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Quoted Micro 25 March 2019

NEX EXCHANGE

Good Energy (GOOD) increased full year revenues from continuing operations from £104.5m to £116.9m, helped by last winter’s cold weather and a price increase, and pre-tax profit recovered from £700,000 to £1.7m. The renewable electricity supplier and generator has increased its dividend from 3.3p a share to 3.5p a share. Net debt was £40.1m at the end of 2018. Energy supply volumes increased by 3%, but domestic volumes were 1.2% lower in an increasingly competitive market. The growth came in the business side, which increased volumes by 23%. Good Energy generates energy from six solar sites and two wind farms. The company expects to continue to grow business volumes and invest in digital technology. Non-executive director Nemone Wynn-Evans has bought 9,500 shares at 105p each.

Trading in PCG Entertainment (PCGE) shares has been suspended because it is in talks to acquire VOX Markets and Align Research.

Karoo Energy (KEP) has been told by its potential nominated adviser does not believe its is suitable for an AIM quotation. This also means that the planned fundraising cannot go ahead. A refinancing is required. There are trade creditors of around £300,000. Trading in the shares has been suspended.

Primorus Investments (PRIM) has maintained its 3.4% stake in Fresho by participating in its latest fundraising, which was at a 76% premium to the price paid for the initial investment. The investment is worth A$673,000.

Dana Group International Investments Ltd (DANA) reported swing from loss of $129,000 to a profit of $95,000 in the six months to December 2018, due to other income of $276,000.

Tectonic Gold (TAU) says that roc chip samples from the Clermont project in Queensland show up to 8.01g/t gold, 140g/t silver and 6.32% copper.

Panther Metals (PALM) has completed the acquisition of Parthian Resources and its former shareholders own 16.1% of Panther.

Inqo Investments Ltd (INQO) has raised a further £225,000 at 90p a share.

Imperial X (IMPP) has changed its focus to medicinal cannabis. There was a small cash outflow in the six months to the end of December 2018. There was nearly £70,000 in the bank with net cash of £19,000. There are net liabilities and more cash will be required later this year.

Steve Howson is stepping down as chief executive of SG Recruitment Ltd (SGRL) and he will become a non-executive director. Majority shareholder David Sumner will be interim chief executive.

AIM  

Footasylum (FOOT) has recommended a 82.5p a share bid from JD Sports Fashion (SPD) which values the footwear retailer at £90.1m. JD Sports was buying shares between 50p and 75p and built up a 18.7% stake. The bidder promises to maintain the separate commercial identity. Footasylum floated in November 2017 at 164p a share.

Diaceutics (DXRX) ended the week at 97.5p, having floated at 72p. The company provides data analysis and advisory services to pharma companies seeking to develop and commercialise diagnostic tests. There were £15.2m of placing proceeds net of expenses and £5.5m will be spent on the acquisition of data, while the rest will be used to pay off debt and develop AI analysis technology. There is limited liquidity in the shares because they are tightly held.

Wynnstay Group (WYN) warns that trading in the second quarter is weak because of the warmer winter weather. There has also been a weakening in farmgate prices. Interim figures will be well below the first half of last year and the full year will be below forecast. Peel Hunt argues that it has already factored these elements into its forecast for rival feed supplier NWF (NWF) and it is not changing its forecasts.

Pelatro (PTRO) has launched a data monetisation platform with a revenue share contract with an existing client, which is worth $500,000 in the first year. This is a product that can be sold to other customers.

Financial trading platform Aquis Exchange (AQX) reported 2018 revenues ahead of expectations and it doubled its market share during the year. The subscription-based model means that higher trading levels by a trader lead to subscription income levels going up. Aquis will continue to be loss-making this year, but the relatively fixed cost base means that once this is covered the profit should grow significantly as revenues grow.

Scientific instruments supplier Judges Scientific (JDG) increased is cash generation from operations from £10.9m to £15.7m in 2018. There was 5.5% organic growth in revenues and underlying operating profit rose by just over one-third to £14.7m. The cash balance has increased to £15.7m, which provides firepower for acquisitions. Shore Capital has edged up its earnings per share forecast from 188.8p to 190p.

Volvere (VLE) says full year revenues from continuing operations will rise from £16.2m to £18.6m. There was a £23.1m gain on the sale of Impetus Automotive. There was an underlying loss on continuing activities, but the frozen pie maker Shire Foods improved its profit contribution. There is £34.1m of cash in the Volvere balance sheet.

Frontier IP (FIPP) says that the outcome for the year to June 2019 is likely to be ahead of management expectations. A deal by investee company Exscientia, which is involved in AI-based drug discovery, with Celgene Corporation should result in a substantial uplift in its valuation.

Science in Sport (SIS) had a 25-day contribution from the profitable PhD Nutrition business in 2018. The group’s underlying loss increased last year, but PhD will help to reduce the loss and the cash outflow from operations, which was £6.42m last year. There is £8m in the bank and even with capital investment requirements that should be enough to cover requirements this year.

Ceramic products supplier Portmeirion Group (PMP) increased its 2018 pre-tax profit by 10% to £9.7m and a further rise to £10.3m is forecast for this year. Online sales are growing rapidly from a relatively low base. The home fragrance business is doing well, and capacity is being added. The total dividend is 8% higher at 35.7p a share.

Share (SHRE) improved its significantly improved its profitability in the second half of 2018, although trading levels weakened towards the end of the year. That weakness has continued into the early months of this year. Evan so, Cenkos forecasts a rise in pre-tax profit from £700,000 to £1.3m, upgraded from £1.1m, in 2019.

Clear Leisure (CLP) has placed its 50%-owned data mining operation in Serbia on a care and maintenance basis. This is due to the fall in the price of cryptocurrency. Legal actions and negotiations continue concerning a number of past investments. Clear has paid £76,000 for a 10% stake in PBV, which provides data services for the Italian legal sector. At the end of 2018, there were €2.1m of bonds converted into shares.

Andrew Perloff has increased his stake in 600 Group (SIXH) from 6.19% to 8.85%.

Midatech Pharma (MTPH) has changed the ratio of its ADRs from two shares for each ADR to 20 shares for each ADR. This is a way of getting the trading price of the ADRs on NASDAQ back above $1.

EQTEC (EQT) could be a beneficiary of the deal done by its largest shareholder EBIOSS with Urbaser for the collection, treatment and possible conversion of waste to energy. Urbaser is conducting due diligence on EQTEC’s gasification technology and this could be used for any waste to energy plant if all three parties come to an agreement on a specific opportunity. Projects could be in Bulgaria, Greece, Macedonia and Romania.

A local authority report has placed a five year reserve status on the Plymouth Airport site where Sutton Harbour (SUH) has a 135 year lease. The local authorities are keen that the site should be used for general aviation, but a viable business plan needs to be put together. Sutton Harbour would like to develop the site.

Tau Capital (TAU) has sent a circular to shareholders concerning a capital return of $1.19m or 2.42 cents a share, raise $150,000 via a placing at 0.1 cents a share and change its name to UK Onshore. Reverse takeover candidates are being assessed. Gerwyn Williams and Nigel Burton will join the board.

Synectics (SNX) has won a £1m order from the oil and gas sector. This is the largest order for its surveillance systems from this sector for a number of years. Synectics reported a rise in full year revenues from £70.1m to £71.2m and pre-tax profit slipped from £3.02m to £2.86m. The full year dividend is increased from 4p a share to 4.7p a share.

MAIN MARKET 

Athelney Trust (ATY) has responded to the letter from former director Dr Pohl, who wants to regain his place on the board along with Simon Moore and remove David Lawman. Dr Pohl has acquired more than 100,000 shares in the past month, and this means that five shareholders own more than 50% of the investment company putting its investment trust status at risk. As long as there is more than 35% of the company held by the public this is not a problem, but it would be if Dr Pohl joined the board. There have been £90,000 of extra costs because of disputes between the two major shareholders. The plan remains to bring Gresham House on board as fund manager

WideCells Group (WDC) is changing its name to Iconic Labs and moving into digital marketing and technology. The management of this business previously built up social publisher Unilad. In the first 12 months, an agency consulting division will be launched to assists clients to develop brands. There are plans to build up a distribution and publishing division through acquisitions and launch content licensing and e-commerce divisions. There is little indication of what will happen to the stem cell operations, although management appears to believe that the insurance business could be worth pursuing. Historic liabilities are being resolved. The convertible loan note holder continues to convert a proportion of the loan note that is below 30% and then sell the shares. There are 785.6 million shares in issue with more to come.

Bluebird Merchant Ventures (BMV) has raised £436,500 at 2.25p a share. The cash will be used for the pre-construction phase of the South Korean gold projects. An agreement has been made with a local landowner for the use of land outside the main entrance of the Kochang mine.

Highlands Natural Resources (HNR) has raised £1.56m at 8.5p a share via an offer through PrimaryBid.com. This cash will fund a move by the natural resources company into the organic cannabidiol market. It has established Zoetic Organics in the US and it believes that hydrogen produced by Highland in Kansas can be used as a fertiliser with potential to increase the size of the plant. First revenues could be achieved in the summer.

Standard list shell Stranger Holdings (STHP) claims that Alchemy Utilities Ltd has sabotaged the proposed reverse takeover by refusing to provide audited accounts. Stranger is trying to get back the £300,000 it lent to Alchemy as well as its reverse takeover costs of £450,000. Stranger believes that the Alchemy management team may have misrepresented its financial status. An alternative acquisition is being lined up, but Stranger had negative net assets at the end of September 2018 and there are additional costs since then.

Standard list shell Hertsford Capital (HERT) still had £2.88m in cash at the end of 2018.

Telecoms services provider Toople (TOOP) is growing its gross profit but EBITDA is similar to the same period last year, which was around £650,000.

PV Crystalox Solar (PVCS) has ended its wafer production activities in Germany and it intends to apply its wire sawing expertise to cutting non-silicon materials. There are plans to return £38.5m to shareholders, which is equivalent to 24p a share and that is not far short of the current market price. That could still leave more than €10m of cash. Management is considering whether to maintain a listing.

Sure Ventures (SURE) says 23%-owned Suir Valley Ventures has maintained its 10% stake in WarDucks, which is developing an AR game, by participating in a €3.3m fundraising.

Andrew Hore

Next Online Surges

Next plc NXT  appears to find it amazing that  profits for the year to January 2019 are exactly in line with the guidance which the company gave in er… January 2019. There would have been something strange, most people would have thought, had they been different. As with most  senior executives they must also claim that the year was challenging because without that they can not claim how well they have done. The online business did do well, increasing full price sales by 14.8% but only at the continuing expense of retail sales which fell by 7.3%. The final ordinary dividend was raised by 4.4% to 110p per share. the High Street looks set to remain challenging but the Online business will continues to save the day by increasing its contribution to sales and profits of the Group.   For the year ahead  Earnings Per Share are expected to grow by +3.6%.

Halma Group plc HLMA updates that it has made good progress from the period since the 1st October to date. Widespread revenue growth has been seen geographically, with the USA and the UK showing the strongest growth.  Mainland Europe and Asia Pacific have been more moderate.

Renishaw plc RSW as announced in the half year results on the 31st January, Renishaw experienced a slow down in demand in Asia for its encoder products and from large end-user manufacturers of consumer electronic products.There has been no improvement since then and based on recent order trends and customer feedback, the company now expects these conditions to continue through the remainder of this financial year. Rest assured though that despite this early warning the Board remains confident in the future prospects of the Group.

Safestyle UK plc SFE Found 2018 challenging  with significant business disruption caused by an aggressive new market entrant but by the year end on the 31st December., the company had achieved a substantial recovery. Phase two of the recovery plan which is well underway, involves returning the Group to profitability. An encouraging start has been made to 2019 and the Group expects to return to profitability in 2019 as well as generating positive cashflow.

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Ian Pollard – Kingfisher #KGF Not So Chirpy

Kingfisher plc KGF claims that its engine has now been largely rebuilt and it is confident in delivering significant financial benefits but only over time. And looking at results for the year to the 31st January, that time sees nowhere near having arrived. Growth in sales, margin and returns is being targeted but only over the medium term which appears to indicate that there is not much promise for the short term. Underperformance in France and other parts of the business needs addressing which is an admission that it has not not been so far. The closure is being considered of 15 poorly performing stores across the business over the next 2 years; as well as the closure of 19 Screwfix outlets in Germany, where the heart of industrial Europe is alleged to beat strong. As for the recent past, there is little wonder that the immediate future looks grim.

Total sales for the year fell by 1.6% on a like for like basis, Uunderlying profit before tax was down 13% or 52.6% on a statutory basis. Underlying basic earnings per share fell by 6.%. Mercifully the dividend remained unchanged.

TI Fluid Systems plc TIFS had a great year in 2018 with strong organic growth and solid profit margins. Final results for the year to the 31st  December showed profits growing by 24.9m. to 140.1m.. whilst a final dividend is proposed of 5.94 euro cents per share. The groups approach to continued and disciplined organic growth has, it says, positioned it well for 2019 and beyond.

SDL plc SDL reports a solid improvement in the Group’s financial performance compared to 2017, with all divisions performing well. Revenue for the year to 31st December rose by 12.6% and on an adjusted basis, basic earnings per share gre by 23.7% and operating profit by 20.8%. The company believes that Brexit brings risks and opportunities which it can manage.

Tasty plc TAST Revenue fell by  6% to £47.28m in the year to the 30th December due to site closures and like-for-like decline. Three restaurants were sold and one closed  in 2018. There is no intention to open any new restaurants in 2019 and management claims it will be focused on restructuring and improving profitability from the existing portfolio.

Ten Entertainment Group TEG has had another good year and is facing excellent future growth prospects. Sales in the first 11 weeks of the current year have started positively, with like-for-like sales up 5.1%. to date. Total sales in 2018 rose by 7.5%, adjusted EBITDA by 8% and earnings per share by 16.6%. A final dividend is announced  of 7.7p per share making 11p per share for the full year

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Ian Pollard – Polypipe #POLY Breaks More Records

Polypipe Group plc PLP  delighted to report another record performance and claims significant strategic progress for 2018 together with a continued focus on organic growth ahead of the market. Revenue rose by 5.2%, profit before tax by 4.7% and underlying basic earnings per share by 4.4% The dividend is to be increased by 4.5% and the balance sheet is robust.

Learning Technologies Group plc LTG   Profit came in ahead of expectations for the year to the 31st December, with  EBIT up by 104% to £27.2m. Revenue rose by 83% with half of it coming from the US. and the full year dividend is to be increased by 67%. In the five years since the company was listed on the London Stock Exchange  a compound annual growth rate of 48% in adjusted diluted EPS has been achieved. A good start has been made to 2019.

EasyJet EZY has abandoned talks to join to join the consortium which would have bid for Alitalia although it said at the time that it was not certain that a bid for Alitalia would materialise. The Italian government has now given Delta Airlines and the Italian State Railway, the two remaining members of the consortium, until the end of this month to come up with a rescue plan for AlItalia.

Softcat plc SCT produced a very strong performance over the six months to the 31st January characterised by additional market share gains and a 36.4% rise for the shareholders, in the interim dividend. Revenue for the half year rose by 21%, diluted earnings per share by 40,8% and gross profit by 26.5% The company is debt free and has a cash balance of £52.8m. It is anticipated that the outcome for the full year will be marginally ahead of previous expectations.

Bonmarche Holdings BON the main aim of Bonmarche during the winter “sale” period covering January and February 2019, was to recover from the third quarter sales experience which was below expectations and in that it has succeeded. Autumn/winter season stock levels are now 40% lower than at this time last year but that has only been achieved at the cost of heavy discounting. And now things have got worse. Trading since the beginning of March has become significantly weaker, reversing sales gains which had been made in the previous months.It is now anticipating that the  the underlying  loss for the year will be far greater than the anticipated £4.0m. and current estimates are that it will rise to between £5.0m and £6.0m.

ASOS plc ASC for the 3 months to the end of February total retail sales rose by 11%, The UK outperformed  with growth of 14% and France and Germany both proved to be challenging. For 2019 unchanged sales growth of 15% is expected.

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Ian Pollard – Wetherspoons #JDW, Profits Fall Despite Warm Winter Benefits

Wetherspoons (JD) plc JDW is paying a maintained dividend of 4p per share for the six months to the 27th January. Despite a rise of 7.1% in revenue and 6.3% in like for like sales, profit before tax fell by 18.9% and earnings per share by 18.2%. Chairman Tim Martin, as can be expected, lambasts the establishment for a producing a barrage of negative economic forecasts  predicting that the UK will go to hell in a handcart without a ‘deal’ with the EU. The great link in economics is that between democracy and prosperity. The fact that the EU is becoming less and less democratic does not bode well for its future prosperity. This winters excellent weather has been a shot in the arm for the brewers and in the six weeks to the 10th March, like-for-like sales have increased by 9.6%  and total sales by 10.9%. Costs in the second half of the year will be higher than those in the same period last year and  an unchanged trading outcome for the current financial year.is anticipated.

Restaurant Group plc RTN made significant progress in 2018, A record number of new sites were opened in both the Pubs and Concessions businesses, and achieving improved like-for-like sales in the Leisure business throughout the year. Wagamama which was acquired during the year proved to be a high growth business. Like for like sales for the year to the 30th December fell by 2% whilst total sales rose by 1% and current trading for the 10 weeks to the 10th March showed a rise 2.8%. The final dividend of 1.47p is in line with the boards current policy.

Symphony Environmental plc SYM is pleased with its preliminary results for the year to the 31st December with the CEO claiming that it demonstrates positive momentum on many different fronts. Ten governments have mandated that certain plastic products must contain oxo-biodegradable additives A further nine countries have introduced positive regulation for all types of bio-degradable packaging, regulatory moves which are beneficial to the Group’s business. Reported profit before tax fell to £0.04 million from £0.43 million in 2017 and  basic earnings per share from 0.28p to 0.03p.

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Ian Pollard – Morrisons #MRW, Divi Up Lads!

Morrisons W.Sprmkts MRW They don’t beat about t’ bush in Bradford and with a total annual dividend rise of over 150% in three years, they’ve no need to.  The 12 months to the 3rd February produced a third consecutive year of strong sales and profit growth and a  24.9% rise in total dividends during that year.  In a challenging period ,  Morrisons can truly claim that it has has continued to progress well.and both sales and profits have again grown strongly. Todays dividend announcements include a further special dividend of 4.00p per share, taking the total dividend for the year to 12.60p.

Hikma Pharmaceuticals HIK delivered a strong performance in 2018, with revenue and profitability significantly ahead of expectations at the start of the year.Group revenue rose by 7%, operating profit by 19% and basic earnings per share by 31%. The full year dividend is to be increased  from last years 34 cents to  38 cents.

Stobart Group Ltd STOB updates prior to the announcement of the full year results for the 12 months to 28 February 2019, that it continues to make strong commercial progress in its core Aviation and Energy operating divisions. London Southend Airport saw a 33% increase in passenger numbers. Stobart Energy delivered 1.3 million tonnes of renewable fuel, representing an increase of over 45% on the previous year. Investment and cash flow requirements have led the  Board to decide to move to  twice-yearly dividend payments of 3p per share each. . The first payment of 3p per share is expected to be paid in July 2019.

Advanced Medical Solutions AMS is to increase its proposed final dividend by 20% for the year to the end of December, after a 12% increase in both profits before tax and diluted earnings per share. This was AMS’s 17th consecutive year of growth with strong financial and strategic progress across the Group.

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Ian Pollard – A Thousand Years Of History, plus #QLT, #DOM, #CCC and #SUN

Today may see the last dying days of a nation whose history was peppered with stirring speeches which matched the mood of the people just at the times when they were most needed, from Agincourt to Shakespeare, the singeing of some minor king of Spains beard, to Waterloo and to Churchill. All men with fire in their bellies who loved their country and would never think of profiteering from a cheap trick. Look at the disgraceful sight of those who now, to their shame and ours, stalk the corridors of power, always ready for the quick buck. Who won the war? Surely it can not have been us, now ready to roll over and make way for a new unelected dictatorship of European bureaucracy, a Europe which would not be recognisable to the people of all countries who fought and died, believing in vain that they were fighting for freedom.

Quilter plc QLT Despite increasingly challenging market conditions as the year progressed. Quilter report record profits with a rise of 11% for the year to the 31st December. Diluted earnings per share rose by 15% and the final dividend is recommended at 3.3p per share in line with the company’s dividend policy. On a like for like basis profit before tax came in at £5m. compared to the previous years loss of £5m.

Dominos Pizza Grp DOM Admits that 2018 was a mixed year. In the UK and Ireland, which account for around 90% of the business, the excellent record of growth continued Internationally, growing pains were experienced which hampered the overall financial performance. Total revenue rose by 14.5% but total profit before tax fell by over 22% and statutory basic earnings per share by 23.7%. The record of increasing dividends continues with a rise of 5.6%

Computacenter CCC Total revenues for the year to the end of December, exceeded over £4 billion for the first time, with  Germany delivering yet another record performance as revenue grew by 8.3 per cent. 2018 was a record year for the group in revenue, adjusted operating profit and adjusted diluted earnings per share and the foundations have been paid for further growth in the years ahead.

Surgical Innovations SUN has delivered the strong rebound which was expected in the second half and revenues for the year to the end of December grew strongly by 25% andadjusted profit before tax rose by 30%

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Ian Pollard – Clarkson #CKN Challenged By Headwinds

Clarkson plc CKN   Despite a challenging start to the year Clarkson produced a robust performance for the year to the end of December.Underlying profit before tax fell by 10% and earnings per share declined from 116p to 105p.The CEO is happy with this as it enables the dividend to be increased by 3% making it  the16th consecutive year of increased dividends. Headwinds are having their impact in the form of political uncertainty and natural disasters but these are expected to diminish as the year passes.

Polymetal International POLY  Preliminaries to the 31st December showed that 2018 was a year of strong operating and financial results,with revenue rising by 4% and gold sales up by 10$. Adjusted EBITDA was up by 5%, although average realised gold and silver prices both fell. A final dividend of US$ .31 is proposed. The dividend declared during the period has risen by 47% from last years 32 cents to the current 47 cents.

Xaar plc XAR updates that underlying trading results for the year to 31 December 2018 are in line with previous expectations and delays in ramp up of new product volumes in China have resulted in an unfavourable aging profile of working capital.   Provisions are therefore being taken on the basis of prudency.

Silence Therapeutics plc SRN updates that 2018 was a defining year for the company, with transformational change throughout the business. With the approval by the FDA of the first RNAi therapeutics, a new class of medicines has effectively been created. In-human clinical trials are due to commence later in 2019 to demonstrate both safety and tolerability. The interim Chair of Silence describes it as being at the cutting edge of an extremely promising new class of therapeutics.

Driver Group plc DRV reports that  the cumulative trading result is now behind the Board’s expectations for the current period due to a slowing in the speed of client conversion, in particular in the Middle East and south-east Asian markets. The cumulative trading result is now behind the Board’s expectations for the current period and the shortfall is unlikely to be recovered in the second half. Full year underlying profits before taxation are now expected to be slightly below the 2017/18 result at approximately £3.5m.

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Andrew Hore – Quoted Micro 11 March 2019

NEX EXCHANGE

Brewer Shepherd Neame (SHEP) reported a 1% increase in underlying 2018 pre-tax profit of £5.9m. Pubs provided higher revenues and profit, while the brewery reported a reduction in profit contribution due to the ending of third party contracts and a small decline in volumes of its own beers and ciders. The brewing volumes have recovered in the early part of 2019.

Good Energy (GOOD) is making a strategic investment in Zap-Map owner Next Green Car Ltd. This is a business that provides electric vehicle market data and will help Good Energy move into the electric vehicle charging market. The initial investment is £1.08m for a 12.9% stake and £800,000 of convertible loan notes. If the loan notes are converted and payment of deferred consideration of £720,000 dependent on achieving financial targets, then the stake will increase to 50.1%.

Gunsynd (GUN) and Northbay Capital Partners have agreed with TSX-V-quoted Oyster Oil and Gas Ltd to settle debts of C$1.43m with the company in return for the outstanding share capital of Oyster’s subsidiary that owns production sharing contracts in Madagascar and Djibouti. Oyster shareholders have to agree to the deal for it to go ahead.

IMC Exploration Group (IMCP) has commenced drilling on PL2551 in County Wexford. The drilling should help to prove the presence of a major gold mineralisation trend.

Primorus Investments (PRIM) has increased its stake in Greatland Gold (GGP) by two million shares, taking the stake to 1.15%. The average cost is 1.71p a share. Over the next 18 months Greatland will pursue targeted exploration campaigns in Australia and accelerate the development in the Paterson region.

Ananda Developments (ANA) says 15%-owned Liberty Herbal Technologies reports that the first 11 weeks of sales of the hapac medicinal cannabis products in Italy have grown strongly from a low base.

Cadence Minerals (KDNC) is acquiring three prospective lithium assets in Australia. They are Picasso in Western Australia, Litchfield in Northern Territories and Alcoota in Northern Territories.

Clean Invest Africa (CIA) lost £204,000 in the near-13 months since incorporation. There was £69,000 in the bank at the end of September 2018. The reverse takeover of the 97.5% of CoalTech not owned by the company has still to be completed.

Barkby Group (BARK) has secured an eight-year operating agreement for the Queens Arms in East Garston, Berkshire. The pub and restaurant also operates a 120-capacity function room and 12 bedrooms.

Eight Capital Partners (ECP) has paid £3,500 for a 70% stake in financial adviser and investment firm Epsion Capital, which could provide advice to Eight Capital investee companies. Former ZAI corporate finance director and current Eight Capital non-executive director John Treacy is the sole director and other shareholder of Epsion, which is working on two corporate finance transactions.

Following the demise of Daniel Stewart, NQ Minerals (NQMI) has changed its corporate adviser to Arden, Gamfook Jewellery (GAMF) has switched to Peterhouse and VI Mining (VIM) has moved to VSA.

AIM  

Telephony services and technology provider Netcall (NET) is increasing its cloud revenues and bookings. Interim revenues improved from £11.4m to £10.7m but pre-tax profit dipped from £1.9m to £1.2m because of increased investment. Annual contract value has risen by 11% to £15.1m.

Tracsis (TRCS) improved its interim revenues from £18.1m to £19m and pre-tax profit will be higher than the £3.9m reported last year. There was £18.7m in cash at the end of January 2019. Chris Barnes has joined the transport optimisation software and services provider ahead of becoming chief executive.

Ramsdens Holdings (RFX) is buying 18 Money Shop sites for £1.5m. They are in north west England and Scotland and will be rebranded as Ramsdens. The pawn books of the sites and five others that will be closed are being acquired by Ramsdens. City Financial Investment has sold its remaining 9.73% stake.

WH Ireland (WHI) has raised £4.95m at 45p a share, which was a 30% discount to the market price. The cash will make sure that the broker has enough regulatory capital. Trading is tough and the operating loss in the second half will be higher than previously expected.

SimplyBiz (SBIZ) grew 2018 revenues by 15% to £50.7m and earnings per share were 28% higher at 11.9p. The supplier of compliance and business services to financial advisers continues to add to member numbers and sell more services to them. Net cash was £6.4m at the end of 2018.

DX (Group) (DX.) is making progress with its turnaround but there is still a long way to go. The parcel delivery business has restructured its business and raised prices to clients. The cash outflow was significantly reduced in the first half. DX could move back into profit next year.

Swallowfield (SWL) was hit by weak trading in its cosmetics manufacturing operations. The brands business maintained its revenues and profit. The second half outlook for manufacturing is better and costs have been reduced. The interim dividend was raised by 7.5% to 2.15p a share. Fidelity has increased its stake to 5.73%.

Ilika (IKA) has secured an 18 month project with Network Rail for the use of its Stereax battery technology in a ultra-low power wireless sensor for the network’s condition monitoring platform.

Pelatro (PTRO) has won a contract with Ooredoo Maldives worth $1.6m over three years. There is a fixed monthly fee and a share of the incremental revenue generated. There are also opportunities to cross-sell to other Ooredoo telecoms operations.

Cambria Automobiles (CAMB) has traded ahead of the first five months of the previous financial year. Although new car sales were lower, Cambria made more profit because of the higher value franchises. It was a similar trend in used cars. The aftersales operations increased sales and profit.

FFI Holdings (FFI) says that the film competition contracts business has been slow because of a lack of films and smaller productions. There are also possible claims. Delayed productions have hit the insurance agency business. That has reduced operating profit by $6m. The expected range for this year is $7.5m-$11m.

Allergy Therapeutics (AGY) reported a 11% increase in interim revenues to £46.7m and underlying pre-tax profit was 70% higher at £11.4m. That was partly down to lower development and marketing spending. Cash more than doubled to £31.6m, helped by a £10.2m placing. Net cash was £28.5m. The data from the phase III PQ Birch allergy study is expected in the next few weeks.

Finance provider ThinkSmart (TSL) reported a lower interim loss and there is cash in the bank of £11.3m. A special dividend of around 2p a share will return £44m to shareholders.

Accounting regulation changes mean that Paragon Entertainment Ltd (PEL) will not be able to recognise as much revenue in 2018 as it thought it would. That could reduce the figure by £700,000. The new range is £8.8m to £9.2m. The loss will be more than £2.5m. Revenues are expected to be higher this year.

Touchstone Exploration Inc (TXP) increased its proved reserves to 11,222 Mbbl at the end of 2018. Proved plus probable reserves are 19,275 Mbbl. NPV of future net revenues of proved reserves has increased by 18% to $79.8m.

Begbies Traynor (BEG) has completed a number of contingency engagements in the third quarter and there should be more in the fourth quarter. Corporate insolvencies are rising.

GetBusy (GETB) has increased its revenues from its core software products by 17% to £10.9m and it is making progress with its GetBusy productivity software which is in use with beta users. Cash generated from operations is being ploughed back into development spending.

Gfinity (GFIN) more than doubled its interim revenues from £1.8m to £4.4m with the growth coming from the managed services division, which includes the F1 Esports series. The Esports business is targeting breakeven in 2021.

Independent Oil and Gas (IOG) has rejected a proposed 20p a share bid from RockRose Energy (RRE) which would value the company at £26.6m. Trading in the standard list company’s shares is suspended due to the proposed $140m acquisition of Marathan Oil West of Shetland.

Housebuilder Springfield Properties (SPR) is on track to increase full year pre-tax profit from £9.8m to £16.1m, following a strong first half. The housing market is stronger in Scotland than in the rest of the UK. The business has a mix of private housing and affordable housing developments. The Walker Group acquisition takes the company further upmarket in price terms and will make an initial contribution in the second half.

PhotonStar LED Group (PSL) has raised a further £170,000 at 0.01p a share, while directors John Treacy and Jonathan Freeman intend to subscribe a £24,000 when the company has authority to issue more shares. A general meeting will be held where the company will become a shell and change its name to Bould Opportunities. The operating business is being wound down. Antos Glogowski has a 20.9% stake.

In the past ten months, the valuation of the property assets of Sutton Harbour (SUH) has increased by 7% to £45.7m.

MAIN MARKET 

Small company-focused investment company Athelney Trust (ATY) reported a 21% decline in NAV to 225.9p a share at the end of 2018, although that is not a surprise given the weak stockmarket at the end of the year. The final dividend was increased by 2% to 9.1p a share. The board is in the process of appointing a fund management team. The plan is to increase the size of the fund to between £50m and £150m.

Standard list shell Cobra Resources (COBR) has agreed to acquire the owner of a 100% right title and interest in the Prince Alfred licence in South Australia. Prince Alfred was a producing copper mine. There is also an entitlement to earn 75% of five tenements in South Australia. Trading in the shares has been suspended.

European High Growth Opportunities Securitization Fund has converted £140,000 of convertible bonds and penalty payments of £210,000 into 140 million shares in WideCells (WDC) and that has nearly doubled the number of shares in issue. The first 60 million shares have been sold.

Andrew Hore

Ian Pollard – Paddy Power #PPB All of A Flutter

Paddy Power Betfair PPB Somebody at PPB thinks it is a good idea to rename the company Flutter Entertainment plc and hopes that the shareholders will be silly enough to give approval, when they are asked to do so in May. In February the company took podium position (as it calls it ) in Georgia with the acquisition of Adjarabet. As for the year to 31st December revenue rose by 9% and earnings per share fell by 6% whilst the the dvidend remained flat at 200p. per share. 2018 was a challenging year with regulatory and tax changes but Paddy Power regained its mojo, which management seems to regard as a good thing. 2019 has started with good momentum across key divisions

Costain Group plc COST announces it has performed strongly again in 2018 with an increase in underlying operating profit, a record order book and an 8% increase in the total dividend. The Chairman states that Costain is at the forefront of the rapidly-evolving UK infrastructure market. The record  order book of £4.2 billion was of a higher quality and the growth in underlying profit reflected enhanced margins.

Legal & General Group LGEN  Revenue for the year to the end of December rose by 9% and earnings per share fell by 6% whilst the dividend remained flat at 200p per share. Annuity sales rose to a record £10bn, operating profit rose by 10%,  profit after tax fell by 3% and profit before tax rose by 2%. having impacted by of volatility in global financial markets. Its market leading businesses  and high quality people have enabled LGEN to deliver eight years of compound annual profit growth of over ten per cent.

Allergy Therapeutics plc  AGY  Interim Results for the six months ended 31 December 2018 showed continued good sales growth and strong operating profit. Revenue increased by 10.6%  and pre-R&D operating profit grew by 27%. This reflects a strong start to the financial year with market share in Germany increasing to 14.5%. The clinical pipeline  is described as exciting making 2019 a very important year for the Group.

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

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