Home » Posts tagged 'WINE'
Tag Archives: WINE
Trading in the shares of Barkby Group (BARK) following the publication of the prospectus for the reverse takeover of the Dickson group companies and move to AIM. There will also be a share consolidation of 193 shares into 74 new shares. Barkby is paying £30.6m, predominantly in shares with £750,000 in cash, and raising £5m at 30p a share. The businesses include Workshop Coffee, which operates four coffee shops and is a wholesaler of speciality coffee, and a south east England-focused commercial property developer. Barkby will also acquire the right to invest in two private companies: Transcend Packaging, which won a contract to supply McDonalds with paper straws, and VivoPlex, which has developed a medical device for fertility monitoring. A dividend is planned for this financial year.
Schroders has bought the whole of the 29.8% stake in Rutherford Health (RUTH) that was previously held by Woodford Investment Management.
Trading in the shares of Tectonic Gold (TTAU) has been suspended. Tectonic South Africa has been awarded an interim land mining contract at a diamond mining project in Alexander Bay in South Africa. It is replacing a previous subcontract that the company had. Mining can resume until the full contract is agreed. That could be by next March. A private investor signed an option agreement for the purchase of a 64% stake in Tectonic South Africa. In return they will fund future project development. There is a £100,000 cash payment to Tectonic on completion. There are 120 days for the investor to raise the cash required. The figures for the year to June 2019 will not be published by the end of 2019.
SulNOx (SNOX) started trading last week and the share price rose from 50p to 55.5p (53p/58p). There have been 35,875 shares traded on NEX.
NQ Minerals (NQMI) is raising £300,000 at 6.5p a share. This will fund an exploration programme to extend the life of the Hellyer mine.
Primorus Investments (PRIM) says that investee company WeShop hopes to float on AIM in the second quarter of 2020. Pre-IPO funding of £2m has been secured. Vela Technologies (VELA) and Two Shields Investment (TSI) are also investors in WeShop.
Clean Invest Africa (CIA) says that its CoalTech subsidiary has had successful tests with two listed South African coal consumers. Pelletised coal fines have been produced and they were deemed suitable. The first potential customer could sign up for a long-term supply agreement and the second could justify a plant at their location.
Wishbone Gold (WSBN) says that it generated 2019 revenues of $10.6m up to 17 December and the full year figure should be higher than the $10.9m reported in 2018. The starting of operations in Europe will help to grow revenues. Wishbone will receive $600,000 in relation to its operations in Honduras. There could be a further $400,000 depending on production. There will be a consolidation of 100 existing shares into one new share.
The CAMRA Members’ Investment Club has increased its stake in brewer Adnams (ADB) from 2.81% to 3.69%.
Focusrite (TUNE) is paying £39.2m for professional sound systems manufacturer Martin Audio. This will diversify the product range of the group and enhance earnings in the first year. The two companies are based near to each other in High Wycombe. In the 12 months to October 2019, Martin made an operating profit of £2.9m on revenues of £24.4m. ADAM Audio’s contribution has helped revenues to increase in the first quarter. Like-for-like revenues are lower due to adverse exchange rate movements and a on-off boost in the first quarter of the previous year.
Bidstack (BIDS) has entered into a two-year agreement with a global marketing services group, which will spend up to £10m on advertising via the Bidstack in-game platform over that period. None of the revenue will be in 2019, which is why the forecast will not be met and revenues will not be signficant.
Naked Wines (WINE) is paying a special dividend of 5.2p a share. The ex-dividend date is 24 December.
Marshall Motor Holdings (MMH) is acquiring six VW car, one VW commercial vehicles and one SKODA franchise from Jardine Motors for up to £22.3m. Trading remains in line with expectations, but Edison has cut its 2020 profit forecast by £4.1m to £23.2m, partly due to the loss-making acquisition.
Filtronic (FTC) is selling its telecoms antenna business to Microdata for $5.5m (£4.2m). The company can concentrate on the 5G and defence markets.
ValiRx (VAL) says that the VAL201 phase I/II clinical trial is coming to an end and the initial results appear to show that there is an impact on patients with prostate cancer. The compound is also safe and well tolerated.
A trading statement from Van Elle (VANL) has led to Peel Hunt cutting its 2019-20 pre-tax profit forecast from £4.8m to £4m. The ground engineering contractor says that the second quarter was stronger than the first and first half revenues have risen from £42.9m to £48m. However, pre-tax profit slumped from £2.8m to £1m. There should be some improvement in the second half. The share price has halved this year. The interims will be published on 22 January.
Trans-Siberian Gold (TSG) says the Russian authorities have confirmed the company’s residency in the Kamchatka advanced special economic zone and this could save $6m over seven years. Trans-Siberian will develop an extension of the Asacha gold mine and expects to invest up to $21.2m in the next five years.
Sabien Technology (SNT) has raised £300,000 at 0.15p a share. This will provide working capital as a review of the business continues. Sabien is seeking to broaden its range of products from energy efficiency to other technologies, particularly health and medical rehabilitation sectors. Alan O’Brien stepped down as chief executive and Richard Parris became executive chairman.
Shareholders have agreed to put Stirling Industries (STRL) into voluntary liquidation. Trading will be cancelled on 24 December.
Sure Ventures (SURE) maintained its net asset value at 83.1p a share at the end of September 2019. That includes cash of £1.45m. Management believes that some of the earlier investments are maturing and they could have valuation uplifts.
Zenith Energy (ZEN) has raised £638,000 at 2p a share via a placing in Norway. The cash will be used to buy drilling equipment.
Career development and consumer engagement platforms provider Dev Clever (DEV) plans to raise more cash four months after raising £436,000 at 3.4p a share. The share price fell by around one-third just before and just after the company admitted it was raising money. The share price fell to 1.05p.
Getmapping has ended its strategic review and is no longer up for sale. The geospatial services provider believes it is not the optimal time to consider offers.
National Milk Records (NMRP) says that revenues in the quarter to September 2019 fell to £5.25m. They were £5.54m in the previous quarter and £6.08m last year, although that was boosted by one-off projects. A cyber-attack hit business, but systems have been restored. Canaccord Genuity has been appointed as corporate adviser.
Western Selection (WESP) has acquired nearly 3.64 million shares in the Bilby (BILB) placing. That has more than doubled the number of shares owned by Western Selection and it owns 10.8% of Bilby, up from 6.66%.
Belvedere Leisure Resorts (www.belvedereleisureresortsplc.com) is expected to gain a quotation for £10m of its 6.25% secured bonds on 29 November. The company is a subsidiary of Belvedere Leisure Park, which owns a site in Dumfries & Galloway with planning permission for a lodge park resort of 444 holiday lodges. The park will be built by Landal GreenParks.
Formerly AIM-quoted SAPO (www.sapoinvest.com), which was known as South African Property Opportunities, plans to join the NEX Growth Market on 2 December. The plan is to use the Isle of Man-based company as a shell to invest in the UK rural broadband market, although Labour plans for the broadband market could affect this strategy. Executive chairman Michael Meyer will own 40.55% of SAPO and three shareholders will own 84.8%.
Bracken Trading (BRAC) has decided to withdrawal is preference shares from NEX trading on 18 December. Trading had started on 9 September. There have not been any trades.
Altona Energy (ANR) is acquiring a petroleum exploration licence application within the Arckaringa Basin in South Australia. This is close to the company’s existing exploration licences. There could be potential for a gasification project. Management has decided not to invest in the potential vanadium investment.
Tectonic Gold (TTAU) says that its subsidiary has received a tax refund of $279,275. Drilling at Specimen Hill shows gold bearing mineralisation in all holes. There are targets for follow-up drilling.
BWA Group (BWAP) has not received £80,000 of the £100,000 subscription funds for convertible loan notes issued when Kings of the North Corp was acquired. Alternative funding is being secured. Vilhjamur Thor Vilhjalmsson, chief executive of 23.75% shareholder SX, has resigned as a director of BWA and been replaced by Mark Billings.
Block Commodities (BLCC) has appointed Ian Tordoff as chief executive. He has experience in the healthcare sector and has been involved in assessing the potential cannabis-based compounds.
DXS International (DXSP) chief executive David Immelman’s wife acquired one million shares at 10p each from Ron Rhodes during September. That takes David Immelman’s interests to 13.3%.
The ten-for-one share consolidation has been approved by World High Life (LIFE) shareholders. Dealings in the new share started on 20 November.
A competing bid approach led Hanover Acquisition to increase its bid for Brady (BRY) from 10p a share to 18p a share, which values the risk management and commodity software company at £15m. Hanover has bought shares owned by Kestrel and Coltrane Master Fund and these stakes have taken its shareholding to 46.1%, so the bid is mandatory.
Feedback (FDBK) has secured its first pilot study for its Bleepa communications platform that can be used to securely access medical grade images via mobiles and PCs. The Pennine Acute Hospitals NHS Trust will use Bleepa for respiratory requests. Bleepa will be the main focus for Feedback and it offers the potential for significant recurring revenues. Less money will be spent on TexRAD.
Keeping up with tradition Immunodiagnostic Systems Holdings (IDH) released its interims at 4.35pm on Friday. This was the same time as the previous trading statement and earlier than the previous interims which were released at 5.04pm on a Friday. Revenues remain flat and there was a pre-tax loss. Cash was £28.1m at the end of September 2019.
Nick Develin is stepping up from chief operating officer of Naked Wine (WINE) to takeover from Rowan Gormley as chief executive. The company has sold its other operations and is purely an online wine retailer. UK trading ahs been weak, but the US is going well.
Kape (KAPE) is almost doubling its earnings per share by acquiring Private Internet Access, which expands the range of security software the group can offer. The acquisition will cost up to $95.5m in cash and shares, plus debt. Kape will have net debt following the acquisition, but this should be paid down over the next two years.
Litigation finance provider Manolete Partners (MANO) is building up its business having raised cash when it floated at the end of last year. Interim revenues rose by 15% to £7.5m, but most of those revenues were unrealised gains. That meant that there was a cash outflow in the period. This is due to the higher number (and higher value) of cases being taken on and many of these will be completed and generate cash in the second half. Manolete focuses on insolvency cases and this means that they tend to be settled much quicker than ones handled by Burford Capital.
Having failed to secure the financing for its proposed acquisition, Stirling Industries (STRL) is cancelling its AIM quotation and management plans to place the company in liquidation.
First Property (FPO) increased like-for-like interim revenues by 10% to £8.1m. The spare space at CH8 in Warsaw is being filled. The interim dividend has been edged up to 0.46p a share. The underlying NAV is 50.7p a share.
Nostra Terra Oil and Gas (NTOG) has sorted out its interest in Egypt at no cash cost. The stake is being transferred to the operator. The deal is expected to be completed by the end of 2019, although it can be terminated if it is not.
Social video company Brave Bison (BBSN) expects to make a full year loss on reduced revenues of £16m. That is worse than expected. Changing Facebook policies have made trading difficult. Management is trying to reduce the dependence on Facebook. There was £3.8m in the bank at the end of October 2019. Costs are being reduced. Robin Miller will step down as chairman at the end of 2019. CIP Merchant Capital (CIP) recently increased its stake in Brave Bison to 11.7%.
Digital TV software developer Mirada (MIRA) increased underlying revenues by 11% to $5.74m, but it is still losing money. However, contracts are being won with potential for more over the next few months. Net debt has fallen to $3.53m following the sale of Mirada Connect for £2.12m ($2.72m).
City of London Group (CIN) says that its subsidiary Recognise Financial Services has applied to become a bank. The plan is to offer financial services to smaller companies and savings products. The company hopes to be authorised later in 2020, but that may prove optimistic. City of London Group will have to raise cash to finance the development of the bank.
Shareholders took up 10.9% of the open offer shares in Xeros Technology Group (XSG) and this raised £217,000.
A general meeting requisition has been lodged with Plutus PowerGen (PPG) and the intention is to remove all the current directors. They would be replaced with Nicholas Lee, David Horner and Dr Nigel Burton.
Mporium (MPM) has appointed an administrator and the business has been sold to management. There is unlikely to be anything for shareholders.
Semiconductors supplier CML Microsystems (CML) reported a decline in revenues and profit in the six months to September 2019. The storage products revenues fell by nearly one-quarter, while there was a 4% decline in communications revenues. However, an overall improvement on the first half is expected in the second half. Interim pre-tax profit fell from £2.4m to £900,000. A full year pre-tax profit of £2.6m, down from £3m is forecast.
Macfarlane Group (MACF) has increased revenues by 4% in the four months to October 2019. The packaging supplier has reduced overheads to offset price deflation. Full year performance is expected to be better than last year.
Fasteners supplier Trifast (TRI) has increased market share, but that has only partly offset the tough underlying markets. Interim revenues were 2% lower at £103.1m, while underlying pre-tax profit was 8.5% down at £10.6m.
Rainbow Rare Earths (RBW) has acquired ten mining claims in northern Zimbabwe and they cover carbonatite type bodies. The properties were previously explored for phosphates.
Kin + Carta (KCT) has made its first digital transformation acquisition in the form of Colorado-based Spire. The initial payment is $14.8m with a further performance-based payment next February and another after that. The company has raised £13.6m at 89p a share.
Specialist Fund Market-quoted Marwyn Value Investors Ltd (MVI) is returning £5.31m to realisation shareholders. That includes £5.28m from the takeover of BCA Marketplace and a small amount of liquidation proceeds from Gloo Networks. There will be a pro rata redemption of realisation shares. The shares will go ex-redemption on 6 December.
Blockchain venture builder Coinsilium Group Ltd (COIN) says that RIF Labs is acquiring RSK Labs, where Coinsilium owns 65,000 series Seed-1 preferred shares. The cost of the investment was $83,750. The acquisition is a share for token swap and Coinsilium will end up with 1.95 million RIF tokens, which is the equivalent of 139.4 bitcoins, currently valued at $773,000. However, an initial 12.5% of the consideration will be released six months after the deal is completed and then 2.5% each month for 42 months.
NQ Minerals (NQMI) has entered into an additional marketing and off-take agreement with Traxys Europe. The deal covers the production from the Hellyer project in Tasmania for the first five years. This includes a facility for prepayment.
Tectonic Gold (TTAU) says that its Australian subsidiary has received a A$590,000 tax rebate from the Australian government. A 43.5% rebate is due on qualifying technical expenditure and so far more than A$2m has been received. Spending continues.
Gowin New Energy Group Ltd (GWIN) chief executive Chen Chih-Lung is lending £40,000 to the company for 12 months at an annual interest rate of 2%.
Music and audio equipment supplier Focusrite (TUNE) is continuing to grow internationally although Asia is growing at the fastest rate. Full year revenues grew by 14% to £75.1m, while pre-tax profit improved from £9.51m to £11.3m. The dividend is 22% higher at 3.3p a share. There is £22.8m of cash in the bank and this could be used for add-on acquisitions. Tariffs on Chinese exports are being used as a way of testing out price rises for the US market. Forecast profit growth is modest but there is potential for outperformance.
Tristel (TSTL) is buying its distributor in Benelux and France and this will enhance earnings. The maximum payment for Ecomed will be €6.8m (£6m) with €5m paid up front. The deal also provides an additional warehouse in Europe. A full year contribution in 2019-20 will increase pre-tax profit by £700,000 to £6.5m.
Sustainable timber supplier Accsys Technologies (AXS) has increased its capacity for Accoya production by 50% and this will help production in the second half. Demand for Accoya is strong and sales increased from €28.3m to €31.1m in the six months to September 2018. The development of the Tricoya plant in Hull is progressing. Construction could be completed in the middle of 2019 and it will breakeven at 40% of capacity. Tricoya, which is used in MDF-type panels, is currently produced from Accoya and this plant will free up Accoya production for other customers. Numis forecasts a rise in full year revenues from €60.9m to €73.1m and a decline in loss to €5.1m. Net debt is expected to be €46m at the end of March 2019 and it will continue to rise because of the capital investment programmes. If partners can be secured in the USA and Asia then this could provide a significant boost to the company.
Initial drilling results at the Havieron licence area in Western Australia provided good news for Greatland Gold (GGP) with two wide zones of gold and copper mineralisation intersected. This significantly extends the known mineralisation.
Immunodiagnostic System Holdings (IDH) is up to its old tricks. The interim figures were published at 5.04pm on Friday 23 November. To be fair this is 14 minutes earlier than the half year trading statement so maybe the company is improving. Here’s hoping. Interim revenues were flat at £18.5m but the company fell into loss. There was £27.8m of cash in the bank (net cash of £26.5m) at the end of September 2018. Maybe some of this should be spent on an alarm clock so management can get up in the morning to release its results.
Chris Jagusz has stood down as chief executive of Redcentric (RCN) as revenue growth has been hard to come by. The latest interims have sparked downgrades for 2018-19 with revenues cut by 5% to £94.2m.
SIMEC AtlantisEnergy (SAE) has singed a joint venture with AD Normandie Developpement and this will enable the commencement of tidal energy projects between France and Alderney. A capacity of 3,000MW is being targeted and there is potential for EU grants.
Innovation software provider Imaginatik (IMTK) has achieved annualised cost savings of £1.2m, but the strategic review held back revenues and new orders in the first half. The cash outflow declined. Trading levels are picking up.
There are no competition concerns about the Ebiquity (EBQ) disposal of its advertising intelligence business to Neilsen Media Research. The business has been underperforming because of the uncertainty and this will enable the deal to go ahead. Ebiquity says that 2018 operating profit will be lower than expected.
Positive news about the Wressle oil project, where the planning officer for North Lincolnshire has recommended approval. The original application was refused two years ago. Operator Egdon Resources (EDR) owns a 30% interest in Wressle, Europa Oil and Gas (EOG) has a 30% interest and Union Jack Oil (UJO) has a 27.5% interest. Humber Oil and Gas owns the other 12.5%.
Integumen (SKIN) has raised £355,000 from a placing at 0.44p a share. This cash will support the development and commercialisation of Labskin. Integumen is paying €40,000 and six million shares to former chief executive Declan Service.
Sutton Harbour (SUH) returned to profit in the six months to September 2018, although the corresponding period had a hefty asset write-down, and it is raising cash for pre-construction funding. An open offer of 77-for-786 at 29p a share will raise up to £3m and close on 6 December. Planning approvals have been received for the Sugar Quay and Harbour Arch Quay schemes in Plymouth.
Electronic and battery products supplier Solid State (SOLI) is starting to improve its performance, although there may still be a decline in full year profit. In the six months to September 2018, revenues were 5% ahead at £23.6m and pre-tax profit improved from £1.55m to £1.66m. The interim dividend was 5% higher at 4.2p a share. The order book was worth £29.6m at the end of September 2018.
TomCo Energy (TOM) has appointed Turner Pope to replace SVS as broker and trading in the shares has recommenced.
SEC (SECG) is acquiring France-based public and corporate affairs business CLAI. An initial 10% stake, but with 50.1% of voting rights, will cost €490,000 in cash. A further stake of 40.01% will be acquired in the second half of 2020 and another 10% in the second half of 2023. The shareholders can ask SEC to buy the remaining shares between 30 July 2025 and 30 November 2025. The final payments are based on an earnout although the maximum will be €8.8m. In 2017, CLAI made a pre-tax profit of €551,000 on revenues of €4.49m. The acquisition could be earnings enhancing. CLAI will continue to be run by existing management.
Majestic Wine (WINE) is finding the UK market tough and margins are coming under pressure. Peel Hunt has reduced its 2018-19 pre-tax profit forecast by £2m to £12.8m, partly due to increased investment in Naked.
Kestrel has increased its stake in Pebble Beach Systems (PEB) to 22.2%.
Another disappointing trading statement from Fire Angel Safety (FA.) has led to a 2018 profit downgrade. Stock problems and delays to orders have hit the smoke alarms supplier. Scottish legislation due to be passed next year should provide a boost to demand. Fire Angel will be loss-making in 2018 but should make a small second half profit.
Legal services firm Knights Group (KGH) says that interim figures will be in line with expectations with double digit organic revenue growth. The interims will be announced on 15 January.
Maritime identification systems developer SRT Marine (SRT) had already flagged its 9% increase in interim revenues to £3.2m and increased underlying loss of £1.3m. There was little contribution from the GeoVS analytics system. There are expected to be significant deliveries in the second half, but timing cannot be guaranteed. A full year profit of around £3m is expected if the deliveries do take place. SRT is no longer considering investing in its own satellite constellation for this business.
FIH Group (FIH) reported flat interim profit, although there was a sharp improvement in contribution by the Momart art and museum logistics business. There was a decline in the performance of the Gosport ferry and Falkland Islands activities.
Lawyer Gateley (GTLY) says interim revenues will be one-fifth higher at £46.4m with around 50% of this organic growth. Full year revenues should be at least £102m. EBITDA margins should be maintained suggesting full year EBITDA of more than £19m. That is slightly higher than previous consensus.
Argentina-focused oil and gas producer and explorer President Energy (PPC) says the first Puesto Flores development well is producing at 600 bopd, having peaked at 1,000 bopd. This is as much as was anticipated from all three development wells. The results from the second development well appear positive and testing is about to commence. finnCap believes that the first well could have a post-tax NPV of $20m.
Pallett developer and manufacturer RM2 International (RM2) is raising £13m at 105p a share, following a 200-for-one share consolidation. This replaces the second tranche of a previously announced placing which would have happened at 1p a share (200p a share equivalent) but RM2 did not meet the performance requirements to spark the other placing. All but one of the investors set to buy shares previously will subscribe to the new placing. The cash will be used to fit track and trace devices to existing pallets, produce new pallets and cover admin costs. The cash will last until next April.
finnCap has sharply downgraded its pre-tax profit forecasts for telecoms services provider Maintel Holdings (MAI) due to project delays. The 2018 figure has been cut from £12.9m to £9.8m and the 2019 figure from £16.1m to £12.7m. The 2018 dividend is still expected to be 34.5p a share, although the cover will fall to 1.6 times. There is a move towards recurring revenues which will have a longer-term benefit for Maintel.
Restaurants operator Tasty (TAST) has revised its £7m term loan facility, which will be extended until March 2022. Quarterly repayments will be reduced from July 2019, by which time the amount draw down will be reduced by £1.1m. Net debt is currently £4.3m.
The NAV of value-focused investment vehicle Gresham House Strategic (GHS) has held up well considering the stockmarket decline. It grew to 1264p a share at the end of September 2018 and it was still 1243.2p a share on 16 November. The stake in IMImobile (IMO) has been reduced but it remains a strong performer. Cloud communications software supplier IMImobile improved its interim revenues by one-quarter and organic growth was 15%. The growth came from the European and American operations. Established customers are buying more services from the company and acquisitions are supplementing growth. Liontrust has increased its IMImobile stake to 21.4% but Kestrel has cut its to below 3%.
Payment protection software provider PCI-PAL (PCIP) is paying former boss William Catchpole his contracted entitlements plus £100,100 in settlement of his claims. The board unanimously asked Catchpole to leave in October. The final loan note repayment of £250,000 has been received from the buyer of the contact centre business.
Digital and media recruiter Nakama Group (NAK) reported flat interim net fees of £2.7m, but it managed to return to profit thanks to reduced costs. Further cost cutting is underway. There was a £558,00 cash inflow from operations and net debt was £488,000.
Antennas developer MTI Wireless Edge (LSE: MWE) has completed its merger with Israel-quoted majority shareholder MTI Computers and the initial benefits will show through in the second half. The interim figures show organic growth in revenues of 2%, but that growth should accelerate in the second half. Water management technology provider Mottech is winning new business and there are good prospects for the other divisions. The NAV is 17.8p a share and the full year dividend could be 1.25p a share.
Two directors have invested nearly £230,000 in shares in Condor Gold (CNR) at 22pa share. Non-executive Jim Mellon took his stake to 7%, while executive chairman Mark Child has reached 6%. Condor has been granted an important environmental permit for the development of a processing plant at its La India project in Nicaragua. SRK Consultants is preparing an updated mineral resource.
Juridica Investments Ltd (JIL) plans to leave AIM as part of the process of winding-up the company. The quotation will be cancelled on 21 December after liquidators from KPMG Channel Islands are appointed. Management fees will be reduced.
Online women’s fashion retailer Sosandar (SOS) continues to build up its sales, having been trading for two years, and they reached £1.84m in the six months to September 2018. The loss was nearly £2m. Returns were 52% but that was put down to a high level of dress sales in the period and it can be more difficult to get the right fit. The benefits of the move to the Magento 2 ecommerce platform and the investment in the website are showing through in the second half. October was a record month. A placing raised £3m after the balance sheet date so pro forma cash is £5.56m.
600 Group (SIXH) has rationalised its UK business and sorted out its pension problems. Interim revenues were slightly ahead but underlying margins improved from 5.1% to 6%. The machine tools and laser marking equipment supplier is expected to improve its full year pre-tax profit from $3.05m to $3.9m.
Motor dealer Cambria Automobiles (CAMB) has performed well considering the dip in the new car market. Used vehicles and aftersales offset some of the decline. There was a 2% decline in revenues to £630m and underlying pre-tax profit fell by 13% to £9.8m. The capital investment programme for new sites has peaked and the benefits of that investment are still to come.
Veltyco Group (VLTY) is still finding it difficult to collect the money it is owed. This means that its cash is running low and this will impact its ability to promote its own brands.
Graphene materials supplier Directa Plus (DCTA) is confident that it will achieve 2018 revenues of €2.3m and this figure could double in 2019. Growth is coming from textiles, environmental and elastomers customers.
Ubisense Group (UBI) is selling RTLS SmartSpace for up to £35m, which is around two-thirds of the software company’s current market value. The group had cash of £6.8m in the middle of November 2018. Funds managed by Investcorp Technology Partners will pay an initial £30m. Liabilities of £3.1m and a loan of £1.75m will have to be paid out of the proceeds. The company’s name will be changed to IQGeo and it will focus on the myWorld product, which helps telecom companies to integrate their technology ecosystem. The myWorld business generated interim revenues of £5.7m but £3.2m was geospatial services from third party products. Some of the cash will be distributed to shareholders.
The decline in annual pre-tax profit at Stride Gaming (STR) from £18.9m to £14.8m was no surprise given the impact of regulation and tax. The online bingo and gaming company is likely to report a further fall in profit this year. A special dividend of 8p a share has been announced and in future 50% of net earnings will be paid in dividends.
Packaging and labels supplier Macfarlane Group (MACF) continues to grow revenues organically, supplemented by recent acquisitions. Organic growth has been 5% and overall growth is 13%. The fourth quarter is important, though. Full year pre-tax profit is forecast to improve by 47% to £13.6m and earnings per share by one-third to 7p. Acquisition payments should be offset by cash generated in the second half.
S and U (SUS) has increased its investment in Aspen Bridging from £20m to £30m. Aspen has been trading for less than two years and is already in profit.
Creightons (CRL) increased its interim profit by 44% to £1.38m on revenues one-third ahead at £22.3m. The main growth in sales has come from retailer own brands, while Creightons own brands raised their sales by 11%.
David Brown has sold his 4.55% stake in Associated British Engineering (ASBE).
Sealand Capital (SCGL) has formed a new subsidiary called ePurse (HK) Ltd, which is generating commissions from WeChat Pay activities in Hong Kong. Licences have been obtained in the UK and Dubai.
Aveva Group AVV There are now so many ways of calculating profits that the figures have become almost meaningless and companies have the freedom to chose between profit before tax, on a diluted, adjusted, normal or statutory basis and the difference between these four can be and often are enormous. Companies can elect the headline for their results as ranging from a whopping loss to a thumping big profit. For the year to the 31st March Aveva has chosen to present them on a combined basis which shows an 8.6% rise in revenue and profits slumping by 34.3% unless you prefer the statutory figure with a rise of 8.8% or, even better, a rise of 23.3% on an adjusted basis. Thus Chairman and CEOs are left with complete freedom as to how they can best describe the company’s performance. Aveva decides the year as being transformational and promises that the years ahead are going to be even more exciting. Nobody can agree or disagree with these comments when all we know is that the company is either making a loss, or if not, then it is making a profit.
Majestic Wine WINE returned to profit and describes itself as making headway in headwinds in the year to the 2nd April. Last years loss of 1.5m was turned into a profit of 8.3m, with Naked Wines, where sales rose by 11.8%, being the key driver. UK retail remained challenging. Reported revenue rose by 2.3% but the final dividend reflects the transformation into profit with a rise from 3.6p to 5.2p. More important for the future is the fact that 20% of the business is now in the growth markets of the US and Australia.
PZ Cussons PZC has given plenty of notice of the bad times from which it is suffering in Nigeria and the UK and it now updates that trading in both these countries has continued to be difficult, with Nigeria actually getting worse. In other markets results have been robust and profit before tax for the full year is now expected to just scrape into the bottom end of the previously forecast range. Still worrying though to see how many of these household name companies are being dragged down by poor UK performances.
NWF Group NWF updates that it has delivered an outstanding performance, especially in fuels in the year to the end of May. Trading has been significantly ahead of both current market expectations and the previous year.