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Robust demand with fulfilment issues
Technicolor | 24/01/2022

Technicolor is on track to meet FY21 and FY22 management guidance (maintained at the Q3 results in November) on EBITDA and EBITA, despite supply constraints…

Preparing to AACcelerate growth
AAC Clyde Space | 24/01/2022

AAC Clyde Space continues to make progress, although supplier issues constrained Q321. Management has developed a detailed growth plan to take sales from…

Strategic progress underscores potential
Palace Capital | 24/01/2022

Palace Capital (PCA) has recently disclosed several positive developments covering the near completion of its non-core disposal programme, the commencement…

RNAi technology from bioengineered yeast
Renaissance BioScience | 21/01/2022

Renaissance BioScience is a private bioengineering company developing proprietary yeast strains for use in the food and beverage, healthcare and agriculture…

Executive interview
SenSen Networks – executive interview | 20/01/2022

Sensen.ai is a pioneer in the field of sensor artificial intelligence (AI). The company’s platform, SenDISA, takes inputs from multiple sources,…

Strong FY21 drives upgrades
EMIS Group | 20/01/2022

EMIS’s FY21 revenue and operating profit came in ahead of the top end of consensus, reflecting a year of growth for EMIS Enterprise and more normal…

Rights issues secured and planned for Q122
Oasmia Pharmaceutical | 20/01/2022

Oasmia has announced it has secured a preferential, one-for-five rights issue that will raise gross proceeds of c SEK151m and should alleviate near-term…

Refocused Protection set to resume growth
Avon Protection | 20/01/2022

Avon Protection should be well positioned to recover strongly following the value destruction caused by the relatively small Armor activity, which now…

Immunodiagnostics for kidney transplants
Verici Dx | 20/01/2022

Verici Dx is an immunodiagnostics company focused on the development of tests for the kidney transplantation market. These tests use next-generation RNA…

Outstanding performance continues
PIERER Mobility | 19/01/2022

PIERER Mobility’s performance during the pandemic has been exceptional, with proactive management control enabling the company to successfully expand…

Investing in talent
The MISSION Group | 19/01/2022

The MISSION Group’s year-end trading update indicates FY21 PBT will be in line with market expectations, with a good H221 performance on revenue…

Strong Q421 shows MAP23 progress
Centaur Media | 19/01/2022

Centaur’s year-end trading update indicates the group had a good Q421 and FY21 results will show revenue and EBITDA margin ahead of consensus. We…

Fully focused on payments
Boku | 19/01/2022

Boku expects to report FY21 results in line with our expectations despite currency headwinds, with revenue growth of 22% and EBITDA growth of 31% y-o-y.…

Promising portable oxygen supplement device
Belluscura | 18/01/2022

Belluscura is focused on developing oxygen enrichment technologies. Its lead product, X-PLO₂R, is pitched as the world’s first modular portable…

Q-Sphera partnership with Janssen expanded
Midatech Pharma | 18/01/2022

Midatech Pharma (Midatech) has announced the extension of its Q-Sphera R&D collaboration deal with Janssen, its European partner since July 2020. The extension…

Positive outlook
Esker | 18/01/2022

Esker reported a strong close to the year, with Q421 revenue up 16% y-o-y despite a resurgence of the pandemic in December and FY21 revenue ahead of our…

Engineering recovery sustained
Carr’s Group | 18/01/2022

Carr’s trading update for the first 20 weeks of FY22 notes that the group has made a positive start to the year with overall performance during the…

High and rising dividends look set to continue
Henderson International Income Trust | 17/01/2022

Henderson International Income Trust (HINT) celebrated its 10th anniversary during 2021 and, over the past decade, the trust has succeeded in achieving…

Increasing stake in PlanetArt
Claranova | 17/01/2022

Claranova has agreed to buy out a proportion of the 7.7% minority interest held in its PlanetArt subsidiary. The buy-out will be conducted in stages, with…

Early-stage lung cancer diagnostics
LungLife AI | 17/01/2022

LungLife AI is a medical diagnostics company focused on the development of AI-supported blood-based tests for the early detection of lung cancer. It has…

Canacol maintains drilling pace into 2022
Canacol Energy | 17/01/2022

We have updated our valuation of Canacol Energy to reflect management guidance for 2022 and its preliminary expectations for 2021. Our valuation per share…

Nanoparticle-based imaging technology
Imagion Biosystems | 17/01/2022

Imagion Biosystems focuses on the development of new medical imaging techniques using magnetic nanoparticles to identify and diagnose cancer. The company…

AI-driven cancer screening software
Volpara Health | 17/01/2022

Volpara Health is a New Zealand-based health technology software company operating a Software-as-a-Service (SaaS) business model. It markets a range of…

Ending a strong year at a gallop
CentralNic Group | 17/01/2022

Driven by its investment programme, CentralNic delivered record like-for-like organic revenue growth throughout FY21 (Q121: 16%; H121: 20%; 9M21: 29%),…

FY21 in line
Osirium Technologies | 17/01/2022

Osirium’s year-end trading update was in line with its announcement in November; FY21 revenue is likely to be at least £1.45m and bookings at…

Forecasts maintained for FY22 and FY23
Games Workshop Group | 17/01/2022

Games Workshop Group’s (GAW’s) H122 results reflect lower year-on-year revenue growth after a very strong FY21, as expected, with positive…

New dermatological and antimicrobial agents
Botanix Pharmaceuticals | 14/01/2022

Botanix Pharmaceuticals is a clinical-stage biotech company focused on the development of novel treatments for common skin conditions. Its approach combines…

Pezadeftide – a novel antifungal agent
Hexima | 14/01/2022

Hexima is a pure-play biotech focused on the progression of its sole clinical asset, pezadeftide. The company aims to develop pezadeftide as a novel topical…

Drug-resistant cancer solutions
Scandion Oncology | 14/01/2022

Scandion Oncology is a biotechnology company focused on the development of therapies to alleviate drug resistance in prevalent cancers. Its most advanced…

Pre-close shows loan growth ahead of forecasts
Secure Trust Bank | 14/01/2022

STB disclosed in its pre-close trading update that loan growth is strong and ahead of our forecasts. STB said that it saw a record level of new business…

Broad opportunities in public and private markets
Templeton Emerging Markets Investment Trust | 13/01/2022

Templeton Emerging Markets Investment Trust (TEMIT) is by far the largest fund in the AIC Global Emerging Markets sector. Its two managers Chetan Sehgal…

Positive equity and global economic outlook
Martin Currie Global Portfolio Trust | 13/01/2022

Martin Currie Global Portfolio Trust (MNP) is managed by Zehrid Osmani, who aims to generate above-market returns over a rolling five-year period. He says…

Connection under demanding conditions
Trackwise Designs | 13/01/2022

Trackwise Designs has developed a proprietary, proven technology, IHT, for manufacturing extremely long, flexible circuits that can replace conventional…

IND approved by the FDA, preparing for Ph II/III
Abliva | 13/01/2022

With the investigational new drug (IND) application approved by the FDA, Abliva is getting ready for the pivotal Phase II/III trial for its lead drug candidate…

Accretive acquisitions and attractive financing
Impact Healthcare REIT | 12/01/2022

Late in 2021 Impact Healthcare REIT (IHR) announced significant investment activity amounting to £52m and its debut transaction in the institutional…

‘One-stop shop’ for biotech lifecycle investment
RTW Venture Fund Limited | 11/01/2022

RTW Venture Fund (RTWVF) is managed by healthcare specialist RTW Investments (RTW), which was founded in 2009 by Dr Roderick Wong. It has an innovative…

Unlocking value in the JV
Supermarket Income REIT | 11/01/2022

The decision by Sainsbury’s to exercise its purchase option over additional stores in the ‘indirect portfolio’ will trigger additional…

Record orders in FY21
XP Power | 11/01/2022

Well-flagged supply chain issues in Q421 held back revenue despite continued strong order intake. We have trimmed our FY21 forecasts to reflect this (EPS…

Fully invested after recent transactions
BioPharma Credit | 10/01/2022

BioPharma Credit (BPCR) recently announced it has entered into new senior secured loan agreements for up to US$212.5m in aggregate with two Nasdaq-listed…

Normal service has been resumed
Lookers | 10/01/2022

Lookers now expects to deliver a record profit performance in FY21 with adjusted profit before tax (PBT) ahead of market consensus expectations of c £82m.…

At the forefront of a new agrarian revolution
Agronomics | 10/01/2022

Agronomics (ANIC) invests in companies producing environmentally friendly alternatives to traditionally produced meat, dairy, seafood, materials and other…

Termination of coverage
Termination of coverage | 10/01/2022

Edison Investment Research is terminating coverage on Xintela (XINT), TXT e-solutions (TXT), HUTCHMED (HCM) and Schaltbau Holding (SLT). Please note you…

Termination of coverage
Termination of coverage | 10/01/2022

Edison Investment Research is terminating coverage on Xintela (XINT), TXT e-solutions (TXT), HUTCHMED (HCM) and Schaltbau Holding (SLT). Please note you…

Termination of coverage
Termination of coverage | 10/01/2022

Edison Investment Research is terminating coverage on Xintela (XINT), TXT e-solutions (TXT), HUTCHMED (HCM) and Schaltbau Holding (SLT). Please note you…

Termination of coverage
Termination of coverage | 10/01/2022

Edison Investment Research is terminating coverage on Xintela (XINT), TXT e-solutions (TXT), HUTCHMED (HCM) and Schaltbau Holding (SLT). Please note you…

New range of industrial anti-corrosion primers
Applied Graphene Materials | 06/01/2022

Applied Graphene Materials (AGM) has introduced a range of industrial anti-corrosion primers based on its own well-established Genable branded dispersions…

Executive interview
Aspire Global - executive interview | 06/01/2022

Aspire Global is a leading B2B provider of iGaming solutions, offering partners all relevant products to operate a successful iGaming brand, covering casino…

Introducing the BayMedica Team
InMed Pharmaceuticals – Introducing the BayMedica team | 06/01/2022

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

Another good exit: 4.2x ROI, 72% IRR
Mercia Asset Management | 06/01/2022

Mercia Asset Management has completed the sale of its second largest holding, Faradion (a leading sodium-ion battery technology company), for £100m…

Sale of majority stake in the water utility business
Georgia Capital | 05/01/2022

On 31 December Georgia Capital (GCAP) announced it has agreed to sell an 80% stake in its water utility business (held through Georgia Global Utilities,…

‘No interest’ in press-speculated deal
Tinexta | 05/01/2022

Tinexta has stated it has ‘no interest in the deal’ that was subject to press speculation on 4 January 2022, namely the claimed negotiations…

Evolving into a mid-stage biotech
AlzeCure Pharma | 05/01/2022

Following the results released earlier this year from a Phase Ib study investigating ACD440, a topical TRPV1 antagonist for pain, AlzeCure is now preparing…

Termination of coverage
Termination of coverage | 29/12/2021

Edison Investment Research is terminating coverage on Gamesys Group (GYG), Mutares (MUX) and MedservRegis (MDS). Please note you should no longer rely…

MUX
Termination of coverage | 29/12/2021

Edison Investment Research is terminating coverage on Gamesys Group (GYG), Mutares (MUX) and MedservRegis (MDS). Please note you should no longer rely…

Termination of coverage
Termination of coverage | 29/12/2021

Edison Investment Research is terminating coverage on Gamesys Group (GYG), Mutares (MUX) and MedservRegis (MDS). Please note you should no longer rely…

Convertible debt terms revised
Pharnext | 29/12/2021

Due at least in part to significant recent share price depreciation, Pharnext has announced a revision in the terms of its June 2021 convertible debt financing…

Fundraising supports EV contract
Trackwise Designs | 23/12/2021

Trackwise Designs has announced a fund-raising programme that will raise up to £7.0m (gross) at 80p/share to help provide the working capital needed…

Acquiring DKK1 rights
Arovella Therapeutics | 21/12/2021

Arovella Therapeutics (formerly SUDA Pharmaceuticals) has announced it has in-licensed the rights to a novel monoclonal antibody that targets the Dickkopf-1…

Win with US investment bank via IBM partnership
WANdisco | 21/12/2021

WANdisco’s deal flow trend is looking increasingly encouraging. The latest deal announced, worth c $1.65m and with a major US investment bank, was…

Steady as she goes
The Bankers Investment Trust | 20/12/2021

The Bankers Investment Trust (BNKR) is overseen by experienced manager Alex Crooke, who has managed this fund since July 2003. As co-head of global equities…

Focusing on H122 growth and innovation strategy
Renewi | 20/12/2021

H122 results were confidently presented and capitalised on a helpful recyclate pricing tailwind in the period, resulting in a further c 15% uplift in our…

Delivering progress
Norcros | 20/12/2021

Management guidance and our headline estimates are unchanged following a very good H122 trading performance. Norcros is a leading player in its product…

Revenue aspiration with a wow factor
Studio Retail Group | 20/12/2021

Studio Retail Group (SRG) is a focused play on the growth of online value non-food retail. Management’s aspiration to accelerate medium-term revenue…

Binding offtake signed with Traxys
Lepidico | 17/12/2021

On 16 December, Lepidico announced a binding offtake agreement with world-renowned metal trader Traxys for 100% of its lithium hydroxide production for…

Compelling income and recovery potential
Henderson Far East Income | 17/12/2021

Henderson Far East Income (HFEL) is differentiated from its Asian income peers by its high dividend yield (c 8% versus a peer average of c 4%), fully covered…

AGM produces key highlights
Sareum Holdings | 17/12/2021

Sareum’s annual general meeting (AGM) on 16 December provided key updates on its upcoming business plans. Final toxicology and safety studies for…

Targeting a 10%+ AUM and NAV CAGR to FY24
Deutsche Beteiligungs | 17/12/2021

Deutsche Beteiligungs (DBAG) posted a NAV total return (TR) of 35.3% in FY21 (to end-September 2021). This return is in line with public and private equity…

Refocusing on higher returns
Fidelity Emerging Markets | 17/12/2021

Fidelity Emerging Markets (FEML, formerly Genesis Emerging Markets, GSS) was transferred to Fidelity in October 2021, following board recommendation and…

SaaS software for the deskless workforce
Checkit | 17/12/2021

Checkit’s SaaS platform is designed to bring visibility to the operations of businesses with dispersed, deskless workforces. Checkit is focused on…

Funded through key milestones
Nicox | 16/12/2021

Nicox announced on 9 December that it has raised €15m in gross proceeds (€13.7m net) through a private placement and restructured its bond…

Coloured gemstones’ time to sparkle and shine
Gemfields Group | 16/12/2021

Record Q4 emerald and ruby auctions, which generated US$37.8m and US$88.4m respectively, took Gemfields’ total gemstone auction sales for 2021 to…

Stronger H222 underpinned by record backlog
Cohort | 16/12/2021

H122 results proved disappointing as Chess failed to deliver against expectations. The weakness at EID was anticipated, although there is a further deferral…

More than meets the eye
Auriant Mining | 16/12/2021

As in previous quarters, Auriant’s new policy of selling gold on an ‘as needed’ (rather than maximised) basis has resulted in the full…

Bagging elephants in British Columbia
Wheaton Precious Metals | 16/12/2021

On 13 December, Wheaton Precious Metals (WPM) announced that it has entered into a definitive agreement to acquire a gold and a silver stream relating…

Diverging trends in H221
musicMagpie | 16/12/2021

musicMagpie’s (MMAG) trading update for the year ended November 2021 is encouraging given the differing revenue trends of the individual business…

Performance remains subdued year to date
Tetragon Financial Group | 15/12/2021

Tetragon Financial Group (Tetragon) reported a 2.6% NAV total return (TR) year to date (ytd) to end-October 2021 in US$ terms. All asset classes except…

Two tech exits and new funds being raised
Bloc Ventures | 15/12/2021

Since we initiated in September, Bloc has exited two portfolio companies at a premium to holding value, Marmalade (a games developer, sold to LDC for a…

PRIMAvera recruitment timing pushed out
Pixium Vision | 15/12/2021

Pixium has announced that given longer than expected regulatory approvals for the PRIMAvera European pivotal study due to COVID-19 and delayed clinical…

DSR reduces congestion in heart failure
Sequana Medical | 15/12/2021

Sequana Medical recently announced positive interim data on six patients in its two-phase SAHARA DESERT study in decompensated heart failure (HF) patients…

Irrepressible
Endeavour Mining | 14/12/2021

In the wake of an excellent set of third quarter results, we have increased our production forecasts for Houndé and Sabodala-Massawa for Q421 by 7.3%…

Platform validated, pipeline momentum building
IRLAB Therapeutics | 14/12/2021

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

Philosophy and process driving outperformance
BlackRock Greater Europe Investment Trust | 14/12/2021

BlackRock Greater Europe Investment Trust’s (BRGE) shareholders benefit from the input from two of BlackRock’s investment teams. The trust…

Sustainable model remains undervalued
Mercia Asset Management | 14/12/2021

After 18% growth in FY21, H122 assets under management (AUM) was up only marginally to c £948m, with nine exits resulting in distributions to investors…

Hedin to acquire Stern’s activities ex Bovemij
Stern Groep | 14/12/2021

Stern has announced that it is in negotiations with Swedish mobility group Hedin, which has offered €83m in cash to acquire all of Stern’s…

Funded energy transition activities drive profitability
Mytilineos | 14/12/2021

Mytilineos’ emissions reduction targets are more aggressive than any pure-play listed aluminium producer. From 2025, we estimate that Mytilineos…

Compounding over time
Securities Trust of Scotland | 13/12/2021

Securities Trust of Scotland (STS) has been managed by James Harries and Tomasz Boniek of Troy Asset Management (Troy AM) since November 2020, when the…

NAV total return of 36% in 9M21
HgCapital Trust | 13/12/2021

HgCapital Trust (HGT) delivered a strong NAV total return of c 36% in the first nine months of 2021, including c 12% in Q321, driven primarily by double-digit…

Focused on accelerated growth
TXT e-solutions | 13/12/2021

TXT e-solutions reported 15% year-on-year organic revenue growth for Q321, further boosted by contributions from recent acquisitions HSPI (+21%) and TeraTron…

New large indication for UV1
Ultimovacs | 13/12/2021

Ultimovacs has made the decision to expand its R&D pipeline with a new indication, non-small cell lung cancer (NSCLC), for its lead asset the therapeutic…

VivoPower International: Kevin Chin discusses GB Auto and the digital asset launch
VivoPower International: Kevin Chin discusses GB Auto and the digital asset launch | 13/12/2021

VivoPower International (Vivo) delivers sustainable energy solutions to its corporate customers as they look to decarbonise their operations. Vivo’s…

Executive interview
Riverstone – executive interview | 13/12/2021

Jamie Brodsky and Chris Abbate of Riverstone Credit Opportunities Income Fund (RCOI) discuss how the fund is repositioning to help the global energy transition…

Supermarket sweep
Supermarket Income REIT | 13/12/2021

Supermarket Income REIT’s (SUPR’s) development continues apace. Including the three recently announced acquisitions (c £150m before costs),…

Approaching major milestones
Xintela | 10/12/2021

Xintela’s Q321 report provides key updates on the company’s pipeline and business plans. Lead programme XSTEM-OA will begin patient enrolment…