Augean (AUG LN) Strong H1 PBT growth; material reduction in net debt | Brewin Dolphin Holdings (BRW LN) Impressive 8% annualised discretionary flows in Q3 | Burford Capital (BUR LN) H1 results – c.15% up on a strong comp – increasing estimates and TP | Earthport (EPO LN) Continued progress with operational changes | EKF Diagnostics (EKF LN) Exclusive agreement with Asahi Kasei expands US products portfolio | IDOX (IDOX LN) Framework in place for improved future performance | Marston’s (MARS LN)
Companies: AUG BRW BUR EPO EKF IDOX MARS RAT VCT
Eckoh (ECK LN) Another year of strong progress | Victrex (VCT LN) Well on track after record H1
Companies: Eckoh plc (ECK:LON)Victrex plc (VCT:LON)
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Victrex has reported record Q1 volumes with a positive performance in the Industrial business offsetting a slightly weaker performance in Medical. Volume strength should not be extrapolated (interestingly the large Consumer Electronics order played a part in the outperformance) but we expect to increase our FY volume forecast somewhat, implying a 4% to 5% EPS upgrade to FY18 (the statement acknowledges some limited scope for outperformance). For FY19, an increasing currency headwind is likely to
Companies: Victrex plc
Strong start to FY18, record Q1 volumes
Curtis Banks Group (CBP LN) Upside from strategic initiatives not yet recognised | ECO Animal Health Group (EAH LN) Marketing authorisation for Aivlosin® in Canada | IDOX (IDOX LN) Year end update and Board change | Microsaic Systems (MSYS LN) New phase of research agreement with global partner in biopharma | Safestyle UK (SFE LN) Tougher trading & further margin pressure drives another 10% d/grade | Zotefoams (ZTF LN) Strategic partnership with Nike
Companies: XAR VCT IDOX SFE ZTF EAH MSYS CBP
At our 3D Printing and Advanced Manufacturing lunch on Monday three companies updated us on the developments and significant opportunities for their business in this exciting new area. We were pleased to welcome speakers from Xaar, Victrex and unlisted group Metalysis. Each company gave a 15-20 minute overview of their existing activities in 3D printing and how they are continuing to develop their offer to capitalise on the strong growth and value creation opportunities ahead. Brief summaries ar
Companies: Xaar plc (XAR:LON)Victrex plc (VCT:LON)
Victrex has announced a material reduction in its effective tax rate as a result of the Patent Box legislation. New guidance is for a tax rate of 12% (from 20% to 21% previously). This implies a consensus EPS upgrade of c.8%+ and a cash benefit will also be felt from 2018. Alongside this announcement, it has been confirmed that new CEO Jakob Sigurdsson has joined as CEO-designate, effective 1st September. Jakob will join the Board on 1st September. Dave Hummel will remain on the Board until the
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Whether we know it or not, advanced materials are a core component in the everyday life of the everyday person. They are the key material in items we often disregard, such as printer inks and lotions, to objects which defy the laws of gravity like the Airbus A380 and London’s Shard. Furthermore, these materials are not only essential to many objects and structures, but, due to their superior qualities, are the key to the advancement of many industries. One such example is the use of carbon fibre
Companies: AGM AUTG BIOM BOY CAR CKT EMH EXO GRPEF HAYD IKA ITX CRPR MGAM NANO OXIG SYN SCE SYM VCT ZEN HDD
Positive interims confirm a strong performance from the core business, which saw volume increase by 19%, more than offsetting the anticipated decline in consumer electronics demand. Volume and PBT increased by 5%, both representing 50% of our FY forecast. With further currency benefits to come and a normal H2 weighting, forecast upgrades might have been expected, but ongoing uncertainty over consumer electronics holds back this prospect for now. More positively, the special dividend (50p+ this y
ECO Animal Health Group (EAH LN) 2017 significantly ahead of expectations | Midatech Pharma (MTPH LN) New take on valuation and direct sales strategy | RhythmOne (RTHM LN) Good results/momentum – delivering on execution | Victrex (VCT LN) Positive H1 underpins FY profit and special dividend expectations
Companies: VCT EAH RTHM MTPH
In our second edition of “Trend spotting” we note how in the last three weeks the defensive rotation trend has gathered pace and further evidence has emerged of the “relative fading” in the UK economy. However we now see early signs of the “risk on” trend starting to reassert itself in equity markets and we look at small cap laggards plus European exposure as ways to play this.
Companies: GNS REDD SPH TRI XAR BOY VCT GHH CHH DPH INS HILS RPS LWB EKF UDG SYNT MYSL BCA JUP KMK
Attractive corp tax regime, and dovish on energy, infrastructure, and bank regs
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Our conviction in AFC Energy is fundamentally premised on our appreciation of the unique attributes and qualities of AFC Energy's technology. We have long believed its systems are robust – chemically and otherwise. Nevertheless, we are very impressed with the delivery achieved by AFC Energy's systems in the most arduous conditions on the planet. To have successfully featured as the primary power source to charge the vehicles in each of the first three races is a very strong statement that unequi
Companies: AFC Energy plc
Strix hasn’t missed a beat over the last eighteen months. Despite the pandemic and the resultant lockdowns, it was able to marginally grow earnings in FY20. The COVID impact on the income statement is barely noticeable, a year of low growth rather than the collapse in profitability experienced by others. This was topped off by the Capital Markets Day in November when the challenging five-year growth target of doubling revenue was set.
Companies: Strix Group PLC
The Velocys interims show the recognition of sales to the Red Rock Biofuels project with a good gross margin indicating the value in these sales. With recent commercial progress in Japan we see this as helping to underpin the value of these developments. Overall, the company is making progress across the board and both the policy and wider industry background, notably in aviation, remain highly supportive.
Companies: Velocys plc
Companies: Kier Group plc
Companies: Judges Scientific plc
Oil declined amid Russia's plans to boost upcoming overseas oil sales and as the dollar rallied.
Futures in New York ended the session nearly 1% lower on Friday. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the US dollar reduced investor interest in commodities priced in the currency.
Despite weaker prices on Friday, US benchmark crude futures gained more than 3% this week due to tightening supplies. In the US, crude inventories
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Plant Health Care has released its interim results in line with expectations following its trading update in July. In light of this, we do not make any changes to our numbers. We maintain our view that given current market trends, our forecasts remain well underpinned with considerable upgrade potential. Reiterate Buy.
Companies: Plant Health Care PLC
Velocys, the next generation sustainable aviation fuels (SAF) specialist, has reported interim results this morning (23 September). The company's first-half period to end June saw an encouraging rise in strategic activity, as well as a noticeable step up in general news flow surrounding the future needs of the aviation sector for renewable fuels as the industry begins its recovery from the pandemic. We note that this positive news flow has continued into the current Q3 period. The results demons
Companies: Safestyle UK Plc
First half performance indicates that the turnaround is almost complete with Safestyle reporting the best half year financial performance since H2 2017. Revenue of £73.0m is up 73.4% yoy but more importantly increased 13.3% on the H1 ’19 performance. The recovery in revenue picked up pace during the half, after four months it was 10.9%. Gross margin increased 639bps to 32.3% on HY19 as average selling price increased 11% despite a negative movement in mix. This resulted in adj. profit before tax
Esken now has financing in place for the recovery. The Group has raised £55m in fresh equity and secured a £125m convertible loan from Carlyle Group, who become a strategic investor in London Southend Airport. Strategy is focused on two core divisions. The Energy division, which supplies wood biomass to green power plants is profitable and has performed robustly. Trading in Aviation remains subdued. Cargo handling at London Southend has grown strongly but passenger traffic has been hit hard by C
Companies: Esken Limited
Xeros has reported H1 2021 results for the six-month period up to end June 2021. Revenues are broadly inline but cash is slightly behind expectations due to ramp up in XFiltra investment. These results are not reflective of the longer-term potential of the Group. Despite some inevitable further pandemic-induced delays, commercial progress is encouraging, with the potential of XFiltra looking particularly exciting. We reiterate our 400p/share price target.
Companies: Xeros Technology Group (XSG:LON)Xeros Technology Group Plc (XSG:LON)
Symphony has reported significant product development and regulatory approval. Most notably it has received enhanced US Food & Drug Administration (FDA) and Health Canada approval for introduction of d2p anti-microbial technology for bread packaging in these markets. Our analysis shows the total market in North America for bread products is valued at c.$24bn each year. In the recent H1 statement, the Group reported revenue growth of 13% to £5.4m (at constant FX) but a loss before tax of £0.6m (i
Companies: Symphony Environmental Technologies plc
Companies: Ceres Power Holdings plc
Billington provides structural steel and safety solutions to the construction industry. Despite sector wide challenges of the last 18+ months, Billington's interim results to June 2021 reflect a solid operational and trading performance. H1 revenue increased 15.1% YoY to £37.7m with adjusted PBT rising 24.6% to £0.76m. Billington commenced the year with full order books. Moreover, order intake has been strong, meaning the order book has remained at ‘consistently high levels', with the macro back
Companies: Billington Holdings Plc