News blog

AIM 50 Digest 9 February 2024

BY: Andrew Hore |
POSTED: 11/02/2024 |

Online marketing and domain name services provider Team Internet (TIG) continues to beat expectations. Both divisions are growing in double digits and the full year trading statement reveals that EBITDA was $96m in 2023, up from $86m the previous year. Net debt was $74m after $40m of share buy backs and $22m of contingent consideration. The new year has started well, but Zeus has not changed its 2024 forecast ahead of the full 2023 figures, which will be published on 18 March. Share buy backs will help earnings grow faster than profit and the 2024 forecast is 25.1 cents/share, up from 22.4 cents/share. Net debt is expected to fall to $21.8m.
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Shares in Serica Energy (SQZ) set 2024 production guidance at between 41,000 and 48,000 barrels of oil equivalent/day. Last year’s proforma production was 40,121boe/day. The Erskine field has been shut in since 25 January because of a compressor problem and production is not expected to restart until March. Mitch Flegg is stepping down as chief executive after the publication of the 2023 results. Even so, he bought 75,000 shares at 190p each. Sian Rees acquired 2,114 shares at 187p each, David Latin 117,255 shares at 184p each and Malcolm Webb 16,367 shares at 183p each.
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Fintel (FNTL) is acquiring Owen James Events, which provides strategic engagement events for the UK financial services sector. The upfront cash payment is £700,000. Net cash was £1.7m before the acquisition. SaaS and subscription revenues generated £37.6m out of core revenues of £56.6m. Zeus forecasts 2023 pre-tax profit of £16.9m, rising to £18.4m in 2024. The results will be published on 19 March.
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Electrolyser technology developer ITM Power (ITM) increased interim revenues from £2m to £8.9m, while the loss was reduced by more than two-thirds to £18.2m partly due to additional interest income. There was a £27.5m outflow from operating activities and cash was £253.7m at the end of October 2023. Management says that short-term economic concerns are slowing down the growth of the green hydrogen market.
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Digital marketing technology and services provider Dotdigital (DOTD) grew organically by 11% in the six months to December 2023. This is faster than the market and is helped by broadening the services on offer. Overall sales were 15% ahead at £38.7m. Pre-tax profit is in line with expectations. Full year pre-tax profit is expected to improve from £15.4m to £16m and there is potential for this to be beaten.
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Pan African Resources (PAF) says headline 2023 earnings will be between 2.14 cents/share and 2.3 cents/share. Revenues were 24% higher at $193.9m.
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Engineering services provider Renew Holdings (RNWH) is continuing its momentum from last year. First quarter trading is in line with expectations. The order book is worth £874m, with engineering services contribution £795m and building the rest.
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Alliance Pharma (APH) improved underlying 2023 revenues by 6% to £182.7m. Kelo-Cote revenues were much higher in the second half, although Amberen sales were lower partly due to the loss of a discount retailer. Free cash flow was one-third higher at £21.1m. Net debt reduced to £92.4m.
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Flooring supplier James Halstead (JHD) expected to report Improved interim figures. A 15%-20% increase is anticipated. The full year dividend should continue to increase.
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accesso Technology (ACSO) grew 2023 revenues by 6% to $148.5m and profit will be in line with expectations. This year’s revenues are expected to grow by 9%, helped by the recent ticketing acquisition, and margins should improve.
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Big Technologies (BIG) has denied claims that chief executive Sara Murray has undisclosed interests in certain shareholders of the company. This related to a claim by former shareholders of Buddi. Finance director Daren Morris bought 24,000 shares at 130p each and then sold 13,000 at 127p each.
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Defence equipment and services supplier Cohort (CHRT) has won a £15.1m contract for lightweight Torpedo Launch Systems for a major vessel programme.
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Dev Dhiman has taken up the role of chief executive of identity services provider GB Group (GBG). Third quarter trading is in line with expectations.
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Vets practices operator CVS Group (CVSG) non-exec Joanne Shaw bought an initial 589 shares at 1696.1p each. Impax Asset Management (IPX) chief executive Ian Simm sold 16,667 shares at 521.5p each in order to pay tax liabilities. Polar Capital (POLR) finance director Samir Ayub sold 6,786 shares at 442.1375p each. Michael Spencer has increased his stake in Pantheon Resources (PANR) from 6.06% to 7.11%.

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