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Breakfast News - AIM Breakfast : Chapel Down Group, Dillistone Group, IXICO Plc, Oxford Biodynamics PLC, Obtala Ltd, Photonstar LED Group, Shore Capital Group, Telit Communications Plc

Published: 06:34 28 Sep 2017 EDT

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What’s cooking in the IPO kitchen?

AIM

Curzon Energy—Intention to float from the energy Company pursuing a targeted acquisition strategy. Raising £2.3m Gross.  First acquisition is 100% of Coos Bay Energy LLC, owner and operator of c. 45,370 acres of coalbed methane leases, targeting first gas by the end of 2017. Price TBA.

Alpha Financial Markets Consulting— Global provider of specialist consultancy services to the asset and wealth management industry. Due Oct. Revenue of £6.7 million for the year ended 31 March 2011 to £43.6 million for the year ended 31 March 2017 . Offer TBA. Due 11 Oct.

Cora Gold— West African focussed gold exploration business, significantly enlarged by the amalgamation of the gold exploration assets in Mali and Senegal of Hummingbird Resources and Cora Gold's former parent, Kola Gold. Due 9 Oct. Offer TBA


 
 
Breakfast buffet

IXICO (LON:IXI) 33.5p £9.08m

“The digital technologies company serving neuroscience, today announces that it has signed a new contract with a customer for its technology enabled imaging services. The contract value is US$690k over a two and a half year term.

This new contract is for a Phase II clinical trial evaluating the safety and tolerability of a novel treatment for patients with Huntington's disease. As part of the study, IXICO will use its TrialTracker™ digital platform and scientific services to provide a battery of advanced MRI imaging techniques and clinical trial endpoints.

Giulio Cerroni, CEO of IXICO, commented

"We are delighted to announce this contract, building on our successful track record as the partner of choice in Huntington's disease clinical studies. This new contract further demonstrates the value our customers see in IXICO's deep neurological disease expertise combined with our proprietary digital technologies in providing compliant data standardisation, collection and analysis." “

We could see no forecasts.

Oxford BioDynamics (LON:OBD) 188p £157.56m

“ EpiSwitch™ blood-based test successful in diagnosing and staging breast cancer in Caucasian patient cohort

·   EpiSwitch™ showed high specificity in correctly identifying all four stages of breast cancer in 136 patients

·   Following completion of this initial milestone, OBD is to further analyse patients with a family history of breast cancer and high risk of genetic predisposition”

With completion of this first milestone, OBD plans to further expand its analysis across the cohort of 136 patients, focusing on the patients with a family history of breast cancer and high risk of genetic predisposition. OBD aims to develop validated stratifications for the prevalent subtypes of breast cancer, prognosis and predisposition risks, specific for the Caucasian ethnic group. “

FYSep17E rev £1.19m and £2.5m loss.

PhotonStar LED (LON:PSL) 1.2p £2.7m

HY Jun2017 results from the British designer and manufacturer of smart LED lighting solutions.  Raised £0.46m gross  in May 2017 to fund the roll out of halcyonPRO2TM and the Halcyon cloudBMS platform.   Revenues for H1 2017 down 11% to £2.26m.    Gross profit margin for H1 2017 was 32% (H1 2016: 33%). Administrative expenses down 24% to £1.34m.   Adjusted EBITDA loss for H1 2017 down to £0.23m. Net Debt £0.8m.

“The research and development work that we have undertaken over the last three years for the creation of HalcyonTM and halcyonPR­O2TM is now largely complete with current and future development work concentrating on improvements, new, customer led, solutions and markets for HalcyonTM. Trading continues to be difficult in the traditional LED fixture market. However, further revenue improvement in all business units is being seen in the current period of Q3 2017 and we currently expect the second half of 2017 to provide a positive contribution to the results for the full year.

Obtala (LON:OBT) 16.12p £47.28m

Corporate restructuring and Board Changes. Martin Collins named Deputy Chairman of Obtala Limited, and Chairman and CEO of Montara Limited, replacing Warren Deats who has resigned from the Company.  Strong record in sustainability space. Prior to his appointment as Deputy Chairman, Martin had been acting as Head of New Business for Obtala and involved specifically with the agriculture division in Tanzania.

HY Jun 17 Results today. First past WoodBois  acquisition. $22.7m due to profit on acquisition. The six-month period generated revenues of $149k (June 2016: $381k), not including WoodBois.

“The WoodBois acquisition provides a significant kicker to the step change in revenues that we expect to deliver in 2017. Trade Finance for our integrated trading arm will further accelerate revenue growth and is key to unlocking exponential growth within our timber trading business, as previously indicated we are actively seeking to get a suitable facility in place.”

Dillistone Group (LON:DSG) 52p £10.23m

·    Revenue up 0.4% to £4.829m

·    Recurring revenue up 10% to £3.711m

·    Both Dillistone Systems and Voyager Software divisions profitable

·    Loss for period of £0.024m after acquisition related items and costs charged against profit in respect of GatedTalent

·    Cash balances of £1.114m at 30 June 2017 (2016: £1.611m) and debt of £0.072m (2016: £0.242m)

·    No interim dividend proposed (2016: 1.375p) to support funding of GatedTalent product development.

Directors and management subscribed to £0.4m convertible. 8.15% coupon. Converts at 71.6p. Launch of ‘GatedTalent’ hopes to take advantage of GDPR regulation. ‘The Group expects full year operational and statutory results to be in line with market expectations before acquisition related items and any write down of intangibles in respect of the lost contract.  FYDEc17E rev £10m and £0.2m PBT.

Shore Capital (LON:SGR) 227.5p £49.08m

HYJun17 results from the independent investment group specialising in capital markets, principal finance and asset management.

§ Revenue up 13.0% to £20.3 million (2016: £18.0 million)

§ Profit before tax of £2.5 million (2016: £2.4 million)

§ Earnings per share of 6.7p (2016: 6.5p)

Investment in research platform with the establishment of a new distribution channel in North America .

“I am encouraged by the performance of our Capital Markets and Asset Management divisions. There is a significant opportunity for these businesses to continue winning market share as a number of major international banks either reduce capacity or withdraw from certain segments of the market. We therefore remain confident about the Group's medium-term prospects for growth.” We could see no forecasts.

 DX Group (LON:DX) 10.5p £21.1m

“DX, the independent parcels, mail and logistics operator, is pleased to announce that it has agreed a major new contract with IKEA Limited ("IKEA") to provide a bespoke logistics solution for customer deliveries. The contract is for an initial three years and takes the total value of the Company's contracted logistics work for IKEA to approximately £19m per annum.

DX already provides IKEA with a flexible, bespoke logistics solution to support IKEA's online sales in two regions and its store business in Reading. The Company will now support IKEA's sales across seven additional stores.

DX will operate dedicated service centres, situated in close proximity to each IKEA store, to support the enlarged contract and will offer same-day 2-man deliveries, advanced booking and a returns service. “  FYJun17E rev £296m and PBT of £1.95m.

Telit Communications (LON:TCM) 178p £232.63m

Update from the global enabler of the Internet of Things. The Group is narrowing its financial guidance such that it expects revenues of $390 million to $400 million for the FYDec17  and adjusted EBITDA is expected to be $44 million to $48 million  before one-off restructuring costs. Following the appointment of Yosi Fait as interim CEO, Telit commenced a review of its activities with a view to delivering a significant rationalisation of the Group's product lines and reduction in its cost base which is in progress. The Board has considered previous speculation relating to Telit's financial condition, trading performance and business relationships. The Board remains confident of the strength of the financial controls within the business. For the sole purpose of providing reassurance in this regard, the Board has engaged an independent third party accounting firm to perform a review of certain elements of the Group's financials and this

Chapel Down Group (AQSE:CDGP) 85p £85.9m

HYJun17 results from the English winemaker and drinks company.  Year on year sales up 22% to GBP4.977m. Chapel Down Wine sales up 29% to £3.345m Curious Drinks Ltd Beer and Cider sales are up 8% to £1.632m .

EBITDA of £235k (H1 2016: £93k) as  CDGP continued to reinvest in its brands, infrastructure and supply. 50 acres of new vineyards planted on  new leased sites in Kent..

“We are optimistic about the medium and long term growth of the business. English wines have real momentum. In the short term, a successful 2017 harvest will provide the quality of fruit from which we can grow wine revenue and margin. Whilst we don’t seek explosive growth in Curious sales whilst our brewing is contracted out, we do expect an increased rate of growth in 2018 as a result of the brand overhaul and anticipated new listings. With the new brewery due to be finished in 2018 we will be adding new energy and talent to help to take us to the next level”.

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