News blog
Quoted Micro 26 June 2023
- BY: Andrew Hore |
- POSTED: 25/06/2023 |
AQUIS STOCK EXCHANGE
NHS funded medical services provider One Health Group (OHGR) increased full year revenues by 17% to £20.5m and operating income was £1.5m –ahead of forecasts. The full year dividend is 6p/share. Seal Advisers forecasts 2023-24 earnings of 11.7p/share. At 174p, the shares are trading on 15 times prospective earnings.
Pubs operator Daniel Thwaites (THW) had a tougher second half and Christmas trading was poor. In the year to March 2023, revenues improved from £96m to £108.8m, while pre-tax profit rose from £12.7m to £15.1m, mainly due to a higher gain on interest rate swaps. Operating profit before property disposals was lower, although that is predominantly because of the lack of government assistance in the most recent year. NAV is £242m, including a pension asset of £32.2m due to higher interest rates, while net debt is £66.7m. The final dividend was raised from 2.2p/share to 2.4p/share.
Coinsilium Group Ltd (COIN) reported a reduction in revenues from £530,000 to £212,000 in 2012. The impairment charge increased from £148,000 to £273,000, but there was no loss on financial assets, compared to a £407,000 loss in 2021. There was a swing from a realised profit on assets of £1.52m to a loss of £1.29m. The reported loss was £2.06m, compared to a profit of £14,000. Net cash outflow from operations increased from £602,000 to £789,000. NAV is £3.94m, including cash of £668,000. Digital asset markets have recovered since the beginning of the year.
Psych Capital (PSY) has acquired Short Wave Pharma for £3.5m in shares with the initial issue at 4p a share. Short Wave Pharma is an Ontario company with operations in Israel. It is developing a therapy for anorexia nervosa. Psych Capital is also developing a delivery method and drug combination for anorexia nervosa.
Capital for Colleagues (CFCP) had net assets of 82.1p/share at the end of May 2023, up from 77.8p/share three months earlier. There is cash of £1.92m.
IamFire (FIRE) investee company WeShop has raised money at 476p/share. The IamFire stake in WeShop is valued at £22.5m.
The latest medicinal cannabis research roundup from Ananda Developments (ANA) highlights that CBD can be beneficial for behavioural symptoms of dementia. The level of behavioural disturbance fell from an average of 60 to 15 over a six-month trial period. There is also a study showing that cannabis-based medicinal products improve the quality of life scores for Fibromyalgia.
EDX Medical Group (EDX) has appointed Oberon Capital as corporate adviser and broker. The diagnostic products developer also appointed Dr Keti Zeka as head of R&D and director of laboratories and Dr Liam Dower as head of quality, regulatory affairs and compliance.
Barry Hersh cut his stake in Global Connectivity (GCON) from 8.95% to 7.96%.
AIM
Online retailer boohoo (BOO) is attempting to remove three directors from the board of Revolution Beauty (REVB). In the first three months of 2023-24, the cosmetic company’s revenues were three-fifths higher, and the cosmetics business made a positive EBITDA. Management says this indicates the turnaround of the business and that growth is returning – something boohoo has focused on. The board is against the boohoo general meeting requisition.
Best of the Best (BOTB) is recommending a £45.3m takeover bid by Globe Invest. The 535p offer compares with the 400p at which the initial 29.9% stake was acquired last September.
Expectations have been reduced for concrete levelling equipment supplier Somero Enterprises (SOM) following delays in project starts this year. Production of a new machine is being increased to satisfy demand, which will help the second half. US revenues are likely to be lower, but they will grow in other markets around the world. The forecast revenues have been reduced by 10%, while earnings have been cut from 53.2 cents a share to 44 cents a share.
Following today’s trading statement by Hotel Chocolat (HOTC), Liberum has downgraded its forecast for 2022-23 and it expects a £1.5m loss rather than a £800,000 profit. The 2023-24 pre-tax profit forecast has been slashed from £20.3m to £6m. This follows weaker fourth quarter trading and problems with the availability of Easter ranges. Inflation will hit future profitability. Guidance by the management is becoming more prudent.
Telecoms components and systems supplier Filtronic (FTC) says the low earth orbit contract won earlier this year has exceeded expectations and prospects for further contracts are positive. There are also prospects in the 5G market. Development contracts have been won for electronic warfare projects. Supply chain constraints are easing. The results for the year to May 2023 will be published on 1 August.
Battery technology developer AMTE Power (AMTE) is one of the poorer performers for the second week running. The company requires a financing within three weeks. The cash will provide more time for the company, but it needs significant funds to finance the building of a battery plant. It is not certain that enough money can be raised and that means that shareholders may end up with nothing.
Allergy Therapeutics (AGY) has returned from suspension following the publication of full year accounts and the subsequent interim results. The interim revenues declined by 18% to £39.9m and there was a swing from operating profit of £7.4m to a loss of £8m. Net cash was £13.2m at the end of 2022. Additional cash will be required by September.
Avacta Group (AVCT) says that following the fifth dose escalation cohort in a phase I clinical study of AVA6000 for tumour targeted chemotherapy. There has been a marked reduction in frequency and severity of toxicities associated with doxorubicin chemotherapy. The sixth dose will be increased as Avacta tries to identify the maximum tolerated dose.
Energy projects developer Oracle Power (ORCP) is raising £363,000 at 0.1p a share. This will finance the development of the company’s joint venture green hydrogen project. Global Investment Strategy has been appointed joint broker.
MAIN MARKET
Canada-owned Global Auto Holdings is bidding 120p a share for motor dealer Lookers (LOOK), valuing the company at £465.4m. That is more than one-third higher than the previous closing price.
Aviation and renewables company Esken (ESKN) is set to sell its operations over the next few years and there should be significant break up value. In the year to February 2023, revenues increased from £104.6m to £130m, while the underlying loss reduced from £35.7m to £27.7m. However, the loss is expected to increase this year on lower revenues following disposals. The forecasts loss ranges from £43m to £53.7m. Net debt jumped from £88.1m to £166.7m at the end of February 2023. That was before the announcement of the £9m disposal of Mersey Biomass. The strategy is to dispose of the main businesses when there are realistic selling prices. The renewables business is likely to be sold first with the timing of a sale of the aviation business depending on the rate of recovery in operations.
Non-Standard Finance (NSF) says the proposed scheme of arrangement has been approved and the company will leave the standard list and be wound up. The scheme of arrangement makes £14m available to satisfy claims by borrowers about loans made by Everyday Loans prior to 31 March 2021, as well as fees owed to the Financial Ombudsman Service arising from complaints. There was a proposed recapitalisation, but major shareholder Alchemy did not want to back a fundraising. Instead, the business will be transferred to secured lenders.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|