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VLG has terminated the agreement with its previous Chinese partner, and announced a new partner to distribute Dentyl and UltraDEX into China. Samarkand (SMK) is a UK listed business which specialises in connecting brands with Chinese consumers. Reflecting prudence in light of its previous venture, we make no changes to forecasts yet. However, if executed to plan, the new agreement could add materially to earnings, especially from FY24 onwards.
Companies: Venture Life Group Plc
GSK has rejected Unilever’s £50bn bid for the former’s Consumer Healthcare business. The British UK giant believes that the offer significantly undervalues its assets, but the acquirer increasing its offer won’t be an easy affair. Nevertheless, this offer is a validation of the underlying potential of consumer health offerings and, hence, we upgrade our divisional NAV estimates. Overall, GSK remains an attractive under-transition pharma story.
Companies: GlaxoSmithKline plc
We believe the narrative for the UK equity market remains very good. Some inflation appears embedded in markets and economic growth seems robust. We saw investors show caution into the end of 2021 and so have cash to deploy in our view. This has been corroborated by investor feedback we’ve had already this year. The UK equity market is materially cheaper than global equities on a relative basis so asset allocators have to be looking at UK equities while UK 2022 GDP growth is likely the best of t
Companies: AFM ANX AXL CYAN GLAN MODE OBI MATD SEN SOM WSG
Strong recent trading has persisted over the winter months, as Yourgene has been co-opted in to help the UK’s response to the new wave of infections caused by the omicron variant. This comprises the surge testing PCR contracts and a new Covid sequencing service, which has made a strong contribution and is scaling up further for additional expected volumes. As a result, management now expects FY22 revenues of at least £37.0m and for adj EBITDA margins to exceed 10%. We upgrade our current year es
Companies: Yourgene Health Plc
Venture Life has announced the appointment of Samarkand Group Plc as its new Chinese partner for the company's oral care brands, Dentyl and UltraDEX on an exclusive basis, for an initial term of five years. Venture Life has terminated its agreement with its previous partner following the communicated poor performance of that partner. We see this as a very positive move for Venture Life, which generated £2.3m of revenues from China in 2020A, clearly demonstrating the potential of this market for
East Star Resources (EST.L) the Kazakhstan-focused gold and copper explorer, has raised gross proceeds of £3.1m by way of an oversubscribed placing and subscription of 62,000,000 new shares at a price of 5p, and has today been readmitted to the Official List of the Financial Conduct Authority by way of a Standard Listing following its acquisition of 100% of the share capital of Discovery Ventures Kazakhstan Limited, which holds an initial package of four licences in two producing but un
Companies: TAVI COG CUSN FEN GTLY NSCI LND EME
Circassia has delivered a strong outturn to FY21, with revenues 2% ahead at £27.9m (+17% YoY) and a maiden positive adj EBITDA, ahead of our expectations of a small loss, which had already been upgraded during the year. Gross margins remained steady at 68% and 84% recurring revenues was also consistent with the previous year. Net cash was also ahead at £12.6m, with the underlying NIOX business generating £1.1m of cash in H2, another notable milestone. We leave our outer years forecasts prudently
Companies: Circassia Group PLC
While we were away
Mac Alpha Limited (MACA.L) joined the Main Market. (24/12/21)
Atome Energy PLC (ATOM.L) joined AIM. (30/12/21)
What’s cooking in the IPO kitchen?
Graft Polymer a business focused on the development of polymer modification and drug delivery systems is to join the Main Market (Standard). Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing products and processing methodologies by enhancing per
Companies: VLX VRCI LBE RENX SOM TAST DDDD CMH IQG SRC
The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from sales and profitability. Despite this, some companies can still make
Companies: AVO APP ARBB BBGI E7F0 DNL FAS FCSS FEV FJV FLTA ICGT IBT OCI PCA PIN RECI STX TRX VTA
NetScientific, the international life sciences and sustainability technology investment and commercialisation Group, has provided an update on its wholly owned subsidiary ProAxsis, that provided its annual ‘CEO update' on the progress it made during 2021, released intraday Friday 7 January.
Companies: NetScientific plc
A positive FY Trading Update that came in slightly ahead of our, and the market's expectations, with revenue of £13.9m vs. our £13.7m estimate. US Dollar (representing the majority of revenue) performance reflected the true operational growth, up some 17% YoY before the FX impact reduced that to 10% growth in GBP (reported) terms. EBITDA (adjusted for share-based payments) was up 294% to £2.1m, and the DXRX platform has grown to provide 57% of group revenue. The company has also announced a ne
Companies: Diaceutics Plc
Where next for markets in 2022? In our view, if COVID is not on the way out, we are just going to have to live with it now and it will have less and less impact on economic forecasts going forward. Instead, the bigger issues for investors to deal with in 2022 are cost inflation and staff shortages for business (which are already hitting earnings momentum), energy cost inflation and higher taxes hitting the consumer wallet, and markets that start from very elevated valuation multiples compared wi
Companies: GML HAT IOG LOK MTC QTX SOM SCE SNG TRCS TRMR
SDI has announced the acquisition of Scientific Vacuum Systems (SVS), paying c.£4.9m (net of £0.6m cash acquired), which includes a £0.9m earn-out based on FY 2022E adjusted EBIT. SVS manufactures physical vapour deposition (PVD) equipment and other vacuum related systems. The acquisition is funded from cash and SDI’s existing debt facility, with unaudited net cash at 31 December having been c.£4.3m. The acquisition is coupled with the encouraging news of an extension to the OEM contract for Ati
Companies: SDI Group plc
Electric Guitar (ELEG.L) was established in 2021 through the issue of shares to the founders as a special purpose acquisition vehicle which will seek an acquisition target in the digital media sector. The Company intends to act as a consolidator and operator in the digital advertising market. The Company has today joined the Main Market. £1.2m raise. Mkt cap £1.74m.
Amryt Pharma has left AIM. Its American Depositary Shares remain trading on NASDAQ.
What’s cooking in the IPO kit
Companies: ALBA JAY EVG KAT MIDW OHG SWG TMT
The six-month trading update to 31 December reflects the discontinuation of non-core products, ongoing COVID-19-related headwinds, principally in Germany and Italy, exchange-rate headwinds (-5%) and product phasing issues, with revenues falling 10% to £48.7m. Underlying like-for-like growth, however, was 3% at constant exchange rates (CER). Period-end cash was £41.4m, which implied a c.3% increase (+£1.m) in underlying cashflows in the period. We have reduced revenue forecasts by 9% in FY 2022 t
Companies: Allergy Therapeutics plc