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Interims are in line with expectations and should reassure, particularly given the strong mid-teens growth ex-China. Improved pork prices should be supportive of a recovery in China in H2 and management remains cautiously optimistic over the full year outlook. New product development activities continue to plan, and should start to contribute from FY25 onwards. Our forecasts, Buy recommendation and 246p Target Price (2.0x EV/Sales) are unchanged. After recent weakness, the shares now stand at a
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Singer Capital Markets
Dish of the day
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What’s cooking in the IPO kitchen?**
Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022.
AT85 Global Mid-Market Infrastr
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Dish of the day
BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio
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Inspiration Healthcare has provided an update on trading, noting that due to broad market uncertainty the company does not expect its FY23E revenues to ‘significantly exceed' FY22A revenues and as a result, H2/23E EBITDA is expected to be below H1/23A levels. We have updated our forecasts for FY23E and FY24E to reflect this update, removing revenue growth in the current year and shifting our previous revenue growth expectations out one year. We expect high-end, higher margin sales to have been p
Companies: Inspiration Healthcare Group PLC
Companies: ReNeuron Group plc
POLB announces that, further to its announcement in March 2022, the construction of the computational artificial intelligence (AI) influenza disease model has been completed by CytoReason Limited, indicating that it is on track to deliver outputs in Q2 2023. The model aims to unlock clinically meaningful insights into influenza infection and recovery through the analysis of POLB’s unique human challenge trial data. We view this rapid progress on the collaboration as positive and envisage that fu
Companies: Poolbeg Pharma Ltd.
FY23 interim results showed a sharp short-term decline in revenue. With a recovery expected in H2, our expectations are being maintained for a 12% y-o-y increase in revenue for FY2023. Loss at the EBITDA level was £1m (FY22 H1: loss of £250k), reflecting higher CoGS and R&D spend. Fusion’s results come ahead of a key milestone in the form of the move into commercialisation of OptiMAL, which has the potential to become an important revenue source in the future. We expect further growth in revenue
Companies: Fusion Antibodies Plc
Venture Life has announced the acquisition of HL Healthcare Ltd (HL) and its three Ear-Nose-Throat (ENT) brands, Earol, EarolSwim and Sterinase. Venture Life will pay £13m for the business which generated £4.5m of sales and £1.7m of EBITDA to the year-ending March 22, indicating trailing acquisition multiples of 2.9x and 7.6x, respectively. The portfolio is expected to grow in the year to March 2023 and we expect the acquisition to be accretive. The company has also announced additional distribu
Companies: Venture Life Group Plc
ReNeuron’s interim results announcement provided important support to the company after a year of change. The decision not to raise money when market conditions were unfavourable has resulted in a cash conservation programme that extends ReNeuron’s FY23 cash position beyond our previous estimates while ensuring continued development of the technology platform and maximisation of partnering opportunities. As investors’ focus return to the potential for a CustomEx™ licensing transaction, the incre
Dish of the day
Ithaca Energy (ITH.L) has joined the Premium Segment of the Main Market. Based on the offer price of 250 pence per ordinary share, the market capitalisation will be approximately £2.5bn. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. The Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices.
OTAQ plc, (OTAQ.L) has joined the Access Segment of the AQS
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Dish of the day
Hellenic Dynamics (HELD.L) (formerly U.K. SPAC Plc) announces their First Day of Dealings on the Main Market (Standard segment). The Company has raised gross proceeds of £1.125m through a fundraising. Hellenic Dynamics plans to cultivate and export THC dominant medical cannabis products to the 25 countries in Europe that now allow medicinal cannabis for patients via prescription.
Whilst we were away….
Life Sciences REIT (LABS.L), moved from AIM to Main Market Premium on
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Q3 sales fell short of consensus and AV estimates while profitability was impacted by one-off charges. However, Innovative Medicines continued its growth/recovery momentum, with healthy growth in all therapeutic areas, except Neuroscience, where Zolgensma had a one-time adverse impact. Sandoz’s guidance upgrade was a positive, especially in the context of rising cost pressure squeezing other players. Overall, we remain positive on the stock, supported by the long remaining patent life of key dru
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Companies: Destiny Pharma Plc
Alliance Pharma’s H1 interims are relatively robust, with trading conforming to recent commentary. Whilst there has been an impact in some areas of the business in H1 (Prescription Medicine) as expected per the trading update in July, the rest of the business particularly Kelo-cote, has proved very resilient and highlights the defensive nature of the business, and underlying adj. PBT (excl. amortisation and impairment charges) was solid in H1 2020 at £16.3m (+7% YoY). We anticipate some push and
Companies: Alliance Pharma plc