Intelligent Ultrasound has provided a trading update for the 12 months to December 2020. The company expects revenues to be £5.2m, which, while down YoY, are composed of strong direct sales of £3.8m (+15% YoY) offset by pandemic-impacted reseller sales of £1.4m (-46% YoY). Despite the decline in revenues, the group operating loss is expected to improve to between £4.1m and £4.2m (2019A loss of £4.6m) reflecting reduced sales and marketing costs. Intelligent Ultrasound made significant business development progress in the year, announcing a number of Clinical AI Division milestones (regulatory submissions and clearances and first product launch) and developed and launched a new Covid-19 simulator training module in response to the pandemic. The company expects to close FY20E with cash of c£8.8m.
Companies: Intelligent Ultrasound Group 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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Following the official launch of GE Healthcare's Voluson SWIFT ultrasound machine incorporating Intelligent Ultrasound's ScanNav Assist AI technology at the end of September, the companies have now announced receipt of 510(k) clearance from the FDA. This clearance allows GE Healthcare to sell the machine in the US. We believe this represents a significant milestone for Intelligent Ultrasound, representing the first US clearance for sale of a product utilising one of its ultrasound AI technologies. The company maintains its expectation of first royalty income from this product in H1/21. Our recommendation remains Under Review.
Intelligent Ultrasound has announced the launch of GE Healthcare's new Voluson SWIFT ultrasound system which incorporates the company's ScanNav Assist AI technology. This represents a significant milestone for Intelligent Ultrasound marking the first AI software product launch, significantly alongside GE Healthcare, the leading company in the Women's Health ultrasound market. Intelligent Ultrasound will receive a royalty payment for each ultrasound machine on which the software is activated, and we see this as just the first step in the company's AI software strategy. We remain Under Review due to COVID-19 uncertainties, largely related to the company's sales of simulation equipment.
Intelligent Ultrasound (MED.L): Half-year results for 2020 | IQ-AI (IQAI.L): LOI signed with an international medical group for StoneChecker Software Ltd (from yesterday)
Companies: Intelligent Ultrasound Group Plc (IUG:LON)IQ-AI Limited (IQAI:LON)
Intelligent Ultrasound has announced its results for the 6-months to June 2020. EBITDA loss of £1.2m was slightly ahead of the recent trading update expectation (£1.3m-£1.4m) on revenues of £2.5m for the period, which were negatively impacted by COVID-19. Currently all group revenues are generated by the Simulation division which successfully minimised the impact of COVID-19 on sales and marketing activities to limit the group level impact. Importantly, the first ScanNav AI software product remains on track to deliver revenues in 2021, while commercial discussions for the second product, AnatomyGuide, are on-going. Cash at period end was £10.1m. COVID-19 uncertainties led us to withdraw forecasts and we remain Under Review.
Intelligent Ultrasound has issued a trading update for the six months to 30 June 2020. The company expects to report revenues (which currently are all generated by the Simulation division) for H1/20E of £2.5m, down on the reported H1/19A revenues of £3.1m due to the impact of COVID-19 on reseller sales, particularly in China and Europe. Importantly, the AI division remains on track to deliver first revenues from its lead programme in 2021, while commercial discussions with OEMs for the second AI software product are continuing. Cash at period end was £10.1m. COVID-19 related uncertainty led us to withdraw forecasts in March 2020 and we remain Under Review.
We believe Intelligent Ultrasound is within months of receiving first royalties from the sale of its lead artificial intelligence (AI) software product. This will mark a considerable milestone in the company's development and deliver a significant positive value inflection in our opinion. While the company expects to have sufficient funds for the next 12 months, which should see it to this milestone, it has announced the raise of c£5.2m (gross) to support and de-risk its on-going product development and strengthen its balance sheet. Assuming a growing royalty contribution from FY21E onwards, we believe the raise can see the company through to profitability.
Intelligent Ultrasound (MED.L): Installation of ultrasound simulator at NHS Nightingale ExCel Hospital
Intelligent Ultrasound (MED.L): Final results for 2019
Intelligent Ultrasound has announced its unaudited results for the year ended 31 December 2019. As expected in the January Trading Statement, the Group delivered revenues of £5.9m, while the adjusted EBITDA loss of £3.1m was slightly improved on the anticipated range £3.3m to £3.4m. Cash1 at year end was £7.3m, as expected. Strong progress was made through the year with significant agreements signed by both divisions. In light of the current COVID-19 uncertainty, we withdrew our forecasts yesterday and moved our recommendation to Under Review.
Intelligent Ultrasound has provided a market update ahead of its FY19 results update, expected on 26 March 2020 and launched a COVID-19 training module for its Point-of-Care training simulator, BodyWorks. The module will be provided free to hospitals and is already installed on simulators in the UK and the US. The COVID-19 pandemic is creating considerable market uncertainty and as such we are withdrawing our forecasts and moving our recommendation to Under Review. However, we believe the company's cost reduction measures will allow it to meet our previous FY20E EBITDA forecast of -$4.1m, regardless of its sales for the year. We note that the AI development programme remains on-track and the group has sufficient funds to see it well into FY21E.
Intelligent Ultrasound has provided a trading update on 2019E, a significant year in the company's development, highlighted by the signing of a co-development agreement in July for its lead artificial intelligence (AI) product with a world leading ultrasound equipment manufacturer. While revenues for the year are expected to come in slightly below our expectations, the FUJIFILM SonoSite agreement (announced Oct-19), should support double-digit growth in FY20E. We maintain our Buy recommendation.
Intelligent Ultrasound Group plc (MED.L): Trading update | Midatech Pharma plc (AIM: MTPH.L; Nasdaq: MTP): Positive results from MTD201-102 study
Intelligent Ultrasound (IU) has announced an agreement with the ultrasound manufacturer FUJIFILM SonoSite (SonoSite) which will see the two companies deliver training for physicians undertaking point-of-care ultrasound (POCUS). For SonoSite, the agreement will accelerate the training of its POCUS system users, enhancing the value of its products, while we expect the agreement to raise the profile of IU's recently launched POCUS training platform (BodyWorks Eve) with potential simulator customers. We maintain our Buy recommendation.
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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
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)
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
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
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.
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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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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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)
AEX Gold Inc (AEXG LN) –Operational update
Cornish Metals* (CUSN LN) – AIM Admission – Writing the next chapter in Cornwall's long mining history
Cornish Metals* (CUSN CN) – CLICK FOR PDF
Europa Metals Limited (EUZ LN) – Drilling starts at Europa's Toral zinc, lead, silver project in Spain
Caledonia Mining* (CMCL LN) – Record mine production at Blanket
GoldStone Resources (GRL LN) – Settlement of Claim by Former Director
IronRidge Resources* (IRR LN) – Further results from Zaranou gold exploration project, Cote d'Ivoire
Oriole Resources (ORR LN) – Exploration projects update
Tertiary Minerals* (TYM LN) – New copper exploration project in Nevada
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Appreciate has reported a very strong quarter – not just given the circumstances, but on its own merits. Indeed December saw the highest monthly billings in Appreciate's history.
Q3 delivered on the early promise we noted in November, with Corporate & HSV billings up 13.1% YoY to £96.3m, driven heavily by 42% YoY growth in December.
Companies: Appreciate Group plc
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
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
Companies: AAZ CGH WRES TYM VRS STM
Experian delivered a strong show in Q3 FY20/21 (7% organic revenue growth), ahead of management’s guidance of 3-5% yoy. The US mortgage activity and consumer services in North and Latin America continued to drive the top line. However, the top-line momentum is expected to ease in Q4, given the tough comparable base. Management has guided the benchmark EBIT to be similar to the previous year’s.
Companies: Experian PLC
Knights Group published their interim results for the six months to 31st October 2020 this morning. Numbers were already known by the market from the November trading update. Strong revenue and profitability numbers were driven by acquisitions, more than mitigating organic underperformance due to COVID
Companies: Knights Group Holdings Plc
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