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Corporate news review Friday 11th August 2017

Kodal Minerals KOD announces results of the diamond core drilling completed at the Ngoualana prospect, located at the Company’s Bougouni lithium project in Southern Mali. “These diamond core drill results provide us with a high-level of confidence in the information captured from the earlier reverse circulation drilling, and continue to demonstrate the high-grade mineralisation and continuity of the Ngoualana prospect. We are well funded and have strong support to maintain the rapid exploration and delineation programme.”

Old Mutual OML reports half-year pre-tax adjusted operating profit up 37% to £969m and EPS up 33% to 10.6p. The 2017 first interim dividend is up 32% to 3.53p up 32% and in line with capital management policy.

Oxford Biomedica OXB has agreed, as lead partner, to enter into a collaboration agreement with a consortium of partners, including the Cell and Gene Therapy Catapult, Stratophase Ltd and Synthace Ltd. The agreement is a two-year £2m collaboration project focused on gene and cell therapy manufacturing, co-funded by the UK’s innovation agency, Innovate UK. The project aims to deliver tangible benefits to patients by shortening the time-to-clinic and time-to-market as well as to improve the cost and access of bringing novel gene and cell therapies to patients.

TT Electronics TTG reports a strong H1 performance, with revenues up 13% to £180m, with underlying operating profit up 11%. Group free cash inflow totalled £6.8m, with net debt at £56m at 30 June 2017 (31 Dec 2016: £55.4m).

Volution Group FAN updates on trading following the completion of its financial year on 31st July 2017, and anticipates that FY results will be in line with Board expectations. Revenues grew 20% to £185m.

City of London Group CIN says it has conditionally agreed the acquisition of Milton Homes and a proposed £11m equity fundraising. CIN proposes to acquire the entire issued share capital of Milton Homes, a provider of equity release products for residential property, for consideration of £20.2m.

Finsbury Food Growth Halted

Finsbury Food Group FIF A successfull roll out of vision and values appears to have been the main feature of Finsbury’s second half and once you see management reduced to that level of jargon, you know that something is not quite right. Well revenue for one thing was completely flat, in fact it was so flat that the first and second half revenues were virtually identical – so much for meaningless empty phrases like vision and value. Profit before tax for the 26 weeks to the end of December rose by 5.3% and the interim dividend was increased by 7.5%. The CEO refers to the company’strack record of exceptional growth but offers no explanation as to why that should suddenly have come to a halt in the second half of 2016.

EKF Diagnostics EKF A successful restructuring helped to produce strong organic growth in the year to the end of December, with revenue rising by 28% and gross profits by 24%. EBITDA of £6.1m compared to 2015’s loss of £2.9m

Volution Group FAN is increasing its interim dividend by 12.5% for the half year to 31st January. Revenue grew by 26.1% or 2.3% on a like for like and constant currency basis. Reported profit before tax  grew by 10% compaed to the first half of 2016.  Further good growth is expected in 2017.

Taptica TAP A strong performance for the year to the end of December  saw revenue rise by 66% and gross profit more than double. Adjusted EBITDA more than tripled to $25.7m and an increase in the final dividend means an increase for the year from 0.00784 to $0.1011 cents per share.

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