IQE

Start of mass market VCSEL ramp-up

Update | Technology | 26/07/2017

IQE’s pre-close trading update notes a 16% year-on-year increase in wafer revenues in H117, driven by strong double-digit growth in photonics and…

Acal

Positive trading continues through Q1

Update | Technology | 26/07/2017

Acal continues to see strong trading, with organic constant currency year-on-year revenue growth of 9% in Q118. Order intake also remains strong, with…

The Scottish Investment Trust

Greater conviction for global contrarian

Review | Investment Companies | 26/07/2017

The Scottish Investment Trust (SCIN) invests globally, with the aim of achieving capital appreciation and above-inflation dividend growth. A self-managed…

Hansa Trust (HAN)

Positioned for interesting times

Review | Investment Companies | 25/07/2017

Hansa Trust (HAN/HANA) seeks to be differentiated from peers by giving investors access to a portfolio of global equities, specialist funds and a strategic…

Paysafe

Both target and bidder

Update | Technology | 25/07/2017

Paysafe is potentially the target of a 590p per share (all cash) bid from a private equity consortium. Paysafe’s largest shareholder supports the…

The Biotech Growth Trust

Celebrating its 20th birthday

Review | Investment Companies | 25/07/2017

The Biotech Growth Trust (BIOG) was launched in 1997, aiming to generate long-term capital growth from a global portfolio of biotech stocks. Since 2005,…

Oxford BioMedica

CTL019 approval likely in pALL, ad-com positive

Update | Pharmaceutical & healthcare | 25/07/2017

With a probable approval for Novartis’s CTL019 (tisagenlecleucel) (OXB manufacture a key component) in both paediatric ALL and DLBCL on the horizon,…

WANdisco

Strong H1, expect momentum to continue

Update | Technology | 25/07/2017

WANdisco’s trading update confirms the positive start to the year, with bookings ($10.2m, + 73% y-o-y) and cash burn ($0.6m) significantly better…

Vietnam Enterprise Investments

Established Vietnamese equity market specialist

Initiation | Investment Companies | 25/07/2017

Vietnam Enterprise Investments (VEIL) is a specialist actively-managed, closed-ended investment company that is the largest and longest established fund…

Ultra Electronics

Major Indian Navy ASW contract

Update | Aerospace & Defence | 25/07/2017

More positive news from Ultra Electronics, as it has announced it has been awarded a contract from the Indian MOD to supply the Indian Navy defence systems.…

TXT e-solutions

Sale of TXT Retail for €85m

Flash note | Technology | 24/07/2017

TXT has agreed to sell its retail business for €85m in cash to Aptos, a North American retail software company. The deal should close by the end of…

Tungsten Corporation

Focus on delivery and growth

Update | Financials | 24/07/2017

Tungsten Corporation’s FY17 results confirm it is making good progress in implementing its more focused strategy and reengineering its internal processes…

Cairn Energy

Producer, developer, explorer

Update | Oil & Gas | 24/07/2017

We refresh our view on Cairn Energy, focusing on key areas of interest for investors already familiar with the company. We examine a number of valuation…

Allium Medical Solutions

Business progressing on multiple fronts

Update | Pharmaceutical & healthcare | 24/07/2017

Allium Medical has made significant progress across business lines. The safety monitoring board has recommended continuing the study of Gardia’s…

Euromoney Institutional Investor

Broadly favourable events

Update | Media | 21/07/2017

Euromoney’s Q3 trading update shows overall performance continuing as expected, with positives from events, subscriptions and content, partly offset…

Oryzon Genomics

Roche returns rights on ORY-1001

Flash note | Pharmaceutical & healthcare | 21/07/2017

As reported yesterday, Roche has decided to discontinue the development of ORY-1001 (a selective LSD1 inhibitor) and return the rights to Oryzon, according…

DEMIRE

First in secondary locations

Initiation | Property | 21/07/2017

DEMIRE Deutsche Mittelstand Real Estate (DMRE) is an investor in German commercial property focused on secondary locations. It has grown significantly…

Esker

On track; outlook maintained

Update | Technology | 20/07/2017

Esker has reported H117 revenues in line with our forecasts, achieving 9% y-o-y organic constant currency growth. The e-integration acquisition is performing…

KEFI Minerals

83% of the way there

Update | Mining | 20/07/2017

This week, KEFI Minerals announced that it had signed an agreement with Oryx for US$135m of lease funding for Tulu Kapi. As a result, Oryx will assume…

Carr's Group

Contract award supports FY18 profit recovery

Update | Consumer staples | 20/07/2017

Carr’s Group notes that the continued recovery in UK agriculture, supported by improving farmer confidence, is offsetting weak demand in the US for…

Low & Bonar

Good growth delivered and anticipated

Update | Basic Industries | 20/07/2017

Good overall progress was achieved in H117 – although market conditions and business unit performance were somewhat mixed – and full year expectations…

QinetiQ Group

Trading as expected

Flash note | Aerospace & Defence | 19/07/2017

QinetiQ’s AGM statement reconfirmed the outlook even in an environment that remains uncertain post the UK election. While some order deferrals in…

SDX Energy

Material growth still to come

Outlook | Oil & Gas | 19/07/2017

SDX Energy is a North Africa-focused E&P with production in Egypt and Morocco. The company benefits from strong cash flow generation from its oil production…

Delignit

Leveraging ecological strengths

Initiation | General Industrials | 19/07/2017

The recent orders in the LCV and rail transport segments illustrate Delignit’s ability to deliver customised solutions and foster technological advancements…

Vernalis

Tuzistra XR steady growth in Rx run rate

Update | Pharmaceutical & healthcare | 19/07/2017

Vernalis has provided a year-end trading and operational update ahead of its FY17 results due to be announced on 12 September. Total revenues are expected…

PharmaMar

Preparing for ovarian Phase III data

Update | Pharmaceutical & healthcare | 19/07/2017

Data from the 443-patient Phase III CORAIL study of Zepsyre® (lurbinectedin, PM01183) in platinum-resistant ovarian cancer is expected in H217 (most…

Mondo TV

World-class animations group

Initiation | Media | 19/07/2017

Mondo TV has radically improved its financial profile over the last three years and targets a tripling of EBITDA over the next five. Funding is in place…

Abzena

Continuing to secure deals that validate model

Update | Pharmaceutical & healthcare | 19/07/2017

Abzena has announced another licensing deal, this time involving its Composite Human Antibody technology. The deal is with Telix Pharmaceuticals, a biopharmaceutical…

EMIS Group

Steady progress

Update | Technology | 19/07/2017

In H117 EMIS traded in line with expectations. Primary Care, Community Care and Community Pharmacy are progressing well whereas Acute is still seeing budgetary…

Triton Minerals

Ancuabe accelerating towards development

Initiation | Mining | 18/07/2017

Triton Minerals plans to develop its Ancuabe graphite project in Mozambique to feed the established and high-growth expandable graphite market. In our…

HBM Healthcare Investments

Diversified private/public healthcare portfolio

Review | Investment Companies | 18/07/2017

HBM Healthcare Investments (HBMN) is a Swiss-listed, globally diversified healthcare fund that blends listed equities with private companies held both…

Findel

An online retailer in waiting

Outlook | General Retailers | 18/07/2017

The jump in online sales mix from around 56% a year ago to 63% in FY17 is significant in showing Express Gifts’ rapid progress towards becoming a…

Transgene

Building a strong immunotherapy portfolio

Outlook | Pharmaceutical & healthcare | 18/07/2017

Combinations with immunotherapies are key to Transgene’s strategy. The company is focused on combining its main assets, TG4010 (cancer vaccine) and…

mic

Refocusing in progress

Initiation | Financials | 18/07/2017

mic is still in the midst of a major and, to some extent, painful refocusing process. It is to be hoped that the major unpleasant surprises are behind…

Avanti Communications

More favourable debt terms

Update | Aerospace & Defence | 18/07/2017

The company has announced a further positive financing development with the securing of $100m of Super Senior Debt with a coupon of 7.5% that provides…

RedHill Biopharma

Positive Phase III with BEKINDA for gastroenteritis

Update | Pharmaceutical & healthcare | 17/07/2017

RedHill BioPharma delivered a flurry of news recently, including a major R&D milestone when a Phase III trial with BEKINDA 24mg showed that the drug was…

Intelligent Energy Holdings

Trading in line with expectations

Update | General Industrials | 17/07/2017

Intelligent Energy’s interims were in line with the guidance given at the AGM in March. The results demonstrate that management has succeeded in…

Blue Cap

Sticking at it

Initiation | General Industrials | 17/07/2017

Blue Cap is set to benefit from recent potentially transformative deals. The projected turnaround of Neschen may yield a step-change in profit, while the…

Egdon Resources

Shale activity on the rise

Outlook | Oil & Gas | 17/07/2017

Egdon Resources retains several value catalysts over the course of 2017/2018; these encompass the company’s conventional as well as unconventional…

BiondVax Pharmaceuticals

New funds to support M-001’s Phase III initiation

Update | Pharmaceutical & healthcare | 17/07/2017

The €20m loan agreement with the European Investment Bank (EIB) is a game changing event for BiondVax, we believe. The agreement was signed on 19…

CVC Credit Partners European Opps

Income and growth from credit portfolio

Initiation | Investment Companies | 14/07/2017

CVC Credit Partners European Opportunities (CCPEOL) seeks returns of 8-12% a year by investing mainly in high yielding sub-investment grade loans. A focus…

Miton Global Opportunities

Still finding pockets of value after a strong year

Review | Investment Companies | 14/07/2017

Miton Global Opportunities (MIGO) seeks to provide absolute returns in excess of those on cash by investing predominantly in other closed-end funds that…

Windar Photonics

Fundraising to support growth

Flash note | Alternative Energy | 14/07/2017

Windar has recently completed a subscription raising £1.25m (gross) at 82p/share. The funds from the placing will be used to support growth during…

Diskus Werke

Potential recovery in profitability

Initiation | General Industrials | 14/07/2017

Diskus Werke is a sound business with a defensible leading market position, but extreme illiquidity in the stock curtails potential investor interest.…

Real Estate Investar Group

Termination of coverage

Update | Technology | 13/07/2017

Edison Investment Research is terminating coverage on Real Estate Investar Group (REV). Please note you should no longer rely on any previous research…

Nano Dimension

Beta programme targets achieved

Flash note | Technology | 13/07/2017

Nano Dimension rounded off Q217 with the delivery of four printers to its final batch of beta site customers, bringing the total to 16. It has met its…

Tiger Resources

Termination of coverage

Update | Mining | 13/07/2017

Edison Investment Research is terminating coverage on Tiger Resources (TGS). Please note you should no longer rely on any previous research or estimates…

Lithium X Energy

Termination of coverage

Update | Mining | 13/07/2017

Edison Investment Research is terminating coverage on Lithium X Energy Corp (LIX). Please note you should no longer rely on any previous research or estimates…

Renewi

Growth catalysts in place

Initiation | Industrial Support Services | 13/07/2017

Renewi was formed upon the completion of the merger between Shanks and Van Gansewinkel (VGG) in February 2017. The new company is well placed strategically…

MagForce

FY16: Slow NanoTherm uptake affects top line

Update | Pharmaceutical & healthcare | 13/07/2017

MagForce continues to execute the strategy originally proposed in late 2013. Domestic reimbursement discussions are ongoing within Germany but expansion…

MagForce

FY16: Slow NanoTherm uptake affects top line

Update | Pharmaceutical & healthcare | 13/07/2017

MagForce continues to execute the strategy originally proposed in late 2013. Domestic reimbursement discussions are ongoing within Germany but expansion…

Acarix

First German sales

Update | Pharmaceutical & healthcare | 13/07/2017

Acarix has made its first sale in the crucial German market to a private cardiology clinic in Berlin. This follows the first sale in Denmark. Germany has…

Edel

Making records

Update | Media | 13/07/2017

Edel AG’s interim results show continued progress, particularly at Optimal Media where there was ‘significant’ progress in sales and…

Eddie Stobart Logistics

Strong H1 reinforces story

Update | Industrial Support Services | 13/07/2017

ESL’s pre-close update confirmed the company traded in-line with expectations in the first half and continues to do so going into the second half.…

NetScientific

PDS collaborates with Merck

Update | Pharmaceutical & healthcare | 13/07/2017

One of NetScientific’s portfolio companies, PDS Biotechnology (17.4% stake, 14.5% fully diluted), announced on 10 July 2017 that it has entered into…

Laboratorios Farmacéuticos ROVI

Ace of Spain

Initiation | Pharmaceutical & healthcare | 12/07/2017

ROVI, a profitable, speciality healthcare company, markets ~30 proprietary and in-licensed products across nine core franchises mainly in its domestic…

TxCell

Getting production in order

Update | Pharmaceutical & healthcare | 11/07/2017

TxCell has agreed an important manufacturing supply contract with Lentigen, a German-US producer of the critical lentivirus reagent essential for modifying…

GFT

Deferrals at largest investment bank customers

Flash note | Technology | 11/07/2017

GFT has lowered its FY17 guidance due to delayed decision making at its two largest investment banking customers – Deutsche Bank (DB) and Barclays.…

Medigene

Next step taken toward its first TCR clinical trial

Update | Pharmaceutical & healthcare | 11/07/2017

Medigene has announced that it has submitted a clinical trial authorisation application (CTA) to begin its first clinical trial with its proprietary T-cell…

Abzena

Another licence agreement that validates model

Update | Pharmaceutical & healthcare | 11/07/2017

Abzena has announced another licensing deal for its proprietary site-specific ThioBridge antibody drug conjugate (ADC) linker technology. This time it…

SNP Schneider-Neureither & Partner

Global expansion continues

Update | Technology | 11/07/2017

Last week, SNP carried out a 10% capital increase, raising €18.74m before costs. The funds will be used to help finance the proposed acquisitions…

Basilea Pharmaceutica

Hat trick

Update | Pharmaceutical & healthcare | 11/07/2017

Basilea announced a hat trick of positive news flow in June. This includes two separate licensing deals covering Cresemba (for invasive mould infections)…

Custodian REIT

Forecasts revised after FY17 results

Update | Property | 11/07/2017

Custodian REIT (CREI) reported a 2.2% increase in FY17 EPRA NAVPS, boosted by revaluation gains and disposal profits. With a dividend of 6.35p (+1.6%),…

Liquefied Natural Gas Ltd

Stonepeak increases its involvement

Update | Oil & Gas | 10/07/2017

Stonepeak has committed to fund the full equity component of financing the Magnolia project, totalling US$1.5bn. The terms of the agreement have changed,…

Blancco Technology Group

Cleaning house

Update | Technology | 10/07/2017

Blancco expects to report FY17 revenue growth of 40%, in line with our forecast. After providing for a previously flagged late payer, adjusted operating…

Liquefied Natural Gas Ltd

Stonepeak increases its involvement

ADR Update | Oil & Gas | 10/07/2017

Stonepeak has committed to fund the full equity component of financing the Magnolia project, totaling US$1.5bn. The terms of the agreement have changed,…

Alabama Graphite

Proven battery graphite for the US and beyond

Initiation | Mining | 10/07/2017

Alabama Graphite is seeking to position itself as one of the preferred suppliers of natural, battery-ready graphite to the burgeoning electric vehicle…

7digital Group

Stand and deliver

Initiation | Technology | 10/07/2017

7digital is a leading provider of turnkey solutions that enable businesses to offer digital music services to their customers. It has made significant…

European Assets Trust

European small-cap specialist

Review | Investment Companies | 10/07/2017

European Assets Trust (EAT) aims to achieve long-term capital growth through investment in small and medium-cap companies in Europe (ex-UK). The investment…

Pantaleon Entertainment

Ambitious VOD strategy

Initiation | Technology | 10/07/2017

The launch of global video-on-demand (VOD) platform PANTAFLIX at the end of 2016 and the recent announcement of a new JV in China could prove transformative…

The Naga Group

Aiming to add spice to social trading

Initiation | Technology | 10/07/2017

The NAGA Group is a fintech start-up with two products launched before the end of 2017: SwipeStox (securities trading and robo-advisory) and SWITEX (in-game…

Ultra Electronics

$234.8m offer for Sparton Corporation

Flash note | Aerospace & Defence | 07/07/2017

The previously indicated interest in Sparton has now been formalised with a $23.5 per share cash offer valuing the NYSE-listed company at $234.8m (£180.6m).…

Future

Expanding on the Home front

Update | Media | 07/07/2017

Future has announced the acquisition of the Home Interest division of Centaur Media, part-funded by a placing of £22m at 250p. The purchase, for…

Paion

Positive data in bronchoscopy Phase III

Update | Pharmaceutical & healthcare | 07/07/2017

Paion announced positive top-line results from the confirmatory Phase III trial of remimazolam for procedural sedation in bronchoscopy, adding to the positive…

Utilico Emerging Markets

Attractive investment opportunities in abundance

Review | Investment Companies | 06/07/2017

Utilico Emerging Markets (UEM) is a closed-end investment company aiming to generate long-term total returns from a portfolio of emerging market equities,…

GVC Holdings

Full steam ahead

Update | Travel & Leisure | 06/07/2017

Excluding Euro 2016 revenues, underlying Q217 daily net gaming revenues (NGR) grew 15%, providing further evidence of GVC’s position as a leading…

Oxford BioMedica

Lentiviral vector supply for CTL019 driving revenue growth

Flash note | Pharmaceutical & healthcare | 06/07/2017

Oxford BioMedica has today announced a significant agreement with Novartis for the ongoing commercial and clinical supply of lentiviral vectors used to…

Genkyotex

GKT831 clinical development on track

Update | Pharmaceutical & healthcare | 06/07/2017

As expected, Genkyotex has initiated enrolment in the Phase II trial of GKT831 in patients with primary biliary cholangitis (PBC) in the first clinical…

Onxeo

First significant milestone with AsiDNA achieved

Flash note | Pharmaceutical & healthcare | 06/07/2017

Yesterday Onxeo announced its first preclinical proof-of-concept data with AsiDNA demonstrating the potential to be administrated intravenously. AsiDNA,…

ReNeuron Group

Milestones expected as pipeline progresses

Update | Pharmaceutical & healthcare | 06/07/2017

The highlight of FY17 was positive Phase II efficacy data from ReNeuron’s PISCES II clinical trial. As this and its other clinical programmes in…

eServGlobal

Restructuring ongoing

Update | Technology | 05/07/2017

Slower than expected trading combined with continued restructuring of the business in H117 has resulted in a reduction in our forecasts for FY17. Management…

SDX Energy

CPR results confirm South Disouq

Flash note | Oil & Gas | 05/07/2017

SDX Energy has released the results of an independent resource audit on its South Disouq discovery. Gaffney, Cline & Associates has assigned gross 2C resources…

Angle

Milestone in ovarian cancer application

Flash note | Pharmaceutical & healthcare | 05/07/2017

This morning Angle reported initial results from its two lead clinical trials with Parsortix, a liquid biopsy system. The two studies ran in parallel in…

Cohort

Marching on

Update | Aerospace & Defence | 05/07/2017

Cohort’s earnings performance in FY17 once again exceeded our expectations. Stronger performances from EID and MCL more than outweighed the sharp…

JDC Group

Digitalised personal service

Initiation | Financials | 05/07/2017

JDC has completed a refocusing of its core financial services advice and sales offering over the past two years so as to position the group for growth.…

Lepidico

Masterful metallurgy

Initiation | Mining | 04/07/2017

Central to Lepidico is its disruptive (patent-pending) L-Max® (hereafter L-Max) metallurgical technology that recovers lithium from micas (eg lepidolite),…

Game Digital

Not a game changer

Update | Food & Drink | 04/07/2017

The reduction of profit expectations resulting from UK supply shortages of Nintendo’s Switch console shows, if proof were needed, that Game Digital…

PPHE Hotel Group

Waterloo sunset

Flash note | Travel & Leisure | 04/07/2017

The proposed sale and leaseback of Park Plaza Waterloo, the largest London hotel opening in 2017, is impressive testimony to the success of the PPHE business…

John Laing Group

Further NAV growth expected

Update | Financials | 04/07/2017

John Laing Group’s (JLG) pre-close update did not contain any significant surprises. Investment commitments and realisations are on track to meet…

Hurricane Energy

Lancaster EPS funding in place

Update | Oil & Gas | 04/07/2017

Hurricane has provisionally raised up to $535m through a $300m equity placing (plus $5m follow-on offer) and a concurrent $220m (with $10m over-allotment)…

Marshall Motor Holdings

Trading ahead of expectations

Update | Automotive Retailers | 04/07/2017

Marshall Motor Holdings (MMH) released a pre-close interim trading statement indicating that strong trading performance has continued in the current year,…

artec technologies

Patented logging and surveillance

Initiation | Technology | 04/07/2017

artec technologies is a small company that specialises in the recording and storage of audiovisual information for a range of applications. The company…

Ellomay Capital

2017 off to a strong start

Update | Alternative Energy | 03/07/2017

Ellomay’s Q117 results reflected an improvement in solar radiation levels and higher spot power prices in Italy. Gross profit improved by 37% (Q117…

publity

An experienced investor in German real estate

Initiation | Financials | 03/07/2017

publity is an asset manager with long-term experience of investing in German office buildings. It is the largest servicer of non-performing loans (NPLs)…

Game Digital

Switch supply impacts short term results

Flash note | Food & Drink | 30/06/2017

Game Digital has acknowledged that UK supply shortages for the highly successful Nintendo Switch console will have an impact on results in the second half…

Aberdeen New Thai Investment Trust

Specialist investor in Thailand

Review | Investment Companies | 30/06/2017

Aberdeen New Thai Investment Trust (ANW) is the only investment trust listed on the London Stock Exchange with an exclusive focus on Thai equities. An…

Nanoco Group

First commercial orders

Update | Technology | 30/06/2017

The receipt of first orders from Wah Hong was an important step forward. Just as importantly, the CFQD product is now being evaluated by 13 major OEMs…

Noratis

The real estate optimisers

Initiation | Financials | 30/06/2017

Noratis is a hybrid between a property company that owns residential assets and a residential asset developer. Noratis has been operating in Germany’s…

Therapix Biosciences

Tackling neurology with cannabinoids

Initiation | Pharmaceutical & healthcare | 29/06/2017

Therapix is investigating the potential of new formulations of cannabinoids to address underserved diseases of the brain. It recently listed on NASDAQ…

NeuroVive Pharmaceutical

Mitochondrial medicine specialist

Initiation | Pharmaceutical & healthcare | 29/06/2017

NeuroVive Pharmaceutical is a mitochondrial medicine specialist with a diversified asset portfolio. It employs a two-pronged strategy and has a portfolio…