Breakfast Alert - Crystal Amber Fund, Egdon Resources, Orchard Funding


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                                *A corporate client of Hybridan LLP


**  Standard Listing as defined by Hybridan LLP to be a business with strictly  operational activity


Dish of the day

GRC International Group (AIM:GRC) — holding company for a group of companies providing a range of products and services to address the IT governance, risk management and compliance requirements of organisations. Offer raising £5m at 70p with market cap of £40.2m.

PCG Entertainment (PCGE) has started trading on NEX, Exchange

Off the menu   

Booker Group (BOK.L) has left the Main Market (Premium) following a merger with Tesco.


Breakfast buffet

Crystal Amber Fund (LON:CRS) 190p £188m

HY Dec17 results.  NAVper share fell by 6.7% over the six-month period or 4.2% after adjusting for dividends declared in the period. Over the 2017 calendar year, NAV per share fell by 12.5% or 10.2% after adjusting for dividends declared in the year. The share buyback programme has continued and contributed to maintaining a low average discount to NAV of 1.8% over the period.

“We are encouraged that our work and engagement with Sutton Harbour in the first half has proven to be successful with both a partial realisation and the introduction of an impressive and experienced majority shareholder.

Our analysis of Ocado also bore fruit. We are confident that our extensive recent work with other portfolio companies will achieve a positive outcome and are excited by our prospects.”


Egdon Resources (EDR.L) 5.95p £15.47m

“Egdon Resources plc is pleased to announce that it has reached agreement on Heads of Terms in respect of a farm-out of interests in PEDL253 to Union Jack Oil PLC and Humber Oil & Gas Limited.  PEDL253 is located in Lincolnshire and contains the Biscathorpe Prospect, scheduled for drilling around mid-2018.

Under the agreed terms, UJO and Humber will each acquire 6% of Egdon's interest in PEDL253 by paying their pro-rata share of the Biscathorpe-2 well cost plus an additional £10,000 per percentage point interest acquired.  This is equivalent to a farm-in with a 1.36 times promote at the estimated well cost.  UJO and Humber will also each acquire 4% of Montrose Industries Limited's interest in PEDL253 under the same terms.”


Orchard Funding Group(ORCH.L) 101p £21.57m

HYJan18 trading update from the  finance company which specialises in insurance premium finance and the professions funding market. “Trading performance for the period was in line with the Board's expectations. Demand for funding has led to an increase in our lending over the equivalent half year in 2016/2017.” Up 10.4% to £34.35m. Loan book up 11.31% to £28.93m.

As a result of this increase in lending, interest income is expected to be higher than in the six months to 31 January 2017.

Orchard Funding Group will be announcing its interim results for the six-month period ended 31 Jan 2018 on 27 March 2018.

FYJul18E rev £5.5m, PBT £1.85m, yield c.3%.


appScatter (LON:APPS) 56.5p £35.7m

“The scalable business-to-business Software as a Service platform that allows users to distribute and manage their apps on multiple app stores around the world, is pleased to report that, following its successful IPO in September 2017, sales and losses before tax for the year ended 31 Dec 2017 are expected to be in line with market expectatio­ns. The Board is also pleased to report good initial momentum at this early stage in the first half of 2018 and is announcing its first major partnership. appScatter has entered into a partnership agreement with Airpush, Inc., a leading mobile advertising network.”

“Airpush helps advertisers improve campaign performance with powerful platforms integrated into over 250,000 mobile app, mobile web, and virtual reality properties, as well as one of the world's largest consumer data marketplaces. Airpush provides amongst the most diverse and high performing monetisation and advertising solutions in its industry, providing a reliable route to a vital revenue stream for app developers.”

FYDec18E rev £6.8m, pre-tax loss £3.19m.


Fusion Antibodies (LON:FAB) 6.19p £39.52m

The “contract research organisation providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications, provides an update on the Company's trading for the year ending 31 March 2018.

Key highlight 

* At least 40% revenue growth expected; adj EBITDA broadly in-line with expectations

* H2 revenues subject to short-term impact of IPO process

* Building work on expanded facility started - completion up to 6 months earlier and materially lower cost

* New services development continues to plan “.


SysGroup (SYS.L) 35.5p £8.2m

“The managed IT services and cloud hosting provider, today announces that it has signed a three year managed hosting services contract with T.J. Morris Limited, which trades as Home Bargains, and is one of the UK's largest high street discount retailers. The contract value is more than £0.95m over the term of the contract and will commence in March 2018. This contract reflects the Board's strategy of focusing on managed services which provide the Company with higher quality earnings through long term relationships.

The contract comes after a competitive and in-depth process to demonstrate to Home Bargains the Group's capabilities in secure, managed infrastructure hosting and support. At a time when the adoption of General Date Protection Regulation is just around the corner, many UK enterprises are keen to ensure that their data is not only hosted in safe hands, but their environments are also protected from the vulnerabilities of the public internet.” FYMar18E rev £10.3m, PBT £0.29m.


Savannah resources (LON:SAV) 6.19p £39.52m

Phase 2 metallurgical test work has returned encouraging results at the Mina do Barroso Lithium Project located in Portugal.  Further follow up work is now underway.

Analysis confirms high-grade spodumene mineralisation with a lithium content of around 1.7% Li2O and low impurities - less than 0.5% Fe2O3

Mineralogy analysis confirms spodumene is the dominant lithium mineral with low contaminants

Test work continues to confirm well proven, conventional metallurgical processes will produce a spodumene concentrate

Preliminary test work suggests that by using a process route combining both gravity separation and flotation that a total recovery of at least 80% at a concentrate grade of over 6% Li2O is likely to be achieve

Diamond drilling is underway at Grandao and Reservatorio to collect additional samples for the Phase 3 test programme, with results expected in Q3 2018


Evgen Pharma (LON:EVG) 15.5p £14.4m

“The clinical stage drug development company focused on the treatment of cancer and neurological conditions, is pleased to announce an update on the screening at the University of Liverpool of the Company's novel analogues of sulforaphane.  Researchers at the University of Liverpool evaluated 41 analogues, which represent new chemical entities based on sulforaphane's core structure. The analogues were assessed for their cytotoxic potential against a breast cancer cell line and for their ability to activate Nrf2, which is considered to have a key role in sulforaphane's mechanism of action against neurological conditions.”

The headline findings from the research work are that 21 of the analogues are at least twice as cytotoxic against (that is, able to eliminate) breast cancer cells as SFX-01, with the most potent being eight-fold more cytotoxic, and that none of the analogues are as potent as SFX-01 as an activator of Nrf2. Ultimately, some of the analogues could represent follow-on pipeline products to SFX-01.


ZOO Digital Group (LON:ZOO) 74.4p £54.77m

FYMar18 trading update from the provider of localisation and digital distribution services for the global entertainment industry.  

“The Company is pleased to announce that growth has continued into the second half of the financial year with full year revenue expected to be at least $28m (year ended 31 March 2017: $16.5m). Adjusted EBITDA for the full year is expected to be ahead of market expectations and at least $2.3m (2017: $1.8m). Localisation services (being subtitling and dubbing) continue to grow strongly and are expected to represent in the region of 70% of overall revenue (2017: 52%). Investment has continued in establishing the Company's new dubbing service delivered through its proprietary cloud-based production platform and the Board is greatly encouraged by the response to this from both existing and new clients.”

FYMar18E rev $18.4m and PBT $0.14m. 

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