Broker Notes, Comments and Analysis

Broker notes, analysis and comments

Redx Pharma Strategy launch

Redx Pharma (LON:REDX) new management team is continuing to focus its financial resources on progressing lead candidates in oncology and fibrotic disease into the clinic. An extensive internal review, led..

Palace Capital Initiation of coverage

Palace Capital (LON:PCA) has almost doubled NAV since the initial investment in October 2013. Good income generation is evidenced by the EPRA EPS and the DPS track record, whilst undertaking..

Haydale Graphene Ind Exuberance, reality; enlightenment now to follow

Haydale Graphene Ind (LON:HAYD) is competitively well-positioned within the nanomaterial industry, with a unique patented functionalisation process – currently focused on, but not limited to, graphene. Commercial developments for graphene..

Allergy Therapeutics 2018 full-year results: solid growth

Allergy Therapeutics (LON:AGY) is a long-established specialist in the prevention, diagnosis and treatment of allergies. Pollinex Quattro (PQ) Grass, the subcutaneous allergy immunotherapy (AIT), continues to gain market share despite..

H1 growth of 50%, guidance raised

Boohoo Group Plc (LON:BOO) has announced another robust performance for the six months ended 31 August 2018, delivering impressive growth with profitability in line with guidance. Revenue of £395.3m is..

Turnaround gathering pace

Accrol Group Plc (LON:ACRL) has delivered final results this morning that reflect the challenging trading conditions the company has faced through 2018. The turnaround plan appears to be progressing well..

Strong organic growth in H1, delivering on strategy

During the first six months of FY18, CentralNic (LON:CNIC) has delivered strong underlying organic growth as it continues to deliver against the long-term strategy of building recurring, high quality revenues...

Co-Dev sales growth of 51% in H118 underpin forecasts

Sumo Group (LON:SUMO) first interim results as a plc revealed excellent organic group sales growth of 36% (combining Co-dev at 51%, Own IP and Royalties) and adj. EBITDA/PBT growth of..

Strengthening cash position to boost returns

City of London Investment Group (LON:CLIG) has released its annual results for 2018. As headline figures were given in the July trading statement, there are no big surprises in these..

Partnering strategy delivering profitability

Oxford BioMedica (LON:OXB) is a specialist advanced therapy viral-vector biopharmaceutical company. It offers vector manufacturing and development services, while retaining proprietary drug candidates. OXB will also receive royalties on commercial..

Interim results

Safestyle UK Plc (LON:SFE) has announced interim results for the six months ended 30 June. Revenue of £60.5m is down 27% YOY reflecting previously reported significant business disruption experienced in..

Delays continue into H2

GYG Plc (LON:GYG) has released H1 results which, as expected, reflect the challenging trading conditions the company has faced during the period. Operational challenges in key refit locations, and slower..

Review of investment case

Using reported results for XPS Pensions Group (LON:XPS) published in June, we have calculated proforma revenues, profit and adj EPS assuming Punter Southall had been included for the full year..

Solid interims underpin FY18

Strix Group (LON:KETL) has announced a solid set of interim results providing a high level of confidence in the FY18 profit before tax forecast of £29.1m. Revenue increased 1.5% to..

2 contingent deals

On Tuesday 18 September 2018, XPS Pensions Group (”XPS”) announced two contingent deals: The proposed acquisition of Kier Pensions Unit (“KPU”) from Kier Group for total max consideration of £3.5m..

Growth set to gather pace

BigDish Plc (LON:DISH) is an early-stage revenue-generating technology company that has developed a yield management platform for the restaurant industry. BigDish’s proprietary platform allows restaurants to maximise their sales by..

Fully proven model rolls out

DP Poland (LON:DPP) has proved that the Domino’s formula works as well in Poland as it does elsewhere in the world; its mature stores are substantially profitable. With 60 stores..

A year of transition

H1/FY2018 represents another period of significant development at Flowtech Fluidpower Plc (LON:FLO). Organic growth of c.9% and the benefit of the Balu acquisition in March for £10.2m, alongside four during..

Maiden interims & rise in forecasts

This morning, JTC Group (LON:JTC) announces its interim results: Revenue rose 25.2% YoY to £35.3m (1H17: £28.2m); Underlying EBITDA rose 56.7% to £10.5m (1H17: £6.7m); Underlying EBITDA margin improved 6.3pp..

CEO Appointment & board changes

boohoo Group (LON:BOO) has this morning announced the appointment of John Lyttle as Group CEO (effective 15th March 2019) and the re-alignment of its wider executive board as it positions..

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