hVIVO - Introducing 2025E; HSD sales grth/margin expansion expected

Post further analysis of the FY 2023 results on 9 April 2024, we are establishing FY 2025 forecasts, as well as modifying our forecast adjusted net profit/EPS figures for 2024 and 2025 to reflect the accounting of the deferred tax asset. Our 2025 forecast calls for 9% growth in customer revenues, stable other operating income (largely R&D tax credits) vs 2024, EBITDA margins going back to the 23% level (after a slight contraction in 2024 to reflect 3 facilities being run in parallel for part of

Morning Note – 25 April 2024

Top of the Pops

We reveal the winners of our investment trust ratings for 2024... Our ratings seek to reward closed-ended funds which deliver attractive and persistent performance characteristics in three categories which we think match up to broad goals investors usually have: long-term growth, income and growth, and high current income. This includes strong performance versus a fund’s underlying market, as well as attractive risk characteristics which we think suggests they could continue to be premium optio

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

Avacta Group - AACR update

As pre-announced, Avacta has presented the results of the 3-weekly P1 Arm 1 study of its AVA6000 lead clinical asset, based on the pre|CISION™ drug development platform at the American Association for Cancer Research's annual general meeting. The update does not cover progress on the ongoing 2-weekly dosing study which is underway, and Avacta confirmed current guidance on timing including being on track to begin the dose expansion study in 2H24. There are compelling updates on the progress repor

Braemar - H1/24 interim results update

Braemar’s interim results indicate the strong trading of FY23 has continued during H1/24 and in-line with expectations, benefiting from the focus on shipbroking activities and the increased breadth, depth, and scale of shipbroking operations. Braemar’s investments (acquisition of Southport Marine) and new teams have delivered a 7.9% increase in revenue to £74.9m for H1/24. Whilst robust Tanker freight rates have continued despite geopolitical challenges and OPEC cuts, Dry Cargo freight rates fel

Elixirr - Outperforming competitors and the global Consulting market

Elixirr offers investors exposure to the long-term growth trends in the global Consulting market (including digitisation and the ongoing technology revolution, demand for innovation, efficiency and specialised expertise) all turbo charged by the group’s ‘challenger’ strategy driving market share gain from a low base. FY 2023 results showed the power of Elixirr’s differentiated model with revenue up +20% and adj. EPS up +22% in a market subdued by global uncertainty. With net cash of £18m, a posi

CC Japan Income & Growth

CCJI leads the performance tables in Japan over one, three and five years…

LIBERUM: SAS UK SMID Monthly: Should we expect a rally in retail stocks?

GlobalData - New three-year growth plan

Having completed its five-year growth plan a year ahead of schedule, despite the intervening pandemic, GlobalData has now set out its ambitions for the next three years. These build on the group’s strengths in platform and proprietary data across its three segments in healthcare (36% of FY23e revenue), consumer (36%) and tech (28%). M&A is a key element, with the group’s financial strength significantly bolstered by the deal with Inflexion in December, where Inflexion took a 40% stake in GlobalD

Softer demand environment in North America weighs on Rentokil’s outlook

Rentokil reported a weak Q3 FY23 trading update, with sales slightly ahead of the market and our expectations, but with soft demand in the North American pest business (>60% of group sales). Consequently, the management lowered the FY adjusted operating margin guidance for North America. Given that this downgrade follows a soft demand environment in the Q2 23 as well, investors are skittish and the share price is down by >14% (at the time of writing). We maintain our cautiously positive stance o

Avacta Group - 1H23 results - AVA6000 remains pivotal

Avacta reported revenue for the interim period to the end June of £11.9m, more than doubled YoY, reflecting the growth in the contribution from the Diagnostics Division, including an initial contribution from the Coris acquisition completed in June. However, the main driver to the company's share price performance remains progress in the clinical trials of the AVA6000 compound where the company recently announced the successful completion of dosing in cohort 6 in the Phase 1A trial and a propose

Avacta Group - AVA6000 successful P1a results

Avacta has successfully enrolled all patients in the Phase 1a three-weekly dose escalation clinical study for its AVA6000 cancer drug. Dosing in Cohort 7, the last cohort in the study, has not reached a maximum tolerated dose (MTD), despite members receiving 3.5x the maximum tolerated equivalent dose of doxorubicin, unequivocally confirming the safety of AVA6000. Study results also demonstrate that AVA6000 delivered the concentrated release of doxorubicin at the site of cancer at therapeutic le

Morning Note – 26 January 2024

Morning Note – 26 March 2024