Bioventix (BVXP): Corp | Elixirr (ELIX): Corp | IQGeo Group (IQG): Corp | Omega Diagnostics (ODX): Corp | Proactis (PHD): Corp | Shield Therapeutics (STX): Corp | Tristel (TSTL): Corp
Companies: BVXP ODX PHD TSTL IQG ELIX
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 until normality returns. That said, the business remains in very good shape, with evidence that: (i) high sensitivity troponin is gaining momentum; (ii) physical antibody sales growth remains robust (+34%); and (iii) progress in its development pipeline (particularly pollution monitoring programme) is being made. The business is expected to remain cash generative, and with c.£8.1m of cash at 30 June, the company is a strong position to weather this period of disruption before returning to growth.
Companies: Bioventix Plc
Bioventix (BVXP): Corp | K3 Business Technology (KBT): Corp | LPA Group (LPA): Corp | Robinson (RBN): Corp
Companies: BVXP KBT RBN LPA
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
Companies: AMO BVXP MAI SOLI SOM PCIP BLV
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 meaningful contribution from troponin. Given the inevitable disruption that COVID-19 will have to some testing volumes (although tests such as NTproBNP are likely to benefit from high risk COVID patients), we leave forecasts unchanged, confident that the strong H1 and weaker sterling in H2 should offset any potential H2 trading shortfall. We leave our forecasts unchanged and reiterate our 3750p target price. At this level, the stock would trade on a 30x FY 2020 P/E with a free cashflow yield of 3.1x
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
Companies: BVXP D4T4 PPC
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, which implies c.10% EPS growth. We nudge up our target price to 3750p, which implies a 3.1% FY 2020 free cash flow yield, underpinned by 54% free cash flow/capital employed and 71% ROCE.
Bioventix delivered a strong set of interims, distorted by last year’s inclusion of c.£0.8m of back-dated royalty payments from one customer. Whilst statutory revenues rose 2% and pre-tax profits fell 5%, the underlying performance was considerably stronger, with revenues rising by 24% (21% CER) and underlying adjusted EPS up 27% to 53.8p. An interim dividend of 30p was declared (+20%), with net cash at period-end of £5.5m. Growth was driven by both Vitamin D antibody sales/royalties and other antibodies. Despite the strong performance, we are leaving our forecasts unchanged for the moment given the slower-than-expected ramp in troponin antibody revenues. However, we are raising our target price to 3,700p to reflect both the strong underlying and continued belief that Siemens will successfully transition to high-sensitivity troponin tests, driving growth as vitamin D sales ultimately slow. At this level, the stock would trade on a 30x FY 2020 P/E and an EV/EBITDA of 23.0x, with a free cashflow yield of 3.3%.
Bioventix (BVXP): Corp The antibody that keeps on giving | Kazera Global (KZG): Corp Interim results
Companies: Bioventix Plc (BVXP:LON)Kazera Global plc (KZG:LON)
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Summerway Capital investing company established to acquire companies or businesses which the directors of the Company believe have the potential for strategic, operational and performance improvement so as to create shareholder value. Offer TBC, market cap TBC expected 19 October
Admission is being sought as a result of the proposed RTO of Cambian Group plc following completion of the acquisition by CareTech a leading provider of specialist social care services, supporting adults and children with a wide range of complex needs. No raise, market cap TBC expected 19 October.
PetroTal (TAL.TO) - The exploration and production company focused on oil assets in Peru is seeking a secondary AIM quoting before the end of 2018.
Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due early Oct
Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due Mid October 2018. EBITDA Profitable. Offer TBA
Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
Companies: PYC RCH BVXP BSE MYX CNC MIN CDM CERP HSP
Full-year adjusted EPS was 11% above our expectations, driven by higher revenues across the majority of its product range. A 55p special dividend was proposed, resulting in full-year dividend growth of 27% to 116p. Strong underlying revenue growth (c.28%), which excludes c.£0.8m of backdated royalties and the loss of a c.£1.0m royalty stream, bodes well for future growth. This was despite a weak start for troponin sales in Europe, which we expect to benefit from Siemens’ US launch in July. We have increased FY 2019 forecasts by 11% and introduced forecasts for FY 2020 that imply c.12% EPS growth. We reintroduce a target price of 3,440p, which implies a 3.2% FY 2019 free cash flow yield, underpinned by 51% free cash flow/capital employed and 64% ROCE.
Amino Technologies (AMO): Corp Trading update | Bioventix (BVXP): Corp FY 2018 results – 12% upgrades to FY 2019 | Sopheon (SPE): Corp Unexpected trading update – upgrade
Companies: AMO BVXP SPE
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Today's update from WEY reveals the strong trading momentum within the business which is said to be trading “significantly ahead of budget and market expectations”. We have put in place a new FY22E forecast showing revenues and PBT rising 27% and 82% YoY respectively, highlighting both the very strong underlying growth as student numbers expand rapidly in response to successful marketing campaigns plus significant structural drivers, and the operational gearing effect, given that few extra costs are required operationally as major increases take place in student numbers. At the same time, our FY2021E revenue forecast is raised by 23% and, allowing for extra investment, forecast PBT is raised by 10%. Based on today's announcement and our new forecasts, we feel that WEY has already achieved its target of reaching the size of a Multi-Academy Trust, while also generating healthy gross margins, good levels of cash and a highly sustainable business growth model with much further to run.
Companies: Wey Education PLC
Today's news & views, plus announcements from JET, PSN, SONG, HWDN, MSLH, PAGE, WMH, ASC, BGO, CUSN, CAY
Companies: Bango plc (BGO:LON)Persimmon Plc (PSN:LON)
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
What’s new: SimplyBiz’s capital markets day “CMD” set out “how” its core business would transform shareholder returns over the next two to three years:
- Core organic revenue growth of between 5% and 7% p.a.
- Core EBITDA margin of between 35% and 40% (n.b. Zeus forecasts 2020 Core EBITDA margin of 32% rising to 33% in 2021).
- Cash flow conversion on an EBITDA basis of between 70% and 80% (ceteris paribus this is 90% to 100% conversion of adj PAT to taxed free-cashflow).
- SaaS and subscription revenues of between 70% and 80% of revenues (i.e. an increase from c 59% at present, as institutions adopt DaaS “Distribution as a Service” – see page 7, Exhibit 6).
Companies: SimplyBiz Group plc
Time has produced robust interim results, slightly ahead of its earlier trading update, reflecting the gradual recovery of trading from a COVID-19 impacted March to June 2020, which saw a low in the lending book. With own-book origination holding up and arrears/forbearance falling, we view H2/21E positively but note the current UK lockdown presents uncertainty. Still trading at 20% below tangible book value, despite improved macro conditions, we see upside ahead and maintain a “BUY”.
Companies: Time Finance plc
Like Rome, great SaaS companies aren’t built in a day. They take patience, money, 1 st class products, & ultra-secure cloud infrastructure, alongside brand recognition & adept sales conversion to create economies of scale and expanding, high margin, recurring revenues. Big Data Procurement, AI & Customs Management software firm Rosslyn is presently in the final stage of this journey. Having, as a result of its £6.8m (net) oversubscribed placing in May’20, cultivated a bumper crop of ‘ready-to-pick’ prospects.
Companies: Rosslyn Data Technologies PLC
WEY Educaon (WEY) – Corporate – Trading significantly ahead; strong momentum prompts new ’21/’22E forecast
Touchstar (TST) – Corporate – Update points to a robust trading performance and strong cash generaon in the year
Companies: Wey Education PLC (WEY:LON)Touchstar plc (TST:LON)
Full year results were well trailed in the Group’s trading update in November and are in-line with expectations. December 2020 saw the Group raise £7.1m (net) to strengthen the balance sheet and to provide the resources to capitalise on the building opportunity for hydrogen storage solutions and to accelerate growth in Integrity Management services. The Group has entered FY2021 with a strong and growing order book for defence, nuclear and hydrogen customers that underpins management’s confidence in the outlook, despite still challenging conditions in the oil & gas market. Trading in the first quarter is noted to be inline with expectation and five hydrogen refuelling station contracts worth £0.5m were secured in December alone in this rapidly developing sector. There is a strong pipeline of hydrogen refuelling opportunities, supported by ongoing development of products and services, and the Group’s long-standing presence and reputation in gas storage and safety.
Companies: Pressure Technologies plc
Rosslyn is broadening and lengthening the scope of its customer engagements and this is being felt in the rising value of new business in its sales pipeline. The payback on recent investment in sales and marketing has not yet been felt financially and we see huge value to be unlocked in both future revenue momentum and stock rating terms.
Despite the impact of COVID, Gateley has reported H1 2021 adj. EPS growth of +7%. The Group traded profitably and was cash positive throughout H1 and continues to do so in H2. Net cash was £9.3m at October 2020. Management remains confident that the reinstated expectations can be achieved, and we make no changes to our forecasts. With corporates needing support from trusted advisers as they adapt to the new market conditions and demand drivers, and the prospect of improved efficiency following the success of home working, we believe upgrades are likely once the short-term uncertainty subsides.
Companies: Gateley (Holdings) Plc
Activity levels have seen a sustained increase following a -20% decline in Q1. YTD, cumulative activity levels crossed over to positive territory over in November. Activity levels hit 100% effective utilisation in November with continued strength in December. This increase has been driven by the return of transactional activity, which is expected to continue in to the next financial year.
Sales performance continued to improve in the seasonally important Q321 period. Core billings were well ahead of the prior year and December was the strongest month ever. Management is confident H221 will see the normal swing back to profitability, with the full-year performance at least in line with its expectations that underlay the H121 reinstatement of dividends. Accelerated digitalisation of the business has mitigated the effects of the pandemic, supported the Q321 progress, and positions it well for sustainable growth beyond the current financial year.
Companies: Appreciate Group plc
Today's news & views, plus announcements from KGF, JMAT, LAND, GFTU, VTY, PTEC, BME, YEW, APP, BLV
Companies: LAND APP YEW
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
Anglesey Mining (AYM LN) – Mineral resources and PEA for Parys Mountain
Castillo Copper (CCZ LN) – Further assay results from drilling at the Big One project in Queensland
Central Asia Metals (CAML LN) – Stable production reported in 2020 with final dividend to be announced in March
IronRidge Resources* (IRR LN) – Sale of non-core gold project
Keras Resources* (KRS LN) – Keras increase stake in the Daiamond Creek organic phosphate mine to 51%
Power Metal Resources* (POW LN) – Molopo Farms drilling highlights nickel and PGM potential
Tertiary Minerals* (TYM LN) – Progress of Nevada exploration
Companies: POW AYM CAML KRS TYM CCZ IRR