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Successful exits assist H124 performance
Deutsche Beteiligungs | 28/05/2024

Deutsche Beteiligungs (DBAG) reported an NAV total return of 3% in H124 (to March 2024) following the first-time recognition of 2024 portfolio company…

Underlying earnings more than tripled in FY24
Datatec | 28/05/2024

Datatec reported FY24 revenue growth of 6%, with a strong performance from Westcon, a good performance in Logicalis International masked by a higher level…

Vast opportunity and new targets revealed
Norcros | 28/05/2024

Norcros is the UK’s leading design-led sustainable kitchen and bathroom products group. Its compelling investment case was highlighted at its May…

Feeling festive
On the Beach Group | 24/05/2024

The increase of 22% in booked total transaction value (TTV) both in H124 and for this summer, driven by successful expansion into premium and long haul…

An accounting storm in a legal teacup
Pan African Resources | 24/05/2024

This morning, Pan African announced that it may have been in technical breach of the net asset test when it paid out dividends to shareholders in the five…

All eyes on Q3 readout after Q1 update
Cereno Scientific | 24/05/2024

Cereno Scientific’s Q124 results provided a financial update and recapped the company’s clinical plans and progress. The Phase II trial for…

Greater investment flexibility may boost returns
The Bankers Investment Trust | 24/05/2024

The Bankers Investment Trust (BNKR) focuses on cash-generating companies and FY23 (ended 31 October 2023) was its 57th consecutive year of dividend growth.…

Growth underpinned by international momentum
AFT Pharmaceuticals | 23/05/2024

AFT Pharmaceuticals’ FY24 results demonstrated record earnings and sales, with 24.8% year-on-year sales growth. Revenues of NZ$195.4m were driven…

Underpinning the FY28 revenue target
PVA TePla | 23/05/2024

PVA TePla (PVA) hosted its first capital markets day last week. As expected, it was a deep dive into the company’s activities and explained the underpinning…

Another partnership win – Boehringer Ingelheim
OSE Immunotherapeutics | 23/05/2024

OSE Immunotherapeutics has announced a considerable expansion of its partnership with Boehringer Ingelheim (BI), including the start of two new projects.…

‘Innovation, innovation, innovation’ say the managers
Worldwide Healthcare Trust | 23/05/2024

Worldwide Healthcare Trust’s (WWH’s) co-managers, Sven Borho and Trevor Polischuk, at global healthcare specialist OrbiMed, are bullish on…

Q124 DPS unchanged ahead of refinancing
Regional REIT | 22/05/2024

For Q124, Regional REIT (RGL) has maintained the rate of quarterly DPS at 1.2p. We expect DPS for the year will partly depend on RGL’s chosen re-financing…

Solid start to the year
4imprint Group | 22/05/2024

4imprint’s AGM trading update indicates a solid start to the year against a challenging market backdrop, with full-year expectations (and therefore…

Margin expansion despite mixed auto markets
Dowlais Group | 22/05/2024

Dowlais Group’s traditional automotive and powder metallurgy operations continue to outperform the market, albeit the slowdown in EV adoption has…

Margin expansion despite mixed auto markets
Dowlais Group | 21/05/2024

Dowlais Group’s traditional automotive and powder metallurgy operations continue to outperform the market, albeit…

Acquiring data analytics expertise
AUSTRIACARD | 21/05/2024

AUSTRIACARD has acquired a UK-based specialist in data analytics for €1.6m. This should bolster the group’s digital transformation technologies…

Sweating the assets
Brighton Pier Group | 21/05/2024

The popularity of Brighton Pier Group’s (BPG’s) diversified low-ticket leisure offer underpins confidence in a significant bounce back from…

London calling
Borussia Dortmund | 21/05/2024

Borussia Dortmund’s Q324 results demonstrated some phasing but it has made good progress year-to-date. The focus of attention now is the team’s…

Solid Q1, with a strong operational performance
HELLENiQ ENERGY | 21/05/2024

HELLENiQ ENERGY delivered solid Q124 results, with group sales of €3,278m up 5.3% y-o-y, IFRS EBITDA of €350m up 25.4% y-o-y and adjusted EBITDA…

Strong rent growth and improving rent collection
Triple Point Social Housing REIT | 21/05/2024

Triple Point Social Housing REIT’s (SOHO’s) Q124 update confirms a continuing improvement in rent collection. The newly set FY24 DPS target…

A solid start to 2024
ProCredit Holding | 21/05/2024

ProCredit Holding (PCB) has delivered another strong set of results, posting Q124 net income of €33.5m (up 14% y-o-y), which translates into an annualised…

Executive interview
Topps Tiles – executive interview | 21/05/2024

In our interview with Topps Tiles CEO Rob Parker and CFO Stephen Hopson, we discuss the company’s interim results, updated strategy and new medium-term…

Buoyant volumes in H124
Britvic | 21/05/2024

Britvic’s interim results showcased a positive first half of FY24, with strong revenue growth across core brands and geographies. This was underpinned…

Looking to the future
Topps Tiles | 21/05/2024

Topps Tiles’ (TPT’s) H124 results demonstrate the effects of the general market softness of spend on repairs, maintenance and improvement,…

Upgraded FY24 production guidance
Pan African Resources | 20/05/2024

On 9 May, Pan African announced that it was narrowing its production guidance for the year ending 30 June 2024 to 186–190koz (cf 180–190koz…

Kaiser takes on the World
Alkane Resources | 20/05/2024

As with Boda before it, April’s resource update at Kaiser saw substantially all of its resource promoted from the inferred to the indicated category…

Q1 beat, buy-back proposal
Alpha Bank | 20/05/2024

Alpha Bank’s Q124 profit after tax reached a record €211m, up by 90% y-o-y, 75% q-o-q and 8% above consensus. The beat was driven by better…

All hands on deck as inflection points approach
Mendus | 20/05/2024

With Mendus’s Q124 results, management recapped its clinical priorities, which are all progressing as expected. The focus remains on the AMLM22-CADENCE…

Refinancing releases dividend shackles
Smiths News | 20/05/2024

Smith News’ H124 results highlighted the robustness of the underlying business, but also revealed the success that management is achieving in creating…

Record quarterly production
Kolibri Global Energy | 20/05/2024

Kolibri Global Energy (KEI) has reported Q124 results that saw flat EBITDA quarter-on-quarter as double-digit growth in average production to a record…

Transformation to global logistics player unnoticed
Singapore Post | 20/05/2024

The ongoing transformation of Singapore Post (SingPost) from a post and parcel delivery company into a global logistics operator appears to have slipped…

Positive momentum continued in Q3
Target Healthcare REIT | 20/05/2024

Target Healthcare REIT’s Q324 update shows a fifth successive quarter of positive NAV total return, with indexed rent reviews driving increased earnings…

Buoyant volumes in H124
Britvic | 20/05/2024

Britvic’s interim results showcased a positive first half of FY24, with strong revenue growth across core brands and geographies. This was underpinned…

Focused on revenues and project completions
Gresham House Energy Storage Fund | 20/05/2024

Gresham House Energy Storage Fund (GRID) invests in utility-scale battery energy storage systems (BESS) in Great Britain. GRID and its peers saw sharp…

A recovering sector with a healthy prognosis
BB Biotech | 20/05/2024

BB Biotech (BION) offers investors exposure to the innovative, rapidly expanding biotech sector. It is the largest biotech investor among its investment…

All roads lead to NEXICART-2
Immix Biopharma | 20/05/2024

Immix Biopharma’s Q124 report reflected a period focused on its lead CAR-T asset, NXC-201, targeting amyloid light chain amyloidosis (ALA), which…

Setting the stage for pivotal growth
Creo Medical | 20/05/2024

Creo Medical’s FY23 results recapped strategic, regulatory and operational wins for its core electrosurgical device suite, including Speedboat’s…

Cresemba milestone payments continue to roll in
Basilea Pharmaceutica | 17/05/2024

Basilea Pharmaceutica has announced the triggering of a US$1.25m milestone payment from Pfizer, triggered by sustained strong sales of Cresemba in the…

Solid start to the year with further order growth
AAC Clyde Space | 17/05/2024

AAC Clyde Space offers exposure to the fast-growing low Earth orbit space market. A solid start to the year and continued order momentum are encouraging.…

Typical seasonality in Q124
Tinexta | 17/05/2024

Tinexta’s Q124 results showed good progress in the two divisions that typically demonstrate more consistent (through the year) growth, Cyber Security…

FY24 prospects weighted to H2
Dentsu Group | 17/05/2024

Dentsu’s Q1 results indicate a slow start to the year, with organic net revenue down by 3.7%. However, prospects are improving, buoyed by new business…

AUME momentum and a sharper focus
Record | 16/05/2024

Record’s Q424 trading update demonstrated continued growth in assets under management equivalent (AUME), which will support management fee growth…

Funding in place through key catalysts
Actinogen Medical | 15/05/2024

Actinogen announced a capital increase of up to A$8.9m on 3 May, consisting of a A$5.0m (gross) placement along with a shareholder rights offering (‘entitlement…

A differentiated exposure to smaller companies
Henderson Opportunities Trust | 15/05/2024

With a focus on long-term growth, Henderson Opportunities Trust (HOT) seeks investment opportunities across the breadth of the UK market. This includes…

Increased churn weakens FY24 outlook
CLIQ Digital | 14/05/2024

CLIQ Digital delivered a disappointing start to FY24 in Q124, as its membership base fell following a change in refund programmes from credit card providers,…

Encouraging start to FY24
Greggs | 14/05/2024

Greggs’ trading update for the first 19 weeks of the year shows that the company is driving superior revenue growth from its key initiatives of growing…

Train puts his money where his mouth is
Finsbury Growth & Income Trust | 14/05/2024

Finsbury Growth & Income Trust (FGT) has been managed by Lindsell Train since the beginning of 2001. During his long tenure, approaching a quarter of a…

Executive interview
1Spatial – executive interview (14 May 2024) | 14/05/2024

Claire Milverton (CEO) and Stuart Ritchie (CFO) join Dan Ridsdale to introduce 1Spatial and explain why 1Integrate, a patented geospatial rules engine,…

Potential to generate a 20%+ yield
Baker Steel Resources Trust | 14/05/2024

Baker Steel Resources Trust (BSRT) offers the potential for regular dividend and royalty income, as well as realisation proceeds, from its maturing portfolio…

A taste of things to come
Pan American Silver | 14/05/2024

Pan American Silver (PAAS) has seen an encouraging start to the year with Q124 silver and gold production in line with management expectations and costs…

Well on track in 2024
JDC Group | 14/05/2024

JDC Group (JDC) reported strong Q124 results. Revenue growth accelerated to 21.6% from 10% in FY23, driven by its Advisortech division (+22.6%). In terms…

Evenamide potential for treatment of schizophrenia
Newron Pharmaceuticals | 14/05/2024

Newron Pharmaceuticals has released additional data from its Phase II/III trial (study 008A), providing further evidence to support evenamide’s potential…

Money saver in South-East Asia
MoneyHero | 13/05/2024

MoneyHero is a leading South-East Asian personal finance aggregator and comparison platform, covering the full suite of personal finance products. Its…

Upgrading FY25 EPS by 7% on Shinez
Team Internet | 13/05/2024

While the weak advertising market suppressed growth in Online Marketing in the (seasonally quiet) Q1, Online Presence continues to perform robustly and…

Optimizing the TPOXX value proposition
SIGA Technologies | 13/05/2024

SIGA’s Q124 results were marked by material BARDA and international TPOXX deliveries and highlighted the company’s strategic push towards international…

External validation boosts quarterly recap
IRLAB Therapeutics | 13/05/2024

In its Q124 report, IRLAB recapped its efforts in targeting major aspects of Parkinson’s disease (PD). The update was enhanced by the recently announced…

A strong start to FY24
Wheaton Precious Metals | 13/05/2024

Wheaton’s (WPM’s) Q124 results exceeded both our and the market’s forecasts. It produced more (with the single exception of gold, which…

Executive interview
MoneyHero – executive interview (10 May 2024) | 10/05/2024

MoneyHero is a leading personal finance and digital insurance comparison platform in South-East Asia. The company had 8.7m unique monthly users at the…

Strong underlying growth, guidance reiterated
Information Services Corporation | 10/05/2024

Information Services Corporation’s (ISC’s) Q124 results highlight the strength of the underlying business, with topline and adjusted EBITDA…

Material matters
PVA TePla | 10/05/2024

PVA TePla has transitioned from a small seller of industrial systems to a 13 May 2024materials technology and metrology solutions company, set to reach…

Continuing contract momentum in FY24
Zalaris | 09/05/2024

Zalaris reported its ninth consecutive quarter of year-on-year revenue growth in Q124, up to a record NOK318m. New contract momentum has continued, while…

Unique value/ESG fund at an attractive valuation
BlackRock Sustainable American Income Trust | 09/05/2024

BlackRock Sustainable American Income Trust (BRSA) offers a unique opportunity to invest in a fund that focuses on both value and sustainability. The trust’s…

Continued progress as a diversified HPC provider
Northern Data Group | 08/05/2024

Northern Data Group demonstrated progress made in Q124 alongside a capital markets day update, as it takes further steps in becoming a diversified high-performance…

Doubling down on clinical activity in 2024
Oryzon Genomics | 08/05/2024

Oryzon’s Q124 results emphasised the company’s focus on advancing and expanding its CNS and oncology pipelines, driven by its core assets,…

Strong pipeline reaffirmed
AVAX | 08/05/2024

AVAX’s FY23 results highlight the group’s progress domestically as the market improved, more than offsetting the weaker international performance…

A strong start to the year
MGI - Media and Games Invest | 08/05/2024

MGI’s Q124 report shows an impressive 21% organic revenue uplift over Q123, with both good new client recruitment and higher spend from existing…

EBITDA improvement across all divisions
Claranova | 08/05/2024

On relatively flat H124 revenue, Claranova grew adjusted EBITDA more than 50% year-on-year as the focus on profitability over growth started to deliver.…

MSRD agreement early validation for IRL757
IRLAB Therapeutics | 08/05/2024

The McQuade Center for Strategic Research and Development (MSRD) has signed an exclusive R&D collaboration for IRLAB’s preclinical candidate IRL757,…

Significant uplift in fully covered DPS
Custodian Property Income REIT | 07/05/2024

Custodian Property Income REIT (CREI) produced a strong Q424 performance, driven by leasing progress and rental growth, rounding off a positive year. Reflecting…

Adding to positive long-term performance record
Canadian General Investments | 07/05/2024

Canadian General Investments (CGI) has delivered a very commendable long-term performance versus the Canadian market. Longstanding manager Greg Eckel at…

Advances on several fronts
Recce Pharmaceuticals | 07/05/2024

Recce Pharmaceuticals has reported several encouraging developments in recent weeks for its lead development compound RECCE® 327 (R327). The intravenous…

Net loss of €2.6m in FY23
PB Holding | 07/05/2024

PB Holding reported FY23 results on 26 April. The company's most important asset, the 5.3% stake in insurer for the mobility sector Bovemij, reported its…

Annual guidance maintained, despite strike
Sylvania Platinum | 03/05/2024

Sylvania has maintained annual production guidance despite Q324 results being affected by a 22-day strike, resulting in 10% lower production. The PGM basket…

Investing in the transformational SaaS opportunity
1Spatial | 03/05/2024

1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth…

FY24 underlying EPS more than doubles y-o-y
Datatec | 02/05/2024

In a second more detailed trading update for FY24, Datatec confirmed revenue growth of 6% to $5.46bn, with Westcon International delivering excellent performance,…

La Arena divestment
Pan American Silver | 02/05/2024

Pan American Silver (PAAS) has announced a sale of the La Arena and La Arena II projects to Zijin Mining for US$245m in cash, US$50m in a contingent payment…

Time to scale
SenSen Networks | 02/05/2024

SenSen’s Q324 results reflect the move to a lower cost base that provides a platform for future profitability. Minor delays to the National Heavy…

Forward Partners deal completed
Molten Ventures | 02/05/2024

Molten Ventures has recently completed the acquisition of Forward Partners, which allowed Molten to further broaden its portfolio, add a complementary…

Executive interview
Molten Ventures – executive interview (2 May 2024) | 02/05/2024

Molten Ventures is a London-based venture capital firm that invests in the European technology sector. It has a portfolio of 118 investee companies and…

Steady climb
Melrose Industries | 02/05/2024

Melrose Industries continues to deliver strong performance improvements and is on track to achieve its ambitious margin targets in 2025 (Engines 28% and…

Unlocking value to drive DPS growth
Picton Property Income | 02/05/2024

Ahead of FY24 results to be published on 23 May, Picton Property Income has declared a Q424 DPS of 0.925p, a 5.7% increase on the previous quarter. The…

Maxigesic IV’s Brazil entry, a foray into LATAM
AFT Pharmaceuticals | 02/05/2024

AFT continues to expand its Maxigesic IV footprint with the announcement of a licensing agreement in Brazil, the largest pharma market in South America…

Two distinct businesses in one
The Pebble Group | 01/05/2024

The Pebble Group’s AGM update confirms that trading is in line with FY24 expectations, with attractive opportunities for its two distinct businesses…

Strong pipeline and cash target reaffirmed
MotorK | 01/05/2024

MotorK’s FY23 revenue growth was robust across most regions, with slow growth regions gaining momentum. Q124 revenue fell slightly year-on-year due…

Evenamide notches up another win (study 008A)
Newron Pharmaceuticals | 01/05/2024

Newron Pharmaceuticals has shared positive top-line data for its evenamide programme from its potentially pivotal Phase II/III trial (study 008A) in patients…

Exploring a potential game changer
Cobra Resources | 01/05/2024

Cobra Resources is an exploration company focused on developing a rare earths deposit in South Australia, with a potentially low-cost method of production…

Targeting margin recovery in FY24
Esker | 01/05/2024

Esker reported FY23 results in line with our expectations. Revenue grew 12% (14% constant currency) while inflationary effects and sales commissions on…

Cracking on
Tortilla Mexican Grill | 30/04/2024

Notwithstanding its sector ‘sweet spot’ (a healthy, customisable product at a competitive price), Tortilla Mexican Grill (Tortilla) has taken…

Moving from niche to mainstream markets
Vection Technologies | 30/04/2024

Vection’s Q324 update showed strong double-digit growth in revenue and cash receipts, driven by multiple contract wins, including its largest contract…

Celebrating its 135th anniversary
The Merchants Trust | 30/04/2024

The Merchants Trust’s (MRCH’s) manager, Simon Gergel at Allianz Global investors, is very excited about the number of reasonably priced opportunities…

Exceeding expectations
AVAX | 30/04/2024

AVAX’s FY23 results highlight the group’s progress domestically as the market improved, more than offsetting the weaker international performance…

Backpacking them in
Hostelworld Group | 29/04/2024

Hostelworld’s pioneering and fast-evolving ‘social’ strategy is delivering aplenty. Material outperformance of the hostel market (FY23…

Second earnings uplift this year after results exceed
Epwin Group | 29/04/2024

Epwin’s FY23 results were robust and management navigated inflationary pressures well. Despite some market headwinds, we have increased our FY24…

Introducing a well-defined buyback policy
Princess Private Equity Holding | 29/04/2024

Princess Private Equity Holding’s (PEY’s) 12-month NAV total return (TR) to end-February 2024 was a modest 0.6% amid low exit activity across…

New strategy targets ROE of 13–14%
ProCredit Holding | 29/04/2024

ProCredit Holding (PCB) has decided to build on its recent solid performance (FY23 return on equity, ROE, of 12.2%) and announced an updated strategy to…

Strong Q1 and plans for potential London listing
Mytilineos | 29/04/2024

On April 25, Mytilineos (MYTIL) announced, as part of its strategic review, that it is considering a potential international listing on the London Stock…

Expanded R&D pipeline to fuel LT growth
AFT Pharmaceuticals | 29/04/2024

While AFT continues to gain commercial traction from Maxigesic/ Combogesic IV sales in the US (launched by partner Hikma in Q1 CY24) and anticipates the…

A transformational deal
AGBA Group Holding | 26/04/2024

On 18 April, AGBA announced a surprise deal to acquire 100% of Triller Corp, a global AI-driven social video platform, in an all-stock transaction. Triller…