Small Cap Breakfast
Total number of AIM Companies (Incl Susp):
Total number of AIM Companies trading:
*as at close of business 19 March 2018
Standard List** of Main Market:
Total number of Standard List Companies
Total number of Standard List Companies trading:
*as at close of business 19 March 2018
NEX Growth Market:
Total number of NEX Growth Market Companies (Incl Susp):
Total number of NEX Growth Market Companies trading:
*as at close of business 19 March 2018
*A corporate client of Hybridan LLP
** Standard Listing as defined by Hybridan LLP to be a business with strictly operational activity
Dish of the day
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Haike Chemical Group has left AIM Shareholders were given the option to exit at 30p. A matched bargain facility remains in place.
What’s cooking in the IPO kitchen?
Sativa Investments Due 29 Mar. Raising £1m at 1p. Mkt cap £4m. Investment Vehicle for investment opportunities and acquisitions in companies which are well-placed to take advantage of the dynamic regulatory environment surrounding legal Medicinal Cannabis.
Kore Potash— advanced stage mineral exploration and development company whose primary asset is its interest in the Sintoukola Project, a potash project located in the Republic of Congo. ) Measured, Indicated and Inferred Mineral Resource of 5,953Mt at an average grade of 22.0% KCl. Offer TBA. Due end March.
Perfomatrix PLC, a global end to end Performance Marketing technology and services company headquartered in the UK, is looking to join AIM in early April 2018, offer TBC
Crusader Resources, an ASX-listed public company incorporated in Australia, which is primarily focused on the exploration and development of gold assets in Brazil. Offer TBC, expected late March.
SimplyBiz, a Financial Services Firm, looking to join AIM raising £30m via placing and £34.6m via a sale of existing ordinary shares at 170p giving a market cap of £130m. Expected 4 April
Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd
Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area. Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. Expected Mid March
Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due 26 March
Main Market Premium Listing
Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 12 April.
Broker and investment platform operator AJ Bell reported to be considering London float with a valuation at £50m.
Mears Group (LON:MER.L) 370p £383m
FYDec17 results form the provider of services to the Housing and Care sectors in the UK .
Group revenue of £900.2m (2016: £940.1m), impacted by both delays to the timing of planned workloads following the tragic events at Grenfell Tower and a slow period in securing new contract revenues in Housing, combined with the planned rationalisation of Care contracts.
Group PBT and before amortisation of acquisition intangibles reduced to £37.1m (2016: £40.1m), with the diluted EPS reducing by 8% to 28.05p
Housing operating margins reduced to 5.2% (2016: 5.6%), reflecting the revenue reduction and a resulting lower overhead recovery.
Total dividend increased by 3% to 12p (2016: 11.70p), reflecting the Board's confidence in the underlying performance and the long term prospects of the Group.
“Order book at £2.6bn (2016: £3.1bn). The current bidding pipeline is in excess of £2bn for 2018, which is well in excess of normal bidding levels. The strategic evolution of Mears means greater access to opportunities previously out of our reach.” FYDec18E rev £961.58m. PE c.11x, yield c. 3.5%.
“Altona announced that, following the appointment of Mr Brenton Newell, as Consulting Geologist to the Company, on 26 Feb 2018, an initial review of the existing drilling data relating to the Westfield Tenement (EL 5676) has now been completed.
Based on the identification Mr Newell has prepared a costed exploration programme of any shallow coal seams amenable to open cut mining. The programme will be conducted over three phases:
1 Initial Exploration
2 JORC compliant Mineral Resource Estimate definition
3 Bankable Feasibility Study”
The Company is now able to estimate the costs associated with the three phases of the proposed programme, which may be subject to revision following the result of each phase:
Initial Exploration AUD 230,000
JORC compliant Mineral Resource Estimate definition AUD 400,000
Bankable Feasibility AUD 900,000
Total AUD 1.53m
NAHL Group (LON:NAH) 145p £63.43m
FYDec17 results from the consumer marketing business focused on the UK legal services market.
Trading performance in line with expectations
Revenue up 2.5% to £51.9m (2016: £50.6m)
As expected, underlying op profit down 19.4% to £14.5m
PBT of £12.4m (2016: £15.8m)
EPS ahead of expectations at 21.7p (2016: 27.0p)
Recommended final dividend of 10.6p, providing a total dividend for the year of 15.9p (2016: 19.05p)
“Trading during the early part of 2018 has been in line with expectations. The evolution of our PI division is on track and we plan to counter the financial challenges caused by changing regulation. Whilst this necessitates investment in both PI cases and operational structures and processes, we expect to see some payback in 2019, accelerating thereafter. We continue to expect 2018 to be a year of transition and earnings contraction, however, we are enthused by the potential for change in PI. We have a market leading brand and the leadership team to evolve and develop the division to create strong, predictable and sustainable earnings and cash flow.” FYDec18E rev £53m, PBT £13.1m. PE c.9x, yield c.8%.
Wynnstay Group (LON:WYN) 405p £79.68m
AGM Statement from the agricultural and retail group .
“Trading in the first four months of the new financial year has been encouraging, with increased demand for most products. This reflects the general improvement in output prices and farmer sentiment, particularly dairy farmers, after two years of very depressed pricing, often below the realistic cost of production.”
"There are still important seasonal trading months ahead, but we are encouraged by the Group's performance in the new financial year so far."
FYOct18E rev £405.5m, PBT £8.2m, div 13.1p.
IQE (LON:IQE) 132.52p £1bn
FYDec17 results from the global supplier of advanced wafer products and wafer services to the semiconductor industry. Record financial results reflect the adoption of IQE's VCSEL technology in mass market applications and broadening IP portfolio sets the Group for continuing diversification and growth.
Revenue up 16.4% to £154.5m. Adjusted PBT up 18% to £24.3m. Net cash £45.6m from net debt of £39.5m. Continued growth in 2018 driven by expansion of existing business and qualifications of new business streams.
Photonics revenue expected to grow c.35% to 60% in 2018. Wireless revenue expected to grow up to c.5% in 2018; SMI inventories expected to replenish in 2018, with potential for revenue expansion as GaN products make stronger contribution.
InfraRed revenue expected to grow c. 5% to 15% in 2018, with customer engagement broadening.
FYDec18E rev £175.06m, PBT £32.78m
Update on one of its key contracts and on its pipeline of opportunities for future work.
“As confirmed in the Group's preliminary results announcement on 12 March 2018, the re-scoping of the UK Contract has been successfully completed and work has recommenced on the contract.
The re-stated UK Contract was executed on 19 Mar 2018, concluding the legal formalities of the re-scoping. The contract value has been increased by £3.5m to reflect the additional work required.
The overall contract value is now just under £12m with circa £8m of revenue to be recognised over 2018, 2019 and 2020. With the fundamentals of the re-scoping (including rough-order-of-magnitude price) having been agreed between the parties prior to year-end (and a written agreement made on price early in the new year), the increased value was accordingly reflected within the order book of £34m previously announced.”
Ilika Group (LON:ILK) 23.5p £18.42m
The “pioneer in solid-state battery technology and materials innovation, announced a collaboration with PragmatIC and Arm Holdings to further progress development in ultra-thin and flexible semiconductor technology for mass market applications.
The 18-month project is supported by Innovate UK funding of £0.6m of which £0.4m will be payable to Ilika.
The principal objective of this collaboration is to deliver novel P-type metal-oxide semiconductor ('PMOS') circuit technology that can significantly enhance the characteristics of PragmatIC's CMOS designs. The project focusses on investigating the operarting parameters of PMOS, using Ilika's high throughput thin-film techniques which are proven for rapid identification and screening of functional thin-film materials. The initial phase of the project is intended to demonstrate the innovative thin film transistor performance, which is to be followed by scale-up and transfer of the material to deposition processes in a production environment.”
Aggregated Micro Power Holdings (LON:AMPH) 100p £43.2m
The “distributed energy company specialising in the sale of wood fuels and the financing and installation of distributed energy projects including biomass boiler ESCOs (Energy Supply Contracts) and stand by power generation, is pleased to announce a positive trading update with respect to the twelve months ending 31 March 2018.
The Company has previously issued guidance on AMP Group revenues being in excess of £30m for the twelve months to 31 Mar 2018. Recent positive trading during this winter season has now caused us to revise this guidance to circa £40m of revenues for the twelve month period. Further guidance will be given when we issue a pre-close trading statement during May 2018.” We could see no forecasts.
The “clinical stage drug development company focused on the treatment of cancer and neurological conditions, announced a new research collaboration with Imperial College London focusing on the mechanism of action in a number of diseases of SFX-01, the Company's lead product candidate.
The project is being funded principally by an Engineering and Physical Sciences Research Council Impact Acceleration Account grant and will be led by Professor Ed Tate, whose research interests at Imperial include chemical proteomics, medicinal chemistry and drug discovery. Evgen Pharma will supply SFX-01 and make a modest financial contribution.
The objective of the collaboration is to use advanced chemical proteomics technology to detect targets for SFX-01 and other sulforaphane analogues in live cells or tissues in specific disease model systems.”