Meeting management growth expectations

Update | General Industrials | 26/05/2017

The latest trading update shows that all three reporting divisions are continuing to progress well and management expectations for the year are unchanged.…

Pixium Vision

Forfait Innovation decision postponed

Flash note | Pharmaceutical & healthcare | 26/05/2017

Pixium announced on 24 May 2017 that the French Haute Autorité de Santé (HAS) has requested additional clinical data before agreeing to provide…

Epwin Group

FY17 starts in line with expectations

Update | Construction & Building Materials | 26/05/2017

Trading in the first four months of FY17 has been in line with management expectations and our estimates are unchanged. Market commentary is cautious,…

OTC Markets Group

Acceleration in corporate client signings

Outlook | Financials | 26/05/2017

OTC Markets Group’s (OTCM) first quarter results showed progress with revenues up 5% and pre-tax profits 12% ahead of Q116. While the corporate client…

Worldwide Healthcare Trust

Investing in healthcare across the globe

Review | Investment Companies | 25/05/2017

Worldwide Healthcare Trust (WWH) aims to generate capital growth from a global portfolio of healthcare stocks. While around two-thirds of the portfolio…


Anisina nixed, GDC-0084 on track for Phase II

ADR Outlook | Pharmaceutical & healthcare | 25/05/2017

Novogen’s recent market updates presented mixed news for investors. Recruitment in the Cantrixil Phase I is underway and preparations for the Phase…


Stabilising the platform

Flash note | Industrial Support Services | 25/05/2017

Medserv issued an interim report on 22 May that indicates a stabilisation of the outlook for the group. METS appears to be trading strongly and while the…


Driving international earnings

Outlook | Construction & Building Materials | 24/05/2017

Compared to most UK-quoted building materials plays, Tyman offers better exposure to growth in international markets especially North America. The acquisition…

International Stem Cell

Green light for second cohort

Update | Pharmaceutical & healthcare | 24/05/2017

International Stem Cell recently announced that the data safety monitoring board (DSMB) for its Phase I trial of ISC-hpNSC in Parkinson’s disease…

Polar Capital Global Healthcare Trust

Adapting to a new global healthcare landscape

Initiation | Investment Companies | 24/05/2017

Polar Capital Global Healthcare Growth & Income Trust (PCGH) was set up in 2010 with a fixed life of seven years. In advance of the expected wind-up at…

Corestate Capital Holding

The investment manufactory

Initiation | Financials | 24/05/2017

Corestate Capital (CCAP) is an integrated real estate investment manager providing a range of asset management products and services. It focuses on commercial…

Avon Rubber

New CEO marches on

Update | Aerospace & Defence | 24/05/2017

Avon Rubber’s strong first half results allayed any concerns that the change in management team might have distracted this growth company from the…

RedHill Biopharma

Seeking recurring revenues; two readouts in 2017

Update | Pharmaceutical & healthcare | 24/05/2017

RedHill’s Q117 business update described steady progress on both fronts: the R&D pipeline and planned commercialisation of the two products for gastrointestinal…


All-round entertainer

Initiation | Media | 23/05/2017

Edel AG is unusual in combing extensive entertainment content (owned and/or licensed) with the ability to manufacture physical assets and distribute both…

Standard Life Investments Property Income Trust

UK REIT generates net income surplus in FY16

Review | Investment Companies | 23/05/2017

Standard Life Investments Property Income Trust (SLI) aims to generate both income and capital growth from investing directly in UK commercial property.…


IT services one-stop shop for Mittelstand companies

Initiation | Technology | 23/05/2017

DATAGROUP has established an interesting niche providing Mittelstand companies with a modular suite of technology solutions. The group’s CORBOX “cloud-enabling…

Vectron Systems

Cashing in on online opportunity

Initiation | Technology | 23/05/2017

Vectron’s core point of sale (POS) business generated strong growth in revenues and earnings in FY16, and should continue to benefit from several…

EQS Group

Q1 regulatory stimulus

Update | Media | 23/05/2017

EQS has produced strong Q117 figures, with revenues up 49% on the prior year, boosted by the consolidation of ARIVA, with organic growth at 13%. This performance…

Euromoney Institutional Investor

Finding its wings

Update | Media | 23/05/2017

The interim figures show a mixed picture of head- and tailwinds, but with a definite improvement in Q217 over Q117, particularly in the events business.…


Clarifying position on Turkish exposure

Flash note | Technology | 23/05/2017

In a follow-up to its December report, Spotlight Research claims that Paysafe is processing online gambling transactions in Turkey, a country in which…

Entertainment One

Strong performance across the group

Update | Media | 23/05/2017

An excellent performance in Television and Family and the recovery in Box Office in Film underpinned strong revenue and EBITDA growth in FY17 and the outlook…

Leigh Creek Energy

Fully capitalised for pre-commercial demo

Update | Oil & Gas | 22/05/2017

On 31 March 2017, Leigh Creek Energy (LCK) announced that it had raised A$21.85m of new equity; net proceeds are to be used to fund the company’s…

SDX Energy

Aggressive drilling programme in second half

Update | Oil & Gas | 22/05/2017

SDX Energy has released its first quarter 2017 results, the first period incorporating its recent acquisition of Egyptian and Moroccan assets. As expected,…

Global Bioenergies

Reaching scale

Flash note | Alternative Energy | 22/05/2017

The inauguration of the Leuna demo plant marks another step forward for Global Bioenergies’ execution strategy. The fab is delivering good yields…

Keywords Studios

Red Hot art acquisition

Update | Technology | 22/05/2017

Keywords Studios’ $6m acquisition of Red Hot CG further strengthens the company’s position in the art service line, in China and with Activision.…

Oryzon Genomics

ORY-2001 and ORY-3001 next in focus

Update | Pharmaceutical & healthcare | 22/05/2017

Oryzon’s Q117 financial results were broadly in line with our expectations. The company’s partner, Roche is now solely responsible for ORY-1001’s…

Deutsche Rohstoff

Track record of value creation

Initiation | Oil & Gas | 22/05/2017

Deutsche Rohstoff (DRAG) has a track record of shareholder value creation through timely investments in the resources sector across a range of commodities…

Nanoco Group

Next generation display collaboration

Flash note | Technology | 22/05/2017

Nanoco has announced via RNS Reach a collaboration and joint development agreement with Kyulux to co-develop next generation display technologies. The…

Numis Corporation

Franchise strength and development

Outlook | Financials | 22/05/2017

The drag on revenues from scarce market-wide primary equity issuance was substantially mitigated by progress in most other areas, reflecting the breadth…

StatPro Group

Q1 trading in line, focus on integrating UBS Delta

Update | Technology | 22/05/2017

In an in-line AGM trading update, StatPro says that sales have progressed well and that the pipeline remains solid. We have maintained all of our forecasts,…

Intec Pharma

Progress across ongoing and new clinical trials

Update | Pharmaceutical & healthcare | 22/05/2017

Intec Pharma has made significant progress, both with its current development programme and in new directions. The company is in a Phase III clinical trial…


Promising performance, strengthened proposition

Update | Food & Drink | 22/05/2017

Greggs has traded strongly for the first 19 weeks, and self-help measures such as refurbishments, openings, manufacturing rationalisation and product development…


Anisina nixed, GDC-0084 on track for Phase II

Outlook | Pharmaceutical & healthcare | 22/05/2017

Novogen’s recent market updates presented mixed news for investors. Recruitment in the Cantrixil Phase I is underway and preparations for the Phase…

Tonix Pharmaceuticals

Time to execute

Update | Pharmaceutical & healthcare | 19/05/2017

With the commencement of enrolment for the pivotal Phase III HONOR study of TNX-102 SL in military-related post-traumatic stress disorder (PTSD), the future…


Global platform strategy starts to pay

Update | Media | 19/05/2017

Future has produced strong H117 figures, as per April’s trading update, boosted by growing e-commerce revenues and a strong showing from events.…

Wheaton Precious Metals

Formerly Silver Wheaton (SLW)

Update | Mining | 18/05/2017

Wheaton Precious Metal’s Q117 results were closely aligned with our prior expectations with the single exception that there was a 1.3Moz under-sale…


Phase III surveillance trial successful

Update | Pharmaceutical & healthcare | 18/05/2017

Photocure presented the findings of from its Phase III clinical trial of Hexvix/Cysview for bladder cancer surveillance at the American Urological Association…

Rank Group

Digital revenues are back on track

Update | Travel & Leisure | 18/05/2017

In line with expectations, l-f-l revenues (46 weeks to 14 May) increased 1%, with a 13% growth in digital offsetting a slight revenue decline in Grosvenor…

Solid State

Enhancing R&D capability

Update | General Industrials | 18/05/2017

Solid State has recently opened a new development, manufacturing and test facility for Steatite Antennas in Leominster, Herefordshire. The 15,000sq ft…

Keywords Studios

A new string to the bow

Update | Technology | 18/05/2017

Keyword’s acquisition of GameSim for $4.76m marks the company’s long planned entry into engineering. We expect follow-on acquisitions as it…

Factor Therapeutics

Recruitment in VLU Phase IIb expected to build

Update | Pharmaceutical & healthcare | 17/05/2017

Factor Therapeutics updated the market that at the end of Q117, 12 venous leg ulcer (VLU) patients had been randomised to VF-001 or placebo in its Phase…

TR European Growth trust

Strong returns from European small-cap specialist

Review | Investment Companies | 17/05/2017

TR European Growth Trust (TRG) has enjoyed an exceptionally strong period of recent share price and NAV performance, posting gains of c 50% over 12 months…


Intention to raise equity to progress development

Update | Pharmaceutical & healthcare | 17/05/2017

4SC has announced an updated development programme, to be funded by an equity fund-raising, which we expect in 2017. The proceeds from this will be used…


Termination of coverage

Update | Pharmaceutical & healthcare | 17/05/2017

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


Termination of coverage

Update | Pharmaceutical & healthcare | 17/05/2017

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

Yowie Group

Growing pains, but manageable

ADR Update | Consumer Support Services | 17/05/2017

After experiencing a drop in sequential sales for the December quarter, Yowie returned to sequential sales growth in the March quarter. However, the company…


Steady progress

Initiation | Pharmaceutical & healthcare | 17/05/2017

MagForce is moving forward with its strategy to drive uptake and acceptance (in the US and Europe) of its NanoTherm nanoparticle-based therapy for cancer.…

Pan African Resources

Canning coal

Update | Mining | 17/05/2017

Since our last update note, Pan African Resources (PAF) has announced the disposal of its 91% interest in its coal asset, Uitkomst, for ZAR275m (£16.3m,…

Midatech Pharma

Termination of coverage

Update | Pharmaceutical & healthcare | 16/05/2017

Edison Investment Research is terminating coverage on Midatech Pharma (MTPH). Please note you should no longer rely on any previous research or estimates…


SCLC data - subgroup analysis hints at benefit

Update | Pharmaceutical & healthcare | 16/05/2017

Top-line data from Mologen’s Phase II small cell lung cancer trial (IMPULSE) have been announced. Positive responses in two subgroups hint at a treatment-related…


Gaining more evidence

Update | Pharmaceutical & healthcare | 16/05/2017

In May 2017, VolitionRx presented the final data from its 8,000-person clinical validation study of the Nu.Q™ Colorectal Cancer Screening Triage…

Hurricane Energy

Big fields get bigger - 523mmbbls and counting

Outlook | Oil & Gas | 16/05/2017

Hurricane Energy’s 2016/17 drilling programme has significantly increased understanding of the Greater Lancaster Area (GLA) and Greater Warwick Area…

Primary Health Properties

Steady long-term income

Update | Property | 16/05/2017

Primary Health Properties’ (PHP) 26 April trading update demonstrated several positive developments in the year to date: continued portfolio and…

Jackpotjoy plc

Market dominance brings the cash

Update | Travel & Leisure | 16/05/2017

Driven by the market-leading Jackpotjoy division, Q1 gaming revenues rose 11% to £71.4m with an EBITDA margin of 40.9% and underlying cash conversion…

Alkane Resources

Getting back on track at the TGO

Update | Mining | 15/05/2017

After a testing H117 at the Tomingley Gold Operation (TGO) due to high levels of rainfall that affected gold production, Alkane’s third quarter results…

Biondvax Pharmaceuticals

Phase IIb with universal flu vaccine readout close

Update | Pharmaceutical & healthcare | 15/05/2017

BiondVax’s FY16 business update reiterated that the company and its partners are on track to deliver full results from the ongoing Phase IIb trial…


A world of new surfaces

Initiation | General Industrials | 15/05/2017

Since 2014, Nanogate has achieved stellar growth, doubling revenues to hit its €100m goal earlier than expected. This is the result of a sequence…


Steady progress

Outlook | Pharmaceutical & healthcare | 15/05/2017

MagForce is moving forward with its strategy to drive uptake and acceptance (in the US and Europe) of its NanoTherm nanoparticle-based therapy for cancer.…

Vertu Motors

Responding to the challenge

Update | Automotive Retailers | 15/05/2017

Vertu Motors has produced another solid set of figures, supported by a series of key investments to strengthen the medium-term outlook. Trading in the…


Preparing for commercialisation

Update | Pharmaceutical & healthcare | 15/05/2017

Following the successful SEK140m IPO in December 2016, Acarix is commercialising its novel CE-marked CADScor System in Germany. CADScor is used as a frontline…

Henderson Far East Income

High income and capital growth potential

Review | Investment Companies | 15/05/2017

Henderson Far East Income (HFEL) is a relatively concentrated portfolio of 40-60 Asian equities, aiming to generate high income with the potential of long-term…


Q1 constant currency organic growth was 13%

Update | Technology | 12/05/2017

GFT remains on target and thematic trends are broadly the same. Underlying Q1 revenue growth was solid at 13.3%, helped by 3% more days in the period,…

Nürnberger Beteiligungs

Discounted valuation, restructuring potential

Initiation | Financials | 12/05/2017

Nürnberger Beteiligungs-AG (NBG) is now in its 134th year of operation and is one of Germany’s oldest and most recognised insurers, with gross…

Helma Eigenheimbau

Ready to drive home value

Initiation | General Industrials | 12/05/2017

Helma Eigenheimbau provides an opportunity to gain entry into a growth company in a positive phase for the sector, at a time when home ownership is getting…

Entertainment One

Exceptional charge to restructure Film

Flash note | Media | 12/05/2017

Entertainment One (eOne) has announced that it will incur a one-off £47m exceptional charge related to the restructuring of one of its larger output…


Funded to execute clinical development strategy

Update | Pharmaceutical & healthcare | 12/05/2017

Medigene recently announced a placing of €20.7m gross (issuing 1.96m new shares at €10.55) to intensify its R&D through the expansion of its…


On track for two filings by mid-2018

Update | Pharmaceutical & healthcare | 12/05/2017

Paion has completed patient recruitment in its pivotal bronchoscopy study of its ultra-fast-acting sedative remimazolam. Results are likely by mid-2017…

SNP Schneider-Neureither & Partner

Polish SAP consulting bolt-on

Update | Technology | 12/05/2017

SNP is acquiring BCC, one of the largest SAP partners in Central and Eastern Europe, for an undisclosed price. The deal broadens the group’s customer…


Inecalcitol shows promise in CML, R&D refocus

Outlook | Pharmaceutical & healthcare | 12/05/2017

Hybrigenics’ main focus is the development of inecalcitol as a niche treatment for leukaemia. In February it presented encouraging initial results…


Building a pipeline of third-wave biosimilars

Update | Pharmaceutical & healthcare | 11/05/2017

Formycon has reported FY16 financial results that highlight the progress of its biosimilars pipeline. During 2016 partner Bioeq IP AG started a global…

GB Group

PCA acquisition an excellent fit

Update | Technology | 11/05/2017

The acquisition of PCA Predict is an excellent fit with GB Group’s (GBG) address intelligence services, adding SME reach and, combined with Matchcode360…

Hutchison China MediTech

Future stars are aligning

ADR Outlook | Pharmaceutical & healthcare | 11/05/2017

Despite a strong run over the last 12 months, our increased valuation of $2.7bn suggests the market overlooks HCM’s full R&D potential. Multiple…

TXT e-solutions

Making progress in North America and Asia

Update | Technology | 11/05/2017

TXT reported strong organic revenue growth in Q117, with 14% growth for TXT Retail and 8% growth for TXT Next. Our forecasts are substantially unchanged.…

Is Yatirim Menkul Degerler

Ahead of expectations

Update | Financials | 11/05/2017

Is Yatirim’s (ISY) Q117 results showed a strong performance by the investment banking business, driven by robust equity, debt and derivatives markets,…

Epwin Group

Good progress, cautious outlook

Outlook | Construction & Building Materials | 11/05/2017

FY16 earnings showed a good step forward without much help from markets. Acquisitions played a part in this as Epwin further built out its product portfolio…

Nanoco Group

Quantum leap

Initiation | Technology | 11/05/2017

We believe that factors are finally aligning to support adoption of Nanoco’s quantum dots in the 250m+ unit per year TV and computer display markets.…

Hutchison China MediTech

Future stars are aligning

Outlook | Pharmaceutical & healthcare | 11/05/2017

Despite a strong run over the last 12 months, our increased valuation of $2.7bn suggests the market overlooks HCM’s full R&D potential. Multiple…

Marshall Motor Holdings

Driving transformational growth

Initiation | Automotive Retailers | 11/05/2017

As Marshall Motor (MMH) celebrates the second anniversary of its flotation on AIM, it can reflect positively on the continuation of its strong growth record,…

Thin Film Electronics

Strong revenue growth outlook in coming quarters

Update | Technology | 10/05/2017

Thinfilm (THIN) has had a very strong few months in terms of business development. EAS orders are back in volume (backlog: 16m units) and the launch of…

Walker Greenbank

Branding strength, manufacturing restored

Update | General Industrials | 10/05/2017

FY17 was a testing year but management emerges with credit, having restored and improved flood affected fabric printing operations and added another mid-market…

Henderson International Income Trust

Growing income from all-overseas portfolio

Review | Investment Companies | 10/05/2017

Henderson International Income Trust (HINT) seeks to provide investors with more diversified sources of income, by investing exclusively outside the UK.…


European restructuring expertise

Initiation | General Industrials | 10/05/2017

mutares AG specialises in the acquisition and restructuring of unlisted companies in Europe and currently holds 13 investments. Shareholder value is created…

PDL BioPharma

Q1 earnings

Update | Pharmaceutical & healthcare | 10/05/2017

PDL BioPharma recently reported Q117 earnings. Its subsidiary Noden Pharma (of which it currently owns 98%) started commercialization efforts for the Tekturna…

Sunesis Pharmaceuticals

Redirection after EMA application pulled

Update | Pharmaceutical & healthcare | 10/05/2017

Sunesis reported in May 2017 that it has pulled its application to the EMA for the approval of vosaroxin for the treatment of acute myeloid leukemia, based…

Cadence Minerals

Steadily cantering through

Update | Mining | 10/05/2017

Until now, Cadence’s (KDNC) various direct and indirect project interests have been viewed largely on their respective market valuations. With three…

Braemar Shipping Services

Awaiting favourable trade winds

Outlook | Industrial Support Services | 10/05/2017

FY17 proved a very challenging period for Braemar, although both the Shipbroking and Logistics divisions proved quite resilient. The weakness in the Technical…

Gear4music Holdings

Two years’ success and platform for expansion

Outlook | Consumer Support Services | 10/05/2017

Gear4music (G4M) has excited the market with stellar growth since IPO, and has beaten our forecast once again with 272% EPS growth for FY17. Management…

Avon Rubber

The management jigsaw is complete

Flash note | Aerospace & Defence | 10/05/2017

Avon Rubber announced this morning that it has appointed Nick Keveth as group finance director from 1 June 2017. Avon Rubber appointed Paul Rayner acting…

Snakk Media

Q4 business update

Update | Media | 09/05/2017

Snakk Media (SNK) has estimated annual advertising revenues to March 2017 at NZ$10.6m, a shade ahead of the prior year ($10.5m). As flagged in April’s…


A German fintech incubator

Initiation | Financials | 09/05/2017

FinLab is an early stage investor and incubator of German fintech companies with a strong balance sheet and recurring cash flows. Established in late 2014,…


FY17 guidance maintained

Flash note | Technology | 09/05/2017

Paysafe traded as expected during Q117 and management maintains its guidance for FY17 revenue growth and EBITDA margins. Cash conversion remains strong…

Finsbury Growth & Income Trust

Performance record remains intact

Review | Investment Companies | 09/05/2017

Finsbury Growth & Income Trust (FGT) has been managed by Nick Train since 2000; he runs a concentrated portfolio of 25-30 primarily UK equities, aiming…


A brilliant half

Update | Basic Industries | 09/05/2017

Treatt has delivered yet another strong set of results. The business continues to perform very well and the constant stream of upgrades demonstrates the…

PPHE Hotel Group

Keeping momentum

Flash note | Travel & Leisure | 09/05/2017

PPHE has consolidated a H216 recovery with a “strong” start to 2017. The 21% like-for-like RevPAR gain in Q1, albeit on weak comparatives and…


Agreement reached

Outlook | Food & Drink | 09/05/2017

EverSweet is due to be launched in 2018 following the recent, much-awaited collaboration agreement with Cargill. Evolva is due to participate in the JV…

Ellomay Capital

FY16 weak, but case remains

Update | Alternative Energy | 09/05/2017

As flagged at the 9M16 results, due to factors well beyond management control – namely lower solar radiance, currency movements and spot power prices…

Cliq Digital

Digital content marketing

Initiation | Technology | 08/05/2017

Cliq Digital’s strategy to focus its marketing investment on higher ARPU European markets achieved another year of strong revenue growth in FY16,…

Achillion Pharmaceuticals

Pipeline advancing

Update | Pharmaceutical & healthcare | 08/05/2017

Achillion recently announced that its partner, Janssen, has fully enrolled its 365-patient Phase IIb trial testing the triple combination of ALS-022335,…

Banca Sistema

Growing speciality finance provider

Initiation | Financials | 08/05/2017

Banca Sistema’s (BST) main activity is financing trade receivables from the Italian public sector. It also purchases commercial receivables and has…

G3 Group

Q4 key operating metrics (KOMs)

Update | Industrial Support Services | 07/05/2017

G3 Group (GGL) operates three businesses: document and data management in New Zealand and Australia, a unique UK-based tourist souvenir business and a…