The technology commercialisation Company focused solely on cyber security and risk has reported HY June 2020 results in line with last month’s trading update. Total revenue increased by 18% to £674,008 driven by a 43% uplift in core product and consulting revenues, with a planned reduction in revenues from software development. Cash and Cash Equivalents as of 30 June 2020 was £1.6m, reflective of a £1m equity fundraise in the period at 230p.
Companies: Crossword Cybersecurity Plc
The technology commercialisation Company focused solely on cyber security and risk has updated ahead of the Group's interim results for the six months ended 30 June 2020, which are expected to be released in September 2020. Within revenues, as anticipated, income from Consulting and product sales were 43% higher than the comparative period in 2019, with a planned reduction in revenues from software development. The Company expects to report total revenues of £674k, 18% ahead of the comparative period in 2019. The Company disclosed that although there is a high degree of uncertainty due to the current economic climate, the Company is cautiously optimistic of reporting full year results in line with market expectations, subject to the outcome of a few major product led bids over the coming months, and continued conversion of its pipeline of opportunities.
The technology commercialisation Company focused on cyber security and risk today announced its results for the year ending December 2019. Revenue at £1.3m was in line with expectations, a rise of 22%. Encouragingly the 51% increase in own product and consulting revenue more than offset the decline in non-core software development. This shift is enabling the Company to focus its talented in house development team to focus on its own IP having made significant upgrades to its supplier assurance platform Rizikon Assurance, gone live with its machine learning driven automated attack tool defence application Nixer, and begun work on a third product which will seek to apply Artificial Intelligence to very large scale cyber security challenges.
Caribbean Investment Holdings. Incorporated in Belize . CIHL primarily operates financial services businesses through its subsidiaries The Belize Bank Limited and Belize Bank International Limited, both located in Belize and international corporate services through Belize Corporate Services Limited. CIHL shares are also traded on the Bermuda Stock Exchange. Lord Ashcroft holds 75%. No capital raise. Due 28 April. £36m . 2019 net profit US$ 10.7m
Companies: CCS SOLO YCA TPFG DCTA RBD 88E DEMG ANA
The technology commercialisation Company focused on cyber security and risk today announced that it has undertaken a £1m fundraising at 230p via a placing of £836.3k, with the remainder to be subscribed for by the CEO and founder Tom Ilube. The proceeds will enable Crossword to continue to drive business growth over the next 12 months. In an announcement released today, the Company also disclosed that its total pipeline had reached £6m of which nearly £4m related to Rizikon assurance, with the Rizikon pipeline last reported at £3m in September 2019.
Companies: SYS DDDD CCS ANGS ODX RENX YGEN FUM BARK ENET
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.
Companies: CCS TRP TEK BOOM 9537 ACT THR VRS SRB MWE
The technology commercialisation Company focused on cyber security and risk has today released a trading update for FY December 2019. Results are expected to be in line with expectations and as such are expected to grow 22% to £1.3m. Within that, revenues from product and consulting revenue services are anticipated to expand by 51%, reflecting a shift towards higher quality revenues with greater visibility.
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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
Driver Group’s year end update highlights an expected full year PBT outturn of £2.5m (£1.3m/£1.2m H1/H2) after adjusting for costs relating to the departure of Gordon Wilkinson. Whilst this represents a slight decrease on the prior year, given the impact of COVID-19, this is an impressive result. Geographic diversity continues to benefit the Group, with a strong performance in the UK and Europe offsetting a weaker result in the Middle East and APAC regions in FY20. Forecast guidance remains suspended given the uncertain near term outlook, but the Group continues to generate profit and cash. Strategic progress is also being made, with the Group taking opportunities to both hire new staff and further expand its geographic presence, not least opening a new office in New York and forming a strategic partnership in Africa. Management has also delivered a restructuring of the Middle East and APAC regions, in order to drive a more profitable business and provide a platform for younger talent to progress. The balance sheet remains robust, with net cash of £8.2m at the year end.
Companies: Driver Group Plc
Positive update today, reporting that trading in FYJun21 has begun well. As a result – and also thanks to DOTD’s strong revenue visibility – revenue guidance is already being upgraded. Consequently, we lift FY21E sales by 6% to £53.0m, so now expecting +12% y/y growth. To put this into context, growth fell to +9% in 2H20. We find this rapid recovery to more typical growth levels highly encouraging. Guidance for profit and cash is reiterated, meaning we leave both profit and cash forecasts unchanged. Somewhat obviously, this requires us increasing our cost assumptions….and if these don’t fully materialise, provides upside risk. Cash continues to build, now £27.7m as at Q1 – we might expect this to be strategically deployed, to enhance what is impressively consistent organic growth.
Companies: dotDigital Group plc
Franchise Brands has provided a Q3 trading update with a strong rebound in trading across the Group. The B2B division has recovered from the lockdown impacted Q2 and system sales have grown by an average of +8% per month since June. In September, B2B system sales for the month were +9% higher than the same month in the prior year. The B2C brands have recovered at different speeds, driven by new franchisee recruitment. ChipsAway and Ovenclean (89% of B2C income in 2019) are trading at pre-CV19 levels. Franchise Brands remains in a strong position with a solid balance sheet and liquidity position. The Group is confident of meeting market expectations for FY2020.
Companies: Franchise Brands plc
Water Intelligence ("WI") has announced a new national contract with a leading insurance company in the United States. The new win is the third in H2 and confirms the growing recognition among major US insurance companies that WI is a trusted national partner to minimise water-related claims. The Group's two October wins will further accelerate growth from the B2B channel. The latest win is the sixth nationwide contract for American Leak Detection ("ALD") with a top US insurance company, reflecting ALD's position as the only nationwide pinpoint, minimally invasive leak detection specialist. Despite the disruptions posed by CV-19, WI has performed well in 2020E and this new win reinforces the Group's impressive growth trajectory. We maintain our Buy recommendation and believe shares could continue to rerate closer to 600p.
Companies: Water Intelligence plc
This morning's announcement of another insurance client win caps a week of excellent newsflow from WATR. Since the company entered this colossal ($US13bn-plus) sector, strong insurance-derived growth has been achieved in this area, helped by WATR's status as the only national player to provide pinpoint services identifying water leaks while minimizing damage claims. Beyond this morning's announcement, this has been a week to remember for WATR, with a strong Q3 update on Oct. 14th generating c.8% '20 /'21 profit upgrades followed by the news at the start of the week of a successful fundraise delivering just shy of $US5m which can be put to work generating growth for the company and its shareholders. As the fifth such win, this morning's announcement is a reminder of the very good traction the company has achieved with the US insurance majors. Our 550p fair value estimate includes the annuity-style earnings stream from the franchise businesses in a Sum of the Parts structure. We note the company's conclusion that demand is high for its solutions and also the fact that WATR is an “essential service provider” in the Covid context. Beyond this morning's encouraging news, we also note the recent award of the Green Economy Mark from LSE and the company's consistent track record of 30%+ CAGR in recent years.
Yesterday's well-subscribed placing at 8p provides VDTK with £3.5m of extra funding to enable the company to grow by financing working capital during the ramp up of production at its Lainate plant on the back of orders – to date, orders amounting to €2.6m in value to have come through the door since the appointment of new CEO Rob Richards in May 2020. Key orders included contract wins in diverse areas, ranging from the Australian mining sector to oil & gas, agriculture and marine applications; with a focus in the first instance on off-grid applications where the rationale is extremely visible, given the contrast between VDTK's lightweight product and the heavier and relatively fragile conventional product, with VDTK's product offering its clients a meaningful cost-advantage.
Companies: Verditek Plc
Another insurance win, announced by WATR this morning, underlines the national presence of its subsidiary American Leak Detection, which has helped to make it the go-to player for providing pinpoint services at once identifying water leaks and minimizing damage claims across the whole of the United States. The new client is a major insurance company, the second in two weeks, third in H2-20 and the sixth in the three years since the company effectively entered the space as part of management's long-term growth strategy. WATR has been growing fast, generating 30% CAGR in recent years, and the insurance channel has been a notable component of this growth, at over 30% in each of the past five years. These wins, combined with the Company's recent fund-raise, reinforce this trajectory, even from a larger base.
ORPH has signed a contract with the UK Government for the development of a COVID-19 human challenge model. This will involve manufacture of the challenge virus and a first-in-human characterisation study. The contract begins immediately and is likely to be worth c.£10m. The government has also reserved the first three slots to test vaccines using the challenge study at a total cost of £7.5m. We revise our forecasts and increase our SOTP target price to 28p (range 25-31p), reflecting ORPH’s world-leading position in traditional challenge models, and now COVID-19 challenge models, with additional upside from the potential development of new challenge models, the monetisation of valuable challenge model data and the potential sale of its non-core pharmaceutical assets.
Companies: Open Orphan Plc
Avacta (AVCT.L): Adeptrix COVID-19 Diagnostic Test update | Diaceutics (DXRX.L): New contract win
Companies: Avacta Group plc (AVCT:LON)Diaceutics Plc (DXRX:LON)
Open Orphan has announced a contract with the UK Government to develop and perform the UK's first COVID-19 (COVID) human challenge studies. The multi-faceted agreement provides strong endorsement and validation of hVIVO's capabilities, with material revenues driving forecast upgrades and further upside risk to earnings as pipeline conversion continues and industry awareness and penetration of challenge studies accelerates.
Companies: OPORF ORPH CRO VENN
ANGLE plc (AGL.L): Acceptance of FDA submission | Feedback plc (FDBK.L*): Partnership agreement | Open Orphan (ORPH.L): Human Challenge Study Model contract with UK Government
Companies: AGL FDBK ORPH
Elixirr has acquired Coast Digital, a UK-based digital marketing firm, for a maximum consideration of £3.8m. The initial consideration of £3.4m represents a multiple of only 3.9x historic EBITDA compared to Elixirr’s current 11.1x. Coast will extend Elixirr’s existing digital capability and provide significant cross-selling opportunities, exactly in line with the group’s strategy as detailed at the IPO. We have upgraded FY 2020 EPS by 1% and FY 2021 by 7% and our target price from 336p to 356p. We reiterate our view that Elixirr’s entrepreneurial culture and focus on helping clients build businesses, new products and client experiences are key differentiators and very much in tune with client needs.
Companies: Elixirr International Plc
The Westminster Foundation has delivered on its promise to provide a sanitisation tunnel to Freetown International Airport in Sierra Leone. The sanitisation tunnel is a proven method to deliver a 360-degree sanitisation of people and objects in five seconds, killing up to 90% of pathogen microbes. It is just one of the protective mechanisms installed at the Freetown Airport to boost passenger confidence in travel to and from the region. Recall that WSG operates a complete airport security management contract for the Freetown Airport. The renewable contract is for an initial 15 years (start date 2012), valued at over US$4m/year.
Companies: Westminster Group plc
The H1 results were well flagged in the 15th April update. H1 PBT is significantly ahead of last year at £1.3m (H1’19: £0.8m). Driver traded profitably through April to June. Whilst guidance is suspended, with the pipeline maintained, we believe the Group will continue to trade profitably through H2. As flagged in the H1 update, there is no interim dividend, with management seeking to preserve cash. The balance sheet is strong, with net cash of £3.3m at 31st March (improved to c.£5.5m post period end). We believe the medium term outlook is positive, with new CEO Mark Wheeler focused on improving profitability and growing the business. Delays in construction projects as a result of COVID-19 should support near term levels of dispute work, whilst an expected increase in infrastructure spending supports the medium term outlook.