News blog

AIM 50 Digest 11 November 2022

  • BY: Andrew Hore |
  • POSTED: 14/11/2022 |

Electrical power products supplier Volex (VLX) reported a 22% increase in interim revenues to $357.5m, while the underlying pre-tax profit is 14% ahead at $29.1m. The interim dividend improves from 1.2p a share to 1.3p a share. Net debt has risen to $98.8m following deferred acquisition payments. There is momentum from the first half and a strong pipeline of customer project opportunities.
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Pubs and bars operator Young and Co (YNGA) increased interim continuing revenues by one-quarter to £186.5m. Underlying pre-tax profit improved by 15% to £25m. Net debt increased to £168.1m. The interim dividend is one-fifth higher at 10.26p a share. Since the end of the period, managed house revenues were ahead of the 2019 comparatives. The FIFA World Cup provides a positive back drop for the rest of the calendar year, although rail strikes could offset this. Energy has been forward purchased to March 2024.
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Vets operator CVS Group (CVSG) has set out plans to double EBITDA to around £200m over five years, which would be equivalent to growth of 15% a year. This will come from a combination of organic revenue growth of4%-8% a year and acquisitions. Cash generation from operations should fund growth.
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Video games developer Frontier Developments (FDEV) has acquired Canada-based Complex Games for an initial £8.3m with up to £3.3m more payable depending on operational performance up until the end of 2023. Complex Games developed Chaos Gate Daemonhunters. The deal should be modestly earnings enhancing.
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Oil and gas producer i3 Energy (I3E) achieved record corporate production of 23,000 barrels of oil equivalent per day in October and it is set to reach 24,000 boe per day by the end of the year. The average third quarter production was 20,571 boe per day.
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The Next Fifteen Communications (NFC) bid for M&C Saatchi was an extended affair and it has finally come to an end with M&C Saatchi (SAA) shareholders rejecting the offer.
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CentralNic (CNIC) has completed its $250m debt refinancing and this will provide a reduction in interest charges. The company’s quoted bonds have been redeemed. Third quarter results will be published on 22 November.
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IQE (IQE) wants to treble revenues to $650m by 2027. This will come from the existing core markets. The global epiwafer market is forecast to grow by 22% a year to $4.6bn in 2027. IQE has signed a multi-year agreement with Advanced Wireless Semiconductor Company for the supply epiwafers for wireless applications. 
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Pantheon Resources (PANR)
has acquired 40,000 acres, which are near to the company’s acreage, in the state of Alaska. The bids averaged $28/acre. They will have an annual rental of $10/acre. Clean out operations continue at the Alkaid #2 well.
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Ticketing technology company accesso Technology (ACSO) has signed a five-year contract extension with Cedar Fair, which has 18 parks and entertainment venues. 
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Advanced Medical Solutions (AMS) has filed a pre-market approval application for LiquiBandFix8. Approval should be granted by the end of 2023.
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FW Thorpe (TFW) director Antony Cooper’s wife sold 6,000 shares at 428p each. They still own 0.14%. FD Technologies (FDP) chief executive Seamus Keating purchased 7,504 shares at 1290p each. LBG Media (LBG) chief executive Solly Solomou bought 900,000 shares at 51p each. 

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