Strong 2019 results, significantly undervalued
Once again Aeorema has delivered an impressive set of financial results. For the 12m period ended June 2019 the Company reported an increase in revenue and EBIT of 40% and 29% respectively. The net cash position at year end reached a new high of £2.2m which equates to over 90% of the current market capitalisation, or equivalent to c. 24.5p per share. The healthy cash position has enabled a 1.0p dividend to be declared, a 33% uplift on the 2018 figure. Reassuringly the Company remains confident of future growth with recent client wins expected to boost the current year’s earnings. We have increased our 2020 revenue forecasts by 31% and our 2020 EBIT forecast by 21%.
30 Sep 19
Small Cap Feast
Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year. Freyherr International Group PLC the Medicinal Cannabis holding company established in 2016, is planning to list on the NEX exchange on the 30th July
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18 Jul 19
Small Cap Feast
Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. Offer TBC, expected 29 May 2019. Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019
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16 May 19
Steady interims, full year forecasts unchanged
Aeorema has delivered a steady set of interims for the seasonally weaker first six months of its financial year. In the six-month period to the end of December 2018, revenues increased 7% on the prior year period. Although the Company reported an operating loss of £142k in the first six months of the year, against an £81k profit in the prior year period, management attributes this to the cost of recent senior hires (and associated recruitment costs) but remains confident that full year market expectations will still be met. To achieve our full year forecasts of EBIT of £309k the Company needs a strong second half of the year which should be achievable given most corporate events take place in the summer and the Company will be benefiting from the newly strengthened team. We leave our forecasts unchanged and note that net cash balances remained heathy at the end of December at £1.04m, equating to over 11p per share.
25 Mar 19
New management team thriving, cash rich
Aeorema has delivered a solid set of results for the 12m period ended June 2018 with revenue and underlying pre-tax profit growth of 16% and 16.5% respectively. We view the results as particularly reassuring given that this was the first 12m period with the new management team at the helm, confirming that the business was not reliant on the June 2017 departed founders. Net cash at the end of June was £1.44m which equates to over 60% of the current market capitalisation, or equivalent to c. 16p per share. A 0.75p dividend has been announced which is a 50% uplift on the 2017 figure.
07 Nov 18
Small Cap Feast
Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD Wentworth Resources— oil and gas exploration and production company, with assets in the onshore Rovuma Basin of East Africa. Introduction only. Mkt Cap c £50m . Due today Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Kropz PLC—an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana. Looking to join AIM, offer TBC, market cap TBC. Due Late October. Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer TBC, expected late November 2018.
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07 Nov 18
Small Cap Breakfast
Jackpotjoy — Prospectus now approved by the FCA. Admission to Official List expected 25 January. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
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23 Jan 17