News blog

AIM 50 Digest 6 August 2021

  • BY: Andrew Hore |
  • POSTED: 09/08/2021 |

Abcam (ABC) is acquiring BioVision from NKY for $340m and it should be earnings enhancing in its first full year. Abcam has been distributing BioVision biochemical and cellular assay products for 18 years, so it understands the product range. In 2020, California-based BioVision generated revenues of £24.3m and operating profit of £9.1m.
Abcam has also secured a strategic partnership with NKY, which involves supporting them with product development in the IVD field.
First half trading at Smart Metering Systems (SMS) was in line with expectations. Annualised recurring revenues are £84.2m, up from £77m at the end of 2020. There were more than 30,000 smart meters installed during June, which is higher than the pre-Covid run rate. 
Liberum expects 2021 revenues to edge up from £103m to £106m, while pre-tax should increase from £15.2m to £17m. Net cash is expected to be £55m at the end of the year. Dividends are forecast to increase from 25p a share to 27.5p a share.
Floorcoverings manufacturer James Halstead (JHD) has achieved another record year for revenues and profit despite the challenges due to Covid-19. WH Ireland forecasts revenues of £254.5m and pre-tax profit of £48.7m in the year to June 2021. Net cash is expected to be £75.3m even though the total dividend will rise to 15.3p a share. The growth is expected to continue for the next two years at least.
Ceres Power (CWR) has grown revenues and margin in the first half. The order book has reduced from £54m to £42m. There was £263m in cash at the end of June 2021. The first of a kind solid oxide electrolyser
Pharma sector services provider Ergomed (ERGO) increased interim revenues by 39% to £56m and even like-for-like growth was 16%. The order book is worth £227.8m. There is cash of £24.6m.
Increasing activity in cryptocurrencies is boosting volumes for the identity division of GB Group (GBG) and fraud business is recovering. Net cash is £37.7m.
Keywords Studios (KWS) grew revenues by 23% organically in the first half of 2021. Overall growth in revenues was 37%. Margins are improving. The Edison pre-tax profit forecast was raised from €72.9m to €78.8m.
Mortgage Advice Bureau (MAB1) generated revenues of £91m in in the first half of 2021, which is 43% higher than previous first half. There are more advisers, and they are averaging more in revenues. The purchase of a 49% stake in Evolve FS has added 35 advisers. There is more than £18m of unrestricted cash.
Electrical power products supplier Volex (VLX) says that electric vehicle demand continues to grow, while medical demand has recovered. There are concerns about supply chain shortages. Full year operating profit should be higher than the consensus of $50m.
Warehouse REIT (WHR) is paying a first interim dividend of 1.55p a share.
Knights Group Holdings (KGH) non-exec Gillian Davies has bought 10,000 shares at 428p each. Non-exec Alan Giddins has acquired an initial 64,000 shares in Watkin Jones (WJG) at 230.46p each, while Grenville Turner, who he will replace as chairman, bought 87,000 shares at 229.5p each. A trust controlled by the executive chairman and chief executive of CareTech (CTH) has sold 750,000 shares, taking their total stake to 10.7%. New chief executive Ian El-Mokadem has bought a further 10,000 RWS (RWS) shares at 564p each.
Michael Spencer has increased his stake in Numis (NUM) to above 6%. Robert Quested reduced his stake in Silence Therapeutics (SLN) from 8.52% to 7.84%. Silver Point Capital has taken its stake in Jet2 (JET2) to above 5%.

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