What’s cooking in the IPO kitchen?
SpectrumX Holdings, a leader in proprietary formulations of HOCL (Hypochlorous Acid), is expected to list on the London Stock exchange. This Pre-IPO offering outlines opportunities for commercialisation of novel formulations of HOCL in the healthcare and pharmaceuticals markets. SpectrumX is focused on developing an inhaled respiratory treatment with blockbuster potential and has a sanitiser product that looks set to generate significant near-term revenues.
Companies: ADME EDR EMR EMAN IOG MAB1 ALNOV ORPH SECN VTU
Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. £28m raised. Half primary, half shareholder sell down expected 29 May 2019. Mkt cap £72.6m. Issue price 151p.
Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 201
Companies: VTC EPWN APC MAB1 RENX MRIT BOKU AMYT
The trading update for the 6 months to 30 June 2018, released ahead of Mortgage Advice Bureau’s interims, due on Tuesday 25 September, reveals: Revenue rose 16% 1H on 1H to £57m (1H17: £49.6m) driven primarily by a 13% increase in the average number of Advisers to 1,103 over the period (six months ended 30 June 2017: 974); The number of advisers on 30 June 2018 was 1,138: growth of 60 advisers (i.e. 6%) which is similar to last year (1H17: 58 or 6%); as in 2017 new business recruitment will be
Companies: Mortgage Advice Bureau (Holdings) plc
We observe four attractive characteristics, which ensure MAB delivers predictable revenue, profit and dividend growth: Currently, the main driver of growth in MAB’s revenues, profits and dividends is the number of advisers employed or self-employed by its Appointed Representative firms (ARs); High cash conversion: operational cashflow is over 100% of post-tax profit; MAB is capital light: it is able to pay out 90% of reported earnings; MAB’s management team has a material equity interest.
Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine ("South Crofty"), a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June.
Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to
Companies: THA BOTB MAB1 SOS FLX WEB BEM PRSM BOIL ARS
MAB’s results for the year to December 2017, which have beaten our expectations, confirm that it is growing in a relatively flat market. In 2017 MAB delivered: 14% yoy rise in average adviser numbers to 1,008 (31 Dec 17: 1,008); 17% rise in revenue to £108.8m (Zeus forecast £109m); 3% increase in average revenue per adviser (i.e. productivity is rising); 16% growth in adj PBT to £14.5m (Zeus forecast £14.1m); 14% rise in fully diluted adj EPS to 23.2p (Zeus forecast: 22.9p) 17% rise in DPS t
This morning’s pre-close trading update confirms that MAB has achieved good growth in 2017 and that 2018 has started well. Specifically: 14% yoy rise in average adviser numbers to 1,008 (31 Dec 17: 1,078); 17% rise in revenue to £109m (1H17: £50m; 2H17E: £59m); 3% increase in average revenue per adviser (i.e. productivity) Group PBT for the year 2017 is “in line with the Board’s expectations” Cash over £22m (including over £13m of unrestricted balances) The number of Appointed Representative
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We have refreshed our quality style screen for the first time since its inception in February this year. As before, the screen selects the 25 stocks exhibiting the highest quality characteristics according to our criteria from our universe of approx. 500 stocks and we have chosen 10 stocks to focus on. Since inception the screen has significantly outperformed the main small-cap index and marginally outperformed the microcap index. There was notable volatility around the UK general election, whic
Companies: WIL GHT AVON CHH ZYT DOTD MAB1 GTLY FCRM VANL
MAB’s interim results to 20 June 2017 reveal profitable growth: 14% yoy rise in average adviser numbers to 974 (1H16: 851); 15% yoy rise in revenue to £49.6m (1H16: £43.1m; 2H16: £49.7m); 20% yoy growth in gross profit to £12.0m (1H16: £9.9m; 2H16: £12.2m); Gross profit margin rose to 24.1% (1H16: 23.1%); 19% yoy growth in PBT to £6.3m (1H16: £5.3m); 23% rise in 1H17 EPS to 10.6p (1H16: 8.6p); 22% rise in interim DPS to 9.5p (1H16: 7.8p)
Transense Technologies* (TRT): Full-year results – at a turning point in commercial traction (CORP) | Altitude Group* (ALT): Interims on track, opportunity grows (CORP) | Universe Group* (UNG): All to play for (CORP) | Minds + Machines* (MMX): Fruits of labour (CORP) | Taptica* (TAP): 47% YoY H1 earnings growth with cash to match (CORP) | Netcall* (NET): Consistency and opportunity (CORP) | Castleton Technology* (CTP): Delivery of milestone contracts (CORP) | Sopheon* (SPE): Industry recognition
Companies: UNG MMX TRMR SPE MAB1
See what was trending this week...
Ahead of the publication of its interim results on Tuesday 26 September, Mortgage Advice Bureau (MAB) has released a pre-close update, which reveals: Revenue increased 15% YoY to £49m (1H16: £43.1m); Average adviser numbers rose 14% to 974, Total number of advisers rose 58% since 30 June 2016 and 6% since last year end to 1,008 on 30 June 2017 with “new business recruitment 2H weighted”; Revenue per adviser rose modestly compared to 1H16 which benefited from the 1H16 spike in Buy-to-Let applic
Strix Group PLC—Sch1 from the Company involved with the design, manufacture and supply of kettle safety controls and other and devices involving water heating and temperature control, steam management and water filtration. Offer TBC admission date 8 August 2017 | Xpediator Plc—Sch 1 from the holding Company for an integrated freight management business operating in the supply chain logistics and fulfilment sector across the UK and Europe with a strong presence in Central and Eastern Europe. Offe
Companies: ORPH EUSP TMO BXPHAR SAE MYT GOAL MAB1 RTHM AMYT
Victoria* (VCP): FY17 results beat expectations (CORP) | Proteome Sciences* (PRM): Interims – organisational changes to benefit (CORP) | Acal (ACL): Strong organic progress (BUY) | Revolution Bars (RBG): FY17 earnings guided up (BUY) | Mortgage Advice Bureau (MAB1): In-line trading with a Buy to Let spike (HOLD) | Gem Diamonds (GEMD): H1 trading update (BUY) | GB Group (GBG): AGM statement reveals trading in line (BUY)
Companies: DSCV RBG MAB1
Research Tree provides access to ongoing research coverage, media content and regulatory news on Mortgage Advice Bureau (Holdings) plc.
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Today's results include few surprises in terms of cash outcomes, which are in-line with our FY21E forecasts. These record results come despite the year being challenged by Covid-19, evidencing the resilience of Duke's operating model and royalty partners. Post-period, 4 new investments have been concluded, which should help drive cash results higher over FY22E, despite a further 2 exits from the portfolio. As the company approaches near full deployment by FY23E, we expect to see FCF p/s and DPS
Companies: Duke Royalty Limited
Altus has acquired an effective 0.418% NSR over the producing Caserones copper mine in Chile. Altus’ royalty interest was acquired for $34.1m in cash as part of a strategic 50:50 partnership with EMX Royalty Corp. The acquisition was part financed with a $29m loan facility from major shareholder, La Mancha. The royalty is immediately cash generative and Altus expects the NSR to generate post-tax royalty flows of US$3.2m pa. Caserones is a large open-pit copper porphyry in Chile, operated by JX N
Companies: Altus Strategies PLC
Agronomics has announced a follow-on investment in existing portfolio company, Formo (previously LegenDairy Foods). The company has invested €3.15m in Formo's Series A funding, and now holds c5.9% of the enlarged share capital. The fundraise has generated a 7.5x uplift for Agronomics original €1m investment (Dec-19) and values Formo at c€180m (post-money) versus c€16m post-money value following the Seed round. Formo now becomes Agronomics largest holding, c9.1% and has delivered a net uplift in
Companies: Agronomics Limited
A disappointing earnings release coupled with low transparency on the Sandringham Financial Partners acquisition have led M&G’s share price to return to its pre-crisis level. While our valuation suggests a positive recommendation considering the low point, momentum remains uncertain.
Companies: M&G Plc
NextEnergy Solar Fund’s investment in NextPower III ESG is delivering in terms of widening international exposure with NPIII following its recent project win in Spain with another in Poland. This is the first acquisition the vehicle has made in Poland and the project will be supported by a fifteen year CfD. We see NESF’s investment in NPIII ESG as delivering a diversified asset growth opportunity and so far this is proving to be the case.
Companies: Nextenergy Solar Fund
Deltic Energy has had a highly successful 2021 year-to-date, as indicated in the interim statement. The key events have been the well investment decision in March for the Pensacola Zechstein prospect and the farm-out deal with Cairn Energy (CNE.L) in August over five licences in the Carboniferous/Zechstein fairway, towards the northern margin of the Southern North Sea Basin (SNS). The farm-outs firstly with Shell in 2019 and then Cairn have validated Deltic’s strategic focus on the Carboniferous
Companies: Deltic Energy PLC
What’s new: Tatton has signed a 5 year distribution partnership with Fintel and agreed to acquire Fintel’s Verbatim Funds for £5.8m cash consideration of which £2.8m is on competition and £3.0m is subject to performance
Companies: Tatton Asset Management Plc
Tatton has acquired the Verbatim funds from Fintel for (up to) £5.8m adding £650m AuM – and pushing Tatton’s AuM through the £10bn milestone. A long term strategic partnership has also been formed allowing Tatton to market to Fintel’s significant intermediary client base. We upgrade our earnings forecasts by +4% for the part year contribution in FY22e and +11% FY23e (the first full year) – but make no assumption around the potentially material opportunity from the distribution partnership. Tatto
Bluejay Mining* (JAY LN) – Greenland agrees new economic aid with the US
Ariana Resources (AAU LN) – Further drilling results from Kepez North
CATL (CATL N) – CATL may be joining the bidding war for Millennial Lithium Corp. as Chinese firms battle for EV material supply
Condor Gold* (CNR LN) – Senior mining engineer appointed to advance La India feasibility study
Cora Gold* (CORA LN) – Interims
Galileo Resources (GLR LN) – Sale of Kalahari Copper Belt licences expected to complete next week
Companies: AAU JAY CNR CORA GLR GGP POW RRR VUL SSW
NextEnergy’s JV with storage specialist Eelpower is an important strategic development. Storage demand is set to grow if the UK is to move towards its net zero targets and the combined attributes of the JV partners make it well suited to succeed here. For NESF it opens up a new route to asset growth in our view.
NextEnergy Solar Fund (NESF), which has the ability to invest up to 10% of its gross assets in energy storage, has announced a significant step into energy storage with the establishment of a £100m joint venture partnership with one of the leading battery storage specialists, Eelpower Limited (Eelpower). The joint venture is owned 70% by NESF and 30% by Eelpower. The partnership has also announced the signing of its maiden acquisition, a 50MW standalone battery storage project, which is ready to
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Companies: Harworth Group PLC
In line interim results to 30 June 2021: reported revenue was £11.4m, down 3.4%, as a result of the trust disposals; and reported PBT was £0.9m, down 6.5% YoY also as a result of disposals as well as disappointing volumes in certain areas of new business, namely UK SIPPs and the flexible annuity product. Positively, however, higher-than-anticipated revenues came from UK workplace pensions, while recurring revenues improved, reaching 88% without the inclusion of transaction-driven income in the d
Companies: STM Group PLC
AEX Gold (AEXG LN) – Further management changes at AEX to drive development of new plan
Altus Strategies* (ALS LN) – Valuation 125p – First Caserones NSR royalty payment in respect of Q2/21 expected this month
Beowulf Mining* (BEM LN) – CEO letter to Minister Baylan regarding Kallak
Bluejay Mining* (JAY LN) – Valuation 37.7p – Interims highlight activity towards development of the Dundas ilmenite mine and other exploration
Caerus Mineral Resources (CMRS LN) – Progress report on prospective j
Companies: AEX ALS BEM JAY CMRS CORA PDL POW TYM URU CCZ IRR