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Andrew Hore Quoted Micro 1 April 2019

NEX EXCHANGE

Brewer Adnams (ADB) increased its revenues last year, but it reported a loss. Beer volumes grew by 2.2% and revenues were 6% ahead at £78.9m. The loss of £877,000 was after £1.77m of pension and property impairment costs. The final dividend is unchanged at 150p per B share. Adnams is optimistic about the proposed government review into small breweries relief – if Adnams paid the same duty rates as small brewers it would save £7m a year.

European Lithium (EUR) is making progress with its definitive feasibility study for the Wolfsberg lithium project in Austria. The plan is to produce lithium chemical for batteries. A test programme has been completed and this is designed to improve grades and the amount of lithium-bearing mineral. Laser sorting was found to be the best method.

Capital for Colleagues (CFCP) has increased its NAV by 9% to 48.05p a share in the six months to February 2019.

Trading in the shares of Block Commodities (BLCC) has restarted following the publication of its interim results. There was $1,000 in the bank at the end of 2018 and a further $400,000 has been raised via a convertible loan. This will fund the entry in the cannabis market. Block is collaborating with Hexis Lab to develop cannabis-based therapeutic and cosmeceutical products

Altona Energy (ANR) has net assets of £11m, but these are predominantly intangible assets. There are also £19.8m of potential tax losses. Altona is re-evaluating its underground coal gasification project in South Australia and assessing an investment in a Chinese vanadium mine.

MetalNRG (MNRG) plans to move to the standard list. An option agreement has been replaced with a farm-in agreement for the Kamushanovskoye uranium deposit. This will reduce the immediate cash outflow. A $161,000 payment was made under the option agreement and $400,000 more has to be paid by 10 April to earn a 51% economic interest. This payment is conditional on a capital raising at the time of moving to the standard list. A further $1.99m investment is required in three equal tranches in order to maintain the stake. The payments are due in November 2019, April 2020 and October 2020.

Walls and Futures REIT (WAFR) outperformed the MSCI UK Residential Property index last year, because it achieved 8.75% growth, compared with 5.2% for the index.

The net liabilities of Welney (WENP) increased from £234,000 to £301,000 in 2018. This is being funded by loans from directors. Costs have been kept low as management seeks a suitable acquisition.

Sport Capital Group (SCG) has issued 800,000 shares at 0.625p each to pay for adviser fees on the unwound acquisition of Palermo FC.

AIM  

Churchill China (CHH) improved margins last year. Revenues were 7% higher at £57.5m, but underlying pre-tax profit was 26% higher at £9.4m. Growth in exports is a major factor and they account for three-fifths of revenues. Retail sales fell and hospitality sales increased by £5m. The total dividend was raised from 24.6p a share to 29p a share. There was £14.4m in cash at the end of 2018.

Cloud-based communications software provider Cloudcall (CALL) increased recurring revenues by one-third last year and total revenues were 28% ahead at £8.8m. The fastest growth was in the US. The cash outflow from operations increased from £1.57m to £2.38m. This is due to higher operating costs in terms of product development and marketing.

Frontier IP (FIPP) has increased the value of its portfolio of investments by 27% to £11.5m in the six months to £11.5m. NAV is 38.8p a share. The 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 in the current six month period.

Parity (PTY) says it has lost a major contract with the Scottish government, but it should not have a significant effect on profit because it is low margin. This year’s revenues will be 10% below expectations. The 2018 results will be announced on 16 April.

Rambler Metals and Mining (RMM) has launched a one-for-one open offer to raise up to £1.7m at 1.4p a share and it closes on 12 April. This follows the £8.4m placing at 1,4p a share, which raised cash to pay off debt and provide working capital.

Alliance Pharma (APH) improved its pre-tax profit from £23.9m to £28.1m. This excludes a £1.9m write down of an acquired intangible relating to a manufacturing supply contract. A pre-tax profit of £32.8m is forecast for 2019.

Quixant (QXT) reported a strong second half to 2018 even though the gaming machines market was tough. Full year revenues were 5% higher at $115.2m and pre-tax profit improved from $17.7m to $18.2m. This year will also be second half weighted with revenues expected to hit $119m and pre-tax profit of $20m forecast.

MAIN MARKET 

Funds managed by Epiris LLP have launched a recommended cash offer of 193p a share for Ireland-based financial services group IFG (IFP), valuing it at £206m.

Ovoca Bio (OVB) is increasing its stake in IVIX to 59.9%. The additional 9.9% costs $2.04m. IVIX’s drug Libicore has met the pre-specified primary efficacy endpoint and significant outcomes in secondary endpoints as part of its phase 3 clinical trial for the treatment of hypoactive sexual desire disorder.

Standard list shell Baskerville Capital (BASK) still had £1.54m in the bank at the end of 2018. Potential technology acquisitions are being assessed.

Blockchain Worldwide (BLOC) is still seeking an acquisition after the deal to buy Chorum fell through due to weak stockmarkets. There was £1.21m in the bank at the end of 2018.

Andrew Hore

Ian Pollard: Stagecoach Pleased With Operating Loss of £6.2m (Unadjusted)

Stagecoach Group plc SGC  is pleased to report positive half-year financial results, ahead of expectations, at least according to the Chief Executive, David Griffiths. These included a total unadjusted operating loss of £6.2m compared to a profit of £114.8m profit for 2018, which may lead the more cynical to comment that some people are easily pleased. Virgin Rail did produce a strong profit in the six months to the  27th October but a statutory loss of 5.5p per share compares with last years first half earnings per share of 13.6p. Not surprisingly the interim dividend remain unchanged. Encouraging results have been delivered at the UK regional bus business, together with high customer satisfaction. The above forecast rail earnings have enabled increased  expectations for full-year adjusted earnings per share.

Wood Group plc WG  has been awarded a $43 million (USD) contract by a large-cap midstream US company to construct 80 miles of steel pipeline in west Texas. This is a strategic pipeline for the US and a milestone project for the company.

 

Versarian plc VRS is delighted to have entered into an MOU with a subsidiary of a subsidiary of China Railway Group Limited (“CRG”).one of the world’s largest construction and engineering contractors. The cooperation is intended to explore the applications for graphene, which are specific to CTCE’s needs. IT is envisaged that CTCE will provide funding for any manufacturing venture in a structure to be agreed.

Image Scan Holdings IGE after rapid growth in both sales and profits between 2015 and 2017 the year to the 30th September proved to be a disaster. Sales fell from £5m to £3.5 and profit before tax slumped from £480,000 to £90,000 as the company was impacted by exceptional costs associated with the an aborted acquisition and a decline in portable X-ray orders .However the order pipeline is strong, the team has been strengthened and  research and development has been refocused with the aim of returning to the growth of previous years.

Brave Bison Grp plc BBSN reports it is on track for a year of real progress in 2018. Trading is ahead of management expectations with an improved financial performance, revenues growing and full-year EBITDA3 positive for the first time since the Group came to market in 2013, as well as expectations of cash flow being positive. In October the company was named as the worlds second-biggest digital media publisher for views and consistently in the top 10 during 2018. The shares are so far responding well in early trading this morning.

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Ian Pollard – GKN winning sales at expense of margins prior to takeover

Melrose Industries MRO & GKN. Melrose has published a trading update for GKN for the 13 weeks from 1st January to the 31st March and based on GKN’s own management accounts  produced prior to the takeover on the 19th April. GKN’s performance showed trends which were below market expectations. Melrose has made allowance for further under performance and claims that GKN, with sales up 5% and operating profit down 10%,  was achieving sales growth at the expense of operating margins. GKN’s net debt during the period rose from £889m. to £1124m. Despite this Melrose is confident that its net debt at the 2018 year end will be consistent with previous guidance.

London Stock Exchange Group plc LSE produced a strong performance in the quarter to the 31st March. Total income increased by 13% both year on year and on an organic and constant currency basis. All of the businesses performed well and the Group says it is well placed to develop its many growth opportunities.

Focusrite plc TUNE has thoroughly enjoyed its first six months and is celebrating by increasing its interim dividend for the half year to the 28th February by 33% to 1p per share. Group revenue rose by 21.2%, EBITDA by 33%, profit before tax by 26.8% and basic earnings per share by 23.3%. All major regions benefited from revenue growth and Xmas trading was particularly strong.

AB Dynamics ABDP has made an excellent start to the current financial year with  revenue growing by 39% in the 6 months to 28th February, profit before tax up by 34% and basic earnings per share by 86%. The interim dividend is to be increased by 10% to 1.465p per share. Demand for driving robots hit an all time high and the forward order book is described as good  both for the reminder of this financial year and going through into 2019

Osirium Technologies OSI total revenue for the year the 31st December rose by 63% and bookings by 123% but the loss for the year also rose – from £1,822,497m. to £2,296,814m.The company claims that it is continuing to build both momentum and value

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WPP Currency Tailwinds Add Over 10% Growth.

WPP plc WPP produced another record year in 2016 helped by huge favourable exchange rate movements, especially in the second half. Without these, the strength was much less pronounced. Reported billings rose by 16% but at constant currency rates the rise was reduced to 5.5% and on a like for like basis it was down to 3.3%. Growth in revenue  varied from a rise of 17.6%  to an actual fall of 7% in Yen. Overall 10.4% revenue growth was due to currency movements. Profit before tax rose by 26.7% but in constant currency terms fell to 12.5%. Dividends for the year have also been increased by 26.7% at 56.6p per share, which means that the target pay out of 50p per share has been reached a year ahead of schedule.

2017 has started slowly with January producing a like for like rise in revenue of only 1.5% due to what are described as tepid economic growth and weaker new business trends. The growth target for 2017 has  been set at 2%.

London Stock Exchange LSE proposes to increase its final dividend by 20% after a strong financial performance for the year to 31st December. Income rose by 17% and adjusted profit before tax and earnings per share both grew by 21%

Harvey Nash HVN claims resilient  trading for the year to the end of January despite gross profit falling by 1% on a constant currency basis. Brexit is blamed for holding back growth in the UK & Ireland, whilst the Rest of the World faced challenging market conditions in Hong Kong and Offshore Services were hit by the weakness of Sterling, leading to a fall of 7% in gross profit. Only Mainland Europe helped to save the day with growth of 8% ( 4% at constant currency rates.)

Gear4music G4M Sales for the year to the 28th February were well ahead of expectations with a rise of 58%. Europe and the Rest of the World led the way with a rise of 124%. Profits are expected to be marginally ahead of expectations.

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IMC Exploration Group (IMCP) – Publication of Prospectus

IMCIMC Exploration Group plc

(Incorporated and Registered in Ireland under the Irish Companies Acts 1963-2009 with registered number 500487)

Publication of Prospectus in relation to the proposed application for admission of all of the 107,816,719 Ordinary Shares in issue to the standard segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange

The Directors of IMC Exploration Group plc are pleased to announce that the Central Bank of Ireland has approved the Prospectus dated 17th May 2016 relating to the Company’s proposed application for admission of all of the 107,816,719 Ordinary Shares in issue to the standard segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange.

The prospectus is available on the Company’s website (http://www.imcexploration.com/news/prospectus) and is available for inspection in physical format at the Company’s registered office, 70 Ballybough Road, Ballybough, Dublin 3, Ireland during business hours (Monday – Friday. 9am – 5pm) up to and including 31st May 2016. Investors may also refer to this address to request a paper copy of the prospectus.

The Company will apply for admission of all of the 107,816,719 ordinary shares in issue to the standard segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange and expects admission to take place on or about 31st May 2016.

The Directors take responsibility for this announcement.

Contact Details:

IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427

Keith Bayley Rogers & Co. Limited
Mr. Hugh Oram
Tel. +44 207 464 4090

Brand Communications
Mr. Alan Green
Tel. +44 07976 431608

18 May 2016

Barclays – Down, Down, Down

Barclays plc BARC has so much small print at the beginning of its quarterly report that many readers will need a magnifying glass to avoid damage to their eye sight. The report for the 3 months to 31st March is full of gloss about how well Core is doing compared to Non Core but however they try Barclays can not gloss over the fact that in 2015 the 1st quarter dividend was 1p.  This year the column is blank, and the omission gets no further mention. Does that mean what I think it means.

Group profit before tax at £793m was down 25% compared to last year, underlying profit before tax was down 2%, net attributable profit was down 7% and basic earnings per share fell from 2.9p to 2.7p, so no matter what you call it, however you wrap it up, most things were generally down which is not as good as being up. Quickly move on to the next to save my eyesight

Lifeline Scientific LCIC both revenue and profit were ahead of market expectations for the year to the end of December, with rises of 14% and 139% respectively. Growth was seen in all major markets, the company has a robust cash position and is looking forward to a strong 2016.

London Stock Exchange LSE saw income to 26th April up by 9% and claims a strong first quarter performance in all its main business divisions with LCG’s OTC, FTSE Russell and Capital Markets (that’s what they say) particularly strong, as if anybody is really interested. Then it’s full of itself over the fabulous merger with Deutsche Bourse. Let us hope and pray that the emissions of hot air are cleaner than VW”s et al.

Croda International CRDA is on the few compananies with the honesty to admit that it has benefitted from favourable currency movements, which have added 3.9% to reported sales. sales of New & Protected Products grew by 8%, well ahead of overall sales whilst margins in Personal care did well. Core sector sales overall rose by 9.8% but those old Victorian Industrial Chemicals fell by 7.8%

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IMC Exploration Group – Issue of equity and Transfer to official list

IMCProgress update on Standard Listing of Main Market of London Stock Exchange

IMC Exploration Group Plc – 15/09/2015  

As already announced, IMC is seeking a standard listing on the main market of the London Stock Exchange.  Our Corporate Advisors, Keith Bayley Rogers have already commenced this process and indicated the listing will be achieved within the final quarter of 2015.  The London Stock Exchange is one of the world’s foremost markets for admission and trading of equity and includes many of the world’s most successful and dynamic companies.

In addition, IMC has completed the placing of 15,000,000 new ordinary shares at a price of 1p per share to finance admission costs as well as the company’s general working capital requirements.   These funds will also be used to carry out further exploratory work on IMC’s base metal licences in Tulla, Co. Clare, Shannon and Limerick.

Chairman Liam McGrattan commented: “Due to the many significant developments in IMC over the last six months, we feel it is imperative that IMC join the prestigious London Stock Exchange to ensure maximum shareholder value is achieved.”

The Directors of the issuer accept responsibility for this announcement.

Contact Details:

IMC Exploration Group Plc

Mr. Liam McGrattan Tel. Ireland: +353 87 2745427

Keith Bayley Rogers & Co. Limited

Mr. Hugh Oram Tel. +44 207 464 4090

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