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CLEARSTAR

12% LFL growth driving record H1 sales

Trying to guess where the FTSE will be in 6-12 months is a bit of a crapshoot. Not so for ClearStar, where circa 90% of turnover relates to ‘repeat’ everyday background/employment and drug/alcohol screening tests (run-rate >8m pa). Better still, retention is an impressive 90% - which when added to the natural flow through of recently signed deals, the ‘on-boarding’ of existing clients, and today’s ‘bang in line’ interims – means there is >95% and >85% respectively of revenue cover for this year ($17.8m) and next ($19.8m).

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  • 19 Sep 17
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Deltex Medical Group

New technologies, reducing cash consumption

Headline performance at the H1’17 results illustrated total revenue growth of 7% from £2.7m to £2.9m continuing from H2’16 the export-led return to growth. As flagged, performance in RoW territories was affected by ordering patterns, with order flow £0.1m lower than during the last period. Cost savings in probe tip assembly contributed to an increase in gross margin from 64% to 76%, and to a narrowing loss from £1.7m in H1’16 to £1m in H1’17.

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  • 18 Sep 17
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Ergomed

Outlook focused on PeproStat data soon

H1 performance was in line with expectations. Looking out, the early completion of recruitment into the PeproStat Haemostatix trial means the read out is expected in Q4 2017, substantially ahead of schedule. The valuation range remains unchanged at 232p - 397p and the business remains on track to match expectations of significant growth.

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  • 18 Sep 17
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Benchmark

A novel approach to the sea lice threat

BMK reports that it saw improving market conditions and good performance across Breeding and Genetics (BG) and Advanced Animal Nutrition (AAN) divisions during H217. However, largely because of logistical circumstances, there has been a delay in installation of equipment for trials of its mechanical CleanTreat purification system, used to help treat salmon against the highly prevalent sea lice threat.

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  • 13 Sep 17
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Molins

40% top line growth, plus £22m cash pile

A year can be a very long time in the equity markets. Indeed 12 months ago Molins’ shares were languishing between 50p-55p. Today, after conducting a root-and-branch strategic review, involving the £30m (gross) divestment of its sub-scale Tobacco arm in August, the stock has risen 3-fold. And we think there is plenty more runway left.

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  • 07 Sep 17
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Carclo

On track for FY18 with strong H2 expected

One of Carclo’s many attractions is its broad spread of activities, spanning multiple geographies, technologies and vertical markets. When one division stumbles another picks up the baton. And so it has proved today, with the group saying this morning that it is “on track” to hit FY18 numbers, despite experiencing some H1 “challenges” in Technical Plastics (Re: program delays and operational difficulties) on top of temporary weakness in Aerospace demand.

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  • 07 Sep 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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