Click on headlines below to download research

On track for pirepemat in Phase IIb
IRLAB Therapeutics | 01/06/2023

IRLAB has announced that it has activated all 38 sites in the ongoing Phase IIb pirepemat trial. This study is assessing pirepemat as a potential treatment…

Spotlight on Incannex’s progress in psychedelics
Incannex Healthcare | 01/06/2023

Incannex, an Australian-based biotech, has several active studies investigating cannabinoid combinations for a range of conditions, but is also focused…

Significant international project secured
AVAX | 31/05/2023

AVAX has been awarded a major €674m contract by Mass Group Holding (MGH) for the engineering, construction and commissioning of a 1,750MW combined-cycle…

Stress-testing the challenges
Phoenix Spree Deutschland | 31/05/2023

Phoenix Spree Deutschland’s (PSD’s) core rental business continues to perform well as the demand-supply balance for Berlin rented residential…

Full steam ahead with CustomEx
ReNeuron Group | 30/05/2023

ReNeuron’s FY23 results provide a recap of financial and operational highlights from the period. Following the restructuring announcement in January…

An active quarter with AML plans in the mix
Scandion Oncology | 30/05/2023

Q123 has been an active quarter for Scandion Oncology with completion of the Phase 1b PANTAX (dose-finding) study and management’s decision to expand…

Taking the rough with the smooth
Pan African Resources | 30/05/2023

In its operational update, released last week, Pan African Resources (PAF) reduced its production guidance for FY23 by c 12.5% from 195–205koz to…

Tender offer for Stratasys launched
Nano Dimension | 30/05/2023

As previously flagged, Nano Dimension has launched a tender offer at $18/share to buy up to 40.8% of Stratasys shares, with the aim of taking its stake…

Leaving 2022 turmoil behind
CoinShares International | 30/05/2023

CoinShares International (CS) has moved on from the turmoil in digital asset markets in 2022 and has delivered Q123 EBITDA of £8.4m, with a meaningfully…

FY22 results in line
EMIS Group | 30/05/2023

EMIS reported FY22 results that were in line with management expectations. Revenue increased 4% y-o-y, adjusted operating profit increased 10% and adjusted…

Resilient platform to accelerate growth
Renewi | 30/05/2023

Increasing European legislation for recycling and recycled content provides a positive backdrop for Renewi as a waste treatment company (63.6% of waste…

Results on track to meet FY24 expectations
S&U | 26/05/2023

S&U, the specialist motor and property finance lender, reported a good start to the financial year with profit before tax (PBT) up £0.3m in the period…

Revenue growth and margin leverage in Q123
OPAP | 26/05/2023

OPAP’s Q123 results demonstrated continued strong growth in revenue, helped by improvements to both the retail and online product offering, and profits,…

Grout expectations
Topps Tiles | 26/05/2023

Topps Tiles (TPT) has undergone a significant change in recent years by completing the rationalisation of an over-extended store format with the aim of…

Topps Tiles - executive interview
Topps Tiles - executive interview | 26/05/2023

In our interview with Rob Parker, CEO of Topps Tiles, he provides an overview of the group and its medium-term goal of continuing to gain market share…

Many opportunities at attractive valuations
Vietnam Enterprise Investments | 26/05/2023

Vietnam Enterprise Investments (VEIL) is the UK’s largest and oldest listed Vietnamese equities closed-end fund. It offers investors exposure to…

Solid liquidity for new investments
Deutsche Beteiligungs | 25/05/2023

Deutsche Beteiligungs (DBAG) posted a healthy 14% NAV total return in H123 (ending March 2023) due to expanding public peer multiples, the first time recognition…

Maintaining high dividend distribution
Regional REIT | 25/05/2023

Regional REIT (RGL) has declared a Q123 DPS of 1.65p, unchanged on Q122 and in line with our forecasts on a fully covered basis. Rent collection continues…

Bigger scale, stronger profitability
Pan American Silver | 24/05/2023

Pan American Silver (PAAS) completed the Yamana transaction at the end of March, continuing its track record of timely and value-accretive acquisitions…

Near-term goals in sight with FY23 momentum
AFT Pharmaceuticals | 24/05/2023

AFT Pharmaceuticals reported another strong fiscal year, capping off three consecutive years of double-digit top-line growth. FY23 revenues of NZ$156.6m…

Acquisition of Varian Bio to bolster pipeline
Biodexa Pharmaceuticals | 24/05/2023

Biodexa has announced that it has signed a non-binding letter of intent to acquire Varian Biopharmaceuticals, a privately held US-based biopharma company…

Milestones anticipated throughout FY23
OSE Immunotherapeutics | 24/05/2023

OSE Immunotherapeutics has announced its FY22 results, providing financial and operational updates as the company continues to advance its key clinical…

Strong leasing has delivered targeted dividends
Custodian Property Income REIT | 24/05/2023

Custodian Property Income REIT (CREI) has met its 5.5p DPS target for the year to 31 March 2023 and, with property yields stabilising, the Q423 NAV total…

Very strong demand
4imprint Group | 24/05/2023

4imprint’s AGM statement indicates that the group has had a very strong start to the year, with order intake 22% ahead of the equivalent period in…

Unique value and ESG strategy
BlackRock Sustainable American Income Trust | 23/05/2023

Since July 2021, BlackRock Sustainable American Income Trust (BRSA) has integrated explicit ESG objectives into its investment strategy. Managers Tony…

H123 trading ahead of prior year
The Pebble Group | 23/05/2023

The Pebble Group’s AGM statement outlines first-half trading likely to be up on the same period in FY22, with both of the group’s constituent…

Milestones marked by a return to form
Murray Income Trust | 23/05/2023

Murray Income Trust (MUT) marks its 100-year anniversary this year. It invests mainly in UK equities and aims to provide capital growth and a high and…

Telehealth acquisition to bolster US roll-out
Respiri | 23/05/2023

In a strategic push of its US commercialisation strategy, Respiri has announced the proposed acquisition of Access Managed Services, its US remote patient…

Positive start to the year
Dowlais Group | 23/05/2023

Management set out its strategy when the company listed in April. The trading update confirms that it is on track. Volume and top-line growth, as reported,…

Sights on vididencel (in AML) combination study
Mendus | 23/05/2023

On the heels of Mendus’s recent Q123 results, we take a deep dive into the company’s lead cancer vaccine candidate, vididencel, and the acute…

A quarter focusing on a CAR-T strategy
Immix Biopharma | 23/05/2023

Following recent updates regarding Immix’s CAR-T therapy (NXC-201) and Q123 results, we have adjusted our financial estimates. Quarterly R&D expenses…

Starting FY24 in a strong position
Datatec | 23/05/2023

Datatec reported group continuing revenue growth of 13% for FY23 (20% in constant currency) with adjusted EBITDA from continuing operations also increasing…

The stars are aligned
Melrose Industries | 23/05/2023

Following the demerger of Dowlais automotive, Melrose Industries is a focused aerospace group with a retuned strategy, still with shareholder value at…

Scaling up for commercialisation
Amoeba | 22/05/2023

Following on from the press release in March that provided preliminary data on the FY22 results, Amoéba has published its FY22 universal registration…

Integrating with ChatGPT to enable intelligent VR
Vection Technologies | 22/05/2023

Vection Technologies recently announced the integration of ChatGPT into its flagship product, 3D Frame, enabling the creation of an artificial intelligence…

Performance getting back on track
Finsbury Growth & Income Trust | 22/05/2023

Finsbury Growth & Income Trust (FGT) has been managed by Nick Train since the beginning of 2001. Data from the company show that since then to the end…

New NHS client win for CROMA technology
Creo Medical | 22/05/2023

In an encouraging development, Creo Medical has announced that Royal Oldham Hospital (UK) has become the latest NHS facility to sign up for its proprietary…

Maintaining returns, with accretive opportunities
Supermarket Income REIT | 22/05/2023

Supermarket Income REIT (SUPR) reported strong H123 results and expects to meet its full year dividend target on a fully covered basis. Earnings are fully…

Improving FY23 financial footing
Pharnext | 22/05/2023

Pharnext’s FY22 results covered an eventful period marked by efforts to bolster its financial position to see it through to top-line readouts of…

Catching the whistleblowing wave
EQS Group | 19/05/2023

The German Bundesrat has finally transposed the legislation regarding whistleblowing after the unexpected delay, allowing EQS to move at full steam to…

Positioned for strong growth in FY23
Secure Trust Bank | 19/05/2023

Secure Trust Bank (STB) announced a robust trading update with net lending exceeding £3bn, driven by a 17.7% sequential increase in new business lending.…

High degree of confidence in the current portfolio
BlackRock Latin American Inv. Trust | 18/05/2023

BlackRock Latin American Investment Trust’s (BRLA’s) lead manager Sam Vecht and deputy manager Christoph Brinkmann have a high degree of confidence…

FY23 ambitions weighted to second half
Dentsu Group | 18/05/2023

Dentsu Group had demanding Q123 on Q122 comparisons and, with the acquisition contributions, we are not too concerned about the read-across for the rest…

Taking health and wealth to the GBA
AGBA | 18/05/2023

AGBA is a Hong Kong-based financial services company offering a wide range of financial and healthcare products to the Guangdong-Hong Kong-Macao Greater…

On the road to psychotherapy clinics
Incannex Healthcare | 18/05/2023

Incannex has announced that it has entered into a lease for its first ‘psychedelic clinic’ in Melbourne, following the announcement of plans…

Confirming EPS for FY23
Datatec | 18/05/2023

As Datatec expects to report EPS measures for FY23 that differ from FY22 by more than 20%, it has provided an update prior to reporting full FY23 results…

Optimistic start to kick off a promising year
OpGen | 17/05/2023

OpGen has reported a productive quarter marked by advancements across the board. Operating loss improved to $5.1m during the quarter (from $5.8m in Q122),…

Nail-biting finish to the 2022/23 season
Borussia Dortmund | 17/05/2023

Borussia Dortmund’s Q323 results demonstrate the ongoing recovery of its financial results against a COVID-affected comparative period, with year-on-year…

Collaboration bolsters CNS assets and platform
IRLAB Therapeutics | 17/05/2023

IRLAB has announced an agreement with the McQuade Center for Strategic Research and Development (MSRD), a member of the Otsuka family of pharmaceutical…

Lower-risk growth strategy delivers profit beat
Secure Trust Bank | 17/05/2023

Secure Trust Bank (STB) beat expectations in FY22 as it continued its strategy of growing exposure to prime lending products and utilising its proprietary…

Resilient performance
Britvic | 17/05/2023

Britvic’s H1 results have demonstrated the business’s resilience, with growth in underlying revenue and EBIT margin, and only a modest volume…

Executive interview
The Pebble Group - executive interview | 17/05/2023

In this interview, we speak to Ashley McCune, president of Facilisgroup (part of The Pebble Group), about the North American promotional products industry…

A strong year ahead
Endeavour Mining | 17/05/2023

Endeavour Mining’s Q123 financial results were materially ahead of both the market and our expectations, on a headline and an underlying basis. Endeavour…

Continuation of strong trading in FY23
Greggs | 17/05/2023

Greggs’ strong sales performance in the first 19 weeks of the year is in line with management’s expectations and therefore its profit expectations…

Resilient performance
Britvic | 16/05/2023

Britvic’s H1 results have demonstrated the business’s resilience, with growth in underlying revenue and EBIT margin, and only a modest volume…

Encouraging efficacy data from evenamide trial
Newron Pharmaceuticals | 16/05/2023

Newron has presented new efficacy data from its Phase II evenamide trial (study 014/015) at the CINP World Congress of Neuropsychopharmacology and the…

Pivoting out of a challenging FY22
Biodexa Pharmaceuticals | 16/05/2023

Biodexa has reported its FY22 preliminary results and revised business strategy for the medium term. Funding challenges and slower traction than anticipated…

Q123 – good revenue growth at lower margins
Kendrion | 16/05/2023

Kendrion’s Q123 results were mixed with good revenue growth of 5% but an unexpected decline in EBITDA of 7%. Gross margin was under pressure due…

Cash allocated to deliver on objectives
CentralNic Group | 16/05/2023

CentralNic’s Q123 results showed robust revenue and profit growth, as well as a further deleveraging of its balance sheet. Its product comparison…

Building on strong foundations
AVAX | 16/05/2023

AVAX is a leader in Greek construction, operating critical assets with long-term and visible cashflow streams, particularly in concessions. Greek economic…

Enhancing siRNA drug discovery with LLMs
e-therapeutics | 16/05/2023

e-therapeutics is a biotech leveraging its validated computational biology platform to identify novel, liver-associated targets and expand its internal…

Staying on course
Georgia Capital | 15/05/2023

Georgia Capital (GCAP) continued to make progress on its strategic priorities in Q123: reduction in the net capital commitment (NCC) ratio, deleveraging…

A one-stop global equity shop for all weathers
The Brunner Investment Trust | 15/05/2023

The Brunner Investment Trust (BUT) is led by a very strong team at Allianz Global Investors (AllianzGI). Its two co-managers, Christian Schneider (deputy…

Proprietary platform testing standard of care
Ondine Biomedical | 15/05/2023

Ondine Biomedical is focused on becoming a leader in tackling antimicrobial resistance (AMR) at the source, by leveraging its capabilities and proprietary…

Positive signs for mesdopetam in Q1 update
IRLAB Therapeutics | 15/05/2023

IRLAB Therapeutics has reported Q123 results, providing a financial update and highlighting its near-term strategic priorities. The company intends to…

On track for a strong FY23
JDC Group | 15/05/2023

JDC Group (JDC) reported Q123 results in line with management’s expectations. Despite the relatively low year-on-year revenue growth of 1.4% in Q1,…

Kinarus secures CHF1.5m financing
Kinarus Therapeutics | 15/05/2023

Kinarus has announced that it has entered into a CHF1.5m strategic convertible loan agreement with ChaoDian (Hangzhou) Investment Management, an investment…

Planning the route forward for vididencel in AML
Mendus | 15/05/2023

Mendus’s Q123 report provided an insight into the strategic next steps for its lead cancer vaccine, vididencel (DCOne), as the company pursues a…

All steady as Phase II trial readouts approach
Ultimovacs | 15/05/2023

Ultimovacs’ Q123 report is largely focused on the upcoming readouts from two of its five ongoing randomised Phase II studies. Results from the NIPU…

US stockpiles front and center in Q1 and FY23
SIGA Technologies | 12/05/2023

SIGA’s Q123 results were largely driven by US TPOXX deliveries under existing contracts. Q123 product revenues of $5.7m ($7.3m in Q122) were primarily…

Growth targets maintained
Claranova | 12/05/2023

Claranova reported Q323 revenue of €91m, which was 2% higher y-o-y on a constant currency organic basis. PlanetArt revenue was lower than expected…

Cyber Security rebound in Q123
Tinexta | 12/05/2023

Tinexta’s Q123 results reflect trends that are consistent with prior years for the Digital Trust (DT) and Business Innovation (BI) divisions, coupled…

Weak sentiment outweighing operational strength
Henderson Smaller Companies Investment Trust | 11/05/2023

Henderson Smaller Companies Investment Trust (HSL) has been managed by Neil Hermon for the last 20 years. He explains that small-cap stock price weakness…

Advancing on multiple clinical fronts in Q1
Oryzon Genomics | 11/05/2023

Oryzon has reported Q123 results highlighting its near-term strategic priorities, including a favourable interim analysis of its lead asset study, the…

FY23 focus squarely on CTIM-76
Context Therapeutics | 11/05/2023

Context Therapeutics reported Q123 results and its strategic priority for FY23 and beyond. The key highlight for the quarter was its decision to pivot…

Benefits from patient and consistent approach
Canadian General Investments | 11/05/2023

Canadian General Investments (CGI) has been managed by Greg Eckel at Morgan Meighen & Associates (MMA) since 2009. He has a very patient and consistent…

Positioned to scale on a lower cost base
SenSen Networks | 11/05/2023

SenSen Networks (SNS) reported its ninth consecutive quarter of year-on-year record cash receipts in Q323, with growth across all key verticals and no…

Executive interview
Seraphim – executive interview | 10/05/2023

Seraphim Space Investment Trust (SSIT) is an investment company that provides a unique opportunity to access tomorrow’s potential space tech winners,…

Resilient in a challenging market
Arctic Paper | 10/05/2023

Arctic Paper has continued to face the challenging market trends that affected Q422, with lower demand, higher input costs and higher prices across most…

Deep dive into the life sciences portfolio
IP Group | 10/05/2023

We consider IP Group a compelling healthcare play with 31% of its end-2022 portfolio invested in life sciences companies, or 47% including Oxford Nanopore…

Making hay in all weathers
Impact Healthcare REIT | 10/05/2023

In Q123, Impact Healthcare REIT built on its strong FY22 underlying income performance. It also benefited from a stabilisation of the portfolio valuation…

A strong start to the year
Treatt | 10/05/2023

Treatt’s H123 results demonstrate that the business is back to greater stability and resilience. The growth was particularly impressive in Citrus,…

Stronger than expected volume growth in Q4
Accsys Technologies | 10/05/2023

Accsys showed stronger than expected volume growth of 6% in FY23, beating our 1% estimate. Reactors 1–3 in Arnhem are in full production and the…

Building the platform
SynBiotic | 09/05/2023

SynBiotic’s management has created a platform that spans the value chain in the cannabis and cannabinoid space, from cultivation and labs to distribution.…

SDC-1801 on the way to the clinic
Sareum Holdings | 09/05/2023

In an encouraging development, Sareum announced that its clinical trial application to commence Phase I studies for its lead asset, SDC-1801 (a TYK2/JAK1…

Interim profits exceed pre-COVID levels
Smiths News | 09/05/2023

The interim H123 results highlight continued growth in adjusted operating profit, management’s solid control of the business and the ongoing annual…

Q123 in line; looking to H2
Wheaton Precious Metals | 09/05/2023

Wheaton Precious Metals’ (WPM’s) net earnings for Q123 were US$2.6m (or 2.5%) better than our forecast. In general, production of precious…

Bundled content driving sales and profit growth
CLIQ Digital | 05/05/2023

CLIQ Digital had a very strong start to FY23, with a 58% y-o-y revenue uplift in Q123 (to €83m) and an EBITDA margin of 15.4% (Q122: 15.8%). Raised…

Benefiting from diversity and internationalisation
Mytilineos | 05/05/2023

Mytilineos released strong Q123 results on 4 May, despite scheduled maintenance in its power business and Q1 being a typically weaker quarter. The year…

Solid results highlight management action
Epwin Group | 05/05/2023

Epwin’s FY22 results highlight both the challenging trading environment but also management’s ability to successfully handle inflationary pressures.…

Strong inflows in FY23
Record | 04/05/2023

In FY23, Record’s assets under management equivalent (AUME) increased by 5.5% to $87.7bn (FY22: $83.1bn). Full year inflows were strong at $9.1bn…

FY23 a key year for business traction
Shield Therapeutics | 04/05/2023

Shield Therapeutics reported its FY22 preliminary results and Q123 business update, the key emphasis of which was the growing traction of Accrufer in the…

Mesdopetam remains in Ipsen’s portfolio
IRLAB Therapeutics | 04/05/2023

IRLAB has commented on statements in Ipsen’s 2022 Universal Registration Document regarding the clinical development of mesdopetam, a D3 antagonist…

Lower PGM prices affecting results and forecasts
Sylvania Platinum | 04/05/2023

Despite the lower Q323 production and higher unit costs, Sylvania Platinum remains highly cash generative with US$144.2m cash at end March 2023 versus…

Poised to reach guidance after a strong quarter
Vection Technologies | 04/05/2023

Vection Technologies’ Q323 activities report confirms that contract growth continued to accelerate in H223, with the company reporting 100% total…