Mosman Oil and Gas spuds Stanley-3 well as part of Strategic Alliance

Jamie Gordon
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Mosman Oil and Gas spuds Stanley-3 well as part of Strategic Alliance
Oil exploration and production company Mosman Oil and Gas Limited (AIM: MSMN) today announced the spud of the Stanley-3 well in Texas. The spud is the next step before the Company drills Stanley-3 as part of its Strategic Alliance with privately owned Baja Oil and Gas. The well will be drilled to 5,100 feet, with the goal of reaching the Yegua sands at a similar depth to that encountered at Stanley-1 and Stanley-2. The total cost will be US $325,000, and an additional $165,000 for completion and tie operations should the well prove commercially viable. Mosman Oil and Gas will have a minimum 14.85% interest in the well operation, with the project being funded out of the Company’s existing cash facilities.

Mosman Oil and Gas comments

John W Barr, Chairman, said,

“Given the significant results of Stanley-1 and 2, the operator has quickly moved to Stanley-3 with the assistance of Mosman consultants and Baja. It is anticipated the well will be completed in a short period of time and the Initial Oil production will be seen by mid September.”

“Mosman’s clear intention is to increase production and thus cashflows as quickly as possible whilst taking into account operational and legislative requirements.”

Investor notes

The Company’s shares have rallied modestly by 0.58% or 0.0015p to 0.26p 05/08/19 12:38 BST. Neither a p/e ratio nor a dividend yield are available, the Group’s market cap is £2.30 million. Elsewhere in the oil and gas sector, there have been updates from; Nostrum Oil and Gas PLC (LON: NOG), Reabold Resources PLC (LON: RBD), Trinity Exploration and Production PLC (LON: TRIN) and Union Jack Oil PLC (LON: UJO).

Belvoir to meet expectations with profits ahead of H1 2018

Jamie Gordon
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Belvoir to meet expectations with profits ahead of H1 2018
UK property franchise Belvoir Group PLC (AIM: BLV) booked positive trading performance in the first half, despite challenging market conditions and legislation change. The Company noted that Management Service Fees rose 5% at their 300 high street lettings and estate agency offices, despite a backdrop of falling sales activity and a ban on tenant fees introduced in June 2019. The Board noted that profits and sales were both ahead of results for the first half of 2018, and that the Group benefitted from the acquisition of financial services network, MAB, in November 2018.

Net banked commission was also up 23% on-year. In turn, the Board were confident of meeting market expectations for the full year.

Belvoir comments

Dorian Gonsalves, CEO, commented,

“The Board was very encouraged by trading during the first half of 2019 with our franchise model proving to be resilient to changes in the sector and our diversification into financial services providing an additional revenue stream for both our franchisees and the Group. We have seen positive results both from our property franchise and our financial services networks, and are confident that the Group is well positioned to take advantage of the opportunities arising from a more challenging market.”

Investor notes

Despite what could have perhaps have been seen as a positive update, the Company’s shares were down 3.96% or 4.50p to 109.00p a share. The Group’s p/e ratio is 9.15 and their dividend yield stands at 6.61%. Elsewhere in property development and estate agency news, there have been updates from; Intu Properties plc (LON: INTU), LSL Property Services plc (LON: LSL), Countryside Properties PLC (LON: CSP) and Ashley House Plc (LON: ASH).

Lord Rothschild’s RIT Capital reports £3bn net assets and NAV growth

Jamie Gordon
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Lord Rothschild’s RIT Capital reports £3bn net assets and NAV growth
British based investment trust RIT Capital Partners plc (LON: RCP) books bumper NAV returns and growth in assets during the first half. The Company recorded all-time-high net assets of £3 billion on 30 June 2019, with growth before distributions of £241 million. Further, the Company’s net asset value yielded a total return of 8.5% during the first half, with NAV per share at 1,958 pence as of 30 June. RIT Capital also noted their share price increased 10.1% on a total return basis and average premium of 7.1%.

The Company stressed a diverse and cautious approach to portfolio management, based on a capital preservative approach with strong focus on gold.

RIT Capital also stated that net assets had grown by £1.1 billion over the last five years (before dividends), and that £10,000 invested in the Company in 1988 would now be worth £360,000.

RIT Capital comments from Lord Rothschild

Commenting on the update, Company Chairman Lord Rothschild noted,

“The last decade has seen a confluence of factors which have benefitted companies’ earnings to an unprecedented extent. Lower cost of capital, reduced taxes, stagnant wages and the influence of globalisation contributed to record profit margins. These positive factors are, however, unlikely to be sustained. Trade wars, the weakening of economic growth and the risk of recession are of concern, particularly at a time when stock markets have reached all-time highs.”

“Against this backdrop we are seeking to invest in situations that either give us a degree of protection in potentially deteriorating conditions or in areas where structural growth rates are sufficiently high for valuations to hold their own or indeed prosper. This approach shapes our asset allocation and security selection. We seek to identify and to invest in companies with strong balance sheets, attractively low valuations and which are likely to exceed GDP growth rates. Many of our recent private investments are designed to benefit from some structural protection. Outside of equities, we look for uncorrelated strategies which are not dependent on economic growth and which we expect to produce positive returns.”

Investor notes

The Company’s share price has dipped 1.44% or 30.00p to 2,050.00p a share 05/08/19 12:40 BST. The Group’s dividend yield is 1.61%. Elsewhere in large financial player and investment trust news, there have been updates from; London Stock Exchange Group (LON: LSE), F&C Investment Trust PLC (LON: FCIT), River and Mercantile Group PLC (LON: RIV), Brewin Dolphin Holdings plc (LON: BRW) and Hansard Global plc (LON: HSD).

Dialight shares down with H1 loss

Jamie Gordon
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Dialight shares down with H1 loss
Industrially focused LED lighting manufacturer Dialight Plc (LON: DIA) have seen their share price dip in morning trade, after swinging to a loss for the first half of the year 2019. The Company’s revenues were down from £77.7 million to £76.1 million on a year-on-year basis for the first half, which the Group owed to softening end markets and delayed market share recovery.

Concurrently, the Company reported that it had swung to a loss, from £2.0 million for H1 2018, to a loss of £1.6 million for H1 2019. Dialight underlying profits were down from £2.8 million to £0.9 million and underlying basic EPS fell 1.5p, from 6.4p on-year. Further, underlying costs rose from nil to £2.7 million between the two first halves.

Dialight comments

Marty Rapp, Group Chief Executive, said,

“Our H1 2019 financial results were disappointing. Lighting revenues were impacted by some softening of end markets and delayed market share recovery. However, we did make good operational and strategic progress in the first half, with the physical separation from our contract manufacturer now complete. Operational performance from our Mexico facilities is now significantly better than it was before the move to the contract manufacturer. Our new Penang facility is expected to be fully operational within the next two months.”

“Progress on increasing our output of new products is on track. We have launched two of the three new platform-level products planned for 2019, and the third one will be launched shortly. There are additional new products in the development pipeline – a combination of upgrades to our existing products and new products to enable to us to participate in a larger market.”

“We remain confident that the combination of the reputation of Dialight products as the best in the market, our improved operational performance, and the launch of our exciting new products will result in significant long-term growth in revenue and profit. We are taking all appropriate actions to convert these to improved financial results as quickly as possible. Our full year outlook for 2019 remains unchanged.”

Investor notes

The Company’s shares dipped 6.41% or 25.00p to 365.00p a share 05/08/19 12:17 BST. Analysts from Peel Hunt have reiterated their ‘Hold’ stance on Dialight stock. The Group’s p/e ratio is 22.54 and their market cap is £119.4 million. Elsewhere in the tech sector, there were updates from; Seeing Machines (LON: SEE), Bidstack Group PLC (AIM: BIDS), Nektan PLC (LON: NKTN), Keywords Studios PLC (LON: KWS), Biome Technologies plc (LON: BIOM).

Domino’s international uncertainty

Andrew Hore
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Domino’s international uncertainty

Domino’s Pizza (LON: DOM) has lost its bite in recent years. The pizza chain master franchiser is still a highly cash generative business in the UK but its size, and competition, means that it is difficult to grow at previous rates. Interim figures will be published on 6 August and they are likely to show a decline in profit.
Interim pre-tax profit is expected to be 7% lower at £42.5m. However, underlying UK operating profit is likely to be higher. Interest costs will also be higher, though.
Net debt was £203.3m at the end of 2018 and capital investment means it is set to rise this year. It w...

Bluerock Diamonds shares dip despite Kareevlei Mine upgrade

Jamie Gordon
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Bluerock Diamonds shares dip despite Kareevlei Mine upgrade
After presenting at the UK Investor Magazine Summer Investor Evening, South African-focused diamond mining company Bluerock Diamonds PLC (LON: BRD) today announced an upgrade to the crushing circuit at the Kareevlei Diamond Mine. The Company told investors that the installation of a larger cone crusher had been completed, and further upgrades had been made to the circuit. The circuit can now operate both the existing and new crushers simultaneously, and is able to manage what the Group sees as a likely increase in material flows. Bluerock Diamonds said the new crusher began work yesterday and that it would be fully operational shortly. Bluerock Diamonds comments Mike Houston, Executive Chairman commented, “We are pleased that the upgrade of the crushing circuit has been completed. We have taken the opportunity to make a number of improvements to the processing plant during the crusher shut down period and are confident that these improvements will have the desired effect in achieving our targeted level of production in the second half of the year. Our volume guidance for the year remains at 280,000 tonnes to 335,000 tonnes and, as previously announced, we will refine our guidance following the end of Q3 after the reconfigured plant has been operational for two months.” Investor notes The Company’s shares have dipped 9.77% or 6.50p to 60.00p a share 02/08/19 14:47 BST. The Group’s p/e ratio and dividend yield are not available, their market cap is £2.04 million. Elsewhere in the mining and minerals sector, recent updates have come from; Cora Gold Limited (LON: CORA), Serabi Gold PLC (LON: SRB), Kavango Resources PLC (LON: KAV), Ariana Resources plc (LON: AUU), Rio Tinto plc (LON: RIO) and Bushveld Minerals Limited (LON: BMN).  

IAG shares rise as Q2 profits grow

Dina Caruso
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IAG shares rise as Q2 profits grow
International Airlines Group (IAG) posted a second quarter operating profit of €960 million before exceptional items on Friday. The owner of British Airways said it had benefited from the timing of Easter. Shares in IAG were trading over 2% higher on Friday morning following the announcement. Passenger unit revenue for the quarter was up 3.1%, IAG added, and up 1.1% at constant currency. Fuel unit costs for the quarter grew 12.4% and was up 6.3% at constant currency. For the half year, operating profit before exceptional items amounted to €1,095 million, down 11.7%. “In Q2 we’re reporting an operating profit of €960 million before exceptional items, up from €900 million last year,” Willie Walsh, IAG Chief Executive Officer, said in a company statement. “Despite fuel cost headwinds, we delivered a good performance. At constant currency, fuel unit costs were up 6.3 per cent while passenger unit revenue increased 1.1 per cent, benefitting from the timing of Easter,” Willie Walsh continued. “This highlights, once again, that our unique structure and diverse brand portfolio underpins our financial resilience and ability to deliver robust results”. IAG said that, at current fuel prices and exchange rates, it expects its 2019 operating profit before exceptional items to be in line with 2018 pro forma. Moreover, IAG said that passenger unit revenue is expected to be flat at constant currency, and non-fuel unit cost is expected to improve at constant currency. In June, IAG signed a letter of intent to place a large order for Boeing 737 Max aircrafts. As British Airways strikes are likely to occur in August, many could see disruption to their summer holiday plans. Shares in International Consolidated Airlns Grp SA (LON:IAG) were trading at +1.96% as of 09:16 BST.

Portmeirion set for stronger second half

Andrew Hore
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0
Portmeirion set for stronger second half

Branded ceramic products supplier Portmeirion (LON: PMP) had a poor first half of 2019, but it is confident that the second half will be much better, and it could possibly maintain full year profit. That will be helped by a second half contribution from the recently acquired Nambe business.
Management warned about first half trading in a trading statement in May. In the six months to June 2019, revenues were 5% lower at £34.9m, while pre-exceptional profit slumped from £2.1m to £525,000. This decline is due to the relatively fixed cost base.
Lower exports hit revenues, but Portmeirion believes...

Seeing Machines fundraiser success and contract wins during FY19

Jamie Gordon
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Seeing Machines fundraiser success and contract wins during FY19
AI-enabled driver monitoring technology company Seeing Machines (LON: SEE) booked strong results with OEM contract awards, positive fleet results and a successful fundraising during the full year ended 30 June 2019. Full year revenues were up from A$30.7 million to A$ 31.8 million, and this partially owed to revenue from the Company’s fleet solution, Guardian. The monthly monitoring fees collected from this segment increased 89% during the year, and when combined with contracted recurring royalty payments in mining, represents a recurring revenue of over A$12 million. In addition to its successful A$58.1 million fundraise in April this year, Seeing Machines told investors that OEM contract wins had pushed the projected value of contracted revenue in its Automotive business up from A$110 million for FY18 to between A$170 million and A$200 million for FY19. Operationally, its Automotive and Aviation both secured two new contracts a piece, and their Guardian System – now connected to over 16,000 commercial vehicles – secured its first contract during the financial year. After the period closed, Paul McGlone was confirmed as CEO of the Company and Kate Hill was appointed Chair of the Board.

Seeing Machines comments

Paul McGlone, CEO, stated, “The team at Seeing Machines has been working on our market-leading technology for almost 20 years and, with the European Union looking to mandate driver monitoring from 2024, as well as the European New Car Assessment Programme working to formalise requirements to achieve safety ratings for automakers over a similar timeframe, we are in a strong position to start seeing the benefits of years of intensive R&D and hard work start to materialise.” “In addition to the progress made with our customers, we’ve made important internal changes. Management is now in place to deliver on existing and potential programs across its transport sectors as momentum for driver monitoring and enhanced safety continues to step up around the world. Kate Hill is a great addition to the team. I speak for the whole Board when I say we look forward to working closely with her to ensure that our strategy remains applicable to emerging markets and regions focused on improving passenger safety in an increasingly mobile world.”

Investor notes

The Company’s shares have rallied 0.95% or 0.042p to 4.47p a share 01/08/19 15:21 BST. Neither their p/e ratio nor their dividend yield are available, their market cap is £150.59 million. Elsewhere in the tech sector, there were updates from; Bidstack Group PLC (AIM: BIDS), Nektan PLC (LON: NKTN), Keywords Studios PLC (LON: KWS), Biome Technologies plc (LON: BIOM) and Midwich Group PLC (LON: MIDW).  

Bidstack acquires ad fraud prevention firm Pubguard

Jamie Gordon
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Bidstack acquires ad fraud prevention firm Pubguard
AI-focused in-game advertising company Bidstack Group PLC (AIM: BIDS) has made efforts to safeguard their safe brand environment with today’s acquisition of ad fraud prevention platform Minimised Media Limited, which is listed as Pubguard. https://platform.twitter.com/widgets.js Pubguard’s technology is established within the advertising industry and will be used to protect Bidstack’s digital gaming inventory against illegal, malicious and offensive ad content on in-app mobile and desktop formats. With pressure mounting from industry leaders and 65% of advertisers present in non-brand safe locations, the Pubguard AI technology will serve to support the growth of in-media seamless branding offerings. Other offerings in this field have included the AI-enabled in-video advertising products of MirriAd Advertising plc (LON: MIRI), which intelligently recognises and places brands in film-based media. It is believed the Pubguard platform will act as a ‘ready-made solution’ to save the Company time and resources developing the offerings of its Software Development Kit. Pubguard is with Bidstack at the London eSports hub – Here East – with plans for the two to co-develop in-game viewability and refine data processes, in addition to ad fraud prevention technology.

Bidstack comments

James Draper, CEO of the Company, stated,

“As custodians of studio director’s artwork the prevention of fraudulent advertising is a priority for us. Pubguard brings a number of technical and commercial upsides to Bidstack. First, we are protecting gamers against fake adverts that, for example, could redirect them to adult content. Second, Pubguard brings the group technology and a brand that is respected in the gaming and digital media space.”

“As we have said previously, our intention is to grow Bidstack to become a significant media owner in the video games market. We stated Q3 would be an important period for us and I believe the purchase of Pubguard, our first venture into growth by acquisition, shows our commitment towards commercial innovation.”

“We’d like to welcome the Pubguard team into the Bidstack family and we look forward to growing the business further.”

Investor notes

Despite what could be seen as a positive update, the Company’s shares have dipped 3.41% or 1.12p to 31.88p a share 01/08/19 15:05 BST. Neither the Group’s p/e ratio nor their dividend yield are available, their market cap is £76.05 million. Elsewhere in the tech sector, there were updates from; Nektan PLC (LON: NKTN), Keywords Studios PLC (LON: KWS), Biome Technologies plc (LON: BIOM) and Midwich Group PLC (LON: MIDW).
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