News blog

AIM 50 Digest 29 July 2024

BY: Andrew Hore |
POSTED: 29/07/2024 |

Soft drinks maker Nichols (NICL) is paying a special dividend following a set of interim results that have led to upgrades. Interim pre-tax profit was 18% higher at £14.5m. UK revenues grew 5% enabling market share gains, but African revenues fell by 10%. The timing of Ramadan hit Middle East revenues in the first half. Singer upgraded its full year pre-tax profit forecast by 4% to £29.9m. A special dividend of 54.8p/share has been announced.
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Defence and security technology supplier Cohort (CHRT) grew full year revenues by 11% to £202.5m and pre-tax profit improved from £17.7m and £19.8m. The order book is worth more than £500m. Pre-tax profit could rise to £22.1m this year.
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There was a 2.9% like-for-like increase in the revenues of CVS Group (CVSG). The cyber incident is estimated to have cost £7m in revenues. Underlying EBITDA was £127m. Net debt was £168m at the end of June 2024.
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MP Evans (MPE) harvested 759,700 fresh fruit bunches in the first half of 2024, a 5% increase, and more of this came from the company’s own crops. There were 177,000 tonnes of crude palm oil produced and the selling price was slightly higher. There is normally a second half weighting to production.
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Mortgage Advice Bureau (MAB1) increased interim revenues by 5% to £123.5m and gross mortgage completions grew by a similar percentage in a declining market. A modest pick up in activity is expected in the second half of 2024.
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Gamma Communications (GAMA) has acquired BrightCloud, which specialises in contact centre transformation. The initial payment is £9m. Revenues were £8m last year.
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Advanced Medical Solutions (AMS) expects interim revenues to be 10% ahead at around £68m, helped by higher US sales. Pre-tax profit will be between £14.4m and £14.8m. Underlying growth for the full year revenues should be in double digits.
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Life sciences company Niox (NIOX) increased interim revenues by 15% and operating margins improved. Net cash was £21.5m at the end of June 2024. A $4.5m payment from Beyond Air is expected at the end of August.
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Learning Technologies Group (LTG) says US subsidiary GP Strategies has been notified of the temporary suspension of eligibility of new classified contracts. Management is trying to rectify the situation. Group revenues will be at least £248m in the first half of 2024, a decline of 4%. GP Strategies contribution helped to improve margins. Net debt was £6m on 19 July.
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Audio visual products distributor Midwich (MIDW) says interim revenues were 6% ahead, but like-for-like they were 1% lower. There has been erosion in price levels in mainstream products. Gross margins improved because of increased sales of higher margin technical products, but overheads rose. Pre-tax profit fell from £21.8m to £16.8m.
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Fintel (FNTL) has conditionally agreed to acquire fund ratings agency Rayner Spencer Mills Research and integrate it with Defaqto.
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Brooks Macdonald (BRK) reports a net funds outflow of £200,000 in the quarter to June 2024, but positive performance meant that funds under management edged up to £18bn, up from £16.8bn one year earlier.
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Pubs and bars operator Young and Co’s Brewery (YNGA) says that like-for-like revenues grew 3.4% in the first sixteen weeks of the financial year. The addition of City Pub Group means that overall revenues were 26% higher. Peel Hunt has been appointed nominated adviser and joint broker alongside Stifel Nicolaus.
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Alliance Pharma (APH) chief operating officer Jeyan Heper is leaving the company following the appointment of Nick Sedgwick as chief executive earlier this year. Slater Investments has increased its stake from 10% to 13.1%.
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ITM Power (ITM) has secured a capacity reservation with a large utility company for Neptune II electrolyser units. Shell has selected ITM Power as a supplier to the 100MW green hydrogen REFHYNE II project in Germany, where the final investment decision has been made.
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Semiconductor wafers manufacturers IQE (IQE) says interim revenues will be at least £65m, which an increase of at least one-quarter. Interim results will be published on 10 September.
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Jet2 (JET2) chairman Robin Terrell bought 8,557 shares at 1388p each, taking his stake to 13,761 shares. Impax Asset Management (IPX) non-exec Lyle Logan bought 12,000 shares at 406.9338p each.

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