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THE MONTHLY January 2019

  • 11 Jan 2019

THE MONTHLY January 2019


Time Finance plc (TIME:LON), 20.5 | Advanced Oncotherapy Plc (AVO:LON), 39.5 | Allergy Therapeutics plc (AGY:LON), 21.2 | Alliance Pharma plc (APH:LON), 84.0 | Arbuthnot Banking Group PLC (ARBB:LON), 960 | Avacta Group PLC (AVCT:LON), 200 | Burford Capital Limited (BUR:LON), 583 | City of London Investment Group PLC (CLIG:LON), 490 | Diurnal Group plc (DNL:LON), 56.0 | DP Poland PLC (DPP:LON), 9.0 | Gateley (Holdings) Plc (GTLY:LON), 183 | Genedrive Plc (GDR:LON), 126 | Haydale Graphene Industries Plc (HAYD:LON), 6.4 | Koovs (KOOV:LON), 0 | Morses Club Plc (MCL:LON), 71.7 | Murgitroyd Group (MUR:LON), 0 | Non-Standard Finance Plc (NSF:LON), 6.4 | Oxford BioMedica plc (OXB:LON), 1,001 | Palace Capital plc (PCA:LON), 206 | Primary Health Properties PLC (PHP:LON), 149 | Redx Pharma Plc (REDX:LON), 62.5 | Surface Transforms plc (SCE:LON), 69.0 | 600 Group PLC (SIXH:LON), 9.4 | Tissue Regenix Group plc (TRX:LON), 0.7 | Titon Holdings Plc (TON:LON), 106 | Volta Finance (VTA:LON), 605

  • Hardman & Co
    • Hardman & Co Research Team

    • 40 pages

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The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. 2018 was a difficult year; however, the index still outperformed its comparative London indices, falling 10.0% to 393.2, compared with -13.0% and - 18.2% for the Allshare index and the AIM index, respectively. Furthermore, several (17) companies in our index increased their capital base – 15 of our 50 constituents raised new funds, two issued shares as part consideration for acquisitions, and two had share buybacks – all factors that influence the performance of the index. Even allowing for both capital increases and share buybacks, the 12.5% fall in the index still represented a modest outperformance compared with the decline in the Allshare index. With active industry consolidation, shareholder returns remain attractive.


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THE MONTHLY January 2019


Time Finance plc (TIME:LON), 20.5 | Advanced Oncotherapy Plc (AVO:LON), 39.5 | Allergy Therapeutics plc (AGY:LON), 21.2 | Alliance Pharma plc (APH:LON), 84.0 | Arbuthnot Banking Group PLC (ARBB:LON), 960 | Avacta Group PLC (AVCT:LON), 200 | Burford Capital Limited (BUR:LON), 583 | City of London Investment Group PLC (CLIG:LON), 490 | Diurnal Group plc (DNL:LON), 56.0 | DP Poland PLC (DPP:LON), 9.0 | Gateley (Holdings) Plc (GTLY:LON), 183 | Genedrive Plc (GDR:LON), 126 | Haydale Graphene Industries Plc (HAYD:LON), 6.4 | Koovs (KOOV:LON), 0 | Morses Club Plc (MCL:LON), 71.7 | Murgitroyd Group (MUR:LON), 0 | Non-Standard Finance Plc (NSF:LON), 6.4 | Oxford BioMedica plc (OXB:LON), 1,001 | Palace Capital plc (PCA:LON), 206 | Primary Health Properties PLC (PHP:LON), 149 | Redx Pharma Plc (REDX:LON), 62.5 | Surface Transforms plc (SCE:LON), 69.0 | 600 Group PLC (SIXH:LON), 9.4 | Tissue Regenix Group plc (TRX:LON), 0.7 | Titon Holdings Plc (TON:LON), 106 | Volta Finance (VTA:LON), 605

  • Published: 11 Jan 2019
  • Author: Hardman & Co Research Team
  • Pages: 40
  • Hardman & Co


The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. 2018 was a difficult year; however, the index still outperformed its comparative London indices, falling 10.0% to 393.2, compared with -13.0% and - 18.2% for the Allshare index and the AIM index, respectively. Furthermore, several (17) companies in our index increased their capital base – 15 of our 50 constituents raised new funds, two issued shares as part consideration for acquisitions, and two had share buybacks – all factors that influence the performance of the index. Even allowing for both capital increases and share buybacks, the 12.5% fall in the index still represented a modest outperformance compared with the decline in the Allshare index. With active industry consolidation, shareholder returns remain attractive.



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