Quoted Micro 16 January 2017

NEX / ISDX

Ecommerce technology provider Netalogue Technologies (NTLP) has secured three contracts in the drinks sector. Brewer Marston’s, pubs operator Enterprise Inns and drinks wholesaler Matthew Clark have bought ecommerce portals. They all used the iTradeNetwork online ordering system previously but this will no longer be available from August so this provides a significant opportunity for Netalogue.

Goldcrest Resources (GCRP) has raised £217,000 at 0.25p a share to provide working capital so that it can execute its plans. Further shares are being issued to Pelamis Investments Ltd for the conversion of a £70,000 convertible loan note at 0.25p a share and from issuing 48.52 million shares at the same price to settle £121,000 of liabilities. Goldcrest plans to seek further gold projects. Peterhouse has been appointed as corporate adviser and broker.

NQ Minerals (NQMI) has secured funding of A$4m and raised £400,000 at 8p a share. The loan is secured on the assets of a subsidiary and has an annual interest charge of 12%, payable quarterly. There is a fee of A$35,000. Greg Lane, who has experience in mine development, has joined the board. He has four million options exercisable at 7p a share.

AIM

This year will be an important one for battery technology developer Ilika (IKA). There are discussions with potential licensees for solid state battery technology and there should be deals during 2017. Stereax M250 batteries are being assessed by a number of potential customers. In the six months to October 2016, revenues improved from £254,000 to £329,000 but the operating loss edged up to £2.2m. Full year revenues should grow from £600,000 to £2.5m, which is partly underpinned by recent grant wins. Losses are expected to continue for the time being. The balance sheet is strong and there should be £6.7m in cash at the end of April thanks to cash raised late in 2016.

Packaging supplier Robinson (RBN) says that trading is still tough but it has gained planning permission on part of its surplus property portfolio. The outline planning permission covers 23 acres on two sites. House broker finnCap believes that this could double the value of the land from £5m to £10m – equivalent to 60p a share. The disappointing trading and investment in sales and marketing has led to a 12.5% downgrade in the 2016 pre-tax profit forecast to £2m, and the 2017 forecast has been cut to £2.1m.

Somero Enterprises Inc (SOM) has sparked another forecast upgrade with its latest trading statement. A strong finish to the year means that the earnings per share for 2016 have been upgraded from 22.7 cents to 24.4 cents. There was good demand for newer products and larger concrete levelling machines. Net cash is expected to be $18.7m and the dividend payout ration has been increased from 30% to 40% of net adjusted income. There is even potential for a special dividend.

Cloud-based telecom services provider Cloudcall (CALL) increased its full year revenues by 50% to £4.9m with a large chunk of this growth coming from existing customers. Around 400 customers were added each month last year. There is cash of £3.2m. The expected 2016 loss of £3.5m is similar to the year before but it is expected to be reduced in 2017. Around 85% of revenues are recurring or repeating.

Focusrite (TUNE) says trading continues to be strong and cash is building up. Foreign exchange movements have been favourable. Timothy Carroll has taken over as chief executive.

Tertiary Minerals (TYM) is evaluating acquisitions so that it can generate revenues and profit earlier than would be the case with its current fluorspar interests. Legal changes in Sweden and poor market conditions for fluorspar has delayed progress with the existing assets.

Caledonia Mining Corporation (CMCL) says that its Blanket mine beat production expectations for 2016. There was an 18% increase in fourth quarter gold production (year-on-year) and 2016 gold production was 18% higher at 50,351 ounces. Caledonia owns 49% of Blanket mine. In 2017, production of 60,000 ounces is expected and the mine cost is estimated to be lower than in 2016 at $600-$630/ounce. Investment in infrastructure are improving production but there is a lot more to come and annual production of 80,000 ounces of gold is anticipated in 2021.

Evgen Pharma (EVG) has received a positive interim safety review from the Data Safety Monitoring Board for the use of SFX-01 to treat subarachnoid haemorrhage. This means that the phase II trial will proceed and results should be available in the first half of 2018. So far, 26 patients have enrolled out of a total of 90 people.

Pensions services provider Mattioli Woods (MTW) says that revenues are growing faster than expected. Profit growth has been held back by investment in the business but finnCap has raised its earnings per share estimate from 30.5p to 32.5p. The interim figures are due to be published on 7 February.

Edenville Energy (EDL) has started trial mining at its Rukwa coal project in Tanzania and commercial mining should begin by the end of the first quarter of 2017. The trail mining is generating revenues.

The old guard continues to depart from 1Spatial (SPA) with the latest being Marcus Yeoman.

MAIN MARKET

Canadian oil and gas explorer and producer Zenith Energy Ltd (ZEN) joined the standard list on 11 January. The company, which operates onshore oil and gas fields in Azerbaijan, Argentina and Italy, is already listed on the TSX Venture Exchange. Zenith also produces electricity in Italy. AIM-quoted and NEX-quoted Gunsynd (GUN) has invested £524,000 in Zenith.

Andrew Hore

 

Cluff Sees Improvement for Gas & Triples Combined Resources

Cluff Natural Resources CLNR Believes that the outlook both for the sector and the company showed marked improvement in 2016 with major progress being made in the southern North Sea. Geological and technical work throughout the year resulted in a tripling of total combined P50 resources from 845 BCG of gas to 2.37 TCF. funding for the coming year was also secured.

Frontier Dev plc. FDEV The growth in revenue for the 6 months to 30th November exceeded the boards expectations with a rise of 66% to £18.1m. interim results are expected early in February.

Innova Derma IDP revenue is expected to have risen by just over 80% to about £3 for the 6 months to 31st December. Growth has been led by the success of Skinny Tan which was launched in February through Superdrug. Revenue and earnings are expected to be enhanced in the second half following the entry to the American market in October.

Goals Soccer Centres GOAL claims that it has at long last turned the corner with robust trading and a significant improvement in business during the second half year to 31st December. Modernisation and updating of facilities are said to be responsible for the volume rise of 3.1% which compares with 1% for the year as a whole.

WANdisco WAND maintained its momentum during its second half to the 31st December with a rise in bookings of 109%. The fourth quarter and the year as a whole, both saw rises of 97%. A number of new contracts were obtained and the year ended with a strong order book and sales pipeline. In the 4th quarter the company operated at nearly cash flow break even point and 2017 is expected to show more progress made towards achieving profitability.

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Countrywide and Barratt See Markets Collapsing.

Countrywide CWD Suffered badly in quarter four with figures showing the beginning of a slump in the housing market which is going to get worse in 2017. Countrywide is the largest agent in the business with national coverage and local reach, so these figures do not relate just to inner London or the Home Counties. They present a picture of what could be the end of the grossly overheated housing market all over the country. Results for the full year to 31st December are expected to show a 6% drop in transactions. Fourth quarter income declined to £179m. from 2015’s £196m It is expected that sales in 2017 will decline further, impacted by a continuation of lower volumes than in 2016.

Barratt Development BDEV does claims a healthy housing market with strong demand for new houses during its second half to the 31st December and that is all very true, provided you ignore London which is hardly realistic for a national housebuilder. Yesterdays update from Barratt’s showed that sales in London had plunged by over in 50% in the 6 months to 30th December, down from 842  to 367.As against that completions outside London were at their highest level for 9 years but the fall in London was so severe that total completions for the half year fell from 7,626 to 7,180.

The average selling price rose by 3.9% but for the poor private buyer the increase averaged 5.3%. Barrat claims that one of the main reasons for the strength of the market is continued government support, which does raise the oft asked question as to why the government should continue spending taxpayers money to fuel an already overheated market. Cynics may say that it is just the Tories looking after their own and ignoring basic economics.

Total forward sales are up by 15% and profit before tax for the six months is expected to rise by 7%, with a further 7% expected in the first half of 2017

Mitchells & Butler MAB enjoyed strong Xmas trading with what the CEO describes as an encouraging performance. Like for like sales over the 7 weeks to the 7th January rose by 2.9%, compared to a tiny 0.5% for the 8 weeks to the 19th November. Margins however are expected to be lower than in 2015 because of cost pressures

Villas & houses for sale in Greece  – visit;   http://www.hiddengreece.net

Brand CEO Alan Green talks Tertiary Minerals (TYM), Trifast (TRI) & Burford Capital (BUR) on VOX Markets podcast

Brand CEO Alan Green discusses Tertiary Minerals (TYM), Trifast (TRI) & Burford Capital (BUR) with Justin Waite on the VOX Markets podcast. The interview is 28 minutes, 27 seconds in.

The High Street – Still Alive And Kicking But Online Threat Grows

Marks & Spencer MKS gives a very brief summary of its trading for the 13 weeks to the 31st December. Group sales rose by 5.9% on a reported basis. Food did well with a rise of 5.6% or 0.6% on a like for like basis and  continuing to increase its market share. Sales in clothing and home did even better on a like for like basis with a rise of 2.3%. Total like for like sales were up by 1.3%. The high street may still be a battleground but at least Marks emerged unscathed from the most important trading period of the year.

Tesco TSCO claims its first increase in market share since 2011 following strong and sustained progress in its 3rd quarter, covering the 13 weeks to the 26th November, which also produced the 8th consecutive quarter of volume growth. Over the 6 weeks to the 7th January the rise in like for like sales continued with growth of 0.3%, the UK being particularly strong with a rise of 0.7%. Clothes and toys produced over all sales rises of 4.3% and 8.5% respectively. The one weak point was International which produced like for like falls in both the 3rd quarter and  over the 6 week Xmas period.

Mothercare MTC showed a return to growth in the UK for the 13 weeks to 7th January with a 1% rise in like for like sales but International sales still has problems with a total fall of 6% in constant currency terms, the day being saved by currency fluctuations which turned that into a rise of 13% in real terms. Online growth was particularly strong with a rise of 5.5% taking online’s percentage of total sales up to some 40% of total sales. Perhaps this is an indication of the future of retailing.

Debenhams DEB Is pleased with what it claims to be a resilient performance, with like for like sales over the 18 weeks to 7th January up by 3.5% or 0.5% on a constant currency basis. Online sales were strong with a rise of 13,9% taking online’s growth over 2 years to more than 25%. The 7 week Xmas period to 7th January produced like for like growth of 5% or 1.7% on a constant currency basis.

ASOS ASC provides more evidence of the growing power of online retailing with growth which dwarfs that of the high street retailers. Total group revenue rose by 30% on a constant currency basis for the 4 months to the end of December. The UK looked positively pedestrian against this with a rise of only 18%, which ASOS nonetheless claims is a strong performance in a more promotional market.

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Tertiary Minerals (TYM) – Acquisition Opportunities

TYM1Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to provide an update on its current business strategy.

The Company has made considerable progress in recent years developing its 100% owned fluorspar projects, progressing through the development cycle from discovery towards commercial production. A number of key issues have however resulted in delays to the development of our most advanced project, Storuman in Sweden, which are highlighted below:

  • Poor stock market conditions for junior exploration/development companies
  • Continued poor global market conditions for fluorspar
  • Recent new case law established in Sweden changing the way Mine Permits are granted (Refer to previous RNS dated 13 & 15 December 2016)

Whilst the Company remains on track with its fluorspar strategy and the development of its fluorspar assets, it recognises the benefit of finding projects capable of generating revenue and profits in a shorter timescale than is achievable with the current portfolio of projects. With this in mind the Company is currently evaluating a number of complementary projects for acquisition with near term sustained revenue and profit potential.

Further news will be announced on the progress of evaluation as and when it becomes available.

Commenting today, Managing Director, Richard Clemmey said: “We are pleased to have started the evaluation process on a number of acquisition opportunities with the potential to transform the Company into being one with sustainable revenues in the near term and which will complement our fluorspar assets currently in development.”

Enquiries

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Ewan Leggat/Lindsay Mair/Laura Harrison

+44 (0) 20 3470 0470

Beaufort Securities Ltd

Joint Broker

Elliot Hance

+44 (0)20 7382 8300

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

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.

Proton beam therapy used in tumour treatment in UAE – The National UAE

An advanced form of radiotherapy that reduces the risk of side effects in cancer patients will be available in the UAE for the first time when a Dh220 million health centre opens in Abu Dhabi in 2018.

Proton beam therapy, which uses protons rather than X-rays, is regarded as a safer way to treat hard-to-reach tumours because it causes less damage to surrounding tissue. It is used to treat many forms of the disease in situations where conventional options are limited and radiotherapy presents unacceptable risks to patient health, said Dr Mohanad Diab, consultant medical oncologist at NMC Specialty in Abu Dhabi.

“These situations include eye and brain cancers, tumours close to the brainstem and spinal cord, prostate, liver, lung and breast cancers, and paediatric cancers. It is very useful for children and it is used most often to treat brain tumours in young children whose brains are still developing,” he said.

The proton beam therapy centre in Al Shahamh will be part of the Gulf International Cancer Centre.

“At least 200 patients at our centre will benefit from proton beam and if we are the only centre in the area, there will be patients coming from neighbouring countries,” said Dr Aly Abdel Razek, executive director and head of radiation oncology at GICC,

Oncologists from the GICC will be sent for training to the US – where there are about 25 centres offering this treatment – to learn about the technology.

Many children will be helped by the technique, said Dr Razek. He gave an example of when doctors are treating cancer in a child’s spinal cord, proton beams treat the problem area without affecting the heart or the lungs.

“About 10 to 20 per cent of the cancer patients who receive radiation therapy can benefit from the use of proton beam.”

Proton therapy is not widely available because of its high cost. There are only a limited number of centres in the world that can deliver the treatment.

At the moment, patients in the UK who require this type of radiotherapy are sent for treatment in the US, according to Cancer Research UK.

Full article here

Trifast (TRI) – Keep buying this quality growth play says VectorVest

VVUKlogoTrifast plc (TRI.L) is a UK-based manufacturer and distributor of industrial fastenings. The Company provides design support and problem solving solutions to its customers. The Company designs, manufactures and distributes a range of plastic components, metal fasteners and fixings on a global basis to both distributors and original equipment manufacturer (OEM) assemblers. It has has six manufacturing sites in Asia and one in the United Kingdom; with a global logistics capability from approximately 25 business locations within the United Kingdom, Asia, Europe and the United States.

In November 2017, TRI reported record breaking half-year numbers, with strong underlying trading growth driving underlying PBT 20.3% higher to £9.9m, on revenues 14.9% higher at £89.7m. Diluted EPS rose by 24.8% to 5.33p, and the group increased the interim dividend by 25% to 1p. Exec Chairman Malcolm Diamond said that the performance had put the group “firmly on track with our expectations to achieve another record breaking financial year.” A further trading update is due in early Q2.

The Trifast growth story had initially been identified by VectorVest during 2016, and on September 21 2016, we published a buy note for the group at 152p. The stock has powered higher since that time, driven by strong earnings growth, and with a trading update due at the end of Q1 2017, TRI is still flagged up as a quality investment opportunity across a number of VectorVest metrics. Value is still calculated at 220p, so currently trading at 213p, the stock has to be considered as fairly valued. Our attention though is drawn to the Relative Safety (RS) metric, an indicator of risk. Here TRI scores an RS rating of 1.38, which is very good on a scale of 0.00 to 2.00. Also highly significant is the VST-Vector (VST), the master indicator for ranking every stock in the VectorVest database, computed from the square root of a weighted sum of the squares of Relative Value (RV), RS, and Relative Timing (RT). Here TRI scores 1.32, which is very good on a scale of 0.00 to 2.00.

The weekly chart of Trifast above shows the gains over the past 6 years. The green line above the price is the VectorVest valuation of the share while the blue line in the window below the price shows earnings per share (EPS). EPS is growing strongly which is driving the share price upwards with increasing momentum. Technically the speed of the price (or momentum) should slow down prior to a turn in the price and there is no sign of that on the chart at the moment.

Summary: TRI has delivered a 38% gain since our September buy note. While the stock is now fairly valued at 213p, the prospect of a record FY performance coupled with the consistently high scores across key VectorVest metrics once again highlights TRI as a quality growth play. Keep Buying.

Dr David Paul

January 10th 2017

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Quoted Micro 9 January 2017

NEX / ISDX

 

Capital for Colleagues (CFCP) invested a further £2.44m in employee-owned businesses in the year to August 2016. Revenues improved from £523,000 to £560,000, although realised and unrealised gains fell from £459,000 to £228,000. Pre-tax profit fell from £426,000 to £158,000. Net asset value was £5.25m at the end of August 2016. The NAV dipped to £5.21m at the end of November 2016, which is equivalent to 54.1p a share.

Strand Hanson has resigned as corporate adviser to United Cacao (UCL) as well as its nominated adviser for AIM. Trading in the 7% secured convertible bonds 2019 has been suspended as has the trading in the shares on AIM. The Peru-based cacao plantation operator says that it has entered into an exclusivity agreement with existing investors in order to try to secure the long-term financial viability of the business. United Cacao has raised $150,000 from the issue of additional 7% secured convertible bonds 2019 at 60 cents for each $1 nominal value – the mid-price was $1 but there had been no trades – and a further issue of convertibles is likely as part of the longer-term strategy. Redundancies at the plantation will reduce monthly costs by $85,000 but the company has trade payables of more than $1.25m. Dennis Melka, Anthony Kozuch and Graeme Brown have all resigned from the board.  

Hot Rocks Investments (HRIP) had £14,000 in the bank at the end of September 2016. The NAV improved from £664,000 to £901,000 thanks to unrealised gains on the portfolio of resources investments.

IMC Exploration (IMCP) has raised £150,000 at 1p a share. Global Resource Investment Trust has subscribed £50,000 and IMC director Liam McGrattan has invested the same amount.

AIM

fastJet (FJET) is raising even more money. This time it has raised £23.4m at 16.3p a share Last August £19.2m was raised at 50p a share. Loss-making fastJet has secured a deal with Johannesburg-based commercial aviation firm Solenta, which will provide three aircraft that fastJet will operate under its own name for five years and pay an hourly rate. The $19.2m cost of the lease will be paid through an issue of 95.6 million shares equivalent to 28% of fastJet. Cost savings have reduced the company‘s existing fleet and the number of routes has been reduced but the one-off costs have been higher than expected. The head office is being relocated to South Africa. By the first quarter of 2017, there will have been a one-quarter reduction in fixed costs and a one-third reduction in variable costs.

Churchill China (CHH) says that fourth quarter trading was better than expected, helped by export sales, and it has more cash than forecast. The overall 2016 performance is ahead of market forecasts and much higher than in 2015. The full year figures will be published on 28 March.

Low carbon energy business Cogenpower (CGP) has increased the heat output from its Borgaro power plant by 12.5% to 20.1GWh and the average selling price was higher. Cold weather helped to boost demand in the final quarter. Cogenpower is also improving efficiency and gas costs have been reduced. The exit from the retail division is almost complete. The Italian government still owes €1.3m to Cogenpower, including €900,000 of Green Certificates where the government is trying to change the basis of calculation. However, the Italian parliament is due to vote on a proposal that would stop any changes.

Crawshaw (CRAW) says that the decline in like-for-like revenues has abated but it is still going on. The reduction in the past five weeks was 3.8%, compared to 8.1% in the previous four week. Gross margins have fallen. Total sales were 13% higher in the past five weeks. Peel Hunt still expects a £1m loss for the year, plus a lower loss in 2017-18.

Mobile software provider Immobile (IMO) says trading is in line with expectations and the company’s largest customer has renewed its contract until 2018. A global contact centre business will be selling product licences for IMIconnect and IMIchat.

FinnAust Mining (FAM) has completed the acquisition of Avannaa Exploration from Cairn Energy following approval from the Greenland authorities. FinnAust is paying £500,000 in shares at 6.6p each. The two main assets are the Disko nickel sulphide project, where more than $50m has been previously invested, and the Kangerluarsuk high grade zinc, Pb and silver project.

Touchstar (TST) has been hit by delayed orders and a bad debt and this has led house broker WH Ireland to more than halve its 2016 pre-tax profit forecast to £215,000 on a £1m reduction in revenues to £7.7m. This comes at a time when the business is moving to a SaaS model. The bad debt relates to the access control business. At the moment the 2017 profit forecast of £600,000 is not being changed.

The cruise business owned by All Leisure has stopped trading as the financial difficulties of the formerly AIM-quoted leisure business continue.

MAIN MARKET

CIC Gold Group Ltd (CICG) says that is still in discussions with the UKLA about the standard list readmission prospectus for the acquisition of 80% of Gobi Minerals. The acquisition was announced in 2015 and it is nearly one year since the enquiry from the UKLA. CIC issued 280 million shares for the acquisition and 70 million of these will be sold at 1.45p a share in order to maintain a free float of at least 25%.

Andrew Hore

 

Fenner In Recovery Mode

Fenner FENR now expects results for the current year will be comfortably ahead of previous expectations as a result of gains in market share and refocusing of the businesses. These factors have helped to create an improving trend in order intake and a stronger market position in the US. Australia is doing well and results are ahead of last year.

Crawshaw Group CRAW With like for like sales down by 3.8% for the 5 weeks from 29th November to 31st December and like for like customer numbers down by 4.2%, Crawshaw claims that it has continued to build on previous progress, presumably wishing to rely for justification of its claim that total sales and customer numbers for the same period both rose by 13%. At least the figures for the 5 week Christmas period showed  an improvement on the previous 4 weeks like for like figures when sales had slumped by 8.1% and customer numbers by 9.7%.

Gear4music G4M enjoyed a strong sales performance in the last 4 months of the year and full year profits are now expected to be ahead of the increase indicated at the half year stage. UK sales rose by 29%, Europe and the rest of the world by by 129% and total sales by 55%.  For the year to date growth has totaled 63%.

easyJet EZJ With December traffic figures up by 15.1% easyJet is not allowing itself to be left behind by Ryanair. The rise in load factor at 3.3% was also similar to that of its competitor, although over the rolling 12 month period, load factor did slip slightly by 0.1pp

Sky plc SKY Broker Investec has upgraded its investment rating on Sky plc SKY from reduce to hold and has raised its price target from 800p to 1075p.

Next NXT has suffered from yesterdays results with Citigroup cutting its price target from 4,800p to 4,100p

New Year Promise ? Buy a villa in Greece this year – visit;   http://www.hiddengreece.net