EMIS Group

Internal review uncovers support issue

Update | Technology | 18/01/2018

In an otherwise in-line trading statement, EMIS announced an issue within its customer and product support processes for EMIS Web where it has not been…

Entrée Resources

De-risked cash flows from a world-class mine

Initiation | Mining | 18/01/2018

Entrée Resources has a 20% participating interest in a JV (EJV) covering part of the Oyu Tolgoi (OT) copper mine in Mongolia. The EJV has the characteristics…


Expanding into the Middle Eastern markets

Update | Technology | 18/01/2018

CREALOGIX is acquiring Innofis, a Barcelona-based digital banking competitor, for an undisclosed price, to expand its core digital banking business into…


Double-digit growth to continue

Flash note | Technology | 17/01/2018

Esker’s Q4 revenue update confirms that the company hit its double-digit organic revenue growth target for FY17 and expects a similar performance…


Bookings ahead, expanding platform for growth

Update | Technology | 17/01/2018

WANdisco’s strong bookings momentum ($22.5m, +45%y-o-y, vs Edison $21.7m) in FY17 was more than matched by the strategic progress during the year.…

Standard Life Equity Income Trust

Unconstrained approach to UK equity investing

Review | Investment Companies | 17/01/2018

Standard Life Equity Income Trust (SLET) has been managed by Thomas Moore since 2011. He aims to generate above-average income and real capital and income…


Strategic programme delivering gains

Update | Property | 17/01/2018

The first nine months of FY17 showed good operational development as well as significant progress with the strategic programme (DEMIRE 2.0) that targets…

4imprint Group

Strong Q4, US tax change gains

Update | Media | 17/01/2018

A continued strong performance in Q417 delivered 12% revenue growth in FY17 vs FY16, a shade ahead of our previous forecast. We see good top-line momentum…


Positive outlook

Update | Food & Drink | 16/01/2018

Greggs’ Q4 sales update demonstrates a robust performance in what has been a tough retail market. The company’s self-help strategy shows that…

BiondVax Pharmaceuticals

Termination of coverage

Update | Pharmaceutical & healthcare | 16/01/2018

Since BiondVax shares are no longer traded on the Tel Aviv Stock Exchange (TASE), Edison Investment Research Ltd. has terminated coverage of the Company…

Regional REIT

Asset growth and refinancing completed

Update | Property | 16/01/2018

RGL’s acquisition of two property portfolios, first announced in early December, for an aggregate consideration of £93.4m including costs,…

Henderson Far East Income

Asian recovery sparks attractive opportunities

Review | Investment Companies | 16/01/2018

Henderson Far East Income’s (HFEL) lead fund manager, Mike Kerley, welcomes the resumption of earnings growth in the region after five years of stagnation.…

UMT United Mobility Technology

Termination of coverage

Update | Technology | 15/01/2018

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

BiondVax Pharmaceuticals

Phase III for universal flu vaccine starts in 2018

Update | Pharmaceutical & healthcare | 15/01/2018

Over 2017 BiondVax crystallised its late-stage development plans for lead asset M-001, a potentially universal influenza vaccine. Following its discussions…

Clal Biotechnology Industries

Israeli science, worldwide presence

Initiation | Pharmaceutical & healthcare | 15/01/2018

We are initiating coverage on Clal Biotechnology Industries (CBI), an Israel/Boston-based healthcare investment company with an extensive portfolio incorporating…

Caledonia Mining

Record production and 14% increase in grade

Update | Mining | 12/01/2018

Caledonia’s Q3 results indicate record gold production with moderate unit cost decreases. The company is now firmly on target for its FY17 full-year…


Clinical and commercial progress continues

Update | Pharmaceutical & healthcare | 12/01/2018

In January Glycotest announced that it had completed a 149-person Chinese retrospective study of its test for hepatocellular carcinoma (HCC). It demonstrated…

XP Power

Strong demand continues into Q4

Update | Technology | 12/01/2018

XP saw a strong finish to the year, with Q4 revenue growth of 16% y-o-y and order growth of 24% y-o-y, resulting in FY17 revenues slightly ahead of our…

Rockhopper Exploration

Sea Lion on track for 2018 sanction

Flash note | Oil & Gas | 11/01/2018

Sea Lion Phase 1 continues to progress towards project sanction, targeted for end 2018. Focus remains on financing the $1.5bn gross capex required to achieve…

Game Digital

Good seasonal trading

Update | Consumer Support Services | 11/01/2018

Game Digital (GMD) has posted good sales growth over its first 23 weeks and even better results over the Christmas peak. While sales have been led by hardware,…

SDX Energy

KSR-16 flow exceeds expectations

Flash note | Oil & Gas | 11/01/2018

SDX Energy has announced the completion of the KSR-16 well on the Sebou permit in Morocco (SDX 75%) with the well delivering a restricted flow rate of…

Ultra Electronics

Sustainable operating momentum

Flash note | Aerospace & Defence | 11/01/2018

Ultra has issued a reassuring post-close trading statement. The company has delivered continued order growth and demonstrated strong cash conversion. The…

Marshall Motor Holdings

Delivering continued outperformance

Update | Automotive Retailers | 11/01/2018

MMH’s pre-close statement indicates that the company continued its strong performance in 2017, despite challenging market conditions that are persisting…


Progress in the US

Flash note | Technology | 11/01/2018

1Spatial’s agreement with the State of Michigan Department of Technology shows further evidence that the company is making progress in the key US…

Braemar Shipping Services

Termination of coverage

Update | Industrial Support Services | 10/01/2018

Edison Investment Research is terminating coverage on Braemar Shipping Services (BMS). Please note you should no longer rely on any previous research or…


Termination of coverage

Update | Media | 10/01/2018

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

Circle Property

Increasing forecasts again

Update | Investment Companies | 10/01/2018

Circle Property’s recent interim results show asset management initiatives continuing to drive operational progress, delivering strong growth in…

Scottish Oriental Smaller Companies

Long-established Asian small-cap specialist

Review | Investment Companies | 10/01/2018

Scottish Oriental Smaller Companies Trust (SST) was launched in 1995 with the objective of generating long-term capital growth from investing in smaller…


Music therapy

Update | Consumer Support Services | 10/01/2018

Growth in revenue and cash is strong after four months of trading. Focusrite continues to build on its leadership positions in international markets, and…

ASLAN Pharmaceuticals

ASLAN acquires full rights to varlitinib

Update | Pharmaceutical & healthcare | 10/01/2018

In January 2018, ASLAN announced that it had fully acquired the global commercial rights to varlitinib from its partner, Array BioPharma. Previously, the…

Osirium Technologies

FY17 bookings on track

Flash note | Technology | 09/01/2018

Osirium has confirmed that FY17 bookings intake was in line with market expectations. The company has seen a steady flow of new customer wins as well as…


Growth pains

Update | Financials | 09/01/2018

MyBucks (MBC) is pursuing technological and regional growth initiatives despite immediate challenges in integrating new acquisitions. The group is fully…

Carr's Group

Recovery on track

Update | Consumer staples | 09/01/2018

Performance during the first 18 weeks of FY18 indicates that the recovery in both divisions that was predicted by Carr’s management is well underway.…

Pacific Edge

Anticipating commercial growth

Outlook | Pharmaceutical & healthcare | 09/01/2018

Pacific Edge continues to make progress commercialising its suite of bladder cancer diagnostics products, with three tests currently available in the US…

Intec Pharma

Ongoing AP clinical trials

Outlook | Pharmaceutical & healthcare | 08/01/2018

Intec Pharma’s clinical programmes to validate the utility of its unique drug delivery platform, the accordion pill (AP), are ongoing. The company…


Capital restructuring

Update | Food & Drink | 05/01/2018

On 2 October, Evolva announced equity financing plans with the aim of raising CHF80m (gross) proceeds in two separate transactions in October and November…


Nearing prime time validation

Update | Pharmaceutical & healthcare | 05/01/2018

e-Therapeutics’ (ETX) Network-Driven Drug Discovery (NDD) platform has begun to deliver encouraging data that should support out-licensing of its…

Egdon Resources

Wressle planning appeal rejected

Flash note | Oil & Gas | 05/01/2018

The Planning Inspectorate has rejected the appeals by Egdon against the two refusals by North Lincolnshire County Council’s planning committee for…

Gear4music Holdings

Jingle bells

Update | Consumer Support Services | 05/01/2018

Gear4music (G4M) has fulfilled the strong expectations of its four-month Christmas trading period. Revenue growth of 42% is consistent with H1 and is in…

Windar Photonics

Engagement with OEMs intensifying

Flash note | Alternative Energy | 04/01/2018

Following the announcement of a transformational contract on 4th December, Windar Photonics issued two announcements later in the month regarding orders…


Three positive steps

Update | Industrial Support Services | 03/01/2018

A number of visible operational actions taken in December 2017 are consistent with the stated business direction in each of the three divisions concerned…

Low & Bonar

Slightly softer end to FY17

Update | Basic Industries | 03/01/2018

A year end update led to a c 5% reduction in our FY17 PBT expectation. More detail on trading performance will emerge with the FY17 results due on 31 January…

International Stem Cell

Interim Parkinson’s data

Update | Pharmaceutical & healthcare | 03/01/2018

International Stem Cell recently announced interim six-month results from the first cohort of four patients in its Phase I trial of ISC-hpNSC in Parkinson’s…


Record contract win

Flash note | Technology | 03/01/2018

WANdisco’s $4.3m contract win with a major financial institution is the company’s largest to date and should leave our FY17 bookings and revenue…

Allium Medical Solutions

It is all about business execution

Update | Pharmaceutical & healthcare | 02/01/2018

Gardia Medical’s Wirion device is on track for FDA submission, expected by end-2017; approval is possible in Q218. If approved, it would become the…


VCSEL growth underpins revenue upgrade

Update | Technology | 02/01/2018

IQE’s pre-close trading update noted that management expects FY17 revenues to be ahead of market expectations. Noting that the upgrade is driven…


Organic and acquisitive earnings growth

Update | Construction & Building Materials | 02/01/2018

In Norcros’s first half, the company delivered improved profitability, made significant organic business investment and completed an earnings enhancing…

Tonkens Agrar

Better farm gate milk prices reduce losses

Update | General Industrials | 02/01/2018

As management predicted at the interim stage, the sustained increase in farmgate milk prices helped Tonkens Agrar (Tonkens) deliver an improved performance…

GVC Holdings

A gaming powerhouse

Update | Technology | 02/01/2018

GVC’s proposed acquisition of Ladbrokes Coral (LCL) will create a leading global multi-brand gaming business, with revenues of c £3.3bn. Completion…


Starting to get back on track

Update | Pharmaceutical & healthcare | 21/12/2017

In its interim results for the year-ending March 2018, Abzena started to move out from under the shadow of September’s disappointing trading update.…


Phase I/II with SEL24 to continue

Update | Pharmaceutical & healthcare | 21/12/2017

On 16 December 2017, Selvita announced that the FDA had lifted the clinical hold on the Phase I/II clinical trial with the company’s lead drug candidate…

ReNeuron Group

Biblical aspirations

Update | Pharmaceutical & healthcare | 21/12/2017

ReNeuron’s interim results for the six months to 30 September 2017 showcased a crucial juncture in the company’s history. With the first of…

Kazia Therapeutics

GDC-0084 Phase II to begin shortly

ADR Update | Pharmaceutical & healthcare | 21/12/2017

Novogen has changed its name to Kazia Therapeutics and undertaken a 10:1 share consolidation following shareholder approval in November. It has also out-licensed…

Kazia Therapeutics

GDC-0084 Phase II to begin shortly

Update | Pharmaceutical & healthcare | 21/12/2017

Novogen has changed its name to Kazia Therapeutics and undertaken a 10:1 share consolidation following shareholder approval in November. It has also out-licensed…


Carmat raises €52.9m and extends cash runway

Update | Pharmaceutical & healthcare | 21/12/2017

Carmat raised €52.9m through the sale of 2.645m shares at €20.0 per share. We estimate that this should increase the firm’s cash runway…

Numis Corporation

Advancing on all fronts

Update | Financials | 20/12/2017

Numis made good progress across its business in FY17, started the current year at a similar pace and has a good pipeline of potential deals. Implementation…

Vietnam Enterprise Investments

Long-established track record and local expertise

Review | Investment Companies | 20/12/2017

Vietnam Enterprise Investments (VEIL) was launched in 1995 and is the largest and longest established, closed-ended investment company, which is focused…

Borussia Dortmund

Christmas comes early

Update | Travel & Leisure | 19/12/2017

Immediate back-to-back Bundesliga wins under new coach Peter Stöger is at least a welcome change of fortune for beleaguered Dortmund. Now the winter…

Hurricane Energy

Fabrication on track; commissioning now in focus

Update | Oil & Gas | 19/12/2017

On 12 December 2017, we visited the Aoka Mizu FPSO at Drydocks World Dubai, and had the opportunity to meet a number of Hurricane Energy and Bluewater…

MedicX Fund

Strong investment pipeline to continue progress

Outlook | Property | 19/12/2017

FY17 saw steady underlying growth in the investment portfolio and recurring earnings. Overall returns were further enhanced by positive revaluation movements…

Primary Health Properties

Continuing to find acquisition opportunities

Update | Property | 18/12/2017

Primary Health Properties (PHP) has agreed the acquisition of a large and modern primary care facility in the Republic of Ireland (RoI), its third to date,…

UMT United Mobility Technology

New blockchain smart data and loyalty solution deal

Flash note | Technology | 15/12/2017

UMT has announced a new Letter of Intent with Berlin-based sports and casino gaming company, mybet Holding, to create an innovative blockchain-based smart…

Carr's Group

Foundations for growth

Outlook | Consumer staples | 15/12/2017

Carr’s Group operates in relatively defensive markets. Demand for agricultural outputs worldwide is being driven by a rising global population, a…

Massive fatty liver opportunity

Review | Pharmaceutical & healthcare | 15/12/2017

One Way Liver (OWL), a private company, sells a non-invasive sophisticated lab diagnostic (OWLiver) to detect liver inflammation. The obesity epidemic…

VinaCapital Vietnam Opportunity Fund

Targeting Vietnam’s growth potential

Review | Investment Companies | 15/12/2017

VinaCapital Vietnam Opportunity Fund (VOF) is one of the largest specialist Vietnam funds. VOF invests primarily in public and private equity, with a smaller…

Avanti Communications

Return to base

Update | Aerospace & Defence | 15/12/2017

The company has announced a proposed financial restructuring that should clear the way to resume more normal operations. FY17 results are still to be released,…

SymBio Pharmaceuticals

Licence agreement for IONSYS terminated

ADR Update | Pharmaceutical & healthcare | 15/12/2017

The licence agreement between SymBio and The Medicines Company (MDCO) for the exclusive rights to develop the IONSYS (SyB P-1501) pain patch in Japan has…


Commercial progress across portfolio

Update | Pharmaceutical & healthcare | 15/12/2017

Within the month of November 2017, NetScientific portfolio companies had a series of announcements reflecting increased adoption of their products. ProAxsis…

Cooks Global Foods

Termination of coverage

Update | Food & Drink | 14/12/2017

Edison Investment Research is terminating coverage on Cooks Global Foods (CGF). Please note you should no longer rely on any previous research or estimates…

Touchstone Innovations

Termination of coverage

Update | Pharmaceutical & healthcare | 14/12/2017

Edison Investment Research is terminating coverage on Touchstone Innovations (IVO). Please note you should no longer rely on any previous research or estimates…

Martin Currie Global Portfolio Trust

Consistent approach to global equity investing

Review | Investment Companies | 14/12/2017

Martin Currie Global Portfolio Trust (MNP) has been managed by Tom Walker since January 2000, aiming to generate long-term capital growth. He adopts a…


Termination of coverage

Update | Industrial Support Services | 14/12/2017

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

NeuroVive Pharmaceutical

Two new trials and likely out-licensing in 2018

Update | Pharmaceutical & healthcare | 14/12/2017

NeuroVive has made progress on multiple fronts over the past few months with both its core asset portfolio and non-core projects for out-licensing. Notable…

SymBio Pharmaceuticals

Licence agreement for IONSYS terminated

Update | Pharmaceutical & healthcare | 14/12/2017

The licence agreement between SymBio and The Medicines Company (MDCO) for the exclusive rights to develop the IONSYS (SyB P-1501) pain patch in Japan has…

Oryzon Genomics

New data support holistic effects of ORY-2001

Update | Pharmaceutical & healthcare | 14/12/2017

Recently, Oryzon has published a flurry of fresh preclinical data backing its products ORY-2001 and ORY-3001. Latest data from ORY-2001 expanded the understanding…

John Laing Group

Growth in buoyant markets

Update | Financials | 13/12/2017

John Laing Group’s (JLG) trading update and recent disposal of a wind farm provided year-to-date figures for investment commitments and realisations.…


Revolving around US Zubsolv 2018 positioning

Update | Pharmaceutical & healthcare | 13/12/2017

Orexo’s Q3 highlighted a strong financial quarter. Zubsolv US revenue declines of 15% vs Q316 (Q316 benefited from significant one-time wholesaler…


Agile and responsive

Outlook | Aerospace & Defence | 13/12/2017

Cohort continues to make progress in a tough UK defence trading environment. Our earnings forecasts remain largely unchanged as performances at MASS and…

AFT Pharmaceuticals

Australia and Maxigesic driving growth

Outlook | Pharmaceutical & healthcare | 12/12/2017

AFT Pharmaceuticals is a New Zealand-based specialty pharmaceutical company that currently sells over 130 prescription specialty generics and OTC products…


Looking forward

Update | Industrial Support Services | 12/12/2017

H118 results quantified the adverse effects of the slower development of revenues highlighted in earlier updates, but also provided more clarity on near-term…


Encouraging LAG-3 combo data at SITC

ADR Update | Pharmaceutical & healthcare | 12/12/2017

Prima BioMed has changed its name to Immutep Limited following shareholder approval in November. It reported an encouraging 33% preliminary response rate…

Hurricane Energy

West of Shetland resource update

Flash note | Oil & Gas | 12/12/2017

Hurricane has published this week an updated competent person’s report (CPR) on its West of Shetland fields not previously included in the 2017 Lancaster…

Foresight Autonomous Holdings

Cash burn up slightly, stronger balance sheet

Update | Technology | 12/12/2017

Foresight Autonomous (FRSX) was able to achieve a number of milestones during Q317. These included tests with two major Chinese auto manufacturers, demonstration…


All about the data

Outlook | Media | 11/12/2017

YouGov has a strong growth record and its investment in building its data-driven products and services is steadily improving its earnings’ quality.…


Encouraging LAG-3 combo data at SITC

Update | Pharmaceutical & healthcare | 11/12/2017

Prima BioMed has changed its name to Immutep Limited following shareholder approval in November. It reported an encouraging 33% preliminary response rate…


Strength in diversity

Outlook | General Industrials | 11/12/2017

Strong H118 results and positive order book development cause us to raise estimates, especially for the current year with better dividend prospects also.…

APQ Global

Meeting income targets and looking to grow

Update | Financials | 11/12/2017

APQ Global is well on track to deliver its targeted 6% yield on its August 2016 IPO price of 100p. The proceeds from the IPO and follow-on CULS issue have…


Positive trend in quantity and quality of lending

Update | Financials | 08/12/2017

S&U’s trading update for the period since its half-year end confirmed that it is trading in line with expectations and our estimates are unchanged.…


Preparing to tackle big markets

Update | Pharmaceutical & healthcare | 07/12/2017

Immunovia continues to leverage the IMMray technology to additional opportunities with prospective trials in the group of early pancreatic cancer symptoms…

discoverIE Group

New name reflects ambitious growth strategy

Update | Electronics & Electrical Equipment | 07/12/2017

discoverIE (previously called Acal) reported strong interims, proving that its strategy to grow the design and manufacturing (D&M) side of the business…

Standard Life Investments Property Income Trust

Strong track record in UK commercial property

Review | Investment Companies | 07/12/2017

Standard Life Investments Property Income Trust (SLI) holds an actively managed portfolio of UK commercial property. Since September 2006, the trust has…

Basilea Pharmaceutica

Pfizer Cresemba deal extended to Asia and China

Update | Pharmaceutical & healthcare | 07/12/2017

Basilea has announced an extension to its licence agreement with Pfizer (PFE) for Cresemba (for invasive fungal infections). The original deal granted…

European Investment Trust (The)

Maintaining disciplined valuation-based approach

Review | Investment Companies | 07/12/2017

The European Investment Trust (EUT) has been managed by Edinburgh Partners (EP) since 2010. Lead manager Craig Armour employs EP’s strict valuation-driven…


New V2V order from leading tier one company

Flash note | Technology | 07/12/2017

TerraNet has announced a new order worth SEK950k ($113k) from a world-leading provider of passive and active safety in the automotive sector. TerraNet…

7digital Group

Proposed GBP8.5m fund-raise

Flash note | Technology | 07/12/2017

7digital is proposing to raise £8.5m (before expenses) through the issue of up to 212.5m new shares at a price of 4p, a 22% discount to close on…


Record EBITDA margins in Q317

Update | General Industrials | 06/12/2017

TransContainer announced its third quarter IFRS results on 28 November, revealing continued growth in net income and EBITDA, driven by increased container…

Regional REIT

Significant proposed growth and funding

Update | Property | 06/12/2017

We have previously commented on the fact that regional commercial property markets, especially for industrial and office properties, have remained firm…

Windar Photonics

Transformational Chinese contract signed

Flash note | Alternative Energy | 06/12/2017

Windar Photonics has received a follow-on order from one of its Chinese distributors for 300 WindEYE LiDAR systems. The first 50 are for delivery this…

Custodian REIT

Diversified income focus

Update | Property | 05/12/2017

Custodian REIT (CREI) continued to grow its asset base, income earnings, and NAV per share in H118, with a well-controlled cost base. NAV and share price…

Oceania Natural

New focus on quality and ethical products

Update | Consumer Support Services | 05/12/2017

Oceania Natural (ONL) is an early-stage New Zealand company involved in producing and distributing food and drink products. It sources products from New…