Report archive

Synnovia - FY results, encouraging signs


Synnovia (LON:SYN) has released its full-year (FY) results to March 2019. These were in line with the forecasts we issued following the April 2019 trading statement. Revenues increased 8.7% to £81.6mln, earnings before interest, tax, depreciation, and amortisation (EBITDA) were up 7.3% at £7.5mln, and earnings per share (EPS) were up 2.1% at...

Published: 11:32, 09 Jul 2019

GRIT Real Estate - The next level


GRIT Real Estate Income Group (LON:GR1T), the leading pan-African real estate company, has released a trading update for its financial year ending June 2019. The company is on track to deliver its targeted 12% total shareholder return for FY June 2019, and an increased dividend. Furthermore, the occupancy rate stands at 97.2%, and 95% of...

Published: 14:47, 27 Jun 2019

MTI Wireless Edge - Expanding irrigation opportunity


MTI Wireless Edge (LON:MWE) recently announced the acquisition of a 50% stake in Parkland Australia, a value added reseller of MTI's smart irrigation systems. We are increasing our revenue and earnings per share (EPS) forecasts by 1% for 2019e and 2% for 2020e to reflect the acquisition (table on p2...

Published: 14:19, 27 Jun 2019

Itaconix PLC- Transformation bearing results


Itaconix's (LON:ITX) results for the year to December 2019 were in line with our expectations, with revenue of £0.7mln and year-end net cash of £2.1mln. Since the financial year end, Itaconix has announced a number of important developments: Agreement with Nouryon for bio-based polymers for the detergent industry (January...

Published: 10:16, 27 Jun 2019

Primary Health Properties - Healthy REITing


Primary Health Properties (LON:PHP) is a real estate investment trust (REIT) that holds a portfolio of 484 primary health facilities in the UK (94% of the portfolio) and Ireland (6%). The business model is to manage the properties for rental income and to grow the portfolio over time. The asset base has some attractive characteristics for...

Published: 11:30, 11 Jun 2019

MTI Wireless Edge - Strong first quarter


MTI Wireless Edge (LON:MWE) has reported results for the first quarter (Q1) of 2019, showing continued strong progress. Revenues increased by 16% year-on-year and operating profits 66%. We maintain our full-year (FY) 2019 forecasts, with FY revenue growth of 10% and earnings per share (EPS) growth 27.8%. All comparisons are on a...

Published: 11:16, 23 May 2019

CUI Global Inc - A whole new venture


CUI Global (NASDAQ:CUI) has announced a proposed deal to combine with four other businesses, currently privately held, that provide industrial services to the energy industry and other sectors. The combined business, referred to in the release as Pro-Forma CUI, will be an entirely transformed entity, with more than 3x the revenues (estimated)...

Published: 10:22, 17 May 2019

Shield Therapeutics PLC Heading for a US approval decision


Shield Therapeutics (LON:STX) is making excellent progress having reported two sets of new supportive clinical data on its lead product Feraccru, a low dose oral iron capsule. Feraccru is being positioned as an alternative therapy for patients with iron deficiency (ID) and iron deficiency anaemia (IDA) unable to tolerate or unresponsive to...

Published: 11:50, 09 May 2019

Custodian REIT - Consistent income to shareholders


Custodian REIT (LON:CREI) released its quarterly net asset value (NAV) update on April 30. The release shows a NAV of £426.6mln, unchanged versus December 2018, and NAV total return per share (definition in the release) of 5.9%. Occupancy remains high at 95.9%. The property portfolio valuation is down by £5mln during the quarter at...

Published: 09:06, 30 Apr 2019

Synnovia playing catch-up


Synnnovia PLC (LON:SYN) has released a trading update for the year to 31 March. The company continues to expect significant growth in revenue and profits, with progress remaining strong in the higher margin Industrial division. However, profitability for the group as a whole will now be below previous expectations. Previously...

Published: 09:57, 26 Apr 2019

Oriole Resources: Morphing into an African Explorer


New image and impetus from an overhauled management team Company is refocused on African projects Earning in on projects in Cameroon - a relatively new frontier Potential revenue streams from legacy Turkish project portfolio A major as a joint venture (JV) partner in Senegal...

Published: 11:44, 17 Apr 2019

Location Sciences - first mover in a huge market


Location Sciences Group PLC (LON:LSAI) is a high growth technology company and global leader in location verification. Location Sciences was born in September 2017 from the ashes of Proxama PLC. The transformation was formalised with the name change to Location Sciences Group PLC in 2018. During the last 12 months, Location Sciences has...

Published: 09:42, 10 Apr 2019

Avacta - interim results confirm progress


Avacta Group PLC (LON:AVCT) reported interim results to January 2019, confirming good progress on key development programmes Lead immune checkpoint inhibitor programmes continue to move towards in-man clinical data in 2020 Major development partnership and licence agreement with LG Chem potentially worth more...

Published: 09:01, 09 Apr 2019

Judges Scientific's focus is paying dividends


Judges Scientific PLC (LON:JDG) posted strong 2018 full year results with revenues at £77.9mln (9% up year-on-year, including 5.5% organic growth) and adjusted operating profit at £14.7mln (35% up year-on-year). Revenue growth was solid across the regions, except for China/Hong Kong, where sales were down by 8% following the previous annual...

Published: 14:23, 04 Apr 2019

Itaconix - Gaining global reach


Itaconix PLC (LON:ITX) designs and manufactures functional polymers for applications in consumer and industrial products. The company creates new products through its proprietary polymerisation process that uses Itaconic acid, which is a bio-based building block produced by fermentation using corn as a source of sugar. There are three major...

Published: 10:15, 21 Mar 2019

CUI Global - Preparing to step on the gas


CUI Global (NASDAQ:CUI) has reported strong results for the full year (FY) 2018, with revenues of US$96.8mln versus our forecast of US$92.8mln. The FY order backlog stood at US$37.5mln versus US$32.8mln at the end of 2017. The company reported an underlying loss (statutory LBITDA) of USS$14.0mln versus our forecast of a loss of...

Published: 09:25, 19 Mar 2019

MTI Wireless Edge - Strong progress continues


MTI Wireless Edge (LON:MWE) reported results on 11 March for the full year to 31 December 2018. The results show continued strong progress following the August 2018 merger of MTI Wireless Edge with MTI Computers. Revenues increased by 35%, or 2% organically, operating profit +21% organically, and earnings per share (EPS) +14%. The statement...

Published: 10:32, 12 Mar 2019

Gfinity makes strong H1 progress


Gfinity PLC (LON:GFIN) reported results for the first-half period to December 2018, on March 4, demonstrating very strong progress. Revenues grew 143% year-on-year, with 104% growth for the Managed Services business and 387% for the Owned Content business. Managed Services increased its revenues by 189% on a like-for-like basis (based on...

Published: 13:22, 06 Mar 2019

GRIT Real Estate Income Group - Succeeding by design


GRIT Real Estate Income Group (LON:GR1T) is a pan-African (excluding South Africa) real estate company, generating high levels of US dollar and euro-denominated rental yield underpinned by a blue-chip tenant base. The company has achieved good progress since its London Stock Exchange (LSE) listing in July 2018. Results for the...

Published: 13:43, 05 Mar 2019

Synnovia PLC: Latest update


Synnovia (LON:SYN) released a trading update on 19 February, confirming that trading in the full year (FY) to 31 March is broadly in line with expectations. We continue to forecast growth in revenue and earnings; however, we are lowering our FY earnings per share (EPS) forecast from 11.9p to 10.4p to reflect a slower increase in profit margins...

Published: 13:52, 27 Feb 2019

Strong growth drivers ready to kick-in


InnovaDerma (LON:IDP) reported results on 21 February for the first half of the full year (FY) to June 2019. Results were in line with January's trading statement, with first half (H1) revenues down 7.5% driven by disruptions to the direct-to-consumer (DTC) sales channel. The company has indicated that a number of elements are in place to drive...

Published: 12:10, 25 Feb 2019

Ceylon Graphite: Back to Graphite's Original Source


Ceylon Graphite Corp, is listed on the TSX Venture Exchange. The company is an explorer for graphite and engaged in the development of graphite mines in Sri Lanka. The company holds exploration rights over a land package of around 121km². These rights cover areas of historic graphite production from the early twentieth century and represent a...

Published: 10:27, 19 Feb 2019

Gfinity - Game on


Gfinity (LON:GFIN) is a world leader in the fast-growing market for esports. The company provides full end to end esports solutions, including bespoke content, tournament and event solutions for commercial partners via its proprietary online platform and live broadcasting studio, plus it is building its owned Elite Series brand and hosting its...

Published: 10:35, 06 Feb 2019

Custodian REIT - Strategy still winning


Custodian REIT (LON:CREI) released its quarterly net asset value (NAV) updated on 29 January. This was in line with our expectations. NAV Total Return +1.0% in the quarter. Portfolio net initial yield (a measure of property income yield) of 6.6%. Balance sheet gearing remains low at LTV (loan-to-value) ratio of 24.7%. We...

Published: 08:04, 29 Jan 2019

MTI Wireless Edge (LON:MWE) - Post-merger, all on track


During the last week, the company has made two significant announcements: The nomination of Moni Borovitz as CEO, from finance director previously, subject to the annual general meeting on 14 March. A share buyback of up to £150k, commencing 28 January The company came into being in its...

Published: 16:03, 25 Jan 2019