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Andrew Hore – Quoted Micro 30 April 2018

NEX EXCHANGE   

Chapel Down Group (CDGP) reported a 15% increase in annual sales to £11.8m. Wine sales were one-fifth higher at £8.12m with cider and beer sales, via associate Curious Drinks, were 7% ahead at £3.68m. Operating profit improved from £346,000 to £470,000 but there was a much larger loss from the Curious Drinks associate so pre-tax profit was lower. The new brewery should be open in the first quarter of 2019. Last year’s fundraising means that Chapel Down has a strong balance sheet and is in a good position to expand. Michael Spencer has increased his stake from 17.5% to 18.2%.

Adnams (ADB) says that beer volumes were nearly 5% higher in the first quarter, while spirit volumes were 30% ahead. However, the first half outcome will be lower than last time because the poor weather hit the company’s pubs and there are additional costs for updating the brewery and IT systems. The second half is expected to be stronger and also to benefit from cost savings.

PLACTAL (Play Data is Capital) has appointed Coinsilium Group Ltd (COIN) to advise on its token generation event for a decentralised mobile game advertising application. South Korea-developed PLACTAL will tokenise a gamer’s gaming data.

Cyber security technology developer Crossword Cybersecurity (CCS) more than doubled its revenues in 2017. The loss still increased from £950,000 to £1.24m despite the improvement in revenues from £345,000 to £737,000. The cash outflow was £1.06m, which left £490,000 in the bank. Since then, £2.16m was raised via a placing at 270p a share.

Early Equity (EEQP) is seeking to move to a standard listing. The company’s NAV was £1.54m, including £429,000, at the end of 2017

Sandal (SAND) has secured a term loan of up to £500,000 from major shareholder Greenbrook Industries Ltd and £250,000 would be used to buy back 862,068 shares from Greenbrook. The shares will be cancelled and this will enhance earnings per share. Shareholders are being asked to approve the share buy back.

The ownership of Via Developments (VIA1) has changed. It was 100%-owned by Pyramid Court Investments Ltd, which is owned by John Kahn. John Kahn directly owns 90%, Ivan McKeever 5% and David Harris. Stephen Kahn has an option to acquire a 45% stake from John Kahn.

Etaireia Investments (ETIP) has appointed Myles Cunliffe as executive chairman. He has two decades of experience as a finance broker and he founded online car finance provider Get Me Finance. More recently, he has been involved in property finance.

AIM   

Automotive testing systems supplier AB Dynamics (ABDP) reported a 39% increase in revenues to £15.3m in the six months to February 2018. Underlying pre-tax profit was one-third higher at £3.3m. There is a strong order book so the outlook is positive. AB has moved into its new factory and this will provide additional capacity. A new subsidiary has been set up in Germany.

Nexus Infrastructure (NEXS) has warned that its TriConnex utility connections business is likely to report flat revenues and operating profit in 2018 even though its order book has grown. It is taking longer to get onto sites as the builders have to satisfy local government pre-conditions so revenues are slower coming through. The Tamdown infrastructure services provider should contribute a higher profit this year.

Safestyle UK (SFE) is not paying its 7.5p a share final dividend. The replacement windows and doors company wants to conserve its cash because it expects 2018 profit to be much lower than expected due to competitive pressures. Steve Halbert has resigned as chairman.

Panthera Resources (PAT) has been a warded an initial three-year exploration licence for Bassala in southern Mali. Several large gold anomalies have already been identified. Further soil sampling will help to provide drilling targets.

Osirium Technologies (OSI) is expanding in the UK and internationally. The cyber software supplier increased revenues from £478,000 to £648,000 but invoiced sales more than doubled so Osirium already has significant revenues it will recognise this year. There was £1m in the bank at the end of 2017. Since then, £4.2m has raised at 134p a share. It will take time for revenues to build up and losses are anticipated for the next couple of years at least.

Graphene technology developer Directa Plus (DCTA) has a strong base in a number of markets and they should help it grow its revenues over the coming years. A large chunk of the existing revenues come from the textiles sector. The environmental market could be a significant one for the company. Directa Plus has linked up with Sartec to commercialise its Grafysorber technology in the oil and gas sector. The plan is to develop a pilot plant to treat contaminated water. The most recent deal is for the potential use of Graphene Plus in the production of new and retreaded tyres. This is a development agreement with Marangoni, a major truck tyre manufacturer. A bespoke version of Graphene Plus will be developed and there could be a commercial launch in 2019.

There has been positive news from Futura Medical (FUM) concerning its MED2002 erectile dysfunction gel. A phase III efficacy study is being prepared following pharmacokinetic study information that suggests that higher dosages should increase efficacy. A rapid rate of absorption was demonstrated with peak levels in the bloodstream at between 10 and 12 minutes. Lombard Odier has trimmed its stake to below 18% after the uptick in the share price.

D4t4 Solutions (D4T4) says that full year profit will be slightly better than expected as revenues should hit £20m. Demand for Celebrus software remains strong and there is a greater interest in the recurring revenue-based offering. Net cash is £3.9m.

Driver Group (DRV) has sold and leased back its central admin offices in Haslingden, Lancashire. This generated £1.65m in cash. After taking into account rent from a sub-let the annual rental cost will be £105,000.

Tax Systems (TAX) reported revenues of £15.1m and pre-tax profit of £4.9m in its first full year in its current form. The corporation tax services provider has strong recurring revenues and is a strong cash generator. Net debt was £18.2m at the end of 2017. Cash generation will reduce this, although management wants to be acquisitive. It is taking its time, though, and has not gone through with a couple of deals because they did not meet the criteria.

Audioboom (BOOM) says that the structure and terms of its acquisition of Triton Digital Canada are going to change. Candy Ventures is providing a £1m convertible loan note so that the company has working capital while it waits for the deal to go ahead, although there is no certainty it will.

Access Intelligence (ACC) is raising £2.8m at 4p a share in order to invest in its Vuelio platform so that analytical information is better presented.

Volex (VLX) is paying up to 3.5 million shares for medical and industrial cables business MC Electronics. The North American company made a small loss on revenues of $19.1m in the year to October 2017.

Zoo Digital (ZOO) says that full year revenues will grow from $16.5m to at least $28m and EBITDA will improve from $1.8m to $2.3m. The main growth has come from localisation services.

MAIN MARKET    

London and Associated Properties (LAS) has completed the £37.25m sale of its Brixton Markets assets. Andrew Perloff’s Maland Pension Fund, which has a 5.3% shareholding, has requested a resolution at the next annual meeting. Maland wants non-Heller family shareholders to be given a chance to realise their investment at no more than a 7.5% discount to net assets. The current share price is at a greater discount to NAV. The directors and Heller family own 56.6% of the company and they will vote against the resolution.

Bisichi Mining (BISI) has a portfolio of UK shopping centres that it owns jointly with London and Associated Properties and the Heller family are major shareholders. Bisichi owns the Black Wattle coal mine in South Africa. In 2017, revenues increased from £22.8m to £37.5m and pre-tax profit jumped from £630,000 to £1.94m. It would have been higher without a £1.83m write-off of a joint venture investment. A total dividend of 5p a share will be paid for 2017, which includes a 1p a share special dividend. Cavendish Asset Management owns 18.1% of Bisichi.

Nanoco (NANO) has extended its partnership with a major US corporation. Nanoco has won this latest development deal after a competitive process. The original deal was for sensor applications of Nanoco’s technology.

Ross Group (RGP) increased revenues from £59,000 to £335,000 and managed to swing from loss to profit in 2017. The profit was achieved after a provision for unpaid debts. Management still wants to find an acquisition to fully exploit the premium listing. Net debt is just over £6m but this is at zero interest rate.

Standard list shell daVictus (DVT) still had £484,000 in the bank at the end of 2017, down from £632,000 the previous year. Fellow shell Auctus Growth (AUCT) had £972,000 in cash, down from £1.01m. Neither has found a suitable acquisition.

Sure Ventures (SURE) has made its first virtual reality investment. The £500,000 investment in Immotion Group, which has developed VR cinema pods that are being placed in theme parks and museums.  Sure is on the Specialist Fund Segment.

Andrew Hore

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