What’s cooking in the IPO kitchen?
Hydrominer GmbH, An Austrian cryptocurrency miner, is considering an initial public offering (IPO) on the London Stock Exchange AIM during 2018 according to an article on Bloomberg.
Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC
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
IntegraFin provides platform services to UK clients and their financial advisers through its award-winning platform, Transact. Due Mar 18. FYSep2017 PBT up 44% to £29.9m.
GEMS Education—report by Reuters that the private schools group is seeking a $4.5bn to $5bn London float in 2018. FYAug17 rev $926.2m and adjusted EBITDA $261.6m.
Vivo Energy—The Africa-focused company, which operates around 1,800 Shell forecourts across 16 countries reported by City A.M. to be preparing for a London float next year
The Petroleum Directorate of Sierra Leone today launches the country's Fourth Offshore Petroleum Licensing Round. This Round is being exclusively supported by the Getech Group, through its wholly owned subsidiary ERCL. Applications to the Round close at 12-noon on 28 Jun 2018.
At a meeting to be held at the Geological Society, London, the Director General of the Petroleum Directorate, Raymond S Kargbo and team, and ERCL Director Huw Edwards, will present detail of:
* The Contract Areas on offer
* The technical data available to support bids
* The application procedure for interested companies
With over thirty oil companies registered to attend, the high number of attendees demonstrates the strength of interest in Sierra Leone's hydrocarbon potential.
We could see no forecasts. C.8x trailing PE.
Brady (LON:BRY) 62.25p £51.9m
FY17 trading update from the provider of energy, commodity and recycling software. During 2017 the Group continued to focus on its transition from a one-off licence model to a recurring revenue model, with a view to improving earnings visibility and facilitating the Group in delivering sustainable growth. The Board is pleased to report that in 2017 recurring revenues represented 67% of total sales.
The Group expects to recognise revenue, in the amount of approximately £0.8m, for work performed on two existing customer contracts in 2017 during H1 2018 rather than in FY 2017. Work has continued on the restructuring of the business in order to better integrate the service offerings, resulting in exceptional costs of approximately £2m. The Board expects to report revenue for the year ended 31 Dec 2017 of approximately £27m and to report adjusted EBITDA in the range of £0.5m to £0.7m. Net cash as at 31 December 2017 was £4.4m (2016: £7.3m). FYDec18E rev £30.8m and £2,95m PBT.
Ergomed (LON:ERGO) 189.5p £192.9 78.3m
FYDec17 update from the specialised pharmaceutical services and drug development company.
* Unaudited 2017 net service revenues expected to be approximately £39m, up 35% from £29.2m in 2016. Unaudited 2017 total revenues expected to be approximately £47m, up 21% from £39.2m in 2016
* Approximately £54m of new service contracts were won in 2017, up 29% from £42m in 2016. Ended 2017 with an order backlog of £88m of contracted future work (31 December 2016: £70m).
The continued fast growth in Ergomed's DS&MI, together with the acquisition of PSR, a specialised orphan drug CRO, represent another year of execution towards Ergomed's strategy to become the global leader in pharmacovigilance services, the leading CRO in orphan drug development and to strengthen the CRO network by filling in geographies and / or service offerings. Remains acquisitive. FYDec18E rev £57m, PBT £4.85m.
Haydale Graphene (LON:HAYD) 110.5p £30.2m
HYDec17 update from the global advanced materials group. is on track with its strategy and trading is in line with market expectations for the full year to 30 Jun 2018
* Created two Strategic Business Units ('SBU') with respective senior management teams to drive sales and realise geographic potential, which has led to an uptake in sales and commercial opportunities
* 67% increase in unaudited Group income for the six months ended 31 Dec 2017 to approximately £2.49m delivered via:
* Advanced Materials SBU income of £1.3m generated and
* Resins, Polymers and Composites SBU income of £1.2m generated
* Group order book of £4.75m at 31 Dec 2017 (30 June 2017: £5.m)
* Completion of a successful fundraise in Oct 2017, raising £8.6m (net of expenses) providing Haydale with the necessary cash resource to drive the Group's sales and growth initiatives. FYJun18E rev £4.8m, loss £4.3m.
Quixant (LON:QXT) 430p £282m
FYDec17 update from the provider of innovative, highly engineered technology products principally to the global gaming industry.
“The Board of Quixant is pleased to announce that it expects to report revenue for the twelve months ending 31 Dec 2017 of approximately $109m, an increase of 20% over the prior period. The Board also expects to report adjusted profit before tax in line with market expectations [FY17E PBT £12.4m] despite a $1.6m write off in relation to a loss resulting from the substitution of a component incorporated into several of our products. Net cash at 31 December 2017 was approximately $4.2m.”
The net proceeds of the Placing will be used for InfraStrata's corporate costs and care and maintenance costs of its gas storage project at Islandmagee. The Company continues discussions with prospective providers of debt and other finance to fund the Front End Engineering Design for the Project, as well as commercialisation discussions with major "blue chip" potential customers and other prospective partners”. We could see no forecasts.
Redstone Connect (LON:REDS) 98p £20.37m
The “provider of technology and services for smart buildings and commercial spaces, announces that trading for the year ending 31 Jan 2018 is expected to be in-line with the board's expectations.
All three of the Group's business divisions (Software, IT Managed Services and Systems Integration) have traded strongly in the second half of the financial year.
During the period the Company has successfully secured a number of contract wins and smart infrastructure consultancy mandates. These included a consultancy project for a leading multinational banking and financial services company to determine how best to utilise OneSpace™, RedstoneConnect's agile workspace occupancy management software solution, within its London headquarters.”
FYJan18E rev £49,9m, PBT £2.3m.
MySale Group (LON:MYSL) 113.5p £168.2m
The “international online retailer, provided a trading update for the six months to 31 December 2017.
* Underlying EBITDA grew 80% to a record A$5.5m (H1 FY17: A$3.0m)
* Gross Profit increased 19% to c. A$45.7m (H1 FY17: A$38.4m)
* Gross Margin increased 200 bps to 30.1% (H1 FY17: 28.1%)
* Revenue increased 11% to c. A$152m (H1 FY17: A$136.7m)
* Guidance for full year of underlying EBITDA at least at the top end of market expectations.”
This strong first half performance means underlying EBITDA will be significantly higher, by 80%, than the prior year at c. A$5.5m (H1 FY17: A$3m). FY Jun18E A$174.6m,, PBT A$3m.
accesso Technology Group (LON:ACSO) 2320p £611.9m
“The Board of accesso Technology Group plc, the premier technology solutions provider to leisure, entertainment, hospitality and cultural markets, provided the following update on trading for the financial year ended 31 Dec 2017.
The Group expects to report a revenue performance for the year that is slightly ahead of expectations and an Adjusted EBITDA performance that is substantially ahead of expectations. Trading has generally been strong across the group with TE2 performing well ahead of its business plan, generating greater than expected levels of non-recurring services revenue and operating with lower costs than anticipated. The Group expects to report a net-debt position of less than $6m.
The Board is also pleased to report a successful start to 2018 where all accesso business lines are demonstrating good momentum.” FYDec17E rev $96.7m, PBT$11.3m.
“The buy-and-build construction materials group delivered a solid underlying performance for the year ended 31 Dec 2017, with results in-line with management expectations.
* The first year of operations saw operational efficiencies achieved ahead of schedule, resulting in a positive financial performance for the group, further strengthened by the acquisition of two value accretive businesses in Southern and Eastern England.
* Optimisation initiatives for the newly purchased businesses have been launched. The Board expects that these businesses will be structurally embedded and operationally integrated within H1 2018, with further operational improvement to follow as management delivers on its optimisation programme.”
FYDec17E rev £26.9m and PBT £2.58m.