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A G Barr (BAG LN) Weak H1 update. We move to Sell | BBA Aviation (BBA LN) Signature outperforming; ERO still challenging | Dialight (DIA LN) Sales decline and high non u/l costs, but strong cash-flow | Elementis (ELM LN) Challenging H1, well positioned for future recovery | Greggs (GRG LN) A successful first half and a reassuring start to H2 | RhythmOne (RTHM LN) Another positive step | SDL (SDL LN) Building confidence in strategy execution | Spirent Communications (SPT LN) Headwinds mask underl
Companies: SPT GRG DIA BAG CTO ELM BBA RTHM RWS
Singer Capital Markets
As we said in March, this promises to be a big year and, on balance, we continue to feel that a group intently focused on business and general aviation will ultimately be a more valuable one. Trading is in line with expectations and the integration of Landmark is progressing as planned. Landmark integration and debt reduction remain the keys in FY16 and we await further information on the future of ASIG. We remain at Hold.
Companies: BBA Aviation
During FY16 BBA will integrate the transformational acquisition of Landmark, look to restructure ERO, work to reduce debt levels and also hope that the US economy remains positive enough to help bizjet activity. It promises to be a big year and, on balance, we continue to feel that a group intently focused on business and general aviation will ultimately be a more valuable one. We have prudently reduced forecasts (see below) but nudge up our target price to 204p (14x FY16 EPS) reflecting underly
BBA Aviation (BBA LN) Amended forecasts; important year ahead | Craneware (CRW LN) In line interims. Value cycle gaining momentum? | Dialight (DIA LN)
Underlying EBIT and EPS in line but non-underlying costs continue | Eckoh (ECK LN) New 5-yr contract with Ideal Shopping Direct | Gresham Computing (GHT LN)
CTC-led strategy provides LT platform for growth | John Menzies (MNZS LN) Tough year for aviation; structure being evaluated | St Ives (SIV LN) Interims – 16% organic growth from strategic m
Companies: CRW DIA ECK GHT MNZS KCT BBA
The Group is to be transformed by the acquisition of Landmark which will cement the FBO business as the key driver of profitability within the Group. It would not surprise us to see future disposals from the other business areas, perhaps eventually delivering a 100% FBO focused Group, and the first sign of that is given today with a comment that approaches have been made for ASIG. Landmark integration and debt reduction are key in FY16, we await the analyst presentation but expect to remain at H
As we said last week, we expected Aftermarket to be subdued following recent peer updates, but see a positive medium term future for the transformed Group assuming that US bizjet traffic remains robust. We expect to make little change to our numbers and remain at Hold.
BBA Aviation (BBA LN) Signature solid; ERO subdued | Ground Rents Income Fund (GRIO LN) Revaluations drive NAV higher | Sigma Capital Group (SGM LN) Gatehouse Phase 2 begins: 900 new PRS homes | Sinclair IS Pharma (SPH LN) Rejuvenated growth | Vectura Group (VEC LN) Phase III start for triple therapy programme QVM149
Companies: GRIO SPH BBA
The Group is to be transformed by the acquisition of Landmark which will cement the FBO business as the key driver of profitability within the Group. It would not surprise us to see future disposals from the other business areas, perhaps eventually delivering a 100% FBO focused Group. In the short term, we expect Aftermarket to be subdued following recent peer updates, but see a positive medium term future for the Group assuming that US bizjet traffic remains robust. As the acquisition process e
AMINO TECHNOLOGIES (AMO LN) Trading update reassures | BARR(A.G.) (BAG LN) Q3 in-line but trading environment remains tough | BBA AVIATION PLC Reshaped Group; Aftermarket Caution | CONSORT MEDICAL PLC (CSRT LN) Interims on track | SUMMIT THERAPEUTICS PLC (SUMM LN) First research milestone achieved in strategic alliance | WYG PLC (WYG LN)Interims in line, substantial growth in order book
Companies: BAG AFRN CSRT SUMM WYG BBA
The $2,065m purchase of Landmark Aviation is a transformational deal for BBA Aviation, extending its leadership in the global airport fixed-base operation (FBO) market, especially in the US. The clear focus on the Flight Support business confirms the future strategic direction at BBA’s core. While near-term debt metrics are stretched (despite the rights issue), the acquisition potentially unlocks BBA as a growth vehicle via both enhanced organic development and longer-term deals around the world
The US bizjet market continues to improve slowly but Aftermarket has had a disappointing H1. Underlying PBT was 42% of our full year forecast but we expect Aftermarket to improve in H2. We await the presentation but anticipate reducing our forecasts by up to 5% and expect to retain our Hold recommendation.
ATTRAQT Group (ATQT LN) First technology partnership should open up opportunities | BBA Aviation (BBA LN) Mixed H1 | Latchways (LTC LN) Full year expectations unchanged | Lookers (LOOK LN) Preview – buy Lookers ahead of interims on 12 August | Restore (RST LN) Small bolt-on acquisition | Sinclair IS Pharma (SPH LN) Full year trading update | Synairgen (SNG LN) Research collaboration with Pharmaxis | Tetragon Financial Group Ltd (TFG NA) Taking volatility in its stride
Companies: ATQT LOOK RST SPH SNG TFG BBA
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Volex has delivered final results that are ahead of expectation. Organic revenue growth of 19% reflects growing customer demand, alongside a particularly strong performance in EV which saw sales almost double. The Group has demonstrated its ability to manage both supply chain challenges and inflationary cost increases, albeit with a short time lag. Recent acquisitions have integrated well, building exposure to attractive higher growth market segments. The Group’s global footprint has resonated w
Companies: Volex plc
Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
Companies: ITM Power PLC
Companies: Judges Scientific plc
SIMEC Atlantis’ full year statement and in particular its going concern statement show that financial risks remain following the decision not to proceed with the Uskmouth conversion. Yet the company has created a path through these risks with the creation of the 240MW Uskmouth battery project and further opportunities at the MeyGen tidal stream project. With MeyGen seeing the immediate benefit of an additional turbine in the water we see the current year as being a better one for the company.
Companies: SIMEC Atlantis Energy Ltd.
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Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req
Companies: TRB CWR CCS DMTR EMAN GTC JSE KIBO MDZ SYM
SYM has announced an exclusive supply agreement for its d2p (designed-to-protect) antimicrobial technology with a major customer. Grupo Bimbo (NASDAQ: BIMBOA) is one of the largest bread manufacturers globally. The company has conducted extensive trials of d2p for its plastic bread packaging, with the aim of extending the life of products, improving hygiene, and reducing waste. The company has asked SYM to supply d2p for its nominated bread packaging manufacturers across the American continent f
Companies: Symphony Environmental Technologies plc
Powerhouse’s full-year results reinforce a picture of strong progress with considerable development of both the company and initial waste to hydrogen projects using the DMG technology. This is reflected financially, and cash burn is manageable with £9.8m of cash at the period end.
Companies: Powerhouse Energy Group PLC
ATOME’s trading update shows capacity expansion in Paraguay and good progress across the portfolio. The new capacity adds 50MW to take the Itaipu project to 300MW and increases our central case valuation to 183p from 173p.
Companies: Atome Energy PLC
Oil posted its first back-to-back weekly loss since early April as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets to spur a broad sell-off.
West Texas Intermediate fell 1.7% for the week to settle at $107.62. US Federal Reserve Chair Jerome Powell's hawkish testimony to Congress earlier in the week overshadowed a fundamentally tight market.
Prices clawed back some of the week's losses Friday as the University of Michigan's final June
Companies: FO 88E CHAR DEC EME GTC TRIN WEN
The shares now trade on 24.3x FY2022E earnings, versus a peer group trading on a blended 24.9x. Judges' shares more than regained their composure in early 2022, before events in Ukraine and continued Covid concerns (notably China) weighed on sentiment. As a result, some treading of water is likely in our view. But given the strength of the business (we believe earnings risk is towards the upside) and balance sheet, the quality of earnings and the company's continued ability to execute deals on s
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What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their
Companies: SYM AXL BEG CBOX CASP ING NTBR
Symphony Environmental Technologies plc this morning announced that the Government of Peru confirms d2w is not an oxo-degradable plastic, and does not generate microplastics.We have published research on this which is attached and a snapshot of the research is below.
The global specialist in technologies that make plastic and rubber products smarter, safer and more sustainable, has announced that following legal action by Symphony's distributor in Peru, a clear distinction has been officially
Companies: Invinity Energy Systems PLC
Companies: FTC LPA PCIP PPC