The software developer of advanced security and surveillance systems today announced that its wholly owned subsidiary QRO Solutions (QRO) has been awarded a contract worth £823,000 to provide Northamptonshire Police with an enhanced and extended fixed ANPR camera infrastructure on many strategic arterial and rural roads within the County. Delivery and installation will commence immediately with the bulk of the contract being completed in the first half of 2021.
Companies: Petards Group plc
Petards supplies advanced security and surveillance systems to the Rail, Defence and Traffic Technology markets. This morning the Group has announced a new contract win awarded to its wholly owned subsidiary QRO Solutions to provide Northamptonshire Police with an enhanced and extended fixed ANPR camera infrastructure. With a contract value of £823k, delivery and installation will begin immediately, with the majority of the contract due to be completed during the first half of 2021.
The software developer of advanced security and surveillance systems announces has been awarded a contract has been awarded a contract to supply Bombardier Transportation with Petards eyeTrain systems. The new contract, which is for the supply of Petards eyeTrain systems to be fitted to BOMBARDIER ELECTROSTAR™ Electrical Multiple Unit trains as part of a £55m upgrade programme with train owner Porterbrook and train operator Govia Thameslink Railway. The upgrade will further enhance the ELECTROSTAR’S video and data collection capability with the addition of the Petards eyeTrain Track Debris/Third Rail Cameras throughout the fleet. Activities will commence immediately with the first equipment deliveries starting early 2021 and it is expected that the deliveries will be completed early 2023.
Petards supplies advanced security and surveillance systems to the Rail, Defence and Traffic Technology markets. This morning, the group has announced a new contract to supply Bombardier Transportation with its eyeTrain systems. The work is part of an upgrade programme with train owner Porterbrook and train operator Govia Thameslink Railway (GTR) to be fitted to the BOMBARDIER ELECTROSTARTM Electrical Multiple Unit (EMU) trains, adding Track Debris/Third Rail Cameras to the fleet. First equipment deliveries are due in Q1 2021 with expected completion in Q1 2023.
The software developer of advanced security and surveillance systems announces that it has been awarded a contract to supply Porterbrook Maintenance Limited with Petards eyeTrain systems. The new contract, which is worth in excess of £1.3 million, is for the supply of Petards eyeTrain systems. These will be fitted to 19 Class 769 Flex trains, which are the UK’s first tri-mode trains, capable of running on overhead and third rail electric lines as well as under their own diesel power. The trains will be operated by Great Western Railway and are expected to be introduced on services running between Reading and Gatwick during 2021. Deliveries are expected to be completed during the first quarter of 2021. This is a material order in the context of an orderbook of over £12m as at 30 June this year.
Petards supplies advanced security and surveillance systems to the Rail, Defence and Traffic Technology markets. This morning, the group has announced a new contract to supply Porterbrook Maintenance Limited with its eyeTrain systems.
The developer of advanced security and surveillance systems today reported HY June 2020 results. Revenues for the period totalled £7.1m and while down on the same period last year (H1 2019: £8.9m), they were ahead of those for the second half of 2019. Further, the Group recorded adjusted EBITDA of £337,000 and generated net cash from operations of £1.8m, an improvement over the results of the preceding six months (6 months 31 Dec 2019: EBITDA loss £0.9m; net cash generated £0.7m). This positive cash performance reflected a reduction in working capital of £0.7m and the benefit of R&D tax credit receipts of £1.0m. The Group finished the period with an order book of £12m.
Petards supplies advanced security and surveillance systems to the Rail, Defence and Traffic Technology markets. This morning, the group has released interim results to 30 June that illustrate a challenging time in Rail, while both Traffic Technology and Defence delivered growth in the period. The group's cash position has improved since the beginning of the year and the order book is reported to have stood at over £12m at the half way stage.
Wheaton precious Metals (TSE:WPM) - Proposed secondary listing on bringing one of the world’s largest precious metal streaming companies to the London Stock Exchange. Due Q 2020
AB Ignitis grupe—leading utility and renewable energy company in the Baltic region. Admission of its Shares to the Main Trading List of Nasdaq Vilnius and admission of its GDRs to the Official List of the FCA. Offer Price Range corresponds to a market capitalisation of approximately EUR1,691.7 - EUR2,105.2 million. Due 7 Oct.
Calnex, an established provider of test and measurement solutions for the global telecommunications sector, will raise a total of £22.5 million (before expenses), comprising £6.0 million for the Company and £16.5 million for existing shareholders . Due 5 October 2020, under the ticker CLX. Based on the Placing Price, the market capitalisation of the Company will be £42.0 million on Admission.
Various Eateries to float on AIM. Admission is expected to take place end of September/early October 2020. The Company intends to raise up to £25 million by way of a placing . Established platform business operating two core brands, Coppa Club & Tavolino, both positioned to benefit from the post-Covid environment. The Directors believe site availability, acquisition opportunities, reduced competition, availability of talent and changes in consumer behaviour provide opportunities to accelerate the Group's growth .
Mode Global Holdings to join LSE (standard). Mode is a UK-based Fintech Group, building a modern financial services business to support an increasingly digitised economy and financial system, combining the best of banking, payments, investment, loyalty and digital assets. Targeting £7.5m raise.
Guild Esports a UK-based owner and developer of esports teams, has announced its intention to seek a listing of its ordinary shares to the Standard Listing segment of the London Stock Exchange this autumn. its founding shareholders include David Beckham, former football player and captain of England, and now co-owner of new MLS team Inter Miami CF.
HOME REIT intends to float to the Main Market raising up to £250m. The Company will seek to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by investing in a diversified portfolio of assets across the UK which will be dedicated to providing accommodation to the homeless. Due Mid October
Sativa Wellness Group—(Canadian Securities Exchange: STIL) renamed from Stillcanna Inc following the conditional acquisition of Sativa Group (AQSE:SATI) to list on the AQUIS Exchange. A fully integrated European seed to consumer CBD group with the pricing, products, and stability to meet the CBD market demand in the medium term. With world-class extraction and formulation experts, an agricultural team that has over 20 years’ experience farming hemp, along with laboratory testing capabilities, the group has established itself globally as a trusted source of high-grade, premium wholesale CBD brands and products.
Umuthi Healthcare Solutions Plc, the technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas, seeking admission to the Standard Listing segment of the Official List
Kibo Energy PLC, the multi-asset Africa focused energy company, is seeking admission for its 100% owned UK subsidiary Sloane Developments Ltd , which will be renamed Mast Energy Developments PLC (MED), to the Standard List of the London Stock Exchange plc . Targeted for Q4 2020. The MED business strategy is to acquire and develop a portfolio of flexible small-scale power generation assets, exploiting a growth niche market in the UK for Reserve Power generation to balance out the national grid at critical times.
Companies: PEG GYG VDTK SMRT ORR BIOM BLOE IXI TRR CPP
CareTech (CTH) – Corporate – Interim results demonstrate a highly creditable and resilient trading performance
Market Cap £438m Share Price 391p
CareTech is a specialist social care and educational services provider across the UK. This morning, the Group has released interims for the six months to 31 March, very much in line with the trading update provided in April and our own expectations. The £5m synergy target from the Cambian acquisition for FY 2020E is again reported to be on track, with all key metrics moving in the right direction. Reflecting actions taken, alongside the inherent resilience of CareTech's business model against the present COVID-19 backdrop, the Board reports it is confident of meeting market expectations for the full year – this confidence also demonstrated through the 7% increase in the proposed interim dividend.
Petards (PEG) – Corporate – Full year results illustrate a challenging year; pipeline opportunities remain but timing uncertain
Market Cap £4.8m Share Price 8.3p
Petards supplies advanced security and surveillance systems to the Rail, Defence and Traffic Technology markets. This morning, the group has released FY 2019A results that illustrate a previously reported challenging period. Group revenue declined by 21.5% to £15.7m, with two thirds of sales generated in Rail. The gross margin declined by 90bps to 30.8%, this impacted in part by increased and unplanned EyeTrain costs of £340k in the year. Administration costs increased by 7% to £6.1m, these principally reflecting a full year of ownership of RTS. This resulted in an operating loss for the group of £1.3m and a loss after tax of £0.2m post tax credits of £1.3m. The year-end net debt position stood at £0.1m (excluding IFRS 16 leases).
Companies: CareTech Holdings PLC (CTH:LON)Petards Group plc (PEG:LON)
The developer of advanced security and surveillance systems today reported its final results for the year ended 31 December 2019. Revenues of £15.7m were in line with guidance given in the February trading update. As also trailed previously, Petards reported a loss over the full year despite being profitable at all levels in H1. On an adjusted EBITDA basis, Petards reported a £281,000 loss (2018 restated: £1,501,000 profit) primarily due to a major customer re-scheduling eyeTrain system deliveries in the last quarter into 2020, and much lower than forecast profitability on two other rail projects. While the re-scheduled deliveries have deferred revenues into 2020, the reduction in profitability for the two rail projects has been of greater concern to management who has gone to great lengths to mitigate a future recurrence and is placing a greater emphasis on service based revenues. Both these projects remained profitable, but with substantially reduced margins for 2019. One project has now been fully installed and the second project is in the final stages of completion.
Avation is a lessor of 48 commercial aircraft to a diversified airline client base. Intra-day yesterday, the group announced that, as a result of the present uncertain backdrop caused by COVID-19, the Board had withdrawn from the previously announced strategic review and formal sale process, and that it was no longer in active discussions with any interested parties. The key reasons behind this were 1) the present uncertainty meaning that an attractive valuation was seen as unlikely to be achieved at this present moment in time and 2) the distraction of the process in the day to day operational activities of the business.
Petards supplies advanced security and surveillance systems to the Rail, Defence and Traffic Technology markets. Intra-day yesterday, the group confirmed that its RTS Solutions subsidiary had secured a multi-year renewal agreement for the provision of software support services to one of its major rail customers.
Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning, the group has released full year results to 31 December 2019, alongside providing an update on progress against the present COVID-19 backdrop. In line with the market updates provided in February and April, group revenue in the year increased by 3.2% to £7.1m, whilst revenue from continuing operations, excluding the Onboard business that was disposed of in the year, increased by 7.2% to £6.7m, driven by traction being gained with new products and services. The gross margin in the year increased by 280bps to 53.9% reflecting the greater proportion of software and service income. This resulted in a trading loss after tax before exceptionals of £89k, which post exceptionals of £412k that predominantly related to the disposal of OnBoard, resulted in a loss after tax of £501k. As previously reported, the year-end net cash position stood at £850k, which reflected an increase of £554k in the year; this post £1.1m of new product development expenditure and cash costs associated with the disposal.
Companies: AVAP TST PEG
Petards supplies advanced security and surveillance systems to the Rail, Defence and Traffic Technology markets. This morning, the group has announced a two-year Service Support Agreement with Siemens Mobility for the Desiro City Fleet projects, covering the Class 700 Thameslink EMU's and Class 717 Moorgate EMU's. The contract covers the provision of technical and software support, servicing and repairs and will commence 1 August 2020. No financial details have been disclosed.
Petards supplies advanced security and surveillance systems to the Rail, Defence and Traffic Technology markets. This morning, the group has announced that it has acquired the IP rights, software and related inventory of Nexus ANPR Smart Box from Telematics Technologies. The consideration being paid comprises an upfront payment of £79,000, a further payment of £70,000 in six months and a deferred cash element of up to £900,000 dependent upon units sold over the next seven years.
European Metals Holdings announced intraday yesterday that it had received shareholder approval for the investment in Cinovec by CEZ, one of the largest power utilities in Central and Eastern Europe. This was the final step before CEZ begins earning its 51% stake in the project holding company (Geomet) for €29m. This money guarantees funding for the feasibility study and FEED studies to a final decision to construct the Cinovec project.
Petards supplies advanced security and surveillance systems to the Rail, Defence and Traffic Technology markets. This morning, the group has provided an update in the light of COVID-19, with all sites reported to be open and operating effectively and with no significant supply chain issues experienced to date.
Companies: Petards Group plc (PEG:LON)European Metals Holdings Limited (EMH:LON)
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The group’s year-end update points to stronger than expected Q4 trading, boosted by robust sales in North America that translated efficiently to upside on profitability expectations. Cash performance has once again been stellar, resulting in net cash of $35m, considerably higher than forecast, partly profit drop-through and partly from tight working capital management. We are therefore upgrading our FY 2020 EPS by 25% to 33.2ȼ. The strong cash position also results in a boost to the total dividend, giving a dividend yield of 6.7%. We raise our price target from 285p to 435p, based on a target P/E of 17.0x offering upside to the current P/E of 13.8x.
Companies: Somero Enterprises, Inc.
Although 2020 will probably go down in history as one of the most challenging years experienced during our lifetime, it will also likely be chronicled as one of the best years for the recognition and appreciation of science. As we entered 2020, the COVID-19 pandemic was in its infancy. However, it rapidly evolved through the exponential rise in infections and mortality globally. Much has been achieved during the past 12 months in the fight against COVID-19, but, as we enter 2021, there are considerable concerns about the emergence of a mutant version of the virus and the second wave that we are now facing.
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX SCE TRX SHED VTA YEW
Inspiration Healthcare has announced it expects revenues and profits for the year ending January 2021 to be ahead of market expectations. Revenues are expected to be at least £36.5m and adjusted EBITDA at least £4.9m. We have moved our FY21E forecasts into line with these expectations, which are c3% and c11% ahead of our previous forecasts for sales and adjusted EBITDA, respectively. We note the key driver of the upgrade was performance at S.L.E., which Inspiration Healthcare acquired in July 2020. We reiterate our Buy recommendation on Inspiration Healthcare.
Companies: Inspiration Healthcare Group PLC
TP Group experienced a material improvement in trading in H2/20, with the period accounting for nearly two thirds of the group's £3.8m FY20 Adj EBITDA, mainly due to the timing of some larger contracts. The order book remains robust at c£69m (up c20% YoY); however, the pandemic continues to create uncertainty around the timing of contract deliveries, and consequently, our forecasts remain withdrawn and our rating Under Review. Notwithstanding, we believe the significant operational changes made over the past year help to accelerate the business' software and consulting services, and leave the group well positioned for future growth.
Companies: TP Group Plc
XPD is a well-established pan-European freight management and logistics operator. We have selected the Group as one of our Top Picks for 20211. The Group is based in the UK and focused primarily on providing integrated supply chain solutions for customers operating in the UK and Central & Eastern Europe (“CEE”). Trading has been resilient through the Covid crisis, and the benefits of acquisition integration and recent cost reductions are now coming through. Management has guided to an 18% y-o-y improvement in profit for 2020e. The balance sheet is strong with £4.3m of net cash reported at H1.
Companies: Xpediator Plc
Foresight Group , the award-winning infrastructure and private equity investment manager to IPO on the Main Market (premium). The Offer will primarily comprise a sale of shares by existing shareholders (c.80% of the Offer) with a smaller offering of new shares (c.20% of the Offer) to be issued by the Company. Details TBA. 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. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb.
Companies: TYM W7L BEG CRPR EUZ IRR CMCL FARN KETL AUG
Today’s update confirms a strong recovery in H2 FY2020E as expected and a full year adjusted PBT at least in line with FY2019, despite a material impact from Covid and the depressed oil price resulting in a decline in Augean’s North Sea Services business. The FY2020E outturn demonstrates the resilience of the Group and the strong attractions of its growing EfW activities that now account for c.70% of Group profit. Augean is very well positioned in the EfW residue market and with c.40% of the UK’s hazardous landfill capacity. We forecast Group earnings growth of 15% and 21% for FY2021E and FY2022E, and expect further strong cash generation. EV/EBITDAs for FY2021E and FY2022E are 5.7x and 4.5x respectively, substantially below sector constituents and transaction multiples.
Companies: Augean PLC
The group has announced an extremely positive trading update as it completes its first half. Following a positive Q1, Q2 has maintained momentum resulting in a record profit for the half year, significantly more than we had forecast for H1 and almost achieving the full-year expectation. Restructuring cost savings have also assisted gaining double-digit RoS. It also signalled a return to the group’s previous dividend policy. As a result, we upgrade our FY21 forecast with a 39% in in EPS to 19.9p. We also raise our PT from 130p to 178p, in line with the uplift in EPS, which remains a conservative target P/E of 9.0x. ALU is currently one of the lowest rated in the sector, offering a currently very attractive 4.4% dividend yield.
Companies: Alumasc Group plc
Directa Plus has had its contract with OMV Petrom extended and increased. The contract, initially awarded in July 2019, was for the provision of decontamination and oil recovery services using the Company's proprietary Grafysorber® technology. The initial value of the contract was €150k (of which €75k was delivered and invoiced in 2020) and this has now been increased to €410k, the balance of which is expected to be fulfilled by June 2021.
Companies: Directa Plus Plc
The Group made strategic progress in FY20A despite the onset of COVID-19. Management acted swiftly implementing a strict cost reduction programme, ensuring robust cash management. This combined with strengthening the Board and management teams, exploring new revenue streams and investing in technology to drive efficiency gains has positioned the Group to overcome short-term demand fluctuation. We are confident the Group will capitalise on the operational gearing within the business as demand levels revert to pre-pandemic levels. Corollary to this we expect financial performance to materially improve in H2/21 and beyond.
Companies: Velocity Composites Plc
Journeo is a specialist provider of information systems and technical services to the transportation sector. This morning, the group has announced that under its existing Transforming Cities Fund framework contracts, it has received further orders for its advanced public transport information systems.
Companies: Journeo plc
Initiating with a Buy rating. We initiate our coverage of Proton Motor Power Systems (“Proton Motor”) with a BUY rating and a target price of 201p. Our valuation equates to a market capitalisation of £1.47bn, compared to a current share price of 65.5p and a market cap of £479m.
Companies: Proton Motor Power Systems Plc
Filta's FY20 trading update confirms a much stronger performance for the group in H2 versus that in H1, boosted by an increasing number of customers opening up during the summer period. Despite Covid-19 significantly affecting the restaurant and leisure sector, a strong focus on cash management meant that Filta reduced its net debt (excluding leases) by £0.4m YoY to £0.5m. With a healthy sales pipeline, solid balance sheet cash position (£4.2m), and vaccine roll-out progress, management has more certainty in the business' outlook than at any time over the past 12 months. Notwithstanding, the speed at which trading conditions will return to normal remains unclear (eg potential impact from new strains of the virus emerging, unexpected delays in vaccine production etc). As such, we refrain from reinstating forecasts, and maintain our Hold rating.
Companies: Filta Group Holdings 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.
Companies: Itaconix plc
Capital Limited has released its Q4 and FY2020 trading statement this morning. Overall it shows 2020 was a strong year for the company with revenue growing 18% and most other operating metrics growing positively with it – see Fig 1. We have adjusted our forecasts accordingly and also to take into account the mining services contract for the Sukari Mine which the company won late last year. The latter is a game changer for Capital and its investment case in our view; turbo charging revenue growth, enhancing margins and diversifying cashflow all of which should lead to materially higher valuation multiples. We raise our PT to 127p.
Companies: Capital Limited