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Breakfast News - Sprue Aegis, Cohort, Beximco and more...

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What’s cooking in the IPO kitchen?

AIM

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. Offer raising £30m at 165p with market cap of £100m . Due 9 February.

 

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.           

 

Breakfast buffet

Safestay (LON:SSTY) 47p £16.1m

FYDec17 trading statement from the owner and operator of a new brand of contemporary hostel.    The Company has performed strongly, significantly increasing EBITDA, sales and occupancy in line with market expectations.

43% growth in total revenues to £10.6 million (including acquisitions made in 2017)

* 15% growth in UK revenues to £8.5m showing strong underlying performance

* Reflecting the strong sales growth like for like occupancy increased by 13.5% to 74% (31 December 2016:   65%)

* UK average bed rate stable at £20 with scope for future increases in line with increased demand

* Successful integration of 5 newly acquired European properties in key gateway city destinations

* Established a strong brand marketing platform in the fast growing, global hostel market

FYDec18E rev £13.6m and £0.8m PBT.

 

Beowulf Mining (LON:BEM) 7.75p £41.4m

“The mineral exploration and development company, focused on the Kallak magnetite iron ore project and the Åtvidaberg polymetallic exploration licence in Sweden, and its graphite portfolio in Finland, is pleased to announce the results from testwork on graphite samples from its Aitolampi project, and plans for an additional drilling programme.”

* Alkaline purification produced 99.86 per cent Total Carbon ("C(t)") for +100-mesh concentrate and 99.82 per cent C(t) for -100-mesh concentrate.

* Results from acid purification were also promising and reached 99.6 per cent C(t) for the +100-mesh and 99.41 per cent for the -100-mesh concentrate.

“Not only do we have the potential to serve lithium ion battery manufacturers, but the Aitolampi concentrates' chemical and physical properties could also suit many other applications.” Drilling to start March 2018 and Company is targeting a maiden resource, with a view to production in < 3 years.

 

Amryt Pharma (LON:AMYT) 19.8p £54.4m

The “biopharmaceutical company focused on rare and orphan diseases, is pleased to announce that it has signed an exclusive distribution agreement for Lojuxta® (lomitapide) covering Romania and Bulgaria with Romastru Trading SRL, a Bucharest-based pharmaceutical services company, part of Pharaon Healthcare Europe, a conglomerate which provides a wide range of services, including medical, marketing research, storage and distribution. This is the fourth distribution agreement signed by Amryt in the last three months, and it broadens further the Company's distribution footprint for Lojuxta in Central and Eastern Europe. The Company aims to complete further agreements across its in-licenced territories in Europe, Middle East and Africa as the year progresses. Lojuxta is a treatment for Homozygous Familial Hypercholesterolemia, the rare, life-threatening, genetic cholesterol disorder, and Amryt estimates that there are approximately 30 patients with HoFH in Romania and Bulgaria combined.

 

Beximco (LON:BXP) 61p £241m

HYDec17  results from the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients. Net sales increased 13.2% to Bangladesh Taka ("BDT") 8,638.5m/ £77.3m. Profit after tax increased 18.4% to BDT 1,317.4m/£11.8m. "During the half year, we delivered strong results, maintaining excellent sales growth across our domestic and export markets. We continued to expand our portfolio with nine new product launches in the domestic market, whilst successfully shipping our second product to the US market and receiving our fourth product approval from the US FDA. "Importantly, our oral solid dosage facility was granted WHO Prequalification, a prerequisite to participate in tenders funded by global donor agencies for certain groups of medicines.  We also undertook the first acquisition in Beximco Pharma's history, expanding and complementing our existing portfolio, which is due to complete next month.”

 

Sprue Aegis  (LON:SPRP) 196p £89.97m

FYDec17 trading update from one of Europe's leading home safety product suppliers. “Operating profit is expected to be in line with market expectations at approximately £4.5m (2016: £2.1m) helped by a significant improvement in gross margin and pro-active management of the cost base on expected sales of £54.3m (2016: £57.1m). 

2017 was a strategically pivotal year for the Group with the transition of Sprue's own product manufacturing away from Newell Brands to Flex in Poland and the sourcing of replacements to the BRK products from a leading Far East based supplier. The Board is pleased with the progress made and expects both production and the sourcing of alternative products to commence in April this year.” FYDec18E rev £64.3m, EPS 12p.  Yield c. 4% to 5%.

 

Cohort (LON:CHRT) 361.5p £146.26m

The independent technology group, is pleased to announce that its SEA subsidiary has been contracted by a UK government agency to lead a team in the area of Soldier System Research and Development. The contract has an initial value of £700,000 for 2018 but is likely to continue until 2021, with a potential total value in excess of £3m.

Under the contract, SEA will lead a team of specialist companies to develop a weapon system that combines novel and emerging small arms technologies to produce an integrated system that will deliver greater efficacy for the individual soldier on the battlefield. 

FYApr18E rev £119.25m, PBT  £15.45m, yield c. 2.3%.

 

YouGov (LON:YOU) 331.5p £349m

HYJan18 trading update from the international market research and data analytics group. 

“We are pleased to report that half year trading is anticipated to be ahead of previous expectations.

The Group's performance continues to benefit from our strategic focus on increasing the proportion of business from our higher margin Data Products & Services, improving operating margins in Custom Research and growing YouGov's presence in the US market.

The Board remains confident of achieving its full year targets.”

FYJul18E rev £115.98m, PBT £18.67m .

 

IXICO (LON:IXI) 34p £9.2m

“The digital technologies company serving neuroscience, today announces that it has signed an additional new contract with an existing global pharmaceutical customer. The contract value is $2.7m, over a seven year term, to commence immediately. IXICO will provide its technology enabled imaging services in a clinical trial of a novel therapeutic to treat people with progressive supranuclear palsy ('PSP'), a rare neurodegenerative disease. PSP is caused by the premature loss of nerve cells in certain parts of the brain, which leads to difficulties with balance, movement, vision, speech and swallowing. This new contract is IXICO's third clinical trial project in PSP and follows contracts announced in October 2016 and March 2017 with values of $1.2m and $1.5m respectively.” FYSep18E rev £4.27m and £1.2m pre-tax loss.

 

Obtala (LON:OBT) 12.99p £38.07m

“Subscription to raise £4.5m (US$6.25m)  at a price of 12.5p per new ordinary share of £0.01 each;

* Certain directors (Miles Pelham, Paul Dolan, Martin Collins) intend to subscribe for £1.1m (US$1.5m) as part of the Subscription;

* Obtala intends that the proceeds of Subscription will be used to fund a proposed acquisition and the expansion of existing forestry business;

* The Issue Price represents a discount of approximately 3.8% to the closing mid-market price of 13p per Ordinary Share;

* The new Ordinary Shares issued as part of the Subscription will represent approximately 12% of the total number of Ordinary Shares in issue.”

FYDec18E rev £32.76m, PBT £6.53m, PE c.12x

 

Phoenix Global Mining(LON:PGM) 4.92p £11.3m

The US-focused copper and cobalt exploration and development company, is pleased to announce the analytical results from the scout drilling at its Empire Project in Custer County, Idaho. 

Highlights

* Two scout drill holes intercepted polymetallic mineralisation below the oxide zone

* The holes confirm the skarn structure and presence of the predicted larger sulphide zone at depth

* Company will now progress with further exploration at depth in order to determine a targeted drilling programme

* Mineralised intercepts included:

* 4.6 m @ 2.45% Cu Equivalent

 

* 10.7 m @ 1.02% Cu Equivalent 

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