News blog

AIM 50 Digest 16 April 2021

  • BY: Andrew Hore |
  • POSTED: 18/04/2021 |

Fuel cell technology developer AFC Energy (AFC) has raised £36m at 64.5p a share. The cash will be used for developing products for electric vehicle charging and power products, particularly for data centres. ABB Schwartz invested £3.25m and it has broadened its agreement with AFC to include data centres.
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In the year to January 2021, Next Fifteen Communications (NFC) increased revenues by 7% to £266.9m and underlying pre-tax profit is 22% higher at £49.1m. Acquisitions helped but earnings per share jumped by 17% to 40.7p. Prior to the results, Next Fifteen acquired Shopper Media, which is a data driven marketing business. In the year to September 2020, the business made a pre-tax profit of £3.5m. The initial payment is £15.7m in cash and shares. Further deferred consideration is payable for performance in each of the two financial years to January 2023.
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ASOS (ASC) has raised £500m from a convertible bond. The bonds have a coupon of 0.75% and are repayable in 2026. In the first half, ASOS revenues were one-quarter ahead at £1.98bn, while pre-tax profit jumped from £30.1m to £112.9m.
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Naked Wine (WINE) continues to benefit from Covid-19 lockdowns. The online wine retailer grew last year’s sales by 68% with US growth even faster. The active customer base increased by 50% to 885,000. The full year results will be published on 11 June.
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Strong demand from electric vehicles and consumer electronics meant that Volex (VLX) had a strong end to its financial year. Electric vehicle revenues nearly trebled to $52m. Total revenues will be at least $440m and underlying operating profit at least $41m. The final dividend will be at least 2.2p a share.
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Impax Asset Management (IPX) achieved £30bn of assets under management by the end of March 2021. There were £4bn of net inflows during the latest quarter. Polar Capital (POLR) had £20.9bn of assets under management at the end of March 2021, up from £12.2bn one year earlier. 
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Central Asia Metals (CAML) produced 2,800 tonnes of copper in the first quarter. There were 5,742 tonnes of zinc and 7,016 tonnes of lead produced at the Sasa mine.
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First Derivatives (FDP) says that it generated flat revenues of £238m and EBITDA of £40m last year, down from £45.5m. Net debt has been reduced.
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Earnings forecasts were increased following the latest trading statement from Gooch and Housego (GHH). Interim trading was in line with expectations with industrial laser markets recovering. Full year estimated earnings were raised by 2% to 34.8p a share.
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Student accommodation and private rental housing developer Watkin Jones (LSE: WJG) will report slightly lower interim profit than last year’s level, which covered a period prior to the lockdown. Net cash is £31m.
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ITM Power (ITM) is involved in the Green Hydrogen for Glasgow project with BOC and Scottish Power, and it is applying for permission to site a 20MW electrolyser. ITM is the preferred electrolyser equipment supplier for hydrogen fuelling station and electrolyser for AGR in Germany.
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Clinigen (CLIN) has started supplying Erwinase in the UK. Erwinase is used in combination with chemotherapy for acute lymphoblastic leukaemia.
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Secure Income REIT (SIR) has been paid 99.99% of the £25.95m due in rent between 8 January and 7 April.
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Following the latest trading statement by cloud computing and hosting services provider Iomart (IOM), finnCap downgraded its 2020-21 earnings forecast from 15.9p a share to 14.3p a share. Recurring revenues are holding up, but one-off revenues were hit by lockdowns. Net debt is better than expected at £30m.
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Alliance Pharma (APH) founder John Dawson has further reduced his stake from 5.6% to 4.5%. CVS Group (CVSG) non-exec chairman Richard Connell has bought 5,000 shares taking his holding to 157,800 shares, which is worth more than £3m. Non-exec director Andrew Stone has sold a further 198,000 shares in Gamma Communications (GAMA) and he has 217,000 shares left.
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AXA Investment Managers has cut its take in Advanced Medical Solutions (AMS) from 9.57% to 4.94%.

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