Small Cap Feast

Small Cap Feast – 11th August 2016

Dish of the Day:

No  primary today

Off the Menu:

No leavers today

What’s Cooking in the IPO Kitchen?

LoopUp—The provider of conference calls and online meetings is seeking to join AIM. 2015 revs of £9.2m and EBITDA of £1.02m

Bacanora Lithium— To list on AIM as holding company for TSX listed Bacanora Minerals at £100m market cap

Aura Energy—ASX listed uranium developer (ASX:AEE) expected to join AIM 6 September

Autins Group plc – The acoustic and thermal insulation specialist now looks to join AIM late August


Breakfast Buffet

ValiRx (Val.L) 39p £4.37m

The life science company, which focuses on clinical stage cancer therapeutic development  has received regulatory approval for its VAL401 Phase IIB Clinical Trial in Georgia.  The approved protocol lists “Tumour progression-free survival” as the primary endpoint. Secondary endpoints include pharmacokinetic measurements; safety and tolerability of the drug; quality of life of the patients and overall survival.


John Lewis of Hungerford (JLH.L) 1.1p £2.05m

The company  which  designs, manufactures, and retails kitchens, furniture and wall panelling direct to the public  has decided to close showrooms in Harrogate and Tunbridge Wells reflecting the Board’s assessment of the prospects for each showroom taking into account their recent financial performance.  Both showrooms are expected to cease trading by the end of December 2016.  The two showrooms contributed sales, in aggregate, of £370,000 in the last full financial year.


ASA Resource Grp (ASA.L) 0.85p £14.4m

The pan-African resources company  has released a Q1 operations and exploration update.  Zimbabwe Gold sales up 2% to 14,463oz. Average price up 5% to $1,275. Production of nickel in concentrate decreased in Q1 FY2017 by 31% to 1,555/t, primarily due to a decrease in average head grade and recoveries.  In South Africa Diamond sales increased by 73% from 17,440cts.  Board expects  H2 2016 performance to be stronger than H1 and is confident of  progress for the remainder of FY2017.


Griffin Mining (GFM.L) 36.5p £65.35m

H1Jun2016 results show revenues of $20.8 million (2015: $35.2 million) and operating loss of $1.8 million (2015: profit $6.4 million) severely impacted by the suspension of mining until 22nd January following a fatality and disruption caused by the Chinese new year holidays in February resulting in a lack of ore and low grade ore to process in the first quarter of 2016.  Revenues were further impacted by relatively low commodity Q1. Q2 saw an increase in volumes/commodity prices  and a  return to profitability.


Blur Group (BLUR.L) 7.12p £3.36m

The enterprise services platform and marketplace, has  released H1Jun2016 interims. EBITDA loss reduced by 54%  to $2.1m off a lower revenue base of $560k. Pilot phases, that could lead to wider roll out programs, in progress with a number of large Enterprise customers. Cash down 65% to $4.3m. FY forecasts looking for $1.7m revenues and pre-tax loss of £3.7m.


Noricum Gold (NMG.L) 0.17p £8.15m

The European focused base and precious metals resource development company,  has announced a Significant Increase in Size of Gold & Copper Target in Georgia and Agreement for Future Mining/Processing. Initial exploration target  between 50 & 70mt @ grades between 0.30% Cu and 1.00% Cu and 0.1 to 1 g/t Au for copper sulphide mineralisation and 0.5 to 5 g/t Au for oxide gold resources given proximity to the Madnueli Deposit and  similarities observed there and the Kvemo Bolnisi Project .


Premier Technical Services Group (PTSG.L) 80p £70.5m

The niche specialist services provider has announced an H1Jun2016 trading update in line with expectations.  Two recent contract wins, signed by the Group’s Access Installation division for a combined order value of £2.5m, have further strengthened an already healthy order book in this construction related area for 2017 and 2018 and the Group’s testing and maintenance activities continue to see strong work and order levels.  Fy2016E PE of 11.7. Yield 1.8%.


LiDCO Group (LID.L) 6.37p £12.4m

H1Jul2016 trading update from the hemodynamic monitoring company. Product revenues up 10% to £3.03m with total revenues (including third party products) up 5% to £3.77m. Net cash inflow during the period was £0.50m with cash at the period end of £2.09m . US going well from a small base. FYJan2017 forecasts project revenues of £8.5m and PBT of £0.2m.


PROACTIS Holdings (PHD.L) 112p £44.6m

The global Spend Control and eProcurement solution provider has provided an FYJul16 trading update. Revenues  up 13% to £19.4m. Adjusted EBITDA up 10% to £5.3m in line with expectations.  The Group’s strong performance in customer contract renewals, has enabled a substantially strengthened forward revenue visibility: Order book of £26.1m  up 32%. Annualised contracted revenue5 of £17.7m up 30%. Seeking further M&A.  The shares trade at 20x projected earnings.


Akers Biosciences (AKR.L) 215p £11.66m

The developer of rapid health information technologies  has reported H1Jun16 results. Product revenue up 47% to $1,694,510. Sales of flagship PIFA Heparin/PF4 Rapid Assay products up 68% to $1,514,255, With approximately $2 million of sales to Novotek anticipated in the second half. In addition, expects to see contributions from other tests, such as alcohol breathalyzers and BreathScan OxiChek™, gaining momentum.  Loss before  tax reduced by 26% to $(2,517,861).


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Emily Liu, CFA, CAIA
0203 764 2344

Sous Chef:

Sacha Morris
0203 764 2345

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