Proactive Investors - Run By Investors For Investors

Breakfast News - Sareum Holdings, Gear4music, BlueRock Diamonds and more...

Breakfast News - Sareum Holdings, Gear4music, BlueRock Diamonds and more...

Set menu


Total number of AIM Companies (Incl Susp):




Total number of AIM Companies trading:




*as at close of business  01 April 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 01 April 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 01 April 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      


RhythmOne plc, has left AIM after being acquired by Taptica International Limited.


What’s cooking in the IPO kitchen?


Main Market


Rustranscom plc— specialised rail freight transportation in Russia and Kazakhstan, announced its potential intention to conduct an IPO of GDRs. The GDRs are expected to be admitted to the Official List of the FCA and to trading on the main market of the LSE. Offering is expected to comprise predominantly primary shares, in the amount of circa $300m.


Main Market (Premium)


US Solar Fund, a newly-established investment company focused on investing in solar power assets mainly in the US, looking to raise $250m at $1. Expected 16 April


Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa  region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m.  Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%.




Techniplas –global  producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient.  FYDec17 rev $515m.


Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer TBC

Banquet Buffet


Sareum Holdings* (LON:SAR) 0.78p £22m


Sareum Holdings, the specialist small molecule drug development business, notes that Sierra Oncology, the licence holder advancing clinical cancer candidate SRA737, announced late yesterday that new preclinical data for SRA737, its Chk1 inhibitor, plus low dose gemcitabine (LDG), in combination with anti-PD-L1 immunotherapy, has been reported in a late-breaking oral presentation at the American Association of Cancer Research (AACR) Annual Meeting 2019, being held in Atlanta, GA, USA from 29 March to 3 April 2019.


In the study, SRA737+LDG demonstrated significant anti-tumour activity when combined with anti-PD-L1 immunotherapy in a mouse model of small cell lung cancer (SCLC), resulting in durable tumour regressions. 10/10 examples showed tumour regression at the end of the 21-day treatment period and 8/10 showed sustained complete response after a further 39 days without further treatment.


These findings suggest that the combination of anti-PD-L1 immunotherapy with the SRA737+LDG regimen may represent the optimal implementation of these agents, leading to a dramatic anti-tumour activity and provide a strong rationale for combining these agents with the SRA737+LDG regimen to enhance clinical response rates.


Intercede (LON:IGP) 21.9p £8.33m


Intercede, the leading specialist in digital identity, credential management and secure mobility, announced that a large US Federal Government order totalling $4.3m was received on 29 March 2019. The order includes software licenses and annual support & maintenance; $2.05m (£1.57m) of which will be recognised in the financial year ended 31 March 2019.


Subject to the completion of the year end audit, revenues for the year ended 31 March 2019 are expected to be in excess of £10m, which is ahead of market expectations and approximately 10% higher than the previous financial year. This reflects the impact of follow on orders from existing customers plus new contract wins via partners in the US, Europe and SE Asia. The establishment and further development of these and other partner relationships is critical for the Group's future growth prospects.


The combined effect of increased revenues and action taken to reduce the cost base, is expected to result in a return to profitability at both operating profit level (2018: £4.5m operating loss) and after interest and tax (2018: £3.8m loss for the year).


As at 31 March 2019, gross cash balances totalled £3.2m (2018: £2.3m).


Hydrogen Group (LON:HYDG) 68.5p £21.6m


Hydrogen Group, the global specialist recruitment group, announces final results for the year ended 31 Dec 2018.


Group revenue to 31 Dec 2018 totalled £135.7m (2017: £125.9m);


Full year Net Fee Income+ ("NFI") 34% higher at £30.5m (2017: £22.8m), partly driven by the full year impact of Argyll Scott, but also by strong underlying growth, with Group pro-forma NFI up 14%;


Contractor gross margin increased by over 10% in the year to 10.8% (2017: 9.8%);


Profit conversion ratio increased to 9.7% (2017: 3.6%);


Underlying PBT increased by £2.2m, or 264% to £3m (2017: £0.8m);


Strong cash generation. Cash generated from operations of £6.1m (2017: outflow of £2.5m);


Net cash as at 31 Dec 2018 of £4.9m (31 Dec 2017: net debt of £0.4m);


Statutory profit for the year of £2.5m (2017: loss £1.3m);


Final dividend of 1p per share proposed for approval at AGM, taking dividend for the year to 1.5p (2017: 0.8p per share), an increase of 88% for the year.


Belvoir Lettings (LON:BLV) 102.5p £35.11m


Belvoir Lettings, the UK's largest property franchise group, announced its preliminary results for the year ended 31 Dec 2018.


21% increase in Group revenue to £13.7m (2017: £11.3m)


Growth in management service fees (MSF) of 7% to £8.5m (2017: £7.9m)


Strong lettings bias reflected in gross profit ratio of 71% lettings:18% sales:11% financial services (2017: 74%:19%:7%)


Exceptional credit of £0.8m on finalisation of Northwood earn out


40% increase in PBT to £5.5m (2017: £3.9m)


Strong cash flow from operating activities of £4.6m (2017: £3.7m)


Increased year-end bank balance of £1.8m (2017: £1.4m)


Net debt of £9.6m (2017: £5.1m) following £4.2m Northwood earn out settled in cash and the £4m MAB Glos cash consideration. Net debt to adjusted EBITDA is 1.8. 


Adjusted fully diluted EPS of 11.7p (2017: 10.7p)


Recommended final dividend up 9% to 3.8p (2017: 3.5p) giving total dividend for the year of 7.2p (2017: 6.9p)


Gear4music (LON:G4M) 192.5p £45.03m


Gear4music, the largest UK based online retailer of musical instruments and music equipment, announced a trading update for the 13 months from 1 March 2018 to 31 March 2019.


Sales in the period increased by 36% with continuing strong growth in the UK and Europe


Sales in the 12 months to 28 Feb 2019 were £109.9m, up 37%


Active Customer numbers increased by 53% to 727,400


Website conversion improved to 3.4%, up from 3.25% last financial year


On hand cash at 31 March 2019 of over £5m (28 February 2018: £3.5m)


BlueRock Diamonds (LON:BRD) 0.24p £1.49m


BlueRock Diamonds, the diamond producer, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, announced its Q1 2019 production update.


Q1 tonnage 42,409 tonnes up 12% on Q1 2018 (38,781 tonnes)


1,847 carats sold in Q1 up 18% on Q1 2018 (1,563 carats)


Average grade 3.41 cpht, 4% above the average for 2018


Average price per carat $371, 10% above the average for 2018


Two large stones recovered and sold: an 8.97 carat diamond for $74,513 and a 16.28 carat diamond for $78,947


Rotala (LON:ROL) 51p £24.7m


Rotala, a provider of transport solutions across the UK, announced its audited results for the year ended 30 Nov 2018.


Turnover of £62.4m (2017: £52.6m), up 19%


Adjusted EBITDA of £8.8m (2017: £7.75m), up 14%


Adjusted operating profit of £5.8m (2017: £4.9m), up 18%


Adjusted PBT up 18% to £4.23m (2017: £3.59m)


Adjusted basic EPS up 9% to 7.22p per share (2017: 6.65p)


Dividends for the year paid and proposed total 2.7p per share (2017: 2.5p), in accordance with progressive dividend policy


Sabien Technology (LON:SNT) 0.13p £0.47m


Sabien Technology, the manufacturer and supplier of M2G, a boiler energy efficiency technology, announced it has been awarded a contract by a major government department worth £846,375 for the deployment of Sabien's M2G Boiler Optimisation Technology across parts of its Estate.


"This is a key contract award for Sabien and is another illustration of the success we can achieve in the Public Sector. This is an excellent demonstration of the quality of our M2G boiler control, scale of installation expertise and the project management that Sabien can bring to a contract of this type, applying skills gathered from previous large-scale client M2G roll out programmes...This brings total orders to date for the financial year ending June 2019 to £1,141,713 (2018: £478,709). All sales revenue will be realised in this financial year.”


Clinigen Group (LON:CLIN) 911p £1,209.78m


Clinigen Group, the global pharmaceutical and services company, has completed the acquisition of the US rights to Proleukin® (aldesleukin, human recombinant interleukin-2), following US anti-trust clearance.


The Group now owns the global rights to Proleukin, having acquired the rest of world rights in July 2018.


Proleukin is indicated for metastatic melanoma and metastatic renal cell carcinoma in the US and it is currently being used in around 80 active clinical studies within the US across multiple disease areas.


The acquisition will be modestly EPS accretive in the current financial year as the product transitions to Clinigen, and at least 25% accretive in the first full financial year.


Proleukin will become Clinigen's largest product in its Commercial Medicines division and it further diversifies the Commercial Medicines owned portfolio of niche hospital and critical care products.


TP Group (LON:TPG) 6.25p £47m


TP Group, the specialist services and engineering group, announced its audited results for the year ended 31 Dec 2018.


Revenue ahead of forecast and up 40% to £39m (2017: £27.9m), underpinned by strong customer momentum during the period


Of the revenue growth, £5.4m was derived from acquired companies Polaris Consulting Ltd. and Westek Technology Ltd.


Adjusted operating profit ahead of forecast and up 85% to £4m (2017: £2.1m) driven by focus on improving margin and delivery performance


Operating losses reduced to £nil (2017: £1m loss), reflecting one-off acquisition-related expenses and further depreciation and amortisation relating to investments in the business


Closing cash ahead of forecast at £22.4m (2017: £21.9m), driven by strong working capital performance



Order intake of £43.2m (2017: £44.7m) and closing order book up 16% to £48.3m (2017: £41.7m)

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