Investing in service enhancements

Update | Financials | 25/04/2018

Record’s Q4 update showed a modest reduction in AUME, but FX rate moves and an adjustment in fee structure for passive hedging prompt a marked estimate…

discoverIE Group

Strong finish to FY18

Update | Electronics & Electrical Equipment | 24/04/2018

discoverIE saw continued strong trading in Q418 and expects to report revenue growth of 15% for FY18 and earnings in line with management expectations.…

Epwin Group

Doing a decent job in tough markets

Update | Construction & Building Materials | 24/04/2018

FY17 was a difficult trading year for Epwin – and some effects flow into this financial year – but management has stuck resolutely to a business…

BioLight Life Sciences

IOPtima divestiture now in progress

Update | Pharmaceutical & healthcare | 24/04/2018

The first part of the four-stage transaction for BioLight’s IOPtima subsidiary to be sold to Chengdu Kanghong Pharmaceutical Group (Chengdu) has…


Outstanding first half

Update | Consumer Support Services | 24/04/2018

Focusrite has delivered an outstanding first half with substantial growth on all metrics, across all territories and in both product brand groups. Constant…

Tonkens Agrar

Value-added strategy drives H118 uplift

Update | General Industrials | 23/04/2018

Management’s strategy of generating more profit from its crops by selling processed onions and potatoes, supported by higher farm gate milk prices…

Quantum Genomics

Accelerating timelines

Update | Pharmaceutical & healthcare | 23/04/2018

Quantum Genomics made a number of announcements when it presented its three-year strategic plan on 19 April 2018. Importantly, it is accelerating both…


A matter of time until prime time

Update | Pharmaceutical & healthcare | 23/04/2018

With the refocusing of the business and the new CEO’s strategic review now implemented, e-Therapeutics (ETX) finds itself with the NDD platform and…

Cliq Digital

Higher marketing spend key to growth

Update | Technology | 23/04/2018

CLIQ Digital’s FY17 results were slightly short of guidance and consensus estimates, yet still delivered 23% increase in net income underpinned by…

Pan African Resources

A second glance at the first half

Update | Mining | 23/04/2018

Pan African’s (PAF’s) shares have fallen by 41% since its operational update on 1 February, which revealed a 6.9% decline in gold production…

Nanoco Group

Extension of major partnership

Flash note | Technology | 23/04/2018

Nanoco’s extension of its partnership with a major listed US corporation indicates the relationship could be both significant and long lasting. Visibility…

GVC Holdings

Leaping into FTSE 100

Update | Technology | 20/04/2018

By acquiring Ladbrokes Coral (LCL), GVC will become a FTSE 100 global gaming business, with pro forma FY18e revenues of £3.4bn. With strong brands,…


Strong Residential performance

Update | General Industrials | 20/04/2018

Newbuild residential was the standout sector for Polypipe in FY17 with relatively subdued performance in Commercial and Infrastructure. Overall, underlying…

SDX Energy

Lalla Mimouna - de-risks demand expectations

Flash note | Oil & Gas | 20/04/2018

SDX Energy has discovered gas at the LNB-1, Morocco with 300m of gas-bearing horizons discovered in an over-pressured section in the Lafkarena sequence.…

Keywords Studios

Deeper, wider, higher

Update | Technology | 20/04/2018

FY17 was a transformative year for Keywords with revenues growing by 57% and EPS by 52%. Like-for-like revenue growth accelerated to 15.1% (we estimate…


Encouraging momentum into FY19

Update | Industrial Support Services | 20/04/2018

Trifast’s pre-close trading update indicates another strong year of execution of the company’s well-developed growth strategy. The profit before…


Pipeline and partnerships drive prospects

Initiation | Pharmaceutical & healthcare | 19/04/2018

Adocia is a clinical-stage biotech company that leverages its proprietary BioChaperone (BC) platform technology to generate improved formulations of approved…

StatPro Group

Anticipating an acceleration in organic growth

Outlook | Technology | 19/04/2018

After nearly a decade developing its cloud services platform for the asset management industry, the investment at StatPro is starting to pay off. Fund…

GB Group

Strong underlying growth puts FY18 ahead

Flash note | Technology | 18/04/2018

GB Group (GBG) expects to report revenues and EBIT ahead of our forecasts on a strong performance from the fraud management and global electronic verification…

SNP Schneider-Neureither & Partner

Focusing on organic growth

Update | Technology | 18/04/2018

SNP has undertaken a series of acquisitions over the last few years that have transformed the scale and the geographical footprint of the business. The…

Yowie Group

Termination of coverage

Update | Consumer Support Services | 18/04/2018

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

Learning Technologies Group

Termination of coverage

Update | Technology | 18/04/2018

Edison Investment Research is terminating coverage on Learning Technologies Group (LTG). Please note you should no longer rely on any previous research…

Aberdeen Private Equity Fund

Termination of coverage

Update | Investment Companies | 18/04/2018

Edison Investment Research is terminating coverage on Aberdeen Private Equity Fund (APEF). Please note you should no longer rely on any previous research…

Miton Global Opportunities

Termination of coverage

Update | Investment Companies | 18/04/2018

Edison Investment Research is terminating coverage on Miton Global Opportunities (MIGO). Please note you should no longer rely on any previous research…

Coats Group

Termination of coverage

Update | General Industrials | 18/04/2018

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


Termination of coverage

Update | Media | 18/04/2018

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

Bushveld Minerals

Termination of coverage

Update | Mining | 18/04/2018

Edison Investment Research is terminating coverage on Bushveld Minerals (BMN). Please note you should no longer rely on any previous research or estimates…


Expansion of fintech portfolio continues

Update | Financials | 18/04/2018

FinLab continues to expand its portfolio of fintech investments (currently nine holdings), putting special emphasis on opportunities in the blockchain…


Advancing on multiple fronts to commercialisation

Update | Pharmaceutical & healthcare | 18/04/2018

NetScientific recently announced full-year results for 2017. It was a year of progress for the company, which is carrying forward into 2018. In February…


Strong finish - Forecast upgrade

Update | General Retailers | 18/04/2018

Findel indicates that it will finish FY18 at the top end of current market expectations. This suggests that both the online strategy and the turnaround…

Foresight Autonomous Holdings

Time to shine

Update | Technology | 17/04/2018

Foresight (FRSX) is an innovator in automotive vision and cellular V2X accident prevention systems. In Q118, the group launched its QuadSight demo system…

EQS Group

Scale Update - Grasping the greater opportunity

Update | Media | 17/04/2018

EQS is investing to take advantage of the opportunity it has to build a far larger enterprise and broaden its client base. The market for cloud-based tech…

Hellenic Petroleum

Refining estimates and valuation

Update | Oil & Gas | 17/04/2018

A recovery in benchmark margins in February and March 2018 will offer relief to investors after a crude oil rally compressed margins in Q417. In this note,…

Low & Bonar

Transition year

Update | Basic Industries | 17/04/2018

A new senior management team is in place with a clear agenda to improve operational and financial performance. FY18 is going to be a transition year but…

EQS Group

Grasping the bigger opportunity

Update | Media | 17/04/2018

EQS is investing to take advantage of the opportunity it has to build a far larger enterprise and broaden its client base. The market for cloud-based tech…

Town Centre Securities

A wealth of opportunities

Initiation | Financials | 17/04/2018

Town Centre Securities (TCS) provides mainly regional commercial property exposure, with a focus on the fast growing cities of Leeds and Manchester, where…

Sierra Oncology

Progress with ongoing trials and future plans

Update | Pharmaceutical & healthcare | 16/04/2018

Sierra Oncology held an investor meeting on 27 February 2018, which provided a comprehensive update on its programs. The most immediately impactful data…

Amur Minerals

Cobalt-plated nickel

Outlook | Mining | 16/04/2018

Since producing its conceptual open-pit study in 2015, Amur has continued its exploration programme, as well as announcing the results of metallurgical…


New funds enable expanded R&D programme

Update | Pharmaceutical & healthcare | 16/04/2018

Selvita’s FY17 revenues were PLN105.9m, up 59% y-o-y, with adjusted operating profit rising from PLN4.7m to PLN13.2m. This reflects strong organic…

Carr's Group

Recovery continues

Update | Consumer staples | 16/04/2018

The recovery in both US feed block sales and the UK manufacturing businesses noted at Carr’s Group’s AGM in January has continued throughout…

Ellomay Capital

Reaping the benefits of 2017 investments

Update | Alternative Energy | 16/04/2018

Ellomay Capital’s renewable assets portfolio delivered significant growth at the operating level over the course of 2017, with revenue, EBITDA and…

Walker Greenbank

Accentuating the positives

Update | General Industrials | 13/04/2018

There were a number of headwinds and tailwinds in FY18, in which good growth was delivered, but lower earnings expectations have dominated sentiment. Walker…


On track

Update | General Industrials | 13/04/2018

Severfield’s closing FY18 update reiterated latest guidance and management’s confidence in attaining its FY20 PBT target of £26m. As…


Emerging details of PQ912 late-stage development

Update | Pharmaceutical & healthcare | 13/04/2018

The highlight of Probiodrug’s FY17 results presentation was the rather detailed introduction of the Phase IIb development programme for the lead…

XP Power

Strong Q1 drives forecast upgrades

Update | Technology | 13/04/2018

XP Power’s Q1 trading update confirmed continuing positive momentum in order intake. Orders received were 9% higher on a year-on-year and quarter-on-quarter…

SDX Energy

Ibn Yunus-1 de-risking Abu Madi Baltim trend

Flash note | Oil & Gas | 12/04/2018

SDX Energy has announced results from the Ibn Yunus-1 well at South Disouq, Egypt (SDX 55%). Ibn Yunus-1 is the second consecutive gas discovery at South…

Secure Trust Bank

Asset growth set to flow through to earnings

Update | Financials | 12/04/2018

FY17 was a further year of change for Secure Trust Bank (STB) as management completed the shift away from unsecured consumer loans and reduced the risk…


Set for further growth with tighter credit criteria

Outlook | Financials | 12/04/2018

S&U’s core non-prime motor finance business, Advantage, has delivered 18 consecutive years of profit growth, including a 20% increase in FY18.…


Priori acquisition accelerates mobile data strategy

Flash note | Technology | 12/04/2018

The proposed £13.5m acquisition of Priori, a B2B SaaS platform provider of mobile app intelligence, would enhance appScatter’s data intelligence…

BlackRock Greater Europe Investment Trust

Improved performance under new co-manager

Review | Investment Companies | 11/04/2018

BlackRock Greater Europe Investment Trust (BRGE) is co-managed by Stefan Gries (appointed on 20 June 2017), who focuses on developed European markets,…

Heliad Equity Partners

Strong gains allow further diversification

Update | Investment Companies | 11/04/2018

Heliad Equity Partners (Heliad) posted strong results for FY17, with profit before tax of €39.6m compared with a loss of €22.2m in FY16. This…

Takung Art

A piece of the art action

Initiation | Media | 11/04/2018

Takung Art’s online art trading platform has already established its proof of concept. The business model has been honed over recent months, with…


Making payments pay

Update | Technology | 11/04/2018

Boku’s FY17 results confirmed growth in all metrics, as new merchant connections helped drive a more than doubling of monthly active users and a…

Expert System

Strong finish to the year

Update | Technology | 11/04/2018

Expert System saw an uptick in demand towards the end of FY17, resulting in revenues and EBITDA ahead of our forecasts. The company has revised its outlook…

Hurricane Energy

Lancaster EPS on track and on budget

Flash note | Oil & Gas | 10/04/2018

Management’s concept selection and contracting strategy appears to deliver the desired result, with Hurricane reiterating that the Lancaster EPS…


Novel mechanisms in drug discovery

Initiation | Pharmaceutical & healthcare | 10/04/2018

We are re-initiating coverage on Bionomics, a pharmaceutical company developing drugs for neuropsychiatric indications and oncology. It has leveraged its…

Borussia Dortmund

Bumps in the road

Outlook | Travel & Leisure | 10/04/2018

While longstanding brand and financial strengths hold true, Borussia Dortmund (BVB) is currently bedevilled by uncertainties. Some, such as the absence…

Clal Biotechnology Industries

A strategic approach to MediWound

Update | Pharmaceutical & healthcare | 10/04/2018

Clal Biotechnology Industries’ (CBI’s) portfolio of investments continues to progress on multiple fronts. Most importantly, MediWound (CBI…


Investing for sustained growth

Update | Technology | 10/04/2018

Esker’s FY17 results confirmed that the company has maintained its double-digit revenue growth rate. While investment in R&D and consulting capacity…

Nanoco Group

Major US partner to drive significant inflection

Update | Technology | 10/04/2018

Nanoco’s H1 results reflect the slow commercialisation cycle in display although H2 should improve significantly as the first payments from the company’s…

Entertainment One

Nothing unscripted about Whizz Kid acquisition

Update | Media | 09/04/2018

eOne’s bolt on acquisition of Whizz Kid in the UK further builds on its expanding capabilities in the non-scripted television production segment.…


Strong progress expected

Update | General Industrials | 09/04/2018

Having delivered results that were in line with our expectations, paragon has guided to strong progress in FY18 with sales rising by 40% to around €175m…

SymBio Pharmaceuticals

Self-commercialization gains favor

ADR Outlook | Pharmaceutical & healthcare | 09/04/2018

With the lifecycle of Treakisym extended through the in-licensing of liquid formulations from Eagle in 2017, SymBio is refining its plans to establish…

Diverse Income Trust (The)

Long-term dividend and capital growth

Review | Investment Companies | 09/04/2018

The Diverse Income Trust (DIVI) seeks to provide shareholders with an attractive level of dividends and capital growth over the long term. It achieves…

AJ Lucas Group

Dominant Bowland shale position

Initiation | Oil & Gas | 09/04/2018

AJ Lucas offers investors exposure to the most advanced UK shale appraisal programme in the UK. Current activity is focused on a drilling campaign at Preston…

Rank Group

Weakness in Grosvenor affects EBIT

Update | Travel & Leisure | 06/04/2018

Rank’s trading update (13 weeks to 1 April) showed 17% growth in Digital, but the core Venues disappointed, with Mecca down 2% and Grosvenor down…

Princess Private Equity Holding

Diversified global portfolio with high dividends

Initiation | Investment Companies | 06/04/2018

Princess Private Equity Holding (PEY) offers investors access to the private equity and debt expertise of global manager Partners Group ($74bn AUM), as…

Regional REIT

Acquisitions driving growth and diversification

Update | Property | 06/04/2018

Acquisitions during the year added further scale and breadth to Regional REIT’s (RGL’s) portfolio, with the degree of diversification (by region,…


Steady end to FY18, slower growth expected

Update | Industrial Support Services | 06/04/2018

A more settled trading period saw WYG end FY18 in line with market estimates. Management continues to work on improving organisational efficiency and structure…

SymBio Pharmaceuticals

Self-commercialisation gains favour

Outlook | Pharmaceutical & healthcare | 06/04/2018

With the lifecycle of Treakisym extended through the in-licensing of liquid formulations from Eagle in 2017, SymBio is refining its plans to establish…


New world of integrated smart surfaces

Flash note | General Industrials | 05/04/2018

Nanogate is taking innovative surfaces to the next level, offering intelligent surfaces with embedded electronic circuits where the surface itself interacts…


Space division shines

Update | Technology | 05/04/2018

SCISYS posted strong FY17 results, with revenues rising by 25%, including c 9% organic growth and c 5% at constant currencies. The Space division stood…


Pace stepping up in US

Flash note | Media | 05/04/2018

Future has announced a further acquisition to scale up in the important US market and reinforce its authoritative voice in the music and consumer electronics…


Reassuring confidence

Update | Basic Industries | 05/04/2018

Following the exceptional results Treatt posted in FY17, momentum has continued in the business and revenues were up c 10% in H1. The core categories of…

Entertainment One

On track for full year

Update | Media | 04/04/2018

eOne’s FY18 trading update puts the group on track to deliver to expectations with continued excellent momentum in Family, a solid performance from…

Newron Pharmaceuticals

2018 focus on the CNS pipeline

Update | Pharmaceutical & healthcare | 04/04/2018

Xadago for Parkinson’s disease (PD) is now available in 14 European countries through partner, Zambon. Additionally, the drug is available in the…


Looking forward

Outlook | Automotive Retailers | 04/04/2018

Another record year of performance was achieved by the continuing activities of the group despite challenging market conditions that are persisting into…

Cellular Biomedicine Group

Results from AlloJoin Phase I

Update | Pharmaceutical & healthcare | 04/04/2018

In March 2018, Cellular Biomedicine Group (CBMG) announced results from the Phase I study of AlloJoin for knee osteoarthritis (KOA). The primary endpoint…

Quantum Genomics

NEW-HOPE trial recruiting rapidly

Update | Pharmaceutical & healthcare | 04/04/2018

Quantum Genomics recently announced its 2017 results and updated the status of its NEW-HOPE study in 250 hypertensive overweight patients across 25 major…


China calling

Update | Technology | 04/04/2018

TerraNet’s 2017 earnings show the group continuing to move closer to generating licence revenues from its technology portfolio, while keeping a tight…

The Marketing Group

Moving to the next stage

Update | Media | 04/04/2018

The Marketing Group is now in a position to grasp the opportunities it has to deliver innovative tech-based marketing solutions, having addressed its legacy…

La Doria

Investing for the future

Update | Food & Drink | 03/04/2018

The environment remains challenging, but La Doria has posted a robust set of FY17 results. The company has announced its updated three-year rolling industrial…

Fidelity European Values

Concentrating its portfolio and hedging its bets

Review | Investment Companies | 03/04/2018

Fidelity European Values (FEV) aims to achieve long-term capital and income growth from a portfolio of primarily continental European equities. Although…


£1.6m deal with Land & Property Services

Flash note | Technology | 03/04/2018

1Spatial’s £1.6m deal with Land and Property Services in Northern Ireland indicates the business is continuing its recovery path. We reiterate…

Avon Rubber

Strategy continues to take shape

Flash note | Aerospace & Defence | 03/04/2018

This morning, Avon Rubber announced completion of the disposal of Avon Engineered Fabrications (AEF) for $9.25m. The company announced in its FY17 annual…


Doubling in photonics revenues drives growth

Update | Technology | 29/03/2018

IQE’s FY17 results confirm that the photonics volume ramp-up referred to in the pre-close update has delivered the strong growth in revenues (16%)…

China Aviation Oil (Singapore)

Traffic growth supporting demand

Update | Industrial Support Services | 29/03/2018

FY17 saw record core trading volumes, driven by continued strong demand in jet fuel markets and diversification into other oil products. While margin optimisation…


Merck collaboration opens new opportunities

ADR Update | Pharmaceutical & healthcare | 29/03/2018

Immutep has entered a clinical trial collaboration and supply agreement with Merck & Co (MSD) for a Phase II study to evaluate eftilagimod alpha (IMP321)…

Yowie Group

Regrouping and reprioritising, or a new path?

Update | Consumer Support Services | 29/03/2018

Following a period of excessive volatility in results from Yowie, there has been a change in management, with the resignations of the CEO and two founding…


Merck collaboration opens new opportunities

Update | Pharmaceutical & healthcare | 29/03/2018

Immutep has entered a clinical trial collaboration and supply agreement with Merck & Co (MSD) for a Phase II study to evaluate eftilagimod alpha (IMP321)…

ERM Power

Offering solutions to corporate energy challenges

Initiation | General Industrials | 29/03/2018

ERM Power is a leading electricity supplier and trader operating in Australia and the US. In addition to supply and gas-fired power generation in Australia,…

RedHill Biopharma

Commercial stage, GI-focused R&D pharma

Outlook | Pharmaceutical & healthcare | 29/03/2018

2017 saw RedHill transformed from a pure drug developer into a commercial-stage, revenue-generating, specialty pharma company focused on gastrointestinal…

AFT Pharmaceuticals

Improving profitability

Update | Pharmaceutical & healthcare | 28/03/2018

AFT recently announced an agreement with Baxter Healthcare to divest to Baxter some of its non-core and low-margin hospital products in New Zealand. An…

CollPlant Holdings

Big potential for BioInk

Update | Pharmaceutical & healthcare | 28/03/2018

Over the course of H217, CollPlant announced that it had received orders for its BioInk product from two companies for development of 3D printed organs…


Operational and structural transformation

Initiation | Technology | 28/03/2018

Cyan is set to transform itself from a smallish, privately held Austrian tech company dependent on a single product group and a single customer, into a…


Yakult joined the pivotal RESMAIN study

Update | Pharmaceutical & healthcare | 28/03/2018

Together with its Q417 results announced last week, 4SC also reported progress with its R&D activities. All three lead assets – resminostat,…

Standard Life UK Smaller Companies

Strong track record of outperformance

Review | Investment Companies | 28/03/2018

Standard Life UK Smaller Companies Trust (SLS) is managed by Harry Nimmo, who aims to generate long-term capital growth from a portfolio of smaller-cap…

EMIS Group

GPSoC extension confirmed

Flash note | Technology | 28/03/2018

EMIS has confirmed that the current GPSoC contract has been extended until 31 December 2019. Its GP business in England can therefore continue to supply…


Strategy reaping rewards

Update | Media | 28/03/2018

YouGov’s strategy to focus on its scalable products and services is paying back handsomely in revenue growth and margin improvement. Margin is being…

Nurnberger Beteiligungs

Solid 2017 results but still low rating

Update | Financials | 27/03/2018

The turnaround in business levels in life insurance after the weak first half improves visibility, although the overall environment remains challenging.…