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  • 16 Dec 19
Trading update

Be Heard released an encouraging Trading Update for the year to December 2019. It indicated that the FY outlook for 2019 remains unchanged and EBITDA will be in line with market expectations. As reported at the interims results in September, the Group's digital and insight businesses continue to perform well which has offset the decline in its traditional and creative businesses. Further, the group notes it has made strong progress during the year, particularly in new business (most notably Carlsberg), improved costs control and tighter working capital management. Looking forward to 2020, the group expects a broadly similar market and industry backdrop and enters the year with a 'reasonable level' of booked business and a 'guardedly positive' outlook.

Companies: Be Heard Group
  • 16 Dec 19
Trading update

Be Heard released an encouraging Trading Update for the year to December 2019. It indicated that the FY outlook for 2019 remains unchanged and EBITDA will be in line with market expectations. As reported at the interims results in September, the Group's digital and insight businesses continue to perform well which has offset the decline in its traditional and creative businesses. Further, the group notes it has made strong progress during the year, particularly in new business (most notably Carlsberg), improved costs control and tighter working capital management. Looking forward to 2020, the group expects a broadly similar market and industry backdrop and enters the year with a 'reasonable level' of booked business and a 'guardedly positive' outlook.

Companies: Be Heard Group
  • 16 Dec 19
Small Cap Feast

SulNOx Group - The Group has developed a methodology and process capable of emulsifying hydrocarbon fuels such as diesel and heavy fuel oil . By January 2014, following preliminary laboratory testing, SulNOx was in a position to suggest that its products resulted in up to a 50% reduction of Nitrogen Oxide (NOx) and a 90% reduction in particulate matter Due 17 Dec, mkt cap £42.3m.

Companies: SRES K3C SENS MSYS PTAL RLD TSG FUL BHRD AUTG

  • 16 Dec 19
Small Cap Feast

SulNOx Group - The Group has developed a methodology and process capable of emulsifying hydrocarbon fuels such as diesel and heavy fuel oil . By January 2014, following preliminary laboratory testing, SulNOx was in a position to suggest that its products resulted in up to a 50% reduction of Nitrogen Oxide (NOx) and a 90% reduction in particulate matter Due 17 Dec, mkt cap £42.3m.

Companies: SRES K3C SENS MSYS PTAL RLD TSG FUL BHRD AUTG

  • 16 Sep 19
Further progress

Be Heard made further operational, strategic and financial progress in the first half. Group revenues rose +5%, with further strong growth at MMT Digital (+16%) and Freemavens (+82%) partially offset by challenging trading at agenda21 (-19%) and The Corner (-23%). Tight cost control led to pre-IFRS16 EBITDA more than doubling to £1.6m while the operating margin increased to creditable 10.9%. Cash generation was encouraging and the group has made good progress in fixing its earnouts. The share element was settled in July, leaving £9.4m cash to be paid. We maintain our full year forecasts on an underlying basis, though update for IFRS16. In our view, the group is now in far better operational and financial shape than a year ago and although the shares have been disappointing performers, we retain our view that equity value can be rebuilt.

Companies: Be Heard Group
  • 16 Sep 19
Further progress

Be Heard made further operational, strategic and financial progress in the first half. Group revenues rose +5%, with further strong growth at MMT Digital (+16%) and Freemavens (+82%) partially offset by challenging trading at agenda21 (-19%) and The Corner (-23%). Tight cost control led to pre-IFRS16 EBITDA more than doubling to £1.6m while the operating margin increased to creditable 10.9%. Cash generation was encouraging and the group has made good progress in fixing its earnouts. The share element was settled in July, leaving £9.4m cash to be paid. We maintain our full year forecasts on an underlying basis, though update for IFRS16. In our view, the group is now in far better operational and financial shape than a year ago and although the shares have been disappointing performers, we retain our view that equity value can be rebuilt.

Companies: Be Heard Group
  • 04 Jun 19
Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Companies: BHRD CALL BILN TRP KRS PRES IGAS PVR RENX SWG

  • 04 Jun 19
Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Companies: BHRD CALL BILN TRP KRS PRES IGAS PVR RENX SWG

  • 15 May 19
Encouraging AGM statement

Be Heard has released an encouraging AGM statement for Q1 indicating that revenues and EBITDA are both ahead of budget and last year, which underpins performance for the balance of 2019. The five partner companies are performing well and in line with expectations and we retain our FY19 PBT/EPS estimates for £3.1m/0.21p. At the FY18 results in March the group indicated that MMT Digital and Freemavens continue to demonstrate robust growth while the other businesses are stable and performing in line with management's expectations. The group has enjoyed a positive start to the year for new business, with notable account wins including the Chartered Institute of Taxation, Batiste and Drinkaware, while the pipeline remains 'robust'. At the FY18 results the group detailed its focus on operational effectiveness, profitability and cash generation in addition to the migration of earnout payments in 2019 to three-year loan notes to provide breathing space. We retain our view that the shares are materially undervalued on a SOTP basis given the undoubted strength of three of the group's businesses and stabilisation in the remaining two. We believe that as confidence in the group's balance sheet recovers, value will rebuild for equity shareholders.

Companies: Be Heard Group
  • 15 May 19
Encouraging AGM statement

Be Heard has released an encouraging AGM statement for Q1 indicating that revenues and EBITDA are both ahead of budget and last year, which underpins performance for the balance of 2019. The five partner companies are performing well and in line with expectations and we retain our FY19 PBT/EPS estimates for £3.1m/0.21p. At the FY18 results in March the group indicated that MMT Digital and Freemavens continue to demonstrate robust growth while the other businesses are stable and performing in line with management's expectations. The group has enjoyed a positive start to the year for new business, with notable account wins including the Chartered Institute of Taxation, Batiste and Drinkaware, while the pipeline remains 'robust'. At the FY18 results the group detailed its focus on operational effectiveness, profitability and cash generation in addition to the migration of earnout payments in 2019 to three-year loan notes to provide breathing space. We retain our view that the shares are materially undervalued on a SOTP basis given the undoubted strength of three of the group's businesses and stabilisation in the remaining two. We believe that as confidence in the group's balance sheet recovers, value will rebuild for equity shareholders.

Companies: Be Heard Group
  • 15 May 19
Great start to the year

Be Heard has issued a positive AGM trading update for Q1 citing good YoY revenue and EBITDA growth. Both results are ahead of budget. The strong start, business wins, pipeline strength and activity levels have made the Company more confident of its overall 2019 performance outlook. It is therefore perhaps no surprise that in summary the Company is confident about achieving a satisfactory result in 2019 but one that is “comfortably in line with expectations”. Investment, consistent with meeting EBITDA expectations, has been raised and should help build on momentum. From our perspective it is very encouraging to see the turnaround of Be Heard by new management delivering a thriving business that can capitalise on its potential through the strength of its offer.

Companies: Be Heard Group
  • 15 May 19
Great start to the year

Be Heard has issued a positive AGM trading update for Q1 citing good YoY revenue and EBITDA growth. Both results are ahead of budget. The strong start, business wins, pipeline strength and activity levels have made the Company more confident of its overall 2019 performance outlook. It is therefore perhaps no surprise that in summary the Company is confident about achieving a satisfactory result in 2019 but one that is “comfortably in line with expectations”. Investment, consistent with meeting EBITDA expectations, has been raised and should help build on momentum. From our perspective it is very encouraging to see the turnaround of Be Heard by new management delivering a thriving business that can capitalise on its potential through the strength of its offer.

Companies: Be Heard Group
  • 25 Mar 19
A marked improvement

Be Heard had a challenging H1 but under the new management team of Simon Pyper (CEO) and Ben Rudman (COO) the group delivered a markedly improved H2 outcome. Performance last year was mixed, with very robust growth at MMT Digital, Freemavens and Kameleon offset by disappointing results at The Corner and agenda21. However, The Corner and agenda21 are now showing evidence of stabilisation while the group has focused on operational effectiveness, profitability and cash generation. Crucially, the earnout payments due in 2019 have been migrated to three-year loan notes which provides breathing space. Encouragingly, the new year has started brightly with Q1 set to perform ahead of budget, which underpins our revenue and EBITDA forecasts. We view Be Heard as materially undervalued on a SOTP basis given the undoubted strength of three of the group's businesses and stabilisation in the remaining two. We believe that as confidence in the group's balance sheet recovers, value will rebuild for equity shareholders.

Companies: Be Heard Group
  • 25 Mar 19
A marked improvement

Be Heard had a challenging H1 but under the new management team of Simon Pyper (CEO) and Ben Rudman (COO) the group delivered a markedly improved H2 outcome. Performance last year was mixed, with very robust growth at MMT Digital, Freemavens and Kameleon offset by disappointing results at The Corner and agenda21. However, The Corner and agenda21 are now showing evidence of stabilisation while the group has focused on operational effectiveness, profitability and cash generation. Crucially, the earnout payments due in 2019 have been migrated to three-year loan notes which provides breathing space. Encouragingly, the new year has started brightly with Q1 set to perform ahead of budget, which underpins our revenue and EBITDA forecasts. We view Be Heard as materially undervalued on a SOTP basis given the undoubted strength of three of the group's businesses and stabilisation in the remaining two. We believe that as confidence in the group's balance sheet recovers, value will rebuild for equity shareholders.

Companies: Be Heard Group
  • 25 Mar 19
Full year results in line and 2019 trading on track

After some significant reorganisation work EBITDA leapt in H2 to £2.4m driving full year EBITDA up to £3.0m from £1.6m in the prior year and in line with our forecast. With trading on track (Q1 ahead of budget) based on a robust macro-aware budget we are encouraged at this early stage in the year. The new CEO has delivered a huge turnaround leaving the shares looking fundamentally undervalued.

Companies: Be Heard Group
  • 25 Mar 19
Full year results in line and 2019 trading on track

After some significant reorganisation work EBITDA leapt in H2 to £2.4m driving full year EBITDA up to £3.0m from £1.6m in the prior year and in line with our forecast. With trading on track (Q1 ahead of budget) based on a robust macro-aware budget we are encouraged at this early stage in the year. The new CEO has delivered a huge turnaround leaving the shares looking fundamentally undervalued.

Companies: Be Heard Group
  • 25 Mar 19
Small Cap Feast

Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%. Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.

Companies: ARS LDSG GRA BHRD PTSG EVG RAI OVB OCI RED

  • 25 Mar 19
Small Cap Feast

Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%. Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.

Companies: ARS LDSG GRA BHRD PTSG EVG RAI OVB OCI RED

  • 14 Feb 19
Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.

Companies: SEE VRP ADL RST HGM TSTR OSI BHRD XPP AFHP

  • 14 Feb 19
Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.

Companies: SEE VRP ADL RST HGM TSTR OSI BHRD XPP AFHP

  • 14 Jan 19
Trading in-line

The Company has issued an update today signalling a good trading performance for full year 2018. In combination with strong cost controls this has boosted EBITDA and results will be in line with market expectations and we maintain our revenue and profit forecasts. We maintain profit expectations for 2019 and 2020 given current trading and the cost control measures put in place. New management has tackled historic issues decisively and is responding to conditions. This should help continue re-building confidence in Be Heard, which has an attractive commercial business model, but had been weak on execution. With the shares on a P/E of just 5.0x for 2019.

Companies: Be Heard Group
  • 14 Jan 19
Trading in-line

The Company has issued an update today signalling a good trading performance for full year 2018. In combination with strong cost controls this has boosted EBITDA and results will be in line with market expectations and we maintain our revenue and profit forecasts. We maintain profit expectations for 2019 and 2020 given current trading and the cost control measures put in place. New management has tackled historic issues decisively and is responding to conditions. This should help continue re-building confidence in Be Heard, which has an attractive commercial business model, but had been weak on execution. With the shares on a P/E of just 5.0x for 2019.

Companies: Be Heard Group
  • 14 Jan 19
Trading Update.

Be Heard Group, the digital marketing services group, issued a trading update for the year ending 31 December 2018. The Group has reported a good trading performance alongside strong cost control in H2 resulting in Adjusted EBITDA trading in-line with market expectations for FY18. We anticipate continued margin improvement in FY19E.

Companies: Be Heard Group
  • 14 Jan 19
Trading Update.

Be Heard Group, the digital marketing services group, issued a trading update for the year ending 31 December 2018. The Group has reported a good trading performance alongside strong cost control in H2 resulting in Adjusted EBITDA trading in-line with market expectations for FY18. We anticipate continued margin improvement in FY19E.

Companies: Be Heard Group
  • 18 Sep 18
Morning Song

Advanced Medical Solutions (AMS LN) OEM woundcare a millstone on Branded surgical division | Augean (AUG LN) Strong H1 profit growth; EPS upgraded by 10% pa | Be Heard (BHRD LN) Focus on execution improving | Frontier Smart Technologies Group (FST LN) Value in both divisions despite tough period | Northgate (NTG LN) In line AGM Statement, with the business on an improving trajectory | Springfield Properties (SPR LN) Sector leading growth; outperformance in cash

Companies: AMS AUG BHRD FST NTG SPR

  • 18 Sep 18
Morning Song

Advanced Medical Solutions (AMS LN) OEM woundcare a millstone on Branded surgical division | Augean (AUG LN) Strong H1 profit growth; EPS upgraded by 10% pa | Be Heard (BHRD LN) Focus on execution improving | Frontier Smart Technologies Group (FST LN) Value in both divisions despite tough period | Northgate (NTG LN) In line AGM Statement, with the business on an improving trajectory | Springfield Properties (SPR LN) Sector leading growth; outperformance in cash

Companies: AMS AUG BHRD FST NTG SPR

  • 18 Sep 18
Focus on execution improving

Interim results have met expectations. Headline results show strong growth with revenues up 18% on a LFL basis. Profitability has leapt, with group EBITDA up over 400%. Net debt was better than expected with a significant improvement in working capital. In addition to the £2.0m of cost savings now in place, progress is being made with regard to the centralisation of business support functions. The centralisation of the business development teams targeting winning and growing larger clients is also progressing. Following the recent management changes, the new executive team has initiated a review of the operations with a view to making sure the business can leverage its proposition by becoming more “relevant, authentic and distinct”. While market conditions are soft the group still expects healthy growth in H2 given current visibility. This underpins our FY18 expectation and with the cost savings set to benefit in full next year we maintain our FY19 forecasts as well.

Companies: Be Heard Group
  • 18 Sep 18
Focus on execution improving

Interim results have met expectations. Headline results show strong growth with revenues up 18% on a LFL basis. Profitability has leapt, with group EBITDA up over 400%. Net debt was better than expected with a significant improvement in working capital. In addition to the £2.0m of cost savings now in place, progress is being made with regard to the centralisation of business support functions. The centralisation of the business development teams targeting winning and growing larger clients is also progressing. Following the recent management changes, the new executive team has initiated a review of the operations with a view to making sure the business can leverage its proposition by becoming more “relevant, authentic and distinct”. While market conditions are soft the group still expects healthy growth in H2 given current visibility. This underpins our FY18 expectation and with the cost savings set to benefit in full next year we maintain our FY19 forecasts as well.

Companies: Be Heard Group
  • 18 Sep 18
Be Heard 2.0.

Be Heard Group (BHRD.L) today announced H1 2018 results demonstrating proof of concept and a strong business model that should lead to strong future revenue growth. Management have announced a new ‘Be Heard 2.0’ initiative to improve cashflow, margins and profitability. The appointment of Simon Pyper as CEO and elevation of Ben Rudman to the Board strengthens BHRD’s offering and we take confidence from their impressive track records. We believe in the Group’s new strategy and maintain our 2.5p target price.

Companies: Be Heard Group
  • 18 Sep 18
Be Heard 2.0.

Be Heard Group (BHRD.L) today announced H1 2018 results demonstrating proof of concept and a strong business model that should lead to strong future revenue growth. Management have announced a new ‘Be Heard 2.0’ initiative to improve cashflow, margins and profitability. The appointment of Simon Pyper as CEO and elevation of Ben Rudman to the Board strengthens BHRD’s offering and we take confidence from their impressive track records. We believe in the Group’s new strategy and maintain our 2.5p target price.

Companies: Be Heard Group

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Be Heard Group. We currently have 49 research reports from 4 professional analysts.

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0.43/1.20p
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# Shares
1,246m
Daily Liquidity
(0.03%)
Pension Liability
£0m
Enterprise Value
£13.7m
Market Cap
£6.23m
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Latest News/RNS

(more news)
Date Source Announcement
16Dec19 07:00 RNS Trading Update
16Sep19 07:00 RNS Half-year Report
06Aug19 07:00 RNS Change of Advisers and Pre-Close Trading Update
31Jul19 07:00 RNS Update re Share Issue, Option Grant & PDMR Holding
08Jul19 17:05 RNS Holding(s) in Company
08Jul19 17:03 RNS Holding(s) in Company
28Jun19 07:00 RNS Further re Issue of Shares
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  • 12 Feb 20
LIBERUM: Plus500* - Q4 stronger than thought

Q4 saw $100m of revenues ex customer P+L. The company will return 100% of 2019 profits to shareholders through dividends and buybacks, has $293m net cash, and may seek targeted acquisitions, new licences and product extensions.

Companies: Plus500
  • 12 Feb 20
LIBERUM: Premier Miton Group* - Net flow stabilisation should be a positive catalyst for the shares

Following a sharp rally in December 2019 many UK listed asset managers have continued to see small share price gains in 2020 with the sector up 4.0% year to date. However, we note that there has been a particular under-performance of Premier Miton’s shares, currently down 17.2% over the same period.

Companies: Premier Miton Group
  • 11 Feb 20
S&U - Quick Take - Seemingly Unrelenting

S&U this morning released another solid trading update, this time covering the 2019 year-end period. The key highlights include the successful transition to the new Advantage CEO, an improvement in transaction levels for both businesses (including another record for Advantage), improvements in the Aspen repayments profile, and an increased second interim dividend, up 1p to 36p. We will reforecast at full year results on 24th March. In the meantime, management are optimistic for the coming year and have re-confirmed that FY20 results should be in line with their expectations.

Companies: S&U
  • 12 Feb 20
S&U - Encouraging year-end update

S&U’s year-end trading update signalled that FY20 results are set to be in line with management expectations. It is encouraging that there has been a post-election improvement in transactions at both Advantage and Aspen, while used-car prices have stabilised or increased recently. Our estimates are unchanged and the shares trade on a sub-10x P/E and yield of 5%.

Companies: S&U
  • 10 Feb 20
Palace Capital*

Pre-letting at Hudson Quarter sets record rent in York

Companies: Palace Capital
  • 27 Jan 20
Cenkos: Equals Group Plc -- Strong growth confirmed with B2B pivot

Today's update confirms Equals has delivered a second straight year of material revenue and profit growth, despite difficult market conditions, with a significant shift in the revenue profile towards more profitable B2B customers. Given profit delivery has been slightly lower than expected, we rebase our forecasts to take a more prudent view of trading in years FY21E and FY22E, but we are confident Equals has now assembled the products, infrastructure and management it needs for strong growth.

Companies: Equals Group
  • 11 Feb 20
Sunshine after the rain

“The focus for the next few years is on relatively modest investment and on driving return on assets towards our medium-term target of 20% for each division”. So said John van Kuffeler at the 16 January 2020 capital markets day. After an eventful 2019, 2020 (and beyond) is now all about operational delivery, the “boring” grinding out of profit from a franchise that has seen heavy investment over many years. We welcome this focus and think it will help deliver the 84% EPS growth (2021 on 2018) in current consensus estimates. The accompanying trading statement indicated 2019 results would be in line with market expectations. The shares rose 15% on the day.

Companies: Non-Standard Finance
  • 13 Feb 20
Equity adjustments offset by reduced capital usage

Although the quarterly operating performance was on track, notably thanks to cost savings, it seems that asset quality has deteriorated markedly. The tangible book value was impacted by heavy adjustments but this was offset by reduced capital usage.

Companies: Barclays
  • 03 Feb 20
Hardman & Co Monthly: February 2020

We recently published a paper, Share ownership: For the many, not the few, based on a statistical survey of share ownership, produced jointly with Argus Vickers, the share analysis service. The Office for National Statistics (ONS) has now issued its equivalent survey. This paper compares its results with ours. Although there are, inevitably, differences in the detail, the two surveys reach the same conclusions.

Companies: AVO AGY ARBB CLIG DNL FLTA GDR MCL NSF PCA PIN PXC PHP RECI RMDL STX SCE TON VTA

  • 08 Jan 20
UK Housebuilding Sector: 2020 vision: Sharpness and clarity for industry prospects

For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t catch on).

Companies: ABBY BDEV BWY BKG VTY CRN CSP CRST GLE GLV INL MCS PSN RDW SPR TW/ WJG

  • 07 Feb 20
Henderson Opportunities Trust - Unconstrained UK portfolio with small-cap spice

Henderson Opportunities Trust (HOT) invests in UK stocks across the market cap spectrum. Managed by James Henderson and Laura Foll (who also co-manage Lowland Investment Company and the Law Debenture Corporation), HOT has an unconstrained portfolio that differs markedly from peers and the team’s other funds, with c 70% invested outside the FTSE 350 index, and c 55% in AIM stocks. HOT seeks capital growth but also offers a growing dividend (current yield of 2.4%), paid quarterly from FY20. The managers see the trust as one that will sit beside a mainstream fund in a portfolio and bring diversity to the combined list of holdings, not for the sake of it but for real capital appreciation. While HOT’s long-term performance record is strong, its returns in FY19 suffered as lowly valued UK small-caps (particularly those listed on AIM) have been out of favour.

Companies: Henderson Opportunities Trust
  • 10 Feb 20
Lok'nStore

H1 20 update – strong trading and another pipeline store

Companies: Lok'n Store Group
  • 13 Feb 20
Strong performance since IPO

Since IPO in October 2018 to end of December 2019 (first full accounting period) AJOT has delivered a NAV total return of +14.3% vs +7.9% total return generated by the trust’s benchmark MSCI Japan Small Cap Index (both in sterling terms). This outperformance has been achieved by a high degree of corporate activity with ten companies announcing share buybacks over the period and three were subject to takeovers. AJOT has enjoyed an average premium rating of 3.5% since IPO and this has enabled the Board to issue a further 34.9m shares via tap issues at small premiums to the prevailing NAV. The company has recently stated that they are exploring further equity issuances to enable the manager to exploit further investment opportunities.

Companies: AVI Japan Opportunity Trust
  • 08 Jan 20
LIBERUM: Ramsdens Holdings* - Comfortably ahead - another positive trading update

The company has announced that following strong trading over Christmas, PBT will be comfortably ahead of expectations. In addition, the non-recurring profit of £0.6m which was announced in October has grown to £0.8m.

Companies: Ramsdens
  • 30 Jan 20
Comfortably ahead

In a positive year-end update, Belvoir has detailed FY 2019 sales growth of +43% driven by +6% in the Property division and +148% in Financial Services. Given the twin challenges of the tenant fee ban and political and economic uncertainty around Brexit, we view this as a very strong result, evidencing the success and potential of the strategy. Cash flow has remained strong with net debt at December 2019 of £6.9m (our forecast £7.9m). We have upgraded our FY 2019 EPS by +5.5%, our target price from 194p to 238p and highlight that with the potential for better market conditions post the election and the benefit of the Dacres deal (Financial Services) and the acquisition of Lovelles (estate agency network) to come there remains the potential for positive surprises.

Companies: Belvoir Lettings