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Solid trading from Aveva and Fenner – yet another placing from blur Group

AVEVA Group AVV reports a solid start to the financial year and expects the phasing of revenue in FY 2018 to be broadly similar to the prior year. The full year outlook remains in line with board expectations.

blur Group BLUR announces yet another placing to raise a minimum of £1.5m (before expenses) at 1.75 pence per Ordinary Share.

Dunelm DNLM provides a year end trading update, and says total Q4 revenue rose by 17.7% to £240.0m, with total like-for-like growth (combining LFL stores and Home Delivery) up 3.8%. CEO John Browett said the Worldstores acquisition “will provide a massive leap forward to our online and store offer that we think our customers will love.”

Fenner FENR updates on trading and continues to make strong progress, principally in new product development, augmented by a further increase in the US rig count. Cash flow during the period has remained in line with expectations and, on the basis of the improved outlook, most notably in the medical businesses, the Board anticipates that the Group’s operating profit for the financial year ending 31 August 2017 will be comfortably ahead of its previous expectations, with the added benefit of a reduced interest charge going forward.

Portmeirion PMP says total Group sales are up 16% for the six months ended 30 June 2017 relative to the same period last year, and it continues to expect profit before tax to be in line with market expectations for the full year.

Scholium Group SCHO the rare books and art company reported full year revenues of £6.12m (2016: £6.74m) and an adjusted operating loss of £224k (2016: £24k profit). Although the result was poor, Scholium recorded a turnaround to profitability during H2 once the uncertainty around the UK Referendum lifted. Following cost savings, CEO Jasper Allen said Scholium was now “well-placed to deliver a positive outcome.”

Animalcare grows as Blur Group burns cash

Animalcare Group ANCR – Enters into a conditional share purchase agreement to acquire the entire issued share capital of European animal health company Ecuphar NV. The consideration for the Acquisition is structured on a consolidated Animalcare/Ecuphar Enlarged Issued Share Capital ratio of 37:63 (after taking into account dilution from certain Animalcare incentive arrangements), and will be satisfied through the issue of shares & cash to the Ecuphar vendors. The cash component will be satisfied in part through a placing of approximately 8.6m new shares (representing approx 40.4% of the existing share capital) to raise gross proceeds of not less than £30m, with the balance (of £4m) to be funded by existing cash held by the Group. The number of shares to be issued to the vendors of Ecuphar, will be determined following completion of the placing.

Blur Group BLUR – Continues to burn cash in its update today, cash balances at 31 May of $1.14m. Trading since 31 Dec 2016 has been in line with expectations, with finals from Blur due on 29 June 2017. As a result of the current cash balances, the company are sounding out new and existing potential cornerstone investors and evaluating alternative sources of near-term funding, which may or may not be forthcoming, within the next three to six weeks. If alternative sources of financing are not available the board would be required to take action to protect the interests of creditors and which could result in the value attributable to shareholders being severely reduced or becoming nil.

Trinity Exploration TRIN – Following the difficulties of 2015 and 2016, Trinity now has a clear strategic focus going forward, which is to grow reserves and production to maximise the cash flow from our assets while achieving a market value that is more reflective of underlying assets and business. Production has declined significantly from average levels of 3,600 barrels of oil per day in 2014 to current levels of approximately 2,500 bopd due to a lack of investment. The funding required to stabilise operations and recommence value extraction from the asset base was received in January, the primary focus during H1 has been to initiate essential maintenance and upgrades to infrastructure and to sustain base production levels whilst undertaking parallel planning activities to grow production across the portfolio from a range of; workovers, swabbing, re-activations, re-completions and new infill drilling.

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