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2016 financials demonstrate strong execution
07 Feb 17
With the outcome in line with our forecasts, the key message from Amino’s FY 2016 results is one of strong execution. The company is gaining solid commercial traction from the expanded product portfolio and re-focused sales and marketing activities. The outlook statement provides positive commentary on the sales pipeline and order book, and the re-iteration of the existing progressive dividend policy for the current financial year is a further indication of management’s confidence.
Circle Oil acquisition a game changer
06 Feb 17
SDX Energy has acquired the Egyptian and Moroccan assets of Circle Oil, debt free, for a gross consideration of US$30 million (US$28 million net of working capital adjustments). We believe that this is an exciting purchase that provides a substantial boost to production, reserves and cash flow potentially generating incremental free cash flow of approximately US$50 million over the next two years which will allow management to build up the business both organically and through acquisition.
Positioned to capitalise on market growth
30 Jan 17
In this note we initiate formal coverage on Bango. In our view the growth outlook for mobile payments remains favourable and Bango is well positioned to be a key beneficiary of market growth. The Group’s recent history of execution is strong, as is its financial position. Following seventeen years of investment, the Bango platform is state-of-the-art and sufficiently scalable to support the anticipated business expansion.
Good progress across 2016
26 Jan 17
Following our notes on WANdisco in July and August (which focused on the IBM relationship and the Smart City deal) this brief comment summarises how the group has fared during 2016 and sets the scene for 2017. Alongside the major agreement with IBM, WANdisco produced encouraging interim results, announced significant contract wins and raised new equity. We highlight good arket engagement in the form of new contracts and note the record bookings and excellent progress towards its target of neutralising the monthly cash burn during Q4. The group ended 2016 with net cash of U$7.6 million, a strong order book and good sales pipeline.
Results are very promising, new drilling planned
26 Jan 17
In October 2016, Greatland announced that drilling had commenced at its Ernest Giles project in Western Australia. The programme included plans for approximately 6,000 metres of reverse circulation (RC) drilling on a wide-spaced grid pattern, to follow up on previous drilling and soil sampling that identified gold, arsenic and antimony anomalies, and to identify targets for follow up exploration. Greatland recently released the results of the drilling which have identified two large zones of gold mineralisation and which suggest that Greatland has discovered a gold district in this virtually unexplored region. The majority of the RC holes drilled intersected mineralisation. Several intersected wide zones of anomalous gold mineralisation and the cover sequence was shallower than expected, with shallowest intercept of 119m, but generally around 180m depending on location. We believe that this is a significant step in a systematic exploration campaign of this very promising buried greenstone discovery. Greatland is preparing to drill at the Empress gold target.
First Quarterly Profit
26 Jan 17
In an update today, EU Supply, the e-procurement software provider, has announced that it expects to have been profitable before tax in the final quarter of calendar FY2016, more than meeting its target of achieving run-rate operating profitability (before interest) by the end of the year. Full year FY2016 trading was slightly ahead of our forecasts, giving more confidence for 2017 estimates, which we leave unchanged – these were updated following EU Supply’s announcement last week regarding contract wins and 2017 outlook.
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