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Andrew Hore – Quoted Micro 5 March 2018

NEX EXCHANGE   

VI Mining (VIM) finally made it to NEX on 2 March. The South America-focused miner announced its plans late last year. VI raised £5.36m at 500p a share. That valued the company at £535m. VI is acquiring two gold and silver projects in Peru and owns two toll processing plants.

Mechanical and electrical installation and maintenance services provider Field Systems Design Holdings (FSD) nearly doubled its interim profit. In the six months to November 2017, revenues jumped from £8.47m to £12m, while pre-tax profit improved from £114,000 to £211,000. There was £3.34m of cash in the bank. AMP6 capital spending by water companies has been strong in the period and there are significant waste to energy contracts, although the medium-term outlook for that sector is not as good. Margins remain under pressure.

Energy saving electrical products supplier Sandal (SAND) reported flat interim revenues of £1.88m but this masks the growth in the sales of MiHome products. This growth will continue in the second half. The interim pre-tax profit edged up from £35,000 to £44,000.

Block Energy (BLOK) has completed the sale of its assets in Ghana for $600,000. Block still plans to join AIM.

Milamber Ventures (MLVP) has acquired educational consultancy Vocamedia for up to £165,000, with £60,000 dependent on performance in 2018-19.

Inqo Investments Ltd (INQO) has announced plans to raise a further £2.5m via placings at 90p a share. The first tranche of $1.25m has been raised and this will be used to invest in opportunities in the healthcare, education and eco tourism sectors in Africa. The focus is businesses that are two-to-three years from profit and have a positive social impact. The second tranche of £1.25m should be raised in one year.

Gunsynd (GUN) has invested a further £130,000 in Human Brands by way of a convertible loan note. If Human Brands gets its expected quotation, the loan can be converted at a 55% discount to a three day average volume weighted price. This doubles the investment in the spirits distributor which will also pay (in shares) a fee of 1% of market capitalisation on flotation.

Primorus Investments (PRIM) has sold a 5% stake in Horse Hill Developments to Solo Oil (SOLO) in return for £650,000 in cash and £350,000 in shares. Solo has raised £2m at 3.5p a share.

Wheelsure Holdings (WHLP) is working with Haydale Graphene (HAYD) and the University of Swansea to develop intelligent transport systems using Haydale’s graphene ink sensor technology.

Equatorial Mining and Exploration (EM.P) says that it needs to raise a minimum of £50,000. A trial amount of coal has been sold by the St Leonard Mine in Nigeria. The buyer is negotiating a long-term supply agreement with a minimum tonnage per month. A second mine would need to be opened to satisfy this demand. Equatorial believes it can make a pre-tax profit of £380,000 in 2018 if the supply agreement is secured.

Supported housing provider Walls and Futures REIT (WAFR) has joined the MSCI IPD UK Residential Property Index.

AIM   

Content owner One Media IP (OMIP) has weathered the changes to the market due to the rise of music and video streaming and profit should continue to recover this year. In the year to October 2017, revenues were 14% ahead at £2.34m, while pre-tax profit jumped from £30,000 to £298,000. That is still well below the profit made three years ago. Profit could double this year. Michael Grade and Ivan Dunleavy have invested in the company and they should help One Media IP to secure acquisitions and exploit the existing catalogue.

India-focused online retailer Koovs (KOOV) needs more money to continue its expansion. Management wants up to £50m and much of this will go on marketing and promoting the brand. Talks continue but the current cash pile will not last much more than four months. Second half sales are expected to be lower because of the lack of investment in marketing and the full year EBITDA loss will be £14.4m.

Gresham Hose (GHE) increased its assets under management from £363m to £69m. The British Strategic Investment Fund raised £165m in the period and the plan is to try to raise £250m by the end of 2018. The acquisition of Hazel Capital added a further £86m to assets under management. The value of the strategic assets portfolio value was flat due to distributions to investors. Gresham House has a diluted NAV of 211.2p a share. There is cash of £9.8m with more to come from the sale of the last surplus property and deferred consideration from a previous property sale.

Condor Gold (CNR) is confident that it is on the way to gaining a permit to construct a mine at Mina La India in Nicaragua. An amendment has been submitted for the Environmental and Social Impact Assessment and it appears that Condor will not have to move the village. This will make it easier to gain the permit. Once the permit is gained then Condor can push ahead with the construction of the mine, which is in an area where there has been mining in the past.

Management Resource Services (MRS) reported a return to profit in its interim figures. Continuing operations increased revenues from A$20.6m to A$33.6m and a loss of A$745,000 was turned into a profit of A$2.52m. Management says that full year earnings per share should be at least 2p.

TechFinancials Inc (TECH) is closing its loss-making non-core operations having failed to complete their sale because the buyer had not obtained regulatory approval.

Scotgold Resources Ltd (SGZ) has gained planning permission for the development of the Cononish gold mine in Scotland. This is subject to concluding legal agreements.

Lighting supplier Photonstar LED (PSL) is raising £430,000 at 0.15p a share. The cash will help to complete the development of the company’s new building control system.

Musical instruments retailer Gear4Music (G4M) continues to grow particularly rapidly outside of the UK. Overall sales grew 43% to £80.1m in the year to February 2018 with international sales well over two-fifths of the total. Both branded and own-brand sales grew. Investment in growth means that EBITDA will be similar to last year. The results will be published on 15 May.

Saffron Energy (SRON) has withdrawn from the acquisition of Po Valley Operations due to regulatory and tax issues but it is still buying Sound Energy’s Italian assets. A new document should be published in the next few days.

Replacement windows supplier Safestyle UK (SFE) says that orders have been weak so far this year. This means that 2018 revenues and profit will be well below the 2017 figures. Cost savings will help to offset some of the downturn in the second half and the business is still cash generative. A final dividend of 7.5p a share is still planned when the 2017 results are announced.

MAIN MARKET    

Founder Laurence Orbach has increased his stake in Quarto (QRT) to 20.1%. Back in October 2017, he owned 15.1%. Orbach was removed from the board in November 2012.

Town Centre Securities (TOWN) reported better than expected interim figures. The property investor’s NAV was 4% higher at 375p a share and the interim dividend was maintained at 3.25p a share.

WH Ireland has raised its full year forecast for Avation (AVAP) following the publication of interim figures. The 2018 earnings forecast was raised 10.5% to 26.2 cents a share. Interim profit declined by 13% to $7.3m, while earnings per share fell 15%. The transition of an A320 aircraft from Air Berlin to easyJet led to a release of a maintenance reserve but some transactions will not come through until the second half.

Andrew Hore

First Sales for Scottish Gold

Scotgold Resources SGZ has signed its first ever agreements for the sale of Scottish gold. This agreement covers the first refining batch (approximately 16oz) of Scottish Gold made available for jewellery (and only the second refining batch produced to date) from Scotgold’s Bulk Processing Trial (BPT) at the Cononish Gold and Silver Mine. The buyers are two of Scotland’s leading jewellery manufacturers.

Workspace Grp WKP is proposing a 40% increase in total dividends to 21.07p. per share after producing strong preliminary financial results for the year to 31st March led by growth in net rental income of 6.9%. Profit before tax was down on the previous year because of a smaller uplift in the property valuation. Recently completed projects have produced a strong letting performance and the total rent roll on like for like properties has grown by 14.5%. Demand for lettings remains healthy and there is a strong pipeline of refurbishments and redevelopments. Over the next three years delivery of over 1 million s.ft. of new and upgraded space is expected.

RPC Group plc RPC  is to increase total dividends by 50% after a good trading performance  saw revenue profit and cash flow all reach record levels for the year to the end of March, Revenue rose by 67%, adjusted operating profit by 77% and earnings per share by 54%. The proposed final dividend of 17.0p will make  a total of 24p for the year.

Distil plc DIS saw 2016-17 turnover rise by 40% leading to its first ever profit, £10,000 compared to last years loss of £97,000. Growth in own brands was strong and further sustained growth is now expected.

AudioBoom BOOM The operational momentum from 2016 is now translating into rapidly improving financial results and the strong performance in the first quarter of 2017 has continued through to the second quarter, leading to a 447% revenue rise for the first half year.

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