News blog

Quoted Micro 6 July 2020

  • BY: Andrew Hore |
  • POSTED: 06/07/2020 |

AQUIS STOCK EXCHANGE

Rutherford Health (RUTH) has secured a diagnostics agreement with Somerset NHS Foundation Trust that is worth £19.1m over ten years, although it is initially for five years. Rutherford will supply imaging services from a facility in Taunton, which will be developed in partnership with Equitix. The service should start in the second half of 2021.

Good Energy (GOOD) says that it remains profitable, although smaller business energy demand was lower in the second quarter. Gross margins have been hit because excess energy had to be resold. Operational efficiencies have offset some of this effect. Cash collection has been strong. Four-fifths of customers have been transferred to the Kraken customer services system. This will help to reduce costs.

Shepherd Neame (SHEP) has negotiated additional bank facilities. Total debt facilities are £132.5m. The brewery has been generating income from increased sales to supermarkets and for export. The majority of the company’s pubs should reopen by the end of July.

Cannabis-focused investment company Greencare Capital (GRE) has raised £1.37m at 50p a share. That is double the original flotation price. Management is hopeful that it will make an initial investment in its favoured acquisition target in the near future.

NQ Minerals (NQMI) says that plant production levels at the Hellyer gold mine increased by 44% to more than 1.3 mtpa. NQ has completed the acquisition of the Beaconsfield gold mine in Tasmania.

British Honey Company (BHC) says sanitiser sales have enabled the company to achieve sales of 240% of budget in the past three months. BHC has swapped 4.5% of its shares for a 10% stake in List Distillery LLC. BHC has an option to buy the rest of the company for £4.5m plus up to £500,000 in contingent consideration.

Capital for Colleagues (CFCP) had an NAV of £7.55m (48.9p a share) at the end of February 2020.

Tectonic Gold (TTAU) has changed its corporate adviser from Peterhouse to VSA. Tectonic has published full year figures to June 2019 and interims to December 2019. NAV was £2.49m at the end of 2019.

Wishbone Gold (WSBN) generated sales of $3.64m of sales in the first quarter of 2020, compared with $3.85m in the same period last year. In 2019, revenues were $10.7m.

Human Brands is selling some of its brands, including Shinju Whisky, to Rogue Baron in return for shares and Gunsynd (GUN) will have its £379,000 convertible loan note novated to Rogue Baron, which has been granted EIS advanced reassurance. Rogue Baron plans to float on a UK market and this could trigger the issue of further shares to Gunsynd.

First Sentinel (FSEN) has supplied a £300,000 loan facility to Vox Markets. This is convertible into shares. So far, £250,000 has been advanced. Laon facilities totalling £500,000 have been provided to Ridercam Systems. A £130,000 investment has been made for a 7.4% stake in investment company Malaika. The company’s Australian subsidiary has provided a loan facility to energy producer Direct Energy Holdings.

Ecovista (EVTP) was withdrawn from the AQSE on 1 July. The day after it published interim figures to February 2020. There was £42,000 in cash and this should cover general running expenses. Management says that being quoted cost £60,000 a year. NAV is £735,000.

Formerly known as Welney, Quetzal Capital (WENP) has been readmitted to the market following a share consolidation of 100 existing shares into one new share and placing raising £22,000.

AIM

Cambridge Cognition (COG) continues to win new contracts and the first half order intake was £4.9m. The digital health business has increased its contracted order book to £7.5m. The company is on course to make a much lower loss in 2020.

Construction disputes and expert witness services provider Driver (DRV) improved its profit in the first half thanks to a good performance from its Asia Pacific businesses. However, the Middle East is still a problem and a strategic review is underway. Net cash was £3.3m at the end of March 2020 and it has increased since then. There is no dividend. The second half will be tougher, though.

Forex provider Equals (EQLS) continues its strong growth record in 2019. Trading levels were hit by the COVID-19 lockdown in April and May, but June’s revenues per day recovered to a similar level to June 2019. The administration of Wirecard has had limited effect on business.

AFC Energy (AFC) is raising £31.6m at 16p a share. This will be used to invest in manufacturing for the H-Power fuel cell systems and employing additional staff for the deployment of the technology in the electric vehicle and construction markets. There will also be cash put into the development of the AlkaMem anion exchange membrane and the HydroX-Cell solid-state membrane fuel cell system.

Telecoms equipment supplier Filtronic (FTC) says it grew revenues from continuing operations in the year to May 2020 and it made a small underlying profit. Delays to deliveries mean that it is difficult to assess the outcome for the current financial year.

Redx Pharma (REDX) is raising $29m through a convertible loan note issue to Redmile and Sofinnova Partners and £812,000 via a share issue to Sofinnova.

Robinson (RBN) is paying an interim dividend of 3.5p a share. The packaging supplier did not pay a final dividend and the interim will be payable on 30 July to make up for that. First half trading was in line with expectations. Full year pre-tax profit is expected to be flat at £2.3m.

MAIN MARKET

Trading in Lookers (LOOK) shares has been suspended because it has not published 2019 results. They should be published in August. An investigation by Grant Thornton suggests that there will be a £4m non-cash write-off relating to fraud with a further £15m non-cash write-off for incorrect or inconsistent accounting, mainly relating to stock.

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