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FY23 results in line with market conditions
ABC arbitrage | 28/03/2024

ABC arbitrage group (ABCA) reported net income of €16.5m in FY23, 43% lower than FY22, but in line with market conditions. Financial markets in 2023…

The power of marginal gains
Gym Group | 28/03/2024

Gym Group has accompanied confirmation of FY23 profit resilience and continued buoyancy (like-for-like revenue up 12% in the first two months of 2024)…

Regulatory green light for CADENCE trial
Mendus | 28/03/2024

The Human Research Ethics Committee (HREC) has provided the green light to commence enrolment for Mendus’s AMLM22-CADENCE trial from April 2024.…

Full steam ahead
Alpha Bank | 28/03/2024

Alpha Bank (Alpha) reported €611m in net profit, a 66% jump from FY22, as the bank benefited from an elevated interest rate environment with little…

A strong hand
Dalata Hotel | 28/03/2024

Dalata’s FY23 deployment of €156m in high-profile hotel opportunities in London, Amsterdam and Edinburgh as well as the newly announced proposed…

Extension of recovery horizon
S4 Capital | 28/03/2024

S4 Capital had a difficult FY23, as flagged, with reduced client confidence and spend, particularly from those clients in the tech sector, and on larger…

FY24 revenue growth of 5.8%
Datatec | 27/03/2024

Datatec expects to report revenue of $5.44bn for FY24, up 5.8% y-o-y, and noted that the quality of earnings improved in the year. During H224, Westcon…

Fizzing away
AG Barr | 27/03/2024

AG Barr’s (BAG’s) FY23 results highlighted the strength of the brand portfolio as group volumes (+2.4%) outperformed the UK soft drinks category…

FY23 reserves show solid replacement rates
Kolibri Global Energy | 27/03/2024

Kolibri (KEI) released its annual reserves statement, which showed good replacement rates despite a visible increase in average production in FY23. At…

R&D advance (A$11.18m) extends runway
Recce Pharmaceuticals | 26/03/2024

Recce Pharmaceuticals recently received A$11.18m as an R&D advance credit through an arrangement with Endpoints Capital for the R&D tax credit rebates…

Executive interview
Greggs – executive interview | 26/03/2024

In this interview, Richard Hutton, CFO of Greggs, provides an update on the progress made in FY23 with respect to the company’s five-year growth…

Marching towards US clinical trials for NXC-201
Immix Biopharma | 26/03/2024

Immix Biopharma is closer to dosing its first US patient for lead CAR-T asset NXC-201, with the appointment of the Memorial Sloan Kettering Cancer Center…

Executive interview
Tinexta – executive interview | 26/03/2024

In this interview, Josef Mastragostino, chief investor relations officer of Tinexta, provides an overview of the company’s FY23 results and the outlook…

Strong FY23 results with strategic review in FY24
Ocean Wilsons Holdings | 25/03/2024

Ocean Wilsons Holdings’ (OCN’s) FY23 results highlight a robust performance from the Brazilian subsidiary Wilson Sons, as well as growth from…

On the move
Kinepolis | 25/03/2024

Kinepolis is ‘ready to tango’, according to management, after impressive FY23 results defied last year’s Hollywood strikes (H2 adjusted…

FDA thumbs up to mesdopetam’s Phase III plan
IRLAB Therapeutics | 25/03/2024

IRLAB Therapeutics has confirmed the FDA’s alignment with its proposed Phase III programme for mesdopetam in levodopa-induced dyskinesias (PD-LIDs),…

Growth in a tough market
Nano Dimension | 25/03/2024

Nano Dimension made good progress growing revenue and gross margins in FY23. The company is now focused on reducing cash burn and moving to profitability,…

First transparency milestone achieved
Northern Data Group | 25/03/2024

Northern Data Group released its FY22 results as scheduled, reflecting delays due to its transformation into a diversified high-performance computing (HPC)…

Funding the gap to commercial revenues
Quadrise | 25/03/2024

Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones…

Acquisitions generating more green
Greencoat Renewables | 25/03/2024

Greencoat Renewables (GRP) recorded positive FY23 results, with continued strong net cash generation of €196.7m (2022: €215m) underpinning…

Proposed merger with Henderson European Focus Trust
Henderson EuroTrust | 22/03/2024

On 14 March, the boards of Henderson European Focus Trust (HEFT) and Henderson EuroTrust (HNE) announced the proposed merger of the two companies to form…

Strong earnings growth and realisations in FY23
HgT | 22/03/2024

HgCapital Trust (HgT) posted an 11.1% NAV total return in FY23 (based on final audited numbers), which allowed it to sustain strong five- and 10-year returns…

Clarity and focus on key platforms
Ascential | 22/03/2024

Ascential is now emerging in its post-transaction form, with a clear focus on its events-led businesses in marketing and financial technology. FY23 financial…

Termination of coverage
Termination of coverage - Vantiva | 22/03/2024

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

Capitalising on renewable ambitions
Orrön Energy | 22/03/2024

Orrön Energy’s capital markets day reinforced its operational achievements and its strong growth pipeline. Since July 2022 Orrön has continued…

Termination of coverage
Termination of coverage - ReNeuron Group | 22/03/2024

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

Termination of coverage
Termination of coverage - Respiri | 22/03/2024

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

Termination of coverage
Termination of coverage - LXi REIT | 22/03/2024

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

Termination of coverage
Termination of coverage - Round Hill Music Royalty Fund | 22/03/2024

Edison Investment Research is terminating coverage on Round Hill Music Royalty Fund (RHM). Please note you should no longer rely on any previous research…

Termination of coverage
Termination of coverage - EQS Group | 22/03/2024

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

Record results for FY23
ACWA Power | 22/03/2024

ACWA Power achieved record results for FY23 (year end 31 December 2023). Net profit attributed to equity shareholders stood at SAR1,662m, up 8% y-o-y,…

Financial and operational progress
Triple Point Social Housing REIT | 22/03/2024

Triple Point Social Housing REIT (SOHO) reported a robust FY23 financial performance. Benefiting from inflation-linked rental growth and improving rent…

Steady as she goes
Games Workshop Group | 22/03/2024

Games Workshop Group has reported that trading for the three months to the end of February 2024 is in line with expectations. The fourth dividend of the…

Medium-term targets come into view
Foxtons Group | 21/03/2024

The new strategic vision set out by the CEO is gaining significant momentum, driven by investment in staff and in best-in-class bespoke IT and data platforms,…

Motoring forward
Dowlais Group | 21/03/2024

Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger…

Business as usual ahead of manager’s retirement
Murray International Trust | 21/03/2024

Murray International Trust’s (MYI’s) managers are transitioning smoothly from a team of three to two, ahead of Bruce Stout’s retirement…

Positioned to benefit from re-emerging confidence
The Pebble Group | 21/03/2024

The Pebble Group’s FY23 results were as previously flagged. Facilisgroup, Pebble’s digital commerce segment, grew FY23 revenues by 8% after…

Diversification paying dividends
Braemar | 20/03/2024

Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying…

Making the complex simple for global merchants
Boku | 20/03/2024

Boku’s strategy to widen its offering within the local payment method (LPM) market accelerated FY23 revenue growth to 30%, with 15% growth from the…

Strongest year since FY18
Tinexta | 20/03/2024

Tinexta enjoyed its strongest year for underlying profit growth in FY23 since FY18 which, given the recent challenging macro environment, is testimony…

Mesdopetam’s potential highlighted in PD-psychosis
IRLAB Therapeutics | 20/03/2024

The recent scientific paper in Neurotherapeutics discusses the encouraging preclinical studies focused on the characterisation of the neurophysiological…

Evenamide set for a pivotal year
Newron Pharmaceuticals | 20/03/2024

Newron Pharmaceuticals has reported results for FY23, an active period for its lead asset, evenamide, being developed for treatment-resistant schizophrenia…

Onwards and upwards for performance recovery
The Biotech Growth Trust | 20/03/2024

The Biotech Growth Trust’s (BIOG’s) two co-managers, Geoff Hsu and Josh Golomb, at global healthcare specialist OrbiMed, believe that now could…

Henderson Opportunities Trust – 7th February 2024
ShareSoc webinar – Henderson Opportunities Trust – 7th February 2024 | 19/03/2024

During the webinar, James Henderson, portfolio manager at Janus Henderson Investors, discussed HOT’s profile and its latest developments.

Growth and returns, acquisition bolsters outlook
Team Internet Group | 19/03/2024

Team Internet’s FY23 results exceeded our forecasts and consensus on revenue and EBITDA. Online Marketing was driven by increased consumer engagement,…

A good end to FY23
OPAP | 19/03/2024

OPAP enjoyed good growth from its land-based activities, as well through the continued expansion of its online activities in FY23, and it surpassed its…

Executive interview
Team Internet – executive interview | 19/03/2024

In this interview, Team Internet CEO Michael Riedl discusses Team Internet’s full-year results, which saw robust growth across both Online Marketing…

One step closer to key data readouts
OSE Immunotherapeutics | 19/03/2024

OSE Immunotherapeutics has announced the completion of patient enrolment in its Phase II CoTikiS trial, marking another step in the clinical development…

Celebrating the Ides of March
Wheaton Precious Metals | 18/03/2024

Wheaton’s (WPM’s) Q4/FY23 results were released after the market close on 14 March, within the context of known metals sales and almost known…

Progressing nicely
Borussia Dortmund | 18/03/2024

Borussia Dortmund’s first team was successful in progressing through to quarter finals of the Champions League, which naturally leads to an upgrade…

Onwards and upwards with strong FY23
SIGA Technologies | 18/03/2024

SIGA Technologies has delivered its best top-line performance in the last five years, supported by a late surge in TPOXX deliveries across both domestic…

Sale of Sentenial agreed
EML Payments | 18/03/2024

EML Payments has agreed to sell Sentenial to GoCardless for an enterprise value of €32.75m/A$54.1m. As Sentenial is currently loss-making, the disposal…

Operational flexibility with new/updated financing
Newron Pharmaceuticals | 15/03/2024

Newron Pharmaceuticals has announced new arrangements that offer the company improved operational flexibility. We estimate a pro forma gross cash balance…

Focus on profits and cash in FY23
musicMagpie | 15/03/2024

musicMagpie’s (MMAG’s) FY23 results demonstrated a resilient H2 performance, including a record Black Friday period. Multiple management initiatives,…

Executive interview
Foresight Solar Fund - executive interview | 14/03/2024

In this interview, we welcome back Ross Driver, fund manager at Foresight Solar Fund. The company recently released its FY23 results, recording record-high…

Optimising capital allocation
Foresight Solar Fund | 14/03/2024

Foresight Solar Fund (FSFL) celebrated its 10-year anniversary of listing on the London Stock Exchange with decade-high cash distributions from assets…

Worthy allocation as part of a global portfolio
BlackRock Latin American Inv. Trust | 14/03/2024

BlackRock Latin American Investment Trust’s (BRLA’s) lead manager Sam Vecht and deputy manager Christoph Brinkmann remain optimistic about…

Simplifying HR and payroll solutions
Zalaris | 13/03/2024

Zalaris is a leading European provider of comprehensive payroll and HR solutions and services, covering the entire employee lifecycle. The company’s…

MAP23 plan delivers a higher-quality business
Centaur Media | 13/03/2024

Centaur’s FY23 results mark the end of its MAP23 margin acceleration plan, with the adjusted EBITDA margin more than doubling over its three-year…

Continued market share gains
4imprint Group | 13/03/2024

4imprint’s FY23 results are as outlined in January’s trading update, with 16% top-line growth and a further step up in operating margin to…

Stars align for CADENCE combination trial
Mendus | 13/03/2024

Mendus is forging ahead with vididencel, its primary clinical asset, aiming to address a market niche: the acute myeloid leukaemia (AML) maintenance setting.…

Mechanisms for shareholder returns confirmed
Nanoco | 12/03/2024

Following receipt of the £58.8m second tranche from the Samsung litigation on 24 January, Nanoco plans to return £30m to shareholders via a tender…

Juicy profits and cash generation
Nichols | 12/03/2024

NICL's FY23 results showed good progress made as the Packaged business continued to drive growth through product innovation and geographic expansion. Inflationary…

Acceleration in FY23 but more cautious FY24
Inchcape | 12/03/2024

Inchcape’s (INCH’s) FY23 results highlighted strong revenue and margin progression, with 12% organic revenue growth and a 70bp uptick in adjusted…

Strong Cresemba traction triggers milestone payment
Basilea Pharmaceutica | 11/03/2024

Continued strong sales of Cresemba, Basilea Pharmaceutica’s lead antifungal asset, in the Asia-Pacific region and China, has triggered the receipt…

Putting WPM onto GMT
Wheaton Precious Metals | 11/03/2024

On 20 February, Wheaton Precious Metals (WPM) announced that it had produced 14,615oz (15.2%) and sold 18,618oz (19.3%) more gold than our prior expectations…

Executive interview
Zalaris - executive interview | 11/03/2024

Zalaris is an Oslo-listed leading provider of comprehensive payroll and HR solutions and services that cover the entire employee lifecycle. The company…

Demand underpins high-end branded offering
Dar Global | 11/03/2024

DAR first full-year results post flotation showed impressive growth driven by a range of positive factors, which bodes well for 2024 and beyond. So far…

SaaS applications to build on Enterprise strength
1Spatial | 11/03/2024

1Spatial expects its FY24 results to be at least in line with our forecasts on revenue and EBITDA, driven by continued Enterprise strength, though higher…

2024 could turn out to be a very strong year
JDC Group | 11/03/2024

JDC reported preliminary FY23 results that were broadly in line with estimates, implying an impressive EBITDA generation of €5m in Q4. JDC guides…

FY24 off to a good start
Informa | 11/03/2024

Informa’s FY23 results were strong, slightly ahead of guidance at January’s update. Underlying revenues grew 30.4% and adjusted operating margin…

Continued outperformance
Melrose Industries | 08/03/2024

Melrose Industries’ shares have been re-rated over the past year, reflecting the company becoming a pure aerospace group and its improving operational…

Bli utdelningsbetalare
CoinShares International | 08/03/2024

CoinShares International (CS) avslutade sitt senaste räkenskapsår med justerad EBITDA för Q423 på 25,7 miljoner pund, vilket ökade…

Relative performance getting back on track
abrdn UK Smaller Companies Growth Trust | 08/03/2024

abrdn UK Smaller Companies Growth Trust’s (AUSC’s) managers, Abby Glennie and Amanda Yeaman, are looking forward to further improvement in…

UV1 hits transitory roadblock with INITIUM top-line
Ultimovacs | 07/03/2024

Ultimovacs has announced top-line results for the Phase II INITIUM trial evaluating its cancer vaccine for the treatment of malignant melanoma. While UV1…

Higher visibility on realising FY25 targets
Kendrion | 07/03/2024

Market trends in Q423 were like Q323, with Kendrion’s Industrial segment under pressure and Automotive in recovery due to higher pricing and new…

The penultimate piece of the puzzle
KEFI Gold and Copper | 07/03/2024

On 4 March, KEFI announced a firm placing of 750m new shares to raise £4.5m at a price of 0.6p/share plus a further 83.3m shares (subject to approval…

Capitalising on a more streamlined business
Capita Group | 07/03/2024

Capita faced numerous cash drags in FY23, notably £20m in costs associated with a cyber incident, a £30m pension deficit contribution and a £20m…

IP Group showcase
IP Group showcase | 07/03/2024

IP Group helps to create, build and support IP-based companies internationally. It focuses on companies that meaningfully contribute to regenerative (renewable),…

Capital markets day
International Public Partnerships | 06/03/2024

INPP recently held a strategy day. This provided a detailed overview of its business and the outlook for a continuation of the strong, predictable, inflation-linked…

Dividend shows confidence in future
HELLENiQ ENERGY | 05/03/2024

ELPE reported its final results on 29 February. Adjusted net income of €0.6bn was lower than our forecast of €0.64bn. A positive surprise was…

Time for a re-rating?
NatWest Group | 05/03/2024

Q423 earnings demonstrated the inherent profitability and resilience of returns at NatWest Group (NWG). PBT came in 25% ahead of consensus, with beats…

Approaching a period of inflection
Oryzon Genomics | 05/03/2024

ORY FY23 results announcement covered an eventful period for the company’s pipeline, capped by the release of top-line data from the Phase IIb PORTICO…

Becoming a dividend payer
CoinShares International | 05/03/2024

CoinShares International (CS) concluded its latest financial year with Q423 adjusted EBITDA of £25.7m, which brought its FY23 earnings to £56.9m…

Stability with income growth
Primary Health Properties | 05/03/2024

The key feature of Primary Health Properties’ (PHP’s) 2023 results was the further acceleration in rental uplifts, rising at the fastest pace…

Looking to a brighter future
EML Payments | 05/03/2024

EML Payments reported good growth in revenue and underlying EBITDA in H124, mainly due to the benefit of higher interest income. Management’s focus…

Poised for international market expansion
AFT Pharmaceuticals | 05/03/2024

AFT continues to focus on expanding its product portfolio and broadening its geographical footprint (including increased investments in its affiliates),…

A more normal schedule
Borussia Dortmund | 05/03/2024

Borussia Dortmund’s Q224 results reflect the positive effects of a more normal football season versus the disruption from the FIFA World Cup in the…

MicroBlate Flex progresses with first robotics use
Creo Medical | 04/03/2024

Creo Medical has marked another milestone in advancing utility of its electrosurgical devices with the first use of its MicroBlate Flex device in a robotic-guided…

Peer-reviewed publication reiterates UV1’s potential
Ultimovacs | 04/03/2024

Ultimovacs’ results from the Phase II NIPU trial for its universal, off-the-shelf cancer vaccine UV1 in second-line metastatic pleural mesothelioma…

Returns and buyback help narrow the discount
abrdn Private Equity Opportunities Trust | 04/03/2024

abrdn Private Equity Opportunities Trust (APEO) achieved a 5.4% NAV total return (TR) in FY23 (to end-September 2023) despite muted private equity (PE)…

Long-term focus, avoiding short-term noise
UIL | 04/03/2024

UIL Limited (UIL) is managed by Charles Jillings and his highly experienced team at value-based specialist investor ICM. It is a unique portfolio of undervalued…

Strong order backlog underpins growth prospects
AAC Clyde Space | 04/03/2024

In FY23, AAC was largely affected by continuing supplier delays, which compromised the anticipated delivery of subsystems and delayed projects, with subsequent…

US$5m placement at a premium
AGBA | 04/03/2024

On 15 February AGBA announced term sheets have been executed on a US$5.1m private placement of ordinary shares plus warrants to an institutional investor…

Interview with David Veitch, CEO of Basilea Pharmaceutica
Interview with David Veitch, CEO of Basilea Pharmaceutica | 04/03/2024

Basilea Pharmaceutica is a Switzerland-based biotech specialising in the anti-fungal/anti-infective niche, where it has been able to commercialise via…