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Good Energy (GOOD) has finalised the sale price of its electricity generation assets. There was deferred consideration of up to £8.1m. The deferred payment has been set at £4.8m, taking the total payment to £21.2m. The rest of the cash was not paid due to a third-party yield assessment and other due diligence.
Samarkand Group (SMK) has signed a three-year agreement with Revolution Beauty Group (REVB) and it will incorporate the cosmetics company’s existing Tmall Global Flagship store via the Nomad technology, which will make it easier to sell in China. Samarkand will be exclusive ecommerce partner for China. Revolution Beauty has bought the assets of US cosmetics brand BH Cosmetics for $3.9m. Badass with Heart (BH) Cosmetics are vegan and cruelty-free.
Hydrogen Utopia International (HUI) says that it has been advised to apply for a loan under a new programme launched by the Poland authorities. The share price has slumped to 7.5p since the flotation at the beginning of the year.
KR1 (KR1) is participating in the HydraDX crowdloan and Polkadot parachain auction. KR1 contributed 350,000 DOT to secure a parachain slot in the ongoing round and these will be held for 96 days before being returned and KR1 will also receive HydraDX tokens. KR1 is already due to receive 45 million HydraDX tokens due to previous backing of a seed funding round. HydraDX is a protocol to enable frictionless liquidity for crypto assets. All assets can be put into one shared liquidity pool.
Cadence Minerals (KDNC) says that its joint venture rare earths project Yangibana in Western Australia has a NPV8 of $1.01bn, which is an 84% increase on the previous estimate. The $20m project to build the core infrastructure has begun. There was a 48.9% take-up of the recent open offer, which raised £745,000.
Forbes Ventures (FOR) is considering re-domiciling from the Cayman Islands to the UK. This could reduce costs. The medium-term focus includes the potential launch of a blockchain-focused venture fund.
Valereum (VLRM) has exercised its option to take its stake in the Gibraltar Stock Exchange from 80% to 90%.
SuperSeed Capital (WWW) managing director Mads Jensen has bought 24.200 shares at 98p each, taking his stake to 82.1%.
Hargreaves Services (HSP) has secured a deal for the development and sale of two large distribution units, which will be 191,000 square feet and 375,000 square feet respectively, at the 50%-owned Unity site. Detailed planning permissions are required for the sites and that should be obtained by the end of the year. The deal will be fully completed within 12 months of construction. The total revenues should be more than £50m for the joint venture and Hargreaves should have all or most of its 50% distributed to it, depending on the requirements of the joint venture. On top of this, another 4.6 acres at Blindwells is being sold to Ogilvie Homes. There will be 77 homes built and the deal should generate minimum revenues of £3.5m. The contracts are conditional, and they will not have an immediate effect on the figures.
Synairgen (SNG) announced disappointing phase III data for the SPRINTER trial for SNG001 use in hospitalised Covid-19 patients. The headline data for the trial did not meet primary or secondary endpoints. There is still an ACTIV-2 phase III trail being carried out in mild to moderate Covid-19 patients and other studies where SNG001 could be included.
Sylvania Platinum (SLP) plans to spend some of its cash pile on further increases in production. First half production of platinum group metals was 32,376 ounces, down from 36,335 ounces, and full year production should be between 66,000 and 68,000 ounces. Interim revenues fell from $84.9m to $69.1m, while pre-tax profit slumped from $57.4m to $34.9m. The decline in the Rand exchange rate exacerbated cost increases. A dividend of 2.25p a share will be paid. Short-term investment focus is on additional capacity and extending the life of the chrome recovery operations. In the next three years Sylvania will decide whether to construct new plants on the eastern and/or western limbs of the Bushveld complex.
Transense Technologies (TRT) moved into profit in the six months to December 2021 thanks to growing royalty income from iTrack tyre pressure monitors. Interim revenues improved from £895,000 to £1.2m with a loss of £53,000 turned into a pre-tax profit of £82,000. That is before any tax credits. There are more than £23m of tax losses available to offset against corporation tax. There is £1.07m in the bank and that is set to rise to £1.34m in June 2022.
Seeing Machines (SEE) says interim revenues are 19% ahead at A$21.7m. Revenues of A$56.1m, up from A$46.6m, are forecast for the year to June 2022. There are nine vehicle models that have commenced production that are installing the company’s driver monitoring system. Seeing Machines has also deployed a pilot fatigue detection system for Air Ambulance Victoria. This deal could be worth A$1m over a ten-year period.
Avingtrans (AVG) reported a small decline in interim revenues to £45.1m following the ending of lower margin work in the medical imaging business. Improved margins meant that there was little change in the pre-tax profit, which was £3.6m. The interim dividend is 1.6p a share.
Analysts have raised their full year pre-tax profit forecast for Netcall (NET) following the interim figures. Annualised contract value was £19.8m at the end of 2021. The 2021-22 earnings forecast was increased by 6% to 1.7p a share.
Outsourcing services provider iEnergizer Ltd (IBPO) says it will have another record financial year in 2021-22. The forecast yield is 4.9%.
Tristel (TSTL) is exiting non-core activities to focus on its medical device decontamination and surface cleaning products. In the six months to December 2021, revenues from continuing activities fell 7% to £13.6m. That was due to a large one-off order in the corresponding period. There is underlying growth. There is a £2.4m impairment charge for the discontinued activities. Underlying earnings fell 28% to 4.3p a share. The plans for FDA filings for the company’s products are on course.
Ventilation and door components supplier Titon (TON) warns that supply problems and higher costs are hampering sales and margins. Titon is trying to increase prices to cover higher costs. Overall revenues are slightly higher than in the first four months of the previous financial year, but the overseas operations are loss-making. There is still £4.2m in cash on the balance sheet. A new chief executive is being recruited.
Orchard Funding (ORCH) has raised £2.59m after expenses from its bond offer.
Packaging manufacturer and distributor Macfarlane Group (MACF) increased revenues from continuing operations by 26% to £264.5m in 2021. Pre-tax profit is 50% ahead at £18.7m. The labels division was sold at the end of 2021, and it made a loss. Net cash is £2.5m and the pension scheme surplus is £8.3m. The total dividend is one-quarter higher at 3.2p a share. There is continuing inflationary pressure and supply problems.
Maternity wear brand Seraphine Group (BUMP) says that sales grew in the seventeen weeks to the end of January 2022, although February has been tougher. That means revenues will be below expectations, while lower margins mean that there will be little in the way of profit for the full year. The problems include an underestimation of sales tax and duties in newer markets. This is not the first profit warning. Last July, Seraphine floated at 295p, and the share price has fallen to 58.5p.
Seraphim Space Investment Trust (SSIT) has performed strongly since it floated and there is more to come. The original fundraising was at 100p a share and the NAV at the end of 2021 was 104.7p a share. That is before the announcement of the reversal of Italy-based space logistics company D-Orbit into Nasdaq-listed Breeze Holdings Acquisition Corp, which should be completed by the autumn. There was still £70m in the bank at the end of 2021, although more investments have been agreed since then.
Fasteners supplier Trifast (TRI) says that there is consistent year-on-year growth in monthly revenues. Higher cost are being passed on and there are signs that supply chain costs are stabilising.
Alkemy Capital Investments (ALK) plans to enter into a lease at a Teesside chemical engineering park and the land will be used to build a lithium hydroxide processing facility through a new subsidiary called Tees Valley Lithium. The facility is anticipated to produce 24,000 tonnes a year of lithium hydroxide monohydrate for energy storage markets. This is a reverse takeover and trading in the shares has been suspended.
Kanabo Group (KNB) has acquired The GP Service, a telemedicine provider, for £13.5m in shares at 12.65p each. The business provides NHS video and online consultations and can electronically deliver prescriptions. Consultation services are also offered to corporate clients. GP Service will provide a way of marketing Kanabo’s CBD products. Kanabo raised £2.25m at 8p a share.
Cannabis-based drug developer Oxford Cannabinoid Technologies (OCTP) still had £12m in the bank at the end of November 2021. Cost savings worth £130,000 a year have been made so the cash can last longer. Two compounds are expected to enter phase 1 clinical trials in the next 12 months. Two The year end is being changed from May to April.
Brand CEO Alan Green discusses LocoSoco Group #LOCO, Petrel Resources #PET & iEnergizer #IBPO on Vox Markets podcast
Brand CEO Alan Green discusses Wiener Borse listed LocoSoco Group Plc #LOCO, plus Petrel Resources #PET & iEnergizer #IBPO with Justin Waite on the Vox Markets podcast. The interview starts at 23 minutes 13 seconds.
NB: In this podcast, Alan discusses LocoSoco Group Plc, and refers to LocoCoin as a crypto currency. We need to clarify this: LocoCoin is NOT a crypto currency, but is the entity that will undertake and manage the cashback rewards system and investment side of LocoSoco’s offering. The business has yet to commence and will only commence as and when appropriate legal advice has been taken to ensure full compliance with any regulatory and legal requirements.
Buy iEnergizer #IBPO says VectorVest. The stock still has legs despite recent rise and stellar interim numbers
AIM listed iEnergizer Ltd, (IBPO.L) is a global provider of Business Process Outsourcing (BPO). Leading companies in the Healthcare, BFSI, Gaming, Publishing and Legal industries successfully outsource mission-critical business processes to the Company. With over 12,000 staff, IBPO builds and operates customized customer contact, back office and high-volume transaction processing centres serving the entire customer lifecycle, from outbound first contact to post-sales support and everything in-between.
On November 13th2018, IBPO reported a strong set of interim results, with a 9.5% increase in service revenues to $82.4m, EBITDA up 39.1% to $24.3m and an increase in EBITDA margin to 29.1% (H1 2018: 23.0%). Profit before tax increased to $21.0m from $12.1m previously, while net debt fell to $18.5m (31 March 2018: $26.4m). Chairman Marc Vassanelli said the performance “reflects the significant progress being made by colleagues across the Company, as we continue to focus on recurring revenue streams, as well as effectively offsetting pressure in the traditional publishing sector by capitalizing on our advantageous position to service existing and new customers’ needs in the evolving digital technology landscape“… adding.. “The Company’s healthy cash position, together with its cash generative business model, puts iEnergizer in a strong position to invest in both organic and inorganic growth opportunities in the periods ahead. We expect sustained business performance through the second half of the year and the Board looks forward to the remainder of the year with confidence.”
The VectorVest stock analysis and portfolio management platform flagged up the IBPO investment opportunity to members in August 2018. Although the stock has literally doubled in price since then, it still logs an excellent Relative Timing (RT) (stock price trend) rating of 1.48, (scale of 0.00 to 2.00) and a very good forecasted GRT (Earnings Growth Rate) of 16.00%. Less adventurous investors may be discouraged by the RS (Relative Safety) rating of 0.92, (again on a scale of 0.00 to 2.00), but trading at 120p, IBPO is still clearly undervalued against a current VectorVest valuation of 140.27p per share.
The chart of IBPO is shown above using weekly candlesticks over the past 3 years. The share is trending upwards strongly and is on a BUY recommendation on VectorVest. Earnings per Share (EPS) has risen strongly over the past two months while EPS has increased by 3 times over the 3-year period shown.
Summary: VectorVest members who bought into IBPO after the platform flagged up a clear valuation gap in August will have doubled the value of their holdings in the space of just a few months. Normally a period of consolidation occurs after such a rise, but IBPO still appears to have legs, thanks to a stellar set of interim numbers, strong cash position and bullish view for the second half of the financial year. The low RS reading may serve to discourage some investors, but the results, outlook and charting position all point to further near term growth. Buy.
Dr David Paul
November 29th 2018
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