Enteq Upstream PLC (LON:NTQ) recently released interim results for the period ended 30 September. These are in line with the AGM statement which the company released in September. H1 revenues were US$2.6mln and the period-end net cash position was US$8.8mln. We believe that this cash position is su
Companies: Enteq Upstream PLC
Enteq Upstream PLC (LON:NTQ) recently released its annual general meeting (AGM) statement, with an update on current trading. The company confirms that revenue and underlying earnings (EBITDA) for the six months (H1) ending September 30 will be in line with previous management expectations. The com
Union Jack Oil* (UJO LN): Operations ramp up at West Newton | PetroTal (PTAL LN): Q2 2020 results - operational progress despite challenging market backdrop | Enteq Upstream (NTQ LN): Contract award in Saudi Arabia
Companies: Union Jack Oil Plc (UJO:LON)Enteq Upstream PLC (NTQ:LON)
U.S. futures and European stocks dropped on Friday as investors mulled a reported conflict among policy makers over a stimulus package for the single-currency region, as well as political upheaval in France.
The Stoxx 600 Index fell after Bloomberg News reported the European Central Bank is facing a potential rift over how much their emergency bond-purchase program should stay weighted toward weaker countries such as Italy. The euro fluctuated following French President Emmanuel Macron's decision to name a new prime minister after asking his government to resign. Rolls-Royce Holdings Plc slumped after the British jet-engine maker said its exploring options to raise funds to strengthen its balance sheet.
The dollar was slightly down, posting its first weekly drop in a month, while American cash equity and bond markets were shut for Independence Day. President Donald Trump will attend an early July 4 celebration at Mount Rushmore with thousands of guests who won't be required to wear masks, while his U.K. counterpart Boris Johnson urged Britons to act responsibly as pubs prepare to re-open and the government lifts quarantine rules on travel for 60 countries.
The friction at the ECB highlights the risk to markets should promised stimulus measures fall short. Investors continue to weigh policy support and upbeat economic data against relentless new outbreaks of the virus. U.S payrolls figures Thursday fuelled optimism of a V-shaped recovery in the world's biggest economy, even as Florida reported that infections and hospitalizations jumped the most yet, and Houston had a surge in intensive-care patients. Emerging-market stocks posted the biggest weekly gain in a month.
Elsewhere, crude oil dipped but remained on track for a weekly gain.
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Enteq Upstream PLC (LON:NTQ) has released full-year (FY) results for the year-end March 2020 with commentary on the ongoing trading environment. The company reported revenues of around US$10.9mln, underlying adjusted EBITDA (earnings before tax interest depreciation and amortisation) of US$3.1mln,
Enteq Upstream (LON:NTQ) has released a trading update for the year ending March 2020 and the outlook relating to COVID-19 and oil price declines. The company expects to report results broadly in line with market expectations for the year to March 2020, with revenues of around US$11mln, underlying
Enteq Upstream PLC (LON:NTQ) is a leading technology provider to the global oil & gas directional drilling market. The company designs and produces high-end robust measurement-while-drilling (MWD) systems and associated components. We gave some details on the technologies and demand drivers in
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An H1 trading update to December confirms a strong start to FY21, with sales growth accelerating to 22% y/y – a material rebound from a Covid impacted 2H20 (+9% y/y) and +15% achieved prior to this. KPI‘s are strong across the piece, for instance every Geo grew >20%, Connector revenue grew +20% (Shopify: +115%) and ‘enhanced functionality‘ revs grew +20% also. It‘s genuinely hard to find fault with this performance. To us, this evidences how DOTD is executing on its strategy (around products, partners and Geo‘s) while also benefitting from strong thematic tailwinds benefitting its sector and end-markets. We leave recently upgraded FY21 forecasts unchanged, though note the strong H1 sales performance now requires an undemanding +14% y/y growth to hit N+1 estimates, so see upgrade/ outperformance potential. As well as DOTD‘s clear organic growth opportunities, we also highlight how cash continues to accumulate (now £27.6m) and could be deployed in a number of vectors.
Companies: dotDigital Group plc
Ergomed’s H220 trading update highlights a successful end to 2020 despite the COVID-19 pandemic causing restrictions for much of the year. Total revenues were £86.4m (up 26.5%). Like-for-like revenues in the PrimeVigilance segment grew 30% (or 56% including the acquisition in January 2020). Unsurprisingly, the CRO segment was flat. However, in H220 revenues were up 11.2% over H120 and up 15.2% y-o-y. Ergomed’s key markets are the US and Europe, where vaccine deployment should be relatively efficient, so we expect the CRO segment to rebound throughout 2021. The recent MedSource acquisition will also significantly add to the 2021 top line. Because of the well-balanced pharma services offering (pharmacovigilance and CRO), Ergomed has proved to be a resilient business with further growth prospects intact, in our view. Net positive revisions to our estimates and an expansion of peer multiples have led to an upgrade of our valuation to £501m or 1,113p/share (from 845p/share previously).
Companies: Ergomed PLC
Ahead of the FY Trading Update at the end of January, we revisit RBG’s investment case, and respond to investor concerns over Convex’s M&A pipeline and the short term cash requirements of Litigation Financing. Outperformance of the UK legal industry vs UK GDP over 2020 validates RBL’s continued performance. M&A market data shows an encouraging recovery in deal completions which looks set to continue into 2021, and we anticipate Convex to be well placed to convert its pipeline of >20 deals (c.£18m) into revenues, underpinning forecasts. LionFish is now well seeded, and the Group’s early cash realisations of cases ensure cashflows for the business are broadly neutral. Whilst case outcomes are binary, the de-risked option value here is a compelling addition to the investment case. We see intrinsic value as c.100p; highlighting the breakout potential in these shares.
Companies: RBG Holdings Plc
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.
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Results for H1 to end Nov ‘20 show Time’s recovery is well underway from an industry-wide, Covid-induced slump in good quality lending demand and spike in bad debt provisions. This coincides with a Group rebrand, which consolidates 5 years of buy-&-build success and offers a range of new competitive advantages. The share price of 25p is 30% off pre-pandemic levels with valuation multiples suggesting Time looks significantly undervalued in relation to peers.
Companies: Time Finance plc
Success has been made in reranking three of the ten targeted websites with Google. The rationalisation of the broader estate is ongoing and 2021 should see the business lean, reranked, cash rich and solidly profitable.
Companies: XLMedia Plc
Today's news & views, plus announcements from BRBY, BHB, DPLM, IWG,GFTU, CMCX, JDW, GFRD, BGO
Companies: Bango plc (BGO:LON)Galliford Try Holdings PLC (GFRD:LON)
Anglo Asian Mining* (AAZ LN) – STRONG BUY – Update on Restored Contract Areas
Chaarat Gold* (CGH LN) – Kapan production beats guidance and delivers $19m EBITDA
Sunstone Metals (STM AU) – Drilling results from the Espiritu gold-silver prospect in Ecuador
Tertiary Minerals* (TYM LN) – Sale of data on Finnish project
Versarien* (VRS LN) – Interim results
W Resources (WRES LN) – La Parilla Q4 production
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What’s new: SimplyBiz’s trading update gives clear guidance for their full year results due on 16 March:
- £61m revenue (3% below 2019 revenue: £63m);
- 28.3% adjusted EBITDA margin (same as 2019: 28.3%), which implies £17.4m adjusted EBITDA (i.e. 2% lower than 2019 adj EBITDA of £17.8m);
- Robust cash flow conversion (calculated as adjusted EBITDA, less working capital movements, lease payments, CAPEX, development expenditure, corporation tax paid and interest, as a percentage of Adjusted EBITDA) is expected to exceed 65% (2019: 46%);
- Net debt reduced to £19.5m (31 December 2019: £27.0m) and net debt to adjusted EBITDA ratio of 1.1x (2019: 1.5x).
Companies: SimplyBiz Group plc
Anexo has announced a trading update for the year ended 31 December with adjusted PBT in line with current market expectations despite further disruption and restrictions in the UK in the latter part of the year. We believe the resilience shown by the business, investment in legal capacity and growth opportunities positions it well for 2021 and beyond. Reiterate buy rating
Companies: Anexo Group Plc
Anexo’s trading update for the year to the end of December 2020 rounds up a resilient performance from the Group in an operating environment that was influenced by COVID-19 and the associated lockdowns and restrictions. The Board expects to report adjusted PBT in line with current market expectations which we believe is around £16.0m, with our estimate at £16.1m. We make no changes to our numbers. We note the lower than expected spend on the VW emissions case in H2 and assume that other costs have increased faster than we expected in line with growth in the business. The VW case remains a potential significant positive impact on revenue and profits, although we only reflect the costs in our estimates at present. While Anexo has previously flagged cash absorption in H2, we note that cash collections rose ‘significantly’ in Q4 with a record high in December – usually a quieter month in that respect. Overall, we believe that Anexo remains well set for further growth in FY 2021.
Despite the difficulties and delays which most companies – and VDTK is no exception – are experiencing during the current Covid epoch, there are some noteworthy positives in VDTK's update this morning. In particular, it is good to know that Q4 production at the Lainate plant was ramped up effectively, in line with the company's well-established objectives, as reflected in successfully running two shifts on one line in early December – a real-time demonstration of the plant's capacity. Also, while for obvious reasons, the ambition which was previously voiced to be cashflow positive by the end of the year was not met, we may assume that funding which was put in place in October has underpinned increased financial efficiency for the business and specifically we note that the company is now debt-free. The update also looks back on a very active year, one which saw the company (1) install a new and experienced management team, (2) win contracts, and (3) successfully generate production at the Lainate plant in Northern Italy, all supported by a more robust financial structure.
Companies: Verditek Plc
Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC Due mid Jan. HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for more than 60 years, primarily focusing on the B2B market. Due 14 Jan. 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.
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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.
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Beldray’s strong performance and better than expected online and supermarket sales were the salient features of UPGS’s latest unscheduled trading statement. With continuing momentum in the order book and increasing resilience due to balanced distribution across its trading channels, we upgrade our full year FY2021 forecasts and argue that, at the current price of 98p, the shares would have to rise a full 50% to reach our 150p fair value.
Companies: Up Global Sourcing Holdings PLC