News blog
AIM 50 Digest 28 June 2024
- BY: Andrew Hore |
- POSTED: 01/07/2024 |
Electrical accessories manufacturer Volex (VLX) benefited from strong performances in the off-highway and complex industrial technology in the year to March 2024. Destocking hit some parts of the business. This more than offset declines in consumer and EV revenues. Overall, revenues rose from $723m to $913m. Underlying pre-tax profit increased from $45.8m to $51.6m. The dividend was raised from 3.9p/share to 4.2p/share. All divisions are expected to grow revenues this year. Pre-tax profit could improve to $64m.
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Keywords Studios (KWS) says that it would back a 2450p/share bid from EQT. Keywords Studios says that there could be a dip in organic revenues in the first half, although overall growth is set to be 7%. There should be growth for the year as a whole.
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Tatton Asset Management (TAM) continues to impress with its growth in assets under management. They rose from £12.7m to £16.6m and the target is £15bn by March 2027. Pre-tax profit increased from £16m to £16.8m, while the dividend was raised from 14.5p/share to 16p/share. Net cash was £24.8m at the end of March 2024.
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Pubs operator Young and Co (YNGA) increased full year revenues by 5% to £388.8m. Underlying earnings dipped from 64.3p/share to 63p/share. The dividend was raised 6% to 21.76p/share. Net debt more than doubled to £359.6m following the acquisition of City Pub Group. Like-for-like growth of managed pubs has been 2.4% in the past nine weeks.
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Revenues and profit declined at floorcoverings supplier Victoria (VCP), although there was a small fall in net debt to £951.3m. UK volumes slumped. The pre-tax profit fell by nearly two-thirds to £27.2m. There is more to come from improving efficiency and pre-tax profit could bounce back to £42.8m this year.
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Vertu Motors (VTU) is gaining market share in new vehicle sales and used car prices are stable in the current financial year. However, new vehicle margins have slipped due to a change in mix. After sales revenues are 10% ahead.
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Market research company YouGov (YOU) has recovered 2.95% to 453p following yesterday’s trading statement, but it is still 45% lower this week. Sales bookings are disappointing since the interims were reported. There is also a change in revenue recognition for consumer panel services that delays some revenue into next year. Full year revenues will be approximately £324m-£327m and underlying operating profit will be £41m-£44m.
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Next 15 Group (NFG) is also finding trading tough. The marketing services provider is still generating organic growth in some parts of the business, but there are contract delays. Government and technology business is particularly weak. Trading should improve in the second half.
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Serica Energy (SQZ) has maintained its production target at 41,000-46,000 barrels of oil equivalent/day and costs of $20/barrel are being targeted. The £15m share buy back has been completed.
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Polar Capital Holdings (POLR) grew assets under management from £19.2bn to £21.9bn in the year to March 2024. There has been a further net inflow of £197m since the year end. The total dividend is maintained at 46p/share.
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Alliance Pharma (APH) has finally released its 2023 results and there is no dividend. Underlying pre-tax profit improved from £30.3m to £31.5m. That was before write downs of some of its products. They total £79.3m, which includes a £46.4m reduction in the valuation of Amberen and a £10.3m fall in value of Nizoral. Net debt declined from £102m to £91.2m.
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Fintel (FNTL) has conditionally agreed to acquire compliance services provider Threesixty Services. It has more than 900 independent financial advisers and wealth managers as clients.
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Learning Technologies Group (LTG) has sold the VectorVMS for $50m in cash. Last year, it made an operating profit of $7.1m.
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RWS (RWS) chairman Julie Southern acquired 2,547 shares at 196.3p each and 2,529 shares at 197.8p each. That more than doubled her stake to 9,076 shares. The initial purchase of 4,000 shares was in June last year at 258p each following the previous year’s interims. Michael Spencer raised his stake in Pantheon Resources (PANR) from 7% to 8.11%. Four directors of CVS Group (CVSG) bought shares at the end of June.
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