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 saw continued strong trading in Q418 and expects to report revenue growth of 15% for FY18 and earnings in line with management expectations.…
FY17 was a difficult trading year for Epwin – and some effects flow into this financial year – but management has stuck resolutely to a business…
The first part of the four-stage transaction for BioLight’s IOPtima subsidiary to be sold to Chengdu Kanghong Pharmaceutical Group (Chengdu) has…
Focusrite has delivered an outstanding first half with substantial growth on all metrics, across all territories and in both product brand groups. Constant…
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 made a number of announcements when it presented its three-year strategic plan on 19 April 2018. Importantly, it is accelerating both…
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’s FY17 results were slightly short of guidance and consensus estimates, yet still delivered 23% increase in net income underpinned by…
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’s extension of its partnership with a major listed US corporation indicates the relationship could be both significant and long lasting. Visibility…
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,…
Newbuild residential was the standout sector for Polypipe in FY17 with relatively subdued performance in Commercial and Infrastructure. Overall, underlying…
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.…
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…
Trifast’s pre-close trading update indicates another strong year of execution of the company’s well-developed growth strategy. The profit before…
Adocia is a clinical-stage biotech company that leverages its proprietary BioChaperone (BC) platform technology to generate improved formulations of approved…
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 (GBG) expects to report revenues and EBIT ahead of our forecasts on a strong performance from the fraud management and global electronic verification…
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…
Edison Investment Research is terminating coverage on Yowie Group (YOW). Please note you should no longer rely on any previous research or estimates for…
Edison Investment Research is terminating coverage on Learning Technologies Group (LTG). Please note you should no longer rely on any previous research…
Edison Investment Research is terminating coverage on Aberdeen Private Equity Fund (APEF). Please note you should no longer rely on any previous research…
Edison Investment Research is terminating coverage on Miton Global Opportunities (MIGO). Please note you should no longer rely on any previous research…
Edison Investment Research is terminating coverage on Coats Group (COA). Please note you should no longer rely on any previous research or estimates for…
Edison Investment Research is terminating coverage on Fyber (FBEN). Please note you should no longer rely on any previous research or estimates for this…
Edison Investment Research is terminating coverage on Bushveld Minerals (BMN). Please note you should no longer rely on any previous research or estimates…
FinLab continues to expand its portfolio of fintech investments (currently nine holdings), putting special emphasis on opportunities in the blockchain…
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…
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 (FRSX) is an innovator in automotive vision and cellular V2X accident prevention systems. In Q118, the group launched its QuadSight demo system…
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…
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,…
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 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 (TCS) provides mainly regional commercial property exposure, with a focus on the fast growing cities of Leeds and Manchester, where…
Sierra Oncology held an investor meeting on 27 February 2018, which provided a comprehensive update on its programs. The most immediately impactful data…
Since producing its conceptual open-pit study in 2015, Amur has continued its exploration programme, as well as announcing the results of metallurgical…
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…
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’s renewable assets portfolio delivered significant growth at the operating level over the course of 2017, with revenue, EBITDA and…
There were a number of headwinds and tailwinds in FY18, in which good growth was delivered, but lower earnings expectations have dominated sentiment. Walker…
Severfield’s closing FY18 update reiterated latest guidance and management’s confidence in attaining its FY20 PBT target of £26m. As…
The highlight of Probiodrug’s FY17 results presentation was the rather detailed introduction of the Phase IIb development programme for the lead…
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 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…
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…
S&U’s core non-prime motor finance business, Advantage, has delivered 18 consecutive years of profit growth, including a 20% increase in FY18.…
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 (BRGE) is co-managed by Stefan Gries (appointed on 20 June 2017), who focuses on developed European markets,…
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’s online art trading platform has already established its proof of concept. The business model has been honed over recent months, with…
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 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…
Management’s concept selection and contracting strategy appears to deliver the desired result, with Hurricane reiterating that the Lancaster EPS…
We are re-initiating coverage on Bionomics, a pharmaceutical company developing drugs for neuropsychiatric indications and oncology. It has leveraged its…
While longstanding brand and financial strengths hold true, Borussia Dortmund (BVB) is currently bedevilled by uncertainties. Some, such as the absence…
Clal Biotechnology Industries’ (CBI’s) portfolio of investments continues to progress on multiple fronts. Most importantly, MediWound (CBI…
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’s H1 results reflect the slow commercialisation cycle in display although H2 should improve significantly as the first payments from the company’s…
eOne’s bolt on acquisition of Whizz Kid in the UK further builds on its expanding capabilities in the non-scripted television production segment.…
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…
With the lifecycle of Treakisym extended through the in-licensing of liquid formulations from Eagle in 2017, SymBio is refining its plans to establish…
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 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’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 (PEY) offers investors access to the private equity and debt expertise of global manager Partners Group ($74bn AUM), as…
Acquisitions during the year added further scale and breadth to Regional REIT’s (RGL’s) portfolio, with the degree of diversification (by region,…
A more settled trading period saw WYG end FY18 in line with market estimates. Management continues to work on improving organisational efficiency and structure…
With the lifecycle of Treakisym extended through the in-licensing of liquid formulations from Eagle in 2017, SymBio is refining its plans to establish…
Nanogate is taking innovative surfaces to the next level, offering intelligent surfaces with embedded electronic circuits where the surface itself interacts…
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…
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…
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…
eOne’s FY18 trading update puts the group on track to deliver to expectations with continued excellent momentum in Family, a solid performance from…
Xadago for Parkinson’s disease (PD) is now available in 14 European countries through partner, Zambon. Additionally, the drug is available in the…
Another record year of performance was achieved by the continuing activities of the group despite challenging market conditions that are persisting into…
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 recently announced its 2017 results and updated the status of its NEW-HOPE study in 250 hypertensive overweight patients across 25 major…
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 is now in a position to grasp the opportunities it has to deliver innovative tech-based marketing solutions, having addressed its legacy…
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 (FEV) aims to achieve long-term capital and income growth from a portfolio of primarily continental European equities. Although…
1Spatial’s £1.6m deal with Land and Property Services in Northern Ireland indicates the business is continuing its recovery path. We reiterate…
This morning, Avon Rubber announced completion of the disposal of Avon Engineered Fabrications (AEF) for $9.25m. The company announced in its FY17 annual…
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%)…
FY17 saw record core trading volumes, driven by continued strong demand in jet fuel markets and diversification into other oil products. While margin optimisation…
Immutep has entered a clinical trial collaboration and supply agreement with Merck & Co (MSD) for a Phase II study to evaluate eftilagimod alpha (IMP321)…
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…
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 is a leading electricity supplier and trader operating in Australia and the US. In addition to supply and gas-fired power generation in Australia,…
2017 saw RedHill transformed from a pure drug developer into a commercial-stage, revenue-generating, specialty pharma company focused on gastrointestinal…
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…
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…
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…
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 Trust (SLS) is managed by Harry Nimmo, who aims to generate long-term capital growth from a portfolio of smaller-cap…
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…
YouGov’s strategy to focus on its scalable products and services is paying back handsomely in revenue growth and margin improvement. Margin is being…
The turnaround in business levels in life insurance after the weak first half improves visibility, although the overall environment remains challenging.…