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Breakfast News - AIM Breakfast : ANGLE plc, Allergy Therapeutics plc, Genedrive PLC, Gresham House Plc, K3 Capital Group Plc, LightwaveRF, Netscientific PLC, PHSC, Proxama PLC, Restore Plc

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What’s cooking in the IPO kitchen?

AIM

Springfield Properties—Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.”

Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas.  The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Offer TBA. Due 20 Sep

OnTheMarket —Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.

Main Market

Premium Listing People’s Investment Trust —Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance. 

 
 
Breakfast buffet

PHSC (LON:PHSC) 12p £1.76m

AGM Statement from the provider of provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors. “I am pleased to report that the Group’s performance for the first four months of the year to the end of July 2017 has been in line with the Board’s expectations at the time we released our results for the year ended 31 March 2017. In the statement accompanying those results, we advised that for the first quarter of 2017-18 the Group had total revenues of £1.82m and EBITDA of around £120k.  This can now be updated to cover the four months to the end of July 2017, where the Group’s management accounts (unaudited) show revenues of £2.43m and EBITDA of £134k (before exceptional costs). This compares very favourably with an EBITDA loss of £94k on revenues of £2.3m at the same stage last year. The exceptional costs comprised redundancy payments in July of around £9k at our Adamson’s Laboratory Services subsidiary. We expect to announce our interim results for the period to 30 September 2017 in early December 2017” We could see no forecasts.

Allergy Therapeutics (LON:AGY) 30p £178.24m

The fully integrated specialty pharmaceutical group specialising in allergy vaccines, today announced new senior appointments and expansion of the R&D and clinical team in line with the Group's growth plans at the Group's UK headquarters in Worthing. These appointments are aimed at broadening the clinical development team in order to facilitate continued progress of the pipeline and clinical development programmes, in addition to continuing to prepare for US market entry.  Pieter-Jan de Kam as Clinical Director from HAL Allergy in The Netherlands where he was responsible for clinical development, with recent successes including European and US studies for pollen and house dust mite.  Other appointments announced include Simon Piggott  as Head of Clinical Science having previously worked as Global Scientific Director at GSK. FYJun18E rev £71.26m and £7.5m loss.

Genedrive PLC (LON:GDR) 34.5p £6.45m

The molecular diagnostics company, today announces that the Company has achieved CE certification under the EU Medical Devices Directive for its Genedrive® HCV ID Kit, a qualitative molecular assay for Hepatitis C (HCV). CE marking allows for introduction of the assay into Europe as well as low and middle income countries that accept CE certification under their national regulations. In other countries, CE marking can be a necessary prerequisite to begin local registration processes and is an important endorsement for potential distribution partners. The assay provides results within 90 minutes from lyophilised PCR reagents packaged into a single-use, disposable cartridge.

Restore (LON:RST) 506p £570.1m

HYJun17 results from the UK office services provider.

·      Group revenue up 57% to £86.9m

·  Document Management revenue up 74%; operating profit up 63%

·      Relocations revenue up 21%; operating profit up 18%

·    Group adjusted profit before tax up 59% to £15.3m

·  7 acquisitions completed since the start of the year

·      Interim dividend per share up 26% to 1.67p

The second half period has started well and the Board expects to deliver a full year performance slightly ahead of its previous expectations. FYDec17E rev £169.23m and PBT £30m.

Lightwave RF (LON:LWRF) 25.5p £9.89m

The smart home solutions provider, announced an expanded UK distribution agreement with Deta Electrical Co Limited ("Deta"), a leading manufacturer and distributor of wiring and electrical accessories. The agreement will target the wholesale and electrical contractor markets in the UK.

Deta has placed an initial £350,000 order with the Company and it has committed to placing a minimum of £2,000,000 worth of orders during the first year of the agreement.  Deta will offer a full range of smart home products to its customers, branded Deta Connect and Lightwave.

We could see no forecasts.

NetScientific (LON:NSCI) 40.75p £28.13m

The healthcare IP commercialisation group, announces an update for its portfolio company, ProAxsis. ProAxsis today announces that it has signed a partnership agreement to develop activity-based immunoassays for two key respiratory proteases, utilising its novel ProteaseTag® technology. The unnamed partner is a large biotechnology company, headquartered in the US with a focus on developing new therapeutic options for patients with rare diseases. "This partnership further demonstrates the value offered by ProAxsis' technology to biotechnology and pharmaceutical companies, validating ProAxsis' ongoing strategy to identify and form collaborations with biotechnology companies who are developing therapeutics where a protease is a key target or offers a valuable endpoint.”

Gresham House (LON:GHE) 328p £41.12m

“The specialist asset manager, is pleased to announce that it has exchanged contracts with St. Modwen Developments Limited to sell Southern Gateway, its property in Speke for a gross value of £7.25 million, with completion expected shortly thereafter. Gresham House will use the proceeds of the sale of this inherited legacy asset to repay in full its outstanding loan of £4.4 million with Kleinwort Hambros (formerly Kleinwort Benson), with the balance adding to the net cash balance sheet position, which is intended to support the Company's growth strategy.

In the financial year ended 31 December 2016, Southern Gateway generated net rental income of £0.46 million and was held on the Company's balance sheet at £7.75 million.”

Angle (LON:AGL) 32.5p £24.3m

The liquid biopsy company, has established a co-marketing agreement with QIAGEN, a world-leading provider of molecular testing solutions with more than 500,000 customers in Molecular Diagnostics, Applied Testing , Pharma (pharma and biotech companies) and Academia (life sciences research). The partnership will seek to leverage the advantages of combining ANGLE's Parsortix system for harvesting circulating tumour cells (CTCs) with QIAGEN's liquid biopsy solution portfolio which consists of dedicated NGS (next generation sequencing), PCR (polymerase chain reaction), single cell analysis products and bioinformatics capabilities.  The initial focus will be on prostate and breast cancer research applications.  FYApr18E rev £1.07m and £7.5m loss.

K3 Capital (LON:K3C) 130.5p £55.1m

FYMay17 results from the business and company sales specialist in the UK , Revenue up 26% to £10.8m. Adjusted EBITDA up 25% to £4.7m. Net cash £3.4m. Div 7.19p.

Outlook:

“Continued organic growth across all three group companies

·      Ongoing strategy to both target and win higher value, more profitable mandates through targeted marketing campaigns and national sales force.”

FYMay18E rev £12.55m and PBT £5.39m. Div 8.2p. PE c.13x and yield c.6%.

Proxama (LON:PROX) 0.03p £7.66m

The mobile location and data intelligence expert, today announced that it has launched a new customer facing business named Location Sciences.

Location Sciences will use a vast range of precise location data to help businesses understand their customers and products. The company, part of the Proxama PLC Group, will use first-party mobile location data, derived from ultra-precise GPS technology, combined with their UK network of Bluetooth beacons to map data more accurately than previous industry approaches. In just a few months, the data available to Location Sciences has scaled to over 3 million UK consumers generating billions of precise data points.

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