Secure Trust Bank

Reassuring update

Update | Financials | 18/01/2019

Secure Trust Bank’s (STB’s) pre-close trading update was encouraging, indicating it expects to deliver results in line with management’s…

Selvita

SEL120 to enter clinical development in 2019

Outlook | Pharmaceuticals & healthcare | 18/01/2019

The data readout from the SEL24 Phase I/II trial in relapsed/refractory AML and the second lead asset, SEL120, moving into clinical development next year…

Circle Property

21% total return in H1 continues strong growth

Update | Property | 17/01/2019

In the six months ending 30 September 2018 (H119) Circle Property continued to generate strong returns. The 21.1% H119 NAV total return takes the total…

ASIT biotech

New year, renewed focus

Update | Pharmaceuticals & healthcare | 17/01/2019

ASIT has announced renewed focus on its most advanced product, gp-ASIT+ for grass pollen allergies, which coincides with some changes in senior management.…

Game Digital

Resilience over the peak trading period

Update | Consumer Support Services | 17/01/2019

Against a challenging retail landscape, Game Digital (GMD) delivered a solid sales performance and growth in higher-margin categories over the peak trading…

De La Rue

Keeping it real

Initiation | Industrial Support Services | 14/01/2019

De La Rue continues to pursue a strategy that is transitioning the company to a less capital-intensive operation with a more diverse customer base and…

Numis Corporation

Keeping its eye on longer-term growth

Outlook | Financials | 14/01/2019

Key themes from Numis’s FY18 results were the continued growth in the corporate client base, significant investment in staff and other costs to support…

Boku

Strong finish to FY18

Update | Technology | 14/01/2019

Boku has confirmed that total processed value (TPV), monthly active users, revenues and EBITDA saw strong growth in FY18, and it expects to report metrics…

Osirium Technologies

FY18 growth confirmed

Update | Technology | 14/01/2019

Osirium traded in line with management expectations in H218 and expects to report close to 50% growth in revenues for FY18. The company has signed up customers…

XP Power

Revising forecasts to reflect weaker semis sector

Update | Technology | 14/01/2019

As previously flagged, a drop in demand from XP’s semiconductor customers had a negative impact on Q4 revenues and orders. Conversely, demand from…

Pixium Vision

Positive interim six-month Prima data

Flash note | Pharmaceuticals & healthcare | 11/01/2019

Pixium announced on 8 January 2019 that its Prima wireless photovoltaic sub-retinal implant successfully met the endpoints of the EU feasibility study…

Lighthouse Group

On course

Update | Financials | 11/01/2019

Lighthouse has confirmed that it is on course to meet board expectations for EBITDA and pre-tax profit for 2018, continuing the progress it made during…

Lazard World Trust Fund

Termination of coverage

Termination | Investment Companies | 10/01/2019

Edison Investment Research is terminating coverage on Lazard World Trust Fund (WTR). Please note you should no longer rely on any previous research or…

Volt Resources

Termination of coverage

Termination | Mining | 10/01/2019

Edison Investment Research is terminating coverage on Volt Resources (VRC). Please note you should no longer rely on any previous research or estimates…

PharmaMar

Termination of coverage

Termination | Pharmaceuticals & healthcare | 10/01/2019

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

Leigh Creek Energy

Termination of coverage

Termination | Oil & gas | 10/01/2019

Edison Investment Research is terminating coverage on Leigh Creek Energy (LCK). Please note you should no longer rely on any previous research or estimates…

Basilea Pharmaceutica

Derazantinib interim iCCA data promising

Update | Pharmaceuticals & healthcare | 10/01/2019

Basilea has reported positive interim results from the derazantinib Phase II registration trial in intrahepatic cholangiocarcinoma (iCCA, bile duct cancer).…

Pointer Telocation

Termination of coverage

Termination | Technology | 10/01/2019

Edison Investment Research is terminating coverage on Pointer Telocation (PNTR). Please note you should no longer rely on any previous research or estimates…

Hybrigenics

Termination of coverage

Termination | Pharmaceuticals & healthcare | 10/01/2019

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

Foresight Autonomous Holdings

Termination of coverage

Termination | Technology | 10/01/2019

Edison Investment Research is terminating coverage on Foresight Autonomous Holdings (FRSX). Please note you should no longer rely on any previous research…

G3 Exploration

Termination of coverage

Termination | Oil & gas | 10/01/2019

Edison Investment Research is terminating coverage on G3 Exploration (G3E). Please note you should no longer rely on any previous research or estimates…

QEX Logistics

Termination of coverage

Termination | Industrial Support Services | 10/01/2019

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

Abzena

Termination of coverage

Termination | Pharmaceuticals & healthcare | 10/01/2019

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

CollPlant Holdings

Termination of coverage

Termination | Pharmaceuticals & healthcare | 10/01/2019

Edison Investment Research is terminating coverage on CollPlant Holdings (CLGN). Please note you should no longer rely on any previous research or estimates…

TerraNet

Termination of coverage

Termination | Technology | 10/01/2019

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

Caledonia Mining

Termination of coverage

Termination | Mining | 10/01/2019

Edison Investment Research is terminating coverage on Caledonia Mining (CMCL). Please note you should no longer rely on any previous research or estimates…

Kiadis Pharma

Termination of coverage

Termination | Pharmaceuticals & healthcare | 10/01/2019

Edison Investment Research is terminating coverage on Kiadis Pharma (KDS). Please note you should no longer rely on any previous research or estimates…

Orosur Mining

Termination of coverage

Termination | Mining | 10/01/2019

Edison Investment Research is terminating coverage on Orosur Mining (OMI). Please note you should no longer rely on any previous research or estimates…

Intec Pharma

Termination of coverage

Termination | Pharmaceuticals & healthcare | 10/01/2019

Edison Investment Research is terminating coverage on Intec Pharma (NTEC). Please note you should no longer rely on any previous research or estimates…

Pluristem Therapeutics

Termination of coverage

Termination | Pharmaceuticals & healthcare | 10/01/2019

Edison Investment Research is terminating coverage on Pluristem Therapeutics (PSTI). Please note you should no longer rely on any previous research or…

Allium Medical Solutions

Termination of coverage

Termination | Pharmaceuticals & healthcare | 10/01/2019

Edison Investment Research is terminating coverage on Allium Medical (ALMD). Please note you should no longer rely on any previous research or estimates…

Greggs

An exceptionally strong end to the year

Update | Food & Drink | 09/01/2019

Greggs, the leading food-on-the-go retailer, has continued an impressive upwards trend in like-for-like (lfl) owned-store sales growth across Q4, and in…

Custodian REIT

On track to meet income targets

Update | Property | 09/01/2019

With its balanced portfolio of regional UK commercial real estate, Custodian REIT (CREI) continued to produce good returns through H119 while selectively…

SDX Energy

South Disouq first gas and H219 drilling

Update | Oil & gas | 08/01/2019

2019 will be an active year for SDX with H119 focused on delivery of first gas at South Disouq, ahead of a return to the drill bit in H219. An eight to…

Carr's Group

Good start to FY19

Update | Consumer staples | 08/01/2019

Carr’s trading update for the first 18 weeks of FY19 indicates that both divisions are performing well. As the group is trading in line with management’s…

Egdon Resources

Biscathorpe-2 - a material catalyst for Egdon

Flash note | Oil & gas | 07/01/2019

Egdon has announced the spud of the Biscathorpe-2 well in Lincolnshire, a material well that makes up 28% of risked conventional valuation targeting Pmean…

SNP Schneider-Neureither & Partner

Capital base is boosted

Update | Technology | 07/01/2019

In December, SNP completed its capital increase, raising gross proceeds of €18.7m (c €17.6m net). The funds will provide the group with significant…

Martin Currie Global Portfolio Trust

Established vehicle with new engine for growth

Review | Investment Companies | 07/01/2019

Martin Currie Global Portfolio Trust (MNP) has a new lead manager, Zehrid Osmani, formerly a senior portfolio manager and head of European equities research…

Fidelity Special Values

Increasingly positive view on UK market outlook

Initiation | Investment Companies | 07/01/2019

Fidelity Special Values (FSV) aims to achieve long-term capital growth from a special situations portfolio of primarily UK equities. The manager has a…

The European Investment Trust

Trade dispute weighing on investor sentiment

Review | Investment Companies | 07/01/2019

The European Investment Trust (EUT) is managed by Craig Armour at Edinburgh Partners (EP, which is now a wholly owned subsidiary of Franklin Templeton…

Pacific Edge

Test sales up 43% in H119

Update | Pharmaceuticals & healthcare | 07/01/2019

Pacific Edge recently reported H119 results, including 43% growth in Cxbladder sales compared to H118. These sales exclude tests for patients covered by…

Avon Rubber

M69 aircrew mask systems success

Flash note | Aerospace & Defence | 07/01/2019

Avon has announced that it has been awarded a sole source contract to supply the US Department of Defense (DoD) with M69 Joint Service Aircrew Mask Systems…

Mologen

Retaining lefitolimod’s value

Update | Pharmaceuticals & healthcare | 04/01/2019

Mologen has announced that it has terminated negotiations with Oncologie and will retain rights to lefitolimod. With the lefitolimod IMPALA Phase III readout…

ReNeuron Group

Open season on Exosome deals

Flash note | Pharmaceuticals & healthcare | 04/01/2019

Building on last year’s business development activities, ReNeuron has announced its first collaboration based on its exosome platform which was introduced…

Renergen

ASX listing expected as funding is confirmed

Update | Oil & gas | 04/01/2019

2018 activity was slower than planned for Renergen as its expected funding of the Virginia LNG/helium project in South Africa was delayed due to a long…

Palace Capital

Positive reinvestment of residential proceeds

Flash note | Property | 04/01/2019

Following the agreed £18.2m sale of most of the non-core residential assets acquired with the RT Warren portfolio last year, Palace Capital (PCA)…

Medigene

Promising dendritic cell data in AML

Update | Pharmaceuticals & healthcare | 04/01/2019

Medigene has reported top-line interim data from its Phase I/II clinical trial testing its dendritic cell (DC) vaccine in acute myeloid leukaemia (AML)…

WANdisco

First multi-cloud deal

Flash note | Technology | 03/01/2019

WANdisco’s deal with a major telco provider is the first deployment specifically for a multi-cloud use case. At $565k, the deal is not particularly…

Cantargia

Nidanilimab transitioning to Phase IIa

Update | Pharmaceuticals & healthcare | 03/01/2019

On 7 December 2018 Cantargia reached an important milestone – the completion of the Phase I part of its Phase I/IIa CANFOUR study with nidanilimab…

Nanoco Group

Milestone payment: On track with major client

Flash note | Technology | 24/12/2018

Nanoco has received the final £1.6m milestone payment from its major US customer. This confirms the company remains on schedule to start volume manufacture…

Keywords Studios

Affected by industry flux but still performing well

Update | Technology | 21/12/2018

Trading in H2 was affected in some areas by flux in the games industry, so although the overall picture remains relatively healthy (we est 8% l-f-l revenue…

ReNeuron Group

Time to reflect

Outlook | Pharmaceuticals & healthcare | 21/12/2018

ReNeuron’s H119 results highlighted cash of £30.7m, allowing it to execute on its ongoing clinical trials, although execution will bring a…

Oncology Venture

FDA OKs 505(b)(2) pathway for LiPlaCis in mBC

Update | Pharmaceuticals & healthcare | 21/12/2018

Oncology Venture (OV) recently announced that the FDA agreed the 505(b)(2) pathway is an appropriate route for LiPlaCis in metastatic breast cancer (mbC)…

Focusrite

Positive trading update to November

Update | Consumer Support Services | 21/12/2018

Focusrite reports a strong November, leaving its Q1 ahead year-on-year, a positive result compared with many retailers. While its wide international spread…

The Scottish Investment Trust

Growth and income from a contrarian portfolio

Review | Investment Companies | 20/12/2018

The Scottish Investment Trust (SCIN) seeks to provide investors with capital growth and a growing income, by investing in companies around the globe that…

Cohort

Strategic Chess move

Outlook | Aerospace & Defence | 20/12/2018

Following a challenging first half, Cohort has seen excellent order intake in recent months. These underpin anticipated sales for H219 and provide longer-term…

eServGlobal

Core business order shortfall

Update | Technology | 20/12/2018

eServGlobal has announced that due to order slippage in the core business, it does not expect to reach operational break-even in FY18, with revenues expected…

Rubicon

Well-positioned going into H2

Update | Construction & Building Materials | 20/12/2018

Rubicon’s H1 performance contained typical seasonal trading features ahead of the more important H2 trading period and our earnings estimates are…

Low & Bonar

Re-set dividend expectations, targeting recovery

Update | Basic Industries | 19/12/2018

Improving operating and financial performance and lower net debt are key management objectives. FY18 results should provide some evidence of progress here,…

Auriant Mining

Tardan CIL >60% complete

Update | Mining | 19/12/2018

Auriant’s Q318 results were characterised by a resumption of mining at Tardan, with 65kt of ore mined at an average grade of 2.79g/t to produce 96kg…

RedHill Biopharma

TALICIA Ph III top-line data positive

Update | Pharmaceuticals & healthcare | 19/12/2018

On 3 December, RedHill announced positive top-line data for its second Phase III study for TALICIA in first-line Helicobacter pylori infection. With the…

Endeavour Mining

Pumping it

Update | Mining | 19/12/2018

For the second time in less than a month, Endeavour has announced the delineation of a c 1Moz maiden resource – in this case, at Kari Pump, 7km west…

Accsys Technologies

Moving to EBITDA positive

Update | General Industrials | 19/12/2018

Accsys continues to make positive progress and is now generating revenue from its latest investment at Arnhem. We expect the new, under-construction Tricoya…

Park Group

Building on strengths

Update | Financials | 19/12/2018

Park Group continued to trade well in H119, with order books in line with expectations, a reduced seasonal loss, strong cash flow and the dividend increased.…

Wheaton Precious Metals

CRAziness averted

Update | Mining | 19/12/2018

On 13 December, Wheaton Precious Metals (WPM) announced it had reached a ‘principled settlement’ for its tax dispute with the Canada Revenue…

Norcros

Growing and investing

Update | Construction & Building Materials | 19/12/2018

Norcros continues to deliver a progressive trading performance ahead of local market conditions and in line with management guidance. Its share price has…

MOD Resources

Discoveries made, exploration concept validated

Initiation | Mining | 18/12/2018

MOD Resources (MOD) is a copper-silver exploration and development company with a substantial ground holding in the Kalahari Copper Belt, Botswana. The…

discoverIE Group

H1 organic growth supports FY19 outlook

Update | Electronics & Electrical Equipment | 18/12/2018

discoverIE reported H119 revenue growth of 11%, with 7% organic growth and 5% growth from the Santon acquisition offset by a 1% currency effect. Good order…

Aberdeen Asian Income Fund

Finding attractively valued income opportunities

Initiation | Investment Companies | 18/12/2018

Aberdeen Asian Income Fund (AAIF) aims to provide its investors with an attractive income, plus the potential for capital growth, by investing across the…

Mondo TV

Focus on profitable properties

Update | Media | 17/12/2018

Mondo TV is set to focus its efforts on a smaller number of more profitable properties, following a difficult H218. The group’s geographic spread…

Orexo

Highlighting the opioid dependency market size

Update | Pharmaceuticals & healthcare | 17/12/2018

Orexo’s capital markets day (CMD) emphasised the scale of the US opioid crisis. We have forecast 8.2% market growth pa for US opioid dependency in…

Pixium Vision

Encouraging signs in Prima EU feasibility study

Update | Pharmaceuticals & healthcare | 17/12/2018

Pixium has been reporting encouraging signs of visual response and safety in the EU feasibility study for its Prima implant in recent conferences. The…

NeuroVive Pharmaceutical

SEK124m rights issue underway 80% guaranteed

Update | Pharmaceuticals & healthcare | 17/12/2018

On 10 December 2018, NeuroVive announced a rights issue (subject to EGM approval) aiming to raise up to SEK123.8m gross at a price of SEK1.35 per share,…

Aberdeen New Thai Investment Trust

Strong long-term absolute performance

Review | Investment Companies | 17/12/2018

Aberdeen New Thai Investment Trust (ANW) was launched in 1989 and is the only Thailand-focused investment trust listed in London. It aims to deliver a…

Renewi

Near-term trading distracting from long-term trend

Update | Industrial Support Services | 17/12/2018

Longer-term recycling trends remain favourable and the next phase of strategic development indicates greater focus in core areas to pursue growth. In the…

GB Group

Location, location, location

Update | Technology | 14/12/2018

GB Group’s Loqate division was the focus of yesterday’s capital markets day. Presenters highlighted the need for accurate address data as a…

John Laing Group

Delivering against guidance

Update | Financials | 14/12/2018

John Laing Group’s (JLG’s) pre-close update confirms the strong level of activity in the business in FY18. JLG will provide guidance on the…

Shore Capital Group

Diversified business model

Update | Financials | 14/12/2018

Since its flotation in 2000, Shore Capital has navigated a number of market cycles, generating operating profits throughout this period. More recently,…

China Water Affairs Group

Strong performance delivers growth

Update | General Industrials | 13/12/2018

Interim results confirmed that China Water Affairs Group (CWA) continues to grow rapidly. We remain optimistic about CWA’s capacity to extend this…

WANdisco

$3m cloud contract

Flash note | Technology | 13/12/2018

WANdisco’s $3m contract with a large US health insurer is its largest cloud deal to date. It also gives an encouraging indication of revenue potential…

Nanoco Group

On track for an inflection in FY20

Flash note | Technology | 13/12/2018

Nanoco’s AGM statement flags that good progress is being made in both the Runcorn site build out and developing next-generation materials for the…

e-Therapeutics

Rewards for keeping the faith

Outlook | Pharmaceuticals & healthcare | 12/12/2018

e-Therapeutics (ETX) has announced a long-awaited research collaboration with Novo Nordisk (Novo) on early target discovery in diabetes. This is the first…

GO internet

Full speed ahead on 5G

Update | Technology | 12/12/2018

GO internet (GO) provides fixed wireless and fibre broadband to Italian regions with a population of 5.8 million people. New plans to accelerate the roll-out…

SymBio Pharmaceuticals

Preparing to establish own sales organization

ADR Update | Pharmaceuticals & healthcare | 12/12/2018

SymBio announced in October that it has begun preparations to establish its own sales organization to market Treakisym and other anticancer drugs in Japan…

Standard Life UK Smaller Companies

Disciplined approach driving outperformance

Review | Investment Companies | 11/12/2018

Standard Life UK Smaller Companies (SLS) is managed by Harry Nimmo at Aberdeen Standard Investments. He has followed the same investment process since…

Carr's Group

Delivering growth

Outlook | Consumer staples | 11/12/2018

Carr’s Group is building market-leading positions in high-value, growing sectors in global agricultural and engineering markets, increasing its international…

Nuevolution

Clinical development in 2019

Update | Pharmaceuticals & healthcare | 10/12/2018

Nuevolution’s drug discovery platform (Chemetics) continues to receive external validation, with Amgen opting in for another oncology programme from…

Sunesis Pharmaceuticals

ASH 2018: 50mg cohort on last patient

Update | Pharmaceuticals & healthcare | 10/12/2018

The company provided an update at the American Society of Hematology (ASH) 2018 meeting in December on its ongoing dose-escalation study of vecabrutinib…

CASI Pharmaceuticals

Evomela approved in China

Update | Pharmaceuticals & healthcare | 10/12/2018

CASI announced that it has received approval in China for Evomela. The drug is a formulation of melphalan hydrochloride used in the treatment of multiple…

S&U

Trading broadly in line

Update | Financials | 10/12/2018

S&U’s latest trading update indicates it is on track to deliver results close to expectations for the current year. Motor finance receivables…

ADL Bionatur Solutions

Value-added biotech manufacturing

Initiation | Pharmaceuticals & healthcare | 10/12/2018

ADL Bionatur Solutions (ADL-BS) was formed through the reverse takeover in April 2018 of contract manufacturing (CMO) and active pharmaceutical ingredient…

Finsbury Growth & Income Trust

Strong record of capital and dividend growth

Review | Investment Companies | 10/12/2018

Finsbury Growth & Income Trust (FGT) has a distinguished track record of outperformance – its NAV total returns are above those of the FTSE All-Share…

Thin Film Electronics

Thinfilm joins NFC Forum board of directors

Flash note | Technology | 10/12/2018

Thinfilm has announced that it has been voted onto the NFC Forum board of directors. This is the governing body of the organisation and as such is responsible…

Deutsche Beteiligungs

Building future potential

Review | Investment Companies | 07/12/2018

Deutsche Beteiligungs (DBAG) reported FY18 net income of €33.6m, at the top of management’s guidance range, with a 7.8% dividend-adjusted NAV…

Atossa Genetics

Multiple opportunities to address breast health

Outlook | Pharmaceuticals & healthcare | 07/12/2018

Atossa Genetics’s endoxifen programs are advancing in their respective breast health programs. The firm recently reported positive safety data from…

FinTech Group

Banking JV is abandoned with positive effect

Update | Technology | 07/12/2018

FinTech Group’s (FTG’s) proposed banking joint venture (JV) with Austrian Post has been abandoned in accordance with the feedback of the relevant…

SymBio Pharmaceuticals

Preparing to establish own sales organisation

Update | Pharmaceuticals & healthcare | 07/12/2018

SymBio announced in October that it has begun preparations to establish its own sales organisation to market Treakisym and other anticancer drugs in Japan…

Acacia Pharma

H119 launch remains on track for BARHEMSYS

Flash note | Pharmaceuticals & healthcare | 07/12/2018

Acacia Pharma has announced that the FDA has accepted its revised New Drug Application (NDA) for BARHEMSYS and classified it as a Class 2 resubmission.…

Tonkens Agrar

Back to the black

Update | General Industrials | 07/12/2018

Improved farmgate milk prices and higher volume sales of processed vegetables enabled Tonkens to achieve its stated goal of reporting a net profit after…

Celyad

Blasts get blasted but dose needs definition

Update | Pharmaceuticals & healthcare | 07/12/2018

Data at ASH on 3 December confirmed that CYAD-01 T-cells can destroy acute myeloid leukaemia (AML) blast (cancer) cells. In eight reported AML patients,…