Itaconix’ FY20 prelims are ahead of expectations ($3.3m revenue vs $3.0m f/c), reflecting increasing momentum as the year progressed. Revenue increased by 156% YoY. Recent customer product launches look set to support continued growth in FY’21 despite some COVID related supply chain disruption. Demand trends (improving performance and sustainability) remain highly supportive and the outlook statement strikes a confident tone.
Companies: Itaconix plc
Itaconix has confirmed a positive conclusion to FY20, with revenue, EBITDA and net cash all slightly ahead of expectations. This builds on the positive trends reported in October’s interims, driven by successful customer product launches. Itaconix enters FY21 with good momentum and strong sustainability credentials. We plan to introduce FY21 forecasts alongside full year results.
Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the "Fundraising") to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by
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H1’20 saw a step-up in revenue driven by successful customer product launches incorporating Itaconix’ sustainable ingredients. These tend to be consumable products (e.g. dishwasher tablets), representing a solid base of recurring revenues on which to build. Today’s statement again highlights the near term goal of sustaining revenue growth to reach profitability, which the recent $2.2m fundraise should help to support. Itaconix looks set to close out FY20 in a position of relative strength with r
Itaconix is building a valuable and scalable technology platform manufacturing, selling, distributing and formulating bio-based products that are utilised in improving the safety and performance of home and personal care products. FY2019 results will be announced in September and will show revenues up almost 60% to c.US$1.3m while today’s trading update shows a further strong advance with H1 2020 revenues at $1.1m. Strong trading across the Group’s product portfolio is driving organic growth whi
H1’20 has been an extremely important period for Itaconix, which has now secured funding through to the end of 2021, whilst maintaining good commercial momentum. We summarise recent progress within this note, including this week’s positive trading update. Itaconix has a strong product portfolio, which is well suited to increasingly stringent environmental regulations and consumer demands. Management has very ambitious plans and the capacity is in place for several years of growth.
Itaconix (LON:ITX), (OTCQB:ITXXF) has issued a trading update, showing that revenues grew by 42% in the first four months of 2020, continuing the level of growth achieved in FY 2019. The biggest driver has been increased demand for Itaconix’s polymers used in home detergents and cleaners. This mark
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Powerhouse has moved to de-risk potential sources of delay in the key Protos waste to hydrogen project by providing a £3.8m loan to the project. When the company raised £10m in January we expected this to help expedite the project and today’s loan is a practical example of how this funding is benefiting the project.
Companies: Powerhouse Energy Group PLC
Powerhouse has announced progress with the international roll out of its DMG waste to hydrogen technology with an agreement towards the licencing of the technology in Greece and Hungary. This follows a similar agreement in Poland and demonstrates the global appeal of Powerhouse’s solution in our view. While development of the Protos project in the UK remains important, the ability to expand internationally is part of the appeal of the Powerhouse investment case and it is good to see progress her
The group has released a positive trading update with strong trading seen recently in the US along with signs of recovery in Europe and Australia. It is quite unusual for this conservative company to boost its guidance at this fairly early stage in the year, with raised guidance for FY21 leading us to increase our adjusted EPS by 15%. The shares trade on a discount to peers and offer a premium yield. We lift our price target from 435p to 520p, up 20% and offering decent upside to current levels.
Companies: Somero Enterprises, Inc.
Eden Research has announced the signing of an exclusive commercialisation, supply and distribution agreement with leading agriculture input company, Corteva. This follows the successful completion of the previous evaluation agreement. The new agreement sets out the development, regulatory and commercial path, which could see the final seed product launched in time for the 2024 growing season. The two companies will work together to develop this product and further uses of Eden's products in the
Companies: Eden Research plc
DX has highlighted that trading since the interim results were reported has been stronger than expected. Higher volumes in Freight, driven by new business wins and existing customers, mean sales are now expected to be £10m higher than existing forecasts. DX’s strategy of winning market share supported by superior service levels is delivering, aided by a significant competitor moving away from the irregular dimension and weight market. We have upgraded our FY 2021 EPS by 19% and FY 2022 by 7% (ma
Companies: DX (Group) 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 group’s 10-month trading update is positive, with the group expecting to exceed FY21 expectations. Trading momentum continues, following its record H1 with strong underlying market demand in new build housing and RMI sectors. It has also seen market share gains and good export sales. The turnaround of Levolux continues, combined with the £2.4m of cost savings gained underpins margin improvement. We upgrade our forecasts for FY21, increasing EPS by 9% to 21.7p. In FY22 we also upgrade EPS by
Companies: Alumasc Group plc
Positive revenue momentum has continued, once again driven by the Freight division. Volume growth has come both from existing customers and new business wins. This growth is seen as sustainable, and DX is accelerating its plans to expand its depot network. Management expects adjusted PBT to significantly exceed current market expectations. We raise our EPS forecasts by 17% for the current year. Our recommendation remains BUY, and we raise our DCF-based TP to 40p from 38p.
Checkit reported 23% y-o-y revenue growth for Q122. Normalising for the acquisition of Checkit US at the start of the quarter, group revenue increased 15% y-o-y. Recurring revenue made up 35% of total revenue, up from 32% in Q121 (normalised), as Checkit continues to transition customers to subscription contracts. The company is accelerating investment in sales, marketing and product to drive customer acquisition. Q122 annual recurring revenue (ARR) grew 7% q-o-q and, while early in the year, is
Companies: Checkit plc
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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Bacanora Lithium (BCN LN) – Potential offer from Ganfeng
Lucara Diamonds (LUC CN) – Reports healthiest diamond market for 5 years
Pasofino Gold (VEIN CN) – C$9m equity raise
Power Metal Resources* (POW LN) – New corporate presentation
Rambler Metals and Mining* (RMM LN) – 2021 Q1 results and progress of recovery plan
Rio Tinto (RIO LN) – Battery-grade lithium produced at California plant
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c. £241m firm placing at the top of the target range of £190m to £240m at a 17% discount. As expected the raise will be used to reduce the debt and fund investment. This is the final milestone in the group’s strategy. There is no update on trading but as we wrote last month Kier is turning a corner. We show our key placing assumptions. We estimate 6% and 60% FD EPS dilution in FY 21 and FY 22 respectively. We expect net cash at FY 21 and close to average cash neutral in FY 23. TP unchanged at 15
Companies: Kier Group plc
AFC Energy hosted a virtual Capital Markets Event yesterday attended by over 750 participants.
The company re-emphasised its key technological advantage, namely, AFC Energy's technology can successfully run on a range of cheaper hydrogen sources including hydrogen ‘cracked' from green ammonia. Based on AFC Energy's market analysis, it stated that on an energy equivalent basis ammonia costs less than one quarter of the cost of hydrogen. Ammonia is a liquid under normal conditions, making it a d
Companies: AFC Energy plc
Oil posted a gain this week as expectations for growing economic activity in nations from the US to Europe fuelled optimism around stronger summer demand. Futures in New York advanced 2.1% this week in the first back-to-back weekly increase since early March. Fuel sales in the UK rose to the highest since the pandemic again, and in the US, refineries are running at their highest rate since the pandemic began as they gear up for the summer driving season.
Crude's advance this week comes amid s
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Empresaria has made a strong start to 2021, with positive momentum building in many parts of the Group. While there remain some ongoing challenges and risks from COVID-19, visibility over the year ahead is improving and the first half is now expected to show year on year growth. We upgrade our adj. PBT forecast by 10% to reflect the improving outlook. Whilst it is early days in terms of the recovery, it is positive to see momentum returning. On 2019 earnings (pre-COVID), the shares trade on a P/
Companies: Empresaria Group plc