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23 Sep 20

Confirmation of stellar H1

LoopUp has announced a very strong H1 period, in line with the previous trading update and reflecting a number of months of exceptional performance. This is allowing the business to invest in the major identified new opportunity, to provide telephony within Microsoft Teams, where the early signs are extremely positive. We look forward to further detail on the Teams pipeline and sales levels over time.

Companies: LoopUp Group plc

25 Sep 20

Boohoo Group Plc (BOO LN) - Independent Review Complete

Boohoo has released the now complete Independent Review into its UK supply chain in full this morning. Whilst a number of areas for improvement have been identified, there is no suggestion failings were deliberate or intentional and the chances required involve a relatively easily achieved realignment its of governance systems. We believe the Group remains well-positioned to lead the fashion e-commerce market in the future and can successfully implement an agenda for change in UK garment manufacturing.

Companies: boohoo group Plc

23 Sep 20

Strix Group plc (KETL LN) - Accretive acquisition and outlook improving

Strix has announced the strategic acquisition of LAICA a family owned business in Vicenza, Italy for €19.6m in a mixture of cash and shares. It will be earnings accretive in FY21 and is scheduled to complete by the end of FY20, with just Italian government approval outstanding. ZC operating profit estimates are unchanged in FY20 but increase by c. 8% in FY21 to reflect the contribution from the deal, the impact on earnings is smaller due to the issue of shares and higher tax in Italy. Management believe significant synergies, both cost and revenue, will be derived from the deal over the next 2-5 years. The interim results had been well flagged in the comprehensive trading update in late July and today’s statement confirms that profitability remains in line with the guidance of achieving a flat performance yoy in FY20. The interim dividend of 2.6p is in line with last year and in keeping with the commitment to at least meet the 7.7p paid in FY19. Unlike most peers, Strix has maintained guidance as well as its commitment to pay a dividend and today’s acquisition unpins the continuing strategy of diversifying the business into areas offering greater growth.

Companies: Strix Group Plc

30 Sep 20

Boohoo Group Plc (BOO LN) - Momentum sustained

Today’s announcement confirms the strong trading momentum seen in Q1 has continued YTD. Group sales are +45% YOY with revenue growth across all geographies and brands, and profitability improving YOY.

Companies: boohoo group Plc

28 Sep 20

Interim results – new forecast, new target price

Interim results to 30 June reflected a step-up in research activity post-June fundraise as it seeks to take its first pre|CISION targeted chemotherapy into clinical trials in early 2021. With period-end cash of £54.5m, Avacta has a cash runway into 2023, providing the necessary working capital to deliver a rapid SARS-CoV2 antigen test, take AVA6000 into the clinic, as well as its first Affimer immunotherapy and the next pre|CISION pro-drug into the clinic. Avacta is aiming to have validated its rapid SARS-CoV-2 antigen test in Q4 2020, the exact timing of which is dependent on pilot batch product from BBI Solutions. However, it is increasingly clear that there is a need for mass screening tests to isolate and remove infectious people, with Avacta’s test at the forefront. We have made changes to FY 2020 forecasts, introduce FY 2021 forecasts and a target price of 310p with a range of 211-796p.

Companies: Avacta Group Plc

24 Sep 20

Cenkos: Venture Life Group Plc -- Very strong first half

Venture Life Group has reported on a very strong H1/20A period. Revenues were up 80% with operational leverage delivering c100% growth in gross profit and +350% adjusted EBITDA growth. Performance was supported by the acquisition of PharmaSource, strong sales to China, sales of new brand, DISINPLUS, and the group's ability to maintain production at its Italian manufacturing facility. With this report we have introduced FY21E forecasts, expecting the company to maintain its growth momentum and deliver 10% revenue growth. Venture Life is delivering a strong performance, we maintain our Buy recommendation.

Companies: Venture Life Group Plc

30 Sep 20

Open Orphan - H1 2020 – Laying the foundations for transformation

Interim results for the six months ended 30 June 2020 cover a period of significant change for Open Orphan and lay the foundations for a potentially transformational H2 and beyond. They include the first six months of hVIVO performance as part of the company, and due to the implementation of operational efficiencies across the group, the operating loss fell by 11% and EBITDA was held at the same level despite a 36% reduction in revenue. The outlook for the business has never been stronger, with a strong forward order book into December 2021 and beyond and advanced negotiations for a COVID-19 challenge contract, in conjunction with potential new revenue streams. We leave our forecasts unchanged (beyond conversion to pound sterling) and retain our 19p target price for the time being, but with room for upside.

Companies: Open Orphan Plc

30 Sep 20

Open Orphan* - Executing on exciting pipeline

Open Orphan has announced interim results for 2020 which reflect a period of acquisition and integration of hVIVO, capital raising, substantial cost rationalisation and strongly accelerating commercial focus. As such, the results themselves do not reflect the Group's ongoing operational capabilities and profitability where we see strong ongoing news flow and substantial upside risk to earnings not reflected in the current share price. Reiterate Buy

Companies: Open Orphan Plc

24 Sep 20

Upgrades after results and strategic deal

Strix has published reassuring interims and announced the acquisition of LAICA, conditional upon approval from the Council of Ministers in Italy. Against a backdrop of global disruption caused by COVID 19, Strix’s H1 performance is in line with expectations. Net sales down 21% YoY, with a much smaller impact on net profits on the back of strong cost management. Encouragingly, FY 20 profit expectations are now underpinned, at around £28.9m PAT. Taking into account the LAICA deal, we provisionally upgrade FY 21 PAT/EPS by 6%. The shares are already up materially YTD, but the Strix growth story remains compelling.

Companies: Strix Group Plc

30 Sep 20

Full-year results and £36m contract award

Results were slightly better than expected, boosted by the acquisitions of Booth Industries and Energy Steel in 2019 with a solid performance despite COVID-related headwinds. Some supply chain and order delays did affect underlying revenues. Turnaround action has resulted in a strong profit improvement from the former HTG operations. Yesterday, Booth announced that it had won a landmark £36m contract to supply high integrity cross passage doors for HS2. This is a major multi-year boost and follows a spate of other recent contract wins. This helps give confidence, as does a pledge to return to paying dividends this year. We reintroduce forecasts with a TP of 330p based on a FY21 target P/E of 16.5x. The shares continue to look undervalued even after yesterday’s reaction to the contract win.

Companies: Avingtrans Plc

23 Sep 20

Cenkos: Equals Group Plc -- Revenue growth through the headwinds

To achieve YoY revenue growth over H1/20A despite the challenges of Covid-19 and its impact on the travel sector is testament to Equals' resilience and increasing focus on B2B and International payments services. While weaker gross profit and EBITDA margins have impacted profitability in H1/20, we see potential for an earnings recovery in H2/20 given cost reduction measures currently being undertaken. This should lead Equals to cash breakeven in Q4/20 and FCF positive by early FY21.

Companies: Equals Group Plc

24 Sep 20

One of most compelling stocks on AIM

Covid has accelerated the digitisation of all things physical. No more so than in the €10 trillion global construction industry, which some experts reckon has 5 years of catching up to do. A non-insignificant task (eg Crossrail & HS2) that could take decades to play out, but equally realise 100s of £bns of cost, time & productivity savings annually. The €8bn BuildTech sector (10%+ CAGR – see below) is at the heart of this transformation. Providing the glue & ‘digital twins’ that bind all the inter-connected ‘property lifecycle’ parts together – eg CAD/CAM (design), project mgt, visualisation, AI, asset maintenance (operate) and BIM (Building Info Modelling).

Companies: Eleco Plc

28 Sep 20

Open Orphan* - Major New RSV Challenge Study Contract

Open Orphan has announced a new £4.3m contract to conduct a Respiratory Syncytial Virus (RSV) human viral challenge study. The customer is a top 10 global vaccine company which continues to demonstrate the attractiveness of the hVIVO assets and the Group's increasing ability to attract business from the largest vaccine and pharmaceutical players in the world. Buy.

Companies: Open Orphan Plc

24 Sep 20

FY 2020 results – positive outlook drives upgrades

Byotrol’s FY 2020 full-year results are inconsequential, given the dramatic and positive impact that the COVID-19 pandemic has had to product sales since the year-end. However, year-end cash was £0.1m above forecast at £1.7m and when combined with positive cashflow since year-end, Byotrol is well-resourced to finance its ongoing operations and steady growth. With the order-book remaining strong (c.£1.1m at 31 August), despite summer lull, and demand likely to persist for some time, given the emerging second wave of coronavirus, we upgrade EBITDA to reflect lower costs and higher licensing income. If, as we suspect, the demand curve has shifted sustainably to the right, this leaves room for further upgrades. Consequently, we raise our target price to 11p, at which level the stock would trade on EV/Sales and EV/EBITDA of 4.1x and 26.9x, respectively. Future revenues and milestones from licensing deals will be largely additive.

Companies: Byotrol Plc

29 Sep 20

£36m HS2 contract award

The company has announced that its recently acquired subsidiary Booth Industries has won a landmark multi-year contract for the supply of high integrity protection doors for HS2 worth £36m. This contract also with other recent contracts validates the group’s acquisition of Booth. No change to forecasts in advance of tomorrow’s full year results. Clearly, today’s news will be very well received, with the shares looking undervalued.

Companies: Avingtrans Plc

30 Sep 20

Formycon - Two submissions and two Phase III trials in 2021

Formycon continues to progress three core biosimilar projects. In H220, it is preparing the FYB201 (Lucentis biosimilar) EMA approval submission and helping in the resubmission of FYB201 to the FDA. FYB203 (Eylea biosimilar) entered Phase III in August. FYB202 (Stelara biosimilar, autoimmunity) is due to enter Phase III imminently. Development income from partners was €16.5m in H120, giving a loss of €1.4m and a cash outflow of €2.1m. Cash was €20.3m on 30 June.

Companies: Formycon AG

30 Sep 20

ImagineAR signs two year deal with Valencia FC to bring Augmented Reality to 7 million soccer fans

30 Sep 20

Studio Retail Group - Impressive trading continues

Studio’s continued impressive sales performance in H120, despite the resumption of competitor trading on the high street, leads management to expect PBT from continuing operations (excluding Education) for FY21 will be ahead of its own internal expectations (there is no external management guidance). The company has a strong comparator for the upcoming key trading period to December, therefore the growth rate is likely to moderate. Its long-term targets of three million customers (versus current 2.1 million) and revenue of £1bn (versus FY20 revenue of £434.9m) as the shift to online retail continues suggests an attractive medium-term growth profile.

Companies: Studio Retail Group Plc

30 Sep 20

Minds + Machines reports 'very solid first half' for core business with cash generation up 19%

30 Sep 20

Polarean Imaging PLC to submit New Drug Application of its lung imaging system to the FDA in October

30 Sep 20

SymBio Pharmaceuticals - Treakisym RTD approved

SymBio announced on 23 September 2020 that it has received approval from the PMDA for the ready-to-dilute (RTD) formulation of Treakisym (bendamustine) in Japan. This formulation, licensed from Eagle Pharmaceuticals, is part of SymBio’s pipeline management strategy and the company has exclusivity on the formulation until 2031. The company intends to begin marketing the product in January 2021.

Companies: SymBio Pharmaceuticals Ltd.

30 Sep 20

KEFI Gold and Copper - Rose gold

Since our last note, KEFI has continued to advance towards its goal of achieving production in FY22. Among other things, this has included raising £3.7m in equity in May and establishing early-stage mining specialist, RAB Capital, as a cornerstone investor. More recently, it has also announced a maiden mineral resource at Hawiah (in Saudi Arabia) of 19.3Mt at a grade of 1.86% copper equivalent containing 359kt CuE (or 1.2Moz AuE) and a corresponding preliminary economic assessment (PEA), which confirms it as a high priority target. The company has consistently maintained its goal of formally agreeing its full funding structure with all participants in October 2020, ahead of construction in FY21 and first gold in FY22 and, to this end, development activities have continued unabated, despite COVID-19.

Companies: KEFI Gold & Copper Plc

30 Sep 20

Open Orphan: Firm foundations for growth laid in H1

In the six-month period to June 2020, ORPH focused on integration and restructuring following its acquisition of lab services and challenge studies specialist hVIVO in January. The company is currently positioned to deliver and maximise the potential its world-leading clinical research organisation

Companies: Open Orphan Plc

30 Sep 20

Progressing towards completion of first LIGHT system

Advanced Oncotherapy ("AVO") reported a wider H1 net loss of £12.2m (+8% YoY) as tightened administrative expenses of £9.8m (H1/2019: £11.0) were offset by increased finance cost totaling £2.4m (H1/2029: £0.59m) and a lack of tax credits (H1/2019: £0.38m). Despite the ongoing pandemic, we note that AVO has made good progress regarding both the development and initial commercialisation of LIGHT in 2020. We continue to believe in the potential for the LIGHT system to disrupt the radiotherapy market as a result of the proven clinical superiority of proton therapy ("PT"), combined with the implied economic advantages associated with linear accelerators. Now largely de-risked from a technical perspective, we see a number of important inflection points in the coming 6 - 12 months for AVO, maintaining our OUTPERFORM recommendation and GBp 135 target price.

Companies: Advanced Oncotherapy Plc

30 Sep 20

COVID-19 temporarily impacting revenue growth

Fox Marble Holdings (Fox) is a London-based marble quarrying, processing and sales company focusing on the extraction and processing of premium marble from its quarries in Kosovo and North Macedonia. Revenue streams include sales of block marble, processing of marble for third parties and the processing of marble from its own quarries. It currently operates three quarries, two in Kosovo and one in North Macedonia and has built a state-of-the-art processing factory. Fox has announced contracts worth over €2m in recent months with more to come, moving the Group ever closer to profitability and cash generation although in the short term COVID-19 has impacted quarry operations and revenue growth.

Companies: Fox Marble Holdings Plc

30 Sep 20

Oil & Gas Daily Flow

Tower Resources* (TRP LN): Interim results, farmout remains the catalyst | Zoltav Resources* (ZOL LN): Interim results, focus remains on upcoming feasibility study | Lansdowne Oil & Gas* (LOGP LN): Interim results, farm-out remains key | PetroTal (PTAL): Resumption of production at the Bretana oil field

Companies: TRP ZOL LOGP TAL

30 Sep 20

SP Angel Healthcare Conditions

Polarean Imaging (POLX.L): Interim results

Companies: Polarean Imaging Plc

30 Sep 20

Open Orphan 'period of integration, restructuring and setting the scene' for future growth

30 Sep 20

Open Orphan first half: 'period of integration, restructuring and setting the scene' for future growth

30 Sep 20

SP Angel . Morning View

Altus Strategies* (ALS LN) – BUY – 115p – Tabakorole resource climbs 54% with a 20% increase in grades | Amur Minerals* (AMC LN) – Interims Ariana Resources* (AAU LN) – Interim results and 2020 guidance | Bluejay Mining* (JAY LN) – Interims highlight ilmenite offtake agreements, licensing progress and low operating costs | BlueRock Diamonds (BRD LN) – Pit expansion combined with new capacity and recovery of larger stones to lead significant increase in diamond production | Bushveld Minerals* (BMN LN) – BUY – 45.7p – Production sharing agreement with Orion financing Phase III expansion at Vametco with notes to refurbish Vanchem | Chaarat Gold* (CGH LN) – BUY – 57p – Kapan operations update | Orosur Mining* (OMI LN) – Agnico Eagle joins Newmont at Anza | SolGold* (SOLG LN) – Delivery of Alpala PFS delayed by Covid19 restrictions | Tertiary Minerals* (TYM LN) – Progress report on Nevada exploration and MB Fluorspar project | Tri-Star Resources* (TSTR LN) – To be suspended pending publication of annual results

Companies: ALS AMC AAU JAY BRD BMN CGH SOLG TYM TSTR