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Breakfast News - AIM Breakfast : IMC Exploration Group plc, Appscatter Group PLC, Destiny Pharma plc, Ergomed Plc, Fulcrum Utility Services LTD, Havelock Europa plc, Strix, Plus 500, Velocity Composites Ltd

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What’s cooking in the IPO kitchen?

AIM

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

City of London Group (COLG) - Sch 1—RTO of Milton Homes Limited, an equity release provider which has a UK residential property portfolio of 586 properties with a market value of approximately £77 million as at 30 June 2017. Offer TBA. Due 5 Oct

Springfield Properties—Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth. 


 
 
Brunch buffet

Fulcrum Utility Serviced (LON:FCRM) 51.5p £89.95m

Trading update from the independent multi-utility infrastructure and services provider. “The Company has performed strongly over the six-month period ending 30 September 2017. The successful execution of the Company's strategy gives the Board confidence that results will be in line with market forecasts for the financial year ending 31 March 2018. The Company will announce its half-year results on Tuesday 5 December 2017.”

As at 31 August 2017, the Company's order book had increased by 11% to £33.7m, up from £30.3m as at 31 March 2017. To support the increase in multi-utility projects being tendered and won, the Company continues to strengthen its in-house capabilities through investment in additional multi-skilled direct delivery teams and technical designers.

FYMar18E rev £41.18m and £7.27m PBT. PE c.13x and yield c.3.9x.

 

Destiny Pharma (LON:DEST) 163p £67.89m

HY Jun 17 results from the clinical stage biotechnology company focused on the development of novel anti-microbial drugs. ·      Loss for period of £920,044 (H1 2016 loss of £456,745)

·      Cash and cash equivalents at 30 June 2017 £871,966 (30 June 2016 £636,191)

·      IPO and successful fund raising of £15.3 million (gross) announced September 2017.

Strategic aims:

·      Advance XF-73 to complete a Phase IIb clinical trial and supporting studies;

·      Develop two other pipeline projects through formulation and pre-clinical studies;

·      Conduct further research on the earlier assets in the XF drug platform; and

·      Explore other opportunities to generate shareholder value from the XF and DPD drug platforms, possibly in fields other than human healthcare.

Havelock Europa (LON:HVE) 6p £2.49m

HY Jun 17 results from the international interior solutions provider.      Revenue 9% lower at £23.2m (2016: £25.4m) due mainly to a weak opening order book in public sector. Operating loss increased to £2.4m (2016: £0.7m) reflecting lower revenue, changes to the sales mix and additional costs associated with the implementation of the Enterprise Resource Planning (ERP) system

As a result, net debt increased to £5.0m from £2.7m at December 2016.  The Board remains confident of operating within facilities throughout their term. Whilst H2 is expected to be profitable, FY results will be significantly below last year.

Changes to commercial model in public sector starting to yield results - the sector 'quote bank' has doubled to over £50m in the last three months, new framework appointments with main contractors and strengthened business development team. David Ritchie resigned with immediate effect as CEO. Shaun Allen Ormrod to replace Mr Ritchie. Mr Ormrod, aged 52, has been CEO of Farnborough International for the past  10 years.

Velocity Composites (LON:VEL) 83.5p £29.89m

Strengthening of senior management team form the supplier of advanced composite material kits.    Matthew Archer as Chief Commercial Officer. 15 years' experience in the aerospace industry, most recently Head of Commodity Management - Composites, at GKN Aerospace

 

·     Chris Skinner moves into a new role as Head of Corporate Development, EMEA from his previous             position delivering business growth and infrastructure in the South of England

 

Jon Haden-Brown as Information Systems Manager. 20 years industry experience

 

·      Frederic Hinnekens to join as Head of European Programmes in December 2017. Most recently Regional Sales Manager of Aerospace Materials at Solvay Composites.

FYDec17E rev £20.4m and PBT of £0.5m.

Strix Group (LON:KETL) 135p £256.5m

HY Jun 17 results from the specialist in the design, manufacture and supply of kettle safety controls and other components and devices. 

·         A solid performance, in line with Board expectations

·         Revenues of £42.2m (H1 2016: £39.6m), increase of 6.7%

·         Adjusted EBITDA [1] of £14.2m (H1 2016: £13.4m), increase of 6.1%

·         Profit before tax of £10.3m (H1 2016: £9.4m), increase of 9.6%

·         Cash generated from operations £15.6m (H1 2016: £13.8m), increase of 12.4%

·         Launch of U9 series controls providing cost competitive, best in class safety controls

·         Installation of automated production line for U9 series allowing a 15% increase in throughput

·         Successful admission to AIM on 8 August 2017

·         Interim maiden dividend of 1p will be paid on 30 November 2017. The Board is confident with the future outlook and trading is in line with full year and Board expectations. We could see no forecasts.

appScatter (LON:APPS) 68.5p £43.28m

The business-to-business ('B2B') Software as a Service ('SaaS') platform that allows paying users to distribute and manage their apps on multiple app stores around the world, announced its first unaudited interim results for the six months ended 30 June 2017 ('HY2017'). 

Successful soft launch of the appScatter platform in January 2017, generating recurring revenues of £874,670 in HY2017.

·     c.10,000 businesses and individuals self-registered their interest to use the platform and will be given access following the targeted public launch in Q4 2017. Placing of £9 million of new equity and admission to AIM on 5 September 2017

As at 25 September 2017, estimated unaudited net cash of £6.5m.

The appScatter SDK for in-app purchasing and data APIs are now available to the developer community. The Company is in advanced discussions with numerous app development houses and blue-chip companies worldwide in order to grow the number of revenue generating customers.  We could see no forecasts.

Ergomed (LON:ERGO) 187.5p £76.12m

The “specialised pharmaceutical services and drug development company, and Boryung Pharmaceutical Co. Ltd (Korea Stock Exchange, KRX: 003850) ("Boryung"), a pharmaceutical business with R&D, manufacturing and marketing capabilities, are pleased to announce an agreement to commercialise Ergomed's haemostat products PeproStat™and ReadyFlow™ in South Korea.

 

Under the terms of the collaboration, Ergomed will receive an upfront and a series of milestone payments as well as a double-digit share of all future product sales in this territory. Today's agreement is the first in a series of anticipated deals that will support global sales of the products, which were obtained through Ergomed's acquisition of Haemostatix in 2016.”

FYDec17E rev £47.85m and PBT £2.16m.

Plus500  (LON:PLUS) 875p £991.9m

Trading update from the service provider for retail customers to trade CFDs internationally.

“Its business continues to trade strongly.  Accordingly,­ the Board anticipates that revenues and profits for the year ending 31 December 2017 will be ahead of market expectations. “

FYDec17E rev £257.8m and PBT £144.3m. PE c.9x, yield c.6%.

IMC Exploration Group (NEX:IMCP) 2p £2.6m

“With the continuation of its works' programme on its base metal licence area in the highly prospective South West Ireland,  IMC is pleased to announce that drilling has commenced on prospecting licence area 3729 (PL 3729), Tulla, Co Clare, Ireland.  IMC's PL 3729 sits on an East / North East striking mineralised structural trend.

 

Chairman of IMC, Liam McGrattan said 'With rising zinc prices, this is a great time for zinc in Ireland. PL 3729 is a highly prospective base metal property in an area where a number of international mining companies have recently commenced exploration work and have achieved encouraging results.  IMC's PL 3729 is adjoining many of these properties'.”

 

Afarak (LON:AFRK) 77.5p £203.86m

“Afarak to acquire Zeerust chrome mine in South Africa

 

Minimum opencast ore reserves of 2 million tonnes Afarak's shaking table technology will be used to process 1.2 million tonnes of tailing dump Mogale to become first South African smelter producing high carbon FeCR

Afarak Group plc, through its South African subsidiary Afarak Mining Limted, has reached an agreement in principle to acquire a 70% shareholding in ZCM (Zeerust Chrome Mine) from Afrika Mineral Trading & Investment Trust ("AMTIT"), with the remaining 30% to be allocated to workers, community and other BEE partners. The transaction will amount to ZAR20 million and will be effected over a 12-month period.”

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