News blog

AIM 50 Digest 10 February 2023

BY: Andrew Hore |
POSTED: 13/02/2023 |

North Sea oil and gas producer Serica Energy (SQZ) generated average net production of 26,182 barrels of oil equivalent. Production guidance for 2023 following the Tailwind Energy acquisition is between 40,000-47,000 barrels of oil equivalent – the current production rate is 43,300 barrels of oil equivalent. The Tailwind Energy acquisition should be completed in March.
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Mortgage Advice Bureau (MAB1) reassured investors that current trading is in line with expectations. Peel Hunt forecasts a 2022 pre-tax profit of £27m and the 2023 figure is expected to be similar. There are signs of recovery in the mortgage market, while Mortgage Advice Bureau is gaining market share.
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New ITM Power (ITM) chief executive believes that the company’s PEM electrolyser technology is amongst the best in the industry. He intends to focus on a smaller product range, improve production efficiency and cut costs. Interim revenues fell from £4.2m to £2m. Net cash is £317.7m and should be more than £245m by the end of April 2023.
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CentralNic (CNIC) has sparked the regular upgrade with its fourth quarter figures. Full year revenues were better than expected at $728m. Pre-tax profit was upgraded from $69.2m to $72.4m. CentralNic is partnering with automated hosting resellers platform WHMCS. This will enable customers to consolidate domains with different registrars.
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Advanced Medical Solutions (AMS) has bought Connexicon Medical, which develops tissue adhesives. Dublin-based Connexicon was spun out of Henkel AG and products are sold under the brand name Flexifuze.
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In the six months to December 2022, Pan African Resources (PAF) earnings will be between 1.4 cents a share and 1.64 cents a share, down from 2.39 cents a share. Gold sold declined by 16% to 90,439 ounces and the price was slightly lower.
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Video games services provider Keywords Studios (KWS) has acquired US-based PR agency 47 Communications, which generated revenues of $11m last year.
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Results from construction materials supplier Sigmaroc (SRC) were modestly ahead of expectations in 2022 and 2023 has started well as energy costs are lower and demand is strong. Organic growth in revenues was 19% last year. Pre-tax profit is forecast to improve from £47.2m to £57m in 2023.
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Engineering services provider Renew Holdings (RNWH) is trading in line with expectations and is on course for a full year pre-tax profit of £61m, while net cash should be £30m. The order book was £861m at the end of December 2022.
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Numis Corporation (NUM) says that the first four months of the financial year have been subdued. Revenues were at a similar level to the run-rate in the second half of last year, although a recovery in smaller company share prices means that the equities business is slightly ahead of its run-rate in the same period.
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Floorcoverings supplier James Halstead (JHD) says interim revenues grew by 8-9% in the first half, which was held back by shipping problems. International freight availability is improving so the outlook is better. Supply concerns have eased, and stocks have been reduced. WH Ireland is maintaining its 2022-23 pre-tax profit forecast at £50.1m, down from £52.1m because of higher costs.
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Pantheon Resources (PANR) is on course to clear out the sand blockage in the Alkaid #2 well in Alaska. This will enable preparations for long-term production testing.
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DBAY Advisers has increased its stake in Alliance Pharma (APH) from 7.97% to 8.03%.
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Next Fifteen Communications (NFC) chief executive Tim Dyson sold 300,000 shares at 1050p each leaving him with 4.74 million shares. Watkin Jones (WJG) non-exec Francis Salway bought an initial stake of 45,500 shares at 110.16p each. Learning Technologies Group (LTG) non-exec Aimie Chapple purchased an initial stake of 15,200 shares at 151p each.

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