News blog

AIM 50 Digest 21 April 2023

BY: Andrew Hore |
POSTED: 24/04/2023 |

Revenues and profit are ahead of expectations at electricals and power connectors supplier Volex (VLX) and supply chains are getting back to normal. Cash generation has improved. Singer expects pre-tax profit to improve from $51.4m to $58.4m in the year to March 2023. A weakened US dollar means that revenues growth this year will not be fully reflected in the improvement in profit – a 2023-24 pre-tax profit of $62.7m is forecast. The share price has recovered from a 12-month low.
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GB Group (GBG) says that full year figures will be in line with guidance despite tougher trading conditions. Operating profit is expected to edge up to £59.8m.
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Watkin Jones Group (WJG) says Institutional interest in student accommodation and private rental developments is improving, but this is not happening early enough to affect the interim figures, which means that the results will be second half weighted. The interim profit could be less than one-fifth of the forecast 2023-24 pre-tax profit of £50m. Net cash is £44m.
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Jet2 (JET2) expects to report a profit before foreign exchange and tax of between £387m to £392m. Forward bookings remain encouraging and average load factors are expected to improve this summer. Canaccord Genuity has increased its 2023-24 pre-tax profit forecast from £334.3m to £423m.
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Polar Capital (POLR) has increased total assets under management declined from £22.1bn to £19.22m, due to redemptions and market performance. During the second quarter, Impax Asset Management (IPX) improved assets under management by 6% to £40.1bn. Brooks Macdonald (BRK) increased funds under management from £16.2bn to £16.8bn in the three months to March 2023. Chief executive Richard Hughes sold 2,104 shares at 1840p each.
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In the year to March 2023, Tatton Asset Management (TAM) increased assets under management by 22% to £13.9bn, even though market performance reduced the figure by £400m. Net inflows averaged £148m/month during the second half.
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In the first quarter, Central Asia Metals (CAML) produced 3,336 tonnes of copper from the Kounrad mine, plus 4,917 tonnes of zinc concentrate and 6,618 tonnes of lead concentrate from the Sasa mine.
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Alaska-focused oil explorer Pantheon Resources (PANR) says that well results announced by 88Energy (88E) have confirmed its pre-drill interpretation of its own licence area. There is a data exchange between the two companies.
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RWS (RWS) says there was unauthorised access to a project management application. The financial impact should be minimal.
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Richard Griffiths has reduced his stake in IQE (IQE) from 4.47% to 3.96%. Octopus Investments has increased its stake in Ergomed (ERGO) from 9.13% to 11.5%. Serica Energy (SQZ) non-exec Jerome Schmitt bought an initial 9,100 shares at 231.4p each. Fellow non-exec David Latin acquired 15,000 shares at an average price of 236.463p each.

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