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Mississippi data shows benefit in dry eye
Nicox | 02/12/2021

While the Phase IIb Mississippi study in patients with acute exacerbations of blepharitis did not meet the primary endpoints in that indication, a post-hoc…

Mississippi data shows benefit in dry eye
Nicox | 02/12/2021

While the Phase IIb Mississippi study in patients with acute exacerbations of blepharitis did not meet the primary endpoints in that indication, a post-hoc…

Outlook maintained
Genuit Group | 02/12/2021

Revenue momentum has remained strong well into H221 and Genuit’s profit expectations for FY21 are in line with the market’s. The company’s…

Realisation strategy at the final stage
Electra Private Equity | 02/12/2021

On 2 November and 2 December 2021, Electra Private Equity (ELTA) reiterated its corporate strategy for moving its listing from the Main Market of the London…

Strong H122 returns and further DPS growth
Custodian REIT | 02/12/2021

NAV total return for Custodian REIT (CREI) in the six months to 30 September (H122) was 11.7%, a combination of increased dividends and property revaluation…

Bolstering the balance sheet
Evolva | 02/12/2021

Evolva has announced a private placement whereby Veraison SICAV will purchase 63.75m shares in a private placement at CHF0.118 per share, or a 7% discount…

Executive interview
nDreams (Mercia Asset Management) - executive interview | 01/12/2021

Mercia Asset Management is an AIM-listed, specialist asset manager with a market cap of approximately £160m, focused on sourcing growth businesses…

Executive interview
Soccer Manager (Mercia Asset Management) - executive interview | 01/12/2021

Mercia Asset Management is an AIM-listed, specialist asset manager with a market cap of approximately £160m, focused on sourcing growth businesses…

Introducing the BayMedica Team
InMed Pharmaceuticals – Introducing the BayMedica Team | 01/12/2021

InMed Pharmaceuticals is a global leader in the manufacture and development of rare cannabinoids. Together with their recently acquired subsidiary, BayMedica,…

Poised to unlock value
Palace Capital | 01/12/2021

Palace Capital’s (PCA) H122 results showed strong financial and operational improvement, including leasing progress, Hudson Quarter (HQ) apartment…

Order book development shows the way
Severfield | 01/12/2021

Severfield has maintained a steady and robust course in FY22 trading to date and management confidence in the outlook is backed by further order book growth,…

Strong organic growth in H122
GB Group | 01/12/2021

GB Group (GBG) reported a strong performance in H122, with organic constant currency revenue growth of 12.6% y-o-y and an adjusted operating margin of…

Buckets of opportunity drive an impressive year
Henderson Opportunities Trust | 30/11/2021

Henderson Opportunities Trust (HOT) has posted a very strong performance for FY21 (ended 31 October), with its NAV and share price both up almost 60% on…

New tech and lower impairments
Secure Trust Bank | 30/11/2021

Secure Trust Bank (STB) announced that it has acquired AppToPay for an undisclosed ‘small amount’ and plans to use AppToPay’s proprietary…

‘Post-Novartis’ era has begun
Cantargia | 30/11/2021

Novartis’s Phase III CANOPY trials with canakinumab have created (until recently) strong tail winds for the class of therapeutics targeting the IL-1…

Trimming FY21 expectations
Osirium Technologies | 30/11/2021

Osirium has signed up many more new customers year-to-date compared with FY20, but lower average contract values mean that bookings and revenue for FY21…

Termination of coverage
Termination of coverage | 30/11/2021

Edison Investment Research is terminating coverage on FinLab (A7A), The Scottish Investment Trust (SCIN), and Telix Pharmaceuticals (TLX). Please note…

Termination of coverage
Termination of coverage | 30/11/2021

Edison Investment Research is terminating coverage on FinLab (A7A), The Scottish Investment Trust (SCIN), and Telix Pharmaceuticals (TLX). Please note…

Termination of coverage
Termination of coverage | 30/11/2021

Edison Investment Research is terminating coverage on FinLab (A7A), The Scottish Investment Trust (SCIN), and Telix Pharmaceuticals (TLX). Please note…

Evidence of new strategy gaining traction
Record | 30/11/2021

Record’s H122 results showed benefits from its growth and diversification strategy. Its first new product, a sustainable fund, is increasing AUM…

Cleaner fuel, cleaner planet
Quadrise Fuels International | 30/11/2021

Quadrise has developed a synthetic heavy fuel oil (HFO) technology that potentially reduces costs and polluting emissions for HFO users in the industrial,…

Sequential improvement in Q321
OPAP | 30/11/2021

OPAP’s Q321 results showed a strong sequential (quarter-on-quarter) improvement as all verticals were open throughout the period and unaffected by…

Profits, growth and value
Mercia Asset Management | 30/11/2021

Mercia reported a strong rise in the NAV of its Northern Venture Trust (NVT) subsidiary, reflecting the IPO of musicMagpie and other successful exits,…

Looking ahead to a new level
Treatt | 30/11/2021

Treatt has once again posted a strong performance in FY21, delivering its ninth consecutive year of increased adjusted PBT. Healthier living remains an…

Executive interview
Global Energy Ventures - executive interview | 29/11/2021

Global Energy Ventures is a young company with a unique green hydrogen initiative that should see it producing and transporting its own green hydrogen…

Strong NAV contribution from exits
NB Private Equity Partners | 29/11/2021

NB Private Equity Partners (NBPE) continues its strong performance driven by exits and valuation uplifts in existing portfolio holdings. In the 12 months…

Emerging stronger
Britvic | 29/11/2021

Britvic’s recovery continued in H2, with continued growth in at-home channels while out-of-home rebounded. GB and Brazil both posted revenue growth,…

Supply chain issues affecting smartphones
IQE | 26/11/2021

IQE has announced that year-on-year growth in the volumes of GaAs epiwafers was lower in Q421 than it had expected. We believe this relates to supply chain…

Growing and investing
Accsys Technologies | 26/11/2021

Ongoing strong demand remains encouraging for Accsys and investment to support future growth is also an indicator of confidence in the outlook, in our…

Redeploying funds after strong realisations
Princess Private Equity Holding | 26/11/2021

Princess Private Equity (PEY) reported a c 21% NAV TR from January to end-October 2021 driven by exits (most notably GlobalLogic in Q121) and revaluations…

Emerging stronger
Britvic | 26/11/2021

Britvic’s recovery continued in H2, with continued growth in at-home channels while out-of-home rebounded. GB and Brazil both posted revenue growth,…

Making progress with the Irish regulator
EML Payments | 26/11/2021

The latest correspondence from the Irish regulator clarifies the volume limits within which EML’s Irish-regulated subsidiary can trade while its…

Platform validated, pipeline momentum building
IRLAB Therapeutics | 25/11/2021

The Ipsen deal for mesdopetam (IRL790) during Q321 was a significant achievement for IRLAB Therapeutics. It has provided strong external validation for…

Regional variation in resilient markets
Tyman | 25/11/2021

Residential markets remain firm and Tyman’s International division has been the star performer so far in H2. At the same time, supply chain challenges…

Successfully selecting winners across Asia
Schroder AsiaPacific Fund | 24/11/2021

Schroder AsiaPacific Fund (SDP) invests in companies located and trading primarily in China, South Korea, Taiwan, India and South-East Asia. SDP recently…

Hitting it out of the ballpark
OTC Markets Group | 24/11/2021

OTC Markets Group’s (OTCM’s) Q321 revenues were 20% ahead of our expectations, driven by trading (+22%), Market Data Licensing operations,…

Introducing the BayMedica Team
InMed Pharmaceuticals – introducing the BayMedica Team | 24/11/2021

InMed Pharmaceuticals is a global leader in the manufacturing and development of rare cannabinoids. Together with its recently acquired subsidiary, BayMedica,…

Four pillar growth strategy
CI Games | 24/11/2021

In its Q321 results, CI Games reported results ahead of guidance, with revenues of PLN33m, EBITDA of PLN19m (a 59% margin) and PAT of PLN14m, a 42% net…

Accelerating growth with Acuant acquisition
GB Group | 24/11/2021

GB Group (GBG) has announced a conditional agreement to acquire Acuant, a leading player in the US identity verification market. At an enterprise value…

The one-year anniversary
Round Hill Music Royalty Fund | 23/11/2021

Round Hill Music Royalty Fund (RHMRF) has recently celebrated its one-year anniversary of its launch. It has been very active throughout the year, raising…

Strong H122 with good growth potential
Picton Property Income | 23/11/2021

The H122 IFRS profit of £53.9m was the highest that Picton Property Income has ever recorded for a six-month period. EPRA earnings and dividends also…

Interview with Michael Morris, CEO of Picton Property Income
Interview with Michael Morris, CEO of Picton Property Income | 23/11/2021

Picton Property Income’s diversified portfolio of commercial property across the UK is actively managed for total returns but with a strong focus…

SDC-1801’s clinical plan modified
Sareum Holdings | 23/11/2021

Sareum’s lead asset SDC-1801 is inching closer to completing its preclinical toxicology studies, although the decision to pursue a capsule alternative…

Recovery in oil demand supports operations
Hellenic Petroleum | 23/11/2021

Hellenic Petroleum, a leading oil refiner in Greece, reported Q321 EBITDA of €125m, up 90% from Q320 (€66m), with improved performance across…

Executive interview
The MISSION Group - executive interview | 22/11/2021

In this interview, James Clifton, CEO of The MISSION Group, discusses how the business has adapted as the economy has reopened post COVID-19 lockdowns.…

14% revenue growth despite COVID-19 headwinds
AFT Pharmaceuticals | 22/11/2021

AFT Pharmaceuticals recently reported its results for H122. Operating revenue grew strongly by 14% year-on-year to NZ$55.5m, despite the impact of COVID-19…

Investments in platform paying off
YOC | 22/11/2021

YOC’s Q321 results were strong, highlighting the continuing success of its programmatic advertising platform, VIS.X. Both revenue and EBITDA increased…

A scaling player in online services
CentralNic Group | 22/11/2021

CentralNic provides domain name services and online marketing, focused on consolidating a highly fragmented global market. It offers a broad range of internet…

Preparing for delivery of first microbatteries
Ensurge Micropower | 19/11/2021

During Q321, Ensurge built its first stacked batteries using cell-stacking equipment and roll-based unit cells, which was a significant step towards delivering…

Sentiment needs restoring to access value
Avon Protection | 19/11/2021

The reaction to the latest product approval delays and the strategic review in the body armour business appears to more than discount the likely financial…

On track to reach its mid-term guidance
ProCredit Holding | 19/11/2021

We now expect ProCredit Holding (PCB) to reach its mid-term ROE target of 10% in FY21, driven by continued scaling of its operations through consistent…

Adapting to post-pandemic normal
Claranova | 19/11/2021

Claranova reported Q122 revenue of €88m (-2% y-o-y), slightly better than its end-September expectation of a 5% decline. Now that the transition…

Unique green hydrogen investment vehicle
Global Energy Ventures | 19/11/2021

Global Energy Ventures’ (GEV’s) planned development of a 2.8GW green hydrogen export project in the Tiwi Islands gives credibility and gravity…

Maintaining robust earnings in Q321
CoinShares | 18/11/2021

CoinShares International (CS) continues to benefit from the overall benign environment for digital assets. While lower trading volumes in the broader market…

Progress against stated objectives during FY21
Nanoco Group | 18/11/2021

During FY21 Nanoco extended its product and customer portfolio of nanomaterials for use in infrared sensing applications to five customers and eight different…

Reassuring Q1 update
EML Payments | 18/11/2021

EML provided a Q122 trading update at its AGM, confirming GDV growth of 14% y-o-y, revenue growth of 29% and underlying EBITDA growth of 11%. Management…

Q321 results, 41% y-o-y organic growth
Media and Games Invest | 18/11/2021

Media and Games Invest (MGI) showed continued strong growth in Q321, with improving margins as the business scaled. Q321 net revenues rose by 80% to €62.9m,…

Driven by growth in recurring revenue
CREALOGIX | 17/11/2021

CREALOGIX is a leading, global digital banking engagement platform provider, based in Switzerland, offering front-end software solutions that enable ‘the…

Stepping forward
Fundsmith Emerging Equities Trust | 17/11/2021

Fundsmith Emerging Equities Trust (FEET) has evolved from an emerging markets (EM) consumer-driven growth story since launch in 2014. Its strategy remains…

FDA clearance a step forward
OpGen | 17/11/2021

With the recent 510(k) clearance of the Acuitas AMR Gene Panel in bacterial isolates, OpGen has reached the next stage of its corporate evolution. As a…

Progress across the business
InMed Pharmaceuticals | 17/11/2021

With the recent closing of the BayMedica acquisition, InMed now has a substantially different profile than just a few months ago. The company is now in…

Smiths News – ETV: Cash flow begins to open up future options
Smiths News – ETV: Cash flow begins to open up future options | 17/11/2021

Smiths News trades on a P/E of just 4x in FY22e and yields an attractive 6%. In this interview, Smiths News CEO Jon Bunting discusses FY21, the impact…

EKF interview
3U HOLDING – EKF interview | 17/11/2021

3U HOLDING is a holding company that acquires, manages and sells interests in companies across three primary segments: telecom services, cloud computing…

Resilience and regulatory changes driving returns
Axiom European Financial Debt Fund | 17/11/2021

Axiom European Financial Debt Fund (AXI) has made a 21% total return over the last 12 months, well above the average of its debt investing closed-end funds…

Introducing the BayMedica Team
InMed Pharmaceuticals – Introducing the BayMedica Team | 16/11/2021

InMed Pharmaceuticals is a global leader in the manufacturing and development of rare cannabinoids. Together with its recently acquired subsidiary, BayMedica,…

Disco Dragon has all the moves
Mondo TV | 16/11/2021

Mondo TV posted a strong Q3 performance, with production value for 9M21 up 32% on the prior year and EBIT ahead by 20%. Encouragingly, the progress is…

A very profitable year
Stern Groep | 16/11/2021

FY21 is set to be a good year in terms of profitability for Dutch automotive company Stern Groep. We expect revenues to increase by 6.6% (was 11.6%), held…

Boda resource estimate within five months
Alkane Resources | 16/11/2021

On 22 October, Alkane announced the results to a further 19 diamond core and reverse circulation (RC) drill holes at it Northern Molong Porphyry Project.…

Strong Q3 lifts full-year guidance further
Dentsu Group | 16/11/2021

Dentsu posted a very strong performance for Q321, with revenue less cost of sales (RLCoS) up 27.8% on an organic basis and a substantial uplift in operating…

Business Keeper a keeper
EQS Group | 16/11/2021

EQS Group’s Q3 figures show the boost given to its whistleblowing offering by the June acquisition of Business Keeper, lifting the total number of…

Very long-term record of outperformance
Canadian General Investments | 15/11/2021

Canadian General Investments (CGI) has been managed by Greg Eckel at Morgan Meighen & Associates (MMA) since 2009. He has an unconstrained investment process,…

New capital to fuel growth
The NAGA Group | 15/11/2021

The NAGA Group is a fintech start-up in social trading with a flagship product (Naga Trader) and supplementary services. Headquartered in Hamburg, the…

Consistent returns and continuing growth
Target Healthcare REIT | 15/11/2021

The FY21 results and Q122 trading update show a continuation of Target Healthcare REIT’s consistent record of positive accounting returns on both…

Continuing positive returns in Q222
Civitas Social Housing | 15/11/2021

Civitas Social Housing REIT’s Q122 accounting total return of 1.4% builds on its record of consistently positive quarterly returns while generating…

Management confident of meeting FY21 guidance
Tinexta | 15/11/2021

Tinexta’s Q321 results indicated underlying improved momentum in FY21 when we account for the tough comparative provided by Q320 and the inherent…

PE fund signs its first transaction
SGT German Private Equity | 12/11/2021

SGT German Private Equity (SGT) is continuing its transition from a venture capital (VC) investor to an asset manager after the merger with SGT Capital…

Changes to group structure on the horizon
publity | 12/11/2021

On 19 October 2021, publity announced a European consortium led by a Luxemburg investment company has signed a Letter of Intent to become the new majority…

Planning a game-changing acquisition
mVISE | 12/11/2021

Significant changes are afoot at IT consulting company mVISE. Swiftly responding to deteriorating operations (H121 sales down 23% and EBITDA down 50% vs…

Supporting a growing retail investor group
ADVFN | 11/11/2021

ADVFN is a web-based provider of equity, crypto and other financial market data for private investors and has been listed on the London Stock Exchange…

Fully focused on Design & Manufacturing
discoverIE Group | 11/11/2021

With the proposed sale of Acal BFi, discoverIE is taking the final step to exit the Custom Supply business. Gross proceeds of £50m will be used to…

Coping well with challenging market conditions
Kendrion | 11/11/2021

Kendrion’s Q3 results showed better than expected revenues but also reflected the impact of global supply chain constraints and volatile order patterns…

Simplification and innovation
Centaur Media | 11/11/2021

Centaur’s recent capital markets day (CMD) facilitated a deeper dive into the transformation that the group has undergone, with detailed presentations…

Simplification and innovation
Centaur Media | 11/11/2021

Centaur’s recent capital markets day (CMD) facilitated a deeper dive into the transformation that the group has undergone, with detailed presentations…

A winning dual investment strategy
Aberdeen Asian Income Fund | 10/11/2021

With a focus on income and growth, Aberdeen Asian Income Fund’s (AAIF) dual investment strategy has proved successful. The team targets the income…

Q321 results in line with prior expectations
Newmont Corporation | 10/11/2021

Newmont’s Q321 results were closely in line with our prior forecasts (see Exhibits 1 and 2), albeit with relative outperformance from its Australian…

Primed to execute on its growth strategy
MagForce | 10/11/2021

MagForce continues to pursue its two-pillarMagForce continues to pursue its two-pillar strategy to drive uptake of its nanotechnology-based thermal ablation…

Customer engagement intensifying
Mynaric | 10/11/2021

During H121 Mynaric continued to broaden its customer base and expand capacity. This is in readiness to supply the requirements of the US Space Development…

Exceeding management’s FY21 guidance
Aspire Global | 10/11/2021

The strength of Aspire Global’s (AG’s) performance in the year to date is indicated by its last 12-months (LTM) revenue and EBITDA already…

Primed to execute on its growth strategy
MagForce | 10/11/2021

MagForce continues to pursue its two-pillar strategy to drive uptake of its nanotechnology-based thermal ablation treatment, NanoTherm. In the United States,…

Entering its next growth phase
CLIQ Digital | 09/11/2021

CLIQ Digital’s Q3 results were strong, with gross revenue of €40m (+35% y-o-y, +21% q-o-q) and EBITDA of €7.4m (+63% y-o-y), growing…

Planting growth
Veganz | 09/11/2021

Veganz believes it is the largest brand of purely plant-based food in Europe, with a multicategory range of products spanning ambient, chilled and frozen…

Additional approvals expected shortly
SIGA Technologies | 09/11/2021

SIGA recently reported Q321 results, which featured $2.3m in oral TPOXX purchases by the Canadian Department of National Defence (CDND). Importantly, the…

EKF interview
Arctic Paper - EKF interview | 09/11/2021

Arctic Paper is one of the leading producers of high-quality graphical paper in Europe. The company recently unveiled its new 4P strategy for 2022–2030,…

Capital markets day optimism
Secure Trust Bank | 09/11/2021

After Secure Trust Bank’s (STB) upbeat trading update in October, we feel there was a bullish tone to its capital markets day presentations on 3…

Renewi: CFO Toby Woolrych on FY2022 interims, recyclates driving record performance
Renewi: CFO Toby Woolrych on FY22 interims – record performance driven by recyclates | 08/11/2021

In this interview, Michelle Livings talks to Toby Woolrych, Renewi’s group CFO, about the company’s results released today and the key highlights.…

A unique portfolio of undervalued global assets
UIL | 08/11/2021

UIL Limited (UIL) is a leveraged fund that invests in specialist assets and is managed by deep-value investor ICM. Charles Jillings and his team take a…