Mirriad Advertising: Accelerating Subliminal Response

Jon Levinson
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Mirriad Advertising: Accelerating Subliminal Response

Mirriad Advertising:  Accelerating Subliminal Response
Mirriad Advertising (LSE: MIRI) 21p Mkt Cap £60m. Since its disappointing final  a pivotal milestone has been announced. Mirriad is a technology leading in-content advertising company and recently agreed a collaboration with the world’s largest independent sell-side advertising platform, Magnite Inc.  The agreement is to bring scale and automation to provide programmatic ad campaigns across multiple platforms channels and markets. Consequently, making its Ad inventory readily available for sale.
The Finals reported a sm...

B&M revenues drop to £4.6bn, LFL sales fall 9%

Natasha Doris
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B&M revenues drop to £4.6bn, LFL sales fall 9%

B&M shares fell 6.9% to 427p in early morning trading on Tuesday, after the discount retailer announced a slate of declining results across the board, with a 2.7% drop in total group revenues to £4.6 billion in FY 20222 from £4.8 billion in FY 2021.

B&M pointed out its 9% decline in like-for-like sales as a primary driver in its revenue fall, and reported a 1.2% EBITDA slide to £619 million compared to £626 million the last year.

The discount group mentioned a 0.1% dip in statutory pre-tax profit to £525 million from £525 million, alongside a 3% fall to £524 million compared to £540 million in FY 2021.

The firm highlighted a £790 million debt at the close of 2022, with a net debt to adjusted EBITDA leverage ratio of 1.3 times, compared to 0.8 times at the end of 2021, remaining within its 2.25 times leverage ceiling.

The company noted a statutory diluted EPS slide of 1.4% to 41.6p against 43.4p and an adjusted diluted EPS drop of 4.2% to 41.6p from 43.4p.

B&M reported an ordinary dividend reduction of 4.6% to 16.5p compared to 17.3p year-on-year.

The retail firm commented that its 34 gross B&M UK store openings were offset by 14 closures and relocations, however its new store returns reportedly remained strong.

The group also confirmed the appointment of CEO Simon Arora’s replacement, former CFO Alex Russo, following Arora’s announcement that he would be stepping down from the position earlier this year.

“I am very pleased with the results we have delivered. The strength and resilience of our business model has enabled us to execute our plans well and continue offering compelling value for money to customers,” said B&M departing CEO Simon Arora.

“As a result, we have sustained the step up in sales and profit compared to pre-pandemic levels.”  

“To all colleagues across the Group who helped make that happen, I extend my sincere thanks.”

B&M UK

B&M UK saw an uptick of 2.9% in stores, with 701 stores operational at the end of 2022 against 681 stores in 2021.

UK location revenues fell 4.1% to £3.9 billion compared to £4 billion, with an adjusted EBITDA fall of 4.5% to £564 million from £591 million.

Heron Foods

Heron Foods stores increased 1.6% to 311 outlets compared to 306 over the course of the financial year.

The franchise confirmed a revenue dip of 0.9% to £411 million from £415 million, along with an adjusted EBITDA tumble of 8.1% to £23 million against £25 million over the year.

France

B&M rolled out three new stores openings in France, with a 2.9% growth to 107 locations from 104 the year before.

Revenues in the group’s French stores grew 14.2% to £353 million against £309 million year-on-year, alongside an adjusted EBITDA spike of 191.6% to £32 million from £11 million.

Outlook

The franchise commented that rising inflation looked set to drive customers to discount offerings, however the company warned that trading patterns remained unpredictable, especially for the elasticity between volume and price on general merchandise, and consumer demand at the individual category level.

The group confirmed B&M UK like-for-like sales decreases of 13.2% against FY 2022 rates and 11.5% from FY 2021 over the initial eight weeks of FY 2023.

“Despite a tough trading landscape, discounter B&M is likely to benefit from the cost of living squeeze as shoppers trade down,” said Third Bridge analyst Ross Hindle.

“Our experts believe B&M has the ability to pass on inflation costs to its customers without compromising on its price gaps with key competitors. It will also consider other creative alternatives such as re-engineering certain products and shrinkflation.”

The group reported an estimated adjusted EBITDA in the range of £550 million to £600 million across the coming year.

“Considering operating cost headwinds and mix changes, our experts expect EBITDA levels to decline towards -12.5% for the upcoming trading year,” said Hindle.

However, Heron Foods showed a positive outlook on the back of rising food inflation and a return to regular footfall levels, with French stores delivering strong growth after strong performance the year before.

B&M confirmed an expected 40 B&M UK store openings, 15 Heron Foods outlets and six new locations in France over FY 2023.

The company announced that it expected to roll out at least 950 B&M UK outlets over the long term, with expansions plotted for Heron Foods and B&M France, as a result of a projected rise in organic growth from FY 2024.

“The retail industry is facing inflationary pressures whilst our customers are having to cope with a significant increase in the cost of living, making spending behaviour in the year ahead difficult to predict,” said Arora.

“However, we have seen before that during such times customers will increasingly seek out value for money, and B&M is ideally placed to serve those needs.”  

“As such, we are well positioned to support the communities in which we trade and continue our long-term growth strategy.”

VSA launches Aquis index

Andrew Hore
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VSA launches Aquis index

Broker VSA Capital (LON: VSA) has launched its AQSE Apex Index, which has a base of 1,000 at the beginning of 2021.
There are 21 constituents of the Apex segment of the Aquis Stock Exchange, including its owner Aquis Exchange. All these companies have a minimum market capitalisation of £10m and 25% of their shares in public hands. They also have at least two years of trading and a minimum of two market makers.
New admissions to the Apex segment and companies moving from the Access segment to Apex are eligible for inclusion in the index at the next quarterly review.
The index peaked at 1,318.56...

Oxford Metrics cashes in on Yotta

Andrew Hore
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Oxford Metrics cashes in on Yotta

Oxford Metrics (LON: OMG) is selling Yotta to Causeway Technologies for £52m. That appears a full price for the business and the share price jumped by 22.5p to 101p.
Causeway supplies software to the construction sector and it will be able to make further progress with the move towards digital. Yotta provides services that enable local and central government to keep track of their road and infrastructure assets.
The business returned to profit last year, making underlying pre-tax profit of £800,000 on revenues of £8.1m. Yotta was expected to generate revenues of £9m in 2021-22.
Yotta was start...

Microsaic Systems pre-tax loss widens to £3.4m

Natasha Doris
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Microsaic Systems pre-tax loss widens to £3.4m

Microsaic Systems shares fell 0.6% to 0.08p in late afternoon trading on Monday, following a widened pre-tax loss of £3.4 million in FY 2021 compared to £2.5 million in FY 2020.

The group attributed its loss to share-based payments of £1.3 million, depreciation of £161,000, amortisation of £38,000 and professional fees of £66,000.

However, Microsaic highlighted a revenue surge of 357% to £910,000 from £200,000 last year as a result of MS instruments, consumables and end-user solutions spare parts sales.

In addition, the firm reported a narrowed adjusted EBITDA loss of £1.7 million against £2.1 million year-on-year.

The company mentioned orders in excess of £1 million, and an order backlog of £125,000 at year-end for shipping in 2022.

The firm noted a reduction in operating expenses to £2.5 million against £2.7 million, however other operating income slid to £67,000 against £97,000.

Microsaic confirmed cash and cash equivalents on 31 December 2021 of £3.4 million compared to £400,000, and mentioned its oversubscribed fundraising with gross proceeds of £5.5 million raised in February 2021.

The firm commented that it had reworked its revenue model going into 2022, moving on from selling equipment and consumables and focusing on generating sustainable, recurring revenues from a selection of sources.

The company said it aimed to sell products to provide medical diagnosis at the point of care, with predictive services already adding value for existing clients and projected to deliver real-time monitoring to detect contaminants in the environment.

Microsaic added that it had increased fiscal visibility for the coming months, and that its revenue expectations for 2022 remained secure on equipment and consumable sales, along with its recent £400,000 Manufacturing Framework Services Agreement, which are already above HY1 2021 revenue levels.

“2021 was transformational with a new Board, new business model and the financial injection that has delivered significant progress in the ongoing move from product sales to customer-centric service solutions in Human and Environmental Health,” said Microsaic Systems executive chairman Gerry Brandon.

“This has resulted in the identification of multiple sources of revenues that are expected to maintain growth this year and into 2023.”

Tip update: More bolt-on deals for Coral Products

Andrew Hore
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Tip update: More bolt-on deals for Coral Products

Manchester-based specialist plastic products manufacturer Coral Products (LON: CRU) has used some of its cash on two acquisitions in the past month. The cash was not earning much interest and the acquisitions will generate significant additional profit for the current financial year. They are both expected to be earnings enhancing.
Runcorn-based Alma Products produces sheet extrusion, volume vacuum forming and container printed products. It supplies the food packaging and personal care markets.
Alma owns the freehold of its factory, and it has up to date capital equipment. The business was est...

Cora Gold announces promising Sanankoro final drill returns

Natasha Doris
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Cora Gold announces promising Sanankoro final drill returns

Cora Gold shares increased 1.7% to 7.3p in early afternoon trading on Monday after the company released its third and final set of drill results from its 2022 drill programme at the Sanankoro Gold Project in Southern Mali.

The mining firm reported some of its best oxide intercepts from its final reverse circulation (RC) drilling returns.

Cora Gold mentioned results including 12 metres at 7.61 grams per ton in gold from 18 metres in hole SC0639 at Selin South, 13 metres at 4.97 grams per ton in gold from 61 metres in hole SC0650 at Zone B North, and 4 metres at 6.34 grams per ton in gold from 26 metres in hole SC0658 at Target Six.

The drill programme consisted of 11 aircore (AC) shallow holes for 897 metres and 78 RC holes for 6,992 metres, with 4,958 metres at Zone B North, 1,092 metres at Selin South, 504 metres at Fode 1 and 438 metres at Target Six.

https://twitter.com/cora_gold/status/1531160981262323712

Cora Gold reported that drilling successfully targeted converting existing Inferred Mineral Resources to Indicated Mineral Resources, alongside the identification of new discoveries at Fode 1 and Target Six, close to existing Mineral Resources.

The mining company said it intended to update its Mineral Resource Estimate for Sanankoro in light of its promising results.

The group added that the main component parts of its Definitive Feasibility Study (DFS) had been substantially completed, with the Mineral Resource Estimate set to be incorporated into the Mining Study for the DFS, which has been scheduled for completion in Q3 2022.

https://twitter.com/cora_gold/status/1531168539998138368

It reported an imminent completion for its Environmental and Social Impact Assessment, with submission to commence environmental permitting process scheduled in the coming weeks.

“The final drill results from our 2022 campaign have delivered some of our best results of the year. 12m @ 7.61 g/t Au from 18m depth is an excellent oxide drill hole from Selin South as we look to add new Indicated Mineral Resources there,” said Cora Gold CEO Bert Monro.

“The positive nature of these results has given us confidence to look to update the MRE as we primarily target adding mineable ounces to grow our Ore Reserve in the DFS.” 

“As we have been encouraged by the drilling results we believe they should be reflected in the DFS and, as such, we hope to add mine life to the upcoming Sanankoro DFS which will be completed in Q3 2022.”

Osirium Technologies secures first PEM client

Natasha Doris
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Osirium Technologies secures first PEM client

Osirium Technologies shares were up 1.2% to 8.1p in early afternoon trading on Monday, after the group announced its first standalone Privileged Endpoint Management (PEM) contract with an international imaging brand.

The software company reported that its new client had selected its PEM solution as part of its Cyber Essentials compliance project, which is set to replace a manual system for managing user accounts.

The three-year contract will see the PEM rolled out to 500 users across the client’s UK operations.

Osirium commented that the PEM technology provided a more effective filter for malware, which is capable of finding its way through local administration rights on computer workstations via corporate networks.

According to Osirium, its PEM product removes the necessity for administrative permissions without adding to user workloads or interrupting workflow.

The PEM reportedly learns which applications require elevated permissions, and elevates only approved applications rather than users.

The technology builds on Osirium’s existing Privileged Access Management (PAM) and Privileged Process Automation (PPA), which are being utilised across a slate of sectors as primary or standalone solutions.

The news follows the group’s announcement on 24 March 2022 about its first PPA-led deal with the Midlands and Lancashire Commissioning Support Unit.

Osirium confirmed that the new PEM customer was found through reseller Softcat and Osirium partner and software distribution company Prianto.

The group commented that while contract is not of a material size to its business, it considers the deal an opportunity to demonstrate the viability of its PEM solution as a standalone product for potential new clients, falling in line with Osirium’s “land and expand” strategy.

“We are delighted to announce our first PEM-only deal today, which reflects the increasing interest in our additional privileged security products as organisations look to safeguard and update their security,” said Osirium CEO David Guyatt.

“With a view to capitalising on this need for greater cybersecurity protection, we are having many more conversations with existing PAM customers and new opportunities around endpoint management, as well as process automation.”

FTSE 100 gains as oil rises to $120, China reopens key economic hubs

Natasha Doris
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FTSE 100 gains as oil rises to $120, China reopens key economic hubs

The FTSE 100 was up 0.2% to 7,601.9 in late morning trading on Monday, following a rally in oil prices, with Brent Crude hitting $120 per barrel for the first time since March as the EU convened to discuss its decision to ban imported Russia oil.

The Hang Seng gained 2% to 21,123.9 following China’s reopening of key economic hubs across the country, as Covid-19 restrictions started to ease in the industrial centre of the global economy.

Meanwhile, hints across the Atlantic that the US Federal Reserve might slow down interest rate hikes sent a small wave of optimism throughout the US markets, with the NASDAQ surging 3.3% to 12,131.1 and the S&P 500 rising 2.4% to 4,158.2.

“Risk is back in business it seems. Oil prices hitting $120 per barrel for the first time since March as Asian stocks followed Wall Street’s strong lead from Friday,” said AJ Bell investment director Russ Mould.

IAG shares soared 4.2% to 136p on the back of the half-term holiday hype, as UK consumers sought out sunnier skies on the cusp of summer.

However, airline companies face a challenge to regain their footing in the first proper year of commercial travel since the pandemic kicked off in 2020.

“The airlines are under a lot of pressure to get things right after a long period where their wings were clipped by Covid restrictions, they cannot afford to have a summer disrupted by technical and staffing issues,” said Mould.

Scottish Mortgage Investment Trust shares increased 3.2% to 820.4p as the heavily Asia-invested group benefited from the Asian market’s gains.

In addition, commodities firms rose as China’s reopening boosted hopes of demand, with Antofagasta gaining 1.5% to 1,492p, Croda climbing 2.4% to 7,053p and Anglo American increasing 0.5% to 3,825p.

Fashion shares also enjoyed a boost, after Rishi Sunak’s targeted profit levy on oil and gas companies announced on Thursday last week sparked hopes of increased consumer spending as a slight amount of pressure looked to be removed from struggling consumers.

JD Sports Fashion shares spiked 4.9% to 125.9p and Next shares gained 1.7% to 6,652p after weeks of being battered by the market as the cost of living soared on the back of 9% inflation. It’s possible that the slight relief provided by Sunak’s profit levy could boost consumer spending, however it’s unlikely to be an antidote as much as a band aid for the time being.

Alien Metals acquires 100% of Vivash Gorge Iron Ore Project

Natasha Doris
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Alien Metals acquires 100% of Vivash Gorge Iron Ore Project

Alien Metals shares were up 6.3% to 0.6p in late morning trading on Monday, after the company announced its 100% acquisition of the Vivash Gorge Iron Ore Project in Pilbara, Western Australia from ASX-listed mining company Zenith Minerals.

Alien Metals said it considered Vivash Gorge a strategic acquisition to its IOCA portfolio of direct shipping ore (DSO) projects based in Pilbara.

The Fortescue Mining Group (FMG) reportedly defined a high grade Iron Ore Mineral Resource of 28 million tonnes at 58.8% iron over neighbouring ground, labelled as the ‘Vivash SW resource’, which abuts the eastern central boundary of the Gorge tenement.

Alien Metals pointed out the positive results of FMG’s mining in the region, with its drilling up to the Vivash tenement boundary returning high grade results including 70 metres at 60.5% iron from the surface hole at hole VV0111.

The company estimated that the Vivash SW resource continued into the Vivash Gorge tenement, allowing for a ‘walk up’ drill target, based on geological mapping, proximity and strike of the the resource.

Alien Metals confirmed that several identical targets on strike within Vivash Gorge remained untested at the time of reporting.

Vivash Gorge covers an area of 47km squared, and is located 60km south of Alien Metals’ Brockman project, and 80km from the Tom Price township in southern part of the Brockman Syncline.

The mining firm commented that a programme of work for drilling up to 150 reverse circulation (RC) holes at a maximum of 200 metres each had been cleared for Zenith, which would allow Alien Metals immediate access.

The group said the addition of Vivash Gorge would bring it to a total of three strategically located iron ore projects within the Pilbara region, with a combined tenement package of 108k, and each surrounded by the iron ore majors bearing significant opportunities for further development.

Alien Metals confirmed a transaction consideration split between an upfront consideration of £56,500, which is set to be satisfied through the issue of Alien shares at the 10-day VWAP in advance of completion, alongside deferred consideration pending the achievement of certain milestones.

“The potential acquisition of the Vivash Gorge iron ore project from Zenith Minerals will be a great addition to our growing iron ore portfolio,” said Alien Metals CEO Bill Brodie Good.

“Given the adjacent DSO grade deposits defined by iron ore major Fortescue Metals Group, coupled with what we believe to be the tenement’s highly prospective yet untested geology, Vivash Gorge provides Alien with a third strategically located high grade iron ore project within the Pilbara region.”

“With drilling approvals already in place, we see the immediate potential to get on the ground and test the numerous targets that are on strike from Fortescue’s Vivash SW deposit.”

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