Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m.
Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
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Today’s trading update from Driver Group is optimistic, highlighting a material improvement in activity levels during Q4 and a positive start to Q1 ’22. The rise in demand for the highermargin expert services, combined with a decline in the impact of the pandemic on decision making, a restructuring of the Middle East / APAC regions, and new offices, have resulted in renewed positive momentum. We have introduced estimates for FY21 and FY22, with the latter reflecting these strong growth drivers.
Companies: Driver Group Plc
Driver Group’s year end update confirms it expects to report adj. PBT in line with expectations and net cash a touch below at £6.5m (SCM previous forecast: £7.3m). It has seen a material improvement in activity levels during Q4, giving management confidence in the current year outlook. Our FY22 forecasts are therefore unchanged, continuing to show a material improvement in earnings. We see the current valuation (11.1x Sep. ’22 P/E and 5.7x EV/EBITDA) as undemanding against an improving outlook a
Dish of the day
Dispersion Holdings (AQSE:DEFI) an investor in the high growth FinTech sector within the UK, the USA and Canada, has listed on the Access Segment of the Aquis Stock Exchange Growth Market. The Board intends to deploy the majority of the Company’s cash resources in the acquisition of minority interests in a number of different, yet to be identified, companies in the broad FinTech sector, and to apply expertise to the business operations and strategic plans of these companies. Pla
Companies: DRV ELCO JOG FUM BUR PCIP NTQ GDR NSCI
Driver’s interims were well flagged in the 30th April update. Adj. PBT was £1.0m (H1’20: £1.3m, H2’20: £1.3m), reflecting the impact of COVID-19 and the loss of key staff in APAC. Despite this, Driver made strong strategic progress, expanding its geographic reach in the US and Spain. Activity levels in April/May were consistent with H1. Whilst the pipeline of opportunities is building, conversion remains slow as a result of COVID-19 and we therefore forecast a stable H2 performance, with FY21 PB
Driver’s H1 update highlights a resilient performance, with adj. PBT expected to be only slightly lower year on year despite the impact of COVID-19 (H1’20 adj. PBT of £1.25m - largely unaffected by COVID). The Group has maintained a strong balance sheet, with net cash at period end of £7.2m (Sep. ’20: £8.2m). A changing picture in terms of lockdown restrictions, alongside the loss of certain staff to a competitor in APAC, created a challenging environment. However, the statement indicates meanin
Driver’s FY20 results were well flagged in the 26th October trading update. The Group achieved adj. PBT of £2.5m (FY19: £3.0m), which reflected the impact of COVID-19 in H2. The Group continues to be strongly cash generative, with net cash increasing to £8.2m at the year end (FY19: £5.4m). Whilst visibility remains limited, activity levels in FY21 to date have been encouraging and the Board has therefore declared a final dividend of 0.75p. The strategic review has concluded with a new target to
Driver Group’s year end update highlights an expected full year PBT outturn of £2.5m (£1.3m/£1.2m H1/H2) after adjusting for costs relating to the departure of Gordon Wilkinson. Whilst this represents a slight decrease on the prior year, given the impact of COVID-19, this is an impressive result. Geographic diversity continues to benefit the Group, with a strong performance in the UK and Europe offsetting a weaker result in the Middle East and APAC regions in FY20. Forecast guidance remains susp
Driver Group has announced a strategic partnership with Africa’s leading claims and dispute resolution consultancy, EVRA Consulting (click here), which is headquartered in Johannesburg. The partnership combines Driver’s higher margin Diales services with EVRA’s relationships and network to bring the benefits of Expert commissions to clients across the African continent. The joint offering will give Driver access to 54 national markets across Africa. Additionally, the Group has strengthened its M
Driver has today announced the opening of its new US office in New York. This is in line with the Group’s strategy to diversify and grow into new markets, the US representing one of the largest markets for the Group’s services. The opening is supported by the appointment of two leading experts, Simon Braithwaite and Robert Otruba. Simon is a Quantity Surveyor and testifying Quantum, Delay and Damages expert. He has been based in the US for over 20 years. Robert is an experienced Forensic Delay A
The H1 results were well flagged in the 15th April update. H1 PBT is significantly ahead of last year at £1.3m (H1’19: £0.8m). Driver traded profitably through April to June. Whilst guidance is suspended, with the pipeline maintained, we believe the Group will continue to trade profitably through H2. As flagged in the H1 update, there is no interim dividend, with management seeking to preserve cash. The balance sheet is strong, with net cash of £3.3m at 31st March (improved to c.£5.5m post perio
Driver Group has announced that its Group CEO, Gordon Wilkinson, has left the Company with effect from 31st May 2020 by mutual agreement and with the good wishes of the Board and senior executive team. Gordon will be succeeded as by Mark Wheeler, currently Group COO. Mark has spent 14 years with Driver Group, the last four as Group COO and has an unrivalled knowledge and understanding of the Company’s global operations. John Mullen, a leading Quantum expert, will also be appointed to the Group B
Today’s trading update highlights that H1 PBT is expected to be broadly in line with management expectations and significantly ahead of H1’19. Whilst the pipeline for April/May is encouraging, there is an expectation that COVID-19 will in the near future impact customer behaviour and therefore activity levels, perhaps materially so. Guidance is therefore withdrawn. Driver is seeking to preserve cash. It will therefore not pay an interim dividend, all non-essential capex and discretionary spend h
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
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We believe Keywords has a very strong business model, as it provides solutions throughout the development cycle. Keywords is an infrastructure play, benefitting from gaming industry tailwinds. 2021 is a step-change year. Thereafter we believe KWS EPS will continue to compound at attractive double-digit % rates.Buy
Companies: Keywords Studios plc
Tissue Regenix (TRX) is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL) and bone (BioRinse). It has a broad portfolio of marketed regenerative medicine products for the biosurgery, orthopaedics and dental markets. Interim results showed early signs of the benefits of its strategic activities over the past two years – the focus on commercial relationships, capacity expansion, restructuring to service demand, and rec
Companies: Tissue Regenix Group plc
Sareum Holdings PLC have published Final Year Results. We have published research on this which is attached and a snapshot of the research is below.
The specialist drug development company delivering targeted small molecule therapeutics to improve the treatment of autoimmune diseases and cancer, announced its results for the year ended 30 June 2021. It has been a period of significant progress for its selective TYK2/JAK1 Inhibitors, which have reported further strong pre-clinical results, attra
Companies: Sareum Holdings plc
Companies: System1 Group PLC
Water Intelligence has released a very strong Q3 update and at the 9m stage has now already achieved our FY21 Normalised PBT forecast. Group revenues advanced +43% for the 9m, led by US Corporate-Owned Locations (+79%) and International Corporate-Owned Locations (+47%), supported by Franchise Royalty Income and Franchise-Related Sales, which both grew +4%. Normalised PBT for 9m was $6.5m, equal to our FY21 estimate. The group was very active in Q3, with a Midwest Home Builder contract win develo
Companies: Water Intelligence plc
RELX shares reached a new all-time high this morning following the publication of the group’s 9-month trading update. Investors welcomed the – long-awaited – bounce back in Exhibitions as well as the improved FY21e guidance.
Companies: RELX PLC
Arrow Exploration Corp. (AIM:AXL; TSXV:AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has joined AIM, alongside a fundraise of approximately £8.8m.
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ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas com
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Franchise Brands has released a positive trading update for the three months to 30 September 2021, the Group’s third quarter. Highlights include excellent growth from the Metro Rod franchisees who have increased system sales by 32% year-on-year (yoy) in the quarter and the recruitment of 52 new franchisees in the B2C division to date. Work on optimising the new integrated technology platform continues, improving the Metro Rod and Metro Plumb customer experience and enhancing the efficiency and p
Companies: Franchise Brands plc
Franchise Brands has released a very encouraging Q3 update which states that it has delivered record Q3 results that firmly underpin FY expectations. This robust performance was driven by Metro Rod, where systems sales grew +32%. As expected, Willow Pumps has seen a more muted recovery in its supply & installation operations due to its reliance on the housebuilding sector. Recruitment in the B2C sector has returned to pre-CV19 levels. Digital transformation at Metro Rod and Metro Plumb continues
Accelerating platform change aims to diversify revenues, improve business mix and lower operating costs. The bulk of this transition should be complete by summer 2022 in time for the seasonally important fourth quarter for US sports betting. The changes wrought across the organisation will hike exceptional costs in our forecasts but tangible benefits should be felt from the H2 2022E onwards.
Companies: XLMedia Plc
WATR continues to exceed expectations, as reflected in this morning's Q3-2021 announcement, showing 9-month revenue at $39.7m (up 43% YoY), EBITDA at $8.5m (up 48%) and adj. PBT at $6.5m (up 42%) – surpassing full year 2020 results on all counts. Consistently impressive revenue and profit growth rates over a number of years evidence the strength of the operating model and the value of the company's national presence as well as growing demand for their services arising from well-publicised and hi
Rentokil’s Q3 FY2021 trading update came in behind our and consensus estimates. The positive impact of organic revenue growth in the core businesses and bolt-on acquisitions was partially mitigated by the unwinding of disinfection revenue. While management maintained FY2021 guidance for the core businesses to generate mid-single-digit organic revenue growth, the share price dropped c.2% today on the back of an underwhelming Q3 update. We will tweak our estimates and target price, and are likely
Companies: Rentokil Initial plc
Whether we know it or not, advanced materials are a core component in the everyday life of the everyday person. They are the key material in items we often disregard, such as printer inks and lotions, to objects which defy the laws of gravity like the Airbus A380 and London’s Shard. Furthermore, these materials are not only essential to many objects and structures, but, due to their superior qualities, are the key to the advancement of many industries. One such example is the use of carbon fibre
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Frenkel Topping has acquired 6% of the share capital of NAHL and NAHL has confirmed that it has received an approach from Frenkel Topping proposing an all share combination. The Board of NAHL is considering the proposal. We move our recommendation from sell to neutral.
Companies: NAHL Group Plc