Atossa Genetics

Atossa to raise $4.0m in combined class offering

Flash note | Pharmaceutical & healthcare | 30/03/2017

Atossa intends to raise $4.0m (gross proceeds), excluding over-allotments, in an equity offering of Class A and Class B units, consisting of 0.664m common…

Jackpotjoy plc

Deleveraging to drive value

Update | Travel & Leisure | 30/03/2017

Jackpotjoy plc’s (JPJ) maiden London-listed results demonstrated the benefits of leading market brands in a profitable and cash generative business.…

4SC

A streamlined focus moving forward

Update | Pharmaceutical & healthcare | 30/03/2017

2016 was an important year for 4SC as it launched its potentially pivotal Phase II study with resminostat, an epigenetic cancer drug, in CTCL. In addition,…

YouGov

High-profile profiles

Update | Media | 30/03/2017

YouGov continues to deliver growth well ahead of the market as investment in its scalable Data Products and Services pays back in profits and in cash.…

Pixium Vision

Key advancements for Iris II and Prima in 2017

Outlook | Pharmaceutical & healthcare | 30/03/2017

Pixium Vision is developing two different retinal implants that provide vision by electrically stimulating the retina. Commercialisation efforts for Iris…

Reworld Media

Digital progress and momentum

Update | Media | 30/03/2017

Reworld Media has posted strong preliminary FY16 numbers, with EBITDA of €4.4m – well ahead of earlier guidance of around €3.3m and our…

Immunovia

Final top-line IMMray data in Lupus, FY16 results

Update | Pharmaceutical & healthcare | 30/03/2017

Immunovia has announced final top-line data of the IMMray platform from a retrospective study in autoimmune diseases. The study showed that the IMMray…

IBU-tec

Thermal processing experts

Initiation | General Industrials | 30/03/2017

IBU-tec has a unique, proprietary reactor for manufacturing inorganic materials with precisely controlled properties. This has enabled it to generate double-digit…

Avanti Communications

Calling ground control

Flash note | Aerospace & Defence | 29/03/2017

Following its successful refinancing in January, Avanti is gathering momentum once again. It has today announced a very significant partnership for sub-Saharan…

Ebiquity

Executing the Growth Acceleration Plan

Update | Media | 29/03/2017

Ebiquity’s FY16 results reflect a continuation of trends seen at H116 and the early stages of the Growth Acceleration Plan. With additional services…

Severfield

Better revenue, margin and cash progress

Update | General Industrials | 29/03/2017

FY17 has seen a strong close and we have increased FY17 and FY18 estimates as a result. Margin improvement has been a key focus, but this successful trading…

Silver Wheaton

What a difference a quarter makes

Update | Mining | 29/03/2017

A mixed performance at Silver Wheaton’s (SLW) silver division was trumped by an exceptional performance at its gold division in Q416, such that the…

CREALOGIX

Exceptional H1, but a slower H2 is anticipated

Update | Technology | 29/03/2017

CREALOGIX saw strong momentum in H117 on the back of the group’s internationalisation strategy, supported by favourable digital banking industry…

Selvita

Menarini Group in-licensed SEL24

Flash note | Pharmaceutical & healthcare | 28/03/2017

Today Selvita announced that it has out-licensed its lead asset SEL24 (dual PIM/FLT3 kinase inhibitor) to Menarini Group making it the first deal for a…

Euromax Resources

Potential US$87.2m in initial capex savings

Update | Mining | 28/03/2017

In November 2016, Euromax embarked on a contract mining tender process (in contrast to the owner-operator model envisaged in its DFS). The tender focused…

PDL BioPharma

Building the Noden platform

Outlook | Pharmaceutical & healthcare | 28/03/2017

PDL BioPharma is increasingly focused on building Noden Pharma (of which it currently owns 98%) into a lucrative specialty pharmaceutical platform. Currently…

K3 Business Technology

Shifting from product to customer focus

Update | Technology | 28/03/2017

As previously flagged, delays in closing contracts in H117 hit profitability. Management launched a reorganisation programme to streamline the business…

Paion

Positive data in high-risk patients

Update | Pharmaceutical & healthcare | 27/03/2017

Paion has taken an important step towards its goal of US approval for its ultra-fast-acting sedative, remimazolam with the announcement of positive top…

Raven Russia

Emerging opportunities

Outlook | Property | 27/03/2017

Management’s outlook is cautiously optimistic and market conditions have improved since the start of 2016. Raven’s FY16 results show an IFRS…

Solid State

FY17 trading broadly in line

Update | General Industrials | 27/03/2017

Solid State has announced that FY17 trading is likely to be broadly in line with market expectations, with delays in antenna projects in Q4 pushing performance…

Formycon

Surfing the next wave of biosimilars

Initiation | Pharmaceutical & healthcare | 27/03/2017

Formycon is a pure-play biosimilar company focused on third-wave biosimilars (those coming off patent after 2020), an overlooked opportunity for most biosimilar…

WYG

A good year, but not as good as anticipated

Update | Industrial Support Services | 24/03/2017

A slower end to FY17 for UK operations has lowered market guidance to c £9m EBIT for the year, c 12% below our previous estimate (but still…

Transgene

Combination trials start, FY16 results

Update | Pharmaceutical & healthcare | 24/03/2017

Transgene has announced the initiation of two clinical trials of its main assets in combination with immune checkpoint inhibitors (ICIs). A Phase I trial…

UK Commercial Property Trust

Income key in world of low numbers

Initiation | Investment Companies | 24/03/2017

UK Commercial Property Trust (UKCM) is a property investment company which seeks to generate an attractive and sustainable income with potential for capital…

IG Design Group

Outperformance in the bag

Update | Consumer Support Services | 24/03/2017

IG Design has had a very good second half trading and has issued a year-end update indicating that numbers will exceed market estimates. We have lifted…

Prima BioMed

Initial LAG-3 combo data presented

ADR Update | Pharmaceutical & healthcare | 23/03/2017

Prima BioMed has presented encouraging early signs of efficacy from the TACTI-mel trial of IMP321 in combination with Keytruda, with one of the six melanoma…

Seneca Global Income & Growth Trust

More than five years since mandate change

Review | Investment Companies | 23/03/2017

Seneca Global Income & Growth Trust (SIGT) aims to generate income and long-term capital growth across multiple asset classes with low volatility. The…

Jupiter US Smaller Companies

Small-cap growth with a margin of safety

Review | Investment Companies | 23/03/2017

Jupiter US Smaller Companies (JUS) invests in small and mid-cap US companies with the aim of achieving long-term capital growth with capital preservation.…

ReNeuron Group

Clinical pipeline progressing as planned

Outlook | Pharmaceutical & healthcare | 23/03/2017

ReNeuron reported in December 2016 positive Phase II trial data for its CTX cells in chronic stroke patients, despite not meeting the three-month time…

Prima BioMed

Initial LAG-3 combo data presented

Update | Pharmaceutical & healthcare | 22/03/2017

Prima BioMed has presented encouraging early signs of efficacy from the TACTI-mel trial of IMP321 in combination with Keytruda, with one of the six melanoma…

QinetiQ Group

Targeting acquisitions and contracts

Update | Aerospace & Defence | 22/03/2017

QinetiQ CEO Steve Wadey has now got the bit between his teeth and is on a mission to expand the company internationally while exploiting growth opportunities…

F&C Managed Portfolio Trust

Diverse exposure with income and growth options

Initiation | Investment Companies | 22/03/2017

F&C Managed Portfolio Trust (FMPT), launched in 2008, comprises two listed investment portfolios – an income portfolio (FMPI) and a growth portfolio…

Custodian REIT

It’s all about income

Initiation | Property | 22/03/2017

Custodian REIT (CREI) is an income-orientated REIT focused on UK commercial property outside London. Its portfolio of 133 properties is diversified by…

Newron Pharmaceuticals

Xadago receives FDA approval in PD

Flash note | Pharmaceutical & healthcare | 22/03/2017

Newron and its partners Zambon and US WorldMeds have announced that the FDA has approved Xadago (safinamide) for Parkinson’s disease (PD) patients…

WANdisco

In a good place

Update | Technology | 21/03/2017

WANdisco’s full year results confirmed the strong recovery in H2. We believe this is set to continue, driven by the company’s enviable exposure…

Secure Income REIT

Easy to predict, very hard to emulate

Update | Property | 21/03/2017

Secure Income REIT’s (SIR) FY16 results show income in line with expectations and 14.4% NAV growth per share. SIR has some of the longest leases…

IQE

Photonics the star of the show

Update | Technology | 21/03/2017

IQE’s diversification strategy delivered a 17% jump in adjusted profit before tax during FY16. Strong growth in photonics revenues was a key element…

La Doria

Recovery expected from H2

Update | Food & Drink | 20/03/2017

The operating environment remains challenging for La Doria, with sales price deflation, raw material cost inflation and Brexit continuing to feature. FY16…

Selvita

SEL24 enters Phase I/II

Outlook | Pharmaceutical & healthcare | 20/03/2017

Selvita delivered on both fronts in 2016. We expect sales to have grown a solid 21% y-o-y, with an R&D milestone met and the FDA accepting an investigational…

VolitionRx

Something innovative in the state of Denmark

Update | Pharmaceutical & healthcare | 20/03/2017

VolitionRx recently announced the initiation of a two-phase logistical study for its Nu.Q™ Triage test for colorectal cancer (CRC) in Denmark, which…

DeA Capital

Expanding asset management platform

Update | Financials | 20/03/2017

FY16 saw good growth in its alternative AUM, positive performance from fund investments, offsetting weakness at Migros, the retailer quoted in Turkey,…

SDX Energy

South Disouq spuds

Flash note | Oil & Gas | 20/03/2017

SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This…

EMIS Group

Strengthening its position despite NHS funding pressures

Update | Technology | 20/03/2017

EMIS reported adjusted profit in line with expectations, despite NHS funding pressures causing difficult trading conditions in certain parts of the business.…

StatPro Group

Underlying revenue book grew by 6%

Update | Technology | 20/03/2017

StatPro’s annualised recurring revenue (ARR) rose by 37% over the 12 months to £39.3m at end-FY16, reflecting 6% constant currency organic growth,…

Target Healthcare REIT

Care home specialist

Initiation | Property | 20/03/2017

Target Healthcare REIT is a specialist investor in modern, purpose built residential care homes, the demand for which is rising, driven by structural demographic…

Paion

On track to file in US and Japan by mid-2018

Update | Pharmaceutical & healthcare | 20/03/2017

Paion has successfully accelerated recruitment in the confirmatory pivotal bronchoscopy study of its ultra-fast-acting sedative remimazolam in procedural…

Focusrite

Right focus

Update | Consumer Support Services | 20/03/2017

Focusrite has positioned itself in a way that makes its shares a particularly attractive investment: leadership in a niche product area protected from…

Evotec

Termination of coverage

Update | Pharmaceutical & healthcare | 19/03/2017

Edison Investment Research is terminating coverage on Evotec (EVT). Please note you should no longer rely on any previous research or estimates for this…

Is Private Equity

Weathering a storm

Outlook | Investment Companies | 17/03/2017

Is Private Equity (ISGSY) makes direct private equity investments in mid-sized Turkish companies with the aim of providing capital gains and attractive…

Utilico Emerging Markets

Focused investment in emerging markets

Review | Investment Companies | 16/03/2017

Utilico Emerging Markets (UEM) aims to generate long-term total returns from a portfolio invested primarily in operational and cash generative companies…

Borussia Dortmund

Hitting form

Update | Travel & Leisure | 16/03/2017

Although in transition after high-profile player departures, Borussia Dortmund (BVB) continues to compete well on all fronts. Its financial performance…

Evolva

Headroom improves

Update | Food & Drink | 16/03/2017

Evolva has secured equity financing of up to CHF30m. This is a fully flexible arrangement with relatively good terms, which if drawn down in full would…

Allium Medical Solutions

Growth continues, investment case reinforced

Update | Pharmaceutical & healthcare | 16/03/2017

Allium Medical Solutions has reported FY16 financial results, which impressed with revenue growth of 42% to NIS7.4m vs NIS5.2m in 2015, in line with our…

PharmaMar

Strong newsflow expected in 2017

Update | Pharmaceutical & healthcare | 16/03/2017

PharmaMar is approaching two key milestones in H217: an approval decision for Aplidin for multiple myeloma in Europe; and Phase III results for lurbinectedin…

Lookers

Strategy for driving growth

Update | Automotive Retailers | 16/03/2017

Lookers continued its impressive development in FY16, delivering yet another record performance. The buoyancy of the UK car market combined with the disposal…

Pointer Telocation

Good figures and yet another impressive deal

Update | Technology | 16/03/2017

The group has started 2017 well with two significant contracts – a highly prospective one for driver behaviour in NY for ride firms such as Uber…

Paysafe Group

Niche payments focus drives growth

Update | Technology | 15/03/2017

Paysafe reported FY16 results in line with expectations, after upgrading its outlook in January. The company saw strong organic growth in all divisions…

Bowleven

Crown Ocean resolutions prevail

Flash note | Oil & Gas | 15/03/2017

The results of the Bowleven general meeting (GM) were released this morning, with eight of the nine resolutions passed. This has led to the removal as…

Volt Resources

High-ranking East African graphite project

Initiation | Mining | 15/03/2017

Volt’s recent pre-feasibility study on Namangale outlines a 170ktpa operation feeding a high-purity graphite concentrate into the lithium-ion battery…

Share

Poised for delivery

Update | Financials | 15/03/2017

Share plc’s FY16 result was modestly ahead of our expectation and it is making progress in its work to enhance its customer proposition and servicing…

Sunesis Pharmaceuticals

Getting closer to EU approval

Update | Pharmaceutical & healthcare | 15/03/2017

The company’s application for EU approval for vosaroxin approval in AML continues to progress. The company will go before the Oncology Division of…

Vernalis

Positive Tuzistra trends

Update | Pharmaceutical & healthcare | 15/03/2017

Investment into addressing barriers to higher Tuzistra XR prescribing is starting to translate into higher prescription (Rx) rates. Mid-way through the…

Polypipe

Aligned with the times

Initiation | General Industrials | 15/03/2017

We expect forthcoming FY16 results (30 March) to highlight the strength of Polypipe’s model with a strong y-o-y uplift in earnings and good cash…

Nano Dimension

Major milestones on schedule

Update | Technology | 15/03/2017

FY16 was a very successful year for Nano Dimension as it delivered the first six DragonFly systems to potential customers for evaluation and raised US$13.8m…

Blancco Technology Group

Growth from (data) destruction

Initiation | Technology | 15/03/2017

As the leading provider of data erasure software for the enterprise market, Blancco is well positioned to exploit the growing requirement for secure data…

SLI Systems

Quality over quantity

Outlook | Technology | 14/03/2017

SLI’s financial performance in H1 reflected its current transitional phase with ARR remaining flat as the business is realigned to focus on value…

TxCell

Aiming for first CAR Treg

Update | Pharmaceutical & healthcare | 14/03/2017

TxCell’s novel CAR-modified regulatory T-cell (CAR Treg) platform continues to develop well. TxCell has four indications in preclinical development…

Palace Capital

Another NAV-accretive disposal

Update | Property | 14/03/2017

Palace continues to demonstrate its ability to grow NAV per share through its strategic recycling of assets. The disposal of a property in Maldon has realised…

Bankers Investment Trust (The)

50 years of growing dividends

Review | Investment Companies | 14/03/2017

The Bankers Investment Trust (BNKR) aims to reward investors who take the additional risk of investing overseas with total returns in excess of those they…

Newron Pharmaceuticals

Marching into 2017

Update | Pharmaceutical & healthcare | 13/03/2017

We anticipate that the sales and pipeline progression made by Newron in 2016 will be cemented further in 2017/18. A critical catalyst remains the US Xadago…

TXT e-solutions

Strong cash flow supports dividend boost

Update | Technology | 13/03/2017

FY16 results confirmed that the PACE acquisition has been successfully integrated and TXT Next continues to see good underlying growth. Despite weaker…

32Red

Kindred spirits

Update | Travel & Leisure | 13/03/2017

Kindred Group’s all cash offer for 32Red marks a meaningful and well-priced entry into the UK online casino market. With robust FY results and 20%…

Oryzon Genomics

New data further back MS indication

Update | Pharmaceutical & healthcare | 13/03/2017

Oryzon has two assets, ORY-1001 and ORY-2001, in the clinical stage of development, with ORY-3001 being investigated for oncology indications in the preclinical…

Coats Group

FY16 ahead, estimates nudged up

Update | General Industrials | 10/03/2017

A busy year for Coats concluded with progress on earnings and pensions. There is more to be done on both but with pension distractions substantially resolved…

4imprint Group

Online catalogue of success

Update | Media | 10/03/2017

4imprint has again posted strong results, with FY16 revenue increase well ahead of the market growth of 2-3% and a tick up in operating margin. Second…

OTC Markets Group

Growing market recognition

Update | Financials | 10/03/2017

Against a soft trading background OTC Markets Group (OTCM) delivered FY16 numbers slightly ahead of our expectation and the prior year. While the number…

Cohort

Protection for hearing and earnings

Flash note | Aerospace & Defence | 10/03/2017

Cohort’s MCL operation has announced the award of an additional £9.9m four-year contract for the provision of hearing protection systems to…

Bowleven

Farm-down to VOG monetises Bomono gas

Update | Oil & Gas | 09/03/2017

Bowleven’s (BLVN) farm-out with Victoria Oil and Gas (VOG) is probably the quickest route to market for Bomono gas. While BLVN has had to sacrifice…

1Spatial

Move to a client centric solutions model

Update | Technology | 09/03/2017

Having undertaken a full strategic review, 1Spatial is moving towards a more client-led solutions provider model from its previous IP-centric one. A restructuring…

Viralytics

Cavatak combo data at AACR next month

Update | Pharmaceutical & healthcare | 09/03/2017

Viralytics will present updates on three Phase Ib trials of Cavatak in combination with marketed immune checkpoint inhibitor (ICI) drugs at the AACR conference…

Centrale del Latte d'Italia

Integration progressing

Update | Food & Drink | 09/03/2017

The domestic market remains challenging, and raw material prices are now increasing. FY16 revenues were slightly ahead of our forecast and FY17 seems to…

PPHE Hotel Group

Up for the challenge

Update | Travel & Leisure | 09/03/2017

PPHE has delivered on a confident post-close update with 2016 EBITDA well above expectations. H2 recovery in London despite headwinds and sustained buoyancy…

Collplant Holdings

Solid foundations with potential for growth

Initiation | Pharmaceutical & healthcare | 09/03/2017

CollPlant’s investment story is built on the versatility of its plant-based technology, rhCollagen, and its application in regenerative medicine.…

John Laing Group

Another year of growth

Update | Financials | 08/03/2017

John Laing Group (JLG) extended its track record of growth with increases in NAV and DPS in FY16. The outlook for infrastructure investment remains strong…

Global Bioenergies

Synergistic acquisition for new markets

Update | Alternative Energy | 08/03/2017

Global Bioenergies’ (GBE) acquisition of Syngip in an all-share deal further strengthens the company’s third-generation processes and as such…

XP Power

Strategy evolution

Outlook | Electronics & Electrical Equipment | 08/03/2017

XP Power has successfully transitioned its business and now designs and manufactures the majority of the products it sells. To reflect this achievement,…

Hutchison China MediTech

Fruquintinib FRESCO meets its primary endpoints

Update | Pharmaceutical & healthcare | 07/03/2017

Hutchison (HCM) and partner Lilly announced positive, top-line pivotal phase III trial results for fruquintinib in 3rd line colorectal cancer. The China…

Abzena

Abzena inside product progresses to Phase II

Update | Pharmaceutical & healthcare | 07/03/2017

Abzena has announced the progression of one of the Abzena inside Composite Human Antibody products into a Phase II clinical trial. The product is…

Thin Film Electronics

Cloud portal launch strengthens NFC proposition

ADR Update | Technology | 07/03/2017

For Thinfilm (THIN), 2016 has been principally dominated by a steadily growing list of new client partnerships, preparations for the move to the new R2R…

Nexstim

Funded and back on stroke trial track

Update | Pharmaceutical & healthcare | 07/03/2017

A key uncertainty for Nexstim was removed in December as the FDA confirmed that only one additional stroke rehabilitation trial in 60 patients will be…

Amur Minerals

Recovery abounds

Update | Mining | 07/03/2017

On 10 February, Amur announced a 50kt (or 6.8%) headline increase in contained resource nickel tonnes, but a 214kt (or 41.7%) underlying increase (ie at…

Evotec

Upgraded on healthy cash flows post acquisition

Update | Pharmaceutical & healthcare | 07/03/2017

Evotec ended 2016 with the landmark deal with Celgene for Evotec’s induced pluripotent stem cell (iPSC) platform, bringing in a $45m upfront payment.…

Hutchison China MediTech

Fruquintinib FRESCO meets its primary endpoints

Update | Pharmaceutical & healthcare | 06/03/2017

Hutchison (HCM) and partner Lilly announced positive, top-line pivotal phase III trial results for fruquintinib in 3rd line colorectal cancer. The China…

Jupiter UK Growth Investment Trust

High-conviction investment in UK equities

Review | Investment Companies | 06/03/2017

Jupiter UK Growth Investment Trust (JUKG) aims to generate long-term capital growth from a concentrated portfolio of predominantly UK equities. Manager…

Greggs

Successful strategy offers further potential

Outlook | Food & Drink | 06/03/2017

Given Greggs’ long track record of strong cash generation and the success of the 2013 strategic plan to date, it seems reasonable to look beyond…

Reworld Media

Brand building

Initiation | Media | 06/03/2017

Reworld Media combines leading media brands with performance marketing via its consolidated 30% TradeDoubler shareholding, providing advertisers with a…

Thin Film Electronics

Cloud portal launch strengthens NFC proposition

Update | Technology | 06/03/2017

For Thinfilm (THIN), 2016 has been principally dominated by a steadily growing list of new client partnerships, preparations for the move to the new R2R…

Ultra Electronics

Strengthening defence

Update | Aerospace & Defence | 06/03/2017

Ultra Electronics has more than delivered on our earnings expectations in FY16, with anticipated flat organic performance boosted by M&A and FX in the…

RedHill Biopharma

Transformation to commercial/R&D spec pharma

Update | Pharmaceutical & healthcare | 06/03/2017

RedHill’s Q416 results update showed steady progress with R&D activities and the company readying itself for commercialisation in the US, following…

Jersey Electricity

Stable returns and improving cash flow

Outlook | General Industrials | 03/03/2017

Jersey Electricity (JEL) is delivering attractive and stable returns for its shareholders and secure, affordable, low-carbon electricity for its customers.…