News blog

AIM 50 Digest 25 November 2022

BY: Andrew Hore |
POSTED: 27/11/2022 |

Budget airline and tour operator Jet2 (JET2) says bookings are in line with pre-pandemic levels. The airline had a load factor of 90.7% in the first half. The interim dividend was increased to 3p a share. Peel Hunt has upgraded its 2022-23 pre-tax profit estimate before forex changes from £291.1m to £315.9m. A total dividend of 10.7p a share.
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CVS Group (CVS) generated like-for-like growth of 7.4% in the four months to October 2022. The Healthy Pet Club business continues to grow and more vets and nurses have been employed. An additional seven vet practices have been added to the group. CVS is also investing £30m-£50m in refurbishments and relocations. The first site at a Dobbies garden centre opened in August.
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Ticketing technology provider accesso Technology (ACSO) has upgraded its 2022 expectations and revenues should be at least $138m, up from $124.8m in 2021. Peel Hunt previously forecast 2022 revenues of $134.5m. There was strong trading during October and margins improved. The cash EBITDA margin will be more than 17% in 2022. This suggests that EBITDA could be more than $23.5m, which is still down on the 2021 figure of $28.1m.
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Health products supplier Alliance Pharma (APH) says Kelo-cote destocking has hit fourth quarter trading. Underlying pre-tax profit will be at least £30m, compared with previous expectations of £43m. There will be a trading statement on 17 January. The chief executive is taking time off for personal reasons and he is expected to return in January.
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IDOX (IDOX) expects revenues in the year to October 2022 to be lower than expected but profitability should be near to expectations. Pre-tax profit should improve from £12.4m to £13.8m. This year has started strongly.
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Digital marketing technology and services provider Dotdigital (DOTD) had a stronger second half. In the year to June 2022, revenues grew by 8% to £62.8m, with a much improved second half performance in North America. Contracted recurring revenues are 10% higher at £49.6m, while total recurring revenues account for 94% of total revenues. Underlying operating profit was 6% ahead at £14.5m. Net cash has increased to £43.9m. The dividend has been raised from 0.89p a share to 0.98p a share.
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Polar Capital (POLR) pre-tax profit fell from £31.7m to £23m. The interim dividend was maintained at 14p a share. On 11 November, assets under management were £19.2bn.
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Video games services provider Keywords Studios (KWS) has performed well in the second half, helped by the strong dollar. Margins are higher than expected. Underlying 2022 pre-tax profit will be at least Euro110m. Organic growth should continue at an annual rate of 10%.
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The finalised third quarter trading figures from domain name and online marketing services provider CentralNic (CNIC) show nine months EBITDA of $62m, which was slightly higher than anticipated. The results have led to a further 2022 pre-tax profit upgrade from $68.7m to $69.2m.
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FW Thorpe (TFW) says orders and revenues are in line with expectations. Price increases are offsetting cost rises.
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ITM Power (ITM) has appointed Dennis Schulz as chief executive. He was previously employed by ITM Power investor Linde. Jeffries has reduced its target price for electrolyser and fuel cell technology developer from 105p a share to 185p a share.
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Fuel cells developer Ceres Power (CWR) will not conclude the negotiations and approvals for its China joint venture with Robert Bosch and Weichai Power until next year.
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Fevertree Drinks (FEVR) has appointed Investec, which is already the company’s broker, as nominated adviser and Morgan Stanley as joint broker.
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RWS (RWS) non-exec Lara Boro bought 2,950 shares at 332.82p each. A company associated with Frontier Developments (FDEV) chairman David Gammon sold 35,000 shares at 1400p each. Chief operating offer James Dixon sold 20,000 shares at 1406.5p each and non-exec Charles Cotton sold 10,000 shares at 1407p each.

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