News blog

AIM 50 Digest 10 September 2021

  • BY: Andrew Hore |
  • POSTED: 12/09/2021 |

Robotic software provider Blue Prism (PRSM) is in discussions with potential private equity buyers TPG Capital and Vista Equity Partners, although there is no guarantee that there will be a bid. One shareholder, Coast Capital, which owns just under 3%, is not in favour of a takeover.
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Healthcare IT supplier EMIS (EMIS) had a strong first half helped by the use of its systems to manage the Covid-19 vaccine roll-out. Even though this is past its peak there is likely to be continued demand. Interim revenues were 7% higher at £83.5m, with £65.8m of this is recurring. The interim dividend has been increased by 10%.
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IQE (IQE) reported interims in line with expectations, but the second half will not be as good as expected. The semiconductor wafer supplier is likely to make a modest full year profit. Capital spending is increasing as IQE increases capacity.
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Audio visual products Midwich (MIDW) improved interim revenues by 29% to £390.1m, while it returned to pre-tax profit. Second half trading is well ahead of last year. Managing director Stephen Fenby has sold two million shares at 608p each. He still owns 19.5%.
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Video games developer Frontier Developments (FDEV) increased revenues by 19% to £90.7m in the year to May 2021. Operating margin has been maintained at 22%. Pre-tax profit improved from £16.2m to £19.2m. There is £42.4m in the bank.
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Engineering and infrastructure services provider Renew Holdings (RNWH) says that its full year figures will be better than expectations. Pre-tax profit had been expected to be £45.8m but the outcome will be at least £50m.
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Gamma Communications (GAMA) grew interim revenues by 23% to £217.4m. This includes contributions from recent acquisitions, which are helping margins to improve. Earnings increased by 30% to 30.6p a share, while the dividend has been raised by 13% to 4.4p a share. New sales activity has returned to previous levels.
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In the six months to June 2021, Secure Income REIT (SIR) increased its net tangible assets by 3% to 391.1p a share. Rents have returned to 92% of pre-pandemic levels and should return to contracted levels in January. Loan to value is 35.6%. 
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Jet2 (JET2) has ordered 36 new aircraft from Airbus, and this could be extended to 60 aircraft. The initial order will be delivered over five years to 2028. Flight and holiday bookings are building up but winter bookings are slower than hoped for, although summer bookings are strong. Own cash was £1.5bn at the end of August 2021.
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Institutional investor demand for developments by Watkin Jones (WJG) continues to be strong. Forecasts are being maintained. All the contracted rental and student accommodation is on course to be delivered at the end of September. There is already £150m of forward funding agreements for the next four years and the property management business is also gaining contracts. A pre-tax profit of £50m is forecast
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Demand for Johnson Service Group (JSG) linen hire services for hotel and catering customers and full year trading is at the higher end of market expectations. First half revenues for the hotel and catering division were 30% lower, but by August volumes were more than 80% of the same month in 2019. The new Leeds site has been opened. Workwear demand had held up much better and first half revenues were flat. Group revenues were 13% lower at £99.6m. The loss was slightly lower at £11.2m. Net debt was £8.8m at the end of June 2021.
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Clinigen (CLIN) has signed a distribution deal to distribute Paion hospital drugs in the UK. Byfavo is a Paion drug used as a sedative for patients undergoing invasive medical procedures.
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The wife of Volex (VLX) chief operating officer John Molloy bought 61,000 shares at 390p each. The combined holding is 1.37 million shares.

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