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AIM 50 Digest 17 November 2023

  • BY: Andrew Hore |
  • POSTED: 20/11/2023 |

City Pub Group (CPC) is also the subject of an agreed bid. Young & Co’s Brewery (YNGA) is offering 108.75p in cash and 0.032658 of an A share for each City Pub Group share, valuing it at 145p/share or £162m. The share price jumped 37.4% to 136p. Young’s has been seeking to grow its managed pubs business and believes it is rare to have the opportunity to acquire such an attractive portfolio of pubs. The deal will increase the number of pubs owned by 50 to 279. A significant amount of City Pub Group’s central overheads of £5.6m could be saved by the combined group and there could be other savings. Young’s shares fell 0.45% to 1105p. Young’s interims showed a 5% improvement in revenues to £196.5m, while underlying pre-tax profit improved 12% to £28m. The interim dividend is 6% higher at 10.88p/share. Managed pub revenues continue to grow.
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Tatton Asset Management (TAM) continues its impressive growth in assets under management, which have passed £15bn this month. There was a small performance gain in the first half, but the growth has come from net inflows of around £150m/month. The growth has led to improving margins and that more than made up for a dip in profit contribution from the Paradigm mortgage-related business. Earnings grew 6% to 10.52p/share. The dividend is being rebased with a 78% increase in the interim to 8p/share.
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Grocery and catering distributor Kitwave (KITW) confirms it is on track to achieve revenues of £600.9m and pre-tax profit of £27.5m for the year to September 2023, up from £503.1m and £18.9m. That forecast has been raised six times in less than three years.
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Team Internet Group (TIG) reported further growth in its business, but the weaker digital advertising market reduced the rate of growth for the online marketing division. It still grew 15% over nine months, while there was a strong performance by the domain names business. Group revenues were 16% ahead at $611.7m, while lower gross margin meant that EBITDA was 11% ahead at $68.8m.
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Digital marketing technology and services provider Dotdigital (DOTD) grew full year revenues from £62.8m to £69.2m, while pre-tax profit improved from £14.5m to £15.4m. North America is getting back to growth, but Asia Pacific is still growing fastest. This was before the £25m acquisition of Fresh Relevance, which accelerated technology development.
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Zeus has upgraded its forecasts for Fintel (FNTL) following two acquisitions. VouchedFor is a review site for financial advisers, mortgage advisers, solicitors and accountants and many of Fintel’s clients currently subscribe to a rival. AKG is a financial strength ratings consultancy. They will not have a significant effect on 2023, but they should add £3.1m to 2024 revenues. However, there will be a small reduction in forecast earnings to 13.1p/share.
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Business recovery services provider Begbies Traynor (BEG) has acquired Andrew Forbes, which is a chartered surveyor, for up to £1m, with an initial £500,000 paid. This will fit with the property services division and strengthens the business in south west England. It will contribute £250,000 of annul profit.
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Audio visual products distributor Midwich Group (MIDW) has acquired 51% of Germany-based prodyTel Distribution for £7.4m and there are put/call options over the other 49% for a fixed price of £7.1m. Annual revenues are £19.2m and pre-tax profit around £3.5m. The company had net cash of £600,000 on completion. 
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Cinch has increased its stake in motor dealer Vertu Motors (VTU) from 3.1% to 4.15%. Vertu Motors has corrected the Companies House records and obtained an injunction against the person that made the false amendments.
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Light fittings manufacturer FW Thorpe (TFW) says that orders and revenues are marginally ahead of the same period last year, but interim results are likely to be similar to last year.
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Identity services provider GB Group (GBG) chief executive Chris Clark will be replaced by Dev Dhiman, who currently runs the Asia Pacific division, at the end of January 2024.
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Electrolysers developer ITM Power (ITM) has launched its Hybrid Stack, which provides a 10% efficiency improvement.
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Big Technologies (BIG) finance director Daren Morris bought 5,000 shares at 177p each. FD Technologies (FDP) chief executive Seamus Keating has acquired 10,500 shares at 926p each and finance director Ryan Preston bought 2,786 shares at 922p each. 
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Gresham House Asset Management has increased its stake in Iomart (IOM) from 11.2% to 12.8%.

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