Proactive Investors - Run By Investors For Investors

Breakfast News - Circassia Pharma, Greenfields Petroleum, Chaarat Gold Holdings and more...

Breakfast News - Circassia Pharma, Greenfields Petroleum, Chaarat Gold Holdings and more...

Set menu




Total number of AIM Companies (Incl Susp):




Total number of AIM Companies trading:




*as at close of business  15 January 2019


Standard List**  of Main Market:


Total number of Standard List Companies


(Incl Susp):




Total number of Standard List Companies trading:




*as at close of business 15 January 2019


NEX Growth Market:


Total number of NEX Growth Market Companies (Incl Susp):




Total number of NEX Growth Market Companies trading:




*as at close of business 15 January 2019


*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


No Joiners Today


Off the menu      


No Leavers Today


What’s cooking in the IPO kitchen?


Main Market (Specialist Funds)


The Global Sustainability Trust -aiming for attractive risk-adjusted returns by investing primarily in private market investments that are expected to have a positive environmental and social impact raising c.£200m. Due 31 Jan 2019.


Main Market (Standard)




Circassia Pharma (LON:CIR) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb.


Greenfields Petroleum (TSX-V:GNF)  production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.


Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan medium-sized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb


Banquet Buffet


Midwich (LON:MIDW) 560p £461m


The specialist audio visual distributor to the trade market, provided a trading update for the year ended 31 Dec 2018.


The Board now expects to report revenue for 2018 in excess of £570m (FY18E £562m), representing growth of approximately 20% over the prior year 


As a result of this strong performance, the Board now anticipates reporting adjusted PBT for 2018 to be slightly ahead of its previous expectations (FY18E 28.5m).


Strix Group (LON:KETL) 143.6p £281.6m


The specialist “in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, announced the following trading update for the year ended 31 Dec 2018.


Strix has delivered a strong performance across the Group during 2018 and the Board confirms that it expects to report results in line with market expectations for the financial year. The Board also expects to report a net debt position of c.£28m.”


PE c.10.4x, yield c.4.8%


IGas (LON:IGAS) 80.2p £98m


“IGas announced the spud of the Springs Road-1 exploration well at Misson Springs, in North Nottinghamshire.


This exploratory well is a vertical well targeting the Bowland Shale geological formation.


This is the second well that forms part of an integrated exploration and appraisal programme to better define the basin and is located in the central basin area.”


IG Design Group (LON:IGR) 596p £442m


9mth to Dec 18 trading update from the designers, innovators and manufacturers of gift packaging, greetings, stationery, creative play products and giftware. Reported revenues 36%, with like-for-like sales up 9%2. The Group has seen growth in reported revenue and profit across all regions, with non-UK based customer revenues now accounting for over 70% of the Group.


Remains on track to deliver diluted earnings per share1 in line with current market expectations, with year-on-year growth expected to be in excess of 20%. 


“Looking forward to the year ahead, we have a strong committed order book and pipeline of contracts in negotiation, with a number already secured for FY20.”


Learning Tech Group  (LON:LTG) 88p £586m


“The integrated digital learning and talent management services and technologies provider, announced a trading update for the year ending 31 Dec 2018.


The Board expects Group revenues to be c.£94m (2017: £52.1m), with recurring revenues increasing to c.68% (2017: 39%), driven primarily by the transformational PeopleFluent acquisition in May 2018. The Board anticipates recurring revenues to be c.71% on an annualised basis.”


Adjusted EBIT is expected to be significantly ahead of expectations at not less than £26.5m (2017: £14.0m). In Nov 2018, LTG announced a new strategic goal to achieve run-rate revenues of £200m and run-rate EBIT of at least £55m by the end of 2021 .


Instem (LON:INS) 273p £43.5m


The provider of IT solutions to the global life sciences market, announces a trading update for the year ended 31 Dec 2018. All three key areas of the business contributed positively during the Period, with strengthening margins and underlying EBITDA in line with management's expectations. Net cash at 31 Dec 2018 was approximately £3.6m and will increase early in the current year as delayed payments from a small number of large pharma customers are received, returning the Company to more normal working capital cycles.


“The Company looks forward to building on this momentum, particularly for SEND related services, where order backlog and future revenue visibility is continually improving."


Shield Therapeutics (LON:STX) 35.8p £41.7m


The commercial stage, pharmaceutical company with an initial focus on addressing iron deficiency, announced the appointment of James Karis as NEC of the Company with immediate effect.  James has served on Shield's Board of Directors for almost 3 years as a member of the Audit and Nominations Committees and as Chair of the Remuneration Committee. A proven entrepreneur, he brings to Shield over 35 years of experience in the pharmaceutical, healthcare services, technology and medical device industries. He is also a seasoned Board member for both public and private companies with extensive experience in corporate strategy, M&A and all aspects of company financing, particularly with respect to the US market.


Dillistone Group (LON:DSG) 51.5p £10.13m


The supplier of software for the international recruitment industry, announced that it has been awarded a three year contract renewal by a globally known recruitment organisation. This contract represents, by value, the largest in the history of the Group.


The Group's GatedTalent division has seen a continuing acceleration in revenue, since its announcement on 5 Nov 2018, as member services have come on line.  The Board reported that a larger proportion of Divisional revenue is subscription based than had previously been anticipated, increasing the Group's ability to deliver sustainable higher quality earnings.  While it still expects the Division to be loss making in 2019 as a whole, the Board now expects that the business will make a contribution and become cash generative in the final quarter of 2019.


Dotdigital Group (LON:DOTD) 78.2p £232.5m


The 'SaaS' provider of an omnichannel marketing automation platform, announces a trading update for HYDec18.


Group revenue up by 33% to £24.9m (H1 2018: £18.8m)


Organic revenue up by 15% to £20.1m (H1 2018: £17.5m)


Adjusted EBITDA in line with market expectations: the core business has outperformed although tempered by a shortfall in Comapi's revenues, which is a lower margin business, primarily driven by challenging retail market conditions


Cash balance at 31 Dec 2018 of £16.6m up 58% (H1 2018: £10.5m)


Sales through strategic partners increased by 43% to £10.3m (H1 2018: £7.2m);


dotdigital named as Big Commerce's first Global Elite partner in Europe.

This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.

Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, does not constitute “independent investment research” for the purposes of the Financial Conduct Authority rules. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, directors, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the UK, this document is directed at and is for distribution only to persons who (i) fall within Article 19(5) (persons who have professional experience in matters relating to investments) or Article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or (ii) are Professional Clients or Eligible Counterparties (as those terms are defined in the rules of the Financial Conduct Authority) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as “relevant persons”). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by persons who would be classified as Retail Clients (as defined by the rules of the Financial Conduct Authority).

Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of UK or US securities law, or the law of any such other jurisdictions.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, directors, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

Neither the whole nor any part of this document may be duplicated in any form or by any means. Neither should this document, or any part thereof, be redistributed or disclosed to anyone without the prior consent of Hybridan LLP.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use