Morning Note – 14 September 2022

Morning Note – 28 March 2022

Bioventix - Interims – evidence of strong underlying performance

This was always going to be a tough comparable, given the NT-proBNP licence expiration. However, Bioventix delivered a very credible set of interims given the ongoing impact of COVID-19 on the broader IVD market. Revenues declined 8% (£0.4m), resulting in an adjusted pre-tax profit and adjusted EPS falling 4% (£0.15m) to £3.6m and 59.3p, respectively. Stripping out the NT-proBNP effect, the underlying strength of the business is reflected in 4% revenue and 13% adjusted PBT growth. An interim div

Morning Note – 18 October 2021

Bioventix - FY 2021 – normality returning

Bioventix reported FY 2021 results that showed an improvement in H2 revenue growth (+11% vs +1% in H1), suggestive of a return to pre-pandemic testing volumes and growth, resulting in FY 2021 revenues +6% to £10.9m. Adjusted pre-tax profit, however, fell 3% to £8.1m, impacted by c.£0.5m (-6%) FX movements. A 38p special dividend was proposed, resulting in a full-year dividend of 143p, up 1%. FY 2022 will be a transition year, impacted to some extent by FX headwinds (c.-5%) and the loss of c.£1.2

Morning Note – 29 March 2021

Bioventix - Interim results

Bioventix delivered a very credible set of interims given the impact of COVID-19 on the broader IVD market. Revenues rose 1% resulting in an adjusted pre-tax profit and adjusted EPS falling 7% and 9% to £3.9m and 61.5p, respectively. An interim dividend of 43p was declared (+19%) with net cash at period end of £5.8m. Vitamin D antibody sales/royalties were c.£2.3m (up c.4% on H2 FY 2020), with troponin more than doubling to c.£0.3m and the balance of its portfolio up c.8%. The macro outlook for

Morning Note – 19 October 2020

Bioventix (BVXP): Corp | Elixirr (ELIX): Corp | IQGeo Group (IQG): Corp | Omega Diagnostics (ODX): Corp | Proactis (PHD): Corp | Shield Therapeutics (STX): Corp | Tristel (TSTL): Corp

Bioventix - FY 2020 results

Bioventix reported a strong set of full-year results, that were 8% above expectations, assisted in part by a c.£0.2m (+3%) FX benefit, which helped offset the obvious drag on performance in Q4 due to the impact of COVID-19 on routine testing in hospitals. A 53p special dividend was proposed, resulting in a full-year dividend of 141p, up 18%. Due to the COVID-19-related disruption to testing, which only exacerbates the poor visibility to customer royalty streams, we are withdrawing forecasts unti

Morning Note – 1 April 2020

Bioventix (BVXP): Corp | K3 Business Technology (KBT): Corp | LPA Group (LPA): Corp | Robinson (RBN): Corp

Morning Note – 30 March 2020

Amino Technologies (AMO): Corp | Belvoir Group (BLV): Corp | Bioventix (BVXP): Corp | Maintel (MAI): Corp | Morses Club (MCL): Corp | PCI Pal (PCIP): Corp | Solid State (SOLI): Corp | Somero Enterprises (SOM): Corp

Bioventix - Interims – pre-COVID growth

Bioventix delivered a strong set of interims, with revenues up 21%. Given the 9% decline in operating expenses, this resulted in a 31% increase in adjusted EBITDA, with adjusted pre-tax profit also rising 31% to £4.4m (52% of full-year forecasts) and adjusted EPS up 29% to 69.4p. An interim dividend of 36p was declared (+20%) with net cash at period end of £5.5m. Growth was driven by both Vitamin D antibody sales/royalties (+c.25%), its portfolio of other antibodies (+c.12%) and a more meaningfu

Morning Note – 21 October 2019

Bioventix (BVXP): Corp FY 2019 results – signs of troponin progress | D4T4 Solutions (D4T4): Corp H1 meets expectation and a record H2 is forecast | President Energy (PPC): Corp Acquisition and subscription

Bioventix - FY 2019 results – signs of troponin progress

Bioventix reported full-year results in line with expectations, although 4% (£0.3m) higher than expected revenues were offset by higher costs. A 47p special dividend was proposed, resulting in full-year dividend of 120p, up 3%. Strong underlying revenue growth (c.16%), which excludes c.£0.8m of backdated royalties, supported by evidence of early sales traction of troponin, provides a solid base for future growth. We have made minor changes to FY 2020 forecasts as well as introducing FY 2021, whi

Morning Note – 29 March 2019

Bioventix (BVXP): Corp The antibody that keeps on giving | Kazera Global (KZG): Corp Interim results

LIBERUM: Open Orphan* - Initiation - Challenging the norm

Auctus on Friday - 6/09/2022

AUCTUS PUBLICATIONS ________________________________________ Longboat Energy (LBE LN)C; Target price of £1.25 per share: Copernicus is dry - The Copernicus exploration well on licence PL1017 was dry. The well failed to encounter any effective reservoir. This was a high risk well. Drilling was much quicker than anticipated. As a result, the cost of the well was materially under budget, suggesting that the balance sheet of the company could be stronger than our current assumption. We reduce our ta

SHORE CAPITAL - Macfarlane Group+ (MACF, House Stock at 108p)

SHORE CAPITAL - Begbies Traynor Group+ (BEG, HouseStock at 141p) - Encouraging trading update, good start to FY23

WH Ireland: Anexo Group (ANX) - Record results demonstrate strength of model; cash-generative in FY, huge markets

Strong H1 results from ANX this morning reflect the strength of its model, with excellent H1 growth driven by the expansion in vehicle numbers in the latter part of FY21 and momentum continuing to build in the Housing Disrepair business stream (revenues up 113%). ANX is the UK market-leader in credit hire and legal services for impecunious no-fault motorists, including litigation on their behalf as required to extract payment from at-fault motorist's insurer; and this remains a strong revenue s

Return to profitability now expected in FY23

The Group has issued a trading update for FY22E highlighting a second half performance significantly below that anticipated at the time of the interim results. Customer delays, supply chain disruption and unplanned outage of key equipment have combined to defer significant revenue into FY23E, alongside the impact from higher input costs that could not be recovered within the period. We forecast an adjusted operating loss of £1.4m in FY22E (previously £1.2m profit) that means the Group will not n

Pressure Technologies: Trading Update

Pressure Technologies (PRES LN) has published a trading update for the period ending October 1st 2022 (FY 2022). PRES, a UK-based precision produces high pressure steel cylinders through its Chesterfield Special Cylinders (CSC) division, and its Precision Machined Components (PMC) division provides specialised machining services. 1H 2022 (reported on June 28th 2022) revenue was £9.5m with an operating loss of £2.1m. According to the latest trading update, the strong turnaround expected at the ti

Morning Note – 21 September 2022

Hybridan Small Cap Feast 21/09/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company's investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150

Hybridan Small Cap Feast 27/09/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming company. Raising between £5-10m. Independent Living REIT plc, intends to float on the Premium Segme

LIBERUM: Ricardo* - On track to double profits in five years

Hybridan Small Cap Feast 22/09/2022

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming co

NAHL Group Interims

Interim results from NAHL demonstrated substantial progress in building a successful cash generative and profitable platform for sustainable growth. Targeted investment in both divisions has resulted in market share gains in markets that otherwise remain subdued. The Board’s strategy continues to be focused on medium and long-term profitability, cash generation and debt reduction and remains on track to deliver against these aspirations. Results for the year are expected by the Board to be in li

Anexo Group* - Pivoting towards HDR and emissions?

Pivoting towards HDR and emissions?

Cenkos: Coral Products Plc - Finding more space

Coral Products recently announced the acquisition of Manplas holdings Ltd. Although the size of the deal is relatively small, we believe this to be another positive strategic step, and we maintain our BUY rating with fair value of 20.8p.