MrC's Smallcap Sweeps for Oct 2020

[MrContrarian]

Smallcap Sweep. 01-Oct-20


Digitalbox (DBOX) buys student mag publisher Tab Media for £750k. £1.2m subscription at 4.9p, a 2% discount, to fund this and more acquisitions. Will be significantly accretive to EPS in the second FY. [SP=5.2 Cap=5m]
PFC (PFC) guides FY loan portfolio up 30% (55%) with H2 up c. 9%. New business volumes c. £260m (£276m). Forborne loans, by value, currently 12% of portfolio down from 32% in early June. [SP=111.45 Cap=386m]
Renewi (RWI) Guides H1(Sept) materially ahead of mgmt Covid adjusted expectations. Good recovery in commercial volumes during Q2 with Netherlands now 96% and Belgium at 90% of prior year. Also guides FY materially ahead. [SP=19.42 Cap=155m]
Inland Homes (INL) two sales worth £52.8m to two separate 'Build to Rent' Funds. Immediate payments c. £18m. [SP=49.23 Cap=112m]
ATTRAQT (ATQT) buys AI co Aleph Search for an initial consideration of £0.35m and 3.6 shares. £4m placing at 32p, a 3% premium, to fund the acquisition, increase investment in sales, marketing and product development activities and to accelerate growth. [SP=30.25 Cap=54m]
Urban Exposure (UEX) which is in wind down. Cash bal now £65.5m (prev RNS £51m) and expects to distribute c, £43m within 2 months. [SP=65.96 Cap=105m]
Sportech (SPO) multi-year ontract extension with UK Tote. How many years? Place your bets. [SP=17.75 Cap=33m]
HydroDec (HYR) trading remains challenging. Temporary suspension of trading. Outline terms agreed on refinancing with one party, expects completion in the near future. Extends FY by 6 months as unable to produce FY19 accounts. [SP=3.35 Cap=1m]
Corero Network Security (CNS) record order intake in Q3 of over $6m. [SP=7.51 Cap=37m]
Stobart (STOB) core operations at London Southend Airport and Stobart Energy operating within scenarios set out in June. £119m of cash and undrawn bank facilities available at 31 Aug. No FY guidance. [SP=19.66 Cap=123m]
Connect (CNCT) Smiths News stronger than management's revised expectations so guides FY adj EBITDA £38.5m to £39m, above the top-end of the guidance. [SP=18.45 Cap=46m]
TClarke (CTO) trading encouraging. Guides FY rev £240m and underlying EBIT c. £6m. Forward order book remains at a near record of £410m.. Will pay interim div 0.75p. [SP=79.98 Cap=34m]
M&C Saatchi (SAA) suspended pending results, as announced. [SP=57.4 Cap=66m]
Actual Experience (ACT) wins small initial order from Oracle for its new Human Experience Management service. Hopes for more. [SP=105 Cap=50m]
Drumz (DRUM) £500k placing at 0.55, a 4% discount, "to provide additional cash resources to enable the Board to respond quickly to investment opportunities". Comes with warrants at 1.2p. [SP=0.59 Cap=2m]
Clear Leisure (CLP) suspended pending results, as announced. [SP=0.24 Cap=2m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 02-Oct-20


BigDish (DISH) BigDish-to-GO App completes beta tests and has payment function added. [SP=1.53 Cap=6m]
Van Elle (VANL) refinances debt. Has net cash of £5.8m [SP=35 Cap=37m]
Scancell (SCLP) wins contract to manufacture plasmids for Phase I clinical trial of Scancell's COVID-19 vaccine in 2021. [SP=16.58 Cap=104m]
Abbey (ABBY) to match or perhaps better last year's H1 rev and profit. [SP=1550 Cap=NA]
Wincanton (WIN) stll guiding FY materially ahead of market expectations. [SP=212 Cap=264m]
OptiBiotix Health (OPTI) partner Seed Health gets FDA approval for Phase II trial of DS-01, a broad spectrum multi-species, multi-strain probiotic which contains OptiBiotix's Lactobacillus plantarum. [SP=54.99 Cap=48m]
Holders Technology (HDT) forms a JV with Sentistic to provide data visualisation and valuable insights based on data from buildings. Will "provide customers with an easy way to manage their lighting, energy and occupancy requirements". [SP=40 Cap=2m]
Regional REIT (RGL) sells industrial, warehouse and office park for £32.7m, 4% above NAV. [SP=65.5 Cap=283m]
Cenkos Securities (CNKS) H1(June) rev up 22%, pretax £0.8m (-£0.2m). Div 1p (2p). Outlook:"Although our current pipeline is encouraging and we continue to win new clients, we recognise that the prevalence of both the virus and measures taken to contain it, pose a continuing risk to the health of the economy and the financial markets." [SP=44.75 Cap=25m]

In line: EKF
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 05-Oct-20


Bigblu Broadband (BBB) wins broadband grant up to £1.4m. [SP=84.26 Cap=49m]
Carclo (CAR) CEO role eliminated. He is thanked. [SP=22.9 Cap=17m]
Staffline (STAF) selected for the Provision of Employment and Health Related Services ("CAEHRS") framework, replaces Umbrella Agreement which expires in 2021. Also 3 year contract extension with Tesco. [SP=23.48 Cap=16m]
Lite-On Technology (LTTD) co's GDRs will delist from LSE on 1 Dec. [SP=NA Cap=NA]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 06-Oct-20


RBG Holdings (RBGP) trading: "completion of [a] transaction by Convex Capital and the realisation of litigation investments by LionFish as well as having completed nine months of trading gives the Board improved visibility of the financial performance". Reinstates FY guidance: rev and realised gains £24-26m. [SP=61 Cap=52m]
Vp (VP.) recent rev at 85% of pre-Covid levels. Net debt £118.7m (Mar:£159.7m). "Markets are generally stable and infrastructure work, in particular, should be supportive as the likes of the AMP7, HS2 and Hinkley Point programmes start to gain momentum." [SP=650 Cap=261m]
Gooch & Housego (GHH) FY trading slightly ahead of expectations. "While there remains considerable short term economic uncertainty our order book remains robust, the Company's balance sheet has strengthened during the period and we have continued to invest in our high priority R&D targets." [SP=994 Cap=249m]
Castings (CGS) demand from the commercial vehicle sector 85% of pre covid, (Aug: 60%). [SP=338 Cap=147m]
Tetragon Financial Group (TFG) to invest in litigation finance start-up newly founded by Brandon Baer, Contingency Capital . Co gets significant minority equity interest and "will provide Contingency Capital with, among other things, working capital and a $50m commitment to Contingency Capital's first commingled investment fund." [SP=8.54 Cap=1200m]
Smartspace Software (SMRT) H1(July) rev-cont up 6.5%, recurring rev up 39%. EPS-cont - 3.47p (-4.86p). Current trading: SwipedOn customers up 15% YTD. FY also out. [SP=81 Cap=23m]
Inspiration Health (IHC) H1(July) rev up 77%, LFL rev up 25%. Pretax £1.07m (£0.48m). Maiden div 0.2p. Guides FY materially ahead of mkt exp. [SP=62.9 Cap=43m]
Xpediator (XPD) buys UK-based international groupage (??) freight forwarder and operator, Nidd Transport for £4.6m. Will be immediately earnings enhancing. [SP=23.69 Cap=34m]

In line: SUR
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 07-Oct-20


Sosandar (SOS) H1 trading - rev £4.3m up 52% "with a substantial improvement in EBITDA loss". Number please. Net cash level with July at £4.3m. "Initial trading with John Lewis and Next has been very promising with the initial ranges already expanded." Sales & marketing spend resumed. [SP=15 Cap=29m]
Codemasters (CDM) guides H1 rev up 102%. adj EBITDA up 123%. No FY guidance. [SP=359 Cap=547m]
Tyman (TYMN) Trading significantly exceeded mgmt expectations in Q3 with LFL rev up 3%. Hudes H2 only slightly down. [SP=240 Cap=472m]
Thruvision (THRU) guides H1(Spet) rev down 2%, gross margin flat. [SP=26.9 Cap=39m]
Xaar (XAR) report a hack attempt but thinkn no data was stolen. Will recover system from backup. [SP=134.5 Cap=105m]
Vertu Motors (VTU) H1 adj pretax £4.7m (£16.9m). Q2 profit was £19m (£3.8m). Sept trading a record. Guides strong FY financial outcome. [SP=31.5 Cap=116m]
Audioboom (BOOM) starts advertising sales in Canada through a partnership with Rogers Media. Also a list of new original content. [SP=177.3 Cap=25m]
Nuformix (NFX) £0.65m placing at 2.8p, a 15% discount, to accelerate business development. Cost cutting. [SP=3.3 Cap=16m]
Omega Diagnostics (ODX) wins gov't contract. [SP=106 Cap=189m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 08-Oct-20


Malvern (MLVN) delayed FY(Dec) rev-cont up 3%, pretax -£5.7m (-£0.36m). "Manchester, London and Brighton language schools are now open with around 50 students across the centres and enquiries and bookings are starting to pick up. The governments of the Gulf Cooperation Council countries are now allowing sponsored and self-funded students to travel to the UK, and students are beginning to arrive. All things being equal, we expect student numbers for the language centres to return to normal levels from summer 2021." Shares resume trading [SP=0.12 Cap=1m]
MySale (MYSL) £5.1m subscription at 6p, a 27% discount, to expand and develop its marketplace platform and to buy stock. [SP=8.5 Cap=72m]
Gulf Marine Services (GMS) puts refinancing and placing on hold due to 30% holder Seafox requisitioning board changes. [SP=9.55 Cap=33m]
NAHL (NAH) still discussing takeover by Frenkel Topping. Chair resgns. [SP=57.39 Cap=27m]
Intercede (IGP) guides H1(Sept) rev up 9%, in line. [SP=71.2 Cap=36m]
Motorpoint (MOTR) H1 demand above mgmt exp, margins up. Pretax will be up. Some sites affected by local lockdowns. No FY guidance. [SP=310 Cap=280m]
Robert Walters (RWA) Q3 net fee income down 31% but up no Q2. 4.5 interim div. Current trading in line. [SP=353 Cap=269m]
SRT Marine Systems (SRT) guides H1(Sep) rev £3.8m up 9%. No systems rev. H2 'looking positive' for transceiver sales, expects some systems rev. [SP=39.7 Cap=65m]
UTG " 88% of bed spaces let across the whole portfolio (2019/20: 98%). We have seen healthy letting activity since A-Level results on 13 August, with new lettings partially offset by a higher than usual volume of cancellations, particularly following the recent increase in UK cases of Covid." [SP=NA Cap=NA]
Woodbois (WBI) Q3(Sept) rev down 35% but "now seeing a strong recovery in demand particularly from Asia, which combined with the additional production capacity that continues to come on-line leads us to anticipate higher levels of activity and revenue during Q4". [SP=2.4 Cap=35m]
Watchstone (WTG) agrees sale of Ingenie Business for £3m plus £2.5m contingent. Needs shareholder approval. [SP=70 Cap=32m]
Alpha Financial Markets Consulting (AFM) H1(Sep) had "good net fee income growth as well as growth in adjusted EBITDA". No numbers! Cash at hand c. £30m. [SP=207.16 Cap=219m]
NewRiver REIT (NRR) Q3 rent collected (or deferral agreed) 66% vs 38% in Q2. YTD disposals made at 3% discount to March book value. [SP=54.8 Cap=168m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 12-Oct-20


Cake Box (CBOX) guides H1(Sep) rev £8.6m (£8.8m), LFL up 12%. "We have received a record number of new store applications, giving us confidence that the momentum in our national rollout will return to pre-COVID levels." [SP=163.15 Cap=65m]
Camellia (CAM) Re: press report of legal case re violence by investee Kakuzi (avocado producer) - Kakuzi questions the case but does not seem to deny them outright. [SP=6850 Cap=187m]
Yourgene Health (YGEN) Elucigene DPYD cancer gene tests to be used routinely in Wales. [SP=20 Cap=144m]
Scancell (SCLP) proposed £12.1m subscription at 13p, a 19% discount. Also OO and issue of £17.9m convertibles. [SP=16 Cap=101m]
OptiBiotix Health (OPTI) launch in Australia and NZ of meal replacement shakes and bars containing OptiBiome weight management technology (sic). [SP=59 Cap=52m]
Wilmington (WIL) CFO leaves in Dec, new one found. [SP=125 Cap=111m]
BigDish (DISH) Developing a Venture Builder model to gain sweat equity stakes in a portfolio of assets with no cash outlay. Last time I saw 'sweat equity' was from Quindell's Rob Terry. Co to sign agreements with several 'significant' startups: BigDish will provide the technology in return for equity stakes. "Looking ahead, BigDish is expected to grow into what is termed a Venture Builder." Funding runway potentially further extended beyond Q2 2021. DISH's Digital Communications Officer is Zak Mir. Now where did I put those running shoes? [SP=1.62 Cap=6m]
Eddie Stobart Logistics (ESL) good trading at investee GreenWhiteStar (pallets and logistics): H1 rev down 1%, U/L EBITDA £16.6m (-£6.3m). [SP=6.63 Cap=25m]
Science (SAG) rev continued to be at higher end of mgmt expectations. Vague outlook "Board will therefore continue its prudent operating model, making investments when financial results permit, and maintaining its primary focus on cash flow.2 [SP=232.5 Cap=98m]
Panoply (TPX) guides H1(Sept) LFL rev up at least 18% and LFL adj EBITDA at least £2.4m (£0.9m). LFL = adj for acquisitions. £25m contract wins in H1, which are included in the existing new business pipeline and underpin FY 2021 guidance. "Confident of delivering 10-15% like-for-like organic revenue growth for the full year with profit growth in excess of revenue growth in line with previously stated commercial vision." [SP=122.5 Cap=83m]
Seeing Machines (SEE) expanding its driver monitoring system into an overall vehicle interior/occupant monitoring system (OMS).Will be available for automotive production programs starting as early as 2023. Market up to A$1.5 billion through to 2030. Beware tiny companies bandying about massive market sizes. [SP=4.65 Cap=156m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[torata]

Smallcap Sweep. 12-Oct-20

Seeing Machines (SEE) expanding its driver monitoring system into an overall vehicle interior/occupant monitoring system (OMS).Will be available for automotive production programs starting as early as 2023. Market up to A$1.5 billion through to 2030. Beware tiny companies bandying about massive market sizes. [SP=4.65 Cap=156m]

@MrContrarian

As early as that? Wow!

I recall posting on Paul Scott's Small Cap Report maybe 5 years ago about how Fuso (or possibly Hino, can't remember) had Denso driver monitoring systems in their coaches rolling off the production line.
This company so reminds me of NXT.

torata

[MrContrarian]

Smallcap Sweep. 13-Oct-20
Marshall up a gear

Palace Capital (PCA) H1 trading. 94% and 90% of rents collected for March Q and June Q. 70% of rents for Sept Q collected, higher than at the equivalent stage in the previous two quarters. Divs of 2.5p min restarted. [SP=190.08 Cap=88m]
Scapa (SCPA) guides H1 rev ahead of mgmt expectations. Industrial division down c.22%, Healthcare down c.23%. [SP=123.4 Cap=232m]
Connect (CNCT) wins 5 year renewal from Associated Newspapers, publisher of the Daily Mail etc. Comples goal of renewing all major contracts. [SP=25 Cap=62m]
Capital (CAPD) Q3 rev up 20%. Guides FY in line. [SP=65 Cap=89m]
French Connection (FCCN) H1 rev down 53%. Wholesale rev down 50% which Marks thinks is 'good'! U/L loss £12.2m (£3.6m). Op cashflow £3.7m. Has sufficient cash "based on its current best worst case expectations". Is that the best phrasing they could devise? Why did SP jump 25% yesterday? [SP=8.92 Cap=9m]
Marshall Motor (MMH) FY(Dec) trading. Guides U/L pretax £15m, previously break-even. "Group continued to trade strongly through the remainder of August and, importantly, during the key plate-change month of September. The Group benefitted from the ongoing release of pent-up demand in both vehicle sales and aftersales." [SP=120 Cap=94m]
Actual Experience (ACT) 3-year extension of its framework agreement with Accenture. Co believes that Accenture has the potential to become a significant Channel Partner. [SP=97.5 Cap=46m]
Lidco (LID) H1. Outlook " too early to predict whether delayed purchasing decisions and postponed elective surgeries will catch up in time to benefit LiDCO's performance in H2. Although some opportunities are under discussion, the Board does not currently expect that H2 will benefit from a further significant boost to sales as a result of the pandemic." [SP=8.35 Cap=20m]
Essensys (ESYS) FY in line. [SP=132 Cap=70m]
B P Marsh & Partners (BPM) in line [SP=234 Cap=88m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 14-Oct-20


Water Intelligence (WATR) guides FY pretax above expectations (mkt?) after very strong Q3. [SP=464 Cap=68m]
Ramsdens (RFX) guides FY(Sept - 18 month) pretax c. £9m. Is this in line? "We are pleased with the Group's robust performance." [SP=111.5 Cap=34m]
International Personal Finance (IPF) Q3 returned to profit, collections effectiveness improved to 95% of pre-Covid expectations. "Prudent relaxation of credit settings resulted in a 55% increase in credit issued in Q3 compared to Q2." Still 49% down YoY. In line? [SP=53.2 Cap=119m]
SkinBioTherapeutics (SBTX) £4m placing and £0.5m OO at 16p , an 11% discount. Cash nneded to "to explore the use of the SkinBiotix® technology in areas such as, oral and hair indication...establishment of its own lab facilities...and explore both the launch of an own-label cosmetic product and partnering opportunities for cosmeceutical product lines." [SP=18.4 Cap=24m]
Directa Plus (DCTA) good performance at 51%-owned environmental remediation business Setcar. 9 month rev up 15%. Contracted order book is expected to generate revenue of €4.0m during 2021 and €3.0m during 2022. [SP=69.8 Cap=43m]
Petards (PEG) wins contract for over £1.3m to supply Porterbrook Maintenance Limited with eyeTrain systems. Deliveries are expected to be completed during the first quarter of 2021. [SP=6.75 Cap=4m]
System1 (SYS1) guides H1(Sept) rev and gross profit down 25%. "The downturn was particularly pronounced in the US, against a very strong H1 2019/20, while the UK and Asia Pacific produced double-digit revenue growth." Guides pretax £0.6m down 57%. [SP=112.5 Cap=14m]
Arbuthnot Banking (ARBB) recent Q profitable. Loan balances up 3% , deposits up 14%. AuM up 4%. "Resilient". [SP=745 Cap=112m]
STM (STM) business weak: "certain initiatives are not yet delivering the volumes of business that we had expected". "Options workplace pensions solution business currently achieving a 50% revenue uplift year-on-year, it is now expected to fall short of its overall revenue target by circa £0.32m." Also flexible annuity new business slow. [SP=35 Cap=21m]
Audioboom (BOOM) formal sale process end with no acceptable approaches. £3.15m subscription at 225p, a 27% premium. Q3 rev up 15%. YTD rev up 18%. YTD loss $1.6m, 32% down. [SP=177.5 Cap=25m]
Stock Spirits (STCK) guides FY(Sept) trading ahead of mgmt exp. [SP=225 Cap=450m]
Galliford Try (GFRD) gets two new lots in the Thames Water AMP7 framework worth up to £60m PA over 4 years. [SP=78.8 Cap=88m]

In line: ANG
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 15-Oct-20


Hammerson (HMSO) Q4 rent collection 41%, higher than at the same point following the June Q. [SP=18.22 Cap=698m]
IQ-AI (IQAI) launches IB Stroke for processing MR and CT perfusion image sets. It may be used to help determine the usefulness of treating stroke patients with clot-busting drugs. [SP=4.75 Cap=7m]
Norcros (NXR) strong trading momentum has continued: guides H1(4 Oct) rev down 2% but up 5% at const currency and pre-IFRS 16 U/L op profit c. £12m (£17.1m). No div but may pay final div. No FY guidance. [SP=158 Cap=127m]
Capital & Regional (CAL) received, or expect to 'imminently' receive (hmm), 51% of Q rent. Prev Q "40% collected at same stage." Are they comparing same thing there? [SP=36.2 Cap=40m]
NMCN (NMCN) a review following board changes has resulted in co now expecting FY pretax loss of £13.5-15m. "An external investigation has commenced to verify the extent of the prior year adjustments included within this loss." Also reviews co's financial structure following a change in payment terms on the new Framework Agreements. Looking for medium-term debt package. "In the Water sector we are starting to see volumes recover from the industry AMP6 to AMP7 transition, whilst Construction has also seen some recovery...Telecoms activity levels remain strong." [SP=241 Cap=25m]
Hollywood Bowl (BOWL) most sites reopened in mid-August with initial trading exceeding expectations and cash positive months in Aug & Sept. Rev since estate reopening down 32%. Guides marginal FY profit. [SP=130 Cap=205m]
LPA Group (LPA) wins 'significant' project, subject to contract, in UK rail. No £££. Win in line with mgmt expectations. [SP=73.2 Cap=9m]
Hostelworld (HSW) recent weeks seen a marked deterioration in bookings. Also "greater than expected decline in ABVs driven in part by bed price deflation and adverse foreign exchange movements." Now guides FY net bookings down 78-80% and net rev down 82-84%. Net cash £22.6m. [SP=54.1 Cap=63m]
Cerillion (CER) H2 has continued strongly. Guides FY rev and adj EBITDA slightly ahead of market expectations. [SP=310 Cap=91m]
Volex (VLX) guides H1 and FY rev and profit above market expectations. Guides H2 rev up at least 2.2%. [SP=193 Cap=294m]
Redcentric (RCN) guides H1(Sept) trading slightly ahead of mgmt exp but no number. [SP=130 Cap=202m]
Clear Leisure (CLP) court hearing in €10.8m legal action against the former directors and internal audit committee of Sipiem has been held. A independent experts will be appointed to assess the damages. "Each party in the case has the right to appoint their own experts." FFS! Mediapolis claim rejected. Launches online service, “PBV Intelligence” to allow users to monitor and measure ‘relationship capital’. [SP=0.24 Cap=2m]

In line: DLAR
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 16-Oct-20


Lookers (LOOK) Q3 better than mgmt expected with significant outperformance of the UK retail new car market. Car sold up 14% LFL. Guides material underlying pretax loss in H1 but Q3 significantly up. [SP=21 Cap=82m]
Superdry (SDRY) CFO scarpers. He is thanked. [SP=151.1 Cap=124m]
Mind Gym (MIND) H1(Sept) rev down 40%, adj pretax -£1m to -£1.5m. No comparative. Expects marked increase in rev in Oct and pipeline has expanded substantially. Guides significant growth in both revenue and profits in H2. Test and Trace mastermind (is this right?) Dido Harding resigns as NED. [SP=90 Cap=90m]
Catenae Innovation (CTAE) 50/50 JV with BHA-Medica to deliver an integrated Covid-19 'Test, Monitor, Manage Programme'. BHA-Medical will provide the JV with a 20 min covid-19 test. [SP=NA Cap=NA]
DeepMatter (DMTR) wins contracts with five new major customers for computer aided synthesis design tool, ICSYNTH. No £££. [SP=1.62 Cap=15m]
Circle Property (CRC) 75% rent collection in this Q and 80% including monthly payers. Reflects lack of exposure to retail and the strength of covenants. Portfolio valuation £138m (March: £139.5m). NAV 283p/sh. [SP=157.5 Cap=45m]
Renold (RNO) guides H1(Sept) rev down 17% but remained profitable. Net debt £26.4m down £10.2m. Order intake down 21%. "Trends suggest that order intake should continue to slowly improve, albeit at levels below the prior year in the near term." [SP=11.8 Cap=27m]
Iofina (IOF) guides H2 prodn towards bottom of 340-360MT forecast. Iodine prices and demand have softened recently but still up on last year. [SP=15.05 Cap=29m]
Loungers (LGRS) recent Q rev up 25% . "Whilst the resurgence in Covid-19 cases increases the likelihood of additional trading restrictions, we remain very encouraged by the strength of our trading post reopening." [SP=140.1 Cap=143m]
SpaceandPeople (SAL) H1(June) net rev down 72% to £1.1m. U/L pretax -£1.6m (0). There was no trading stmt for H1 before this. "Confident that we will be able to trade through [further lockdowns] and emerge in a position to take advantage of the recovery." [SP=4 Cap=1m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 19-Oct-20


Colefax (CFX) trading conditions have continued to improve in most of major markets in past month. Sept Fabric Division sales up 11% LFL. [SP=406 Cap=37m]
WANdisco (WAND) wins intiial $450k contract through Amazon Web Services Commercial Marketplace. It's its largest such transaction to date. [SP=440 Cap=231m]
Omega Diagnostics (ODX) formalises agreement with Abingdon Health, the UK Rapid Test Consortium (covid test) lead. "Omega will manufacture not less than 25% of the demand from total orders placed, either from the UK Government or, where allowed, third party customers...expects to receive revenue per test which is slightly ahead of market expectations." [SP=98.5 Cap=176m]
Guild Esports (GILD) signs £3.6m three-year sponsorship deal with a new European fintech company serving esports fans. [SP=7.24 Cap=37m]
Elixirr (ELIX) strong trading means FY guidance of adj EBITDA over £9.25m (IFRS 16). IAS 17 guidance over £8.75m cf market expectation of £7.8m. [SP=227 Cap=103m]
Shield Therapeutics (STX) Teva Pharmaceutical pulls opposition to Shield's patent on "Process for preparing an iron hydroxypyrone" and patent on "Crystalline Forms of Ferric Maltol." [SP=133.9 Cap=157m]
Orchard Funding (ORCH) withdraws application for a banking licence due to uncertain economic conditions. [SP=62 Cap=13m]
IXICO (IXI) guides FY(Sept) rev up 26%, order book up 36%. EBITDA at least mkt exp of £1.1m. [SP=88.03 Cap=41m]
Record (REC) AuM up 4% over the last Q, in $. [SP=44.02 Cap=88m]
Checkit (CKT) 3 year Framework Agreement with John Lewis for the supply of connected workflow, asset monitoring and building management solutions. No £££. [SP=45.48 Cap=27m]
Baring Emerging Europe (BEE) change of investment policy which will diversify geographical scope to include the whole of Emerging Europe, the Middle East and Africa. Will rename as Barings EMEA Opportunities. [SP=590 Cap=72m]
DeepMatter (DMTR) CFO replaced effective today. She is thanked. [SP=1.88 Cap=17m]
ADVFN (AFN) gets a new NED. What will he make of chief Clem Chamber's impressively high expenses? [SP=14.25 Cap=4m]

In line: MTW
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 20-Oct-20


CML Microsystems (CML) H1 trading: similar to July stmt but new order intake from Communications sector in the last few weeks more encouraging. [SP=230 Cap=39m]
Open Orphan (ORPH) wins govt contract for covid human challenge study model. Starts immediately and could be worth approximately £10m. Also "has secured the first three slots to test vaccines using hVIVO's COVID-19 challenge study, which we expect start in 2021, each slot reservation has been secured at a cost of £2.5m each bringing the total value of these slot reservations to £7.5m." [SP=29.2 Cap=194m]
Symphony Environmental Tech (SYM) further progress of the Eranova green algae project with completion of a €6m financing. Symphony's fully diluted share in the Project is 1.6%. [SP=24.5 Cap=43m]
Feedback (FDBK) its medical imaging communications platform, Bleepa, adds 3D imaging through partnership with Axial3D. Value proposition...cutting-edge...gatekeeper platform blah blah blah. [SP=0.95 Cap=10m]
Solid State (SOLI) guides 'strong' H1 rev and adj profit flat but order book down 6%. [SP=634.9 Cap=54m]
Transense Technlgy (TRT) FY(July) posttax loss £2.54m (£1.47m). Continuing postax loss £1.09m (£0.84m). Q1 pretax B/E (-£0.60m) and 'future profitability now visible'. [SP=51 Cap=8m]
Tatton assets under management (AUM) increased to £7.811 billion (31 March 2020: £6.651 billion). This is an increase of £1.160 billion or 17.4% for the six-month period [SP=NA Cap=NA]
Dotdigital Group (DOTD) guides FY rev beat after strong Q1. Profit in line as incremental margin will be reinvested. [SP=144.5 Cap=430m]
Luceco (LUCE) strong Q3 so hikes FY guidance: rev £172-176m (at least flat), adj EPS 13.5-15p. [SP=219 Cap=352m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 21-Oct-20
Room with a view.

Equatorial Palm Oil (PAL) proposes RTO of Capital Metals, a company developing a mineral sands project in Sri Lanka, . Shares suspended. [SP=0.77 Cap=4m]
Eco Animal Health (EAH) guides H1(Sep) rev significantly ahead of management expectations and the prior year. The figure is a secret. "Product pricing and manufacturing costs have remained broadly stable through the first half of the financial period although higher volumes have resulted in some additional customer discounts." R&D spent cut, remains under review. [SP=203.25 Cap=137m]
React (REAT) after 42% H1 rev rise, guides FY pretax ahead of market expectations driven by both COVID-19 related decontaminations and a number of non-COVID-19 related projects. [SP=1.24 Cap=6m]
Spectra Systems (SPSY) wins central bank for the development, manufacture and servicing of a sensor system. Worth $1.9m dev phase, $5.6m to 2023, up to $34m for the delivery of sensors, and a service component worth c. $7.5m. [SP=170 Cap=77m]
Zytronic (ZYT) guides FY(Sep) rev £12.7m, down 39% and EBITDA positive. "Whilst we are still facing uncertainty regarding levels of future business, particularly from the Gaming and Financial sectors, Zytronic is in a strong financial position." [SP=111.55 Cap=18m]
Tremor (TRMR) guides FY(Dec) ahead of market expectations with rev $340-360m amd adj EBITDA $30-36m. [SP=175 Cap=233m]
Cohort (CHRT) wins 3 contracts worth c. £16m. Start this FY and deliveries in 2021 to 2028. [SP=562 Cap=230m]
C4X Discovery (C4XD) £15m placing at 14p, an 11% disc. Comes with warrants. Placing "expected to provide the Company with at least twelve months working capital" ie keep the lights on or as co puts it "advance the core investment portfolio to near-term inflexion points" blah blah blah. [SP=16.4 Cap=20m]
Metro Bank (MTRO) Q3(Sep) trading. Assets flat during Q. CET1 remains materially in excess of regulatory minima. "Activity levels continue to gradually recover post-lockdown, with new account openings tracking higher at around 90% of pre-pandemic levels." [SP=59.5 Cap=103m]
Petards (PEG) wins eyeTrain contract from Bombardier. No £££. "Bolsters the Group's present order book to £12.3 million of which £6.9 million is scheduled for delivery in 2021." [SP=7.5 Cap=4m]
LoopUp (LOOP) launches LoopUp Rooms which "combines the Group's premium remote meeting solution with off-the-shelf hardware to create competitively-priced, plug-and-play video conferencing suites". [SP=225.6 Cap=125m]
Seeing Machines (SEE) MoU with global aerospace and defence technology company, L3Harris Technologies to collaborate to enhance pilot training technology. [SP=4.27 Cap=144m]
Mercantile Ports & Logistics (MPL) H1(June) rev still a miserable £155k. Preatax -£2.6m (-£2m). Cash £7.8m and undrawn facilities £10.1m. CFO leaving in Nov and claims he enjoyed it. He is thanked. [SP=0.22 Cap=4m]

In line: D4T4
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 22-Oct-20
FUM firms up FDA approval path.

Toople (TOOP) 3 year contract extension with its bakery client: more locations and more services, 'significantly increasing the value of the contract'. No £££ though. [SP=0.15 Cap=5m]
4D Pharma (DDDD) merger with US Longevity Acquisition Corp valuing 4D at 110p, an 18% premium. Will list as Nasdaq ADRs. 4D holders will own 87% of group. How can it value 4D at an 18% premium when it will comprise 87% of group? [SP=107.78 Cap=142m]
Water Intelligence (WATR) wins contract with another leading US insurance company for minimally-invasive water leak detection. No £££. [SP=489.9 Cap=72m]
Cloudcall (CALL) Capital Markets Day trading update: guides FY(Dec) rev £11.5-12m, ahead of expectations. [SP=95 Cap=37m]
Gear4music (G4M) guides FY(Mar) market expectations after H1 rev up 42% to £70.2m, gross profit up 60%. [SP=730 Cap=153m]
Trifast (TRI) H1 trading has continued to be slightly ahead of mgmt base case assumptions. [SP=117.5 Cap=160m]
SDI (SDI) guides FY(Apr) rev and pretax broadly at pre-covid budget and so above market expectations."Board stresses that the incremental sales at Atik and MPB are the result of one-time contracts related to the COVID-19 pandemic and expects them to be completed well within the current financial year. Consequently, the Board's view on the Group's 2022 financial year is unchanged." [SP=71.61 Cap=70m]
Futura Medical (FUM) further trial with 100 patients agreed with FDA for erectile dysfunction gel. Q1 2021 enrolment. Also continues to target a 2021 European approval. [SP=16.11 Cap=40m]
Genedrive (GDR) has completed assay design for 20 minute covid test and "is now generating very promising analytical data aligned to market requirements." Target of final Q1 2021 for CE Marked system, allowing for thorough clinical testing requirements. Volume production would need a new version with a freeze-dried PCR bead format . [SP=110 Cap=62m]
IXICO (IXI) wins new contracts in Huntington's disease clinical trials. Much smaller than the £10.5m contract announced in April. [SP=102.8 Cap=48m]
Pendragon (PDG) Q3 LFL rev down 1%, U/L pretax up 810% to £27.3m. Remains cautious on Q4 so no FY guidance. [SP=11.76 Cap=164m]
Quartix (QTX) guides FY rev and FCF in line but adj EBITDA 15% ahead of consensus. Gives consensus as rev: £25.8m; adj EBITDA £6.9m; FCF: £5.2m. [SP=339 Cap=163m]
Countrywide (CWD) £90m rescue placing and OO at 135p, a 27% discount. Also Alchemy to invest up to £90m at 180p via a placing and funding a Tender Offer. A bit odd. Alchemy will end up with 50-68%. LSE listing will downgrade to standard from premium. [SP=163.4 Cap=54m]

In line: SWG, OPM
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 23-Oct-20
Stone me

McCarthy & Stone (MCS) rec offer of 115p, a 39% premium. Buyer likes retirement living sector. [SP=83 Cap=446m]
Vianet (VNET) H1 trading ahead of management forecast. [SP=64 Cap=19m]
Sensyne Health (SENS) signs agreement with Bristol Myers Squibb to apply machine learning for rare blood disease research. This is its 4th partnership with a major pharmaceutical co. [SP=92.5 Cap=119m]
All Active Asset Capital (AAA) Placing to raise £11.5m at 8p, a 0.6% discount. and issue of warrants exercisable at 15p. Used to make make further investments. [SP=8.29 Cap=65m]
Empiric Student Property (ESP) 70% (94%) occupancy. This includes includes c. 10% from students still to check-in between now and Jan. LFL rental growth to date 2.4% (3.1%). Continues to trade profitably. [SP=58.5 Cap=353m]
Aquis Stock Exchange (AQSE) trading suspended. No reason given! [SP=NA Cap=NA]
Scholium (SCHO) H1(Sept) trading: modest loss (£64k). Cash at hand c.£300k. £250k covid loan undrawn. Expects loss in H2. [SP=32.4 Cap=4m]
RUA Life Sciences (RUS) project updates. [SP=NA Cap=NA]
Nexus Infrastructure (NEXS) guides FY(Sept) pretax loss, but improved from June mgmt exp. Order book down 17%. No rev fig. Hopes to be able to reinstate guidance in Dec. Expects to return to profitability next year [SP=133 Cap=60m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Ignore the Aquis Stock Exchange suspension. It relates to a co trading on Aquis.
MrC

[MrContrarian]

Smallcap Sweep. 26-Oct-20
Jesper With-Fogstrup news

Augmentum Fintech (AUGM) placing and PrimaryBig offer at 120p, a 6.3% disc, to fund investments selected from the Company’s near-term qualified pipeline. [SP=128 Cap=150m]
THG (THG) Q3 rev up 39%, hikes FY guidance to c. £1.48bn to c. £1.52bn (+30% to +33%). [SP=666.6 Cap=6470m]
Advanced Oncotherapy (AVO) £7.7m subscription at 30p, a 13% discount, to keep the lights on. [SP=37 Cap=113m]
Inland Homes (INL) guides FY(Sep) rev at least £135m (£148m for 15 month year), so a higher run rate. Av sellng price up 15%. [SP=51.55 Cap=117m]
H&T (HAT) CEO retires in Dec. He is thanked. [SP=227 Cap=91m]
ULS Technology (ULS) appoints Jesper With-Fogstrup as CEO from early 2021. He is global head of digital as a channel at HSBC. [SP=54.39 Cap=35m]
HSS Hire (HSS) plans £54m max placing and OO at 10p, a 53% disc, to cut debt. [SP=22.4 Cap=38m]
Augean (AUG) Landfill Tax Repayment of £1.6m by HMRC, relates to a single biomass customer and is part of the £40.4m claim. [SP=194.65 Cap=203m]
United Carpets (UCG) rev up 23.8% in last 19 weeks. Outlook: "a number of significant, potential headwinds facing our sector and the UK economy". [SP=3 Cap=3m]
Yourgene Health (YGEN) guides H1(Sep) rev up 5%. Outlook: UK COVID-19 testing operating at its full capacity of 10,000 tests per month rising to 20k in Q3. That would be a potential £1m/month rev. Guides FY in line. [SP=19.5 Cap=140m]
Driver (DRV) activity broadly in line with H1, guides FY U/L pretax c. £2.5m. No help as to whether in line. [SP=43 Cap=23m]
W.H. Ireland Group (WHI) H1(Sept) rev up 15%, pretax £0.33m (-£1.44m). Outlook: "looks forward to the remainder of the financial year with some confidence". [SP=38.6 Cap=19m]

In line: ECK
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 27-Oct-20
Reveloution puts landlords up against the wall.

Hunting (HTG) Q3 results reflect the low levels of activity caused by covid. No rev fig! Broadly break-even EBITDA. Expects Q4 rev slightly lower than Q3 due to the usual seasonal slowdown. ""Client activity should improve during 2021, but a sustained recovery in the market will be a function of the decline in covid." [SP=141 Cap=233m]
Gresham Technologies (GHT) guides FY(Dec) in line. Contracted revenue for FY21 £22.5m of which £14.9m is Clareti. "We expect to further strengthen forward-looking Clareti ARR in the remaining weeks of the year and are encouraged by a growing pipeline for 2021." [SP=113 Cap=79m]
Zinc Media (ZINC) £4m placing at 60p, a 1.6% disc, to keep the lights on and £0.5m for talent acquisition. Trading: rev down 50%. Expects run rate to rise to 21% down. "The pipeline for 2021 looks strong, with £4.1 million of commissions booked and a further £23.4 million of commissions at an advanced stage or in engaged discussion." Admits making a £15k director loan in March w/o shareholder approval. Loan has been repaid. [SP=7.97 Cap=4369m]
Angle (AGL) £20m placing at 46p, a 5% disc, for ongoing operations commercial expansion and R&D. [SP=48.75 Cap=84m]
Revolution Bars (RBG) starts CVA for subsidiary owning 50 out of 73 bars. "The trading outlook is uncertain and based on all the information and commentary available, the Board now anticipates that the important Christmas trading period will be severely compromised and any return to near normal levels will not be possible before next Spring at the very earliest...If CVA proposals are accepted...estimates cash flows (before one-off costs of implementing the CVA) will improve over the next two years by approximately £2m." [SP=9.9 Cap=12m]
Coral Products (CRU) trading in line. Delays final to Jan at the latest. [SP=5 Cap=4m]
AA (AA.) PUSU deadline extended to 24 Nov. [SP=24 Cap=149m]
Fusion Antibodies (FAB) get grant of £188k to support mammalian antibody Library R&D. [SP=156.75 Cap=40m]
ECSC (ECSC) two significant contracts worth £580k over an initial 3 years in Managed Detection and Response division. [SP=60.1 Cap=6m]
Quiz (QUIZ) FY(Mar) U/L pretax -£3.7m (+£0.6m) on rev down 10%. Trading: H1(Sept) rev down 73%. "With our new store portfolio structure, on the basis of revenues being at similar levels to revenues in the year ended 31 March 2020, the rent payable would be approximately halved on a like for like basis." [SP=7.71 Cap=10m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian