AIM BREAKFAST – 28th September 2016
Set Menu AIM:
Total number of AIM Companies (Incl Susp): 1,001
Total number of AIM Companies trading: 986*
* As at 27 September 2016
Dish of the Day:
No AIM Primary Today
No AIM Primary Today
Off the Menu:
No AIM Leavers Today
No AIM Leavers Today
Set Menu ISDX Growth:
Total number of ISDX Growth Market Companies (Incl Susp): *
Total number of ISDX Growth Market Companies trading: *
* As at 27 September 2016
Dish of the Day:
Off the Menu:
What’s Cooking in the IPO Kitchen?
Saudi Aramco—Press reports the Saudi national oil company is considering an IPO. London, NYSE, and Hong Kong in running
Krispy Kreme UK—Press reports that Alcuin Capital Partners, the owner of the doughnut chain is seeking a London float this year
Biffa— Intention to float announcement states that up to £270m is to be raised to pay down debt and historic landfill tax liability
Bacanora Lithium— To list on AIM around 28 Sep as holding company for TSX listed Bacanora Minerals at £100m market cap
Venn Life Science Holdings* (VENN.L) 28.5p £17.17m
H1Jun16 interims from the growing Contract Research Organisation. Revenue +113% to €9.06m. EBITDA profit €0.4m from €0.09m. Progress on Kinesis integration and initial cross sales achieved. Sale process for innovation division Innovenn underway to realise value from the investment and bring better clarity to the core business performance. Our FYDec16E forecasts look for €17m sales and adjusted diluted EPS of 2.69c. A PE of 12.3x. Cash and equivalents of €2.1m as at 23 September.
Coral Products (CRU.L) 20.25p £16.7m
AGM statement from the UK specialists in the design, manufacture and supply of injection moulded products. Trading after the first 4 months of the current year is in line with management’s expectations. Sales and Profits are both substantially ahead of same period for last year in spite of the negative impact of the significant fall in the value of sterling relative to the dollar and euro during this year. The recently merged tatra rotalac business is now fully operational and is poised for further improvement. FYApr17E revenues £24.7m. PBT £2.07m. EPS 2.3p. Div 1.2p.
easyHotel (EZH.L) 84.5p £52.8m
The owner, developer, operator and franchisor of “super budget” branded hotels has announced a £38m conditional placing at a price of 100p, an 18.3% premium to yesterday’s close. The proceeds of the placing are to be primarily utilised to fund the owned hotel roll-out strategy. The Board expects the investment of new capital in the hotel pipeline to be materially earnings per share enhancing in the medium term. FY Sep 16E £5.88m revenues and £0.84m PBT.
Totally (TLY.L) 81p £13.3m
The provider of a range of services to the healthcare sector has announced H1Jun16 interims. Turnover of £936k from £418k. EBITDA loss excluding acquisition costs £406k from £69k. Two acquisitions completed and successfully integrated during H1:Premier Physical Healthcare a provider of physical healthcare services to public & private patients, for up to £6.75m and subscription to raise £6.2m. About Health, a provider of community based health services under contract to the NHS with a focus on dermatology services, for up to £7.7m.
Snoozebox Holdings (ZZZ.L) 0.65p £1.92m
The provider of portable hotels has announced H1Jun Interims. Revenue decreased to £2.2m (H1 15: £2.4m). Adjusted EBITDA loss decreased to £0.8m (H1 15: £1.7m). Net debt down to £3.2m from £5.4m following sale and lease back and net placing of £4.5m in January at 6p. Cost cutting continues with an aim of reducing central overhead cash costs to approximately £0.1m per month entering 2017 (approximately £0.3m per month on average in H1 16). A number of sales opportunities progress but lead times remain long.
Ebiquity (EBQ.L) 103p £79.52m
H1 Jun16 results from the independent marketing analytics specialists. Total revenue up 6.8% on a reported basis to £42.3m. Underlying PBT up 8.5% to £8.0m. Net debt decreased by £0.8m to £28.1m. “Overall the activity over the first six months has combined to provide forward momentum into the second half and we expect to be in line with the Board’s expectations for the full year.” FYDec16E revenues of £82.2m and EPS of 11p. 9.4x PE. 0.5% yield.
Inspiration Healthcare (IHC.L) 71p £21.77m
H1Jul16 results from the global medical device company. Sales on a pro forma basis grew by 10% to £7.1m with strong growth in Critical Care. Operating profit on a pro forma basis grew 12% to £0.6m. Cash remains strong ending the half year at £3.0m (from £2.3m at 31 January 2016). FY expectations remain unchanged. Recurring revenues remain a strong contributor to sales. Good long term potential from new and early stage products. FYJan17E revenues of £14.3m and EPS of 3.3p
Plastics Capital (PLC.L) 111p £39.56m
Trading update from the niche manufacturer of specialist plastic products. The Company continues to trade in line with market expectations. Trading during the six-month period since 31 March 2016 shows improvement on the prior year, primarily due to organic sales growth in the Industrial Division, and the initial contribution from Synpac in the Films Division, which was acquired in July 2016. FYMar17E revenues of £53.5m and EPS of 11.85p. 9.4xPE and a yield of 4.2%
IBEX Global Solutions(IBEX.L) 129.5p £31.8m
The provider of contact centre services and other business process outsourcing solutions has released H1Jun16 results. Revenue up 7% to $255.5m. Profit before tax of $7.1 million (2015: $7.2 million). Net assets of $27.6 million as of 30 June 2016 (30 June 2015: $25.5 million). Intention to declare final dividend of 6.6 cents per share, representing a total dividend for the year of 11.7 cents per share. Anticipating growth to be driven by offshore and nearshore regions.
Armadale Capital (ACP.L) 6.13p £3.8m
The investment company focused on natural resource projects, announces it has entered into a binding Heads of Agreement with African Mining Services Pty Ltd to form a joint venture to develop and operate the Mpokoto gold project in Katanga Province, Democratic Republic of Congo (‘DRC’). Mpokoto has an established resource of 678,000oz of gold (‘Au’) from 14.58m tonnes of ore at 1.45 g/t Au to produce circa 25,000oz annually over a nine-year mine life.
0203 764 2344
*A corporate client of Hybridan LLP
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, does not constitute “independent investment research” for the purposes of the Financial Conduct Authority rules. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, directors, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the UK, this document is directed at and is for distribution only to persons who (i) fall within Article 19(5) (persons who have professional experience in matters relating to investments) or Article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or (ii) are Professional Clients or Eligible Counterparties (as those terms are defined in the rules of the Financial Conduct Authority) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as “relevant persons”). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by persons who would be classified as Retail Clients (as defined by the rules of the Financial Conduct Authority).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of UK or US securities law, or the law of any such other jurisdictions.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, directors, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Neither the whole nor any part of this document may be duplicated in any form or by any means. Neither should this document, or any part thereof, be redistributed or disclosed to anyone without the prior consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX. If you would like to unsubscribe, please email email@example.com with “unsubscribe me”.