Keras Resources is an AIM-quoted resource development company with a diverse suite of assets in Australia and Africa. Given the iron ore sector downturn, Keras has stepped back from its African iron ore projects to focus on near-term gold production assets.
Macfarlane Group is the leader in its chosen market, generates cash, is seeing steady 3-5% organic growth, indeed 2015 saw growth towards the upper end of that range, at 4.5%. Overall sales growth 2015 has been 9.9% (translating to PBT +20.7%) and some 55% of growth is from acquisitions, further of which we anticipate in 2016. The acquisitions of recent years are all on track to achieve maximum earn-out hurdles. EBITA margins are exhibiting a modestly upward trend.
Shard Capital Q & A with Mark Gustafson of Challenger Acquisitions