News blog
AIM 50 Digest 3 November 2023
- BY: Andrew Hore |
- POSTED: 06/11/2023 |
Wealth management services provider Brooks Macdonald (BRK) is reducing its staff numbers by 10%. The restructuring will cost £3m and will yield £4m of annualised cost savings. The 2024-25 revenues have been trimmed by £3.8m to £130.4m, but the cost savings lead to a £200,000 increase in the pre-tax profit forecast to £33.5m. The dividend is expected to be maintained at 75p/share for the next two years.
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IP and language services provider RWS (RWS) has a strong long-term track record, but it has been finding trading more difficult over the past year. There have been lower levels of activity in some markets. The launch of the Unitary Patent on 1 June meant that IP work volumes recovered in the second half. Costs are being reduced. Adjusted pre-tax profit will be within the range of expectations of £116.5m-£129m with revenues declining by 2%. Net cash was £23m at the end of September 2023. The full year results will be published on 12 December.
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FD Technologies (FDP) says that it expects a small decrease in revenue in the year to February 2024. Previous consensus was an 8% increase to £320m. Pre-tax profit was already expected to decline, but it will fall further than those expectations. Investment in KX is being accelerated to improve longer-term growth. This will be funded by group cash and debt. Annual recurring revenues of £180m are targeted for 2025-26. They are currently £69.3m.
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Self-storage sites operator Lok’nStore (LOK) reported that NAV was 1% ahead at 986p/share at the end of July 2023. Overall full year revenues were slightly higher at £27.1m, because of the sale of sites last year and one-off fees of £1.5m. Profit declined, but there was still £13.9m of cash generated from operating activities. The total dividend was raised 10% to 19p/share. Net debt was £12.3m, leaving plenty of room in the existing bank facilities to fund additional openings. NAV could rise to 1021p/share by July 2024, and it will consistently improve over the next few years even without any reduction in interest rates.
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Vertu Motors (VTU) has bought four outlets in south west England and this extends the relationship with Honda. The deal will be earnings enhancing in the first full financial year, but there will be a loss in the four months to February 2024. Management says that Companies House records have been falsely amended and it is seeking to rectify this.
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Volex (VLX) is on course to meet full year expectations with organic growth of interim revenues was 4%. Medical and industrial demand offset weaker demand in electric vehicles and consumer electricals, although some destocking appears to be coming to an end. Recent acquisition Murat Ticaret is being integrated. The cost of the cyber incident is likely to be around $2m, which will be an exceptional charge in the second half. The interims are on 23 November.
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Advanced Medical Solutions (AMS) has signed three hospital distribution agreements for LiquiBand. They are five-year agreements.
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Serica Energy (SQZ) has been awarded block 29/2a in the North Sea. This block contains the decommissioned Kyle field.
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Engineering services provider Renew Holdings (RNWH) has bought nuclear manufacturing and fabrication company TIS Cumbria for £4.7m. There is no deferred consideration. No figures for TIS Cumbria were revealed in the announcement.
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Big Technologies (BIG) chief operating officer Charles Lewinton sold 90,000 shares at 194p each, while finance director Daren Morris bought 7,000 shares at 192p each and 3,000 shares at 187p each. Fevertree Drinks (FEVR) non-exec director Kevin Havelock bought 41,194 shares at 1019.4p each. Midwich Group (MIDW) managing director Stephen Fenby acquired 50,000 shares at 375.8p each. Pan African Resources (PAF) chief executive Cobus Loots bought 136,000 shares and finance director Deon Louw 134,748 shares.
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Slater Investments has a 4.87% stake in Dotdigital (DOTD).
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Kitwave Group (KITW) was chosen as the AIM growth business of the year at the 2023 AIM awards, while SigmaRoc (SRC) won the best use of AIM award.
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