AJ Lucas Group

Positive momentum in drilling services

Update | Oil & Gas | 24/09/2018

AJ Lucas’s FY18 (to end June 2018) results highlighted a material increase in drilling service revenues (+70%) and margins (+635% EBITDA). Based…

Kape Technologies

Strong H1 performance

Update | Technology | 24/09/2018

With Kape’s transition to a consumer cybersecurity business essentially complete, investors can focus on the trends in its core business. The interim…

La Doria

Building for the future

Update | Food & Drink | 24/09/2018

La Doria’s results again demonstrate the strength of the business and the underlying strategy. Despite a continued challenging macroeconomic backdrop…

Accsys Technologies

Accoya volume rising, more capacity on stream

Update | General Industrials | 24/09/2018

AGM comments point to operational progress at Arnhem and an on-track construction schedule for the new Tricoya facility at Hull. Accsys has set out a clear…


Global lefitolimod partnership close to completion

Outlook | Pharmaceutical & healthcare | 21/09/2018

Mologen announced that it has signed term sheets for a global partnership with Oncologie for its lead asset, lefitolimod. The deal is expected to complete…

InMed Pharmaceuticals

Progressing their programs

Update | Pharmaceutical & healthcare | 20/09/2018

InMed continues to make progress on its biosynthesis platform, optimizing the genes that lead E. coli to express the cannabinoids and scaling up the fermentation…

GVC Holdings

Strong growth amid integration

Update | Technology | 20/09/2018

GVC has announced a strong set of H118 results, with pro-forma net gaming revenues (NGR) increasing 8% to £1,717m, driven by an impressive 18% growth…


Snow Leopard – potential breached fault seal

Flash note | Oil & Gas | 20/09/2018

The Snow Leopard-1 well (100% Petro Matad) was drilled to total depth of 2,930m in granitic basement. No sands were encountered in the shallow target,…


Strong H1 but more balanced year is expected

Update | Technology | 20/09/2018

SCISYS has reported a strong H1 with professional fees jumping 24%. However, this was off a weak H117 and some business was brought forward from H2. Consequently,…

Herantis Pharma

Innovation at its core

Initiation | Pharmaceutical & healthcare | 20/09/2018

Herantis Pharma is focused on the development of innovative regenerative medicines targeting unmet needs. Its two lead assets are cerebral dopamine neurotrophic…

Kazia Therapeutics

GDC-0084 and Cantrixil trials progressing

Update | Pharmaceutical & healthcare | 19/09/2018

Kazia Therapeutics has commenced the Phase II programme for GDC-0084 in glioblastoma (GDC-0084 was in-licensed from Genentech in 2016). Initial data from…

ASLAN Pharmaceuticals

Enrolment for China study adjusted

Update | Pharmaceutical & healthcare | 19/09/2018

ASLAN announced it would be amending the protocol for its ongoing Chinese pivotal trial of varlitinib in biliary tract cancer (BTC). The patients being…

Kazia Therapeutics

GDC-0084 and Cantrixil trials progressing

ADR Update | Pharmaceutical & healthcare | 19/09/2018

Kazia Therapeutics has commenced the Phase II program for GDC-0084 in glioblastoma (GDC-0084 was in-licensed from Genentech in 2016). Initial data from…

Thin Film Electronics

New Apple phones show enhanced NFC support

Update | Technology | 19/09/2018

Apple’s introduction of native NFC support in the iPhone models launched this month is a key development for Thinfilm. First, it makes it easier…

Fidelity Japan Trust

Established, on-the-ground expertise in Japan

Initiation | Investment Companies | 18/09/2018

Fidelity Japan Trust (FJV) has a bottom-up, research-intensive investment process, a flexible approach to gearing and a focus on stocks across the market…

Deutsche Grundstücksauktionen


Update | Financials | 18/09/2018

Deutsche Grundstücksauktionen (DGA) has improved even on an ‘outstanding’ H117 comparative, with the highest first-half gross turnover…


Second-half trading as expected with higher cash

Update | Consumer Support Services | 18/09/2018

Focusrite ends the year with revenue as forecast, continued profit growth in the second half and revenue in line with our expected slower second-half growth.…

Invesco Asia Trust

Opportunities emerging in Asian equities

Review | Investment Companies | 18/09/2018

Invesco Asia Trust (IAT) aims to deliver significant capital gains to shareholders over a three- to five-year horizon, primarily through investing in Asian…

Hutchison China MediTech

Fruquintinib capsules approved in China

Update | Pharmaceutical & healthcare | 18/09/2018

Hutchison China MediTech’s (HCM) lead TKI asset, fruquintinib, has received China registration approval from the National Medical Products Administration…


Focus on digital transformation and synergies

Update | Technology | 18/09/2018

In recent quarters mVISE has completed the acquisition of a consulting team from SHS Viveon and the sale of loss-making workforce management software business…


Sales consistent in H1

Update | Pharmaceutical & healthcare | 17/09/2018

Acarix’s H1 results show steady sales with eight systems and 800 disposable patches sold to June. These generated H1 revenues of SEK465k with gross…

Entertainment One

Unlocking the value of creativity

Update | Media | 17/09/2018

Entertainment One’s (eOne’s) capital markets day (CMD) presentation highlighted its strong content and depth of management, with its independence…

Utilico Emerging Markets Trust

Simplified corporate structure

Review | Investment Companies | 17/09/2018

Utilico Emerging Markets Trust (UEM) is a specialist fund focusing on infrastructure and utility investment in emerging market equities. In April 2018,…

VinaCapital Vietnam Opportunity Fund

Strong market fundamentals expected to prevail

Review | Investment Companies | 17/09/2018

VinaCapital Vietnam Opportunity Fund (VOF) is one of the oldest and largest Vietnam specialist investment companies and is now a FTSE 250 index constituent.…

Blue Cap

Well on track

Update | General Industrials | 14/09/2018

Blue Cap continues to deliver with c 10% organic sales growth in H118 and confirmation that the recent, potentially transformative investment (Knauer)…


Adding new sales channels for myDevices

Flash note | Technology | 14/09/2018

myDevices, Claranova’s internet of things (IoT) business, has announced two distribution agreements for IoT in a Box. These deals provide access…

Avon Rubber

Delivering growth

Update | Aerospace & Defence | 14/09/2018

Avon Rubber’s pre-close trading statement demonstrates the underlying growth in both divisions. Success continues to flow from the enhanced product…


A new dimension

Update | General Industrials | 13/09/2018

H118 was successful for IBU-tec on several fronts. Revenues were back to almost H117 levels, as strong growth in demand for battery materials offset continued…

Vectron Systems

Shift in digital services strategy

Update | Technology | 13/09/2018

Vectron has had a turbulent first half as it works to diversify its business into digital services. Several management changes have seen the company return…

Scherzer & Co

Resisting the weaker environment

Update | Financials | 13/09/2018

Scherzer & Co (PZS) was able to offset the impact of subdued equity markets (the MDAX declined 1.3% in H118) through its business of writing options…


Orexo wins patent litigation appeal

Outlook | Pharmaceutical & healthcare | 13/09/2018

Orexo’s appeal of the US District Court’s invalidation of the ‘330 patent, which had been anticipated for some months, has been successful.…


Phase IIa set to start in Q418

Update | Pharmaceutical & healthcare | 13/09/2018

Cantargia continues to progress its main R&D programme, a Phase I/IIa CANFOUR trial with its lead drug candidate, which was given its official generic…


Investment pays off

Update | General Industrials | 13/09/2018

DATRON has built on a strong start to the year to deliver positive H118 results. While not strictly comparable owing to first group accounts, EBIT all…

Oncology Venture

Merger with Medical Prognosis Institute finalised

Update | Pharmaceutical & healthcare | 13/09/2018

In early September, Oncology Venture AB and Medical Prognosis Institute (MPI) completed their strategic merger and the new entity, Oncology Venture A/S…


Break-even target reiterated

Update | Technology | 12/09/2018

eServGlobal’s H118 results confirm it has reduced its cost base further and is still targeting EBITDA break-even for FY18. It also noted it is having…

Game Digital

Part of the retail answer

Outlook | Consumer Support Services | 12/09/2018

Even as Game Digital (GMD) faces short-term trading pressure, its developing BELONG gaming arena concept is arguably part of the answer of what to do with…

GCP Student Living

Strong FY18 progress and positive outlook

Update | Financials | 12/09/2018

GCP Student Living (DIGS) saw strong growth in FY18 rental income, driven by an increasing number of operational beds, continuing full occupancy and good…

SLI Systems

Cost savings underpin PBT turnaround

Update | Technology | 12/09/2018

SLI’s results reflect the business’s transitional status. Substantial savings were made to sales and marketing expenditure, which underpinned…

Orosur Mining

A transformational deal with Newmont

Update | Mining | 11/09/2018

Orosur (OMI) has secured US$2m (at a 229% pre-deal premium to its share price) via a private placement with Newmont Mining (NEM) in relation to its Anzá…

MPC Capital

Expansion of container ship fleet

Update | Financials | 10/09/2018

Although MPC’s legacy retail portfolio is still weighing on its results, the company is making steady progress in shifting its business towards institutional,…


Termination of coverage

Termination | Industrial Support Services | 10/09/2018

Edison Investment Research is terminating coverage on Trifast (TRI). Please note you should no longer rely on any previous research or estimates for this…

Lighthouse Group

On track for full year expectations

Update | Financials | 10/09/2018

First half results from Lighthouse indicate that it is on track to meet market expectations for the full year, while the strength of its business providing…

JPMorgan European Smaller Companies Trust

Termination of coverage

Termination | Investment Companies | 10/09/2018

Edison Investment Research is terminating coverage on JPMorgan European Smaller Companies Trust (JESC). Please note you should no longer rely on any previous…

Columbus Energy Resources

Termination of coverage

Termination | Oil & Gas | 10/09/2018

Edison Investment Research is terminating coverage on Columbus Energy Resources (CERP). Please note you should no longer rely on any previous research…

Expert System

Strong H118 sales support FY18 targets

Flash note | Technology | 10/09/2018

Expert System’s H1 trading update confirms that it generated year-on-year sales growth of more than 50% in H118 to €12.9m. Management confirmed…

Quantum Genomics

NEW-HOPE enrolled much faster than expected

Update | Pharmaceutical & healthcare | 10/09/2018

Quantum Genomics announced that it has enrolled the NEW-HOPE trial faster than expected, with data to come around mid-November (previously around the end…

John Laing Group

Project investment delivers growth

Outlook | Financials | 10/09/2018

Continuity of strategy and personnel has enabled John Laing Group (JLG) to capitalise on the opportunities in the international market for infrastructure…

Sierra Oncology

Termination of coverage

Termination | Pharmaceutical & healthcare | 10/09/2018

Edison Investment Research is terminating coverage on Sierra Oncology (SRRA). Please note you should no longer rely on any previous research or estimates…

Oceania Natural

Termination of coverage

Termination | Consumer Support Services | 10/09/2018

Edison Investment Research is terminating coverage on Oceania Natural (ONL). Please note you should no longer rely on any previous research or estimates…


Pure play, clear focus

Initiation | Construction & Building Materials | 10/09/2018

The simplified corporate structure presents investors in Rubicon (RBC) with a pure-play, advanced forestry genetics business with leading positions in…


Strong finish to FY18

Update | Media | 10/09/2018

Future has now completed its acquisition of Purch, fully funded by a successful rights issue. Trading results in the core Media business are ahead of earlier…


Clear path to profitability

Initiation | Technology | 10/09/2018

Claranova is a group consisting of three businesses focused on mobile and internet technologies with high growth potential. After a long period of restructuring…

ERM Power

Acquisition strengthens Energy Solutions

Flash note | General Industrials | 07/09/2018

ERM Power has announced the acquisition for up to A$16m of Out Performers, a provider of energy services to large energy customers. This is consistent…


Normalised revenue and profitability level

Update | Financials | 07/09/2018

ÖKOWORLD (ÖWAG) reported robust results for H118, recording €7.6m revenues and €2.1m net profit. Even though both measures declined…

Acacia Pharma

Raising the BAR in PONV

Initiation | Pharmaceutical & healthcare | 07/09/2018

Acacia Pharma is focused on bringing antiemetic drugs to the US hospital setting for unmet needs in post-operative nausea and vomiting (PONV) and chemotherapy-induced…

JDC Group

Back on track after a weaker Q417

Update | Financials | 06/09/2018

JDC continued to improve its financial results in H118 (commission income was up 10% y-o-y), building on its strong market presence and ongoing digitalisation…

Max 21

Appetite for more growth

Update | Technology | 06/09/2018

Max 21 continues its successful turnaround story, with a solid increase in H118 sales related to Binect family products and LinOTP (even if somewhat behind…


Exploring new avenues

Update | Pharmaceutical & healthcare | 06/09/2018

Immunovia has announced that it needs to optimise the algorithms used in the IMMray PanCan-d test in high-risk patients due to sample collection-related…

Elbit Medical Technologies

Portfolio progress continues

Update | Pharmaceutical & healthcare | 06/09/2018

Elbit Medical Technologies’ portfolio of investments continues to demonstrate progress on multiple fronts. InSightec is gaining ground on the reimbursement…


Good, balanced UK trading, India orders growing

Update | General Industrials | 05/09/2018

Severfield’s (SFR’s) AGM statement retained management’s existing guidance for FY19. The year has started well in the UK – a more…

Atlantis Japan Growth Fund

Continuing to find attractive growth opportunities

Review | Financials | 05/09/2018

Atlantis Japan Growth Fund (AJG) is advised by Atlantis Investment Research Corporation (AIRC). Lead portfolio adviser Taeko Setaishi aims to generate…


Acquisitions support record H118 revenues

Update | General Industrials | 05/09/2018

The recent acquisition of LayTec helped drive 16% growth in revenues in H118, though Spectral Engines is not yet profitable, resulting in a drag on EBIT…

QEX Logistics

Continued business acceleration

Update | Industrial Support Services | 05/09/2018

QEX’s revised sales turnover target indicates a robust business uptake and confirms the strong start in Q119 (despite weaker sales in Australia),…

Marlborough Wine Estates

FY19 KOMs and FY18 preliminary results

Update | Food & Drink | 05/09/2018

Marlborough Wine Estates Group (MWE) is developing its brands and seeking to expand into international markets. The international wine market is strong…

Eddie Stobart Logistics

Strong revenue growth boosted by contract wins

Update | Industrial Support Services | 05/09/2018

Eddie Stobart Logistics (ESL) published its H1 results on 30 August, reporting 25% revenue growth, including 10% organic. Organic growth was boosted by…


First arbitration won; partners sought

Update | Pharmaceutical & healthcare | 05/09/2018

The Arbitration Panel has found for Adocia in the first phase of the ongoing arbitration against Lilly; Adocia will be awarded $11.6m in damages. On the…

Destiny Pharma

Destiny beguiles

Initiation | Pharmaceutical & healthcare | 04/09/2018

Destiny Pharma is a virtual antimicrobial discovery company in Phase II clinical studies in the US. Destiny’s XF series of antimicrobial agents are…

Foreign & Colonial Investment Trust

Still going strong after 150 years

Review | Investment Companies | 04/09/2018

Foreign & Colonial Investment Trust (FRCL) is the world’s oldest investment trust and has a distinguished dividend history. The fund is on course…


Strong H1 supports future growth

Update | Technology | 04/09/2018

Boku saw continued strong growth in total payment volume (TPV) in H118, driving y-o-y revenue growth of 66% and a positive EBITDA margin of 15%. Stronger…


Multiple VCSEL programmes entering production

Update | Technology | 04/09/2018

During H118 IQE experienced double-digit sales growth on a constant currency basis in each of its three primary markets, although this was partly offset…


Strong Q2 results, led by a rise in productivity

Update | General Industrials | 04/09/2018

On 29 August, TransContainer announced Q218 IFRS results. The results showed further growth, with a 6% increase in revenue and 16% growth in EBITDA. We…

EMIS Group

Preparing for the next stage of growth

Update | Technology | 04/09/2018

EMIS saw revenue growth from all divisions in H1, which helped to offset the additional costs incurred to strengthen service delivery. The company has…


Several interested parties in Japan

Update | Pharmaceutical & healthcare | 04/09/2018

Regeneus has revised expected timing of an osteoarthritis (OA) clinical development licence deal for Progenza in Japan to Q4 CY18 (vs Q218); it is currently…

Hurricane Energy

First thoughts: Spirit Energy farm-in

Flash note | Oil & Gas | 03/09/2018

Spirit Energy has farmed-in to 50% of Hurricane’s Lincoln and Warwick licences covering the Greater Warwick Area (GWA). The farm-in is intended to…

UK Commercial Property REIT

Making steady progress in uncertain times

Update | Investment Companies | 03/09/2018

UK Commercial Property REIT (UKCM) achieved a 10.6% NAV total return over the year to the end of June 2018, but its share price has lagged its steadily…


IBM agreement expanded, set for a strong H2

Update | Technology | 03/09/2018

WANdisco’s strong strategic progress takes another step forward, with the IBM relationship expanded to cover relational database technology and terms…

Raven Property Group

Good underlying progress

Outlook | Property | 03/09/2018

Raven Property Group (Raven) made good underlying progress in H118 against the backdrop of a modestly growing Russian economy and improving supply-demand…

Egdon Resources

Deferred Ceres output offset by higher gas prices

Update | Oil & Gas | 03/09/2018

Egdon’s operational update highlights lower production for FY18 at 84boed versus guidance of 100boed as a result of unplanned downtime at Ceres.…


Scaling up

Outlook | Financials | 03/09/2018

Share’s first half results were marked by higher revenues and costs than expected, while assets under administration have continued to grow and the…

JPMorgan Global Growth & Income

Strong long-term capital growth

Review | Investment Companies | 31/08/2018

JPMorgan Global Growth & Income (JPGI) is managed by Jeroen Huysinga, using J.P. Morgan Asset Management’s (JPMAM’s) global focus investment…


Stable AUM despite asset disposals

Update | Financials | 31/08/2018

After being able to considerably grow its assets under management (AUM) in 2017 (albeit below initial management guidance), publity’s focus in 2018…

Hellenic Petroleum

Q2 beat driven by refining over-performance

Flash note | Oil & Gas | 31/08/2018

Hellenic Petroleum reported Q2 adjusted EBITDA of €187m, 14% ahead of market consensus and an 18% decrease y-o-y. Realised margins at $10.6/bbl represent…


Pieces fitting into place

Update | Industrial Support Services | 30/08/2018

Medserv has demonstrated the success of its broadened geographic reach with strong H118 revenue growth and improved profitability. With the required investment…


LAG-3 progress in-house and via partners

ADR Outlook | Pharmaceutical & healthcare | 30/08/2018

Immutep has reported encouraging progress from its in-house and partnered programs over the past few months. Interim data from the TACTI-mel combo study…


LAG-3 progress in-house and via partners

Outlook | Pharmaceutical & healthcare | 30/08/2018

Immutep has reported encouraging progress from its in-house and partnered programmes over the past few months. Interim data from the TACTI-mel combo study…

ERM Power

Upcoming US business disposal is positive news

Update | General Industrials | 30/08/2018

In the context of the FY18 results (23 August), ERM Power announced its intention to sell US supply activities, which we view as very positive, as we expect…

SDX Energy

Strong netback; active 2019 well programme

Update | Oil & Gas | 30/08/2018

The acquisition of Circle Oil assets, strong oil prices and cost discipline drove up group operational netbacks from US$22.5/boe in H117 to US$32.9/boe…

Healthperm Resourcing

Large opportunity in healthcare recruitment

Initiation | General Industrials | 29/08/2018

Healthperm is a provider of healthcare specialists, predominately nurses from the Philippines, for which there is strong demand in its main markets of…

Helma Eigenheimbau

High-margin projects starting to pay off

Update | General Industrials | 29/08/2018

Helma’s decision to maximise margins at the expense of top-line growth amid the present market constraints seems to be bearing fruit, as illustrated…


Record revenues despite US shutdown

Update | General Industrials | 29/08/2018

Nabaltec posted record revenues in H118 despite the US facility being out of operation. A shift to high-margin products partly offset the negative impact…


Delignit delivers

Update | General Industrials | 28/08/2018

Delignit has combined another strong trading performance (H118 EBITDA up 16%) with further signs of a potentially lucrative return on its strategic goal…

Thin Film Electronics

NFC ramp-up slower than expected

Update | Technology | 28/08/2018

Revenues from sales of NFC tags more than doubled during H118 as the number of clients and size of campaigns increased. However, Thinfilm’s management…

Keywords Studios

Gobo strengthens engineering operations

Update | Technology | 28/08/2018

Keywords’ acquisition of Studio Gobo and Electric Square for up to £26m meaningfully strengthens the company’s engineering service line,…


SaaS switch depresses margins

Update | Technology | 28/08/2018

FY18 revenues grew by 13.1% at constant currencies (guidance was 10–15%), to CHF87.1m (we forecast CHF88.1m). EBITDA eased by 4.2% to CHF7.0m (we…


Looking to the future

Update | Automotive Retailers | 24/08/2018

Along with its peers, in H118 Lookers continued to be challenged by market conditions, which returned to a more normal sequential development but meant…


PTSD programme on track for results in Q3

Update | Pharmaceutical & healthcare | 24/08/2018

The fiscal year 2018, which ended in June, was a major transition for Bionomics as it realigned itself to focus on disorders of the central nervous system.…

OTC Markets Group

Progress continues

Update | Financials | 24/08/2018

OTC Markets Group’s (OTCM) second-quarter result was ahead of our expectation, in part because of favourable market trading volumes. While these…

EQS Group

Transition year

Update | Media | 24/08/2018

EQS’s interims show good progress in its evolution into a leading technology provider to corporate entities. With its revamped cloud-based COCKPIT…

Rockhopper Exploration

Phase 1, a step closer to FID

Update | Oil & Gas | 24/08/2018

Premier Oil’s (PMO) half-year results included several indications of the operator’s intent to progress the development of Sea Lion. This included:…

EQS Group

Transition year

Outlook | Media | 24/08/2018

EQS’s interims show good progress in its evolution into a leading technology provider to corporate entities. With its revamped cloud-based COCKPIT…