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Andrew Hore – Quoted Micro 26 August 2019

NEX EXCHANGE

Walls and Futures REIT (WAFR) grew revenues by one-third to £136,000 but the ethical housing provider moved from profit to loss. In the year to March 2019, revenues improved from £103,000 to £136,000. The main reason behind the reported loss was a reduction in the gain on revaluation of assets from £198,000 to £145,000. The NAV still increased from £3.25m to £3.31m. These figures were prior to the acquisition of a property in Didcot. There is a pipeline of other potential transactions.

Barkby Group (BARK) has appointed finnCap as its corporate adviser.

Peterhouse has resigned as corporate adviser to Gamfook Jewellery (GAMF) and that follows the resignation of its auditor Crowe and the continued delays to the publication of the accounts for 2018. Peterhouse took over as corporate adviser from Daniel Stewart in March. Gamfook floated in December 2018.

Rutherford Health (RUTH) has opened its latest centre in Reading. The company was previously known as Proton Partners International Ltd.

Henry Lees-Buckley is taking on the chief executive role at Sativa Group (SATI) and Geremy Thomas has moved to deputy chairman.

AIM  

Injection moulded plastic products Coral Products (CRU) returned to profit in the year to April 2019, although the underlying pre-tax profit only edged up from £568,000 to £580,000 because of a decline in exceptional costs. The second half was not as good as the first half, but cost cutting enabled a recovery at the end of the year. Net debt was £8.2m at the end of April 2019. There is no final dividend following the interim of 0.25p a share. Continuing problems at a major customer could continue to hamper progress. Equipment enabling recycling of plastic products is up and running. New products will be launched later this year, including roof tiles and road highway sound barriers.

International staffing provider Empresaria (EMR) had a tough first half, but despite this the company still expects to maintain its full year profit at £11.4m. Interim net fee income was 7% ahead but underlying pre-tax profit was one-fifth lower at £3.7m. That suggests a much stronger second half even though the German and Japanese businesses remain subdued, although they could start to recover. The diversification of the business in terms of sectors and geographies helps to offset the weakness in parts of the group. New chief executive Rhona Driggs is putting in place a new strategy, which should help next year’s figures.

Adamas Finance Asia Ltd (ADAM) has maintained its NAV at $1.10 a share (88p a share). Investee company Hong Kong Mining Holdings is still on course to restart mining operations and it is acquiring additional land for mining activities. Fook Lam Moon is assessing opportunities to expand its catering operations. The internal fit out for Infinity Capital’s Tellus Niseko project should be completed before the end of September.

MySale Group (MYSL) has raised £11.2m at 2p a share, which is a 58% discount to the market price. There will be £5.5m used to pay down bank facilities. The number of shares in issue is trebled. This follows a strategic review by the retailer, which is refocusing on Australasian operations and the selling down of stock. The cost base will be reduced.

Transport optimisation software and equipment supplier Tracsis (TRCS) grew its cash pile to £24m at the end of July 2019, even after paying around £9m on acquisitions. Pre-tax profit is in line with expectations at £9.4m, up from £8.5m.

Breedon Group (BREE) intends to change its tax domicile from Jersey to the UK. The company will still be incorporated in Jersey. The general meeting to gain approval to change the article of association will be held on 9 September.

Packaging supplier Robinson (RBN) improved gross margins by 12 percentage points to 19.7% in the first half, but that was partly offset by higher overheads. Pre-tax profit improved from £478,000 to £684,000. Net debt was £9.1m. The interim dividend is unchanged at 2.5p a share.

IT services provider Adept4 (AD4) is in talks to acquire CloudCoCo, which was set up by former sales directors of Redcentric. The deal would involve the issue of new shares that would nearly double the number in issue. The Business Growth Fund has agreed to sell £5m of unsecured loan notes to MXC Capital for £3.5m.

Data software and services provider D4T4 (D4T4) says that the figures will be second half weighted this year but not as much as last year.

Science Group (SAG) has increased its stake in Frontier Smart Technologies (FST) by subscribing £1m at 25p a share. This takes the stake to 52.3% (costing £6.9m) and this means that Frontier’s results will be consolidated. A standby facility is also being provided. Frontier’s cost base is being reduced.

Commodity trading and risk management software provider Brady (BRY) expects 2019 revenues to be around one-fifth lower than previous forecasts. That means that revenues are expected to decline from £23.2m in 2018 to £19m and this will lead to a loss of more than £4m.

Three directors have been removed from the board of Management Resource Solutions (MRS) and they have been replaced by John Copley and Robert Wall following a requisitioned general meeting.

Cancer therapies developer Scancell (SCLP) has initiated the UK SCIB1 phase 2 clinical trial for advanced melanoma, where SCIB1 is used in conjunction with the checkpoint inhibitor Pembrolizumab.  

The financial director of Maestrano (MNO) has resigned to take up a role in Australia. The software company continues to undertake due diligence on a potential acquisition. An Australian bank client has decided not to go ahead with a new banking platform. There should be enough cash to last into next year.

Cyber security company Osirium Technologies (OSI) has signed up the first customer for its Opus privileged process automation software, plus two customers for the PxM platform. The Opus client is an asset manager that is already a user of PxM.

Cellcast (CLTV) has called a general meeting on 6 September in order to approve the sale of its operations. The company will change its name to Vintana.

MAIN MARKET 

BATM (BVC) reported an improved interim profit, but that was due to a one-off unrealised gain after an investment in the Ador diagnostics joint venture. Revenues dipped from $58.2m to $56.2m. The second half performance will be more important. Revenues are expected to grow from $119.6m to $128.5m, with pre-tax profit jumping form $2m to $6.7m. There is further longer-term growth to come from both the biomedical and networking divisions. The recent fundraising means that there is plenty of cash to finance growth.

Argo Blockchain (ARB) is further increasing its capacity and this could make it the largest quoted cryptocurrency miner by next year.

Injection moulding and engineering company Tex Holdings (TXH) says net assets per share have fallen from 168p to 140p after it swung into loss last year. There is no final dividend. The plastics division is trading profitably and orders have improved at the engineering division.

Path Investments (PATH) plans to acquire FineGems Extraction Corporation, which has a 75% stake in a company that holds the Jagoda licence in Zambia. The assets are near to production. They are manganese ore and tourmaline deposits. The acquisition would leave existing shareholders with 50% of the enlarged share capital.

Gold explorer IMC Exploration (IMC) has raised £150,000 at 1p a share and has paid £27,000 of professional fees in shares. The cash will be spent on exploration and geological work on a tailings project in Avoca, County Wicklow.

Dev Clever (DEV) has appointed Novum Securities as joint broker and raised £436,000 at 3.4p a share. The consumer engagement systems company has secured a three-year agreement with Toshiba Global Commerce Solutions, which will offer Dev Clever’s Engage gamification platform and its learning and development platform to retail customers.

 Andrew Hore 

Andrew Hore – Quoted Micro 10 June 2019

NEX EXCHANGE

Proton Partners International Ltd (PPI) has asked Woodford Investment Management to subscribe for £25m worth of shares at 176p a share. This is part of an agreement with Woodford that was outlined in the prospectus and it comes at a time when the fund manager is coming under pressure for poor performance and it has closed redemptions from one of its funds. The cash will pay off a loan and provide working capital.

NQ Minerals (NQMI) is making a £155,000 investment in Tasmania Energy Metals and the two companies will evaluate whether they should develop an integrated facility for the treatment of metal concentrate. NQ also has an exclusivity period until the end of July during which to decide whether to acquire Tasmania’s assets.

Sativa Investments (SATI) has signed an offtake agreement with a Swiss supplier of cannabis oil. This will be used to manufacture cannabidiol products.

AfriAg Global (AFRI) has invested £300,000 in Apollon Formularies for a 0.71% stake. Apollon plans to open a licenced retail medicinal cannabis dispensary and processing facility in Jamaica by the end of the month.

Newbury Racecourse (NYR) says that it is unlikely to return to paying dividends or return capital to shareholders before 2022 at the earliest. There is uncertainty about future revenue streams from fixed-odds betting terminals and how this could impact UK betting. It could reduce prize money levels. The onsite hotel has increased revenues by 15% so far this year.

Trading in shares of Equatorial Mining (EM.P) has been suspended ahead of publishing accounts. They should be published at the time of the general meeting to gain approval of the acquisition of Rwanda-based miner and explorer Eastinco. A £1.2m fundraising is also planned.

Altona Energy (ANR) has signed a memorandum of understanding with Shaanxi Qianyan Vanadium and Magnesium Mining, which owns a vanadium mine in China. The plan is to forma joint venture where Altona will be the controlling shareholder. Due diligence will take up to six months and there will be a JORC-compliant mineral resource classification report. The estimated reserve is 190,000 tonnes of vanadium.

Formation Group (FRM) has secured a £10m subscription at 7.71p a share through the acquisition of Zandra Holdings, whose asset is £10m in cash. This takes the Kennedy Private Trust stake in Formation to 89.99%. A £10m loan facility ahs also been secured.

The Little Bear mine area has been transferred to Panther Metals (PALM) and the Little Bear vein is a high priority drill target in order to see if the bonanza grade gold mineralisation still exists at depth. Panther has also applied for a licence over the Annaburroo gold project in Northern Territory, Australia.

Walls and Futures REIT (WAFR) has secured a £600,000 secured revolving credit facility and spent £465,000 on a bungalow in Didcot to be redeveloped into a home providing specialist support for four adults.

Valiant Investments (VALP) is raising £263,000 at 1.5p a share and it is changing its name to Eurocann International as an indication of the change in strategy to investment in the medicinal cannabis sector. Jeremy Rose will become chief executive and he has a number of directorships including of Speakeasy Cannabis.  Burns Singh Tennent-Bhohi will become a non-executive.

EcoVista (EVTP) had £419,000 in cash at the end of February 2019 and it is seeking further investment. The interim loss declined from £238,000 to £202,000. Net assets were £1.19m at the end of February 2019.

Share trading in Wishbone Gold (WSBN) has been suspended because it has not published its 2018 accounts.

AIM  

The smart machines division of Vianet (VNET) is going to be the source of profit growth for the coming years. Profit can be improved by converting the vending machines that came with the Vendman acquisition to Vianet’s contactless technology, as well as winning new business. The smart zones pub dispensing technology division should be able to maintain its contribution with lower UK profit due to pub closures being offset by an improved performance in the US. Pre-tax profit is expected to improve from £2.7m to £2.9m, although earnings per share will be hit by a higher tax charge.

Interim revenues at smart home devices supplier LightwaveRF (LWRF) increased 120% to £2.5m, although there was still a pre-tax loss of £1.35m.  New distribution channels are helping to accelerate growth in revenues. The company could move into profit next year

Bad weather in the US has hampered the progress of Somero Enterprises (SOM) and led to forecast downgrades. Demand for concrete levelling equipment is normally stronger in the spring. This year’s earnings have been cut by 12% and next year by 11%. This will also reduce the potential dividend. The forecast 2019 normal dividend plus payout of surplus cash has been cut from 27.8 cents a share to 19.8 cents a share.

Waste-to-energy technology developer EQTEC (EQT) is acquiring a 19.99% stake in North Fork Community Power, a biomass gasification power project in California. EQTEC will supply $2.5m worth of equipment from its Newry site in return for the stake. It also expects to generate €2.2m from selling additional equipment.

Microsaic Systems (MSYS) has signed a distribution agreement for the Microsaic 4500 MID MS detector with CM Corporation for the South Korean market.

A shareholder owning a 17.2% stake in Rurelec (RUR) intends to propose an AGM resolution for the appointment of Gordon Fisher as a director. He is a former boss of a freight forwarding and customs brokerage. The electricity generator reduced its pre-tax loss from £5.8m to £600,000 in 2018, mainly due to lower overheads, exchange gains and a disposal gain. NAV is 4.4p a share, which is more than four times the share price.

Driver (DRV) had already said that its interims would be disappointing and pre-tax profit slumped from £2.11m to £762,000. The Middle East and Asia Pacific were tough markets with lower contributions. The expert witness operations made a reduced contribution. A 0.5p a share interim dividend was announced, and the ex-dividend date is 19 September. The company is also buying back shares in order to put a floor under the share price.

Chemicals-focused shell Wilmcote Holdings (WCH) is in exclusive discussions with Arclin Inc for a potential acquisition. Trading in the shares has been suspended.

Acquisitions consultancy K3 Capital (K3C) has confirmed that trading is in line with previous guidance and EBITDA is at the upper end of the range of £4.5m to £5m. An 80% payout would mean a reduction in dividend from 11.2p a share to 7.2p a share.

Osirium Technologies (OSI) has won a contract with a European telecoms services provider. The three year contract covers cyber security software and services.

MAIN MARKET 

A strong first half has continued into the second half trading for automotive information publisher Haynes Publishing (HYNS) and pre-tax profit for the year to May 2019 is expected to exceed expectations by 10%. This suggests pre-tax profit of around £2m. The results will be announced on 12 September.

Caffyns (CFYN) reported a small improvement in underlying pre-tax profit to £1.45m in the year to March 2019. New car sales were 10% lower, which is more than three times the market decline. However, there was growth in used car sales and aftersales revenues.

Positive news from Argo Blockchain (ARB) where results for May were well ahead of the company’s budgets. New cryptomining hardware has started contributing faster than expected and rising cryptocurrency prices have improved mining yields. A further £2.85m is being invested in equipment. There was £685,000 generated in May, based on a bitcoin price of $8,575, while cash operating costs were £280,000. Second quarter figures will be better than expected. If the bitcoin price is maintained, then there will be £2.85m of crypto assets at the end of the second quarter.

BigDish (DISH) has raised £2.1m at 7.2p a share and this should be enough cash for the restaurant platform until 2021. The UK rollout will be accelerated.

Pembridge Resources (PERE) is acquiring the Minto mine from Capstone Mining. Pembridge will pay up to $20m out of future cash flows. Commercial production could recommence before the end of the year. A $10m loan has been secured.

Symphony International Holdings (SIHL) has made an investment in Soothe Healthcare, which manufactures feminine hygiene products under the Paree and Pariz brands.

Andrew Hore

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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Ameriseur Production Soaring And Prices Rising

Amerisur AMER increased production significantly to 4475 BOPD in the half year to the 30th June. compared to 2016’s 2641 barrels. At the same time the average realised sale price rose from $38.4 per barrel to $47.3. These two factors resulted in revenue for the half year rising by more than 57% with the Platanillo field alone having producing 8MMBO so far this year. Average production by the end of the year is expected to have reach 7,000 barrels of oil per day compared to the present rate of 6,000 barrels. By the end of 2018, 16 wells are expected to be operational, all of them fully funded from cash resources and operational cash flow.

M&C Saatchi SAA enjoyed strong revenue momentum and earnings growth in the 6 months to the 30th June and interim dividend is to be increased by 15%. The UK as so often is the case, was the geographical laggard with only 5% like for like growth compared to 15% in Europe and 14% in the USA. Profit before tax and like for like revenue, both rose by 17% and earnings per share by 11%. The second half is said to have started well.

Elecosoft plc ELCO Saw profit before tax  rise by 81% in the 6 months to the 30th June and shareholders are rewarded with a 30% proposed increase in the interim dividend. On a constant currency basis the rise in profits came to 68%. Revenue for the half year rose by 14%, basic earnings per share by 83% and EBITDA by 66%. Growth was experienced in all of the company’s geographical regions.

Osirium Technologies plc OSI which came to aim in 2016, has produced strong progress in sales momentum in the six months to the end of June with invoiced sales rising by 393% and revenue up by 59%. High profile data breaches and new regulations which are due t come into force in 2018 have attracted new customers and ensured the renewal of existing contract. Profitability has not yet been achieved because of high investment in sales and marketing and operating losses for the half year more than doubled but the company is pleased with its  operational and financial progress which has resulted in it being declared a “cool vendor” by Gartner.

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