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Andrew Hore Quoted Micro 15 April 2019
NEX EXCHANGE
High Growth Capital (HASH) is increasing its stake in Sentiance to 15% and is negotiating an option to acquire a majority stake in the artificial intelligence and machine learning business. The additional 5% stake will cost £7m in shares issued at 0.8p each. The option would enable an increase in the total stake to between 51% and 84.8%. The company would offer 100,000 of its own shares for each Sentiance share and the option is subject to High Growth Capital raising at least £25m. High Growth Capital has also acquired the intellectual property of Malta-based BDD, a company founded by Chris Akers, for £4m in shares at 1p each. The project involves an annual blockchain raffle that would raise money for social impact and environmental initiatives.
EPE Special Opportunities (ESO) had a net asset value of 205.2p a share at the end of January 2019, which was 12.5% lower than the year before. The stake in fully listed LED lighting products manufacturer Luceco (LUCE) is a significant part of the portfolio and its valuation fell by 27.7%. There has been a recovery in the Luceco share price since the end of January, even though there was a decline of three-quarters in 2018 pre-tax profit to £3m. The EPE NAV had risen to 232.8p a share on 9 April on the back of Luceco share price rise. The EPE share price is 180p.
Angelfish Investments (ANGP) is subscribing £150,000 for a 9.14% stake in Just Bee Drinks and is also providing a loan facility of up to £100,000 at a annual interest charge of 10%. Just Bee has developed a natural juicy water drink sweetened with honey. This means that there is no added sugar. More than one million bottles were sold last year, and revenues doubled. The drink is already sold in Waitrose and Boots. Just Bee had net assets of £83,000 at the end of March 2018. Angelfish has also provided a £100,000 debt facility at the same interest rate to Wallet Ads. The previous loan of £150,000 was converted into a 20% stake.
NQ Minerals (NQMI) nearly doubled zinc concentrate production at the Hellyer mine in Tasmania to 3,015 DMT in the first quarter of 2019, while lead concentrate production increased by 18% to 4,712 DMT. Pyrite concentrate production jumped by 331% to 18,488 DMT.
AIM
Video games developer and services provider Sumo (SUMO) reported better than expected 2018 revenues of £38.7m and pre-tax profit of £9m. Sumo has been acquiring businesses to give it extra capacity as well as opening new studios. There is plenty of demand for Sumo’s services so utilisation rates are high and there is further upside from performance-based royalties and its own IP.
Destiny Pharma (DEST) had £12.1m in the bank at the end of 2018 and this will last into 2020. That should be long enough for the phase IIb study of XF-73 for the prevention of post-surgery infections.
Maiden full year results from legal services and credit hire business Anexo (ANX) have led to an upgrade by its broker Arden. The 2019 pre-tax profit forecast has been edged up from £17.8m to £18.1m, up from £16.1m in 2018, and the 2020 figure is 4% higher at £20.1m. Net debt is expected to increase from £17.3m to £26.3m in order to finance the growth of its legal business.
RA International (RAI) continues to win contracts, but larger contracts are taking longer to secure. RA provides services to remote locations in nine countries in Africa and the Middle East. Having joined AIM last summer, RA has $27.8m in the bank and this is helping it to tender for and win larger contracts. The average contract term is 4.4 years. This makes revenues relatively predictable and they are expected to rise by 10% this year to more than £60m.
Property investor Safeland (SAF) intends to leave AIM and secure a matched bargain facility on Asset Match. It is tendering for shares at 42.5p each, which compares with an NAV of 140.2p a share at the end of September 2018.
Having sold the RTLS SmartSpace business, the continuing revenues of geospatial software and services provider IQGeo (IQG) fell from £16.5m to £9.98m, although recurring revenues were 22% higher, and gross margin improved. There were lower software revenues, but the main decline was in the sale of third party products. There is a significant market for the company’s products and new modules are being launched. However, the full benefits of changes being made by management will probably not show through until next year. There is £30.9m in the bank and some of this will be returned to shareholders after a capital reorganisation is completed.
Interim revenues generated by LightwaveRF (LWRF) have more than doubled to £2.5m which is nearly as much as the £2.8m generated in the previous 12 months. Direct sales, e-commerce and telesales have contributed to the growth, as has the development of retail clients.
Legal firm Gordon Dadds (GOR) has acquired Gibraltar-based Rampart Corporate Advisers for up to £1.34m depending on performance. Rampart specialises in e-gaming, fintech and distributed ledger technology, and made a profit of £400,000 in the year to June 2018. Five former Ince network firms are joining Ince Gordon Dadds, although they remain independent. This would add £23m to existing group annual revenues of £77m. The firms are based in Hong Kong, Singapore, Dubai, Greece and Germany. This will boost profitability.
Strategic Minerals (SML) says the Cobre magnetite operations generated cash of $206,000 in the first quarter and the group cash balance was $1.24m at the end of March 2019. Volumes were lower because customers were undertaking plant maintenance and the continued suspension of a major client’s contract. There should be seven years of magnetite stockpile. The company expects to acquire the other 50% of the Redmoor tin/tungsten project by the end of May. This will cost £2.66m.
PhotonStar LED (PSL) says that it has enough cash for its immediate needs, but the blocking of the issuing of more shares by shareholders means that there is not enough cash to follow the strategy to find a reverse takeover target. The company may launch an open offer or ask shareholders for a second time for the authority to issue shares without offering them to existing shareholders a second time. Having become a cash shell, the company has been dropped from the FTSE AIM All Share index. It has six months to find an acquisition. A number of potential acquisition targets have been met by the board. Additional directors will be appointed.
Rose Petroleum (ROSE) has raised £275,000 at 1.1p a share in order to finance the appraisal of projects. The shares are being acquired by new executive chairman Robert Bensh, who has experience of the US oil and gas sector. Chief executive Matthew Idiens has more than doubled his stake to 2.52% by acquiring two million shares at 1.75p each. The finance director Chris Eadie has also more than doubled his stake to 1.2% at 1.67p a share. New non-executive director Tom Reynolds also bought shares.
Concepta (CPT) is raising £2.3m at 3p a share to finance marketing and further development of its myLotus fertility test.
MAIN MARKET
Cadmium-free quantum dots developer Nanoco (NANO) had £6.2m in cash at the end of January 2019. There was a total cash outflow of £4.57m in the latest six month period. The main capital investment at the Runcorn site is almost complete. Non-executive director Chris Batterham has bought 125,000 shares at 47.354p each. Miton has reduced its stake to 4.96%.
Bonmarche (BON) says the mandatory cash bid of 11.445p a share by Spectre undervalues the retailer. Bonmarche is reducing costs. Cavendish Asset Management has edged its stake up to 10%.
Standard list shell Contango Holdings (CGO) has entered into an agreement to acquire the Lubu coalfield project in Zimbabwe for £6.45m in shares at 5p each. Once regulatory approvals have been gained the acquisition should go ahead and trading in the shares can recommence. That should happen by the end of June. There will be a placing to raise cash to fund initial trial mining.
Telecom services provider Toople (TOOP) says that it had more than £1.1m in the bank at the end of March 2019. That is a £1m reduction on the level at the end of September 2018, when there was also a shareholder loan, which was assigned a value of £572,000 in the balance sheet but has a cash value of £607,000. There is no indication if this loan has gone down. Last year, admin expenses were £1.55m, net of other income, and that was more than revenues. Revenues have grown but even if gross margin were to improve there will still be a significant first half loss.
Nuformix (NFX) has signed an agreement for cannabinoid therapeutics development, licensing and commercialisation for an initial upfront payment and other research and development and milestone payments that could total up to £51m. Canada-based Ebers Tech Inc will use Nuformix technology to develop a range of consumer and pharma products.
Zegona Communications (ZEG) has increased its stake in Euskaltel to 21%.
European High Growth Opportunities Securitization Fund has transferred 35.4 million shares in WideCells (WDC) to David Sefton and Linton Capital, which has promised to hold them for 12 months. European High Growth Opportunities still owns 18.2% of WideCells.
Andrew Hore
Ian Pollard – Bonmarche #BON Rejects Takeover Bid – But Only Asks For Talks
Bonmarche Holdings BON which had seen trading become significantly weaker than expected sine the beginning of March, has rejected a takeover bid from Phillip Day’s Spectre Holdings, on the basis that it undervalues the business and its future prospects. These included a rise in the underlying loss for the year from a possible £4.0m. to between £5.0m. and £6.0m. 2 April, Mr Day, who owns Edinburgh Woollen Mill Group, acquired 26 million Bonmarché shares at 11.445p a share, which brought his stake up to 52.4% and a warning that he expected a “material reduction” in staff. The Bonmarche Board was left with nothing but the expression of a wish to hold discussions, which would be for the benefit of all shareholders, including no doubt, themselves. So far they appear to be unable to find a reason why shareholders would benefit from their continued presence in the governance of the company, especially having regard to its recent continued decline under their stewardship.
Games Workshop Group GAW has today declared a dividend of 35 pence per share, in line with the Company’s policy of distributing truly surplus cash and to be paid on 31 May.This takes the total dividend declared and paid during the year ending 2 June 2019 to £1.55 per share. Trading has continued well since the half year report in January with sales and profits ahead of last year. The Board’s current expectations are that profit before tax for the year to June 2019 will be c. £80 million.
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Plus 500 Ltd PLUS updates that financial markets in the three months to the end of March were extremely subdued and revenue.fell by 65%. New customers were down by 10%. The company that It is impossible to predict market conditions for the rest of the year and conclusions can not be drawn about the full year outcome based on the Group’s first quarter performance.
Mobile Streams plc MOS has had to undergo a comprehensive cost-cutting exercise, in fact so comprehensive that both Non-Executive Directors have had to volunteer a deferral of 50% of their respective remuneration. Sizable one-off redundancy and severance payments have had to be made, to employees, many of whom were of long service. With falling revenue, decisive steps became necessary to allow the company to preserve and protect its remaining cash balances.
National Express NEX has acquired a 60% stake in WeDriveU an employee shuttle company serving many of the world’s largest and fastest growing companies in Silicon Valley and other fast growing US cities.. The deal also includes an Option to acquire the remaining shares in tranches over the next three years.
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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 – Vodafone’s #VOD Robust Momentum Produces Large Sales Fall
Vodafone Group plc VOD as expected the third quarter to the 31st December was fairly disastrous for Vodaphone and it can not all be put down to the adoption of IFRS, the sale of Qatar and foreign exchange headwinds which is the usual ready to hand list of pre prepared excuses for major international companies caught between a rock and a hard place. The company claims that the quarter produced robust commercial momentum a statement which appears to be completely contradicted by the figures with revenue in the Rest of the World down by an unacceptably high 11.1% and Europe by 5.6% to give an average drop of 6.8%. Vodafone Business allegedly became a leading : international challenger in fixed, ‘industrialising’ IoT – in fact so leading, according to the Chief Executive, that its revenue fell by 0.5%. This trading performance was what management expected in the third quarter. Organic adjusted EBITDA on an underlying basis is now expected to grow by about 3% for 2019.
Barr AG plc BAG Reports a continued positive trading performance for the year to the 26th January with revenue expected to be up by about.5%. Strong trading and the continued success of its key innovation have led to further market share volume gains in UK soft drinks, with volume up 3.0% and value by a healthy 8.0%. Despite the threat of further regulatory intervention, continued profitable growth is anticipated for the coming financial year.
SCISYS Group plc SSY The Directors expect that the Company’s trading results for 2018 will comfortably meet current market guidance in respect of revenues and adjusted operating profit. The Group’s order book remains strong and it continues to see solid organic growth across the Group, notably in its Space and Enterprise Solutions & Defence division.
Bonmarche Holdings BON Expects the Group’s cash reserves to be adequate to meet its liquidity requirements, even at the lowest end of the PBT range, and when the cash balance is at its lowest, around the end of March. In the 13 weeks to the 29th December sales fell by 8.1% and in the 39 weeks to the same date they were down 2.7%. Online sales however were strong with rises of 22.2 and 26.5%.
RTC Group RTC strikes a positive note and the Chairman is extremely pleased and encouraged by “The continued growth of Group revenue and profits and the improvement in net debt position, especially in light of the uncertainty surrounding the UK economy.
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Alan Green on Cadence #KDNC Catenae Innovations #CTEA Warpaint London #W7L Bonmarche #BON & Andalas Energy & Power #ADL
Alan Green CEO of Brand Communications talks about: Cadence #KDNC Catenae Innovations #CTEA Warpaint London #W7L Bonmarche #BON & Andalas Energy & Power #ADL
(Interview starts at 22 minutes 3 seconds)
Brand CEO Alan Green discusses #PDZ, #IMCP and #BON with Justin Waite on the Vox Markets podcast
Brand CEO Alan Green discusses developments at Prairie Mining #PDZ, IMC Exploration #IMCP and VectorVest stock pick Bonmarche #BON with Justin Waite on the Vox Markets podcast. The interview is 34 minutes 26 seconds in.
Buy Bonmarche #BON in the run up to results says VectorVest. Management self help initiatives set to drive growth.
UK-based Bonmarche Holdings Plc (BON.L) is a womenswear value retailer focused on selling clothing and accessories in a range of sizes to women over 50 years old. The Company approximately has 270 stores in the UK. The Company offers a range of own brand womenswear, including coats and jackets, dresses, knitted tops, blouses, knitwear, t-shirts, leisurewear, skirts, trousers and shorts, lingerie, nightwear, swimwear, hosiery, footwear, accessories and jewellery. Its products are primarily sold through its own store portfolio, complemented by its Website, mail order catalogues, a telephone order service and through the Ideal World TV shopping channel. Subsidiaries include Bluebird UK Topco Ltd, Bluebird UK Holdco Ltd, Bonmarche Ltd and Bluebird UK Bidco 2 Ltd.
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On April 20th, 2018, BON published a trading update for the year ending March 31st2018 and confirmed that, reflecting the good progress achieved during the financial year, the FY18 profit before tax will be in line with Board expectations. CEO Helen Connolly said that as anticipated, trading conditions in the final quarter of the financial year remained challenging and, against this backdrop…” I am pleased that we have delivered an increase in the FY18 profit before tax compared to last year. Whilst we expect the market to remain difficult, our focus will be on continuing to improve our proposition to customers through a number of self-help initiatives, which we expect to drive further progress for the business during the new financial year.”The FY results announcement will be published on Tuesday 19thJune 2018.
In late March 2018, the VectorVest RT (Relative Timing) metric for BON flagged a move higher, indicating a possible buy opportunity for investors. RT is a fast, smart, accurate indicator of a stock’s price trend, and now with the stock trading at 101p, BON logs a current rating of 1.45 on this metric, which is excellent on a scale of 0.00 – 2.00. Other VectorVest metrics show the stock to be in positive territory, with a GRT (Earnings Growth Rate) of 15% considered to be very good. A fair RS (Relative Safety) rating of 0.85, (scale of 0.00 to 2.00) may see cautious investors avoid the stock, but regardless there is plenty of growth opportunity when taking into account the current VectorVest valuation of 130p.
The chart of BON.L is shown above in my normal format. The VectorVest program revalued the share during the first three months of 2018. The share has since charted an inverted head and shoulders pattern and is on a Buy recommendation on VectorVest. The first technical objective from the head and shoulders pattern is 125p
Summary: Many retail stocks have endured extended periods of tough trading over the past few years, and BON is no exception. However management have responded decisively to meet the challenging trading environment, and with further progress expected in the new financial year driven by self-help initiatives, VectorVest believes this quality retailer is worth backing for a sustained recovery in the run up to the results announcement. Buy.
Dr David Paul
May 30th 2018
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Plant Impact fears Impact
Plant Impact PIM fears that 4th quarter revenue could be affected by talks which are taking place with Bayer Cropscience about its minimum required purchase volumes for Veritas in Brazil, third quarter revenue for which rose from £0.5m last year to £2.4m this year. The result of the talks could impact full year results and also adversely affect next years performance. Revenue for the 9 months to the 30th April has risen by 55% over last year or 30% on a constant currency basis.
Care Tech Holdings CTH is increasing its interim dividend by 10% to 3.3p per share for the half year to 31st March after what it claims was an impressive first half performance which saw revenue rise by 11.3%. Profit before tax fell by 37.5% from last years when the figures included a £5.6m profit on the sale of a fixed asset.. On an underlying basis profit before tax was up by 13.9%. Sustained growth in capacity and revenue is expected to enable the company to achieve its target of annual double digit growth in underlying diluted earnings per share.
Filtronic plc FTC nearly tripled sales in the 12 months to 31st May, with a rise from £13.6m. to £35.4m.. It describes 2017 as a year of tremendous progress in which it achieved both profitability and cash generation, last years operating loss of of £6.8m having been transfomed into an operating profit of £1.7m.
Bonmarche Holdings BON admits that it has failed to execute its plans to modernise and improve its offer to customers at the rate it had aimed for. The failure is laid at the door of internal and external factors for which it does not provide an explanation. Todays preliminary results for the 53 weeks to the 1st April. show store like for like sales slumping by 4.3% and group profit before tax down from £9.6m. to £5.8m. Underlying basic earnings per share fell from 18.3p per share to 10.1p. As for the future it claims to have a compelling proposition and a robust plan.
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The Prime Minister – Liar or Incompetent ?
The Prime Minister was either a liar when she claimed only a few months ago that there was no need for an election before 2020, or she was so completely out of touch with the political realities of Westminster that she is completely unfit to govern the country. In those months since the referendum, nothing has changed except that the prime minister has woken up to the fact that the groupings of our elected MP’s, especially in her own party, are going to make it very difficult if not impossible to get approval for even the main features of the Brexit deal. How is it that she has only discovered this over the last few days, when the evidence has been staring her in the face for months.
Had she been CEO or Chairman of a public company, yesterdays announcement that the country (i.e. the PM ) suddenly needs an election in June would have been evidence of such utter incompetence that she would have to either resign or be removed. But this being politics, anything goes and she will get away with it but she has now shown herself to be and to have been, completely out of touch with feelings both in Westminster and in the Tory party. And she is so brazen about it, no hint of an apology, no sign of embarrassment as she admits that she got it completely wrong after the referendum, indeed the complete opposite. She wears her incompetence as a badge of pride, a clear sign of strong leadership, which will enable her, she hopes, to have such a large majority that every tiny clause in the Brexit deal will be able to be steamrollered through a tame House of Commons.
BUNZL BNZL provides an excellent illustration as to how meaningless trading figures are becoming and how headline figures can easily be selected to give a misleading impression and make things look better than they really are. Not that Bunzl has done anything wrong or misled in any way. It is just the way things now have to be done.
Thus group revenue in quarter 1 rose by 18%. Great, fantastic, but that is at actual exchange rates i.e. in real money. At constant exchange rates the 18% falls to a lowly 4% and of that, underlying growth comes out at a not very impressive 2%. Acquisitions produced growth of 3% and a further five acquisitions have been announced so far this year.
Aveva Group AVEVA expects that results for the year to the end of March will show a return to growth in both revenue and profits but only because of “positive currency translation effects”. Pity the board and the management could not have claimed a bigger hand in the success.
Bonmarche Holdings BON had a tough time with its stores in the year to the 1st April but trading in quarter 4 improved somewhat and helped the annual figures look a bit less gloomy. In the 14 weeks to 1st April online sales rose by 15.2%, store sales were down by only 0.5% and total sales actually rose by 2.7%. Despite this full year figures were still less than impressive, with store like for like sales down by 4.3%, online up by only 2.2% and total sales still showing a loss of 0.5%. Trading since Christmas has been challenging despite an improvement over the last two months.
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Brainjuicer Trading Strongly Again
Brainjuicer BJU regained momentum in 2016 and traded strongly, especially in the US, after the modest performance of the two previous years. Gross profit for the year to the end of December rose by some 27% to about £25.6m and even after payments of £5.2m to shareholders by way of dividends and share buy backs, the year ended with a cash balance of £7.8m., equal to 63p per share. Pre tax profit for 2016 is expected to be 37% higher at £6.2m. Final results are expected on the 9th February.
Midatech Pharma MTPH expects revenue for the year to 31st December will have risen to £9m from 2015’s £1.4m. Double digit top line growth is expected for 2017.
Bonmarche Holdings BON had a fairly disastrous Xmas with like for like store sales for the 5 weeks to 24th December down by 3.4% and online sales, unlike other retailers, slumping by 14.3%. Total like for like sales over the 5 weeks fell by 4.2%. Obviously there seems to have been a problem with t heir online offer. Christmas trading was only a continuation of the fall seen over the first 9 months when total sales fell by 5.3%
Character Group CCT expects first half results to be lower than last years as sales of Teletubbies, Fireman Sam et al fell slightly for the 4 months to December. The fall in the value of sterling also adversely affected gross UK margins and the company has taken measures to mitigate this and these are already starting to take effect.
Elecosoft ECO expects profit before tax for the year to the end of December will be significantly ahead of market expectations after 2016 produced record sales. furt her progress is expected in 2017
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