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Edging forecasts to higher end of range
Dentsu Group | 15/08/2022
Dentsu has had a strong Q222, reporting organic revenue growth of 8.2% (7.9% including Russia). Customer Transformation & Technology (CT&T) is the main…
DSR 2.0 moving forward
Sequana Medical | 15/08/2022
Following sustained positive effects from the SAHARA I study in restoring diuretic response (DR) in heart failure (HF) patients with persistent congestion,…
Unravelling the web of NETs in sepsis
VolitionRX | 15/08/2022
VolitionRx is a clinical diagnostics company with a different perspective on immunoassay technology for the detection and monitoring of severe diseases…
German whistleblowing law set for end Q3
EQS Group | 15/08/2022
The long and frustrating wait for the EU directive on whistleblowing to be passed into law in Germany should finally end in late September and we would…
Anticipating a catalyst rich Q422
Context Therapeutics | 12/08/2022
Context Therapeutics’ Q222 results provided an update on the company’s operating performance and pipeline. Operating losses of $4.0m, increased…
Re-acceleration with momentum in the back half
OpGen | 12/08/2022
OpGen’s Q222 revenue growth re-accelerated with the post-pandemic normalization in demand. Revenues of $0.97m increased 19% y-o-y, largely driven…
Looking to US campaign growth
Mirriad Advertising | 12/08/2022
Mirriad’s interim results confirm the trading update published in July, which indicated the impact of the withdrawal from China, and we make no further…
FY22 guidance reiterated after strong Q222
JDC Group | 12/08/2022
JDC Group (JDC) reported strong Q222 numbers and reiterated its FY22 guidance for revenues of €165.0–175.0m (FY21: €146.8m) and EBITDA…
H1 growth ahead of expectations
S&U | 11/08/2022
S&U’s lending growth has been ahead of expectations in H123, despite relatively weak consumer confidence and a conservative underwriting policy.…
M&A contribution and potential overlooked
Foxtons Group | 11/08/2022
H1 revenue grew 3% against tough comparators and operating profit increased by 13% y-o-y, reflecting good underlying markets and M&A in lettings. The announcement…
ARR growth in a more cautious market
Checkit | 11/08/2022
Despite a challenging market environment, Checkit has grown annualised recurring revenue (ARR) by 48% y-o-y to £10.2m at the end of H123 and looks…
Rental growth further accelerates
Primary Health Properties | 11/08/2022
As expected, Primary Health Properties (PHP) reported a strong financial and operational performance in H122 and is well into its 26th year of unbroken…
BARDA exercises first option for IV TPOXX
SIGA Technologies | 11/08/2022
Following strong Q222 results, SIGA Technologies has announced that the Biomedical Advanced Research and Development Authority (BARDA) has exercised its…
An attractively priced option on crypto adoption
Coinshares International | 10/08/2022
We consider CoinShares International (CS) an attractively priced option on the prospective adoption of digital assets. We estimate that CS’s market…
Yield hits four percent test
Endeavour Mining | 10/08/2022
Endeavour’s Q222 results were better than our expectations. Production for the quarter was 345koz (cf our expectation of 322koz) at an all-in sustaining…
Big gains in marketing productivity
4imprint Group | 10/08/2022
4imprint’s first half results show the benefit of record levels of customer demand, with revenue up 58% year-on-year and operating profit rising…
Executive interview
Basilea Pharmaceutica - executive interview | 10/08/2022
Basilea Pharmaceutica is a Switzerland-based biopharmaceutical company, established in 2000 as a spin-out from Roche with the divestment of its anti-infective…
Flat revenue in a challenging year
Claranova | 10/08/2022
Claranova has reported Q422/FY22 revenue substantially in line with our forecast. The group reported revenue growth of 4% for Q422 and 1% for FY22. As…
Refocused automotive growth strategy
paragon | 09/08/2022
paragon has spent much of the pandemic refocusing on its core automotive activities and addressing the issue of bond refinancing. Both are now largely…
Management update – on track
SynBiotic | 09/08/2022
SynBiotic has extended its lead in the European hemp and cannabis sector and is continuing to build a cannabis ‘ecosystem’, encompassing cultivation,…
Strength across the board
Tinexta | 09/08/2022
Tinexta’s interim results were strong due to a combination of underlying growth and contributions from M&A. The completion of the disposal of its…
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YouGov | 09/08/2022
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Executive interview
Steakholder Foods - executive interview | 09/08/2022
Steakholder Foods, formerly MeaTech 3D, is an international deep-tech food company at the forefront of the cultured meat revolution. It began activities…
Fermenting growth and commercial viability
Agronomics | 09/08/2022
Agronomics (ANIC) invests in cellular agriculture companies. This report provides an update on our January 2022 initiation note and March 2022 update,…
Yield hits 4%
Endeavour Mining | 08/08/2022
Endeavour’s Q222 results were better than our expectations. Production for the quarter was 345koz (cf our expectation of 322koz) at an all-in sustaining…
Cautiously optimistic for FY23
YouGov | 08/08/2022
YouGov’s year-end trading update (to end-July) indicates results in line with management expectations, with underlying growth across all segments…
Wider discount to NAV amid macro risks
abrdn Private Equity Opportunities Trust | 08/08/2022
Abrdn Private Equity Opportunities Trust (APEO) posted a 6.8% NAV total return (TR) in H122 (ending March 2022), which was a function of a robust return…
Progress in a more challenging environment
Phoenix Spree Deutschland | 08/08/2022
In an increasingly challenging environment, Phoenix Spree Deutschland (PSDL) has reported ongoing growth in rents and portfolio values for H122. Demographic…
Repositioned for emerging opportunities
Fidelity Emerging Markets | 08/08/2022
Fidelity Emerging Markets (FEML) was transferred to Fidelity in October 2021. FEML mirrors the FAST EM Fund (FAST, £178m AUM at 30 June 2022), which…
Ambiguity in GBM but pipeline still busy
Kazia Therapeutics | 08/08/2022
Kazia Therapeutics has reported that the company’s lead asset paxalisib (PI3K/mTOR inhibitor) has not graduated to Stage 2 of the Phase III GBM AGILE…
Best is yet to come
SIGA Technologies | 08/08/2022
SIGA reported strong Q222 results driven by international expansion and rapid response to the larger than-expected monkeypox outbreak. Q222 product sales…
Coping well with commodity price rises
Carr’s Group | 08/08/2022
Carr’s Group’s trading update for the 22 weeks ending 30 July 2022 notes that the overall trading performance for FY22 is in line with board…
APIRx acquisition to bolster portfolio
Incannex Healthcare | 08/08/2022
Incannex Healthcare, an Australian cannabinoid and psychedelic medicines biotech, has announced that it has completed the acquisition of APIRx Pharmaceuticals…
Coming in sight of the Rubicon
Lepidico | 05/08/2022
Lepidico is awaiting the delivery of Phase 1 control estimates from its EPCM contractor ahead of making a final investment decision (FID) on its Karibib…
Making CLIQ a household name
CLIQ Digital | 05/08/2022
CLIQ Digital’s H122 results were strong across all KPIs, illustrating that the group is on track to reach management’s FY22 guidance, which…
Executive interview
The Merchants Trust – executive interview | 05/08/2022
In this interview, CIO of Allianz Global Investors, Simon Gergel, highlights what the Merchants Trust (MRCH) offers investors in terms of both capital…
Adjusting to the new reality
Baker Steel Resources Trust | 05/08/2022
Baker Steel Resources Trust (BSRT) recently faced headwinds from weaker equity and industrial/precious metals markets and the impact of cost inflation…
Updating estimates for FY22 results
Accsys Technologies | 05/08/2022
With its FY22 results at the end of June, Accsys provided guidance for FY23 to almost double EBITDA, mainly driven by new capacity. To fulfil the strong…
Performance shining brightly
The Merchants Trust | 05/08/2022
The Merchants Trust (MRCH) is actively managed by Allianz Global Investors’ highly experienced chief investment officer of UK equities/UK income,…
Remote rehabilitation system approved
Pixium Vision | 04/08/2022
Pixium has received regulatory approval in multiple countries (France, Germany, Italy, Spain and the Netherlands) for its remote rehabilitation system,…
Executive interview
Loop Energy – executive interview | 04/08/2022
Watch this Edison interview with Loop Energy CEO Ben Nyland, following the company’s Q222 earnings release on 3 August. Ben highlights a record quarter…
Strong H122 trading and progress on strategy
Greggs | 04/08/2022
Greggs’ (GRG) strong H122 results and trading to July demonstrate the resilience of its value-based product offering to customers in more challenging…
Public market falls largely priced in
IP Group | 04/08/2022
IP Group has released its H122 interim results, which are in line with guidance given at the end of May. They show an NAV per share of 136.7p, an 18% fall…
Continued growth momentum in H122
Creo Medical | 04/08/2022
Creo Medical announced its H122 trading update ahead of full interim results in September. H122 revenue was around £13.5m, a c 5% y-o-y increase compared…
Bloc Test 2.0
Bloc Ventures | 03/08/2022
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Bloc Ventures | 03/08/2022
This is a test. Type five lines to get your key investment message across here. Explain to the investor why this company has a strong product or service…
Derating offers an attractive entry point
Seraphim Space Investment Trust | 03/08/2022
So far in 2022 long-duration growth stocks have seen a significant de-rating due to a variety of reasons such as the war in Ukraine, supply chain issues…
Promising combination therapy for ONA-XR
Context Therapeutics | 02/08/2022
Context Therapeutics announced plans to collaborate with the Menarini Group to study ONA-XR in combination with elacestrant, an oral selective estrogen…
FY22 cash flows within our expectations
Medlab Clinical | 02/08/2022
Medlab Clinical has released its cash flow report for Q422 and the full FY22 period. Net cash outflow from operating activities in FY22 was A$9.0m, roughly…
Third consecutive year of EBITDA growth
Filtronic | 02/08/2022
Filtronic’s FY22 results show revenues growing by 10% while adjusted EBITDA jumped by 58% despite the challenges posed by global supply chain shortages.…
Excellent Q4 production but lower PGM basket
Sylvania Platinum | 02/08/2022
Sylvania Platinum is a safe, low-cost surface platinum group metals (PGM) dump re-treatment company operating in South Africa (SA). Its low-cost operations…
Executive interview: XP Power FY22 interim results
Executive interview: XP Power FY22 interim results | 01/08/2022
In this interview, CEO Gavin Griggs and CFO Oskar Zahn discuss XP Power’s H122 results. They explain the challenges the company faced during the…
Defence prioritisation to strengthen demand
Cohort | 01/08/2022
Cohort’s position as a growing international defence company is being increasingly recognised as the sector gains relevance for governments and investors…
Strong H122 and with continued momentum
Mytilineos | 01/08/2022
Mytilineos reported record-high H122 results. Net profit after minorities increased by 116% to €166m, versus H121 (€77m) and was higher than…
Wheezo to begin patient use in the US
Respiri | 01/08/2022
Respiri has announced that, along with partner Access Telehealth, it has successfully concluded a system integration of the companies’ platforms…
Recap of a busy quarter
Arovella Therapeutics | 01/08/2022
Ahead of its FY22 results, Arovella has released its quarterly activities report, reiterating key developments and milestones achieved in the closing quarter…
Demand remains strong despite supply issues
XP Power | 01/08/2022
The continuation of component shortages and further COVID-19 disruption reduced the amount of product XP Power could ship in H122, weighing on gross margins…
Resilient business model in testing times
The Law Debenture Corporation | 29/07/2022
The Law Debenture Corporation (LWDB) has reported on a robust first six months of 2022. The NAV total return was negative but ahead of the benchmark and…
Upgrading on strong organic growth
discoverIE Group | 29/07/2022
In Q123, discoverIE saw a continuation of the strong organic growth reported in FY22, with revenue 17% higher y-o-y on an organic basis and 27% higher…
SDC-1801 CTA filed in the UK
Sareum Holdings | 29/07/2022
Sareum has announced that it has filed a clinical trial authorisation (CTA) application for its lead asset, SDC-1801, with the UK Medicines and Healthcare…
A safe haven for investors awaiting the upturn
Mercia Asset Management | 29/07/2022
As a regionally focused specialist asset manager, Mercia does not expect to experience the same highs and lows in valuations seen in more international…
Well funded for expansion
Else Nutrition | 29/07/2022
Else raised gross proceeds of C$7.35m through equity. It offered 7.004m units at C$1.05, with each unit consisting of one share and one warrant. The warrants…
Five-year growth target achieved
Solid State | 29/07/2022
Solid State delivered record revenues and profits during FY22, with adjusted EPS rising by 29% year-on-year to 70.6p. This is well ahead of management’s…
Made in Vietnam
VietNam Holding | 29/07/2022
VietNam Holding (VNH), managed by Dynam Capital (Dynam), a Vietnamese equities closed-ended fund, has given away some of its performance gains of the past…
Maintaining FY23 outlook
GB Group | 28/07/2022
GB Group’s AGM trading update confirms that the Fraud and Location businesses have seen solid underlying growth year-to-date. A tough comparative…
Management optimistic about growth initiatives
musicMagpie | 28/07/2022
musicMagpie’s (MMAG) headline H122 figures were well flagged in the June 2022 trading update, with profitability and cash flow driven by the changing…
Pascomer falls short of FDA mandated threshold
AFT Pharmaceuticals | 28/07/2022
AFT Pharmaceuticals announced that its Pascomer Phase II clinical trial has failed to meet its primary endpoint of a two-point improvement on the Investigator’s…
Moving forward with MSC Shipmanagement
Quadrise Fuels International | 28/07/2022
Quadrise has signed a framework agreement with MSC Shipmanagement that covers proof-of-concept (POC) tests and subsequent letters of no objection (LONO)…
Sustained growth momentum in H122
Ergomed | 27/07/2022
Ergomed’s H122 trading update re-emphasised its robust business model and resilient growth despite the challenging macro environment. Revenues grew…
Another collaboration agreement for Ares Genetics
OpGen | 27/07/2022
OpGen’s subsidiary, Ares Genetics, has signed a research collaboration agreement with the Belgian National Reference Center (BNRC) for invasive Streptococcus…
Alkindi sales underpin top-line growth
Diurnal Group | 27/07/2022
Diurnal announced a trading update for the 12-month period ending June 2022, reporting top-line results broadly in line with consensus estimates. While…
Strong returns continued through Q123
Picton Property Income | 27/07/2022
For the three months to 30 June (Q123), Picton Property Income has continued to generate attractive total returns, including valuation gains across each…
ESGO financing deal shores up balance sheet
Pixium Vision | 27/07/2022
Pixium has entered into a convertible notes financing arrangement with US-based healthcare investor European Select Growth Opportunities Fund (ESGO), for…
Incorporating Salobo Q222 operating results
Wheaton Precious Metals | 27/07/2022
Wheaton Precious Metals’ (WPM’s) Q222 results are scheduled for release after the market close in North America on 11 August. This note reduces…
Pulling out of China, progress in the US
Mirriad Advertising | 27/07/2022
Mirriad’s decision to exit the Chinese market, following weaker than expected trading and restructuring of the Tencent contract, is a clear setback…
Currency moves mask underlying growth
Boku | 27/07/2022
While currency headwinds reduced growth on a reported basis in H122, Boku expects to report constant currency growth of 14% for total payment volume (TPV)…
Preclinical collaboration in orphan disease
Oryzon Genomics | 26/07/2022
Oryzon Genomics has announced that it is has entered into a partnership with the Charcot-Marie-Tooth Research Foundation (CMTRF). The collaboration will…
WHO declares monkeypox a global emergency
SIGA Technologies | 26/07/2022
On 23 July the World Health Organization (WHO) declared monkeypox a global health emergency (only the seventh since 2009). With the anticipated worldwide…
Demand for deep tech unhindered by downturn
Bloc Ventures | 26/07/2022
Following the exits of Marmalade and EVRYTHNG in 2021, Bloc’s FY21 NAV/share rose 7% y-o-y to £25.30. Bloc has now delivered a FY18–21…
Positive drill results at La Colorada Skarn
Pan American Silver | 25/07/2022
Pan American Silver (PAAS) has announced the results of additional infill and exploration drilling at the La Colorada Skarn project. The latest data are…
Costs up but company remains well funded
Oryzon Genomics | 25/07/2022
Oryzon Genomics has reported results for H122 and highlighted the progress of key assets iadademstat and vafidemstat during the period. It reported combined…
More work to do in Europe
EML Payments | 25/07/2022
Recent engagement with the Central Bank of Ireland (CBI) has confirmed that EML Payments’ Irish subsidiary will need to undertake further work to…
Multiple contract wins across all four verticals
SenSen Networks | 25/07/2022
SenSen continued its run of record quarterly cash receipts, which rose 128% y-o-y and 117% q-o-q to A$3.7m. Notably, the company secured contracts worth…
Focus on increasing US market access
Shield Therapeutics | 22/07/2022
Shield Therapeutics’ (STX) value stems from Accrufer’s US market opportunity as the company seeks to maximise returns through self-commercialisation.…
Manager suggests May 2022 was inflexion point
Worldwide Healthcare Trust | 21/07/2022
Worldwide Healthcare Trust (WWH) has two co-managers, Sven Borho and Trevor Polischuk at global healthcare specialist OrbiMed. Borho recently presented…
Moving towards key Mont Blanc data in Q4
Nicox | 21/07/2022
Nicox’s Q222 update confirms its overall business plan and its expectation that primary efficacy data for the Mont Blanc Phase III study of lead…
Becoming more stylistically balanced
JPMorgan European Discovery Trust | 21/07/2022
JPMorgan European Discovery Trust (JEDT) specialises in continental European small and mid-caps. The strength of the strategy is that while it is actively…
Flying high with 62% organic revenue growth
CentralNic Group | 21/07/2022
CentralNic has delivered another record quarter, with pro forma last 12 months organic revenue growth of 62% to 30 June 2022 (53% to 31 March 2022), driven…
Key strengths undervalued, legacy issues fixed
Norcros | 20/07/2022
We believe that Norcros’s proven strategy remains on track, which should allow it to unlock significant market growth opportunities. We also believe…
Q1 trading in line, value upside remains
Renewi | 20/07/2022
Renewi is a leader in its chosen waste and recycling sectors and well positioned in the emerging circular economy. The shares trade at a discount to peers…
Flagship 4 showing their strengths
Centaur Media | 20/07/2022
Centaur has posted good H122 figures, with revenues ahead by 8% on H121 and an uplift in EBITDA margin from 12% to 17%, well on the way to achieving the…
Flying high with a major EU aerospace company
1Spatial | 19/07/2022
1Spatial has announced a sizeable contract with a major European aerospace company worth circa €3m over five years. Notably, the deal is the first…
A step closer on DSR heart failure programme
Sequana Medical | 19/07/2022
Sequana Medical provided an update following encouraging data from its Phase IIa SAHARA Direct Sodium Removal (DSR) study in patients with persistent congestion…