Cenkos: Mercantile Ports & Logistics Ltd -FY results – commercial ramp-up on track

Mercantile Ports and Logistics (MPL) released FY21 results in line with the revised expectations published in January 2021. Results for the year were impacted by the severe COVID-19 lockdown in India during 2021. However, the company has achieved important commercial milestones, handling significant cargo volumes from revenue generating customers. The company expects to further advance its business plans during 2022, and we maintain our P&L forecasts for FY22E including revenues increasing to £5

Cenkos: Mercantile Ports & Logistics Ltd -- Trading Update

Mercantile Ports and Logistics (MPL) has provided a trading update. While MPL is generating revenues, COVID-related challenges have persisted including lower than expected cargo movements and delays in signing contracts. We have reduced our forecasts for FY21E and FY22E to reflect these headwinds. We believe MPL offers value to investors for its growth and operational profitability prospects. We estimate that MPL could generate £24-25m of revenue and £12-13m of EBITDA at full capacity over the m

Cenkos: Mercantile Ports & Logistics Ltd -- On track to generate accelerating revenues

Mercantile Ports and Logistics (MPL) has conditionally raised gross funds of £10.1m through an institutional placement and will be supported by the major shareholder, Hunch Ventures. Equity raised will be used to service new and existing contracts/business development and strengthen the balance sheet. In addition to the placing, Hunch Ventures has provided an unsecured loan facility of £4.4m. MPL's port is well positioned to benefit from the positive economic outlook in India due to its offering

Small Cap Feast: 23/06/21

Joiners: No Joiners Today Leavers: Urban Exposure has left AIM pursuant to a solvent members' voluntary liquidation. What’s cooking in the IPO kitchen? Seraphim Space Investment Trust PLC, a newly established closed-ended investment company which will invest in a diversified international portfolio of early and growth stage Space Tech businesses, announces the publication of its Prospectus in connection with the IPO to the Premium Segment of the Main Market. The Company is targeting gross pro

Cenkos: Mercantile Ports & Logistics Ltd -- Revenue Momentum

The Group continued to gain revenue momentum, commencing the £5.5m, 40-month Tata/Daewoo contract on 1 April 2020. Additionally, management implemented a strict cost reduction strategy, enabling robust cash management. As a result, the Group had access to cash of £17.9m at period end, comprising of £7.8m cash and £10.1m of undrawn facility.

Cenkos: Mercantile Ports & Logistics Ltd -- Maiden Revenue

The continued build out of the port enabled commercial operations to commence and maiden revenue to be generated. The Group's access to cash at year end was strong (£27.6m) and with management acting decisively in response to COVID-19, remained robust post period end (£16.8m). This combined with winning the Tata/Daewoo contract positions the Group well to expand its contracted customer base, convert pipeline customers and increase utilisation rates.

Cenkos: Mercantile Ports & Logistics Ltd -- Access to £20.5m

The Indian Government and Reserve Bank of India has announced several relief packages to combat the adverse impacts of COVID-19 and the lockdown implemented last week. The lockdown encompasses all non-essential industries and has resulted in Mercantile shutting down operations. As a result of the current market uncertainty, we are withdrawing our forecasts from the market and move our recommendation to Under Review until macroeconomic conditions stabilise. We believe the long-term prospects for

Cenkos: Mercantile Ports & Logistics Ltd -- FY20E Remains Positive

The outlook remains positive for Mercantile Ports with stronger revenue generation expected in FY20E. Relationships with pipeline customers are progressing and remaining positive but are taking longer than anticipated to finalise. This is due to the long-term nature of the contracts resulting in both parties looking to ensure favourable terms.

Cenkos: Mercantile Ports & Logistics Ltd - Material Progression

The successful fund raise of £30m in Dec-18 allowed Mercantile Ports to progress the build out of the port making it operationally ready. Mercantile is now revenue generating and has further progressed pipeline contracts with at least two new customers planning to utilise the port in H2/19E. Post period-end a further contract was secured with Tata Projects Limited and Daewoo Engineering worth £5.5m.

Small Cap Feast

AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

Cenkos: Mercantile Ports & Logistics Ltd - Material Progression

The build out of the port has substantially progressed and is now capable of supporting operations from both contracted and pipeline customers. The first vessel was received and they gained Customs approval from the Ministry of Finance. Additionally, they secured a 20-year lease extension (taking its maturity to 2059) and an option to double the size of the originally proposed port. Despite this progress, delays to receiving customs approval have pushed back the expected start date of operations

Cenkos: Mercantile Ports & Logistics Ltd - Releasing Revenue

Mercantile Ports & Logistics (MPL) has announce a £27.75m conditional fund raise. The raise is expected to fund the project to completion and we issue forecasts inferring that MPL will achieve profitability in FY19E. After significant investment in developing a competitive advantage, through the elimination of regulatory risk and commencement of operations, we believe that investors stand to benefit from increasing cash flows into the future. MPL trades on an FY20E EV/Sales of 1.8x, which we bel

Small Cap Breakfast

RA International is a leading provider of services to remote locations in Africa and the Middle East looking to join AIM raising £18.8m and 56p, market cap of £97.2m. Expected 29 June Cake Box Holdings—franchise retailer of cakes with a growing store base across the UK looking to join AIM, Offer tbc, expected late June Mind Gym. Behavioural science business that uses scalable proprietary products to deliver human capital and business improvement solutions to large corporations. Offer TBA. Due

Under review

In light of today’s trading update, we are placing our forecasts and recommendation under review. Any previous recommendation and forecasts cannot be relied upon.

Finals, ahead of expectations

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

Cenkos: Healthcare Sector - Ward Round

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

ITM Power - Trading update

Trading update

LIBERUM: DX* - Trading significantly ahead

SIMEC Atlantis - A Clear Path Forward

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.

Hybridan Small Cap Feast 28/06/2022

Joiners: No Joiners Today. Leavers: Raven Property Group has left the Main Market. 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 req

Symphony Environmental (SYM LN) - Supply agreement with major customer

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

ATOME Energy - Capacity Expansion in Paraguay

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.

Cenkos: Oil & Gas Sector -- Chariot, Wentworth Resources, Jadestone Energy, IOG, Reabold Resources, Union Jack Oil, Hartshead Resources, Southern Energy, Zephyr Energy, ADM Energy, Lamprell, Gulf Keystone Petroleum, TransGlobe Energy, Phoenix Global Resour

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

Hybridan Small Cap Feast 27/06/22

Joiners: No Joiners Today. Leavers: No Leavers Today. 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

FY22 results in line: FY23 emphasis on Vaping

For the year to 31 March 2022, Supreme PLC reported revenue of £130.8m, +7.0%YoY, gross profit of £38.5m, +16.6%YoY, and EBITDA (adj.) of £21.1m, +9.3%YoY. The contribution to total revenue from Vaping dominated at 33.3%, with Sports Nutrition and Wellness rising from 5.6% to 12.2%. Year-end net debt was £4.0m, with a proposed full year dividend of 6.0p/share. FY22 performance was within 1.0% variance of our estimates. During the year the Group noted: the addition of new vaping contracts with

Cenkos: Oil & Gas Sector -- 88 Energy, GETECH Group, Trinity Exploration & Production, Wentworth Resources, Longboat Energy, Block Energy, Enwell Energy, Coro Energy, Deltic Energy, Petro Matad, Caspian Sunrise, Eco (Atlantic) Oil & Gas, Echo Energy, Petro

Oil rose in thin trading ahead of the US holiday weekend as export disruptions in Libya exacerbated global supply concerns. West Texas Intermediate rose over $108 a barrel, posting a slight weekly gain after dropping the previous two weeks. Production from the Organisation of Petroleum Exporting Countries dropped by 120,000 barrels a day in June for a second straight monthly decline, according to a Bloomberg survey. Libyan exports have fallen to about one-third of last year's level after a worse

Morning Note – 28 June 2022

Morning Note – 29 June 2022

Hybridan Small Cap Feast 20/06/2022

Joiners: No Joiners Today. Leavers: Tungsten Corp and Sensyne Health have both left AIM. Hibernia REIT has left the Main Market. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fi