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Gattaca

Patient investors paid 7.5% to wait

Rome was not built in a day. And like most good things, Gattaca’s transition from UK engineering staffer to international recruitment specialist of hard-to-find STEM candidates (Science, Technology, Engineering and Mathematics) is taking slightly longer than anticipated. Not because of any strategic or execution misstep, but largely because of more challenging conditions, which have impacted Net Fee Income (NFI, see below) over the past 3 years.

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  • 03 Aug 17
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Deltex Medical Group

Flowing in the right direction

The H1’17 trading statement supports our view that DEMG has reached a turning point after a challenging period in UK. Total sales increased 7% to £2.9m. However, with international sales down 9%, we take a more cautious view on FY17 and drop our FY17 revenue forecast from £7.4m to £6.9m. US and European revenues counterbalance the UK, which appears to have bottomedout, and constitute the key driver of our new 9.7% sales growth forecast.

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  • 31 Jul 17
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BEZ RAT BRW CAY BRK

The fair weather investor

Results being rushed out before investors go on holiday in August? No, it just feels like it with three in three days, followed by two trading updates, the latter two arriving while this note was being written.

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  • 28 Jul 17
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W.H. Ireland Group

From recovery to growth

WHIreland has reported a dramatic improvement in first half profits with a turn-round from pre-tax losses of £1.52m to profits of £360k thanks to a 24% rise in revenue to £14.9m and a major reduction in one-off charges.

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  • 24 Jul 17
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Lombard Risk Management

Positive market and encouraging pipeline

After such an outstanding close to FY17, it was almost inevitable that Q1’18 was going to be somewhat quieter for new license orders. This happens most years (see below) as the pipeline is naturally replenished following a strong Q4. Typically leading to a 35%- 45% vs 65%-55% revenue split across H1:H2. We suspect FY18 will be no different, albeit perhaps pitched towards the bottom of the range.

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  • 19 Jul 17
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Tristel

US market squarely in the cross-hairs

One golden rule of investing is not to ‘count chickens’. A prudent view that we’ve adopted when modelling Tristel’s application to the EPA/FDA to launch chlorine dioxide (Clo2) based infection, hygiene and contamination control products in the US. Whilst our approach is admirable, there is nonetheless a danger of us being too conservative for too long. Especially when, in Tristel’s case, the opportunity of accessing the world’s biggest healthcare market is now almost within striking distance.

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  • 19 Jul 17
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Fastforward Innovations

Firing on all cylinders

Being able to consistently deliver out-sized investment returns, is all about managing risk and finding high quality, growth stocks at the right price. We’ve seen this already in 2016 with many such smallcaps, like Keywords Studios, Fevertree Drinks, Boohoo, GW Pharmaceuticals and Tristel. Another stock we think that in due course could join this select band, is FastForward (up 100% since mid Oct’15) which invests exclusively in rapidly expanding technology firms. Today FFWD holds non-controlling positions in nine such privately owned businesses, which we understand are all either meeting or exceeding their internal plans. Here, progress was said to be “incredibly positive and very encouraging” yesterday, with updates being released in relation to three of them.

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  • 30 Nov 16
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