Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BATM Advanced Communications. We currently have 20 research reports from 2 professional analysts.
Trakm8* (TRAK): Iceland renews and upgrade service with video (CORP) | BATM* (BVC): Extension for mobile agri-waste order (CORP)
Companies: Trakm8 BATM Advanced Communications
Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.
Companies: 7DIG AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO
As flagged by the recent trading update, group FY 2016 revenue slipped 7% YoY to $90.4m; 43% ($38.5m) of this came from Telecoms, which saw the majority of the decline in revenue as the legacy copper-based equipment sales continue to be wound down. The Bio-Medical division sales slipped just 2% YoY to $51.6m; a poor year from sterilization being compensated for by growth in diagnostics. While gross margins remained firm in both divisions (40% and 25% respectively), both slipped into operating loss; a hefty $2.2m from Telecoms (due to the loss of revenue from contracts) and $0.3m from Bio-Medical; however, the $2.5m operating loss was covered by an exceptional $3m profit on sale of a property. That sale helped cash; $1m received from operations was offset by $6m capex but cash from the sale of assets lifted BATM’s net cash from $21m to a welcome $23m at the year end.
Companies: BATM Advanced Communications
BATM* (BVC): Trading update reveals revenue delays (CORP) |Abzena (ABZA): Trading update (BUY) |LiDCO* (LID): Board changes (CORP) |OptiBiotix* (OPTI): Launch of cholesterol lowering products (CORP)
Companies: BVC ABZA LID OPTI
Cello (CLL): Leveraging technology, investing for growth (BUY) | Water Intelligence* (WATR): Contract win evidences strategic progress (CORP) | Europa Oil & Gas* (EOG): Holmwood farmout (CORP) | Ithaca Energy (IAE): Takeover by Delek (BUY) | Frontier Developments* (FDEV): Initial details of third franchise (CORP) | BATM* (BVC): Diagnostic lab acquisition (CORP) | Orchard Funding* (ORCH): Strenghtening the model (CORP)
Companies: CLL WATR EOG IAE FDEV BVC ORCH
Seeing Machines* (SEE): MiX Telematics is Guardian route to market (CORP) | Premaitha Health* (NIPT): Interim results and acquisition (CORP) | Minds + Machines* (MMX): AGM statement (CORP) | Water Solutions (WATR): Growth strategy on track (CORP) | BATM* (BVC): Chinese investment confirmed (CORP)
Companies: NIPT SEE MMX BVC
Fenner (FENR): Forecast upgrade prompts Buy rating (BUY) | Transense Technologies* (TRT): Upbeat AGM statement (CORP) | Avacta* (AVCT): To affinity and beyond… (CORP) | ScS Group (SCS): AGM statement (BUY) | BATM Advanced Communications* (BVC): Animal vaccine maker orders second sterilizer (CORP) | Redcentric* (RCN): CFO appointment and Financial Adviser resignation (CORP)
Companies: FENR TRT SCS AVCT BVC RCN
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Companies: 7DIG AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD EGS ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IMG IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP WAND ZOO ARC
H1 shows a continuing move towards Bio-Medical, with that division now delivering 57% of group revenue. Overall, a challenging first half year was as expected, but improved margins and tight cost control reduced the loss and a much stronger second half is flagged in the outlook. There is thus no change to FY 2016 guidance or forecasts. Following its $3.8m acquisition of Green Lab in January, but before receipt of the $3.0m Egens investment in Adaltis, BATM ended June with a healthy $14.0m net cash. Reviewing the financials, H1 revenue was down 5% YoY to $45.1m, with sales falling in both divisions; Networking & Cyber (down 9%) continues to transition away from legacy products, while Bio-Medical (down 3%) suffered a slowdown in the Sterilization business as it focused on new opportunities in bio-pharma and agriculture markets which should deliver in H2. However, both divisions achieved breakeven at operating profit level in H1 thanks to higher margins; notably from cyber security solutions and from better products in Medical Distribution, and improving sales of high-margin machines and reagents in Diagnostics. This left a small $0.6m operating loss from unallocated group overheads, but $0.3m profit at the EBITDA level. The outlook is positive, with growth and contributions anticipated from both divisions in H2, generating a solid c$2m FY operating profit.
Companies: BATM Advanced Communications
Mobile money has been slow to deliver but investors need to stay engaged as there are plenty of reasons as there are plenty of reasons for success. Mobile penetration and network coverage are growing inexorably and where communication leads, transactions follow, as e-commerce has proven. Banking and payments lead the way but it will embrace other financial services too, from insurance to cross-border remittance. Slowly but surely, mobile money is coming of age.
Companies: 7DIG AN/ AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD EGS ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IMG IGP IOM KBT KCOM KWS LRM MAI NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP WAND ZOO ARC
Aggregated Micro Power*: Full-year results (CORP) | Independent Oil & Gas*: Skipper drill confirmation (CORP) | BATM*: Adaltis given $58m valuation by partner (CORP) | Lombard Risk Management*: COLLINE gains traction in N America (CORP) | Keywords Studios: Balanced and poised to strike again (BUY)
Companies: AMPH IOG BVC LRM KWS
Steve “Woz” Wozniak, infamous co-founder of Apple, was the latest culprit to send shivers across the tech world by claiming Cybersecurity is the greatest threat the world has faced since the atom bomb. Mr Wozniak was alluding to the heightened sense of fear that recent high profile breaches have caused Cybersecurity to be put at the forefront of political, corporate and now it would appear, investor agendas. As the topic gains increasing awareness, it gives rise to a number of companies claiming to be a “thought leader” in the Cybersecurity space, holding the best IP and the best routes to market. With many companies singing from the same loss making hymn sheet it is making it ever difficult to spot the true “Spartacus” from the crowd.
Companies: BA/ BVC BLTG CHRT CLST CNS DFX ECK EXPN GBG IGP MPAY NCC OSI SCH TERN
This quarter's topic: Feasting on Red Tape. 2016 harbours every chance of being a stultifying year, given the imminent local and London mayoral elections, the looming hurdle of Brexit, the summer doldrums, the bizarre potential outcome of the US presidential election and then the home strait to Christmas. Excuses for inactivity abound with regard to spending IT capex budgets.
Companies: 7DIG AN/ AMO ARTA BVC CTP CFHL DTC DOTD EGS ELCO FDSA FDEV GBG IDEA IDOX IGP IOM ISL KBT KCOM KWS MAI NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TEP TPOP TRAK UNG WAND ZOO ARC
This quarter’s topic: Automotive Technology. With the Mobile World Congress approaching at the end of this month and likely to feature so many automotive applications to the extent it should perhaps be renamed the Mobile World of Cars, we examine the growing impact of technology in the automotive industry, from telematics to connected cars and autonomous vehicles.
Companies: 7DIG AN/ AMO ARTA BVC CFHL CNS DTC DOTD EGS ELCO FDSA FDEV GBG IDEA IDOX IGP IOM ISL KBT KCOM KWS MAI NASA NET PHD QTX QXT RCN 932 SSY SEE SIM SPE TEP TPOP TRAK UNG WAND ZOO ARC CTP
Research Tree provides access to ongoing research coverage, media content and regulatory news on BATM Advanced Communications. We currently have 20 research reports from 2 professional analysts.
|01Aug17 07:00||RNS||Change of Adviser|
|13Jul17 07:00||RNS||Notice of Results|
|03Jul17 07:00||RNS||Senior management appointments at Adaltis|
|31May17 07:00||RNS||Mobile agri-waste solution extension order|
|27Apr17 13:47||RNS||Annual Financial Report - DTR 6.3.5 Disclosure|
|21Mar17 07:00||RNS||BATM awarded Internet Solutions Kenya contract|
|08Mar17 07:00||RNS||Final Results|
CyanConnode* (CYAN): New $10m contract lifts the order book to £28m (CORP) | H&T Group (HAT): Interims best in a milestone year (BUY)
Companies: Cyanconnode H&T Group
We recently hosted our annual Industrial Technology dinner with 14 companies, many of which are active in the materials science arena; having focused previously on composite materials in the aerospace sector, in this edition of Machinations we focus on graphene, with its unique and potentially game-changing qualities and potential applications. Investments in this area remain fairly early stage, but could potentially reap huge rewards. Graphene is well represented in the UK small-cap market by several players.
Companies: SIXH ACL AXS AMPH ALU AEP AVG CAPD CAR FENR FLO RAD GHH HDD HAYT IOF MPE RE/ RED RNO RBN SOM SCE TRT TRI VANL ZAM
OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. Wilmcote Holdings plc—Sch1 from the Company established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. Offer raising £15m at 120p with market cap of £25m. Expected 17 August 2017 Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017
Companies: DCD EAH GGP GTC FISH AAZ WJG SAV FTC LWRF
Filtronic, the designer and manufacture of microwave electronics for the wireless telco market, has announced a second significant defence related contract (worth £4.8m of sales over three years). The deal highlights the success of the initial defence contract and further diversifies both the customer base and revenue profile (in terms of products).
AFH Financial (AFHP.L) | Spectra Systems (SPSY.L) | Corero Network Security (CNS.L) | Victoria (VCP.L) | Amerisur Resources (AMER.L) | Cyan Holdings (CYAN.L) | Kodal Minerals (KOD.L) | Arria NLG (NLG.L) | Personal Group (PGH.L) | Renew Holdings (RNWH.L)
Companies: AFHP SPSY CNS AMER CYAN NLG PGH RNWH KOD VCP
The company reported solid Q2 17 results. Revenues declined marginally by 0.9% to CHF2.86bn. EBITDA increased 3.6% to CHF1.19bn and the EBITDA margin improved from 39.7% to 41.5%. EBIT grew 8.8% to CHF653m. The EBIT margin increased from 20.8% to 22.8%. Net income rose 9.9% to CHF466m. The number of mobile access lines in Switzerland declined marginally by 0.5% to 6.59m.
For AdEPT the scale and quality of this acquisition is transformational. Atomwide is highly profitable and has the opportunity to extend its successful model outside the London area, particularly for schools and local authorities adopting the Multi Academy Trust (MAT) model. Incorporating the uplift to earnings and maintaining the same level of comparative differential with AdEPT’s AIM telecom peers leads us to raise our Target Price from 360p to 400p. Our rating remains Buy.
Companies: Adept Telecom
Gooch & Housego^ (GHH): Interim results – in line with FY expectations (HOLD) | Carclo (CAR): FY results slightly ahead of expectations (BUY) | GB Group (GBG): International and acquired growth drive GB on (BUY) | Joules Group (JOUL): Trading update beats expectations (BUY) | Acal (ACL): Strong H2 backed by cash flow, strategy delivering (BUY) | Amino Technologies* (AMO): Strong trading update (CORP) | KCOM* (KCOM): Prelims on track – stronger second half (CORP) | Fulcrum (FCRM): Converting a large market opportunity (BUY) | Idox (IDOX): Interims demonstrate expansion potential (BUY)
Companies: GHH CAR GBG JOUL ACL AMO KCOM FCRM IDOX
Tristel* (TSTL): Trading update drives upgrades (CORP) | Cello (CLL): On track and investing for growth (BUY) | The People’s Operator* (TPOP): Board changes (CORP) | Tax Systems* (TAX): Trading update: on track (CORP)
Companies: TSTL CLL TPOP TAX
Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday. 25th July.| Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. | Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 July | NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. | Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with thegrowth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: MGR VLG NFC FBT ESL ORCP MANX MXCT CALL
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. Offer details TBC, expected Admission early August 2017. | GetBusy PLC—Sch1 from the holding Company of its subsidiary undertakings, which operates as a document management software business with over 110 full time employees, headquartered in Cambridge, UK and operating across the UK, USA, Australia and New Zealand. Capital to be raised via a rights issues of £3m at 28.3p with anticipated market cap of £13.7m. | Work Group PLC—Sch1 from the Company that proposes to acquire the entire issued share capital of Gordon Dadds Group Limited (GDG). GDG is an acquisitive law firm and a group of other complimentary businesses, including Prolegal, an acquisition vehicle model focused on smaller law firm. Capital to be raised is £20m with anticipated market cap of £40m. | Quiz—Sch 1 from the omni-channel and international own brand in the women's value fast fashion sector. Offer TBA. Expected late July. Last year Quiz posted sales of £87.4m while pre-tax profits grew by 17pc to £5.7m . | Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday, 25th July. | Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | I3 Energy –Schedule 1 Update. Independent oil and gas Company with assets and operations in the UK. Issue price of 55p with anticipated market cap of £14.3m, 25 July Admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June.| Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: HZD HOTC TILS DPP TPOP RENE TOU VLG
CITYFIBRE INFRASTRUCTURE HLDGS PLC (CFHL LN) | CORETX HLDGS PLC (COR LN), HORNBY PLC (HRN LN) | HURRICANE ENERGY PLC (HUR LN) | MINOAN GROUP (MIN LN) | RANDALL & QUILTER INVT HLDGS LTD (RQIH LN) | RICHOUX GROUP PLC (RIC LN) | YOLO LEISURE & TECHNOLOGY PLC (YOLO LN)
Companies: RIC RQIH COR YOLO MIN HUR HRN CFHL
I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission | Opera Investments –Reverse Takeover of Kibo Mining’s subsidiary Kibo Gold. Raising £1.5m. Expected mkt Cap £6.5m. 23 May | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May | Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun | AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property | Alfa Financial Software –Intention to float. Mission-critical software platform purpose-built for asset finance enterprises. Vendor sale of 25% plus. FYDec16 rev £73.3m (CAGR of 24% from 2012). Adjusted EBIT £32.8m | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe | ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017 | Tufton Oceanic Assets– Extended to 9 May on specialist funds segment of Main Market to enable further due diligence | PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
Companies: FUTR PIP EOG HZM POS HUNT UKOG KOD CEPS SEE
In terms of service revenues, Q1 was quite as expected with solid organic growth at constant change of 2.2% yoy, slightly better than those recorded in the previous quarter (+1.5% yoy). The trend is indeed similar to the 2% recorded during the first 9m of 2015/16, despite the negative impact in Europe of the roaming regulation. Excluding this impact, the global growth should have been… 3%, quite a good number in the telecom sector. Note growth in AMAP was still strong at +7.9% during the quarter. Remember that on 20 March 2017, Vodafone announced an agreement to combine Vodafone India with Idea Cellular. The transaction is subject to regulatory approvals and is expected to close during calendar year 2018. The combined company will be jointly controlled by Vodafone and the Aditya Birla Group. Vodafone India has been classified as discontinued operations for group reporting purposes. Service revenue has indeed declined by 13.9% yoy in Q1 as a result of continued price competition from the new entrant and incumbents but the sequential quarterly trend is clearly stabilising as SIM consolidation is beginning to improve ARPU in the low-value segment, helping offset pricing pressure in the mid and high-value segments of the base. Note also the reported numbers exclude the results of Vodafone Netherlands following the disposal of its consumer fixed business and subsequent merger into VodafoneZiggo (it has an impact of 4.2% on the European revenues).
Companies: Vodafone Group