SLI Systems

More routes to market

Update | Technology | 26/09/2017

A recovery in growth remains stubbornly elusive, with falling revenues and rising losses in line with our forecasts. SLI Systems is treading water from…

Rockhopper Exploration

Funding solution could drive FID in 2018

Outlook | Oil & Gas | 26/09/2017

Rockhopper (RKH) holds c 50% of the Sea Lion field, one of the largest undeveloped fields globally. With gross contingent 2C reserves of 517mmbbls…


Providing clarity for advertisers

Outlook | Media | 26/09/2017

H117 results mirror the current media environment with the demand for greater transparency benefiting the contract compliance business but creating some…


Half year trading as expected

Flash note | Industrial Support Services | 25/09/2017

In its half year pre close update Trifast has indicated that trading continues to perform in line with management expectations, confirming the trends noted…


Lefitolimod trial readouts hint at future potential

Outlook | Pharmaceutical & healthcare | 25/09/2017

In the last six months, mixed readouts in the Phase II SCLC trial (IMPULSE) and the Phase Ib/IIa HIV trial (TEACH) weighed on the stock. Full data packages…


Transition to rental and microservices is on track

Update | Technology | 25/09/2017

Brady’s H1 results reveal the initial impact of the group’s transformation. While revenues slipped, reflecting the planned shift to software…

Yowie Group

An inflection point after a year of challenges?

ADR Update | Consumer Support Services | 22/09/2017

After a year of internal and external challenges, we believe Yowie has built a strong and reliable operational base and business plan that will support…

Windar Photonics

Positive developments during H117

Flash note | Alternative Energy | 22/09/2017

Windar’s H117 results show €1.3m revenues for the six-month period ahead of those achieved in the whole of FY16, while the cost base realignment…

Epwin Group

Dividend focus

Update | Construction & Building Materials | 21/09/2017

Respectable H1 trading has been partly overshadowed by ownership changes for two large customers triggering estimate reductions. Given the step down in…

Marshall Motor Holdings

Leasing disposal augments strategic resource

Update | Automotive Retailers | 21/09/2017

Marshall Motor Holdings (MMH) has announced that it will sell its vehicle leasing activity to Bank of Ireland for £42.5m. The net proceeds equate…

Nanoco Group

Joining the dots

Flash note | Technology | 21/09/2017

A scan of newsflow in the display supply chain supports the case that Nanoco should be on track to receive follow-on orders in calendar H2. Nanoco has…

IG Design Group

Australian cards on the table

Update | Consumer Support Services | 21/09/2017

IG Design is extending its position in the Australian greeting card market with the acquisition of Biscay Greetings, through its joint venture, Artwrap.…


Growth outlook maintained

Outlook | Technology | 21/09/2017

Esker’s investment in headcount and recent bolt-on acquisitions is generating strong growth for the company, with expectations for double-digit organic…

Park Group

Key new initiatives progressing

Update | Financials | 21/09/2017

Park’s AGM statement confirms that trading in the year to date is in line with expectations and expresses confidence in the outlook. Our estimates…


Structural and cyclical locomotion

Outlook | General Industrials | 20/09/2017

Our increased three-year EBITDA CAGR of 20% for TransContainer is driven by rising rates of ‘containerisation’ in Russian rail freight, a gathering…

PPHE Hotel Group

Going places

Update | Travel & Leisure | 20/09/2017

PPHE has arguably trumped its strong H117 results by highlighting its “unprecedented financial position,” which provides exciting scope for…


Disappointing trading update but outlook positive

Update | Pharmaceutical & healthcare | 20/09/2017

Abzena announced a disappointing business update, indicating revenues for each of its service lines have been below expectations. This has an impact on…


Amazon AWS relationship develops further

Flash note | Technology | 20/09/2017

Amazon’s launch of its AWS hybrid data lake architecture, based around WANdisco’s Fusion, should provide an additional channel for sales via…

Nürnberger Beteiligungs

Low rating, but industry uncertainties persist

Update | Financials | 20/09/2017

Nürnberger’s results this year are riding out the challenging environment; net income rose 63% to €42m and guidance for the full year was…

Green Dragon Gas

PSC and supplementary agreement MoU

Flash note | Oil & Gas | 20/09/2017

Green Dragon Gas (GDG) has announced that it has finalised a Memorandum of Understanding (MoU) on five production sharing contracts (PSCs) and two supplementary…

Learning Technologies Group

Strong organic growth puts LTG ahead of target

Update | Technology | 19/09/2017

Learning Technologies Group (LTG) announced a strong set of H1 results, incorporating c 18% underlying organic growth. LEO, Rustici, Preloaded and…

Stride Gaming

Strong trading - nudging up EBITDA

Update | Travel & Leisure | 19/09/2017

Stride is gaining market share with strong organic growth in real money gaming (RMG). In its FY17 pre-close trading update, the company expects to meet…

Elk Petroleum

Operator of Aneth CO2 EOR project

Flash note | Oil & Gas | 19/09/2017

Elk Petroleum is to acquire a 63% operated interest in the Aneth Rocky Mountain CO2 EOR project, transforming the company into one of the largest producers…

Sierra Oncology

Expanding on a proven class of anti-cancer drugs

Initiation | Pharmaceutical & healthcare | 18/09/2017

We are initiating coverage on Sierra Oncology, a drug developer targeting the DNA damage response (DDR) network to treat cancer. The company has two Phase…


Focusing on further PQ912 development strategy

Update | Pharmaceutical & healthcare | 18/09/2017

Operating costs in H117 were largely in line with our expectations, while a one-off payment was a welcome resolution of Probiodrug’s long-outstanding…


Photonics driving second growth wave

Outlook | Technology | 18/09/2017

Towards the end of H117 one of the numerous development programmes for photonics applications that IQE has been working on moved to volume production.…

Collplant Holdings

Fund-raising should enable strategic delivery

Update | Pharmaceutical & healthcare | 18/09/2017

CollPlant has announced the signing of a definitive agreement with a US investor for a $5m private placing. The investment is in three tranches: signing…

Avon Rubber

Hitting the numbers

Update | Aerospace & Defence | 15/09/2017

Avon Rubber’s pre-close has confirmed that the group will meet market expectations and that performance in H217 has continued apace. With positive…

Fidelity China Special Situations

Attractive valuations and growth prospects

Review | Investment Companies | 15/09/2017

Fidelity China Special Situations (FCSS) invests in a diversified portfolio of Chinese equities, seeking exposure to higher-quality companies, primarily…


NAV boosted by revaluation gains

Update | Financials | 15/09/2017

FinLab’s results combine relatively stable income from management fees and dividends received from the asset management subsidiaries, Heliad and…

Helma Eigenheimbau

Market bottlenecks limiting momentum

Update | General Industrials | 14/09/2017

Helma’s H117 results confirmed the anticipated slowdown in the German residential market associated with longer project turnaround time in the construction…


Livatag’s future less clear; Validive finds partner

Flash note | Pharmaceutical & healthcare | 14/09/2017

As announced on Monday evening, the Phase III stage Livatag did not meet the primary endpoint of improving survival in hepatocellular carcinoma (HCC)…

Lazard World Trust Fund

Active investment in global opportunities

Review | Investment Companies | 14/09/2017

Lazard World Trust Fund (WTR, formerly The World Trust Fund) offers investors access to a concentrated portfolio of the ‘best ideas’ of Lazard…

GVC Holdings

Exuding confidence - upgrades to come

Flash note | Travel & Leisure | 14/09/2017

GVC’s H117 results were accompanied by a bullish update for Q317 and positive future indicators. Underlying 20% daily NGR growth in Q317 (to 10 September),…

Heliad Equity Partners

Key portfolio holdings drive results

Update | Investment Companies | 14/09/2017

Heliad Equity Partners benefited from the stock price appreciation of its major listed portfolio holdings (most notably FinTech and MagForce), posting…


In all the right places

Initiation | Technology | 14/09/2017

mVISE is a German pioneer in the fast-moving market for mobile digitalisation, cloud applications and business integration. It is well-positioned for growth…

FinTech Group

Solid H1, with FY17 guidance maintained

Update | Technology | 14/09/2017

FinTech Group (FTG) announced a solid set of H1 results and FY17 guidance was re-affirmed. While EBITDA slipped by 6% to €13.0m, this reflected a…

Caledonia Mining

Ore extraction hindered by IP implementation

Update | Mining | 14/09/2017

As Caledonia Mining (CMCL) continues to implement its investment plan (IP), logistical issues governing ore handling volumes and access to higher-grade…


Recovery plan

Outlook | Technology | 14/09/2017

1Spatial’s restructured management team has made brisk progress in reducing overheads and realigning the business to deliver on the client-centric…

Scherzer & Co

Upward NAV trend continues

Update | Financials | 13/09/2017

Scherzer & Co (PZS) was able to leverage the favourable market conditions in H117, generating an EPS of €0.15 (vs €0.04/share loss in H116)…


Tuning up

Update | Consumer Support Services | 13/09/2017

Following a strong first half driven in part by known product launches, this equally strong second half appears to show a more fundamental improvement…

China Water Affairs Group

Growth story continues

Outlook | General Industrials | 13/09/2017

China Water Affairs (CWA) delivered a CAGR of 24.7% in top-line growth and a CAGR of 23.4% in EBITDA in FY12-17. We expect its growth story to continue…

Triton Minerals

Industry interest in Ancuabe increases

Update | Mining | 12/09/2017

Critical to the development of any opaquely traded commodity project is establishing an end-customer network. To this end, Triton Minerals (TON) has forged…


AUM approaching FY17 target

Update | Financials | 12/09/2017

ÖKOWORLD (ÖWAG) reported healthy growth in H117, with sales and operating profit more than doubling year-on-year despite the lack of dividend…

Blancco Technology Group

FY17 revenues hit by contract reversals

Update | Technology | 12/09/2017

Issues with revenue recognition have led to the reversal of two contracts worth £2.9m in FY17, reducing expected growth from 40% to 29%. We have…


Investment paying off

Update | General Industrials | 12/09/2017

Strong H1 results (EBITDA +42%) and recent major orders in the LCV and rail transport segments reinforce confidence in confirmed positive profit guidance…


Reassurance and encouragement

Update | General Industrials | 12/09/2017

Severfield continues to trade in line with existing expectations though adverse sector sentiment has weighed on the company’s share price. There…

BioLight Life Sciences

IOPtiMate sales slow as Asian distribution on hold

Update | Pharmaceutical & healthcare | 12/09/2017

BioLight reported H117 results in late August and IOPtiMate revenue was lower than expected, due to a pause in distributor activity in China. This interruption…


Drilling tees up Q3/Q4 mineral resource estimates

Update | Mining | 11/09/2017

In a busy Q3, Lepidico (LPD) has announced two sets of drilling results from Alvarrões in Portugal, one set from Lemare in Quebec and the conclusion…


GDC-0084 Phase II on track to commence Q417

Update | Pharmaceutical & healthcare | 11/09/2017

Novogen is on track to commence a Phase II trial of GDC-0084 in glioblastoma in Q4 CY17, in line with previous guidance. It plans to meet with the FDA…

Deutsche Grundstücksauktionen

From strength to strength

Update | Financials | 11/09/2017

Deutsche Grundstücksauktionen (DGA) continues to please with an “outstanding” H1, epitomised by the highest first-half gross turnover…

MPC Capital

Steady progress

Update | Financials | 11/09/2017

The absence of major transaction contributions to first-half profits and management’s reiterated guidance for progress in the full year throws the…


GDC-0084 Phase II on track to commence Q417

ADR Update | Pharmaceutical & healthcare | 11/09/2017

Novogen is on track to commence a Phase II trial of GDC-0084 in glioblastoma in Q4 CY17, in line with previous guidance. It plans to meet with the FDA…

Rank Group

Digital growth offsets Venues decline

Update | Travel & Leisure | 11/09/2017

Rank Group’s FY17 results highlighted the growth potential of its Digital division. Online revenue grew 15.3%, with an impressive operating margin…

Pointer Telocation

Right time, right places

Update | Technology | 11/09/2017

Pointer Telocation (PNTR) has released record Q217 results showing the success of recent sales initiatives, particularly in the fleet management side,…


Encouraging trends

Outlook | Financials | 08/09/2017

Share’s H117 figures announced in August were ahead of management expectations, reflecting robust trading volumes and the benefit of partnership…

Vectron Systems

Solid H1; GetHappy launch set for FY18

Update | Technology | 08/09/2017

Vectron Systems continues to benefit from regulatory tailwinds, achieving revenue growth of 26% in H117 after the 30% growth reported in FY16. This translated…


Preparing for a clinical licence deal in Japan

Update | Pharmaceutical & healthcare | 07/09/2017

Regeneus is aiming to sign one or more clinical development licence deals for Progenza in the current financial year. It is well placed to achieve this…

Rockhopper Exploration

All eyes on financing

Flash note | Oil & Gas | 07/09/2017

Rockhopper’s (RKH) half year results indicate that it (and Premier Oil, PMO) are making progress in moving Sea Lion towards FID, particularly with…


Performance at a premium

Update | General Industrials | 06/09/2017

Polypipe has leading positions in the best performing UK building and construction segments and delivered robust financial performance in H117. The company…

JDC Group

Capturing additional margin

Update | Financials | 06/09/2017

JDC continues to execute its new strategy of digital platform development while acting as a consolidator of client contract portfolios. Two large portfolio…


Progress on all fronts

Update | Technology | 06/09/2017

WANdisco delivered 73% growth in bookings in H1 while reducing cash costs by $1.4m and moving close to cash flow break even, highlighting the scalability…

SDX Energy

Raising accelerates growth potential

Flash note | Oil & Gas | 06/09/2017

SDX has announced a £10m equity raise targeting an accelerated exploration and development well programme (in addition to its existing aggressive…

Marlborough Wine Estates Group

Full year preliminary results and new KOMs

Update | Food & Drink | 05/09/2017

Marlborough Wine Estates Group (MWE), which was formed in March 2015, is targeting the development of premium New Zealand white wine brands in China and…


EBIT margin ahead of target

Update | General Industrials | 05/09/2017

IBU-tec beat its EBIT margin target for H117 despite bearing the increased costs associated with a new logistics facility and selective investment in engineering…

Learning Technologies Group

Rare opportunity in e-learning technologies

Initiation | Technology | 05/09/2017

Through a buy and build strategy, Learning Technologies Group (LTG) has established a distinctive international position in corporate e-learning with a…

Gear4music Holdings

Europe starts to sing

Update | Consumer Support Services | 05/09/2017

Having cautioned on the H1 revenue split, Gear4music (G4M) has achieved close to our previous expectation, based on European outperformance. Strategic…

EMIS Group

Maintaining profitability

Update | Technology | 05/09/2017

EMIS reported a solid H117 despite pressure on revenues and profitability in several business areas. With management expectations maintained, our adjusted…

Allium Medical Solutions

Positive data, H117 results and forecasts update

Update | Pharmaceutical & healthcare | 05/09/2017

Allium has announced that Gardia Medical’s Wirion device has met the primary endpoint of its clinical trial, an important milestone for strategic…


Record-beating trajectory continues

Update | General Industrials | 04/09/2017

Management's focus on high-margin products and services for OEMs across a very broad range of applications in the clean tech, life science and green tech…

Foreign & Colonial Investment Trust

Distinguished dividend history

Review | Investment Companies | 04/09/2017

Foreign & Colonial Investment Trust (FRCL) is the world’s oldest investment fund, heading towards its 150th birthday. Since 2014, it has been…

Circle Property

Value property specialist

Initiation | Investment Companies | 04/09/2017

Circle Property is an investor in regional UK commercial real estate, founded in 2002 and quoted on AIM since February 2016. It focuses on obtaining assets…

Eddie Stobart Logistics

Interims show delivery on growth plans

Update | Industrial Support Services | 01/09/2017

Eddie Stobart Logistics’ (ESL) H1 numbers, well trailed at the trading update in July, showed high levels of growth (13% revenues and 14% EBIT) consistent…

Oxford BioMedica

Kymriah approved - royalties to OXB assured

Update | Pharmaceutical & healthcare | 01/09/2017

Kymriah (tisagenlecleucel/CTL019), for which Oxford BioMedica (OXB) provides the key lentiviral vector component, has been approved by the FDA for the…


Record H117 performance; guidance raised

Update | General Industrials | 01/09/2017

Nabaltec achieved strong earnings growth in H117, despite the drag on revenue growth and margins caused by the temporary shutdown of the US production…


New mandates secure future growth

Update | Financials | 01/09/2017

publity’s H117 earnings momentum reflects both the ability to leverage its asset management expertise (AUM increased to €3.8bn from €3.2bn…


Implementing the new strategy

Outlook | Alternative Energy | 01/09/2017

Deinove has selected key markets of interest, identified strains from its library of bacteria, which indicate suitability for commercial deployment, and…

Challenger Energy

Termination of coverage

Update | Oil & Gas | 01/09/2017

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

Pebble Beach Systems Group

Termination of coverage

Update | Technology | 01/09/2017

Edison Investment Research is terminating coverage on Pebble Beach Systems Group (PEB1). Please note you should no longer rely on any previous research…


Positive CMS draft rule change

Update | Pharmaceutical & healthcare | 01/09/2017

Photocure announced results for Q217 with 10% growth for the Hexvix/Cysview franchise compared to Q216. The US was a major driver, up 55% to NOK10.9m,…

John Laing Group

Positive outlook for growth

Outlook | Financials | 31/08/2017

John Laing Group (JLG) has an established and impressive track record of growth and is well paced to benefit from the strong market that exists for global…


New beginning

Update | Financials | 31/08/2017

The latest announcement appears to end the days of mic’s broader ambitions. The new management is committed to a simple strategy of extracting value…

Raven Russia

Positioned for cash-generative acquisition

Update | Property | 31/08/2017

The Russian economy continues to improve, a good level of occupier demand is running well in excess of falling new warehouse supply and FX markets have…


Re-basing expectations

Update | Industrial Support Services | 31/08/2017

In recent weeks, trading performance has been softer than anticipated, leading to revised expectations. There is no suggestion that funding programmes…


Re-rating potential

Outlook | Construction & Building Materials | 31/08/2017

Norcros has continued to deliver against our expectations and AGM comments reinforce expectations of progress. The strategy of building a larger complementary…

Wheaton Precious Metals

Still shining

Outlook | Mining | 30/08/2017

Despite a second quarter in which ounces produced but not yet delivered to Wheaton Precious Metals (WPM) increased, earnings from operations were just…

MedicX Fund

Attractive income

Update | Property | 30/08/2017

MedicX Fund Limited’s portfolio of primary healthcare assets is effectively fully let with 89% of rents paid directly or indirectly by the UK and…

Corestate Capital Holding

Organic growth coupled with M&A activity

Update | Financials | 30/08/2017

Corestate’s (CCAP) H117 results reflect strong organic growth assisted by an expanding investment platform (AUM at €3.5bn as of end-June 2017…

Osirium Technologies

Keeping your secrets

Initiation | Technology | 30/08/2017

Osirium Technologies’ software protects critical IT infrastructure from the unauthorised use of privileged IT accounts, bringing an innovative approach…

Jupiter Green Investment Trust

Quality growth through environmental solutions

Review | Investment Companies | 29/08/2017

Jupiter Green Investment Trust (JGC) invests in companies around the world that are providing solutions to environmental challenges. It aims for capital…


Fresh funds to expand clinical studies and R&D

Update | Pharmaceutical & healthcare | 29/08/2017

Hybrigenics has raised €6.8m in gross proceeds through preferential subscription rights with new and existing investors. We believe the proceeds will…

Securities Trust of Scotland

New manager driving improved performance

Review | Investment Companies | 29/08/2017

Securities Trust of Scotland (STS) aims to generate rising income and long-term capital growth from a relatively concentrated portfolio of 35 to 55 global…

IG Design Group

Bagging record order books

Update | Consumer Support Services | 29/08/2017

IG Design continues to deliver impressive growth. Its Q1 trading update shows momentum carrying into the new financial year and the group on track to meet…


Well positioned going into the season

Flash note | General Retailers | 29/08/2017

Findel reports that its first 20 weeks, trading is in line with expectations in both businesses: Express Gifts and Findel Education. The pre-Christmas…

Intec Pharma

AP-CDB/THC performs in Phase I

Update | Pharmaceutical & healthcare | 29/08/2017

Intec Pharma announced on 3 August 2017 that it had completed the Phase I clinical trial of AP-CBD/THC in 21 healthy volunteers. AP-CBD/THC is a formulation…

Secure Trust Bank

Progressing with a prudent approach

Update | Financials | 25/08/2017

Secure Trust Bank’s (STB) first half results were a reminder that the reshaping of the loan book towards one with a lower risk profile does involve…

SDX Energy

H217 growth programme starting up

Flash note | Oil & Gas | 25/08/2017

In the half year results, SDX Energy reported H117 attributable production of 3,351boe/d. This drove Q217 revenues of $9.9m (compared to $8.1m in Q117)…

Nanoco Group

Further progress, but adoption slow

Update | Technology | 25/08/2017

Nanoco’s commercial ramp looks set to start this calendar year, and interest has increased since the European Commission’s (EC) ruling. However,…

NeuroVive Pharmaceutical

R&D progress on track; new investor on board

Update | Pharmaceutical & healthcare | 25/08/2017

NeuroVive’s recent Q217 report described R&D activities progressing according to plan. The company is preparing for the next clinical studies…

Cairn Energy

SNE larger but phased

Update | Oil & Gas | 24/08/2017

Cairn Energy’s interim report revealed higher contingent resources at SNE of 563mmbbl, but a phased development plan targeting the lower reservoirs…