Umuthi Healthcare (UHS.L) , the technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas has joined the main market (standard). No funds raised. Umuthi onboarded 2,000 clients during the previous financial year which represents a single digit fraction of the immediately available customers to its MedTech platform and have booked revenues as a result of these sales, ensuring tangible proof of concept. The bespoke p
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We recently published a paper, Share ownership: For the many, not the few, based on a statistical survey of share ownership, produced jointly with Argus Vickers, the share analysis service. The Office for National Statistics (ONS) has now issued its equivalent survey. This paper compares its results with ours. Although there are, inevitably, differences in the detail, the two surveys reach the same conclusions.
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MCL’s recent results (see our 21 October note, Interim FY’20 results: steady core, deal upside) highlighted the strength of Home Collect (HCC). The division showed operational efficiency improvements, the appropriate use of technology and improving credit. It also generated double-digit underlying profit growth, despite a stable market and without compromising the agent-driven model. In this note, we explore MCL’s strategy to expand from this strong core business. The strategy is driven by exten
Companies: Morses Club Plc
The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather
Companies: AVO AGY ARBB BUR CMH CLIG DNL FLTA GDR MCL NSF PCA PIN PHP RECI RMDL SCE SIXH SHED VTA
The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.
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MCL’s core HCC division once again delivered a strong performance. Market volumes remain subdued, but 11% underlying profit growth has been delivered, with efficiency gains and good credit (20% reported adjusted growth). The acquired businesses’ performances required incremental investment, and initial lending appears slightly behind track, but these issues are short-term and management has reiterated its stretching guidance for FY’20 and FY’21. We also note the cash collected from CTL loans at
Since their privatisation in 1989, the 10 water companies have faced a periodic review every five years; it is undertaken by Ofwat, and prescribes customer prices, along with the investment requirements. As part of the ongoing review, PR19, Ofwat will publish its Final Determination numbers on 11 December 2019; they will apply as from April 2020, although water companies do have the option to seek a reference to the CMA.
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Bracken Trading — The Group undertakes its main trade of lending as well as electricity generation through the operation of two solar farms. Admission on the 09/09/2019
WORLD HIGH LIFE—The Investment Vehicle is to identify investment opportunities and acquisitions in legal Medicinal Cannabis, Hemp and CBD wellness sectors. The Company has raised £2,398,309 through three issues of Ordinary Shares to private subscribers.
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The introduction of IFRS 2 in 2004 generated considerable debate about the best approach for handling ‘share-based payments’ (SBP). While it is clearly a cost to shareholders, which should be included in the statutory reporting lines through the P&L account, the question arose as to whetherit should be part of our underlying EBIT calculation.
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When advisers first start looking at business relief (BR) products, there is much to take in: the rules governing such products; the investment strategies being used; and what the investment risk is. It is easy to lose sight of the fact that, for non-AIM products, the investment is being made directly into a company or partnership, rather than a fund. It is, therefore, essential that governance is part of the diligence process.
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The quarter enjoyed the ongoing recovery in revenue margins and net provision releases further boosted by a portion of the announced tax gains. The question is not at what pace profitability will recover but instead at what pace will it normalise? In the meantime, the group is accumulating excess capital that will be returned to shareholders.
Companies: Lloyds Banking Group plc
Duke has provided a positive Q1/21 update, confirming a record quarterly cash revenue, exceeding results seen prior to COVID-19. This evidences Duke's successful navigation of the pandemic and the strength of its portfolio, where NAV has remained above 30p p/s. Q2/22 should see cash revenues materially rise to c£3.2m given recent deployments, boding well for future DPS uplifts. Our forecasts remain unchanged, awaiting further deployments, but we see great upside potential via FV gains, as tradin
Companies: Duke Royalty Limited
The quarter enjoyed stronger-than-expected provision releases and a partial reversal of the first quarter negative equity adjustments, whereas the DTA remeasurement offset ongoing restructuring charges.
Companies: Barclays PLC
Companies: Oakley Capital Investments
Avation is a lessor of 44 aircraft to a diversified airline client base of 19 commercial airlines across 15 countries. This morning, the group has provided a brief update as of 30 June 2021, which points to an impairment review having been completed in line with its standard accounting policies across its turboprop, narrow-body and wide-body fleet. The net impact is to reduce the book value of the fleet by c.$32m, which follows on from the H1 2021A impairment of $46.7m. Management believes that
Companies: Avation PLC
TPFG has delivered an impressive H1/21E trading update, confirming a doubling of interim revenues. The result reflects a buoyant sales market and only a partial contribution from sales-focused Hunters, whose March 2021 purchase looks astute. Given sales pipelines remain robust (set to convert largely over H2/21E); the 73k managed properties continue to provide a high degree of recurring & transactional income; and Ewemove continues to scale quickly, we view the outlook positively. Despite the sh
Companies: Property Franchise Group PLC
Trident Royalties Plc (AIM: TRR) has, this morning, announced the appointment of Mr Peter Bacchus as Non-Executive Director with immediate effect with James Kelly stepping down to pursue other business interests. We would also like to highlight the favourable development at Thacker Pass Lithium Project, over which Trident holds a Gross Revenue Royalty (GRR), where a federal judge denied a motion from four environmental groups to stop digging at the planned lithium mine.
Companies: Trident Royalties Plc
Ground Rents Income Fund (GRIO) has today released its Interim Results for the period ending 31 March 2021. The NAV fell by 1.1% to £101.4m (104.5 pps). Dividends of 1.98p have been paid over the six month period, but going forward the Board have announced that they will be reducing the annual dividend target to 3.0pps and expect the dividend to be fully covered by the year ending 30 Sep 2022. At the AGM in March, shareholders approved the authority for the Company to purchase up to 14.99% of it
Companies: Ground Rents Income Fund PLC
Altus Strategies* (ALS LN) - La Mancha launches La Mancha Fund, a Luxembourg based long only fund dedicated primarily to gold mining.
Ariana Resources (AAU LN) – Kiziltepe production guidance maintained
Castillo Copper (CCZ LN) – Quarterly report highlights the ‘Big One' prospect
Chaarat Gold (CGH LN) – Robust Kapan production in H1/21 with Tulkubash funding completion pushed to Q3/21
Glencore (GLEN LN) – Glencore to pay $9.85m to settle zinc rigging dispute
Jervois Mining (JRV AU) – Jervoi
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The quarter enjoyed accelerated provision releases. The improved visibility on the group’s mid-term perspectives enabled management to increase its capital distribution plan over the next three years.
Companies: NatWest Group Plc
Duke has today confirmed its second new royalty partner this month, through a £7.7m agreement with InTec Business Solutions (InTec). The deal, disclosed in April's placing, sees Duke re-establish exposure to the technology sector (following Welltel's earlier exit), maintains portfolio diversification and takes the current royalty portfolio to eleven partners. Should the other disclosed deal from the placing be executed as planned, we would expect to revise FY22E forecasts. The stock currently tr
DSM offers a rare opportunity to gain exposure to a concentrated portfolio of UK micro-cap stocks, an area of the market which is often overlooked. The portfolio has navigated the pandemic well, with most holdings having either returned to or exceeded pre-Covid levels. The companies have also emerged from the crisis in a much stronger position with far more operationally efficient business models. A series of positive trading updates and director buying across 60% of the portfolio since the star
Companies: Downing Strategic Micro-Cap Investment Trust PLC GBP
Record’s assets under management equivalent (AUME) has continued to grow in Q122 with net inflows including the launch of the new Record Emerging Market Sustainable Finance Fund. This is the first of several new product initiatives to be realised and will contribute to diversification of revenues. The group is also continuing to focus on modernisation and succession to support future growth.
Companies: Record plc
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
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The past year has been highly successful for Deltic. The key highlight was the irrevocable decision by the Shell/Deltic JV at the end of March to drill the Pensacola Zechstein prospect. This decision was an important validation of Deltic’s technical capabilities. We would also identify three other important developments. These are the upgrade to the chance of success on Selene, the de-risking of the Cupertino and potentially the Cortez prospects and the award of six licences under the UK’s 32nd
Companies: Deltic Energy PLC