What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
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Wynnstay Group (‘Wynnstay’) has today (30 June 2021) issued a very positive set of interim results for the period ended 30 April 2021. The Group’s balanced business model has come to the fore and delivered record HY pre-tax profits. Trading momentum from H2 FY20A across feed and the Specialist Agriculture Merchanting division has continued in H1 FY21A and has been ahead of management and our expectations. Following the outperformance in feed and Merchanting more than offsetting a weaker arable p
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The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
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Cornerstone FS to join AIM, an SME focused, cloud-based provider of international payment, currency risk management and electronic account services focused on removing the complexity of international payments for customers. Raising £2.2m. Mkt Cap £12.3m. Due 18 Mar. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold
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Wynnstay has a well-balanced, resilient and cash generative business model with a natural hedge, strong asset backing and a highly experienced management team. The Group has a strong financial track record in terms of profit and cash and has consistently increased its dividend for the last 17 years. We feel Wynnstay could be a Brexit winner. The Free Trade Agreement (FTA) with the EU provides UK farmers with much more clarity, stability and ultimately confidence with the industry being in a much
The Budget offered a clear picture of the state of the economy. Put simply, the economy will be 3% smaller in three years’ time than it would have been without the impact of the pandemic. However, it is forecast to return to pre-pandemic levels by mid-2022, six months earlier than previously thought. The OBR forecasts that the UK economy will grow by 4.1% in 2021, (lower than the 5.5% outlined in November 2020). It has set its GDP forecasts in 2022, 2023 and 2024 at 7.3%, 1.7% and 1.6%. Positive
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tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to ta
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In the last fortnight, we have surrendered some of the notable progress made over the last three months. That said, the optimism displayed by markets, driven by progress with vaccines and their rollout, persists. The recent direction of markets has been set by volatility in US markets, driven by specific retail market developments. Domestically, we have seen a broadly upbeat procession of results and trading updates/outlooks have, generally, been at least in line. The share price reactions have
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Wynnstay Group (‘Wynnstay’) has issued its preliminary results for the year ended 30th October 2020. Despite the exceptionally challenging market conditions in UK agriculture across H1, trading momentum in H2 was strong with robust demand in Feed and Merchanting. Wynnstay has continued to deliver robust profitability (slightly ahead of our revised expectations in Nov 20) and good cash generation whilst the Group’s resilient well-balanced business model gives us further comfort and encouragement
Wynnstay Group (‘Wynnstay’) has issued a trading update in relation to its year ended 31st October 2020. Positively, trading momentum in the second half of the year has been strong, especially in Q4, across both the Agriculture and Specialist Agricultural Merchanting Divisions. More specifically, there has been robust demand for products across the Group in the Feed and the Merchanting businesses. Consequently, the Board now expects to report profitability for FY2020F significantly ahead of curr
Wynnstay Group (‘Wynnstay’) has issued its interim results for the period ended 30 April 2020. Despite the exceptionally challenging market conditions in UK agriculture trading across H1 FY2020F, Wynnstay has continued to deliver robust profitability and good cash generation. Given the rapidly evolving situation around COVID-19, we withdrew our FY2020 and FY2021 forecasts post the AGM statement in March. Management now believe visibility has somewhat improved, so we reintroduce our forecasts for
Wynnstay Group (‘Wynnstay’) has issued its preliminary results for the year ended 31 October 2019. Overall, the business remains able to deliver robust profitability and cash generation despite CY2019 UK agriculture trading conditions being tough. The Group’s broad range of agriculture activities and resilient business model with its natural hedge has come to the fore. However, management expect another ‘challenging’ year ahead primarily around feed and arable/fertiliser as adverse weather condi
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
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Wynnstay Group (‘Wynnstay’) has issued its interim results for the period ended 30 April 2019. Despite tough trading conditions in UK agriculture across Q2 FY2019, the business remains able to deliver robust profitability and good cash generation. Underlying market conditions have deteriorated in CY2019, but Wynnstay’s broad range of agricultural activities and resilient business model with its natural hedge has come to the fore. Although profitability has declined from the prior period year, it
Wynnstay Group (‘Wynnstay’) has issued a trading statement today (21 March 2019) ahead of its AGM on the 26 March 2019. Whilst Q1 (November to January) was in line with management expectations, Q2 has seen a rapid deterioration in the trading environment. Due to tough trading conditions across the industry and farming sentiment somewhat uncertain surrounding Brexit, management prudently anticipates FY2019 to be substantially below current market expectations. Therefore, we downgrade our forecast
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Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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What’s cooking in the IPO kitchen?
Poolbeg, Proposed AIM listing and demerger from Open Orphan (ORPH.L). Funds raised as part of Admission will be used primarily to fund the clinical trial costs associated with the development of the Company’s POLB 001 asset as a treatment for severe influenza and to acquire and develop new portfolio assets. Offer details and timing TBA
Wise, the Fintech and payments start-up is planning to pull the trigger on a direct listing on the London Stock Exchange as s
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Companies: Genus plc
MGC Pharma is a bio-pharma company that develops and produces medicines using compounds derived from cannabis and other plant-based sources. Since our initiation report (June 22, 2021) the company has had several major news announcements, which have contributed to a 49% increase in the share price
Companies: MGC Pharmaceuticals Ltd.
2019 started well for investors with U.S. stocks rallying on the back of trade talks between China and the U.S. resuming. Sterling rebounded in Q1 2019 as expectations built the UK would avoid a “no deal” Brexit, providing a further tailwind to more internationally focused UK companies. This sentiment spread across the globe and filtered its way down into small caps.
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The group is acquiring Union Distillers Ltd for an initial £8m plus a revenue-based two-year earn out, in a deal that will deliver additional quality brands, a large new customer base and substantial additional production and warehouse capacity.
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Alphawave IP Group is considering an IPO on the standard listing segment of the London Stock Exchange. Alphawave IP is a leading semiconductor IP company focusing on the hardest-to-solve connectivity challenges created by the exponential growth of data. Funds and accounts managed by BlackRock, and Janus Henderson, have each entered into cornerstone agreements with the Company to subscribe for, subject to certain conditions, in aggregate, c. USD 510m of Offer Shares at an offer price representing
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MPE has reported interim results for the six months to end June 2021. These are an excellent set of results driven by robust growth in crops, strong CPO price, more milling capacity coming on stream and operational gearing. For the third time this year, we are significantly upgrading FY2021 profit expectations. MPE has hit a virtuous circle where operating cash flow continues to grow strongly, Capex starts to fall rapidly and loans to smallholders continue to unwind. This will leave the business
Companies: M.P. Evans Group PLC