AVAX

Strong pipeline reaffirmed

Update | Industrial Support Services | 08/05/2024

AVAX’s FY23 results highlight the group’s progress domestically as the market improved, more than offsetting the weaker international performance…

MGI - Media and Games Invest

A strong start to the year

Update | Technology | 08/05/2024

MGI’s Q124 report shows an impressive 21% organic revenue uplift over Q123, with both good new client recruitment and higher spend from existing…

Claranova

EBITDA improvement across all divisions

Update | Technology | 08/05/2024

On relatively flat H124 revenue, Claranova grew adjusted EBITDA more than 50% year-on-year as the focus on profitability over growth started to deliver.…

IRLAB Therapeutics

MSRD agreement early validation for IRL757

Flash note | Pharmaceuticals & healthcare | 08/05/2024

The McQuade Center for Strategic Research and Development (MSRD) has signed an exclusive R&D collaboration for Irlab’s pre-clinical candidate IRL757,…

Custodian Property Income REIT

Significant uplift in fully covered DPS

Update | Property | 07/05/2024

Custodian Property Income REIT (CREI) produced a strong Q424 performance, driven by leasing progress and rental growth, rounding off a positive year. Reflecting…

Canadian General Investments

Adding to positive long-term performance record

Review | Investment trusts | 07/05/2024

Canadian General Investments (CGI) has delivered a very commendable long-term performance versus the Canadian market. Longstanding manager Greg Eckel at…

Recce Pharmaceuticals

Advances on several fronts

Update | Pharmaceuticals & healthcare | 07/05/2024

Recce Pharmaceuticals has reported several encouraging developments in recent weeks for its lead development compound RECCE® 327 (R327). The intravenous…

PB Holding

Net loss of €2.6m in FY23

Flash note | Automotive Retailers | 07/05/2024

PB Holding reported FY23 results on 26 April. The company's most important asset, the 5.3% stake in insurer for the mobility sector Bovemij, reported its…

Sylvania Platinum

Annual guidance maintained, despite strike

Update | Mining | 03/05/2024

Sylvania has maintained annual production guidance despite Q324 results being affected by a 22-day strike, resulting in 10% lower production. The PGM basket…

1Spatial

Investing in the transformational SaaS opportunity

Update | Technology | 03/05/2024

1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth…

Datatec

FY24 underlying EPS more than doubles y-o-y

Flash note | Technology | 02/05/2024

In a second more detailed trading update for FY24, Datatec confirmed revenue growth of 6% to $5.46bn, with Westcon International delivering excellent performance,…

Pan American Silver

La Arena divestment

Flash note | Mining | 02/05/2024

Pan American Silver (PAAS) has announced a sale of the La Arena and La Arena II projects to Zijin Mining for US$245m in cash, US$50m in a contingent payment…

SenSen Networks

Time to scale

Update | Technology | 02/05/2024

SenSen’s Q324 results reflect the move to a lower cost base that provides a platform for future profitability. Minor delays to the National Heavy…

Molten Ventures

Forward Partners deal completed

Update | Financials | 02/05/2024

Molten Ventures has recently completed the acquisition of Forward Partners, which allowed Molten to further broaden its portfolio, add a complementary…

Melrose Industries

Steady climb

Flash note | General Industrials | 02/05/2024

Melrose Industries continues to deliver strong performance improvements and is on track to achieve its ambitious margin targets in 2025 (Engines 28% and…

Picton Property Income

Unlocking value to drive DPS growth

Flash note | Property | 02/05/2024

Ahead of FY24 results to be published on 23 May, Picton Property Income has declared a Q424 DPS of 0.925p, a 5.7% increase on the previous quarter. The…

AFT Pharmaceuticals

Maxigesic IV’s Brazil entry, a foray into LATAM

Flash note | Pharmaceuticals & healthcare | 02/05/2024

AFT continues to expand its Maxigesic IV footprint with the announcement of a licensing agreement in Brazil, the largest pharma market in South America…

The Pebble Group

Two distinct businesses in one

Outlook | Media | 01/05/2024

The Pebble Group’s AGM update confirms that trading is in line with FY24 expectations, with attractive opportunities for its two distinct businesses…

MotorK

Strong pipeline and cash target reaffirmed

Update | Technology | 01/05/2024

MotorK’s FY23 revenue growth was robust across most regions, with slow growth regions gaining momentum. Q124 revenue fell slightly year-on-year due…

Newron Pharmaceuticals

Evenamide notches up another win (study 008A)

Flash note | Pharmaceuticals & healthcare | 01/05/2024

Newron Pharmaceuticals has shared positive top-line data for its evenamide programme from its potentially pivotal Phase II/III trial (study 008A) in patients…

Cobra Resources

Exploring a potential game changer

Update | Mining | 01/05/2024

Cobra Resources is an exploration company focused on developing a rare earths deposit in South Australia, with a potentially low-cost method of production…

Esker

Targeting margin recovery in FY24

Update | Technology | 01/05/2024

Esker reported FY23 results in line with our expectations. Revenue grew 12% (14% constant currency) while inflationary effects and sales commissions on…

Tortilla Mexican Grill

Cracking on

QuickView | Consumer staples | 30/04/2024

Notwithstanding its sector ‘sweet spot’ (a healthy, customisable product at a competitive price), Tortilla Mexican Grill (Tortilla) has taken…

Vection Technologies

Moving from niche to mainstream markets

Update | Technology | 30/04/2024

Vection’s Q324 update showed strong double-digit growth in revenue and cash receipts, driven by multiple contract wins, including its largest contract…

The Merchants Trust

Celebrating its 135th anniversary

Update | Investment trusts | 30/04/2024

The Merchants Trust’s (MRCH’s) manager, Simon Gergel at Allianz Global investors, is very excited about the number of reasonably priced opportunities…

AVAX

Exceeding expectations

Flash note | Industrial Support Services | 30/04/2024

AVAX’s FY23 results highlight the group’s progress domestically as the market improved, more than offsetting the weaker international performance…

Hostelworld Group

Backpacking them in

QuickView | Travel & Leisure | 29/04/2024

Hostelworld’s pioneering and fast-evolving ‘social’ strategy is delivering aplenty. Material outperformance of the hostel market (FY23…

Epwin Group

Second earnings uplift this year after results exceed

Update | Construction & Building Materials | 29/04/2024

Epwin’s FY23 results were robust and management navigated inflationary pressures well. Despite some market headwinds, we have increased our FY24…

Princess Private Equity Holding

Introducing a well-defined buyback policy

Review | Investment trusts | 29/04/2024

Princess Private Equity Holding’s (PEY’s) 12-month NAV total return (TR) to end-February 2024 was a modest 0.6% amid low exit activity across…

ProCredit Holding

New strategy targets ROE of 13–14%

Outlook | Financials | 29/04/2024

ProCredit Holding (PCB) has decided to build on its recent solid performance (FY23 return on equity, ROE, of 12.2%) and announced an updated strategy to…

Mytilineos

Strong Q1 and plans for potential London listing

Flash note | General Industrials | 29/04/2024

On April 25, Mytilineos (MYTIL) announced, as part of its strategic review, that it is considering a potential international listing on the London Stock…

AFT Pharmaceuticals

Expanded R&D pipeline to fuel LT growth

Flash note | Pharmaceuticals & healthcare | 29/04/2024

While AFT continues to gain commercial traction from Maxigesic/ Combogesic IV sales in the US (launched by partner Hikma in Q1 CY24) and anticipates the…

AGBA

A transformational deal

Outlook | Technology | 26/04/2024

On 18 April, AGBA announced a surprise deal to acquire 100% of Triller Corp, a global AI-driven social video platform, in an all-stock transaction. Triller…

Biodexa Pharmaceuticals

In a period of transition

Update | Pharmaceuticals & healthcare | 26/04/2024

FY23 was a transitional year for Biodexa, following the restructuring announced in March 2023 into a therapeutic company from a drug delivery specialist,…

Norcros

Sale of Johnson Tiles UK agreed

Flash note | Construction & Building Materials | 25/04/2024

Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last…

Henderson Far East Income

Repositioning to raise total returns

Update | Investment trusts | 25/04/2024

Henderson Far East Income (HFEL) has consistently delivered on its objective to provide a rising dividend. However, like many investors, HFEL’s managers…

Freelancer

AI to drive return to growth

Update | Technology | 25/04/2024

Freelancer’s Q124 results were mixed. Operationally, the company is seeing rising demand for AI specialists as customers seek affordable ways to…

Renewi

Solid trading and better cash generation

Flash note | Industrial Support Services | 25/04/2024

Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention…

Filtronic

Agreement with SpaceX drives upgrades

Update | Technology | 25/04/2024

Filtronic has signed a strategic partnership and commercial agreement with SpaceX which includes a production order worth £15.8m and warrants that…

Checkit

Signposting the path to profitability

Update | Technology | 25/04/2024

In a tough trading environment, Checkit managed to grow FY24 revenue by 17% and reduce EBITDA losses by nearly half. The company has had a positive start…

EML Payments

Growth cap lifted in the UK

Flash note | Technology | 25/04/2024

EML Payments announced that on 23 April the Financial Conduct Authority (FCA) in the UK lifted the new customer restriction for Prepaid Financial Services…

Creo Medical

NHS data validates Speedboat’s economic merit

Flash note | Pharmaceuticals & healthcare | 25/04/2024

Creo Medical has presented real-world evidence of the economic utility of its minimally invasive electrosurgical devices, based on NHS data from 130 submucosal…

International Public Partnerships

Consistently and responsibly delivering

Initiation | Investment trusts | 24/04/2024

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors,…

Portobello SpA

Focus back on the operations

Flash note | Consumer Support Services | 24/04/2024

Portobello’s FY23 results demonstrate the primary effects of the out-of-court settlement with respect to VAT and direct taxes (a higher year-end…

Intralot

Focus on business development in FY24

Update | Travel & Leisure | 24/04/2024

Intralot enjoyed good underlying trends in performance in FY23 with encouraging trends in its main countries of focus and further progress on profitability.…

Headlam Group

Strategy for growth in tougher market

QuickView | General Retailers | 23/04/2024

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings…

Lithium Power International

Termination of coverage

Update | Mining | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power…

Triple Point Energy Transition

Termination of coverage

Update | Investment trusts | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power…

Paragon Banking Group paragon

Termination of coverage

Update | Financials | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power…

ABC arbitrage

Termination of coverage

Update | Financials | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power…

Foresight Solar Fund

Termination of coverage

Update | Investment trusts | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power…

Shield Therapeutics

Termination of coverage

Update | Pharmaceuticals & healthcare | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power…

Pharnext

Termination of coverage

Update | Pharmaceuticals & healthcare | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power…

4iG

Termination of coverage

Update | Technology | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power…

e-therapeutics

Termination of coverage

Update | Pharmaceuticals & healthcare | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power…

Kendrion

Termination of coverage

Update | General Industrials | 23/04/2024

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power…

HydrogenOne Capital Growth

Hydrogen options maturing

QuickView | Investment trusts | 22/04/2024

HydrogenOne (HGEN) holds a distinctive and concentrated portfolio of assets across the entire hydrogen value chain (95% private, 2% public). In its FY23…

S&U

PBT ahead, encouraging volume trends

Outlook | Financials | 22/04/2024

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT…

Ceres Power Holdings

Strategic partnerships powering growth

QuickView | Alternative Energy | 22/04/2024

Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where…

Zalaris

Commencement of strategic review

Flash note | Technology | 22/04/2024

Zalaris announced a strategic review process on 2 April, as the company explores potential opportunities to accelerate growth and maximise value for both…

Borussia Dortmund

Helping itself

Update | Travel & Leisure | 22/04/2024

Borussia Dortmund’s progress to the semi-final of the Champions League brings a further upgrade to profit guidance for FY24. In addition to helping…

Basilea Pharmaceutica

Need for innovation against severe infections

Update | Pharmaceuticals & healthcare | 22/04/2024

At its recent capital markets day (CMD) and with the support of key opinion leaders, Basilea highlighted the rising need for innovative therapies to address…

discoverIE Group

FY24 EPS in line; good margin progress

Update | Electronics & Electrical Equipment | 19/04/2024

discoverIE anticipates reporting FY24 underlying EPS in line with board expectations. After a period in mid-FY24 of working down inventory, customers appear…

Ultimovacs

Steadfast commitment to UV1 progression

Flash note | Pharmaceuticals & healthcare | 18/04/2024

Despite the recent setback with the INITIUM trial (first-line treatment of patients with unresectable or metastatic malignant melanoma), Ultimovacs has…

OSE Immunotherapeutics

AbbVie deal clears antitrust hurdle

Flash note | Pharmaceuticals & healthcare | 18/04/2024

OSE has announced that its licence agreement with AbbVie has cleared antitrust review and has become effective. As previously noted, this is expected to…

Foxtons Group

FY24 underpinned by market share gains

Flash note | Property | 18/04/2024

Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum,…

Jersey Electricity

Decarbonisation fuelling growth

Outlook | General Industrials | 18/04/2024

Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth.…

Manx Financial Group

Executing on a high-growth strategy

Update | Financials | 18/04/2024

Manx Financial Group (Manx) posted record PBT of £7m, a 35% increase year-on-year. Manx benefited from strong volumes, a full year contribution from…

Carr's Group

An enhanced value creation strategy

Flash note | Consumer staples | 18/04/2024

Carr’s Group has announced an updated strategy that offers the potential for value realisation and creation from a number of avenues. These include:…

Arcadium Lithium

When one plus one equals three

Update | Mining | 17/04/2024

Alongside Albemarle and SQM, Arcadium Lithium is the third largest producer of downstream lithium chemicals outside China, capturing the full value chain…

ABO Energy

Global growth generates record net profit

QuickView | Alternative Energy | 17/04/2024

ABO Energy reported strong financial results for FY23, as revenue grew by 29% y-o-y to €300m and net profit increased by 11% to €27.3m. Revenue…

Next 15 Group

Baked in AI opportunities

QuickView | Media | 17/04/2024

Next 15 Group's net revenues grew 2.5% in the year to January, despite difficult markets. Adjusted operating margin rose from 20.2% to 21.0%, helped by…

Severfield

Multiple positives should excite investors

Flash note | General Industrials | 17/04/2024

Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a…

IP Group

Several potential portfolio catalysts on the horizon

Update | Technology | 16/04/2024

IP Group’s NAV declined by 13% in total return (TR) terms in FY23, affected by continued soft valuations across venture capital (VC) markets, as…

Actinogen Medical

First patient dosed in Phase IIb XanaMIA study

Flash note | Pharmaceuticals & healthcare | 16/04/2024

Actinogen Medical announced that the first randomised patient in its Phase IIb XanaMIA trial of lead candidate Xanamem received their first treatment on…

Cereno Scientific

CS014 (thrombosis) progresses towards the clinic

Flash note | Pharmaceuticals & healthcare | 16/04/2024

Cereno Scientific has taken a step closer to advancing its second asset, CS014, a novel HDAC inhibitor with epigenetic effects, to the clinic with the…

Tetragon Financial Group

FY23 growth driven by idiosyncratic factors

Review | Investment trusts | 16/04/2024

Tetragon Financial Group (Tetragon) posted a 6.4% net asset value (NAV) per share total return (TR) in US dollar terms in FY23. Tetragon’s returns…

Cloudberry Clean Energy

Transformative FY23 with revenue rocketing

QuickView | Alternative Energy | 16/04/2024

Cloudberry Clean Energy recorded a strong performance for FY23. Revenue nearly tripled compared to FY22 (NOK217m), reaching NOK610m. EBITDA also significantly…

Arctic Paper

FY23 focused on margin management

Update | Basic Industries | 16/04/2024

Arctic Paper’s FY23 results highlight the resilience of its business model in a year of cyclical weakness. Management successfully focused on margins,…

Domino's Pizza

Growing the base

QuickView | Food & Drink | 16/04/2024

Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening…

Checkit

New product launch and contract wins

Flash note | Technology | 15/04/2024

Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to…

abrdn Asian Income Fund

All looking good in terms of income and growth

Update | Investment trusts | 15/04/2024

abrdn Asian Income Fund (AAIF) recently posted an upbeat set of results. In FY23, the company outperformed its reference index (MSCI AC Asia Pacific ex…

Murray Income Trust

Delivering income and capital growth

Update | Investment trusts | 15/04/2024

Murray Income Trust (MUT) invests in high-quality, mainly UK-listed stocks. It has achieved both its dividend and capital growth objectives over the long…

VietNam Holding

Introducing redeemable shares

Update | Investment trusts | 12/04/2024

VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in 2023 of 15.8% (22.4% in US dollar terms), outperforming the Vietnam…

OSE Immunotherapeutics

Funding accelerates Tedopi clinical development

Flash note | Pharmaceuticals & healthcare | 12/04/2024

Despite the challenging macroeconomic environment, OSE announced an encouraging funding win with the receipt of €8.4m in non-dilutive public funding…

EML Payments

Cutting the final link to PFS vendors

Update | Technology | 12/04/2024

EML Payments has entered into an agreement to settle all the outstanding deferred consideration payments relating to the acquisition of Prepaid Financial…

Lowland Investment Company

Is the tide turning?

Review | Investment trusts | 12/04/2024

Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy differentiates it from most peers in the AIC UK Equity Income…

Norcros

FY24 trading in line with expectations

Flash note | Construction & Building Materials | 12/04/2024

FY24 trading underpins Norcros’s compelling investment case, where its new product development initiatives, market positioning and self-help initiatives…

Ocean Harvest Technology

Harvesting the power of seaweed

QuickView | General Retailers | 11/04/2024

Ocean Harvest Technology (OHT), based in the UK, produces animal feed additives products using a composite of blended seaweed. Its patented products have…

M&C Saatchi

Moving into alignment

QuickView | Media | 11/04/2024

There has been a lot going on under M&C Saatchi’s operational bonnet, so delivering FY23 results a shade above market forecasts is a good result,…

Seraphim Space Investment Trust

Several key holdings funded to break-even

Update | Investment trusts | 10/04/2024

Seraphim Space Investment Trust (SSIT) reported a modest 1.8% NAV total return (TR) in H124, as the positive impact from up rounds (most notably D-Orbit’s)…

Utilico Emerging Markets Trust

Quality of UEM’s assets is underappreciated

Review | Investment trusts | 10/04/2024

Utilico Emerging Markets Trust’s (UEM’s) manager Charles Jillings, at specialist investor ICM, is very excited about the prospects for the…

Basilea Pharmaceutica

CARB-X grant for preclinical programs

Flash note | Pharmaceuticals & healthcare | 10/04/2024

In the lead up to its capital markets day, Basilea Pharmaceutica announced it has received initial funding of up to US$0.9m through a grant from Combating…

ADS-TEC Energy

Serving the energy transition

Initiation | Industrial Support Services | 09/04/2024

ADS-TEC Energy operates in an emerging market serving the changing grid and power management requirements of an electrifying world. Its key market at present…

Regional REIT

Performing as expected ahead of refinancing

Flash note | Property | 09/04/2024

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous…

Premier Miton Global Renewables Trust

Deep dive on developers

Update | Investment trusts | 09/04/2024

The energy developers segment of Premier Miton Global Renewables Trust’s (PMGR’s) holdings accounts for 30.2% of its portfolio (at 29 February…

Picton Property Income

Accretive portfolio repositioning

Flash note | Property | 09/04/2024

Picton Property Income has agreed the sale of Angel Gate, its second largest office asset, and largest portfolio void, with an agreed consideration above…

Oryzon Genomics

FDA green light for SCLC combination trial

Flash note | Pharmaceuticals & healthcare | 09/04/2024

With the FDA investigational new drug (IND) application clearance, Oryzon can commence its Phase I/II cooperative research and development agreement (CRADA)…

JDC Group

Accelerating again in FY24

Update | Financials | 08/04/2024

JDC Group (JDC) reported FY23 results that were in line with the preliminary results published on 8 March. After a very strong Q423, JDC expects FY24 revenue…

MGI - Media and Games Invest

Google strategic collaboration

Flash note | Technology | 08/04/2024

MGI – Media and Games Invest has announced a strategic collaboration with Google Cloud that will bring all MGI’s marketplaces together by mid-FY25.…