VSA Capital's note from this morning: "Independent Oil & Gas FY 2015 results showed a total profit for the year of £5.3m (vs a loss of £12.1m in 2014) largely due to the reversal of impairment provisions. Its cash position was £23k at the end of the period. Further Funding Completed Since Year End Following the completion of the £5.5m funding from London Oil & Gas and GE Oil & Gas UK in December 2015, IOG secured an additional £10m convertible loan facility from London Oil & Gas in March 2016. The proceeds from these loans will be used to drill the appraisal well on the Skipper discovery, provide funding for G&A costs and also allow IOG to pursue an acquisition strategy to add value to IOG’s existing portfolio." on Research Tree
Panmure note from this morning: "FY15 finals were published on April 28th so it is only 5 weeks since the new management team presented these to the investment community. Unsurprisingly, therefore, there is an absence of any new developments or surprises with today's AGM trading update which covers the period from January 1st to date. The update rather elaborates on some of the patterns observed at the underlying businesses in the 2016 Outlook statement contained within the FY15 results. We maintain our headline FY16 PBT* of £12m." Pulled from Research Tree
"JMAT’s preliminary FY figures saw sales unchanged at £3,177m (ex precious metal trading), but the operating profit dropped 21% to £419m, suffering from higher impairment and restructuring charges. Net income attributable to shareholders declined from £427m to £326m. Operating CF swelled up from £126m to £867m, predominantly forced by NWC’s swing from £-387m to £411m, which was mainly attributable to lower inventories and receivables. Investing CF (£-32m after £-154m) benefited from higher net divestment proceeds." AlphaValue's note out this morning on Research Tree
"Following the recent sale of Everyday Loans Group, Arbuthnot Banking Group (ARBB) has provided further strategic flexibility to Secure Trust Bank through the proposed sell down of its majority stake to 18.9%. The move also opens a new chapter for ARBB simplifying its corporate structure and generating substantial capital for redeployment, including the development of its commercial banking business." Edison's note from this morning, it's free to download/view on Research Tree
"The transformation of EKF continues with a reduction in debt through a £4.75m placing (gross) and a positive update highlighting that both sales and EBITDA remain ahead of budget. We retain our FY forecasts for the moment but are increasingly confident that our estimates are achievable, with the prospect of upgrades later in the year. Ongoing restructuring should ultimately improve profitability, though we highlight the potential for near term disruption." Panmure's note out this morning on Research Tree
Panmure published a note on Sage this morning: "Following our trip to Salesforce World Tour (19 May) we decided to dig some more into the marketing efforts around Sage Live. Spending time on the Sage marketplace (investor think of it as Sage’s ‘appstore’) we note what appears to us to be a record number of new additions of independent software vendors... our view is that Sage only has to tap into a fraction of the Salesforce pixie dust (200,000 customers) to have a large success on its hands... if there is upside to our FY/2016E estimates (ended 31 September) it is unlikely to be from Sage Live, but we did not expected that anyway. The valuation remains on the high side on PE 23.9x, 16.0x EV/EBITDA – with 2.3% div and 2% FCF yield." From Research Tree
Edison's note from today: (on Research Tree): "Paysafe Group’s AGM trading update confirms that business has been robust year to date, with Payment Processing and Digital Wallets showing particularly strong performance. Management expects to generate FY16 revenues and EBITDA ahead of market expectations. We have upgraded our forecasts to reflect stronger trading, resulting in EPS upgrades of 5.0% for FY16e and 7.7% for FY17e."
finnCap's published a note this morning: "Sound has completed drilling the first well in its multi-well programme at Tendrara. The rig will now move on to drill the next well in the programme while rigless operations are conducted. The well encountered gas shows during drilling and identified an 89m gas column 12m higher than the previous well, indicating that the top of the structure has been encountered. The rig will now move on to drill the next well which will be drilled horizontally." from Research Tree
finnCap's note from this morning: "Premaitha is a molecular diagnostics company that has developed and launched a non-invasive prenatal test (NIPT), targeted initially at ex-US markets; the company is primarily products-based, addressing the needs of its laboratory customers. Differentiated from other NIPTs by a faster turnaround time, a reduced need to re-run tests (failure rate), the fact that the test is CE marked and that it matches the specifications of National screening programmes, Premaitha is well placed to capitalise on an addressable market worth $7.5-20.0bn. First-year revenues of c£2.5m are indicative of early traction in a European market that is underpenetrated compared with the US (c1.4% vs 25%). We..." From Research Tree
finnCap's note out this morning: "Cambridge Cognition announced that it has signed an agreement with AnthroTronix in the US to sell DANA to European military organisations and occupational health providers in addition to its core global academic research and pharmaceutical clinical trials markets. The distribution agreement is illustrative of how the company intends to exploit is existing strong sales channels into the pharma clinical trials markets, by pushing more innovative content through them. We make..." on Research Tree