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 (RKH) holds c 50% of the Sea Lion field, one of the largest undeveloped fields globally. With gross contingent 2C reserves of 517mmbbls…
H117 results mirror the current media environment with the demand for greater transparency benefiting the contract compliance business but creating some…
In its half year pre close update Trifast has indicated that trading continues to perform in line with management expectations, confirming the trends noted…
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…
Brady’s H1 results reveal the initial impact of the group’s transformation. While revenues slipped, reflecting the planned shift to software…
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’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…
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 (MMH) has announced that it will sell its vehicle leasing activity to Bank of Ireland for £42.5m. The net proceeds equate…
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 is extending its position in the Australian greeting card market with the acquisition of Biscay Greetings, through its joint venture, Artwrap.…
Esker’s investment in headcount and recent bolt-on acquisitions is generating strong growth for the company, with expectations for double-digit organic…
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…
Our increased three-year EBITDA CAGR of 20% for TransContainer is driven by rising rates of ‘containerisation’ in Russian rail freight, a gathering…
PPHE has arguably trumped its strong H117 results by highlighting its “unprecedented financial position,” which provides exciting scope for…
Abzena announced a disappointing business update, indicating revenues for each of its service lines have been below expectations. This has an impact on…
Amazon’s launch of its AWS hybrid data lake architecture, based around WANdisco’s Fusion, should provide an additional channel for sales via…
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 (GDG) has announced that it has finalised a Memorandum of Understanding (MoU) on five production sharing contracts (PSCs) and two supplementary…
Learning Technologies Group (LTG) announced a strong set of H1 results, incorporating c 18% underlying organic growth. LEO, Rustici, Preloaded and…
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 is to acquire a 63% operated interest in the Aneth Rocky Mountain CO2 EOR project, transforming the company into one of the largest producers…
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…
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…
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 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’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 (FCSS) invests in a diversified portfolio of Chinese equities, seeking exposure to higher-quality companies, primarily…
FinLab’s results combine relatively stable income from management fees and dividends received from the asset management subsidiaries, Heliad and…
Helma’s H117 results confirmed the anticipated slowdown in the German residential market associated with longer project turnaround time in the construction…
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 (WTR, formerly The World Trust Fund) offers investors access to a concentrated portfolio of the ‘best ideas’ of Lazard…
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 benefited from the stock price appreciation of its major listed portfolio holdings (most notably FinTech and MagForce), posting…
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 (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…
As Caledonia Mining (CMCL) continues to implement its investment plan (IP), logistical issues governing ore handling volumes and access to higher-grade…
1Spatial’s restructured management team has made brisk progress in reducing overheads and realigning the business to deliver on the client-centric…
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)…
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 (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…
Critical to the development of any opaquely traded commodity project is establishing an end-customer network. To this end, Triton Minerals (TON) has forged…
ÖKOWORLD (ÖWAG) reported healthy growth in H117, with sales and operating profit more than doubling year-on-year despite the lack of dividend…
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…
Strong H1 results (EBITDA +42%) and recent major orders in the LCV and rail transport segments reinforce confidence in confirmed positive profit guidance…
Severfield continues to trade in line with existing expectations though adverse sector sentiment has weighed on the company’s share price. There…
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…
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…
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 (DGA) continues to please with an “outstanding” H1, epitomised by the highest first-half gross turnover…
The absence of major transaction contributions to first-half profits and management’s reiterated guidance for progress in the full year throws the…
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’s FY17 results highlighted the growth potential of its Digital division. Online revenue grew 15.3%, with an impressive operating margin…
Pointer Telocation (PNTR) has released record Q217 results showing the success of recent sales initiatives, particularly in the fleet management side,…
Share’s H117 figures announced in August were ahead of management expectations, reflecting robust trading volumes and the benefit of partnership…
Vectron Systems continues to benefit from regulatory tailwinds, achieving revenue growth of 26% in H117 after the 30% growth reported in FY16. This translated…
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’s (RKH) half year results indicate that it (and Premier Oil, PMO) are making progress in moving Sea Lion towards FID, particularly with…
Polypipe has leading positions in the best performing UK building and construction segments and delivered robust financial performance in H117. The company…
JDC continues to execute its new strategy of digital platform development while acting as a consolidator of client contract portfolios. Two large portfolio…
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 has announced a £10m equity raise targeting an accelerated exploration and development well programme (in addition to its existing aggressive…
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…
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…
Through a buy and build strategy, Learning Technologies Group (LTG) has established a distinctive international position in corporate e-learning with a…
Having cautioned on the H1 revenue split, Gear4music (G4M) has achieved close to our previous expectation, based on European outperformance. Strategic…
EMIS reported a solid H117 despite pressure on revenues and profitability in several business areas. With management expectations maintained, our adjusted…
Allium has announced that Gardia Medical’s Wirion device has met the primary endpoint of its clinical trial, an important milestone for strategic…
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 (FRCL) is the world’s oldest investment fund, heading towards its 150th birthday. Since 2014, it has been…
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’ (ESL) H1 numbers, well trailed at the trading update in July, showed high levels of growth (13% revenues and 14% EBIT) consistent…
Kymriah (tisagenlecleucel/CTL019), for which Oxford BioMedica (OXB) provides the key lentiviral vector component, has been approved by the FDA for the…
Nabaltec achieved strong earnings growth in H117, despite the drag on revenue growth and margins caused by the temporary shutdown of the US production…
publity’s H117 earnings momentum reflects both the ability to leverage its asset management expertise (AUM increased to €3.8bn from €3.2bn…
Deinove has selected key markets of interest, identified strains from its library of bacteria, which indicate suitability for commercial deployment, and…
Edison Investment Research is terminating coverage on Challenger Energy (CEL). Please note you should no longer rely on any previous research or estimates…
Edison Investment Research is terminating coverage on Pebble Beach Systems Group (PEB1). Please note you should no longer rely on any previous research…
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 (JLG) has an established and impressive track record of growth and is well paced to benefit from the strong market that exists for global…
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…
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…
In recent weeks, trading performance has been softer than anticipated, leading to revised expectations. There is no suggestion that funding programmes…
Norcros has continued to deliver against our expectations and AGM comments reinforce expectations of progress. The strategy of building a larger complementary…
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 Limited’s portfolio of primary healthcare assets is effectively fully let with 89% of rents paid directly or indirectly by the UK and…
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’ software protects critical IT infrastructure from the unauthorised use of privileged IT accounts, bringing an innovative approach…
Jupiter Green Investment Trust (JGC) invests in companies around the world that are providing solutions to environmental challenges. It aims for capital…
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 (STS) aims to generate rising income and long-term capital growth from a relatively concentrated portfolio of 35 to 55 global…
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…
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 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’s (STB) first half results were a reminder that the reshaping of the loan book towards one with a lower risk profile does involve…
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’s commercial ramp looks set to start this calendar year, and interest has increased since the European Commission’s (EC) ruling. However,…
NeuroVive’s recent Q217 report described R&D activities progressing according to plan. The company is preparing for the next clinical studies…
Cairn Energy’s interim report revealed higher contingent resources at SNE of 563mmbbl, but a phased development plan targeting the lower reservoirs…