News blog

AIM 50 Digest 14 June 2024

  • BY: Andrew Hore |
  • POSTED: 16/06/2024 |

Language and IP services RWS (RWS) reported a 4% decline in interim revenues to £350.3m, while pre-tax profit slumped from £54.4m to £45.6m. Most of the group improved revenues, but regulated industries business was lower due to larger pharma clients cutting costs and work was reduced in financial services. The interim dividend has been raised 2% to 2.45p/share. There was a move from net cash to net debt of £38.9m at the end of March 2024. The second half should be stronger. The departing chief executive Ian El-Mokadem has bought 5,000 shares at 176.4p each.
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Engineering services provider Renew Holdings (RNWH) has found its initial target for its move into the electricity transmission sector. It is paying up to £26m for Excalon, which provides construction services for high voltage and extra high voltage infrastructure. The company has framework agreements with electricity distributors. The next five-year funding cycle for distribution network operators is worth £22.3bn.
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Pantheon Resources (PANR) has entered a gas sales precedent agreement with the state-owned Alaska Gasline Development Corporation, which is developing the Alaska LNG project. This is designed to supply Alaska and export up to 20 million tonnes of LNG each year. Pantheon Resources would supply up to 500 mmcf/day of gas at a maximum base price of $1/mmbtu. There are plans to increase the scale of the Ahpun development.
Pantheon Resources is making the quarterly principal and interest payment on its convertible bonds by issuing shares worth $2.72m at 36.4 cents each. Ther has also been $3.36m raised at the same share price. Management is hopeful that the gas sales agreement will enable further funding without dilution. It will cost up to $85m to get to the final investment decision for Ahpun.
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Cloud computing and hosting services provider Iomart (IOM) reported revenues 10% higher at £127m. The main growth came from cloud managed services. Easyspace revenues were flat, while self-managed infrastructure revenues dipped slightly.  Underlying pre-tax profit edged up to nearly £15m, following an increase in finance costs. A higher tax charge meant that the dividend was cut from 5.44p/share to 4.94p/share. The operations have been streamlined and integrated and they are generally selling under one brand. This has enabled management to target larger acquisitions that can be slotted into the group. They should have annual revenues of more than £10m. There is a debt facility of £100m and there is headroom in that facility of around £75m.
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IDOX (IDOX) grew first half revenues by more than one-fifth to £43.1m, although like-for-like growth was more modest when the Emapsite acquisition is excluded. The document management and geospatial services provider is on course to maintain pre-tax profit at £15.8m, before the benefits of recent investment show through in profit growth.
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Cavendish has upgraded its forecast for plantations operator MP Evans (MPE) following the AGM. In the first five months of the year, there was an 8% increase in fresh fruit bunches processed to 631,400 tonnes. There was 147,500 tonnes of crude palm oil produced, which is nearly two-fifths of the full year estimate. The 2024 adjusted earnings forecast has been raised from 108p/share to 110.6p/share.
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Identity services provider GB Group (GBG) reported flat full year revenues of £277.3m, although the adjusted operating profit improved from £59.8m to £61.2m. Net debt was £80.9m at the end of March 2024 and the dividend was raised 5% to 4.2p/share. There is improved momentum in the current financial year with mid-single digit revenues growth and a slightly higher growth rate in profit anticipated. 
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Fevertree Drinks (FEVR) says revenues are growing this year and it is on course to achieve full year expectations. Strong growth is expected in the rest of the world. 
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ITM Power (ITM) expects 2023-24 revenues to be in the range of £16m to £16.5m, which is treble the previous year. Net cash was £230m at the end of March 2024.
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Central Asia Metals (CAML) has completed an initial £3m investment in Aberdeen Minerals giving it a 28.7% shareholding.
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SigmaRoc (SRC) has exercised its call option to buy the Polish lime assets of CRH for Euro100m.
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WIIT has decided not to make an offer for Redcentric (LON: RCN). Shareholders have approved the bid for Lok’nStore (LOK).
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Cag Vega has taken a 9.76% stake in Vertu Motors (VTU), while Cinch has sold its 9.04% stake. DBAY Advisers has increased its stake in Alliance Pharma (APH) from 24.1% to 28%. Van Lanschot Kempen Investment Management has cut its stake from 9.9% to 5.09%.
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Joint chief executive Neil Stevens has sold 750,000 shares in Fintel (FNTL) and Matt Timmins sold 250, off shares at 297.5p each. They hold 2.67% and 3.33% respectively. Serica Energy (SQZ) interim chief executive David Latin bought 14,500 shares at an average price of 144.7132p/share and finance director Martin Copeland bought 11,000 shares at 145.1484p each. Big Technologies (BIG) finance director Daren Morris has sold 50,000 shares at 168p each.

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