Home » Posts tagged 'INS'

Tag Archives: INS

Andrew Hore – Quoted Micro 2 April 2018

NEX EXCHANGE   

Sativa Investments (SAPI) joined NEX on 29 March after raising £1.1m at 1p a share. The share price has already reached 3.125p. Sativa has £1.5m in cash that it can invest in businesses involved in medicinal cannabis. The initial focus is Canada.

Capital for Colleagues (CFCP) reported a slight reduction in NAV to 41.5p a share at the end of February 2018. The portfolio includes 17 unquoted employee owned businesses with a value of £5.24m.

NQ Minerals (NQMI) has entered into a three-year, $10m loan facility with a US private equity firm and this will be used to develop the Hellyer mine. The facility has a 12% annual interest charge and it is secured on the company’s assets. NQ has entered into a silver purchase deed with the finance provider and has to sell them 30% of the first 8 million ounces recovered from the Hellyer mine and 10% of the payable silver for the lifetime of mine. The price will be the lower of $6/ounce or 80% of market price.

Gunsynd (GUN) says that investee company Human Brands is acquiring a 10% stake in wine and spirits distributor Milestone Beverages HK Ltd, which can help to increase the distribution coverage of the investee company’s drinks brands. Gunsynd owns 6.18% of Brazil Tungsten Holdings, which has been forced to suspend operations after a fatal accident. The investment is currently valued at £500,000.

Welney (WENP) made a broadly similar interim loss of £37,000 and it has net liabilities of £234,000.

Block Commodities (BLOC) has reduced its interim loss from $1.19m to $782,000.

Angelfish Investments (ANGP) has reached agreement with 4Navitas, which will make a payment to cover the majority of costs incurred when Angelfish was trying to negotiate a joint venture agreement.

Etaireia Investments (ETIP) has raised £50,000 at 0.06p a share.

EPE Special Opportunities (ESO) has sold 50% of its stake in Pharmacy 2U, for double its cost, at the same time as the digital pharmacy services provider raised £40m of new cash.

Walls and Futures REIT (WAFR) has extended the closing date of the one-for-four open offer to raise up to £1.05m at 94p a share from 26 March to 30 April.

AIM   

MySQUAR Ltd (MYSQ) slipped out its interim figures at 5.32pm after the market had closed for Easter. They show near-doubled cash outflow from operating activities of $2.22m. There was $68,000 in the bank at the end of 2017. Management is hopeful that the $218,000 of trade receivables at the end of December 2017 can be collected by June. Since then, MySQUAR has issued £2.11m of convertible bonds at 90% of their face value to Atlas Capital Markets Ltd. There are also more than 20 million warrants exercisable at 3.15p a share. There is talk of an acquisition of a mobile payment services business.

Conviviality (CVR) is calling in administrators after a rescue fundraising failed to win the backing of investors.

Publisher Axel Springer is investing £125m in Purplebricks (PURP) and this will give it 11.9% of the estate agency. The shares are being acquired at 360p each and £25m worth of existing shares are being acquired from management. Full year revenues will double but a weak UK market, exacerbated by the weather and potentially by negative publicity. There was £51.7m in the bank at the end of February 2018. The additional cash will enable a faster roll-out in the US and entry into other markets.

Royal Bank of Scotland has bid 120p a share for FreeAgent (FREE) and that values the accounting software provider at £53m. The founders will take shares and have a 23.5% stake in the bid vehicle. FreeAgent floated 18 months ago at 84p a share. At the beginning of 2017, FreeAgent signed a deal with RBS, which offers the company’s SaaS-based software to small business customers. More than 10,000 customers have taken up the software.

Polarean Imaging (POLX) joined AIM on 29 March and raised £3m at 15p a share. Polarean has developed xenon gas-based technology that enables MRI scans to produce better images. Amphion Innovations (AMP) retains a 23.2% stake.

Polemos (PLMO) has withdrawn its general meeting resolutions. The placing and 100-for-one share consolidation will not go ahead for the time being. There could be an open offer and placing at the previously proposed price of 0.01p a share.

Thor Mining (THR) is acquiring 40% of an exploration licence, which has 13 outcropping tungsten deposits and one copper deposit and 100% of a prospective copper exploration licence. Thor is issuing A$550,000 of shares to Rox Resources in payment for these purchases. The 60%-owner of the first licence has the right to match the price offered.

Tracsis (TRCS) increased its interim profit by one-third to £2.4m as revenues grew by 18% to £18.1m. The software division increased its profit and there was a recovery in the traffic and data services division. There is more improvement to come from the latter division. The interim dividend is 17% higher at 0.7p a share. There is £18.5m in the bank. There will be a second half contribution from the rail sector delay repay businesses acquired in February. Progress is being made in selling remote condition monitoring technology in North America.

Internet gaming software supplier GAN (GAN) reported a reduced loss of £4.2m for 2017. There was £2.7m in the bank at the end of 2017 and since then has raised £2m via an unsecured 9% convertible loan note. There could be further fundraisings in order to make the most of the prospects for real money internet gaming in the US.

Inland Homes (INL) increased its adjusted EPRA NAV by 6% to 97.63p a share. Interim pre-tax profit improved from £4.95m to £5.37m. The interim dividend was raised 30% to 0.65p a share.  The landbank has been expanded to 7,372 plots.

Altona Energy (ANR) slightly increased its first half loss to £260,000 and there was £690,000 in the bank at the end of 2017. The current focus is conventional coal mining at the Arckaringa coal project in Australia. Altona is assessing less wet coal seams.

RM2 International (RM2) is raising £25.3m at 1p a share, just over 50% after a general meeting and the rest dependent on the reduction of operating costs and commercial launch of new technology, and converting preferred shares into 3.16 billion shares. There are also plans for an open offer to raise around £4.5m. The new cash will be used to retrofit existing pallets with ELIoT track and trace devices and produce new RM2 ELIoT pallets.  Former chief executive John Walsh has stepped down from the board, as has Frederic de Mevius. Woodford appears likely to end up owning around two-thirds of RM2. The second tranche is dependent on Woodford agreeing that key performance indicators have been met. Three members of RM2’s management will acquire shares in the placing via a reduction in their salaries over an 18 month period.

STM Group (STM) reported better than expected 2017 and this led to an upgrade for 2018. Last year’s pre-tax profit improved from £2.6m to £4m, helped by an increased provision release from the acquired life book. The underlying pre-tax profit is expected to rise from £3.2m to £4.2m in 2018.

Caledonian Trust (CNN) reported a NAV of 185.7p a share at the end of 2017. This was helped an increase in the valuation of St Margaret’s House, which is in the process of being sold.

The SimplyBiz Group provides regulatory and support services to financial advisers and is set to join AIM on 4 April.

Sosandar (SOS) has gained momentum since floating last year. The online women’s fashion retailer continues to lose money but the customer database has increased nearly ten-fold to 36,328.

NetScientific (NSCI) is running out of money and it needs more by the end of June. A placing and subscription will raise up to £6m at 52.5p a share. The cash will be used to provide additional financial backing for investee companies.

Manx Financial Services (MFX) has acquired Blue Star Business Solutions, which is a broker for IT equipment funding, for an initial £1.5m in cash. This could increase to up to £4m depending on performance.

Connemara Mining (CON) is focusing on three main areas: the Inishowen gold project in Donegal, the Mine River gold project in Wicklow and Wexford and multiple zinc exploration projects. The next exploration is at the 100%-owned Mine River gold project where high grade intersections will be targeted.

Wynnstay Properties (WSP) has increased the value of its investment properties by £1.63m to £30.1m in the year to March 2018. The NAV has increased by 100p a share to more than 770p a share.

Real Good Food (RGD) has agreed a loan note facility of up to £4m with three major shareholders. Longer-term, a share issue will be required.

Vernalis (VER) lost £37.6m in 2017, mainly down to exceptional write-downs and unrealised foreign exchange movements. There was £46m in the bank. US commercial activity should finish by the end of September and that will slow the ongoing cash outflow.

Kestrel has increased its stake in Pebble Beach Systems Group (PEB) from 15.2% to 16.6%. The share price has been on a downward trajectory and borrowings are significant but Kestrel must believe that the software company will survive.

Life science software provider Instem (INS) coupled its 2017 figures with a contract announcement for its SEND software. Revenues were 18% ahead at £21.7m, and that included organic growth of 5%, while pre-tax profit recovered from £500,000 to £1.9m. A further improvement to £2.7m is expected this year.

Feedback (FDBK) has raised £440,000 at 1.25p a share and it will invest in sales and marketing for the TexRAD and Cadran technology, as well as developing a clinical evidence base for TexRAD.

Oracle Power (ORCP) has raised £550,000 at 1.4p a share to provide cash for the company as it moves to financial close for the development of the Thar Block VI lignite coal mine and power plant in the Sindh province in Pakistan.

GoTech Group (GOT) plans to sell its Sportsdata business to Starnevesse for £1. The company was a shell prior to the acquisition of the business in May 2016 and it effectively became a shell again when it stopped supporting the business at the end of 2017. There is £566,000 in the bank and there will be a £100,000 cash payment as part of the settlement of indebtedness to Starnevesse.

Microsaic Systems (MSYS) has signed an agreement with Unimicro Technologies Inc, which will integrate Microsaic’s 4500 MiD mass spectrometry detector into its Capillary Electrophoresis instruments.

Collagen Solutions (COS) is restructuring its New Zealand operations. The plan is to focus on tissue collection and processing and then consolidate collagen production in Glasgow. Annual cost savings should be £200,000 and one-off costs will be £150,000.

Chris Akers has increased its stake in YOLO Leisure (YOLO) from 6.8% to 7.93%.

MAIN MARKET    

S&U Group (SUS) reported a one-fifth increase in pre-tax profit to £30.2m. The car finance provider achieved this despite a start-up loss from the bridging finance business Aspen. The total dividend for the year was increased from 91p a share to 105p a share. A rise in pre-tax profit to £35.8m is forecast for this year.

Book publisher Quarto Group Inc (QRT) slumped into loss in 2017, although the underlying pre-tax profit fell from $13.9m to $3.9m. Net debt was $64m. The year end is being changed to March.

Shefa Yamim (SEFA) had NIS6.49m in the bank at the end of 2017 following its flotation. Bulk sampling results for the Kishon Mid-Reach gemstones project have been positive and the processing plant has been upgraded.

Path Investments (PATH) has postponed its exit from the standard list until further notice. The plan is to move to AIM when the proposed oil and gas asset acquisition is made but the timing remains uncertain.

North Midland Construction (NMD) reported a fall in profit in 2017 even though revenues increased from £250.5m to £291.8m. Pre-tax profit more than halved from £2.06m to £1m. That is because the loss on legacy contracts increased from £3.85m to £7.29m. The final dividend is unchanged at 3p a share even though the total dividend is one-third higher at 6p a share.

NCC (NCC) has sold its web performance business for £7.5m. The sale process for the software testing business is continuing.

Andrew Hore

 

Andrew Hore – Quoted Micro 12 March 2018

NEX EXCHANGE   

Shepherd Neame (SHEP) improved its interim revenues and underlying pre-tax profit. Revenues were 6% ahead at £84.1m and underlying profit edged up from £5.7m to £5.8m. The interim dividend has been raised from 5.62p a share to 5.75p a share. Net debt was £79.5m. The main growth in revenues was in the managed pubs and hotels division. There was an underlying improvement in the profitability of the brewing business, where own beer volumes were 4.2% higher.

Ashley House (ASH) has reached financial close on the Scarborough extra care housing development. There are 63 apartments plus communal areas and the gross development value is £10m. completion is expected in spring 2019. A housing development and health scheme are likely to follow. This development is not part of the Morgan Sindall joint venture. Non-executive director Christopher Lyons has bought 31,000 shares at 10.09p a share.

EPE Special Opportunities (ESO) had a fully diluted NAV of 239p a share on 5 March 2018 but that was prior to the Luceco profit warning. The NAV included Luceco (LUCE) shares at 77.8p each but the price has subsequently fallen to 57.2p a share. EPE is the largest shareholder in LED lighting products supplier and this was the second profit warning in three months. The original 2017 profit expectation was £16.7m and this has been cut to £11m.

Western Selection (WESP) has raised £668,000 from the disposal of shares in Swallowfield (SWL) and it has a remaining stake of 7.71%. Western sold 120,000 Swallowfield shares at 330p each and 80,000 at 340p each. Last month, personal care products supplier Swallowfield bought men’s grooming brand, Fish for an initial £2.7m.

Ace Liberty and Stone (ALSP) has issued £4.76m of convertible loan notes as part of the £4.85m open offer. A holder of an existing £500,000 loan note is converting into the latest convertible loan notes and like the other subscribers is receiving one warrant for each £1 of loan notes.

MetalNRG (MNRG) says a licence has been granted relating to the Palomino cobalt project, where the company has the right to acquire a 100% stake in return for two million shares at 1.5p each. MetalNRG is also issuing 500,000 shares for work that has already been carried out.

Crossword Cybersecurity (CCS) has raised £2.16m at 270p a share. The cash will be invested in sales and marketing and developing new cyber security products.

Good Energy (GOOD) says that holders of £3.6m of its first energy bonds have agreed to retain them, while the other £4.3m worth will be repaid on 29 March.

Co-chairman David Sumner has increased the amount of Healthperm Resourcing Ltd (HPR) loan notes he will subscribe for to £5m. The outstanding balance is currently £2.7m and additional tranches of up to £200,000 can be subscribed for each month.

London Capital Group Holdings (LCG) is selling a 91.5% stake in its Tradex and 100% of other subsidiary companies to its main shareholder in return for £4.64m of loan notes with a coupon of 8%. The costs of the NEX quotation will also be covered by the buyer. The remaining 8.5% of Tradex can be acquired for £431,000 in loan notes. The disposal requires FCA approval. London Capital will seek a fintech business to acquire within the required six month period.

PCG Entertainment (PCGE) and Wishbone Gold (WSBN) have joined NEX. They are both retaining their AIM quotations and are chaired by Richard Poulden.

AIM   

VR Education has raised more cash than it originally asked for. It has raised £6m at 10p a share and this values the company at £19.3m. The company has developed the ENGAGE education platform and is also developing corporate training and educational content to go on the platform. The business is generating revenues but it still has to take full advantage of the technology it has developed.

Energy supplier Yu Group (YU.) increased its revenues from £16.3m to £47m last year and annualised bookings continue to grow. Underlying pre-tax profit jumped from £195,000 to £3.08m. Yu has gained a licence to supply water. The dividend has been increased from 2.25p to 3p a share.

Share (SHRE) has continued to add to its market share. In 2017, the broker revenues grew from £14.6m to £18.7m and it moved back to underlying pre-tax profit. Digital investment continues and the benefits of this will increasingly show through over the next couple of years. This year the recent partnerships will make a 12 month contribution. Higher interest rates will also help to increase interest income on the cash held.

Smart audio sales started to take off last year and Frontier Smart Technologies (FST) continues to invest in this area. The original digital radio technology business is profitable but the development costs for smart audio more than wipe that profit out. Net cash was £3m at the end of 2017 and this should be enough for Frontier’s requirements. There is scope to grow the digital radio business but smart audio will provide the main growth. From a tiny percentage in 2016, smart audio could contribute nearly two-fifths of revenues in 2019.

Begbies Traynor (BEG) has bought Springboard Corporate Finance for an initial £2.75m in cash and shares. Springboard generated a pre-tax profit of £750,000 on revenues of £2.3m in 2016-17. Up to £500,000 more will be payable depending on performance over the next five years. Begbies says that third quarter trading is in line with expectations. Corporate insolvencies are increasing, albeit from low levels.

Polemos (PLMO) has terminated the proposal to acquire SecurLinx Corporation, which still hopes to come to the London market. Trading in the shares has been restored. Polemos is raising £270,000 at 0.01p a share, plus a further £140,000 conditional on shareholder approval. These placings are before the planned share consolidation of one new share to every 100 existing shares. When additional approvals are given by shareholders a share offering will be made via PrimaryBid.

Netcall (NET) more than doubled its interim SaaS revenues thanks to the purchase of MatsSoft. Interim revenues grew by one-third to £10.7m, which includes organic growth of 5%. Underlying pre-tax profit was 8% ahead at £1.8m. Net debt is £2.5m.

Audio products supplier Focusrite (TUNE) reported sales growth of more than 25% in the first half. Edison upgraded its full year profit forecast by 4% to £10.4m.

Applied Graphene Materials (AGM) has secured the use of its graphene-enhanced epoxy prepreg in the tailgate of the W Motors Fenyr sports car. This is a limited market but it is a good showcase for the technology.

Second half trading was stronger than expected at FIH Group (FIH) as both trading in the Falkland Islands and Momart improved their performance. This has led to an upgrade in the 2017-18 profit forecast from £2.5m to £2.8m.

GRC International (GRC) raised £5.04m at 70p a share when it joined AIM on 5 March. The share price ended the week at 115p. GRC provides services relating to IT governance and compliance.

Zamano (ZMNO) had €5.05m in the bank at the end of January 2018. It remains in talks for potential acquisitions that would enable the company to remain quoted. Part of any deal would be the offer of a cash return to existing shareholders. Trading in the shares has been suspended.

Microsaic Systems (MSYS) had £3.2m in the bank at the end of 2017. Microsaic is focusing on the biopharma market but it could take until 2019 for its partners to start to generate revenues from its technology. There should be enough cash for more than one year but more will be required. Costs have been reduced.

SysGroup (SYS) has signed a three-year managed hosting deal with TJ Morris Ltd, trading as discount retailer Home Bargains, worth more than £950,000.

Contract research organisation Fusion Antibodies (FAB) says that its 2017-18 revenues are expected to grow by at least two-fifths to £1.9m. Last year’s flotation took up management time so revenues are lower than hoped.

Attraqt (ATQT) reported a full year loss of £4.05m, including exceptional costs of £2.38m. The e-commerce software provider intends to focus on operational efficiency this year. There was £2m in the bank at the end of February.

BOS Global Holdings (BOS) has been placed in administration.

Instem (INS) has switched a long-standing client to the SaaS model and this will increase recurring revenues by two-fifths. There are potentially £10m of fees that could be converted to the recurring revenues model.

WANdisco (WAND) has announced more deals including a partnership with Alibaba, which will embed WANdisco Fusion in some of the cloud services that it offers. Total bookings increased by 45% to $22.5m in 2017 and this has sparked a 2018 revenues upgrade by WH Ireland from $25.5m to $30.8m, although a slightly higher loss of $6.5m is expected. WANdisco could move near to breakeven in 2019.

Mirada (MIRA) has secured a £3m loan facility, which adds to the existing facilities. An initial £1.5m will be drawn down within two months. This provides working capital to finance additional contract wins. The annual interest rate is 15%. The provider of the facility is a 27% shareholder.

Strategic Minerals (SML) has paid A$1.5m in cash and A$1.45m in shares for the Leigh Creek copper mine. Strategic has acquired 24,900 tonnes of JORC compliant resource copper. Production should build up to 200 tonnes of copper each month and there is an offtake agreement for 100% of copper production. Strategic has extended its rolling agreement with the owner of the Cobre magnetite stockpile until March 2019. This deal generated revenues of $5.64m in 2017.

Zoo Digital (ZOO) says full year revenues will be at least $28m, up from $16.5m last year, while EBITDA will be ahead of expectations and be at least $2.3m. Localisation services remain the main growth area. Herald has reduced its stake from 15.7% to 14.6%.

Volvere (VLE) says that its 2017 pre-tax profit improved from £1.94m to £3.22m. Impetus Automotive contributed the growth in profit with CCTV software company Sira and Shire Foods reporting lower profits. NAV is 656p a share, with £18.4m in cash and marketable securities.

AFC Energy (AFC) reduced its loss to £5.5m in 2017. The fuel cell technology developer should have enough cash for this year, but it is likely to run out in 2019. AFC could move into profit in 2020.

Pallet developer RM2 International (RM2) has received $2m from the disposal of a building in Switzerland. That means it will have enough cash until mid-April.

Drilling is set to recommence at the Stonepark zinc project in Limerick and Connemara Mining (CON) has set aside £250,000 to cover its share of the spending over the next 12 months. Connemara has a 23.4% stake in the joint venture that owns the project.

Drilling results from the Kodal Minerals (KOD) lithium project at Bougouni in Southern Mali continue to be positive. The latest 19 drill holes have shown high grade intersections of consistent pegmatite mineralisation of up to 1.68% Li2O.

Clear Leisure (CLP) is ready to set up its Bitcoin mining joint venture in Serbia. Management says that the joint venture could produce more Bitcoins at a lower cost than expected. That would increase the return on the €200,000 investment. Assuming a Bitcoin price of $10,000 and an 8% discount rate, the investment could eventually be worth €389,000.

MAIN MARKET    

Bioquell (BQE) reported a rise in pre-exceptional profit from £1.6m to £2.9m in 2017. This was despite a decline in defence revenues. There is £14.6m in the bank. The focus is the biodecontamination business and management believes that this will show through in improved performance this year.

InnovaDerma (IDP) has warned that its full year figures will be below expectations. The personal care products supplier always expected the year to be second half-weighted and full year revenues will be higher. However pre-tax profit will be similar to the £1.03m reported for last year. Last October, £4.4m was raised at 276p a share. The share price has fallen to 121.5p.

Toople (TOOP) has raised £250,000 at 1.022p a share. This will keep the telecoms business going as it tries to increase its revenues in order to reduce its loss. Last June, Toople raised £1.41m at 3.25p a share. Toople joined the standard list in May 2016 when it raised £2m at 8p a share.

Path Investments (PATH) is delaying its exit from the standard list until 29 March. The plan is to move to AIM when an oil and gas asset acquisition is made.

Andrew Hore

Quoted Micro 11 April 2016

ISDX

DagangHalal (DGHL), which operates DagangHalal.com, a global e-commerce platform that provides Halal verification, joined the ISDX Growth Market on 7 April. Prior to the flotation Malaysian investors subscribed £3.9m and a placing with UK investors raised £300,000. The original website was launched in 2008 and the company also has an online database of Halal certificates. The flotation should raise the profile of the business. There are plans for geographical expansion in Japan, Thailand, Indonesia and China and to develop a mobile platform. The share price ended the week at 24.5p (22p/27p).

English wine producer Chapel Down Group (CDGP) says that its Kent-based subsidiary Curious Drinks has raised more than £1.7m from crowdfunding and a share placing – £1.15m via crowdfunding and £500,000 through a placing. The placing remains open until 29 April but the minimum investment is £25,000. There are 895 new shareholders, one-third of them from Kent. The maximum target for the fundraising, which was eligible for EIS relief, was £3.65m. Curious Drinks produces Curious Brew lager, Curious IPA, Curious Porter and Curious Apple cider. The cash will finance a new brewery at Ashford, Kent, which should be open in 2017. Curious Drinks was valued at £16m prior to any new shares being issued. Chapel Down raised £3.95m in 2014 through a crowdfunding offer via Seedrs, the same crowdfunding platform.

Prospex Oil & Gas (PXOG), which was previously known as Premier Gold Resources before becoming an investment company, plans to join ISDX on 13 April and maintain its AIM quotation. The focus of the company is natural resources investments and projects, predominantly in Europe. The main investment is 49% of Hutton Poland, which has been offered the Kolo licence area in the Polish central lowlands, west of Warsaw. This is an area where there are indications of gas and oil in shallow water wells. A number of conventional oil and gas targets have been identified.

Crossword Cybersecurity (CCS) and Coventry University have set up a subsidiary called CyberOwl Ltd, which will commercialise cyber security research into target centric network monitoring for smart cities. The Crossword share price fell 15p to 175p (150p/200p).

Angelfish Investments (ANGP) has loaned £77,500 to 4Navitas (Green Energy Solutions) for a maximum period of three months. 4Navitas has developed a vertical axis wind turbine in partnership with Siemens. It is smaller, easier to install and cheaper than conventional turbines. The cash will be used to upgrade a 55kwh turbine to 75kwh. Angelfish has an option to acquire this turbine and could end up in partnership with 4Navitas to help roll out other turbine projects. Angelfish has raised £875,000 from a preference share issue, yielding 7.1%, and the subscribers get warrants to subscribe for new ordinary shares at 0.25p each.  The bid/offer spread for the share price is 0.1p/0.25p.

Diversified Oil & Gas (DOIL) has issued a further £1.56m of 8.5% unsecured bonds 2020 in the past month, taking the total raised to £6.7m. Diversified recently agreed to acquire 1,000 oil and gas wells in the US for $4.8m, which is a 70% discount to estimated future cash flows. At current oil and gas prices, these wells should generate annual revenues of $6.5m and EBITDA of $1.5m.

AIM

Instem (INS), which provides IT systems and software for pharma development businesses, increased its revenues by 22% to £16.3m in 2015. In the past, it has been particularly difficult to forecasts revenues for Instem because a lot of business was won late in the year but recurring revenues were £10m last year and that means that revenues are more predictable. Underlying pre-tax profit jumped from £1.1m to £1.7m. Net cash was £1.35m at the end of 2015 and £5m has been raised since then. Instem is winning more orders relating to the FDA’s SEND initiative for reporting, which is being rolled out for all sizes of pharma companies, and this is underpinning expectations for 2016. N+1 Singer forecasts a 2016 profit of £2.1m, rising to £2.5m in 2017. Instem  is seeking further add-on acquisitions.

Medical technology developer IXICO (IXI) has won a five year contract with Oxford BioMedica, where it will support the use of brain scanning in a clinical trial of an experimental drug for Parkinson’s disease called OXB-102. The phase I/II study should start in the summer and will evaluate safety and assess the optimal dosage. IXICO has also joined the Critical Path for Parkinson’s Consortium (CPP), which includes seven global pharma companies. Data from past trials will be collected, integrated and assessed in order to provide ideas for designing clinical trials focused on early-stage Parkinson’s disease.

MAIN MARKET

Macfarlane Group (MACF) is expanding its packaging distribution division through the acquisition of Middlesbrough-based protective packaging supplier Colton Packaging Teesside. The business generated sales of £3m last year and fits well with Macfarlane’s existing business in Newcastle. Macfarlane is paying up to £1.25m depending on the achievement of financial objectives over the next 12 months.

BATM Advanced Technologies (BVC) has won a contract to supply cyber security systems to a national defence agency. The contract will be worth around $4m over three years. The equipment will begin to be shipped in the third quarter of this year and there is scope for the customer to increase the size of the order. Other governments are interested in acquiring similar networking and cyber security systems.

ANDREW HORE

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.