Report archive

Avacta Group - Rapid Progress of Immuno-oncology Programs


KEY INVESTOR MESSAGES Faster than expected development of the second immuno-oncology (I-O) program, a LAG3 inhibitor, allows company to evolve its lead program into a more ambitious LAG3/PD-L1 bispecific aiming to enter the clinic in 2020 Good progress of the ongoing external collaborations in two key areas: gene delivery (Moderna, OncoSec, FIT Biotech) and...

Published: 09:00, 16 Apr 2018

Summit Therapeutics Plc - Stock Valuation Undemanding


- Key inflection point: topline data readout from the PhaseOut DMD phase 2 trial in Duchenne (DMD) expected in 3Q 2018 - Imminent start of a pivotal phase 3 study for ridinilazole in C. difficile infections (CDI) - Recent Discuva acquisition reinforces novel antibiotics discovery capabilities  - Current valuation (market cap of c. $165 mln) undemanding given...

Published: 12:24, 03 Apr 2018

Kasbah Resources - Exposure to the Tin Market


Kasbah Resources Limited (ASX:KAS) was listed on the Australian Stock Exchange on 27th April 2007 with the objective of bringing the Achmmach tin project in northern Morocco into commercial production. After completing the major evaluation steps and analysis, Kasbah Resources Limited (ASX:KAS) is in the final stages of preparing a definitive feasibility study to develop...

Published: 08:11, 29 Mar 2018

e-Therapeutics - FY 2018 Results Show Good Progress


e-therapeutics reported results for the full year to Jan 31st 2018; business updates reflect good progress on the main research programs. Cash balance of £9.6mn was slightly higher than we expected, thanks to careful cost management.  

Published: 13:02, 28 Mar 2018

Judges Scientific PLC - FY 2017 Results


Judges Scientific (LON:JDG) reported strong full-year 2017 results posting record high revenues, adjusted operating profit, adjusted earnings per share, and dividends. Overall earnings came stronger than expected driven by healthy organic growth as well as contributions from new acquisitions. The company’s priority in delivering returns to shareholders remains unchanged.

Published: 08:28, 22 Mar 2018

Genedrive PLC - Interim Results for the six months to December 2017


Genedrive's PLC (LON: GDR) HepC test just entered the commercial phase as partner Sysmex launched in EMEA and APAC territories  in recent weeks Re-design of the mTB test in progress, launch date to be announced in the next fiscal year Discussions for the disposal of the Services business entered an exclusivity period, expect an update by the end of...

Published: 10:15, 21 Mar 2018

Midatech Pharma PLC - Addressing high unmet need in cancer markets


A fully integrated specialty pharma company, Midatech Pharma (LON:MTPH) is rapidly progressing the development of three lead R&D programs. They have developed three proprietary drug delivery technologies (Q-Sphera, Gold Nano Particle and Nano Inclusion) to improve and expand the therapeutic potential of validated drug products. At the same time Midatech has built a...

Published: 13:32, 14 Mar 2018

BB Healthcare Trust - Positioned to Maintain Returns


Healthcare remains a highly attractive sector, supported by a tidal wave of innovation in both therapeutics and the provision of healthcare services BB Healthcare team is now building up on 2017 outperformance (+4.9%, despite currency headwinds) and asset growth Expect 2018 stocks' performance to be driven more by fundamentals (and M&A), less by political issues...

Published: 13:19, 06 Mar 2018

IQE PLC - Semiconductor Wafer Pioneer


IQE is a leading global supplier of advanced semiconductor wafers that are used in various applications ranging from mobile communications to industrial power. The company boasts a diversified global customer base and a unique IP portfolio with over 150 patents that enables the firm to provide a unique service to its customers. Headquartered in Cardiff, Wales, IQE shares...

Published: 11:39, 06 Mar 2018

G3 Exploration Limited - Operational update


G3 Exploration (LON:G3E), previously Green Dragon Gas, published an operational update for its Baotian-Qingshan (GGZ) Block, located in the Guizhou Province of Southern China.

Published: 10:22, 05 Mar 2018

Plastics Capital PLC - Trading Update


Plastics Capital (LON:PLA) released a trading update on March 1st, for the year ending March 31st. The company reports that trading remains broadly in line with market expectations. Revenue growth has remained strong in the second half, particularly in the Films division, reflecting the company’s programme of investments in expansion. In terms of profitability, the...

Published: 09:55, 01 Mar 2018

Sanderson Group Plc - Reputable Track Record of Growth


Sanderson is a well established software and IT service provider in the UK. The company has a proven strong revenue model and a reputable track record of delivering both organic and acquisition-led growth. The Sanderson shares climbed 18% during 2017 and we believe the share price has more room to grow. We find Sanderson well poised in the growing multi-channel retail...

Published: 15:17, 26 Feb 2018

Crossrider - Still More to Come


Crossrider Plc (LON:CROS) is a B2C software business focussed on security/privacy and performance solutions. The company operates three core brands:        

Published: 11:28, 22 Feb 2018

Evgen Pharma PLC - Harnessing Sulforaphane's Therapeutic Properties


Sulforaphane, a natural compound first isolated from a precursor in Brassica plants, has shown therapeutic potential, but has also proven too unstable to be manufactured as a drug on commercial scale. Evgen Pharma (LON:EVG) has developed a proprietary technology - Sulforadex® - that allows the synthesis of sulforaphane in the form of a stable, solid powder that can...

Published: 13:53, 21 Feb 2018

Rose Petroleum - Update on 3D seismic data interpretation


Rose Petroleum (LON:ROSE) announced the completion of the initial structural interpretation of the 3D seismic data it acquired over its Gunnison Valley Unit (GVU) which is part of its larger lease holding in the Paradox Basin, Utah, U.S.A. As a result of this work, key geological structures and multiple drilling targets have been identified, with to date 53 well...

Published: 08:56, 07 Feb 2018

PCF Group - Forecast Update


Following the release of the 2017 full year results for the financial year to end September 2017 on the 5th December 2017, and ahead of the release of the 2017 annual report due on the 6th February 2018, we have updated our forecasts for profit and earnings for the period 2018e to 2020e.

Published: 11:45, 29 Jan 2018

Avacta Group Plc - On track and undervalued


At the AGM of January 18th, Avacta reported good progress for both the Affimer therapeutic and reagents programs. Their lead immuno-oncology development program is proceeding according to plan and multiple development milestones are expected in the course of 2018 (see next section for further details).

Published: 10:18, 24 Jan 2018

Genedrive -On Track to Launch the First CE-market Decentralised HCV Test


Overall Genedrive PLC (LON: GDR) reported a business and financial update for the six months to December 2017 in line with expectations Launch preparation of Genedrive® HCV test with partner Sysmex on track, expect sales to start coming through in CY2018 £1.3mln income from the ongoing collaboration with the US DoD, in line with...

Published: 09:48, 18 Jan 2018

Spirent Communications Plc - Smarter Connectivity


Spirent Communications is a world leader in providing products and services for test and measurement of communications systems across fixed and mobile voice, data and video applications and networks. In this report we argue that the company is positioned for increased earnings growth in the coming years, based on the success of the recent cost-base reduction program,...

Published: 15:24, 08 Jan 2018

McColl's - Positioned to Succeed


McColl’s (LON:MCLS) is one of the UK’s leading neighbourhood retailers, with a growing estate of over 1,600 managed convenience stores (80%) and newsagents (20%). The term “neighbourhood” refers to residential locations, for example villages or housing estates, which tend to mean a loyal customer base and little immediate local competition.  

Published: 14:22, 08 Jan 2018

Northbridge Industrial Services Plc - Taking the long view


Northbridge Industrial Services plc (LON:NBI) hires and sells specialist industrial equipment to industries including utility companies, oil and gas, shipping, construction and the public sector. The customer base spans major markets globally (see chart p2). Northbridge Industrial Services plc (LON:NBI)  has two core operating activities.

Published: 14:09, 08 Jan 2018

Harvest Minerals - It Remains All About Cashflow


The key attraction for investors here is significant, near-term, cashflow generation. The simple, low cost, low capex Arapua fertilizer project has begun production on a trial mining basis. We believe the company can generate free cashflow yields of between 30-80%pa from Arapua, based on a range of reasonable sales price & volume assumptions. The most likely outcome...

Published: 10:45, 13 Dec 2017

Green Dragon Gas - Plans to List Production Subsidiary


Green Dragon Gas Ltd (LON:GDG) announced its plans to list its production subsidiary on the Hong Kong Stock Exchange as a dividend in specie. This operation requires shareholders’ approval and a vote will take place at the AGM to be held on 20/12/17 at 11:00 am. We expect the details of the listing, in particular the shareholding structure of the listed entity as well as...

Published: 08:35, 13 Dec 2017

PCF Group PLC - Final Results 2017


PCF Group Plc (LON:PCF) announced full year results to the end of September 2017, on the 5th December. The newly established specialist bank, which only received UK regulatory approval to accept retail deposits in July, has delivered a strong set of results, exceeding market expectations and beating our forecast for portfolio asset growth by £1m. The recent strategy to...

Published: 12:48, 12 Dec 2017