News blog

AIM 50 Digest 4 February 2022

BY: Andrew Hore |
POSTED: 07/02/2022 |

Alliance Pharma (APH) is one of four pharma companies that the Competition and Markets Authority says infringed competition low. Alliance Pharma says that it will appeal the decision and the £7.9m fine. The investigation related to prochlorperazine and infringement was between June 2013 and July 2018. Alliance Pharma out-licenced prochlorperazine to a distributor in 2013 at a fixed transfer price. Last year, the drug generated revenues of £700,000. Former boss John Dawson has reduced his shareholding below 3%.
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Smart Metering Systems (SMS) chief executive Alan Foy is stepping down at the beginning of March. He has granted security over 5.05 million shares to Bank Julius Baer in Guernsey after they made a loan to him. He retains full control of 900,000 shares. Tim Mortlock will become chief executive. Index-linked annual recurring revenues grew 12% to £85.9m at the end of 2021. There are 4.2 million meter and data assets. There is a smart meter installation pipeline of 2.55 million meters. Pre-tax profit will be slightly ahead of consensus expectations. Net cash was £118m at the end of 2021.
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GBG Group (GBG) has made the add-on acquisition of Cloudcheck for NZ$20m (£10m) in cash and shares and a further NZ$8m could become payable depending on revenues. The acquired business provides electronic identity verification and anti-money laundering services in New Zealand. In the year to March 2022, revenues of NZ$5m and EBITDA of NZ$2m are anticipated.
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Contract research outsourcing services provider Ergomed (ERGO) fell short of expected 2021 revenues due to currency movements. Revenues were 37% higher at £118.6m, partly thanks to a US acquisition, and profit was slightly higher than expected.
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Fevertree Drinks (FEVR) reported a 23% increase in 2021 revenues to £311.1m. The US and Europe were behind that growth. The opening of pubs and bars in the second half helped UK sales. However, EBITDA margins fell. There is £166m in the bank. The 2022 revenues are expected to be between £355m and £365m.
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Life science research tools supplier Abcam (ABC) increased 2021 revenues by 17% to £315m. There was a £2.5m contribution from BioVision. Own product sales are increasing at a faster rate.
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IQE (IQE) says full year revenues will be in line with guidance of £164m. Net debt was £6m at the end of 2021.
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Floorcoverings supplier James Halstead (JHD) has revealed that interim profit was marginally affected by freight and energy cost increases and lack of raw material availability. Interim revenues were higher than last year.
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Mortgage Advice Bureau (MAB1) increased 2021 revenues from £148m to £188m thanks to a rise in advisers and an increase in revenues they are generating. Activity in the housing market softened in the second half, but there were more refinancings.
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First half revenues at vet practices operator CVS Group (CVSG) were 11% ahead and underlying growth was faster if one-off Covid testing revenues are excluded. Margins are edging up. Net debt is £63.2m.
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Recently floated remote people monitoring technology company Big Technologies (BIG) says full year EBITDA will be ahead of current expectations of £20.2m.
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Marketing services provider Next Fifteen Communications (NFC) was the subject of another upgrade with even the Covid-hit divisions bouncing back. Fourth quarter revenues grew by 34%, with organic growth of 24%. There was 15% organic growth for the year. A full year pre-tax profit of £74.1m is forecast.
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Email marketing services provider Dotdigital (DOTD) increased interim revenues by 10% to £30.9m with average revenue per customer 19% higher at £1,422. The fastest growth was in Asia Pacific. There was £40m in the bank at the end of 2021.
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Clean fuels and energy storage provider ITM Power (ITM) increased interim revenues from £178,000 to £4.16m, but the loss increased. There is cash of £390m following the recent fundraising. The construction of a second factory will start later this year.
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Learning Technologies Group (LTG) says that 2021 revenues will be at least £254m and constant currency organic growth was 7%. Operating profit will be at least £53.7m and net debt is £141.5m.
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Renew Holdings (RNWH) says that its order book was worth £742m at the end of 2021, up from £677m the year before. That includes £687m for the engineering services division.
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Warehouse REIT (WHR) says occupancy increased to 93.5% at the end of 2021. The latest quarterly dividend is 1.55p a share.
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Former ASOS (ASC) chief executive Nick Robertson reduced his stake to 2.89% on 31 January, raising around £10m. Former Keywords Studios (KWS) boss Andrew Day has reduced his stake to 3.93%. Polar Capital (POLR) non-exec Win Robbins bought 10,000 shares at 636.7338p each.

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