Velocity Composites—Schedule 1. Manufactures advanced carbon fibre and ancillary material kits (predominantly carbon fibre) for use in the production of aircraft. Mid May admission expected. Offer details TBC.
Shearwater Group—Schedule 1. Acquiring SecureEnvoy for £20m in cash and shares—a provider of multifactor authentication enterprise software solutions. RTO under the AIM rules.
ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle
Companies: IDP RXB OSI IHC AAU PEN SLN AHCG UKOG
Big Sofa Technologies— Schedule 1 from the b2b technology company providing video analytics at an enterprise level. Seeking to complete RTO of unlisted HubCo investments. Raising £6.1m. Target date 19 December.
ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m.
RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Creo Medical Group
Companies: NWT EAH AHCG HUW C21 RXB CYAN ONEV
The Mission Marketing Group (TMMG.L) | Rex Bionics (RXB.L) | Frontier Developments (FDEV.L) | W Resources (WRES.L) | Netscientific (NSCI.L) | President Energy (PPC.L) | CPP Group (CPP.L) | Eagle Eye Solutions Group (EYE.L) | Dorcster (DAR.L) | Avesco (AVS.L)
Companies: TMG RXB FDEV WRES PPC EYE ESC AVS NSCI
Fusionex International (FXI.L) | Rex Bionics (RXB.L) | Crossrider (CROS.L) | Cerillion (CER.L) | Sunrise Resources (SRES.L) | Premier Asset Management Group (PAM.L) | Faron Pharma (FARN.L) | Frontera Resources Corp (FRR.L) |
Companies: FXI RXB KAPE CER SRES FARN FRR PMI
CONCURRENT TECHNOLOGIES (CNC LN) | ELLERSTON GLOBAL INVESTMENTS (EGI AU) | ITM POWER (ITM LN) | LXB RETAIL PROPERTIES PLC (LXB LN) | OSIRIUM TECHNOLOGIES PLC (OSI LN) | P2P GLOBAL INVESTMENTS PLC (P2P LN) | PETRO MATAD LTD (MATD LN) | REX BIONICS PLC (RXB LN) | SAN LEON ENERGY PLC (SLE LN) | SOUND ENERGY PLC (SOU LN)
Companies: OSI CNC LXB EGI RXB SLE MATD PSSL SOU ITM
CONCURRENT TECHNOLOGIES (CNC LN) | ITM POWER (ITM LN) | LXB RETAIL PROPERTIES PLC (LXB LN) | OSIRIUM TECHNOLOGIES PLC (OSI LN) | P2P GLOBAL INVESTMENTS PLC (P2P LN) | PETRO MATAD LTD (MATD LN) | REX BIONICS PLC (RXB LN) | SAN LEON ENERGY PLC (SLE LN) | SOUND ENERGY PLC (SOU LN)
Companies: OSI CNC LXB RXB SLE MATD PSSL SOU ITM
Physiomics* (PYC.L) | Tricor (TRIC.L) | Concepta (CPT.L) | Akers Biosciences (AKRL) | Rex Bionics (RXB.L) | Empresaria Group (EMR.L) | YOLO Leisure & Tech (YOLO.L) | Nostra Terra Oil and Gas (NTOG.L) | EG Solutions (EGS.L) | Hydro Dec Group (HYR.L)
Companies: RXB EMR EGS AKR HYR
Rex Bionics, a pioneer in the medical exoskeleton field, has recently reported a number of encouraging updates, including interim financial results, new distributors for the key US and China markets and positive interim metrics from its RAPPER II clinical trial. The company is focused on rehabilitating and improving mobility in patients with spinal cord injury. Its two key markets are rehabilitation centres and home use. Clinical trials demonstrating the medical benefits to patients and commerci
Companies: Rex Bionics
Rex Bionics' RAPPER II clinical trial interim data were presented at the Australia and New Zealand Spinal Cord Society meeting last week. Trial interim results show that the Rex unit is safe for patient use. Positive RAPPER II results are expected to facilitate the company’s commercialisation strategy for the Rex exoskeleton. We will revisit our forecasts following H1 results in December.
RAPPER II is a 100-patient study to measure the time taken for wheelchair users to mobilise in a Rex unit and complete an exercise regime. The study also intends to provide a better understanding of the severity of injury that can be safely treated with a Rex unit. The first patient has successfully completed the assessment and the data from the first cohort of patients are expected to be presented before the end of 2015. Trials such as this and RAPPER I, are key to driving adoption and therefor
Research Tree provides access to ongoing research coverage, media content and regulatory news on Rex Bionics.
We currently have 11 research reports from 3
H1 EBITDA declined by 45% YoY, albeit this was slightly better than we had anticipated after the pre-close update in August. The beat was cost related (efficiencies/savings). There was a significant gross margin drag though and, while transitory in nature and diminishing in H2, this means further savings need to be realised to hit full year forecasts. This is our view and we retain a good level of confidence in next year’s forecasts. Having de-rated, valuation looks very undemanding now on just
Companies: Venture Life Group Plc
Venture Life has announced its interim results for the six months to June 2021. As previously announced in the August trading statement, revenues were down YoY due to lower HSG sales and sales to the Chinese partner, though revenues are expected to grow subsequently, benefiting from the two recent acquisitions. H1/21 gross margin was impacted by a number of factors including supply chain costs and stockholding costs; however, the company expect margins to improve in H2/21E. Despite the set-backs
Cambridge Cognition has announced strong interims which are consistent with our recently upgraded forecasts. Revenue increased 50% YoY, which outstripped growth in admin expenses leading the group to swing to a net profit. Demand for the company's software & services to support clinical trials continues to be strong, with a contracted order book of £15.2m at the end of H1 21 (+36% HOH; +105% YoY). Contract prepayments aided strong cash generation which led net cash to increase +37% versus FY20 Y
Companies: Cambridge Cognition Holdings Plc
Companies: SourceBio International Plc
Warpaint’s interim results for the six months ended 30th June demonstrate a highly encouraging rebound in sales and profitability as the markets have reopened post various degrees of Coronavirus lockdown. Strong strategic progress has been made, with the relationship with Tesco expanded and an 84-store trial with the UK’s leading cosmetics retailer Boots confirmed; this is very good news to us. Whilst ahead of our expectations for H1, we leave FY21 forecasts unchanged reflecting the very well do
Companies: Warpaint London PLC
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
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Full year PBT is 4% ahead of our expectations and strong trading momentum has continued into FY22 (14.4% LFL). The strength of the results reflects favourably on the strategy new management put in place in 2019 to focus on optimal patient care and to make CVS an employer of choice. Having shown remarkable resilience through the pandemic, CVS is emerging as a stronger business with excellent ongoing growth prospects. Its integrated veterinary model is ideally positioned to capitalise on sector ta
Companies: CVS Group plc
Interim results to 30 June 2021 were in line with the trading update issued on 3 August, which resulted in upgrades to our forecasts and target price. On the back of a 50% (£1.5m) rise in revenues to £4.5m, adjusted EBITDA increased £0.5m to £0.2m, illustrating the operational leverage of 80% gross margin software & services. Period-end cash increased 38% (+£1.2m) in the period to£ 4.2m. Cambridge Cognition is well positioned to be a long-term beneficiary of the trend of running virtual decentra
Allergy Therapeutics reported FY 2021 results that were 95% (+£2.1m) ahead of adjusted pre-tax profit expectations, driven by lower than forecast overhead costs. This underpinned 20% growth in pre-R&D EBIT to £16.9m on 6% CER revenue growth. Year-end net cash was £36.9m, providing the company with the financial resources to complete both its Grass MATA MPL Phase III trial and complete the VLP Peanut Phase I trial. The readout of the exploratory Phase III (G309) Grass MATA MPL study in the autumn
Companies: Allergy Therapeutics plc
Deltex has reported 2021 interim results which reflect the challenges of the current healthcare environment with COVID cases causing disruption to the Company's core elective surgery market. That said, the Company has demonstrated it is able to keep costs low to match the current low activity, in anticipation of improving activity in 2022.
Companies: Deltex Medical Group plc
No joiners today.
Plutus Powergen has left AIM.
What’s cooking in the IPO kitchen?
Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European
Companies: ALS APP BOD DXRX EDR EOG KOO RBBS TRP UOG
Momentum is building in Circassia, with the recovery from the pandemic gaining traction and actions taken by management to focus the business having a material impact on the bottom line. Having already upgraded in July, we are upgrading forecasts again today to reflect the further progress on reducing fixed costs. We now expect the group to trade close to EBITDA breakeven this year and for significantly improved profitability and cash generation from next year onwards.
Companies: Circassia Group PLC
Synairgen reported FY 2020 results that showed an adjusted net loss of £13.7m, with year-end cash of £75.0m, some £27m higher than our expectations. The delta can largely be accounted for by delays in starting enrolment into the Phase III trial as well as the treatment of prepayments for drug substance and nebulisers: the latter reflected in working capital rather than expensed through the income statement. Near-term focus remains on the outcome of the Phase III study (SG018), and with the enrol
Companies: Synairgen plc
As we had already speculated at a recent target price change (on 05/02/2021), the announced departure of Dr Krick, Fresenius’ dinosaur, could trigger some changes. The first ‘victim’ may be the head of Kabi and we clearly expect more to come. In essence, this could signal to the capital markets that there is something already set in motion. This might change sentiment towards Fresenius as we still see the share is clearly undervalued.
Companies: Fresenius SE & Co. KGaA
Warpaint has issued a highly positive AGM trading update (covering the financial YTD). Trading is said to have been “encouraging”, with UK brand sales some 18% ahead of pre-covid levels, with good progress in international markets and online sales reported at 3x a year ago. We leave forecasts unchanged at this stage of the year, with 2021F at EPS of 5.3p, although we see growing scope for upgrades if the current momentum can be sustained into H2 2021, and if significant additional Covid disrupti