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Sparks Team
12 November 2018

Oxford BioDynamics (OBD); collaborates with Casa Sollievo della Sofferenza

Oxford BioDynamics Aims to develop a diagnostic biomarker assay for Autism Spectrum Disorder (ASD) using EpiSwitch™.

Oxford BioDynamics has signed a collaboration agreement with Casa Sollievo della Sofferenza to identify EpiSwitch™ biomarkers for a blood-based diagnosis of ASD. The diagnosis of ASD is challenging, indicating the need for accurate diagnostic biomarkers.

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12 November 2018

Allied Minds (ALM); portfolio company Spin Memory raises $52m in Series B funding

Spin Memory announces a commercial agreement with Applied Materials (Applied),

Spin Memory, one of ALM’s portfolio companies, announced $52m of series B funding. The funding comprises $29.0m from new and existing investors and $23.0m from the exercise of convertible securities by Allied Minds, Woodford Investment Management and Invesco Asset Management.

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Sparks Team
12 November 2018

The Mission Marketing Group (TMMG); sold BroadCare for £4.4m

For the year ended 31 December 2017, BroadCare contributed £0.5m of the group’s profits.

The Mission Marketing Group announced the sale of BroadCare to Carehome Selection Limited, part of the CHS Healthcare group, for £4.4m in cash. The company said that the cash consideration will be used to fund innovations within the group’s fuse incubator and for debt repayments.

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12 November 2018

Carr’s Group (CARR); delivers promised recovery

Group reports 16.5% increase in revenue

The FY18 results for Carr’s Group show that it has delivered the promised recovery in both divisions. This is partly the result of favourable market conditions which have boosted demand for feed blocks in the US and a wide range of agricultural inputs in the UK.

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Sparks Team
12 November 2018

Ocean Wilsons Holdings (OCN): Q3 update; revenue decreases $15.3m to $114.1m

Shipyard revenue was $2.3m lower at $3.2m from $5.5m in 2017.

In its results for Q3 ended September 2018, Ocean Wilsons reported a $15.3m decrease in revenue to $114.1m from $129.4m in 2017 due to a higher average USD/BRL exchange rate (25% higher at 3.95) and lower towage and ship agency revenue (23% lower at $43.2m).

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9 November 2018 · 4 min read

2019 Earnings forecasts softening

October market declines coincide with falls in non-US 2019 profits outlook

In recent consensus earnings revisions, we see a modest acceleration of downgrades to 2019 UK and continental European profits forecasts which have been drifting lower since August. In contrast, US forecasts have been revised only fractionally lower. The real action is in emerging markets, where 2019 forecast profits growth has fallen from 15% as recently as August to only 11% today. Finally we note that the typical upward trends in analysts’ target prices has stalled during 2018. This in our view confirms our top-down perspective that higher interest rates have been feeding through to company valuations, even as profits continue to grow.

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Sparks Team
9 November 2018 · 2 min read

Solid State (SOLI); acquires Optoelectronics & Displays specialist Pacer Tech for £3.73m

Pacer currently generates around 40% revenues from overseas

Solid State has exchanged contracts with Pacer Technologies to purchase its share capital for a cash consideration of £3.73m. The acquisition is expected to be earnings accretive in the first full year.

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Sparks Team
8 November 2018 · 1 min read

Renewi (RWI); interim results: H1 trading performance in line with expectations

Stock down 12% to 48.49p at 8:13

Renewi reported strong cash performance and well-controlled leverage for the six months ending 30 September 2018. Major integration programmes and synergy delivery are progressing well. Interim dividend per share was 0.95p.

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Kate Heseltine
8 November 2018

Superdry (SDRY); interim results differ little from recent profit warning

Since the start of the year the shares have declined by 55%

The content of today’s pre-close interim results announcement unsurprisingly differs little from that of the profit warning issued a few weeks back flagging an £18m anticipated reduction in consensus FY19 earnings. Global brand revenue for the first half increased by 6.4%, including a 6.9% rise in Ecommerce sales and 2.3% decline in store sales.

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Paul Hickman
8 November 2018 · 2 min read

Game Digital (GMD); performs well in challenging market

Since Feburary the company agreed a collaboration agreement with Sports Direct, which included a substantial £55m financing package

Game Digital has performed well in a challenging market. EBITDA for the full year was £10.1m, a 26% rise against FY17, and in line with the pre-close guidance. The second half more than reversed the 9% year-on-year decline in the first. 

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