Utilico Emerging Markets Trust

Market not reflecting very strong fundamentals

Update | Investment trusts | 18/09/2024

Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings, at specialist value-based investor ICM. He reports that, operationally, the trust’s…

Pan American Silver

Strong reserves replacement rates for key assets

Flash note | Mining | 18/09/2024

Pan American Silver (PAAS) has released its annual mineral reserves and resources statement. While the overall reserves and resources have fallen compared…

discoverIE Group

Moving into the next growth phase

Update | Electronics & Electrical Equipment | 18/09/2024

discoverIE’s first capital markets day (CMD) in six years was an opportunity for the group to recap how via its buy-and-build strategy it has successfully…

Triple Point Social Housing REIT

Improving rent collection and fully covered DPS

Update | Property | 17/09/2024

Triple Point Social Housing REIT (SOHO) returned to full dividend cover in H124, with EPRA earnings benefiting from inflation-linked, mostly uncapped rental…

Epwin Group

Third FY24 EPS uplift this year

Update | Construction & Building Materials | 17/09/2024

Epwin Group’s H124 results were robust, with management navigating inflationary pressures well. That said, we have reduced our revenue estimates…

SynBiotic

Platform primed for growth

Outlook | Consumer Support Services | 16/09/2024

SynBiotic has built up a leading platform company that spans the hemp and cannabis industry to cover the full value chain, from cultivation through to…

Intralot

Improved growth in Q224

Update | Travel & Leisure | 16/09/2024

Intralot reported better year-on-year growth in revenue and EBITDA in Q224 than Q124, although foreign currency headwinds – notably from Argentina…

ADS-TEC Energy

Progressing to plan

Update | Industrial Support Services | 16/09/2024

ADS-TEC supplies intelligent energy storage and management systems supporting the energy transition, including electric vehicle (EV) charging. While the…

Attacq

FY24 distributable income outperforms

QuickView | Financials | 12/09/2024

Attacq is a diversified real estate investment trust (REIT), which generates revenue from a ZAR22.9bn investment property portfolio made up of shopping…

Checkit

Contract expansions drive order intake

Update | Technology | 12/09/2024

In H125, Checkit reported year-on-year growth in annual recurring revenue (ARR) of 9%, with strong order intake partially offset by higher churn. Existing…

OSE Immunotherapeutics

Tedopi registrational study commences

Flash note | Pharmaceuticals & healthcare | 11/09/2024

OSE Immunotherapeutics has announced the initiation of its Phase III registrational study (Artemia) for lead cancer vaccine Tedopi, with the trial launching…

Partners Group Private Equity

Healthy realisations in H124

Update | Investment trusts | 11/09/2024

Partners Group Private Equity received a strong €103.7m in realisation proceeds in H124 (c 11% of opening NAV). Proceeds of €70.2m came from…

Calgro M3

Investments support strong revenue pipeline

QuickView | Property | 11/09/2024

Calgro M3’s core business is integrated residential housing development and memorial parks. Established in 1995, the company generates the bulk of…

AUSTRIACARD

FY24 growth outlook maintained

Update | Technology | 10/09/2024

AUSTRIACARD reported a step-up in adjusted revenue in Q224 (+12.4% y o y) as payment card sales re-accelerated and digital transformation technologies…

HELLENiQ ENERGY

A good quarter, but softer margins expected in Q3

Flash note | Oil & gas | 10/09/2024

HELLENiQ ENERGY’s Q224 results showed a continuation of Q124 trends, with refining margins trending down but increased year-on-year oil prices and…

Verve Group

Driving better media outcomes

Update | Technology | 10/09/2024

Verve Group’s Q224 figures clearly show the benefit of its strategic focus on privacy-first targeted advertising solutions, with growth well ahead…

Basilea Pharmaceutica

H2 rewards continue: US$25m Cresemba milestone

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

H224 continues to be a rewarding period for Basilea Pharmaceutica, with the announcement of a third successive milestone payment for Cresemba in the last…

Oryzon Genomics

First patient dosed in new AML combination study

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

Oryzon Genomics has announced the commencement of patient dosing in the investigator-initiated Phase Ib trial evaluating iadademstat as a combination treatment…

Gresham House Energy Storage Fund

Revenue recovery to provide base for growth

Flash note | Investment trusts | 09/09/2024

Gresham House Energy Storage Fund (GRID) is the largest UK fund investing in utility-scale battery energy storage systems (BESS). The BESS sector has faced…

Accsys Technologies

Second Accoya plant operational

Update | General Industrials | 09/09/2024

Accsys Technologies has achieved the milestone of starting commercial operations at its Accoya USA plant (the second in the world). The company also reported…

The Pebble Group

Improved operational readiness

Update | Media | 09/09/2024

Pebble’s H124 results put it on track to meet FY24 EBITDA market forecasts, set against continuing cautious industry sentiment. Management has been…

Martin Currie Global Portfolio Trust

Lower rates should be beneficial for performance

Update | Investment trusts | 09/09/2024

Martin Currie Global Portfolio Trust’s (MNP’s) performance was negatively affected in 2022 by the shift in interest rate expectations as US…

Picton Property Income

Office repurposing progress

Flash note | Property | 09/09/2024

Picton Property Income’s previously agreed sale of a vacated office building in Cardiff, to a purpose-built student accommodation developer, has…

abrdn Asian Income Fund

Core Asian fund offering income and capital growth

Update | Investment trusts | 09/09/2024

abrdn Asian Income Fund (AAIF) is managed by abrdn’s well-established Singapore-based Asian equity team, supported by a 40-strong group of analysts…

OPAP

Improved momentum in Q224

Update | Travel & Leisure | 06/09/2024

OPAP enjoyed improved momentum in Q224 driven by the ongoing innovation of its core products in both retail and online, and the anticipated boost from…

EML Payments

Back to basics

Update | Technology | 06/09/2024

EML Payments’ FY24 results were the first to show the full impact of the liquidation of PFS Card Services Ireland Limited (PCSIL). Continuing operations,…

IRLAB Therapeutics

New mesdopetam patent strengthens IP portfolio

Flash note | Pharmaceuticals & healthcare | 05/09/2024

IRLAB Therapeutics has been granted a new patent in Europe for its lead asset, Phase-III ready mesdopetam, which potentially extends its market exclusivity…

Argent Biopharma

An innovative approach to drug development

QuickView | Pharmaceuticals & healthcare | 05/09/2024

Argent BioPharma is a clinical-stage specialty biopharma company developing therapeutics targeting areas of unmet need. Currently focused on CNS conditions…

Cereno Scientific

CS1 granted OMPD, complementing FDA ODD

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

Cereno Scientific’s lead asset CS1 has been granted the Orphan Medicinal Product Designation (OMPD) from the European Commission as a potential treatment…

Georgia Capital

Business as usual despite political turmoil

Update | Investment trusts | 03/09/2024

Georgia Capital’s (GCAP’s) net asset value (NAV) per share decreased by 12.8% quarter-on-quarter in Q224 in Georgian lari (down 16.5% in sterling…

Filtronic

Upgrading on follow-on space order

Update | Technology | 03/09/2024

Filtronic continues to benefit from the agreement signed with SpaceX in April – it has received a follow-on production order for E-band solid state…

Impact Healthcare REIT

Visible growth

Update | Property | 03/09/2024

Impact Healthcare REIT continued to generate consistently positive accounting returns in the six months to June 2024 (5.5%), comprising fully covered DPS…

Nanoco Group

European partnership not moving forward

Update | Technology | 02/09/2024

Nanoco Group’s announcement that the collaboration with its European partner is essentially coming to an end is clearly disappointing news. We reduce…

Nabaltec

Increasing profitability and margins

Flash note | General Industrials | 02/09/2024

Nabaltec recorded 2.2% y-o-y growth in its H124 revenue (€108.4m). The company’s strong performance in its functional filler segment was the…

Barton Gold

Special by name, special by nature

Initiation | Mining | 02/09/2024

The publication of the results of its initial scoping study on the Tunkillia project on 16 July puts Barton well on the road to executing its three-phase…

Cereno Scientific

Pressing clinical assets forward to key inflection

Update | Pharmaceuticals & healthcare | 02/09/2024

Cereno Scientific has announced its Q224 results, reflecting tangible progress with its clinical candidates. Key developments include closing of patient…

CoinShares International

Termination of coverage

Update | Financials | 30/08/2024

Edison Investment Research is terminating coverage on CoinShares International (CS). Please note you should no longer rely on any previous research or…

Murray International Trust

Three become two – low-risk strategy maintained

Update | Investment trusts | 29/08/2024

Murray International Trust’s (MYI’s) managers Martin Connaghan and Samantha Fitzpatrick (the previous third manager Bruce Stout retired at…

CoinShares International

Resultatet från Q224formades av två engångshändelser

Update | Financials | 29/08/2024

CoinShares International (CS) redovisade en stark justerad EBITDA under Q224 på 26,6 miljoner pund (jämfört med 11,4 miljoner pund under…

Epwin Group

Robust H1 performance in tough markets

Flash note | Construction & Building Materials | 28/08/2024

Epwin’s H124 trading update confirmed that management expects to achieve full-year expectations despite market headwinds. Long-term, well-established…

Basilea Pharmaceutica

EU paediatric approval triggers CHF10m milestone

Flash note | Pharmaceuticals & healthcare | 28/08/2024

Basilea has announced yet another milestone following the European Commission (EC) approval for Cresemba’s use in the paediatric population (in invasive…

Actinogen Medical

Further positive XanaCIDD results on depression

Flash note | Pharmaceuticals & healthcare | 27/08/2024

New data were revealed from Actinogen Medical’s ongoing analysis of the now-completed XanaCIDD study that support the view that the company’s…

Mendus

Broad progress across the pipeline

Update | Pharmaceuticals & healthcare | 27/08/2024

Mendus’s Q224 results reflect a period of steady progress across its clinical programmes. For vididencel, the Phase II CADENCE trial (for acute myeloid…

Argent Industrial

Argent expands internationally

QuickView | Industrial Support Services | 27/08/2024

Argent, a steel-based beneficiation group with offshore investments, is advancing its strategy of expanding beyond South Africa, focusing on the UK and…

Zalaris

Tenth consecutive quarter of revenue growth

Update | Technology | 23/08/2024

Zalaris delivered a tenth consecutive quarter of year-on-year revenue growth in Q224 to another record of NOK323m. The company continued to win new business…

CoinShares International

Q224 results shaped by two one-time events

Update | Financials | 23/08/2024

CoinShares International (CS) posted a strong adjusted EBITDA in Q224 of £26.6m (vs £11.4m in Q223), which included two one-off factors: the…

SIGA Technologies

TPOXX chalks up another DoD contract win

Flash note | Pharmaceuticals & healthcare | 23/08/2024

SIGA Technologies announced another contract win with the US Department of Defense (DoD), which is for the procurement of c $9m in TPOXX. This is the third…

Topps Tiles

Acquisition of well-respected competitor

Update | Consumer Support Services | 22/08/2024

The acquisition of certain assets of CTD Tiles (CTD) brings complementary activities to Topps Tiles’ (TPT’s) existing Omnichannel and Commercial…

Actinogen Medical

XanaCIDD data narrow the focus in depression

Update | Pharmaceuticals & healthcare | 22/08/2024

While the results from Actinogen’s XanaCIDD exploratory Phase IIa study in patients with major depressive disorder (MDD) did not meet the primary…

Basilea Pharmaceutica

Another Cresemba milestone payment in the bank

Flash note | Pharmaceuticals & healthcare | 22/08/2024

The uptrend in Cresemba sales in Asia-Pacific and China triggered the receipt of Basilea’s third milestone payment of US$1.25m from Pfizer for the…

PVA TePla

Strong Q224 results

Update | Engineering | 22/08/2024

PVA TePla’s (PVA’s) Q224 results were strong and management reiterated its FY24 guidance and FY25 outlook of moderate growth, despite a weak…

Nano Dimension

Creating a leader in additive manufacturing

Update | Technology | 22/08/2024

Nano Dimension reported record revenue of $15.0m in Q224, slightly higher year-on-year and 12% higher quarter-on-quarter. The Reshaping Nano initiative…

Singapore Post

Q1 profits more than double

Update | General Industrials | 21/08/2024

The Q125 results shine a light on the latest initiatives to underpin the inherent value within Singapore Post, which include a review of the Australian…

Information Services Corporation

Cash flow fuelling ambitious growth plan

Update | Industrial Support Services | 21/08/2024

Information Services Corporation (ISC) has entered a new era of strategic growth, striving to double both revenue and adjusted EBITDA (on an FY23 basis)…

AAC Clyde Space

Volatility affecting progress

Update | Aerospace & Defence | 21/08/2024

AAC Clyde Space offers exposure to the fast-growing low Earth orbit space market. The difficulties experienced in Q2, affecting full year expectations,…

Foxtons Group

Valuation offers 100% upside

Update | Property | 20/08/2024

Foxtons Group’s H1 results clearly highlight the success of the strategy the company embarked on at the start of last year. Although there is still…

ProCredit Holding

Executing its updated strategy

Update | Financials | 20/08/2024

ProCredit Holding (PCB) recorded strong sequential loan book growth of 3.8% in Q224 (and 6.9% in H124), a run-rate ahead of management’s FY24 guidance…

The Biotech Growth Trust

Valuations starting to improve with more to come

Review | Investment trusts | 20/08/2024

The Biotech Growth Trust (BIOG) has two experienced managers, Geoff Hsu and Josh Golomb, at leading global healthcare specialist OrbiMed. They remain very…

JDC Group

Gaining a firm foothold in commercial insurers

Update | Financials | 19/08/2024

JDC Group’s (JDC’s) H124 results were strong, with organic revenue growth close to 20% and an EBITDA margin of 6.5% (H123: 6%). Management…

VietNam Holding

Steady outperformance and solid fundamentals

Update | Investment trusts | 19/08/2024

VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in the first seven months of 2024 (7M24) of 14.5% in US dollar terms,…

Kolibri Global Energy

Longer laterals are a potential game changer

Update | Oil & gas | 19/08/2024

Kolibri Global Energy (KEI) reported Q224 results that saw double-digit increases across all financial and operating metrics on a y-o-y basis, with production…

Dowlais Group

Powder Metallurgy in the spotlight

Update | Industrial Support Services | 19/08/2024

Weaker global automotive production in 2024 is proving a challenge for Dowlais Group. Benefits from the restructuring programme and market recovery in…

SIGA Technologies

PALM 007 data warrant a closer look in mpox

Flash note | Pharmaceuticals & healthcare | 19/08/2024

Although the topline results of PALM 007 (studying SIGA’s tecovirimat in the treatment of mpox) did not meet the statistical significance for the…

Dentsu Group

Positive momentum

Update | Media | 16/08/2024

Dentsu’s H124 figures show sequential quarterly improvements, with the group posting organic growth of 0.2% in Q2. Encouragingly, this is in part…

Basilea Pharmaceutica

Poised for an eventful H224

Update | Pharmaceuticals & healthcare | 15/08/2024

Basilea’s H124 results reflect strong momentum across its pipeline and we expect the pace to accelerate in H224. The key highlight of the period…

Immix Biopharma

Full steam ahead with US CAR-T trial

Update | Pharmaceuticals & healthcare | 14/08/2024

Immix Biopharma’s second quarter was headlined by intensified clinical activity for lead CAR-T asset NXC-201 (targeting amyloid light chain amyloidosis,…

BB Biotech

Lower rates and news flow to support recovery

Update | Investment trusts | 14/08/2024

BB Biotech (BION) offers investors exposure to the innovative, rapidly expanding biotech sector. It is the largest biotech investor among its investment…

Deutsche Beteiligungs

Doubling down on investment opportunities

Update | Investment trusts | 14/08/2024

Deutsche Beteiligungs (DBAG) reported a c 4% NAV total return in 9M24, supported primarily by higher valuation multiples on the back of more benign public…

Pan American Silver

Q224 results: Steady progress

Update | Mining | 14/08/2024

Pan American Silver (PAAS) delivered a robust set of Q224 results, with lower silver production offset by the stronger sales and commodity prices. This…

Sylvania Platinum

Long-term PGM price upside

Update | Mining | 14/08/2024

Sylvania’s Q424 results were negatively affected by a delayed recovery in production following the 22-day strike during Q324. This resulted in 21%…

BlackRock Greater Europe Investment Trust

High-quality fund in underappreciated region

Review | Investment trusts | 14/08/2024

BlackRock Greater Europe Investment Trust’s (BRGE’s) co-managers Stefan Gries and Alexandra Dangoor remain positive on the trust’s prospects…

Verve Group

Another substantial upgrade

Update | Technology | 13/08/2024

Verve’s AI-driven, privacy-first advertising solutions are gaining good traction and market share is increasing, with a 33% uplift in the number…

CLIQ Digital

Sales decline decelerating in Q224

Update | Technology | 13/08/2024

CLIQ Digital’s H124 results were as expected following the July trading update, at which point the company lowered its guidance. The change in the…

S&U

Anticipating regulatory clarity in H2

Flash note | Financials | 12/08/2024

S&U’s H1 trading statement revealed similar trends to those in Q1. Advantage Finance remains in a consolidation phase amid industry discussions with…

Team Internet Group

Earnings remain resilient

Update | Technology | 12/08/2024

Team Internet’s H1 earnings showed resilience despite continued headwinds in online marketing. Going into the typically seasonally stronger H2, we…

AFT Pharmaceuticals

Hikma partnership expands to include Combogesic

Flash note | Pharmaceuticals & healthcare | 09/08/2024

AFT Pharmaceuticals has expanded its licensing partnership with Hikma in the US to include distribution of the recently launched Combogesic tablets (Maxigesic…

Wheaton Precious Metals

Continuing where Q1 left off

Update | Mining | 09/08/2024

Wheaton Precious Metals’ (WPM’s) Q224 results exceeded our forecasts, as well as the market’s. In general, WPM produced more than we…

Custodian Property Income REIT

Positive outlook for further growth

Flash note | Property | 08/08/2024

Custodian Property Income REIT (CREI) has published its Q125 NAV and trading update. With rental growth continuing, Q125 DPS (+9% vs Q124) is in line with…

Target Healthcare REIT

Q4 rounds off a strong year of performance

Flash note | Property | 07/08/2024

Target Healthcare REIT has released its Q424 trading update. We expect the full year results to be published in late September. Income and capital values…

Altron

Keeping Altron Document Solutions

Flash note | Technology | 07/08/2024

Altron’s AGM trading update confirmed that the positive momentum seen in H224 has continued so far in H125. The company also announced that it had…

4imprint Group

Outperforming a challenging market

Update | Media | 07/08/2024

4imprint has continued to trade better than its underlying market across H124, with revenues 5% ahead of H123. The North American promotional products…

HgT

Consistent returns from private tech businesses

Review | Investment trusts | 06/08/2024

HgT posted a 12-month net asset value (NAV) total return of 12.2% to end June 2024 (based on preliminary unaudited H124 valuations), maintaining its impressive…

Regional REIT

Recapitalisation returns focus to operations

Update | Property | 06/08/2024

The completion of Regional REIT’s (RGL’s) £110.5m equity raise has reduced gearing, including repayment of its retail bonds, and provides…

Claranova

Building the foundations for profitable growth

Update | Technology | 06/08/2024

In FY24, Claranova had a relatively stable year from a revenue perspective but expects to report a significant increase in profitability due to its focus…

Renewi

Trading supports unchanged full-year guidance

Flash note | Industrial Support Services | 06/08/2024

Renewi has made a solid start to the year with no change to guidance. It is clearly well placed in the growing circular economy and exiting the UK Municipal…

Tinexta

Growth affected by temporary issues

Update | Technology | 06/08/2024

Tinexta’s H124 results highlighted a weaker revenue profile in Q2 than Q1, mainly due to what management believes are temporary effects, as well…

Topps Tiles

Covering the bases…and walls

Outlook | Consumer Support Services | 05/08/2024

Topps Tiles’ (TPT’s) updated medium-term strategy is focused on leveraging its core competitive strengths into much larger addressable markets,…

SIGA Technologies

Momentum building as the year progresses

Update | Pharmaceuticals & healthcare | 05/08/2024

SIGA Technologies had another strong quarter in Q224, driven by intravenous TPOXX (IVT) deliveries to the Strategic National Stockpile (SNS) and incremental…

Filtronic

Scaling up for future growth

Update | Technology | 05/08/2024

FY24 was a pivotal year for Filtronic, with revenue growth of 56% and operating margins expanding 12.7pp to 14.2%, as adoption of its technology in the…

AGBA

Termination of coverage

Update | Technology | 02/08/2024

Edison Investment Research is terminating coverage on AGBA (AGBA) and Norcros (NXR). Please note you should no longer rely on any previous research or…

Norcros

Termination of coverage

Update | Construction & Building Materials | 02/08/2024

Edison Investment Research is terminating coverage on AGBA (AGBA) and Norcros (NXR). Please note you should no longer rely on any previous research or…

Oryzon Genomics

Multiple milestones anticipated in H224

Update | Pharmaceuticals & healthcare | 01/08/2024

Oryzon’s Q224 results summarised an active quarter for its clinical pipeline, with multiple milestones expected in H224. Central to the H224 momentum…

Melrose Industries

Positive progress continues

Update | General Industrials | 01/08/2024

Melrose Industries’ impressive H1 performance demonstrates the strength of the business, assisted by aftermarket exposure, given the current supply…

IP Group

Novo Holdings invests in Oxford Nanopore

Flash note | Technology | 01/08/2024

IP Group’s largest life sciences holding at end-2023, Oxford Nanopore (ONT), which developed a new generation of nanopore-based sensing technology,…

Metro Bank

Upgrading guidance for FY25 and FY26

Flash note | Financials | 01/08/2024

Metro Bank (Metro) reported a loss before tax of £26.8m in H124 mainly due to a weaker net interest margin (NIM), partly offset by lower impairments.…

Freelancer

Using AI to enhance revenue and profit growth

Outlook | Technology | 01/08/2024

Freelancer reported a mixed performance in H124, with Escrow.com volumes down significantly after a very strong Q123, while the Freelancer platform benefited…

Picton Property Income

Increased DPS driving positive returns

Flash note | Property | 01/08/2024

Picton Property Income’s Q125 trading update shows DPS, increased by 6% from Q423, fully covered by EPRA earnings. Our unchanged forecasts show continuing…

Greggs

Confident about FY24 outlook

Update | Food & Drink | 31/07/2024

Greggs’ H124 results demonstrate the ongoing benefits of its multiple levers to drive revenue growth as well as a pleasant surprise on operating…

Pan African Resources

Hitting expectations

Update | Mining | 31/07/2024

On 29 July, Pan African Resources (PAF) announced it had produced 186,039oz gold in FY24 at an all-in sustaining cost (AISC) of US$1,350/oz. This was within…

CLIQ Digital

FY24 outlook weakened

Update | Technology | 31/07/2024

CLIQ Digital has lowered its financial outlook for FY24 due to the transition to new sales channels in H124. This was coupled with elevated churn following…