 

During the year there was an additional cash benefit to the Company from the sale of our property in Southampton for £290,000 which has been available for further development.

In addition, Oncotherapy Resources Ltd, our subsidiary focused on distributing an innovative brachytherapy device, was disposed of for a total of £100,000 of which £75,000 was received in the period.

Progress continues on the sale of our property in Folkestone, the proceeds of which will be used to partially offset against the loan on the property.

PEOPLE

We made a number of senior management changes and appointments during the year. These were all focused on creating a commercially focussed business. In November 2015, we appointed Professor Steve Myers OBE, former Director of Accelerators and Technology at CERN, as Executive Chairman of Advanced Oncotherapy’s fully owned subsidiary ADAM. He is internationally recognised for his engineering contributions and leadership in the development of CERN’s particle colliders over the past 40 years, including the Intersecting Storage Ring Accelerator, the Large Electron-Positron collider and the Large Hadron Collider.

In February 2016, we decided to realign the roles and responsibilities of the Executive team to add additional focus to both operational functions and ongoing sales and business development. For this reason, I became the Chief Executive Officer and Executive Chairman; Sanjeev Pandya, former Chief Executive Officer, became Executive Vice President for Global Business Development. Nicolas Serandour, the Chief Financial Officer, became Chief Operating and Financial Officer. These changes were important and followed the agreement with Thales S.A. (“Thales”) which marked a shift in the business from just focussing on the development of the first LIGHT system, to the ongoing commercial roll-out of the game-changing technology. The future commercial development of the business will be critical to the long-term success and value creation within the Company.  

In March 2016 we also announced that Michel Baelen, who was previously Health Policy Compliance Director and Head of Regulatory Affairs and Quality Assurance of the proton therapy-based company IBA for over 19 years, and Dr. Gerardo d’Auria, who has more than 30 years of experience working with RF systems and linear accelerators, had joined the Company as Head of Regulatory Affairs and Technical Director.

Investing in our people is the most important investment we make in the future of our business. The development, motivation and well-being of staff is vital to the success of Advanced Oncotherapy, and their dedication, professionalism, knowledge and enthusiasm is always of the highest standard. On behalf of all our stakeholders, we would like to thank all our employees for their hard work and their contribution to the Company’s success during a year in which Advanced Oncotherapy once again demonstrated its ability to meet its objectives whilst constantly striving for innovation. We look forward to their continued support as we enter what promises to be a transformational period for the Company.

SHARE CONSOLIDATION

The Company currently has 1,418,342,375 ordinary shares in issue and we will be seeking approval from shareholders at the upcoming Annual General Meeting to reduce this number through a consolidation of every 25 existing ordinary shares into one new consolidated ordinary share. We believe this will lead to the Company having a more readily understood share price and number of shares in issue.  Further details of this are set out in the Directors Report included in the Annual Report and notice of Annual General Meeting.

OUTLOOK FOR 2016

The strong momentum we have seen in 2015 has continued into 2016. We have had a strong start to 2016. In February we announced that we had entered into an industrialisation agreement with Thales, for our proprietary LIGHT system and secured vendor financing for our Harley Street project. 

As 2016 develops and we build on the significant progress that we made in 2015, our priorities are to continue the testing and integration of the components of the LIGHT machine to ensure compliance with the associated regulatory requirements resulting in the initial successful installation into the UK. In addition, we will pursue the commercial roll-out of the technology through our existing partners and forge relationships in new territories to further expand our reach. 

We would like to thank all of our stakeholders for their continued support this year and we look forward to a new year of growth and development.

 

 

Consolidated statement of financial position

Group

Group

As at 31 December 2015 – Financials in £

2015

2014

Non-current assets

Investment property

310,000 

1,197,094 

Investments

                     –   

                     –   

Intangible assets

12,743,951 

9,217,854 

Plant and equipment

1,002,409 

882,128 

14,056,360 

11,297,076 

Current Assets

Trade and other receivables

521,733 

591,686 

Corporation tax R&D refund

2,784,231 

                     –   

Cash and cash equivalents

8,958,135 

1,465,149 

Inventories

4,418,289 

1,112,050 

16,682,388 

3,168,885 

Total assets

30,738,748 

14,465,961 

Current liabilities

Trade and other payables

(2,458,855)

(2,346,263)

Borrowings

(1,000,000)

(987,832)

(3,458,855)

(3,334,095)

Non-current liabilities

Borrowings

                     –   

                     –   

Deferred tax

                     –   

                     –   

                     –   

                     –   

Total liabilities

(3,458,855)

(3,334,095)

Net assets

27,279,893 

11,131,866 

Equity

Share capital

14,183,284 

10,284,439 

Share premium reserve

32,815,156 

14,658,924 

Share option reserve

3,045,779 

2,020,681 

Reverse acquisition reserve

11,038,204 

11,038,204 

Acquisition reserve

                     –   

662,782 

Exchange movements reserve

(83,166)

(369,291)

Accumulated losses

(33,719,363)

(27,163,872)

Equity attributable to shareholders of the Parent Company

27,279,893 

11,131,866 

Non-controlling interests

                     –   

                     –   

Total equity funds

27,279,893 

11,131,866 

 

Consolidated statement of changes in equity

For the year ended 31 December 2015 – Financials in £

 

Equity

Share

Reverse

Exchange

share-

Non-

Share

Share

options

acquisition

Acquisition

movement

Accumulated

holders

controlling

capital

premium

reserve

reserve

reserve

reserve

losses

interest

interest

Total

 

Balance at 01 January 2014

6,044,415

6,874,185

1,478,091

11,038,204

1,462,782

(388,330)

(19,601,087)

6,908,260

6,908,260

Loss for the year

19,039

(7,463,320)

(7,444,281)

(99,465)

(7,543,746)

Total comprehensive

income

19,039

(7,463,320)

(7,444,281)

(99,465)

(7,543,746)

 

Arising on issues of ordinary shares

4,240,024

7,784,739

(800,000)

11,224,762

11,224,762

Share based payment:

– cost of raising finance

30,598

30,598

30,598

 – employee services

468,696

468,696

468,696

 – other services

43,296

43,296

43,296

 – acquisition of ADAM 

 

Group provision for minority interest

(99,465)

(99,465)

99,465

 

Balance at 31 December 2014

10,284,439

14,658,924

2,020,681

11,038,204

662,782

(369,291)

(27,163,872)

11,131,866

11,131,866

 

Balance at 01 January 2015

10,284,439

14,658,924

2,020,681

11,038,204

662,782

(369,291)

(27,163,872)

11,131,866

11,131,866

Loss for the year

286,125

(6,555,491)

(6,269,366)

(6,269,366)

 

Total comprehensive income

286,125

(6,555,491)

(6,269,366)

(6,269,366)

 

Arising on issues of ordinary shares

3,898,845

18,156,232

(662,782)

21,392,295

21,392,295

Share based payment:

 – cost of raising finance

62,285

62,285

62,285

 – employee services

816,967

816,967

816,967

 – acquisition of ADAM

119,142

119,142

119,142

 – other services

26,704

26,704

26,704

 

Group provision for minority interest

 

Balance at 31 December 2015

14,183,283

32,815,156

3,045,779

11,038,204

(83,166)

(33,719,363)

27,279,893

27,279,893

 

Consolidated statement of cash flows

For the year ended 31 December 2015 – Financials in £

2015

2014

Cont’d

Discont’d

Group

Cont’d

Discont’d

Group

Cash flow from operating activities

Loss after taxation

(5,845,155)

(710,336)

(6,555,491)

(5,699,858)

(1,862,927)

(7,562,785)

Adjustments:

Taxation

(2,784,231)

(2,784,231)

Finance costs

151,154

(17,500)

133,654

359,457

17,723

377,180

Finance income

(26,805)

(26,805)

8

8

Depreciation

33,754

145,881

179,635

6,123

111,493

117,616

 

Impairment charge for investment properties

887,094

887,094

802,907

802,907

Loss on disposal of subsidiary

367,080

367,080

Waiver of mortgage debt

(499,281)

(499,281)

Share based payments

1,025,098

1,025,098

542,590

542,590

Cash flows from operations before changes in working capital

(6,559,092)

(214,875)

(6,773,967)

(4,488,054)

(1,733,711)

(6,221,765)

Changes in inventories

(3,136,739)

30,500

(3,106,239)

(1,074,851)

(1,074,851)

Change in trade and other receivables

(2,841,376)

100,891

(2,740,485)

604,828

604,828

Change in trade and other payables

220,345

(80,225)

140,120

311,725

311,725

Cash (used) / generated from operations

(12,316,862)

(12,480,571)

(4,646,352)

(1,733,711)

(6,380,063)

Interest paid

(148,388)

(148,388)

(178,278)

(178,278)

Corporation Tax Receipt

2,784,231

2,784,231

Cash flows from operating activities

(9,681,019)

(163,709)

(9,844,728)

(4,824,630)

(1,733,711)

(6,558,341)

Cash flows from investing activities:

Cash consideration received on disposal of subsidiary undertaking

101,207

101,207

6,020

6,020

Disposal of plant and equipment

462,412

462,412

Cash disposed with subsidiary

(92)

(92)

 

Capital exp. on intangible assets

(3,526,097)

(3,526,097)

(984,540)

(984,540)

Purchase of plant and equipment

(762,329)

(762,329)

(265,922)

(60,9558)

(326,880)

Interest received

Cash flows from investment activities

(4,288,426)

563,527

(3,724,899)

(1,244,442)

(60,958)

(1,305,400)

 

Cash flows from financing activities:

Equity share capital raised

21,062,614

21,062,614

10,158,129

10,158,129

Other short term loans

(978,042)

(978,042)

Intra Group Cash Transfers

400,874

(400,874)

(1,790,152)

1,790,152

Cash flows from financing activities

21,463,488

(400,874)

21,062,614

7,389,935

1,790,152

9,180,087

Decrease in cash/cash equivalents

7,494,042

(1,056)

7,492,987

1,320,863

(4,517)

1,316,346

 

Cash/cash equivalents at  01-Jan-15

1,464,093

1,056

1,465,149

143,230

5,573

148,803

Cash/cash equivalents at 31-Dec-15 

8,958,135

8,958,135

1,464,093

1,056

1,465,149

The annual report for the year ended 31 December 2015 is available from the Company’s website at www.advancedoncotherapy.com and will shortly be posted to shareholders together with a notice of Annual General Meeting to be held at Royal Institute of British Architects, 66 Portland Place, London W1B 1AD on Thursday, 30 June 2016.

Aaron Fifield of Chat With Traders interviews BlackCabbieTrader John Walsh

ChatWithTradersJWPocketing £100k from a trading competition, and making simplicity a priority – Aaron Fifield of Chat With Traders interviews John Walsh.

Click here to listen to the interview

BlackCabbieTrader John Walsh – Trading idea Friday 27th May

bc-logo-web-versionBlackCabbieTrader John Walsh publishes tradingJohn2a ideas every day on his Routemaster blog on the blackcabbietrader.com website. His full watch list, exact entry points, stops loss placement etc. are all published in real time in The Knowledge area of the website.

Today’s idea for Friday 27th May is Short HFC. More here

Aliens in Brussels, Democracy and Truth.

The EU has an appalling record on democracy, which is just about the dirtiest word in Brussels, a word which strikes fear in the heart of every true bureaucrat.  The reason is because democracy means giving power to the people, the consequence of which is a reduction in the powers of the bureaucrats.

Referendum are anathema to Brussels which has repeatedly refused to accept the results of referendum in member states, where those results are not acceptable to Brussels. The voice of the people must never be heard, goes the cry.

The French and the Dutch voted to reject the proposed new European Constitution. Brussels was horrified and further referendum  in 6 other member states were cancelled to save it further embarrasment.  The Constitution was quietly dropped but speedily replaced by The Treaty of Lisbon which was virtually identical to the rejected Constitution except that the paragraphs were renumbered.

In 2008 disaster struck when the Irish held a referendum on the Treaty and rejected it by 53.4%. There was only one avenue left – blackmail and threats, the last resort of the dictator in waiting and one which the EU did not hesitate to use. The Irish government was blackmailed into holding a second referendum so that it could produce the “correct” result. In October 2009 a further referendum did produce the correct result and the Irish approved theTreaty by 67.1% of those voting.

Now Brussels is trying to blackmail the UK electorate with the threat of economic devastation if it does leave the EU and this is of course manna from heaven for the Remain camp but the threat has rebounded because not a single statistic appears to be available to support the threat.

So Brussels now turns the screws even tighter. Ah yes, it says but it will not just be you the Brits who will suffer, the whole world economy will suffer a serious recession if you do leave.  Really? Are we that important, such a big player, after decades of economic decline during our membership of the EU that we can cause a world recession ? It’s nice to know but does anybody believe it.

The truth is that the world economy was devastated in 2008 and has not recovered. Germany, the economic powerhouse of Europe is in dire straights because of the Euro. The UK  entered into recession in 2015 and is still in recession long before the referendum is held. Why can not our leaders and EU leaders just start telling the truth for once so that the electorate can reach a decision based on some real facts instead of nonsensical, scaremongering propaganda. Perhaps they are scared of what the real statistics and the real truth would reveal.

Find Beachfront Property For Sale In Greece;   http://www.hiddengreece.net

Tertiary Minerals (TYM) – Placing to raise £500,000, Issue of Equity & Total Voting Rights

TYM1Tertiary Minerals plc is pleased to announce that it has raised £500,000 before expenses by way of a placing of 50,000,000 new ordinary shares at 1p per share. The Placing was made via a single institutional investor. The Placing Shares will rank pari-passu with all existing ordinary shares in the Company.

 

The Company is planning to use the majority of the funds for continuing the evaluation and development of its key fluorspar projects, project work to include:

  • MB Project, Nevada USA
    • Metallurgical Testwork
    • Economic Modelling
    • Scoping Study
    • Mine Permit Planning
  • Storuman Project, Sweden
    • Handling the Appeal process for the Exploitation (Mine) Permit granted on the 18 February 2016.

The Placing is being made under existing shareholder authorities. Application has been made to the London Stock Exchange for 50,000,000 ordinary shares of 1 pence in Tertiary to be admitted to trading on AIM (“Admission”), and it is expected that Admission will occur on or around 10 June 2016.

In accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTR”), following the issue and Admission, the total issued share capital of the Company with voting rights will be 266,845,276 ordinary shares.

The above figure of 266,845,276 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 DTR.

Richard Clemmey, Managing Director of the Company, commented today: “The Company is pleased to be able to raise funds in challenging market conditions for resource companies. The funds will allow the Company to maintain progress on its key fluorspar projects towards production, in particular to move forward with the development studies at our large MB fluorspar project in Nevada.”

 

Enquiries

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Richard Clemmey, Managing Director

 

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Ewan Leggat / Tercel Moore

 

 

+44 (0)203 470 0470

Beaufort Securities Ltd

Joint Broker

Elliot Hance

 

 

+44 (0)207 382 8300

Brand Communications

Alan Green

 

+44 (0)7976 431608

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).

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

 

 

 

Tertiary Minerals (TYM) – Half-Yearly report 2016

TYM1Tertiary Minerals plc, the AIM-traded company building a strategic position in the fluorspar sector, announces its unaudited interim results for the six months ended 31 March 2016.

 

Operational Highlights

MB Fluorspar Project, Nevada, USA:

  • Phase 4 drilling programme completed – 4 holes for a total of 1,553 metres drilled
  • Thick intersections of fluorspar mineralisation encountered in step-out drilling – remains open at depth and along strike
  • Hole 15TMBRC036 located west of the Western Area:
    • 91m grading 12.02% CaF2 from 120.40m depth (total of 8 significant fluorspar intersections), including 31.99m grading 16.74% CaF2 from 150.88m (total of 6 higher grade intersections above 15% CaF2)
  • Hole 15TMBRC038 located to the north of the Western Area:
    • 86m grading 11.47% CaF2 from 74.68m depth
  • Hole 15TMBRC039 located to the north of the Western Area:
    • 16m grading 11.54% CaF2 from 53.34m depth (total of 16 significant fluorspar intersections), including 32.00m grading 15.81% CaF2 from 185.93m (total of 5 higher grade intersections above 15% CaF2)
  • Ore-grade molybdenum (Mo) encountered in the base of hole 15TMBRC036 provides future exploration target

Storuman Fluorspar Project, Sweden:

  • Exploitation (Mining) Permit approved by the Swedish Mining Inspectorate
  • The Exploitation Permit is valid for 25 years from 18 February 2016
  • Two appeals have been lodged against the Exploitation (Mine) Permit:
    • Sami Reindeer Husbandry Community
    • Urbergsgruppen, a Swedish environmental action group who oppose all mining activities throughout Sweden
  • The appeals will be decided by the Swedish Government

Financial Results – Summary:

  • Operating Loss for the six month period of £219,962 (six months to 31 March 2015: £223,050) comprises:
    • Revenue of £84,568; less
    • Administration costs of £297,169 (which includes non-cash share based payments of £17,188), and
    • Pre-licence and reconnaissance exploration costs totalling £7,361
  • Total Group Loss of £300,136 is after charging:
    • Impairment of available for sale investment of £81,142
    • Interest income of £968
  • 28,986,059 Ordinary Shares were issued during the reporting period as follows:
    • Placing of 28,888,889 shares at 2.25p per share on 6 October 2015 to raise £650,000 before expenses
    • Issue of 97,170 shares to a non-executive director in lieu of fees at a price of 1.4p per share
Enquiries

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Richard Clemmey, Managing Director

 

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Ewan Leggat / Tercel Moore

 

 

+44 (0) 20 3470 0470

Beaufort Securities Ltd

Joint Broker

Elliot Hance

 

+44 (0)20 7382 8300
Brand Communications 

Alan Green

+44 (0) 7976 431608

 

Chairman’s Statement

I am pleased to present our Interim Report for the six month period ended 31 March 2016.

A major milestone was reached in this reporting period when, in February this year, the Swedish Mining Inspectorate granted the Exploitation (Mine) Concession for our advanced Storuman Fluorspar Deposit. The Exploitation Concession secures our rights to the Storuman deposit for the next 25 years and was granted after consideration of numerous stakeholder submissions. All but one of these submissions were supportive of the project. Unfortunately, and despite the Mining Inspectorate having stated that reindeer herding and mining activity can sensibly coexist in the concession area, the local Sami Reindeer Husbandry Community has appealed the Mining Inspectorate’s decision to the Government alongside Urbergsgruppen, a Swedish environmental action group which opposes all mining activities in Sweden. Because of the overwhelming local stakeholder support, the potential economic benefits and the ‘National Interest’ status given to the project by the Government, we expect the appeals to be rejected but it is nevertheless frustrating that the time frame in which the Swedish government must deal with the appeals is not fixed.

In Nevada, our MB Fluorspar Project continues to deliver outstanding results with the completion of a further phase of drilling (Phase 4). This has further expanded the known area of mineralisation and suggests that the already large Mineral Resource Estimate – some 86 million tonnes grading 10.7% fluorspar (CaF2) – can be significantly increased. Notable thick intersections of fluorspar mineralisation were announced as extensions of the Western Area of the deposit – for example an aggregate 89.91m grading 12.02% CaF2 from 120.40m depth in hole 15TMBRC036. Intriguingly, potential ore-grade molybdenum values were encountered at the base of the same hole indicating a future exploration target. The Company is now moving on to development studies for the MB Project to include metallurgical testing, economic modelling and scoping studies as well as mine permit planning.

We continue to maintain our interest in the Lassedalen Fluorspar Project in Norway where we have previously defined a modest higher-grade deposit of fluorspar. The project has good potential for future development if projected extensions to the known deposit can be confirmed. A programme of geophysics has recently been undertaken by the Norwegian Geological Survey on the western extensions with results expected to assist the placing of future drill holes.

Fluorspar markets and prices have continued to be negatively affected by slow demand during this reporting period. We consider that current low prices are not sustainable in the medium-term and in the past few years we have seen material taken off the market through mine closures and this should lead to improved prices. Indeed, increased demand and prices for acid-grade fluorspar in China have recently been reported.

Outside of fluorspar, we continue to hold two legacy gold projects and one tantalum project in Finland and have recently received third party expressions of interest which we are currently negotiating.

The cyclical mining share markets appear to have bottomed in the reporting period and we are now seeing a strengthening of some commodity prices and the share prices of many mining companies. This is being led by the gold sector but, based on historical patterns, we expect this to flow on more widely to the rest of the mining sector. We have continued to increase our interest in Sunrise Resources plc through the capitalisation of shared management costs and the Company’s interest in Sunrise now stands at 11.8%.

I would like to thank shareholders for their patient support in these difficult markets. My personal view is that the worst may be behind us and we look forward to reporting on progress at our fluorspar projects as we advance these towards production.

Patrick L Cheetham

Executive Chairman

26 May 2016

 

Consolidated Income Statement

for the six months to 31 March 2016

           
  Six months

to 31 March

2016

Unaudited

  Six months

to 31 March

2015

Unaudited

  Twelve months

to 30 September

2015

Audited

  £   £   £
           
Revenue
84,568   85,937   181,598
         
Administration costs
(297,169)   (295,167)   (569,515)
         
Pre-licence and other exploration costs
(7,361)   (1,640)   (23,869)
         
Impairment of deferred exploration costs
  (12,180)   (4,522)
         
           
Operating loss (219,962)   (223,050)   (416,308)
           
Impairment of available for sale investment (81,142)     (260,997)
           
Interest receivable 968   1,474   2,314
           
           
Loss before income tax (300,136)   (221,576)   (674,991)
           
Income tax    
           
Loss for the period attributable to equity holders of the parent  

(300,136)

   

(221,576)

   

(674,991)

           
Loss per share – basic and diluted (pence) (note 2) (0.14)   (0.13)   (0.37)

Consolidated Statement of Comprehensive Income

for the six months to 31 March 2016

 

 

 

 

Six months to

31 March

2016

Unaudited

  Six months to

31 March

2015

Unaudited

  Twelve months to

30 September

2015

Audited

  £   £   £
         
Loss for the period
 

(300,136)

   

(221,576)

   

(674,991)

Other comprehensive income

         
Items that could be reclassified subsequently to the Income Statement:
         
Foreign exchange translation differences on foreign currency net investments in subsidiaries
 

 

217,075

   

 

(39,406)

   

 

(59,439)

 

217,075

   

(39,406)

   

(59,439)

Items that have been reclassified subsequently to the Income Statement:

         
Fair value movement on available for sale investment
 

 

   

 

(112,702)

   

 

(112,702)

Transfer from available for sale investment reserve on impairment of available for sale investment

 

 

 

   

 

   

 

260,997

   

   

(112,702)

   

148,295

Total comprehensive loss for the period attributable to equity holders of the parent
 

 

(83,061)

   

 

(373,684)

   

 

(586,135)

Company Registration Number 03821411

Consolidated Statement of Financial Position

at 31 March 2016

           
  As at

31 March

2016

Unaudited

  As at

31 March

2015

Unaudited

  As at

30 September

2015

Audited

  £   £   £
Non-current assets
         
Intangible assets
4,038,021   3,370,694   3,536,609
Property, plant & equipment 13,147   7,584   7,296
Available for sale investment 153,353   148,222   148,222
           
  4,204,521   3,526,500   3,692,127
           
Current assets          
Receivables 104,578   430,626   90,309
Cash and cash equivalents 286,773   339,793   309,815
           
  391,351   770,419   400,124
           
Current liabilities          
Trade and other payables (78,501)   (124,556)   (102,780)
           
Net current assets
 

312,850

   

645,863

   

297,344

         
Net assets
4,517,371   4,172,363   3,989,471
         
Equity
         
Called up share capital
2,168,453   1,877,810   1,878,592
Share premium account
9,116,364   8,810,794   8,812,452
Merger reserve
131,096   131,096   131,096
Share option reserve
370,269   416,693   443,813
Available for sale investment reserve
  (260,997)  
Foreign currency reserve
132,895   (64,147)   (84,180)
Accumulated losses
(7,401,706)   (6,738,886)   (7,192,302)
         
Equity attributable to the owners of the parent
4,517,371   4,172,363   3,989,471

Consolidated Statement of Changes in Equity

   

 

Share

Capital

 

Share

Premium Account

 

 

Merger

Reserve

 

Share

Option

Reserve

Available

for Sale

Revaluation

Reserve

 

Foreign

Currency

Reserve

 

 

Accumulated

Losses

 

 

 

Total

  £ £ £ £ £ £ £ £
At 30 September 2014 1,743,020 8,622,974 131,096 426,721 (148,295) (24,741) (6,563,497) 4,187,278
Loss for the period (221,576) (221,576)
Change in fair value (112,702) (112,702)
Exchange differences (39,406) (39,406)
Total comprehensive loss for the period  

 

 

 

 

(112,702)

 

(39,406)

 

(221,576)

 

(373,684)

Share issue 134,790 187,820 322,610
Share based payments expense 36,159 36,159
Transfer of expired options (46,187) 46,187
At 31 March 2015 1,877,810 8,810,794 131,096 416,693 (260,997) (64,147) (6,738,886) 4,172,363
Loss for the period             (192,419) (192,419)
Transfer of impairment to income statement  

 

 

 

 

260,997

 

 

(260,997)

 

Exchange differences (20,033) (20,033)
Total comprehensive loss for the period  

 

 

 

 

260,997

 

(20,033)

 

(453,416)

 

(212,452)

Share issue 782 1,658 2,440
Share based payments expense 27,120 27,120
At 30 September 2015 1,878,592 8,812,452 131,096 443,813 (84,180) (7,192,302) 3,989,471
Loss for the period (218,994) (218,994)
Impairment of available for sale investment  

 

 

 

 

 

 

(81,142)

 

(81,142)

Exchange differences 217,075 217,075
Total comprehensive loss for the period  

 

 

 

 

 

217,075

 

(300,136)

 

(83,061)

Share issue 289,861 303,912 593,773
Share based payments expense 17,188 17,188
Transfer of expired options (90,732) 90,732
At 31 March 2016
 

2,168,453

 

9,116,364

 

131,096

 

370,269

 

 

132,895

 

(7,401,706)

 

4,517,371

Consolidated Statement of Cash Flows

for the six months to 31 March 2016

           
  Six months

to 31 March

2016

Unaudited

  Six months

to 31 March

2015

Unaudited

  Twelve months

to 30 September

2015

Audited

  £   £   £
Operating activity
         
         
Total loss after tax (301,104)   (223,050)   (677,305)
Depreciation charge 3,471   2,268   4,600
Shares issued in lieu of net fees 1,361   2,860   5,300
Impairment charge – exploration   12,180   4,522
Impairment charge – available for sale investment  

81,142

   

   260,997
Share based payment charge 17,188   36,159   63,278
Non-cash additions to available for sale investment  

(86,272)

   

(21,298)

   (21,298)
(Increase)/decrease in receivables (14,269)   (314,894)   25,423
Increase/(decrease) in payables (24,279)   (46,994)   (68,770)
         
         
Net cash outflow from operating activity (322,762)   (552,769)   (403,253)
         
Investing activity        
         
Interest received 968   1,474   2,314
Purchase of intangible assets (292,326)   (383,886)   (560,250)
Purchase of property, plant & equipment (9,322)   (996)   (3,040)
         
         
Net cash outflow from investing activity (300,680)   (383,408)   (560,976)
         
Financing activity        
         
Issue of share capital (net of expenses) 592,412   319,750   319,750
         
         
Net cash inflow from financing activity 592,412   319,750   319,750
         
Net (decrease)/increase in cash and cash

equivalents

 

(31,030)

   

(616,427)

   (644,479)
         
Cash and cash equivalents at start of period 309,815   942,890   942,890
Exchange differences 7,988   13,330   11,404
       
 

Cash and cash equivalents at end of period

 

286,773

   

339,793

   309,815

Notes to the Interim Statement

  1. Basis of preparation

The consolidated interim financial information has been prepared in accordance with the accounting policies that are expected to be adopted in the Group’s full financial statements for the year ending 30 September 2016 which are not expected to be significantly different to those set out in Note 1 of the Group’s audited financial statements for the year ended 30 September 2015. These are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) or that are expected to be adopted and effective at 30 September 2016. The financial information has not been prepared (and is not required to be prepared) in accordance with IAS 34. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of this financial information.

The financial information in this statement relating to the six months ended 31 March 2016 and the six months ended 31 March 2015 has neither been audited nor reviewed by the Auditors, pursuant to guidance issued by the Auditing Practices Board. The financial information presented for the year ended 30 September 2015 does not constitute the full statutory accounts for that period.  The Annual Report and Financial Statements for the year ended 30 September 2015 have been filed with the Registrar of Companies. The Independent Auditors’ Report on the Annual Report and Financial Statement for the year ended 30 September 2015 was unqualified, although did draw attention to matters by way of emphasis in relation to going concern, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

The directors prepare annual budgets and cash flow projections that extend beyond 12 months from the date of this report. These projections include the proceeds of future fundraising necessary within the next 12 months to meet the Company’s and Group’s planned discretionary project expenditures and to maintain the Company and Group as a going concern. Although the Company has been successful in raising finance in the past, there is no assurance that it will obtain adequate finance in the future. This represents a material uncertainty related to events or conditions which may cast significant doubt on the entity’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. However, the directors have a reasonable expectation that they will secure additional funding when required to continue meeting corporate overheads and exploration costs for the foreseeable future and therefore believe that the going concern basis is appropriate for the preparation of the financial statements.

  1. Loss per share

Loss per share has been calculated on the attributable loss for the period and the weighted average number of shares in issue during the period.

       
  Six months

to 31 March

2016

Unaudited

Six months

to 31 March

2015

Unaudited

Twelve months

to 30 September

2015

Audited

     
Loss for the period (£)
(300,136) (221,576) (674,991)
Weighted average shares in issue (No.) 215,811,549 174,341,529 181,090,346
Basic loss per share (pence) (0.14) (0.13) (0.37)
       

The loss attributable to ordinary shareholders and the weighted average number of ordinary shares used for the purpose of calculating diluted earnings per share are identical to those used to calculate the basic earnings per ordinary share. This is because the exercise of share warrants would have the effect of reducing the loss per ordinary share and is therefore not dilutive under the terms of IAS33.

  1. Share capital  

During the six months to 31 March 2016 the following share issues took place:

An issue of 28,888,889 1.0p ordinary shares at 2.25p per share, by way of placing, for a total consideration of £592,412 net of expenses (6 October 2015).

An issue of 97,170 1.0p ordinary shares at 1.4p per share to a director, in satisfaction of directors fees, for a total consideration of £1,361 (11 March 2016).

  1. Interim report

Copies of this interim report are available from Tertiary Minerals plc, Silk Point, Queens Avenue, Macclesfield, Cheshire SK10 2BB, United Kingdom. It is also available on the Company’s website at www.tertiaryminerals.com.

Daily Mail Ups Divi After Profits Slide

Daily Mail & General DMGT After a dismal half year the Daily Mail is increasing its interim dividend by 3%, justified no doubt by an 11% fall in both profit before tax and earnings per share for the six months to 31st March.  The big impact came from weak print advertising, with no explanation provided as to why. Perhaps the board doesn’t have one and is hoping that shareholders will not bother to ask. Statutory profit before tax did rise by £68m. after some of the family silver was sold off and the Chief Executive is to retire next month after 27 years with the company.

Tate & Lyle TATE claims a solid financial performance and strong project delivery for the year to the end of March, with a five fold rise in profit before tax and almost sixfold in diluted earnings per share. The adjusted results show more modest growth of 5% and 8% respectively but let it not be denied credit for its long awaited success. The total dividend for the year  remains unchanged at 28p per share.

Ibstock IBST expects another year of progress after good trading momentum  continued during the first four months of 2016. Demand for new housing was robust, even the weather was favourable and a housing recovery in the US got under way. Full year results are due on the 5th August.

Henry Boot BHY has found that trading has been encouraging since the beginning of the year despite some uncertainty caused by the referendum Activity in Land development has been particularly strong.

 

 

Paypoint PAY After a fall of 83.6% in profit before tax PAY is raising its ordinary dividend by 10% and making a special payment of 21p following the sales of parts of the business which have been completed. It claims to have been severely impacted to the tune of £72m by the sale of online and the non sale of its mobile payments business, a double whammy if ever there was one. The company is confident that its strategy is correct and appears to have stopped making any more boardroom changes because of the large number of changes already carried out.

Find Beachfront Property For Sale In Greece;   http://www.hiddengreece.net

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