Bioventix - FY 2024 results: Troponin momentum cools slightly

Bioventix has announced its FY 2024 results to the end of June 2024, booking top-line revenues of £13.6m, up 6% YoY but slightly below our estimates of £14.0m. The company also felt the impact of a first full year at the higher 25% (vs 19%) corporation tax bracket, with earnings and EPS down 3% YoY to £8.1m (vs £8.4m) and 155p (vs 161p), respectively. Whilst group level revenues grew, troponin sales were somewhat muted, posting marginal YoY growth of 3%, resulting in FY 2024 revenues of £1.45m (

Morning Note – 30 October 2024

Morning Note – 28 October 2024

AGM Statement confirms strong start to FY25

Hargreaves’ AGM statement confirms a strong start to FY25. All three divisions are performing in line with expectations and we make no changes to forecasts. With a high level of secured Services revenue (70%), strong Land opportunities and signs of recovery at HRMS, the outlook is confident. Against this, we continue to see significant value in the shares and see recent share price weakness (shares down c.20% over the last two months) as a good buying opportunity. The investment case is clear -

Site visit highlights cultural change, focus on growth

Restore held a well-attended investor and analyst site visit last week near Doncaster, taking in the new Markham Vale Records Management facility and a state-of-the-art Datashred facility at South Kirkby. The tours were hosted by local management and followed up by presentations from the Restore executive team. No new financial information was disclosed, but the visit did provide a clear link between the previously stated Group growth and margin targets and the actions being taken at divisional

PANMURE LIBERUM: UK Budget: Our view on the sector impacts

Trinity Delta Lighthouse: Avacta

Trinity Delta view: These early preclinical data provide first insights into the broad potential of Avacta’s pre|CISION technology and the emerging highly innovative pipeline. These novel PDC and AffDC therapeutics have the potential to deliver a variety of known potent drugs (payloads) directly to the TME, limiting systemic toxicities and improving the therapeutic window. These data, plus validation from AVA6000 (September 2024 Lighthouse), indicate that pre|CISION chemistry could overcome some

SP Angel Morning View: Gold breaks higher as US Treasury sell-off continues on fiscal largesse concerns

Cream of the crop

We identify those trusts that use the distinctive features of investment trusts to the full…

Selene confirmed gas discovery, though smaller than expected

PANMURE LIBERUM: Transport: Budget reaction

Allenby Capital: Deltic Energy - Update

Deltic Energy plc (DELT.L) has provided an operational and strategic update. The key development has been the encouraging Selene exploration well results. Drilling recently reached the target depth and encountered a 160m thick section in the target Leman sandstone reservoir. Gas was present throughout. Definitive results from the logging and fluid sampling operations are awaited. As alluded to in September, Deltic is now considering opportunities internationally. This follows the pending introdu

Morning Note – 21 October 2024

Braemar - Diversification underpins resilience

Braemar’s FY24 results were in line with expectations with revenues flat, but operating profits down, having been hit by one-off costs and strong comparatives. The underlying operations continue to expand and diversify, which drove an 8% increase in FY24 fixtures, and the company remains well-positioned to drive its future growth strategy. The trading outlook for FY25 is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained o

Hardman & Co Insight: Survival of the UK life sciences sector

For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises. However, the small- and mid-cap life sciences sector has alway