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Initiation Report archive

Examining the enlarged company

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MTI Wireless Edge (LON:MWE) is a technology group focussed on communication and radio frequency solutions. The applications addressed include civil and military communications, wireless irrigation controls, and speciality consulting services in the antennas and electronics space.

Published: 09:39, 11 Oct 2018

Grit Real Estate Income Group: Big yields blue-chip asset base

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Grit Real Estate Income Group (LON:GR1T) is a multi-listed (LSE, JSE, SEM) property company with a focus on selected African countries with a combination of economic growth, investment friendly policies and political stability. Rental income is underpinned by a blue-chip multinational tenant base, hard currency leases, and high occupancy rates.

Published: 09:36, 03 Oct 2018

Judges Scientific PLC - 2018 Interim Results

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Judges Scientific reported results for the first half of 2018. The period included a first-time contribution from Oxford Cryosystems, which was acquired in July 2017. Organic growth of order intake and sales was solid and well in line with the full year target.

Published: 11:51, 21 Sep 2018

InnovaDerma PLC - Quality is more than skin deep

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InnovaDerma (LON:IDP) specialises in the development, manufacture and marketing of clinically proven products in life sciences, beauty, and personal care. The company operates a portfolio of strong innovative brands, reaching customers in the UK and Australia, and increasingly in North America, Asia, and EU.

Published: 16:13, 20 Sep 2018

Castillo Copper Limited - Demarcation point

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Castillo Copper (ASX:CCZ) is a metal explorer primarily focussed on Copper, Zinc, Cobalt, and Nickel. The bulk of Castillo’s assets are in Eastern Australia, comprising 4 tenure groups in Queensland and New South Wales (NSW). The flagship project consists of three prospects at Jackaderry in NSW which are highly prospective for Copper-Cobalt-Zinc.

Published: 08:58, 11 Sep 2018

CUI Global - Disruptive technology moving ahead

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CUI Global (NASDAQ: CUI) is a platform company focussing on the acquisition, development and commercialization of new, innovative technologies. The company operates through two divisions – Power & Electromechanical, and Energy. The strategic focus for CUI Global is the Energy segment. We believe that this business is entering a phase of transformational growth....

Published: 10:30, 10 Sep 2018

Legendary Investments - Hidden value potential

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Legendary Investments (LON:LEG) creates value through privately held and pre-market investment opportunities with the potential for outsized returns. The company has a strong track record with: Total investments valued at of £6.2mln (from zero in 2011) Out of 12 investees in total, five are exhibiting multiple returns from 1.3x to 35x Two crystallised...

Published: 08:19, 03 Sep 2018

H&T Group PLC - Disciplined Growth in H1

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H&T Group PLC (LON:HAT), the UK market leader in pawnbroking, released results on August 14 for the first half of 2018, showing sustained growth both in the core pawnbroking and other financial services. The company delivered pre-tax profit growth of 10.9%, and earnings per share growth of 15.5%. The biggest drivers were the pawnbroking and personal loans...

Published: 13:17, 15 Aug 2018

Innovaderma Plc - Recent news-flow reinvigorates the investment case

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InnovaDerma (LON:IDP) specialises in the development, manufacture and marketing of clinically proven products in life sciences, beauty, and personal care. The company operates a portfolio of strong innovative brands, with the UK & Ireland and Australia currently its biggest markets.

Published: 15:34, 13 Aug 2018

Avacta Group - Exciting partnership with Bach BioSciences

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Avacta Group Plc (LON:AVACT) has recently finalised a co-development partnership with Boston-based Bach BioSciences, to exploit the potential of the Affimer platform for the development of a novel class of drug conjugates.

Published: 08:34, 30 Jul 2018

Sanderson Group Plc - Company Update

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We had a management meeting with Sanderson after their successful round of investor updates post their 1H 2018 results. The group’s trading results were slightly better than management’s expectations, with both revenue and adj. operating profit increasing 34% YoY. On a like-for-like basis, excluding the Anisa acquisition, the top-line grew 3.6% (after adjusting for a...

Published: 14:17, 23 Jul 2018

Tag Oil Ltd - Positioned for progress in FY 2019

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TAG Oil (TSE:TAO) recently published results for the financial year to March 31, 2018. The company reported revenues up 1.4% at C$23.67mln, and operating netback per barrel of oil equivalent (see table footer for definition) of C$30.66 versus C$24.88 in the previous year. Oil and gas production was 1,120 boe (barrels of oil equivalent), coming primarily from TAG Oil’s...

Published: 13:30, 05 Jul 2018

H&T Group Plc - Defensive / Growth investment

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H&T Group PLC (LON:HAT) is the UK market leader in pawnbroking, with a chain of 182 high street stores across the county, offering consumers secured credit against items such as gold, watches, and jewellery. In addition to the core pawnbroking activity and related jewellery and watch retailing, H&T Group offers a range of other financial services, detailed in...

Published: 14:10, 04 Jul 2018

Plastics Capital PLC - Organic growth Accelerates

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Plastics Capital PLC (LON:PLA) has reported a strong set of results for the financial year ended March 2018. Revenues of £76.7mln and earnings per share (EPS) of 9.5p are both slightly ahead of our forecast, which was last updated at the time of the detailed Plastics Capital trading update on May 2. The most important headline metric, in our view, is the organic...

Published: 10:18, 02 Jul 2018

Rose Petroleum Plc: Positive results from CPR

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Rose Petroleum (LON:ROSE) announced on June 22nd the result of the competent person's report ("CPR") by Gaffney Cline & Associates ("GCA") relating to Rose Petroleum’s acreage in the Paradox Basin, Utah. The CPR analyses the results of a 3D seismic acquisition completed in late 2017. The report provides a classification of Rose’s contingent resources, outlined in the...

Published: 14:24, 25 Jun 2018

Staffline Group PLC: Structural growth – interesting entry point

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Staffline (LON:STAF) is a leading outsourcing organisation, operating mainly in the UK and Eire, through two divisions – Staffline Recruitment and PeoplePlus. The shares have been one of the top growth plays in the staffing services sector in the last 15 years, but are currently trading at a discounted valuation.  

Published: 11:41, 11 Jun 2018

MTI Wireless Edge - Building on momentum

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MTI Wireless Edge Limited (LON:MWE) is a world leader in developing and manufacturing  high quality and cost effective antenna solutions for commercial and military applications, as well as control systems for remotely operated smart irrigation systems. The company has achieved strong growth in recent years, with a three-year revenue compounded annualises growth...

Published: 08:02, 31 May 2018

PCF Group - Interim results to end of March '18

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The group announced interim results on the May 23, reporting significant progress across the business as it builds scale while at the same delivering credible financial and operational performance. These results were achieved despite the twin constraints of upfront capital investment and equity capital raised previously, nevertheless, PCF continues to grow according to...

Published: 15:47, 30 May 2018

Custodian Reit Plc - Strong returns, strong foundations

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Custodian Reit (LON:CREI) ) has performed strongly in recent years, delivering a total shareholder return of 10% a year over the last three years, and with lower volatility than the REIT sector or the stock market. In this report, we look at the fundamentals that drive this performance.

Published: 15:27, 29 May 2018

Apollo Minerals Limited - Reopening the world's highest grade tungsten mine

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Apollo Minerals Limited (ASX:AON) is an Australian Securities Exchange-listed tungsten-gold company with projects in the Pyrenees region of Southern Europe. In May 2016 the company was restructured with new management and capital that enabled it to acquire an 80% interest in the Couflens Project (July 2017) in southern France and a 75% interest in the Aurenere Project...

Published: 08:20, 15 May 2018

Sumo Group Plc - Playing for Keeps

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Sumo Group (LON:SUMO) provides creative and development services to the video games and entertainment industries, through two main operating businesses: 1) Sumo Digital, representing 90% of group revenues, is a key co-development partner and turnkey video games developer with a history of working with blue-chip clients such as Sony, Microsoft, Sega and EA (among others);...

Published: 13:58, 09 May 2018

Plastics Capital Plc - Trading update

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Plastics Capital (LON:PLA) released a trading update on May 2, for the year ending March 31. The company reports that trading remains broadly in line with market expectations. The statement confirms a strong annual revenue growth, reflecting the contribution from the acquired CCM creasing matrix business and also increased organic growth, led by the Films division. The...

Published: 10:43, 02 May 2018

PCF Group - Funding Update

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PCF Group ( LON:PCF) has announced that deposit funding from retail investors, which only started in July 2017, has increased substantially again and now exceeds £100m. This compares to previous announcements of £53m at the end of September ‘17, and £81m at the end of February ’18. We estimate that compared to the last reported Group total liability dated September ‘17,...

Published: 14:46, 17 Apr 2018

Avacta Group - Rapid Progress of Immuno-oncology Programs

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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