News blog

AIM 50 Digest 19 April 2024

BY: Andrew Hore |
POSTED: 22/04/2024 |

Electrical and power accessories supplier Volex (VLX) did better than expected in the year to March 2024. Revenues will be at least $900m. That includes seven months from Murat Ticaret. Operating profit will be slightly ahead of forecasts and margins improved. Revenues of $1.2bn are targeted for 2026-27.
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Advertising agency M and C Saatchi (SAA) had a much stronger second half with 2023 revenues 2% lower at £453.9m, while the pre-tax profit fell from £31.8m to £28.7m. The dividend was raised from 1.5p/share to 1.6p/share. Net cash is £8.3m. The South Africa subsidiaries have been sold for £5.6m. These generated a post-tax contribution of £700,000.
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Tatton Asset Management (TAM) had net inflows of £2.3bn in the year to March 2024. Total assets under management are £17.6bn. The final results will be published on 18 June.
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Subsea equipment rental company Ashtead Technology (AT.) has been hit by profit taking and fallen 14% to 652p even though management says that 2024 expectations are unchanged. Full year revenues were 51% ahead at £110.5m and pre-tax profit 69% higher at £27.5m.
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Self-storage operator Lok’nStore (LOK) has agreed a 1,100p/share cash bid from Belgium-based Shurgard Self Storage. That values the company at £370m.
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Brooks Macdonald (BRK) had funds under management of £17.9m at the end of March 2024, which is a 2% increase on the previous quarter. Polar Capital (POLR) increased assets under management from £19.2bn to £21.9bn in the 12 months to March 2024. Second quarter assets under management at Impax Asset Management (IPX) rose 1% to £39.6m.
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Next 15 Group (NFG) increased revenues by 2.5% to £577.8m in the year to January 2024, while pre-tax profit was 5% ahead at £117.9m. Trading is strong for all four divisions of the marketing services company.
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accesso Technology (ACSO) increased 2023 revenues by 7% to $149.5m and underlying earnings improved by 4% to 37.5 cents/share. This was helped by three acquisitions. Visitor demand has stabilised at attractions and venues. Revenues could reach $160m this year.
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Learning Technologies Group (LTG) reported slightly lower revenues of $562.3m in 2023 and profit was flat. Management is cautious about 2024 prospects and continuing revenues are likely to be flat.
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Construction products supplier SigmaRoc (SRC) says first quarter trading is in line with expectations and the integration of the recent acquisitions is going well.
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Pantheon Resources (PANR) says consultancy Netherland Sewell & Associates has increased its best estimate resource for the 100% owned Kodiak field by one-quarter to 1,208 million barrels of recoverable liquids. The best estimate contingent gas potential is 5.4tcf of recoverable gas.
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Engineering services provider Renew Holdings (RNWH) acquired Route One for an enterprise value of £5m. The West Yorkshire based company provides bridge deck maintenance services for roads. This deal adds new services to the group. Trading is in line with expectations.
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Cloud computing and hosting services provider Iomart (IOM) says the full year outcome will be in line with expectations. Revenues were 10% ahead at £127m and pre-tax profit was in the middle of consensus at £15m. Net debt is £25m and there is a £100m facility. There was a decline in smaller customers in the second half. Limited profit growth is expected this year, but further acquisitions could enhance earnings.
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Central Asia Metals (CAML) says Kounrad produced 3,120 tonnes of copper and Sasa 4,741 tonnes of zinc and 6,529 tonnes of lead concentrate in the first quarter. These are all lower than in the first quarter of 2023.
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Vets operator CVS Group (CVSG) detected a cyber incident. This has been isolated, but it hampered operations.
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The wife of Kitwave Group (KITW) director John Hope has sold 175,000 shares at 363p each. He still owns 137,119 shares.
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The Koch family holding in floorcoverings company Victoria (VCP) has been raised from 10.7% to 11%.

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