AIM movers: Norman Broadbent grows revenues and Barryroe project rejected by Irish government

Andrew Hore
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AIM movers: Norman Broadbent grows revenues and Barryroe project rejected by Irish government

Executive search and recruitment firm Norman Broadbent (LON: NBB) grew first quarter 2023 revenues by two-thirds to £2.92m and net fee income rose by a similar proportion to £2.43m. Contracted revenues are £2.57m. The 2022 accounts should be published this month. The share price improved 11.9% to 5.875p.

Atome Energy (LON: ATOM) says it will be producing fertiliser at its hydrogen production facility in Paraguay. This will be the first industrial scale production of green fertiliser. There will be additional costs initially, but revenues will be higher with production expected to reach 250,000 tonnes per annum. The project should start production in 2025. Baker Hughes has taken a 6.6% stake in Atome Energy at a 3% premium to the previous market price.  The share price rose 10.1% to 103.5p.

Zinc Media (LON: ZIN) has secured a deal with Idris Elba’s production company to produce PAID IN FULL: The Battle for Payback for the BBC and CBC. The programme will examine the exploitation of black artists in the music industry. The share price is 7.14% ahead at 112.5p.

Oncimmune Holdings (LON: ONC) is selling its IVD EarlyCDT Lung blood test antibody technology to US biotech Freenome for £13m. Part of the proceeds will pay down around 50% of the company’s debt and the rest will be refinanced. This enables Oncimmune to focus on the ImmunoINSIGHTS autoantibody profiling service business, where revenues are expected to double this year. The share price is 7.05% higher at 39.5p, which is still not far above the all-time low.

Lansdowne Oil & Gas (LON: LOGP) and Barryroe Offshore Energy (LON: BEY) shares have fallen because the energy minister in Ireland, who is leader of the Green party, is not willing to grant the Barryroe lease undertaking on the grounds of financial capability. Barryroe Offshore Energy had announced it had secured the required funding and there are plans to go to international arbitration. Barryroe Offshore Energy is currently raising €20m from a placing and one-for-six open offer at €0.015 a share. This had already been delayed. The Barryroe Offshre Energy share price has slumped 48.7% to 0.95p, so it is well below the open offer price. Lansdowne Oil & Gas has already invested $20m in the project and the shares dived 52.9% to 0.2p.

Petro Matad (LON: MATD) is suffering from delays to the Heron oil and gas project in Mongolia. This relates to land access. The Velociraptor-1 exploration well on Block V is due to be drilled in June and it will cost $2m. The share price is 18.7% lower at 5p.

Gold explorer ECR Minerals (LON: ECR) says the results from drilling at three licences in Victoria, Australia are relatively disappointing. ECR Minerals is more optimistic about its interests in Queensland, where the field season is starting. The share price fell 19.1% to 0.425p.

Avacta shares: AVA6000 chances of success

Charles Archer
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0
Avacta shares: AVA6000 chances of success

Avacta’s flagship will soon begin Phase 1b clinical trials. Measuring its chances of success is harder than it looks.
I have been covering Avacta’s growth story for some time now.
For the duration, I have characterised the biotech firm as extremely high-risk, high-reward — and have tried to make this opinion clear, whether for UK Investor Magazine, IG Index, or elsewhere.
In my view, the company’s success hinges on whether AVA6000 is successful as this would prove the efficacy of the entire pre|CISION pipeline.
But estimating the chance of success is easier said than done — with estimates ra...

Dechra Pharmaceuticals shares sink as wholesalers de-stock

UK Investor Magazine
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0
Dechra Pharmaceuticals shares sink as wholesalers de-stock

Dechra Pharmaceuticals shares were down heavily on Monday after the specialist veterinary pharmaceutical group said wholesalers were going through a period of de-stocking which would hit profits this year.

De-stocking has caused volatile trading conditions for Dechra, who now see operating profits below the £186m guided for in February. Dechra noted stock management trends in the US were also evident in the UK.

Dechra made concerning comments about the health of trade in the rest of Europe: “The market appears to be slowing in response to the changing macro-economic environment and country specific dynamics.”

Despite wholesaler activity causing challenging conditions for Dechra between January and April, the company said end demand from veterinary practitioners remained strong.

Dechra Pharmaceuticals shares were trading down 9.8% at the time of writing.

Brokers are targeting 250% upside in this London-listed platinum group metals (PGMs) producer

UK Investor Magazine
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0
Brokers are targeting 250% upside in this London-listed platinum group metals (PGMs) producer

Plans to expand platinum production could mean this London-listed company is soon one of the world's top ten producers. In addition to PGMs, the company mines significant levels of chrome concentrate.
After their half-year results were released, equity analysts issued a note reiterating a price target 250% higher than the company's current share price.
Underpinning the analysts' price target, Johnson Matthey's recent PGM Market Report forecasts growing demand for the PGMs produced by this miner.
The share price has declined since a peak in early 2022, and the stock now trades at a PE Ratio o...

Aquis weekly movers: Asimilar to concentrate on Aquis quotation

Andrew Hore
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0
Aquis weekly movers: Asimilar to concentrate on Aquis quotation

Asimilar Group (LON: ASLR) is leaving AIM on 26 May and retaining the Aquis quotation. The Aquis share price rose by one-quarter to 0.75p. Chirs Akers increased his stake in the technology investment company from 10.3% to 11.1%.

Equipmake Holdings (LON: EQIP) has signed a licensing agreement with Sona Comstar, covering some of its range of drive motors and powertrains for their use in electric cars, buses and other vehicles in India and other south Asian countries. The two companies may jointly address other markets. Equipmake receives a one-off licence fee plus royalties. Production will commence in 2025. The share price increased 5.56% to 9.5p.

DXS International (LON: DXSP) says full year revenues will be slightly higher at £3.3m and there was a very small profit after tax. That is likely to be after a research and development tax credit, so there could be a pre-tax loss. Management believes that revenues can be increased substantially in the medium-term. Cash has been raised to market the newly developed software products. DXS International has raised £500,000 at 4p a share, while £131,000 of debt has been swapped for shares at the same price. The share price slumped 17.6% to 3.5p.

Technology investment company SuperSeed Capital (LON: WWW) had net assets of 101p a share at the end of 2022. Last year’s flotation enabled the company says there are opportunities in the software sector. The company’s fund performed well, but there are unlikely to be significant increases in investment valuations this year. However, revenues from the existing portfolio are expected to double. The share price declined 12.1% to 72.5p.

Macaulay Capital (LON: MCAP) had net assets of £1.44m, including cash of £1.19m, at the end of 2022. There was a cash outflow of £428,000. The first investment was in cakes and cereal bars maker Devonvale. There was a subsequent investment in precision engineer Camloc Motion Control. The initial investment of £700,000 will be reduced to £200,000 by selling to third parties. There are other investment opportunities. The share price fell 11.8% to 22.5p.

Ananda Developments (LON: ANA) has filed four patent applications. The cannabinoid-based medicines developer has appointed SP Angel as corporate adviser. The share price slipped 5.6% to 0.59p.

Coinsilium Group Ltd (LON: COIN) has completed the £116,500 cash and shares acquisition of the Tokenomi Web3 advisory service business, which has seven blockchain clients and a pipeline of ten more. The share price declined 3.57% to 1.35p.

Guanajuato Silver (LON: GSVR) reported drilling results from San Ignacio and Topia. Drilling at the former has shown an extension of the existing high grade area. There are also narrow veins with high grades at the Topia mine. The share price fell 3.08% to 31.5p.

AIM weekly movers: Egdon Resources agrees bid

Andrew Hore
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3
AIM weekly movers: Egdon Resources agrees bid

Egdon Resources (LON: EDR) is recommending a 4.5p a share cash bid from Petrichor Partners. This values the UK-focused oil and gas company at £26.6m. The share price jumped 89.1% to 4.35p, which is the highest it has been for six months, making it the largest riser on the week. Petrichor is owned by HEYCO, which provides services and capital to oil and gas projects in the US and Europe.

Some better news for IOG (LON: IOG). The control event at the Blythe H2 well in the North Sea has been successfully isolated. The first gas from this well should be produced by the end of June. The share price rebounded 35.4% to 7.04p – the highest price since February.

Xeros Technology Group (LON: XSG) has signed a ten-year technology licence and distribution agreement with KRM Tekstil Boya, which will distribute denim processing equipment. Denim processing uses lots of water and energy and this will be reduced by this equipment. Xeros will receive a royalty on each machine sold and will supply XOrbs for the machine. The launch will be later this year. The share price is 25.8% higher at 3.9p.

ImmuPharma (LON: IMM) says that there was positive feedback from a consultation with the US FDA. This will help with the design of the phase 2/3 clinical study of the P140 treatment in chronic idiopathic demyelinating polyneuropathy. The trial could begin in the second half of 2023 and a Lupus trial could also start later in the year. The share price recovered 23.5% to 3.21p.

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Fallers

Mirada (LON: MIRA) has set out plans to cancel its AIM quotations. The IPTV technology provider has been quoted for more than two decades, but a large shareholder with a 87.2% stake has limited liquidity and investor interest in the shares. The major lender to Mirada is also related to the main shareholder. This means that the cancellation will happen, and the shares will then be traded by JP Jenkins. That should save costs of $470,000/year. The share price dived 84.2% to 3p. This is the lowest the share price has ever fallen to.

Antibody discovery company Fusion Antibodies (LON: FAB) has raised £1.56m at 5p a share and a REX retail offer could raise more. The offer closes on 22 May. The share price slumped 79.3% to 7.75p. The cash and cost saving measures will provide enough funds to enable Fusion Antibodies to offer its Integrated Therapeutic Antibody Service, as well as further developing the OptiMAL therapeutic antibody discovery platform.

Tower Resources (LON: TRP) is raising £2.3m at 0.05p a share. This will fund the preparation of drilling of the NJOM-3 well in Cameroon. It will also fund work on interests in Namibia and South Africa. The share price slumped 57.1% to 0.0515p – a new all-time low.

Purplebricks (LON: PURP) is selling its business and assets to Strike Ltd for £1 and cancelling its AIM quotation. That should leave £5.5m in cash in Purplebricks. The cash remaining after costs, which could be £2m, will be distributed to shareholders, but that won’t happen until early next year. At 0.77p, down 48.1%, Purplebricks is valued at £2.4m.

FTSE 100 rallies as sentiment improves

UK Investor Magazine
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6
FTSE 100 rallies as sentiment improves

The FTSE 100 was gaining momentum on Friday as the index benefitted from improving sentiment in global equities.

The FTSE 100 was 0.55% higher at the time of writing while the S&P crept 0.2% higher after a strong session overnight.

Global equities began a move to the upside yesterday as interest rate markets priced in a pause in US rate hikes.

“The markets continue in a holding pattern with the FTSE 100 stuck in a tight range between 7,700 and 7,800 as investors await key economic data which could set equities on a path up or down,” said AJ Bell investment director Russ Mould.

“Today was a positive day for UK stocks despite warnings overnight from a Federal Reserve official that the end to the rate-hiking cycle might not come as soon as Wall Street hopes. 

“Investors will be hunting for clues on the direction of monetary policy from Fed chair Jerome Powell when he addresses a conference in Washington later on Friday.”

The fallout from Powell’s speech may have ramifications for the start of European trade on Monday.

FTSE 100 movers

The top movers were driven by mean reversion on Friday as stocks with sharp swings yesterday moved to cover a degree of their fluctuations.

BT was the FTSE 100’s top riser a day after sinking following the release of their final results. BT shares were 3% higher at the of writing.

Conversely, JD Sports, down over 6%, was the top faller after gaining on the back of results yesterday.

However, Burberry suffered another day of selling after warning they would face unfavourable economic conditions for the rest of the year. Burberry was another 3.8% weaker at the time of writing.

Capturing India’s economic expansion with India Capital Growth Fund

UK Investor Magazine
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1
Capturing India’s economic expansion with India Capital Growth Fund

The UK Investor Magazine Podcast with Gaurav Narain, Co-Head Equities at Ocean Dial Asset Management, for a deep dive into Indian growth equities.

Find out more about the India Capital Growth Fund.

Gaurav Narain manages the India Capital Growth Fund (LON:IGC), a growth-focused India equity investment trust.

The trust has rallied 228% over the past three years. We explore the main drivers behind the performance.

Gaurav provides a comprehensive overview of India’s economy and the favourable environment for growth equities. Attention is paid to how India is benefitting from the move away from China.

AIM movers: IQE share price recovers and Fusion Antibodies heavily discounted fundraising

Andrew Hore
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0
AIM movers: IQE share price recovers and Fusion Antibodies heavily discounted fundraising

IQE (LON: IQE) has bounced back following the fundraising earlier in the week. It raised £30m at 20p a share and a retail offer brought in a further £1.1m. The share price recovered 16% to 24.075p.

A positive trading statement from legal services provider Knights Group Holdings (LON: KGH) has helped the share price recover 7.88% to 91.7p. Full year revenues will be 13% ahead at £142m and pre-tax profit will be nearly one-fifth higher at £21.5m. Net debt is estimated to be £29m, well within the bank facilities. That figure is before the most recent acquisitions.

Asiamet Resources Ltd (LON: ARS) chief executive Darryn McClelland bought 5.5 million shares at 1p each. The share price rose 7.69% to 1.05p.

GeneDrive (LON: GDR) shares soared above 24p earlier in the day, but they have fallen back to 21.75p, which is 6.1% higher. The National Institute for Health & Care Executive has recommended GeneDrive’s CYP2C19 molecular genetic test for stroke patients. The test should get UKCA marking for the test before the final guidance report in October.

Antibody discovery company Fusion Antibodies (LON: FAB) has raised £1.56m at 5p a share and a REX retail offer could raise more. The share price slumped 74.6% to 8p. The cash and cost saving measures will provide enough funds to enable Fusion Antibodies to offer its Integrated Therapeutic Antibody Service, as well as further developing the OptiMAL therapeutic antibody discovery platform.

Mirada (LON: MIRA) shares continue to fall after it set out plans to cancel its AIM quotation. The latest fall of 53.9% to 3p, means that the share price has fallen by more than four-fifths this week.

Sustainable fuels developer Velocys (LON: VLS) intends to raise £6m in a placing at 2.5p a share and a retail offer could raise up to £500,000. An open offer could raise up to £2m more. The share price declined 27.5% to 2.445p. Carbon Direct Capital is subscribing for a minimum of £12m of convertible loan stock – the conversion price is 2.5p or it could be lower if more shares are issued at a lower price. The structure of the convertible incentivises a US listing within 21 months. The cash raised will be invested in fuels projects in the UK and US and the commissioning of an Ohio manufacturing facility.  

Unbound Group (LON: UBG) has commenced a strategic review and formal sales process following the failure to secure a cash injection from Marwyn. The focus will be Hotter Shoes in the UK with overseas consumer sales being temporarily ended. There is a danger of a shortage of cash in the autumn. The share price fell 15.4% to 2.75p.

BT shares: AJ Bell on why the telecoms group could be in big trouble

UK Investor Magazine
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0
BT shares: AJ Bell on why the telecoms group could be in big trouble

BT shares have provided investors with terrible returns in recent years. Shares are down around 30% over the past five years, and numerous initiatives to win investors over have failed.
The business is stricken by a massive pension liability, and it limits its ability to invest meaningfully. It also makes it an unattractive takeover target because any bidder would assume the pension liability.
BT has struggled to grow in terms of revenue. In fact, it's shrunk. Consistently.
Sales have dropped in the last five years compared to the previous year. In 2019, BT recorded sales of £23.4bn. This has...

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