News blog

AIM 50 Digest 14 October 2022

  • BY: Andrew Hore |
  • POSTED: 16/10/2022 |

Floorcoverings supplier James Halstead (JHD) reported annual figures slightly ahead of expectations. In the year to June 2022, revenues grew from £266.4m to £291.9m, while underlying pre-tax profit improved from £51.3m to £52.1m. Net cash was £52.1m at the end of June 2022. Total dividends were 7.75p a share, up from 7.63p the previous year. International markets were strong. Although revenues are forecast to grow to £321m, much of that reflects inflation and admin costs are expected to grow at a faster rate. The forecast 2022-23 pre-tax profit is £51.1m.
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IDOX (IDOX) has acquired LandHawk, a cloud-based land mapping software company, for £1.5m. This will enhance the group’s geospatial technology. LandHawk has a commercial customer base and IDOX will be able to sell the services to its governmental customers.
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Residential rental and student accommodation properties developer Watkin Jones (WJG) failed to complete two deals by the end of September and that will knock 10% off 2021-22 pre-tax profit to around £49m. Next year’s profit could be similar as costs continue to increase. Institutional investor demand for student accommodation and rental housing remains good and this is a timing issue due to uncertainty ahead of the mini-Budget. Net cash is £75m and the dividend should still be around 7.8p a share for the full year.
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Polar Capital (POLR) assets under management slipped from £19bn to £18.8bn in the quarter to September 2022 with a performance gain offset by outflows. Impax Asset Management (IPX) assets under management rose slightly in the fourth quarter to September 2022, but they were 4% down over the year at £35.7bn. There were net inflows of £2.9bn. Wealth manager Brooks Macdonald (BRK) funds under management fell by 1% to £15.5bn in the quarter to September 2022.
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GTCR is no longer considering a bid for GB Group (GBG) and the shares fell back on the news.
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Central Asia Metals (CAML) beat third quarter production estimations leading to an increase in full year expectations by Peel Hunt. Kounrad is expected to produce 14,000t of copper, 21,500t of zinc and 27,700t of lead. A total dividend of 26.7 cents a share is forecast.
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Revolution Beauty (REVB) executive chairman Tom Allsworth and chief executive Adam Minto are stepping away from daily management of the business to support the investigation into the company’s accounts. Bob Holt will be interim chief operating officer.
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Light fittings manufacturer FW Thorpe (TFW) reported 22% growth in revenues to £143.7m. The growth rate was 10% excluding the Zemper acquisitions. Pre-tax profit improved 30% to £24.1m. The total dividend is 6% higher at 6.15p a share. Even after investing in higher inventories there was £19.7m in cash generated from operations. Trading is ahead of last year.
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IQE (IQE) is collaborating with the second largest South Korean conglomerate, and this could lead to IQE entering new semiconductor markets, such as power applications.
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Trading was better than expected at Renew Holdings (RNWH) and Peel Hunt upgraded its 2021-22 pre-tax profit forecast by 3% to £55m. Net cash is £18m. Demand for engineering services continues to grow. The order book underpins at least a maintained profit this year despite the cost increases.
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The Serenity SA02 well in the North Sea was not oil bearing and i3 Energy (I3E) will bear the majority of the cost of the well of £10.4m. It will pay £5.6m, while £4.8m will be paid by Europa Oil & Gas (EOG). WH Ireland has reduced its valuation estimate for i3 Energy from 66p a share to 49.35p a share. The i3 Energy share price fell 15.5% to 23.2p. John Festival, chair of i3 Energy bought one million shares at C$0.355 each and chief executive Majid Shafiq acquired 206,607 shares at 24.2p each.
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Learning Technologies Group (LTG) has set out its strategic goals for 2025. Management wants to achieve run-rate revenues of £850m and run-rate adjusted operating profit of £175m by the end of 2025. Organic growth is expected to be 5% a year and the rest will come from acquisitions.
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Pan African Resources (PAF) has completed the deal to acquire Mintails SA assets and is securing $80m of debt funding.
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The Western Australia government is spending around $A225,000 with ITM Power (ITM) for a feasibility study on manufacturing renewable hydrogen electrolysers in the state.
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Fevertree Drinks (FEVR) non-exec Jeff Popkin bought 41,669 shares at $9.20 each and fellow non-exec acquired 41,000 shares at 835p each. Ceres Power (CWR) finance director Eric Lakin bought an initial 5,991 shares at 333.5919p each, non-exec Tudor Brown bought an initial 15,000 shares at 384.6p each and fellow non-exec Uwe Glock doubled his stake to 80,000 shares. CVS Group (CVSG) non-exec Richard Gray’s shareholding has been increased by 1,000 shares at 1749.99p each. Mortgage Advice Bureau (MAB1) deputy chief executive Ben Thompson bought 16,764 shares at 595p each. 

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