Record

Maintaining client commitment

Update | Financials | 20/06/2018

Record is in its 35th year and underlying its longevity are expertise and service levels that have sustained a client base through changing markets. FY18…

Blue Cap

Locking in growth

Update | General Industrials | 20/06/2018

Blue Cap is gearing up for further expansion by joining forces with like-minded counterpart, PartnerFonds, its new major shareholder (44%) and planned…

Orexo

EU launch milestone achieved

Update | Pharmaceutical & healthcare | 19/06/2018

Yesterday Orexo announced the launch of Zubsolv in the EU by its partner Mundipharma, triggering a €3m (c SEK30.6m) milestone payment. Zubsolv is…

Abzena

FY18 results – clouds lifting

Update | Pharmaceutical & healthcare | 19/06/2018

Following a stronger H2 and Abzena’s FY18 results, we have made major changes to our model across both the services business and the Abzena Inside…

MagneGas Corporation

Securing future through sales of cutting gas

Initiation | General Industrials | 19/06/2018

MagneGas has recently been transformed through three acquisitions. This has created a platform for selling its alternative metal cutting fuel in California…

WYG

Focusing on earnings recovery and cash

Update | Industrial Support Services | 19/06/2018

WYG faced a number of challenges in FY18 but ended the year with an improved market backdrop, higher divisional order books and benefits from management…

Liquefied Natural Gas

Strategic investor enhances credibility in China

Update | Oil & Gas | 19/06/2018

On 4 June 2018, Liquefied Natural Gas Ltd (LNGL) announced a strategic investment by IDG Energy Investment Group (IDG Energy), a Hong Kong-listed investment…

Templeton Emerging Markets Investment Trust

Continuation of strategy under new lead manager

Review | Investment Companies | 19/06/2018

Templeton Emerging Markets Investment Trust (TEMIT) has been managed by Chetan Sehgal since the beginning of February 2018, when he took over from prior…

Kape Technologies

Unveiling Kape

Initiation | Technology | 19/06/2018

Kape has made solid progress in refining its product set and is now fully focused on the consumer cyber security segment. By leveraging its marketing platform…

1Spatial

A note of confidence

Update | Technology | 18/06/2018

1Spatial recently held its first capital markets day for a number of years. We see this as a positive signal that, following a substantial transformation…

Lazard World Trust Fund

Global opportunities with new 6% dividend policy

Review | Investment Companies | 15/06/2018

Lazard World Trust Fund (WTR) is differentiated from the majority of peers by its focus on discounted assets. Its portfolio is a blend of closed-end funds,…

Atossa Genetics

Atossa raises $13.4m in rights offering

Update | Pharmaceutical & healthcare | 15/06/2018

Atossa’s previously announced rights offering closed on 30 May 2018, generating $13.3m in gross proceeds ($12.1m net) through the issue of 13,324…

Fidelity China Special Situations

Focused on China’s domestic opportunity

Review | Investment Companies | 15/06/2018

Fidelity China Special Situations (FCSS) provides exposure to a diversified, actively managed portfolio of Chinese equities. The manager takes a bottom-up…

Aladdin Blockchain Technologies

A whole new world

Initiation | Technology | 15/06/2018

Aladdin Blockchain Technologies (Aladdin) is an early-stage software company seeking to use big data, blockchain, artificial intelligence (AI) and machine-learning…

Volt Resources

Fund-raise bolsters coffers prior to Bunyu FS

Update | Mining | 15/06/2018

Volt has received binding commitments from sophisticated and institutional investors to raise gross proceeds of A$2m via the issue of 87m shares at A$0.023,…

Ebiquity

AdIntel disposal faces additional scrutiny

Flash note | Media | 14/06/2018

The Competition and Markets Authority (CMA) has ruled that Ebiquity’s (EBQ) proposed divestment of its AdIntel business to Nielsen raises competition…

discoverIE Group

Making good progress

Outlook | Electronics & Electrical Equipment | 14/06/2018

discoverIE reported strong FY18 results: organic growth of 6% was boosted by acquisitions and currency to generate reported revenue growth of 14.7% and…

QinetiQ Group

Unique position

Outlook | Aerospace & Defence | 13/06/2018

QinetiQ holds a unique position in the global defence market, providing capability generation and assurance in challenging times. The company is working…

Ernst Russ

Focus on real estate and shipping markets

Update | Financials | 13/06/2018

Ernst Russ (ERAG) continued its efforts towards a strategic shift, with real estate (revenues grew by c five times y-o-y in FY17) and shipping (sales up…

Targovax

FOLFIRINOX sets bar in pancreatic cancer high

Update | Pharmaceutical & healthcare | 13/06/2018

On 12 June, Targovax announced a strategic decision to move away from developing TG01, a neoantigen cancer vaccine for resected pancreatic cancer after…

Brunner Investment Trust (The)

Refinancing will meaningfully reduce cost of debt

Review | Investment Companies | 13/06/2018

The Brunner Investment Trust (BUT) has recently announced a refinancing of its second (and last) tranche of high-cost debt (£28m). It placed a £25m…

Borussia Dortmund

“We’re absolutely not satisfied”

Update | Travel & Leisure | 12/06/2018

While uncertainty about a head coach and Champions League qualification has been satisfactorily resolved, there is no denying the challenge for Borussia…

Oekoworld

Solid AUM expansion in FY17

Update | Financials | 12/06/2018

ÖKOWORLD (ÖWAG) recorded an upsurge in profits on the back of a healthy performance in managed funds (with its flagship Ökoworld Classic…

Standard Life Investments Property Income Trust

Embracing the changing environment

Review | Investment Companies | 12/06/2018

Standard Life Investments Property Income Trust (SLI) is managed by Jason Baggaley. He aims to deliver an attractive level of income with the potential…

TxCell

Lonza to make CAR Tregs

Update | Pharmaceutical & healthcare | 12/06/2018

TxCell has announced that Lonza, the biopharmaceutical and cell manufacturing global specialist, will produce its CAR Tregs. TxCell uses a robust manufacturing…

Palace Capital

A year of significant development and growth

Update | Property | 12/06/2018

The year ended 31 March 2018 was one of significant development and growth for Palace, including the £68m acquisition of RT Warren, its largest acquisition…

DeA Capital

Alternative manager with strong asset support

Outlook | Financials | 12/06/2018

Over the past year, DeA Capital (DeA) has continued to make good progress in implementing the growth strategy for its alternative asset management (AAM)…

Foresight Autonomous Holdings

Tremendous enthusiasm and higher cash burn

Update | Technology | 12/06/2018

Foresight Autonomous’s Q118 results reveal an R&D-heavy start to the year, leading to an increase in cash burn to $5.1m (Q117: $1.9m). The group…

HarbourVest Global Private Equity

Robustly positioned, with a strong track record

Review | Investment Companies | 12/06/2018

HarbourVest Global Private Equity (HVPE) aims to provide shareholders with access to the best private markets opportunities globally, through investing…

Keywords Studios

Keywords goes to Hollywood

Update | Technology | 11/06/2018

Keywords’ acquisition of Blindlight for up to $10m gives the group the ability to apply Hollywood movie production resources to the games industry.…

Hurricane Energy

Enhanced EPS returns at current strip

Outlook | Oil & Gas | 11/06/2018

The development of Hurricane’s Lancaster early production system (EPS) remains on track for H119 first oil. We estimate a 1 January 2018 point-forward…

Oncology Venture

Presence at ASCO 2018

Update | Pharmaceutical & healthcare | 11/06/2018

Oncology Venture (OV) attended the annual American Society of Clinical Oncology (ASCO) in June with three abstracts. Results from a Phase I study of 2X-121,…

GVC Holdings

Bigger and bolder

Update | Technology | 08/06/2018

Our updated pro-forma GVC forecasts reflect the increased LCL synergy targets (from £100m to £130m), as well as the new £2 FOBT stake…

Snakk Media

Loss significantly reduced to near breakeven

Update | Media | 08/06/2018

The restructuring initiated in FY17 started to benefit the group in Q218 and Snakk Media finally returned to profit in its second half. Revenues for FY18…

Oxford BioMedica

Golden age for LentiVector as Axovant signs deal

Update | Pharmaceutical & healthcare | 08/06/2018

Oxford BioMedica (OXB) has signed an out-licensing deal with Axovant for its Parkinson’s disease (PD) gene therapy AXO-Lenti-PD (previously OXB-102)…

Findel

Outstanding success with online-led strategy

Outlook | General Retailers | 08/06/2018

Findel (FDL) is seeing outstanding success with its online-led value retail strategy. FY18’s 21% PBT growth includes a strong Black Friday and Christmas…

Cantargia

Tackling tumour promoting inflammation

Initiation | Pharmaceutical & healthcare | 07/06/2018

With its IL1-RAP inhibitor technology, Cantargia tackles tumour-promoting inflammation by targeting IL-1 signalling pathway. Moreover, lead asset CAN04,…

ASLAN Pharmaceuticals

Additional clinical support for varlitinib

Update | Pharmaceutical & healthcare | 07/06/2018

ASLAN presented data at ASCO from a Phase Ib dosing study examining varlitinib in combination with carboplatin, paclitaxel and Herceptin. Patients were…

InMed Pharmaceuticals

Innovating cannabinoids

Initiation | Pharmaceutical & healthcare | 07/06/2018

InMed is a Canada-based biopharmaceutical company focused on maximizing the therapeutic potential of cannabinoids. Through its biosynthesis platform, the…

QEX Logistics

Fuelling further business expansion

Update | Industrial Support Services | 07/06/2018

QEX continues to expand its business across New Zealand, Australia and China, with group sales up c 42% y-o-y in FY18 and the FY19 key operating milestone…

GB Group

Consistent strong performance

Update | Technology | 07/06/2018

GBG delivered another excellent performance in FY18 with reported adjusted EPS up 37%. With over 75% of revenues now from the global product lines, a clear…

Immunicum

Kicking the hornet’s nest of immunoncology

Initiation | Pharmaceutical & healthcare | 07/06/2018

Immunicum is a Sweden-listed, clinical-stage immunoncology (IO) company that develops allogeneic dendritic cell (DC) technologies. Its first clinical product,…

OnTheMarket

Spreading the word

Update | Media | 07/06/2018

OnTheMarket has released full-year results to January 2018, just prior to its listing. Of greater interest is the strong progress in recruitment of estate…

International Stem Cell

Third cohort ready to go

Update | Pharmaceutical & healthcare | 06/06/2018

International Stem Cell (ISCO) recently announced that the data safety monitoring board for its Phase I trial of ISC-hpNSC in Parkinson’s disease…

artec technologies

Positioning for growth

Update | Technology | 06/06/2018

artec spent the 2016/17 period highly focused on modernising its software platform and, as a consequence, revenues dipped by 41% in FY17. However, in recent…

Oceania Natural

Preliminary results and delisting proposal

Update | Consumer Support Services | 06/06/2018

Oceania Natural (ONL) is an early-stage New Zealand company involved in producing and distributing food and drink products. ONL has been developing routes…

MyBucks

Balanced focus on growth and margins

Update | Financials | 06/06/2018

Artificial intelligence (AI)-driven MyBucks (MBC) has made notable progress in recent months. The strategic partnership with NAGA is a key step in developing…

7digital Group

Juke relaunched on 7digital platform

Flash note | Technology | 06/06/2018

Trading for 2018 appears to have started on a solid footing, with Q118 licencing revenues double the prior year and, importantly, the re-launch of the…

Deutsche Grundstücksauktionen

Lots to admire

Update | Financials | 06/06/2018

Continued buoyancy in H217 has delivered another successful year for Deutsche Grundstücksauktionen (DGA). 2017 saw a double-digit increase in gross…

JPMorgan Global Convertibles Income Fund

Continuity of approach under new team head

Review | Investment Companies | 06/06/2018

JPMorgan Global Convertibles Income Fund (JGCI) is managed by the convertible bonds team at J.P. Morgan Asset Management (JPMAM), now led by Natalia Bucci…

Acorn Income Fund

Income and growth with UK small-cap bias

Review | Investment Companies | 06/06/2018

Acorn Income Fund (AIF) is relatively unusual in that it seeks to generate a high income from investing predominantly in smaller companies, a sector more…

Clal Biotechnology Industries

Portfolio progress continues

Update | Pharmaceutical & healthcare | 06/06/2018

Clal Biotechnology Industries’ (CBI) portfolio of investments continues to demonstrate forward-looking business development and clinical progress.…

Vietnam Enterprise Investments

Well-established record of Vietnam expertise

Review | Investment Companies | 05/06/2018

Vietnam Enterprise Investments (VEIL) was launched in 1995 and is the largest Vietnam specialist closed-ended investment company listed in London. With…

Ringmetall

Accelerating the pace of growth

Update | General Industrials | 05/06/2018

Ringmetall continues to experience healthy organic growth and develop its operations through strategic acquisitions. Management has provided guidance for…

Carclo

Positioned for recovery

Update | Technology | 05/06/2018

Delays in the placement of certain customer project awards and weaknesses in operational performance, particularly in the Technical Plastics division,…

Pacific Edge

Fast growth negatively impacted by NZ IFRS 15

Update | Pharmaceutical & healthcare | 04/06/2018

Pacific Edge recently announced that it has adopted the new revenue recognition accounting standard, NZ IFRS 15, for FY18. This means that revenue from…

NeuroVive Pharmaceutical

KL1333 Ph I positive; rights issue oversubscribed

Update | Pharmaceutical & healthcare | 04/06/2018

On 27 April 2018, NeuroVive announced that the planned rights issue was oversubscribed (104%), delivering SEK78.5m in gross proceeds and funding the operations…

Photocure

Solid growth in the US

Update | Pharmaceutical & healthcare | 04/06/2018

Photocure has announced results for Q118 with 14% revenue growth compared to Q117. Revenue growth was particularly strong in the US market where Hexvix/Cysview…

Brady

In-line trading, focused on investing in technology

Update | Technology | 04/06/2018

In a brief AGM update, Brady said that trading has been in line. Following a period of significant change, with new people hired and the business having…

Hellenic Petroleum

Lower benchmark margins and FX affect Q1

Flash note | Oil & Gas | 01/06/2018

Hellenic Petroleum reported Q4 adjusted EBITDA of €149m, a 35% decrease y-o-y but 1% ahead of consensus. This reduction was primarily due to lower…

Hutchison China MediTech

Jewels in the crown

ADR Outlook | Pharmaceutical & healthcare | 01/06/2018

Key near-term value drivers include newsflow from partnered assets savolitinib (AZN globally) and fruquintinib (LLY in China). By year end, we anticipate…

m-u-t

Efficient photonic solutions

Update | General Industrials | 01/06/2018

m-u-t has followed a record-beating FY16 with another record-beating year, as it delivers non-contact measurement systems to OEMs across a very broad range…

Tyman

Strategic progress in all regions

Update | Construction & Building Materials | 31/05/2018

FY18 to date has been in line with management’s full-year expectations, building on the good financial progress delivered in FY17. We believe the…

Hutchison China MediTech

Jewels in the crown

Outlook | Pharmaceutical & healthcare | 31/05/2018

Key near-term value drivers include newsflow from partnered assets savolitinib (AZN globally) and fruquintinib (LLY in China). By year end, we anticipate…

Windar Photonics

Technology deployments intensifying

Update | Alternative Energy | 31/05/2018

FY17 was a pivotal year for Windar. An order for 300 units towards the year-end helped drive a doubling in revenues and suggests that the wind turbine…

Keywords Studios

Unlocking marketing budgets

Flash note | Technology | 31/05/2018

Keywords (KWS) has acquired Fire Without Smoke (FWS) for up to £5.2m. FWS is a creative and marketing services provider to the video games industry.…

Beta Systems

Positive outlook

Update | Technology | 31/05/2018

Beta’s H118 results reflect the anticipated lull in the DCI licence renewal cycle, with EBITDA down 54% y-o-y. Despite the decrease, management believes…

1Spatial

Knowing where it is going

Update | Technology | 31/05/2018

1Spatial’s return to growth and cash break-even in FY18 reflect the initial success of management’s turnaround plan. Supportive market dynamics…

AFT Pharmaceuticals

Strong FY18 results

Update | Pharmaceutical & healthcare | 30/05/2018

AFT Pharmaceuticals recently reported its FY18 results. Operating revenue grew 15.7% compared to FY17, approximately double the 8.1% growth seen the year…

GCP Student Living

Quality assets in and around London

Initiation | Financials | 30/05/2018

GCP Student Living (DIGS) REIT provides exposure to the specialist purpose-built student accommodation real estate sector, with a focus on London (95%…

CollPlant Holdings

A productive year to date

Update | Pharmaceutical & healthcare | 30/05/2018

The year to date has been highly productive for CollPlant. It has completed a new production facility in Rehovot to support its increased commercial efforts.…

Epwin Group

Existing guidance maintained

Update | Construction & Building Materials | 30/05/2018

A short AGM update statement echoed previous management comments regarding market conditions and (unchanged) FY18 expectations. This suggests that the…

Acarix

Sales steady in Q1

Update | Pharmaceutical & healthcare | 30/05/2018

Acarix’s Q1 update shows sales of four systems to March. Revenues were SEK230k with gross profit of SEK158k; a gross margin of 69%. We do not expect…

Renewi

Virtuous circular economy

Update | Industrial Support Services | 30/05/2018

FY18 results confirmed that the merger integration process is being well controlled and on track to deliver the synergy benefits flagged at the outset.…

Celyad

Progressing a broad clinical strategy

Update | Pharmaceutical & healthcare | 30/05/2018

The placing has given Celyad a cash boost of €46.1m gross adding to the €34m on 31 December 2017. Celyad is designing a set of sophisticated…

MedicX Fund

Positioning for continuing growth

Update | Property | 30/05/2018

H118 results from MedicX Fund saw continued portfolio and rental growth, with costs well controlled. The positive results were accompanied by a new dividend…

OTC Markets Group

Building the base for long-term growth

Update | Financials | 29/05/2018

OTC Markets Group (OTCM) continues to gain regulatory recognition for its premium markets, working with state regulators and their national association,…

Pointer Telocation

New Microsoft AI collaboration

Update | Technology | 29/05/2018

Pointer Telocation has announced a new collaboration with Microsoft Israel to create an AI-powered driver monitoring and prediction tool. We see the potential…

Pluristem Therapeutics

FDA gives two programs the green light with IND

Update | Pharmaceutical & healthcare | 29/05/2018

In April 2018, Pluristem announced that the FDA had given two pipeline programs IND clearance: PLX-PAD for femoral neck fracture (FNF) healing and PLX-R18…

La Doria

Strength in a tough environment

Outlook | Food & Drink | 29/05/2018

La Doria has delivered a strong set of results despite the challenging economic backdrop in its key markets. Organic growth was an impressive 8.4%, which…

Bionomics

Phase IIa in agitation of the elderly initiated

Update | Pharmaceutical & healthcare | 29/05/2018

Bionomics announced on 23 May 2018 it has initiated a Phase IIa study of its α7 nicotinic receptor inhibitor for the treatment of agitation in the…

Nano Dimension

Spreading the word

Update | Technology | 29/05/2018

Nano Dimension commenced roll-out of its commercial-grade DragonFly Pro printers during H217. Since then it has sold 10 printers, some of which have been…

ERM Power

US outlook downgraded; Australia in line or better

Flash note | General Industrials | 29/05/2018

ERM Power has issued a trading update that confirms its outlook for the Australian activities (in line or above for 2018 and in line for 2019) but downgrades…

ASIT Biotech

New generation of allergy immunotherapy

Initiation | Pharmaceutical & healthcare | 29/05/2018

ASIT biotech is an allergy immunotherapy (AIT) discovery and development company leveraging its proprietary ASIT+ platform. The lead product, gp-ASIT+…

German Startups Group

Expanding the business model

Update | Financials | 29/05/2018

German Startups Group (GSG) is transforming its business model to an asset manager (through dedicated SPVs and an intended investment fund) and an online…

QEX Logistics

Solid growth expected to continue in FY19

Update | General Industrials | 29/05/2018

In line with earlier management expectations, QEX Logistics has made an upward revision to its FY19 KOM targets following strong preliminary FY18 numbers.…

Bankers Investment Trust (The)

Outperforming benchmarks old and new

Review | Investment Companies | 29/05/2018

The Bankers Investment Trust (BNKR) is celebrating its 130th anniversary with a 51st consecutive year of annual dividend growth, and a new FTSE World index…

AAC Microtec

Space to grow

Initiation | Aerospace & Defence | 29/05/2018

ÅAC Microtec has delivered an impressive Q118 performance, the first quarter to include a contribution from Clyde Space since its acquisition in January.…

Mologen

IMPALA the focus as funding gap remains

Update | Pharmaceutical & healthcare | 29/05/2018

Mologen’s Phase III pivotal trial (IMPALA) in metastatic colorectal cancer (mCRC) is now the focus for investors as both the Phase II trial (IMPULSE)…

Deutsche Beteiligungs

Market decline weighs on H118 performance

Review | Investment Companies | 25/05/2018

Deutsche Beteiligungs (DBAG) reported €19.3m net income for the first half of FY18, with a 4.5% dividend-adjusted NAV return. NAV per share declined…

EQS Group

Investment on plan

Update | Media | 24/05/2018

EQS’s Q118 report shows performance in line with expectations, with 13% top-line growth and higher investment pushing the group into an EBITDA loss.…

StatPro Group

On target

Update | Technology | 24/05/2018

In a short trading update, StatPro has said that trading is in line with expectations. The group recently signed a major cloud conversion contract with…

2G Energy

Participating in the green energy revolution

Update | Alternative Energy | 24/05/2018

2G Energy continues to diversify its activities, expanding export markets and developing service revenues, so that it is less exposed to changes in the…

RedHill Biopharma

Continued GI product growth, CD PhIII data in 3M

Update | Pharmaceutical & healthcare | 24/05/2018

With its Q118 results, RedHill reported GI product revenues growing by 22% q-o-q to $2.4m in Q118. It also provided updates on its Phase III programmes.…

Hybrigenics

Leukaemia pipeline advances with new data

Update | Pharmaceutical & healthcare | 24/05/2018

Hybrigenics has published data from a Phase II study in chronic myeloid leukaemia (CML). After one year of treatment, 40% of patients showed improvements…

DATAGROUP

EBITDA margins lift to 10.6% as acquisitions drive growth

Update | Technology | 23/05/2018

DATAGROUP performed in line with expectations in H1, with revenue growing by 24%, including 1.5% organic growth, or 5–6% when adjusting for discontinued…

Stride Gaming

Looking beyond the UK

Update | Travel & Leisure | 23/05/2018

The entire UK gaming sector has been stung by recent regulatory changes and, like other operators, Stride’s strategy is to diversify its UK-centric…

Takung Art

Growing the retail base

Update | Media | 22/05/2018

Takung Art’s Q118 results show it is making progress at reorienting its user base more towards the retail market, which significantly increases its…

PDL BioPharma

First quarter results

Update | Pharmaceutical & healthcare | 22/05/2018

PDL’s recent Q118 results reported that revenues of $38.5m were down 15.2% compared to Q117 as the company transitioned away from royalties related…

The Merchants Trust

FY18 outperformance continuing in FY19

Review | Investment Companies | 22/05/2018

The Merchants Trust (MRCH) is managed by Simon Gergel at AllianzGI. He aims to generate a high and growing level of income, with the potential for long-term…