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This week: Quarto publishes results, Surface transfers and a golden start to the year for Silverdell

Published: 08:25 13 Mar 2013 GMT

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Last week saw the FTSE 100 close almost 100 points higher at 6,476 points and the AIM All Share 8 points higher at 748 points. News included the BoE keeping interest rates in the UK at 0.5 per cent, and the ECB continuing eurozone rates at 0.75 per cent. Construction output, according to the Office of National Statistics, was down in January 2013 compared to January 2012, whilst UK house sales hit their highest level in more than two and a half years with 17 homes being sold per surveyor. The week ahead sees the Bank of England Quarterly Bulletin being announced, together with UK trade and manufacturing output data, and next week sees the Budget taking place.

BVM Final Results, BGBL New deal, CIN launch of Therium Jersey Limited, DDD Lenov0 license renewal, FITB signs three Partnership Deals, FUM Preliminary results, HGV Disposal of Amaze, IDEA Contract Wins and Board Change, MSG MoU signed with London Football clubs, OMI Resignation of CEO, OXB TroVax(R) Phase II trial, QRT Final results, RENE wins two major Biomedical Catalyst grants, RLD Graphite Exclusivity, SHEP.PL Interim results, SID Trading update. SQS Final results, SDM Preliminary results, SUMM new OGA data, SCE Transfer Agreement, SUN International Clinical Advisory Board appointment, TRCS New Advisory Board

Belgravium (LON:BVM)

The Board of Belgravium Technologies, designers and suppliers of computing solutions and services for mobile data capture applications to a wide variety of industrial sectors, announced its preliminary results for the year ended 31 December 2012.  Revenues declined to £8,669,000 (2011: £11,157,000) and profit after tax was £336,000 (2011: £876,000. The Company proposed to maintain the dividend of 0.1p and net cash grew to £1,566,000 (2011: £1,074,000) though EPS of 0.33p (2011: 0.87p). John Kembery, Executive Chairman, said: "After a successful 2011 which benefited from some large contracts, 2012 has proved a challenging year. Nevertheless, I am pleased to report that our results are in line with revised expectations. Our operational gearing means that we are sensitive to falls in revenue and in common with many companies; Belgravium has found it difficult to convert its sales pipeline into confirmed orders as customers continue to delay their investment decisions. We do not expect our markets to change significantly in 2013. However, the Group has a strong balance sheet and has initiatives in place which should ensure improved profitability in the current year.”

Bglobal (LON:BGBL

Bglobal, the provider of smart energy solutions and services to the UK energy market, announced that it has signed a deal with GnERGY Ltd, enabling GnERGY to become a dual fuel energy supplier. Bglobal's subsidiary Utiligroup has a 'Supplier in a Box' (TM) solution for new market entrants offering an array of logistical and technical support, which will minimize the time it takes GnERGY to be operational in the market. This is the seventh company to take advantage of the solution, and includes access to Utiligroup's full range of energy software, implementation services and consultancy from the 'Client Solutions' team, operational managed services and a license through the pre-accredited supply company 'Lumen Energy Supply Ltd'. 

City of London Group (LON:CIN) 

COLG is pleased to announce the successful closing of a new litigation fund, Therium Jersey Limited. Therium Jersey Limited is an Expert Fund established under the Jersey Expert Fund regime. Therium Capital Management Limited is COLG's litigation funding subsidiary and is the exclusive investment advisor to the fund. IFM Trust Limited is the administrator. The new fund is the latest of TCML's funds with a capital raise of £7.2m which will be invested alongside TCML's earlier funds into the growing pipeline of investment opportunities (up 63 per cent in 2012). As at the closing of the fund, five investments recommended by TCML were approved for funding by the board of directors of Therium Jersey Limited. 

DDD (LON:DDD

DDD Group, the 3D solutions company, has renewed the license agreement for its TriDefTM 3D software with Lenovo, which will use the solution in its growing range of 3D PC products. The popularity of 3D gaming is driving sales of 3D PC products in China and Lenovo’s Win8 3D products enable a huge number of the most popular Chinese and international games to be played in 3D. Lenovo is launching a full range of new Win8 All-In-Ones, desktops and monitors during the Spring of 2013. The TriDef 3D software will be supplied with Lenovo’s 3D PC products including the Lenovo All-In-One B3 and B5 series as well as the X and K series 3D Desktop models, to deliver 3D viewing using simple, lightweight polarised glasses, making it both cost-effective and convenient. DDD’s TriDef 3D automatically converts DVD movies, video and photo files from 2D to 3D. It also allows over 750 of the latest 2D PC games to be played in 3D “off the shelf”, even if the game was not specifically developed for 3D. Over 100 of those games are popular Chinese titles. Almost all 2D games that use DirectX 9, 10 or 11 can be played in 3D with TriDef. To ensure plenty of content for 3D viewing, Lenovo also includes a selection of original, high definition 3D programming available from Yabazam.com, DDD’s 3D entertainment portal.DDD will continue to receive quarterly royalty revenues from Lenovo based on the volume of 3D PCs shipped. 

Fitbug Holdings (LON:FITB)*

Fitbug Holdings , the AIM listed provider of online personal health and well-being services, announced that it has signed partnership agreements with three leading wellness businesses in line with its strategy to increase its presence in the Connected Health Market, which is particularly buoyant in the US. The first is an Alliance Marketing Agreement with MyFitnessPal, the leading US based nutrition and fitness tracking app, to consolidate its food diary capabilities with Fitbug's activity tracking capabilities - access to more than 30 million people. The second is an Agreement with Redbrick Health, a leading consumer health engagement and behaviour change technology provider, to integrate Fitbug data with Redbrick's tracking, social challenge and rewards engine. And the last one is a partnership with wireless health innovator ConnectedHealth Pte. Ltd to combine both companies' consumer health and fitness monitoring solutions with a focus on the US and Asian markets.  The agreements offer the potential to grow the Company's customer base significantly according to the Company.

Futura Medical (LON:FUM

 Futura Medical announced preliminary results for the year ended 31 December 2012. The Company saw a net loss of £2.18m (2011: £1.81m) and net cash inflow in year of £0.23m (2011: £1.76m). During the period, the rights for CSD500 were regained and it remains on-track for relicensing and regulatory approval during 2013. PET500 continued to await its US launch by Ansell under the LifeStyles(R) brand, whilst CRF100 (a cellulite reduction product) was reformulated and a new clinical study is underway. A placing was also completed in September which saw £2.08m raised at 2p, leaving the Company with cash resources of £2.82m (2011: £2.58m) at the year end.

Hasgrove (LON:HGV

Hasgrove, the digital and communication services group, has conditionally agreed to sell Amaze, its full service marketing and technology company, to St Ives Marketing Services Ltd. for a total cash consideration comprising a £15.3m initial payment payable on completion, which includes £1.8m repayment of intercompany debt and up to a further £9.7m payable conditional upon achieving certain profit targets in the year to 31 December 2013. The disposal is subject to shareholder approval. While Amaze has built a strong position in digital business solutions, the management concluded that this business needed an owner with the ability to increase investment to take it forward. New business opportunities at Amaze are being turned down due to a lack of resource. Following the sale of Amaze, Hasgrove will own three trading subsidiaries; Interact, The Chase and Landmarks. Management believes that these businesses address key market segments and offer growth potential. A proportion of the net disposal proceeds will be invested to accelerate the growth of Interact, particularly outside of the UK. Some of the proceeds of the disposal will also be invested in the remaining businesses for expansion and working capital requirements. Up to £1.9m will be used to fully repay bank loans. 

Ideagen (LON:IDEA)

Ideagen, a supplier of Compliance based Information Management, is pleased to announce continued robust trading and that it has signed approximately £700k of new contracts under the Scottish Framework Agreement within its recently acquired healthcare business, Plumtree Group Limited. The contracts are for the supply and implementation of dartEDM, Ideagen's flagship Electronic Document Management solution to the Western Isles NHS Trust and Forth Valley NHS Trust, it is expected that 70 per cent of the contract value will be recognised over the next 12 months. These new contracts bring the total value of revenue generated under the agreement to approximately £1.2m. The integration of Plumtree into the Company is now complete and the Company has made a number of non-board management changes. Ben Dorks, formerly Sales Director of Plumtree has been appointed as the Company's Group Sales and Marketing Director and Barnaby Kent, formerly CEO of Plumtree has been appointed Group Operations Director. Additionally Graeme Harrop, Chief Operating Officer, has stepped back from the PLC board but remains with the Company as Professional Services Director with responsibility for the delivery within and the on-going development of our major customers. Graeme was formerly Professional Services Director for Microsoft UK and will focus on ensuring the successful implementation of our largest programmes. 

Milestone Group (LON:MSG)*

Milestone, the AIM quoted provider of digital media and technology solutions, yesterday announced that it has entered into a Memorandum of Understanding (MoU) with ten London football clubs’ community trust schemes to deliver a pan London focused community football tournament in summer 2013. This tournament will supplement the launch of Milestone’s social engagement programme, the Passion Project, which was announced on 29 January 2013. The Passion Project will use a number of digital media and sports engagement tools to help young people identify skills, access training and employment opportunities. A wide number of key strategic partners have been involved in the creation of the Passion Project and further details will be announced in the near future.

Orosur Mining (LON:OMI)

Orosur Mining, the South American focused gold explorer and producer, announced that David Fowler is to resign as Chief Executive Officer on 31st May 2013. The Company is in the process of recruiting a replacement. After lengthy discussions with the Board, it has been mutually agreed that David Fowler will step down as Chief Executive Officer. David will continue in his current role until 31st May 2013 in order to effect an orderly handover. David joined Orosur as Chief Financial Officer in 2004 and became Chief Executive Officer in 2006; the terms of his severance and engagement after that date are in the process of being finalised. The Company also announces that its production for the third quarter ended 28th February 2013 was 18,401 ounces, resulting in year to date production for the 9 months of 47,822 ounces. The Company's production forecast remains 63,000 to 68,000 ounces for the full year. The Board reported that it is confident that the Company remains on track to deliver the strategy that was outlined in October 2012.

Oxford Biomedica (LON:OXB) 

Oxford Biomedica, the gene-based biopharmaceutical company, has reported that its partners at the Velindre Cancer Centre in Cardiff have initiated a Phase II trial to assess the safety and immunological activity of TroVax(R), a therapeutic vaccine developed by Oxford Biomedica, in combination with first-line chemotherapy agents, pemetrexed and cisplatin, in patients with malignant pleural mesothelioma (MPM). The study will be funded by the June Hancock Mesothelioma Research Fund and the Velindre Cancer Centre Stepping Stones Appeal, and Oxford Biomedica will provide TroVax(R) . The Phase II study, entitled "SKOPOS", will enrol 26 patients with MPM and will evaluate whether TroVax(R) is active in the treatment of MPM, assessed by measuring anti-5T4 immune responses following treatment in combination with pemetrexed and cisplatin. The study will also assess secondary measures of clinical benefit including progression-free survival, objective response rate and overall survival at six and 12 months. 

Quarto (LON:QRT

Quarto, an international co-edition book publisher based in London announced final results for the year ended 31 December 2012, which saw a dip in both revenues and profit before tax to revenue of $180.9m (2011: $186.1m) and pretax profit for the year of $7.1m (2011: $9.4m) respectively. Changes in the shape of the business saw digital revenues become more pronounced, up 29 per cent to $2.7m (2011: $2.1m). On the operational front, Tim Chadwick was elected as Chairman in December 2012, and Marcus Leaver appointed COO at the end of April 2012 after which he was appointed CEO in December 2012. Further, Quarto announced its three current Non-Executives, Peter Waine, Peter Campbell and Edward Krawitt would not be seeking re-election to the Board at the Annual Meeting in May. A strategic review of operations is underway to help lift earnings and improve shareholder returns; though despite the challenges a final dividend of 4.55p per share was announced, taking it to 7.9p for the year.

ReNeuron Group (LON:RENE)

ReNeuron Group announced that it has been awarded two separate grants, totalling £1.2m, from the UK Biomedical Catalyst to pursue further development of two of its core stem cell therapy candidates. The Biomedical Catalyst is a programme of public funding jointly managed by the Technology Strategy Board, the UK’s innovation agency and the Medical Research Council. The first award to ReNeuron of £0.4m is a Late Stage Biomedical Catalyst grant and relates to the Company’s ReN009 stem cell therapy candidate for critical limb ischaemia. The award will be deployed towards the funding of a UK Phase I clinical trial in limb ischemia patients. The Company will provide a further update on progress with this programme shortly. The second award of £0.8m is an Early Stage Biomedical Catalyst grant and relates to the Company’s ReN003 stem cell candidate for the treatment of retinitis pigmentosa. The award will fund the UK-based late pre-clinical development of this programme through to the clinic. This work is being undertaken in collaboration with the world-renowned UCL Institute of Ophthalmology and complements the Company’s existing long-standing collaboration on this programme with the US-based Schepens Eye Research Institute.

Richland Resources (LON:RLD)

Richland Resources announced that it has entered into an exclusivity agreement with a major international trading company regarding Richland's graphite project. This is located within the Company’s existing licence area in Tanzania, 1 km from where the Company has mined tanzanite since 2004. Historically, the licence area hosted a graphite mine that produced 6,776 tonnes during 1996, before running into financial trouble resulting in the closure of the operations in 1998. Under the terms, the Trading Company has a three month exclusivity period to conduct its studies of the graphite project followed by an additional three month right-of-first-refusal period in respect of any business relationship with Richland. 

Shepherd Neame Limited (LON:SHEP) 

The Kent-based brewer and pub operator announced results for the 26 weeks ended 29 December 2012.Turnover was up 2.6 per cent to £69.2m (2011: £67.4m) and it reported an operating profit level at £6.7m (2011: £6.7m).Statutory profit before tax was slightly down at £4.5m (2011: £4.8m) and a basic earnings per £1 share also slightly down at 27.6p (2011: 28.2p). The interim dividend increased to 5.00p per £1 Ordinary Share (2011: 4.90p). A strong performance across the pub and hotel estate has been seen in a challenging market, according to the Company. Jonathan Neame, Chief Executive, commented:”I am pleased to report a solid performance for the 26 weeks to 29 December 2012 with robust Christmas trading following the exceptional comparable period in 2011. Our performance reflects the underlying strength and resilience of our business as we have invested consistently in our brands and pubs over the long term.”

Silverdell (LON:SID) 

Silverdell, the specialist environmental support services group, has announced that following the positive start to the new financial year, management expects results for the year to September 2013 to be in line with its expectations. The Company has also confirmed its recommendation of a maiden dividend of 0.175p per share, to be paid on 22 March 2013 to shareholders on the register at the close of business on 13 March 2013. The order book remains strong and tendering activity remains very high with a number of key opportunities being negotiated. The Company has secured a number of long term framework contracts worth in aggregate up to £3m per annum. The Board has taken the decision to accept an offer of circa £1m as final settlement from Shaw Group on its 18 month final account negotiation on Pembroke Power Station, a contract secured in 2010. A non-recurring exceptional charge of around £2.5m will be recorded in the first half results for 2013. While this will not affect the Company's underlying profit for 2013, the year-end net debt is now anticipated to be approximately £1m higher than previous expectations. 

SQS (LON:SQS

Specialist in software quality services announced final results for the year ended 31 December 2012. Revenues were up by 11.1 per cent to EUR210.1m (FY 2011: EUR189.1m), whilst profit before tax was up by 26.6 per cent to EUR9.2 m (FY 2011: EUR7.3m). Improvements in cash collection during the year helped the cash position at EUR11.8m (2011:EUR6.3m). Managed Services contracts accounted for 34 per cent of total full year revenues compared to 22 per cent in the prior year, and the Company successfully renewed all Managed Services contracts due to end during the period. With a growing demand for managed services, SQS expects to extend its US presence and invest it its test centre infrastructure in India. A dividend of EUR0.07 per share (2011: EUR0.05) for the full year was announced. The Company believes first quarter 2013 performance has given it confidence to be able to report further progress going forward.

Stadium Group (LON:SDM

A leading electronic technologies group announced preliminary results for the year ended 31 December 2012, which saw revenues fall by 8.8 per cent to £40.99m (2011: £44.94m), and pre tax profits by 55 per cent to £1.77m (2011: £3.96m). During the period, the Company acquired IGT (which manufactures intelligent displays) for an initial cash consideration of £3.02m with a further sum of up to £0.75m dependent on year one performance, and completed the sale of a building it owned in Hong Kong (which previously housed the Company’s Asia operations, which has now been moved to mainland China) realising cash of £3.3m and a one off profit of £2.4m. Tough trading conditions last year have continued into the new year with the Company finding it challenging, though a good performance at the IGT business and rationalising operations has left Stadium anticipating a stronger second half, especially so considering the reduced cost base which will result from the planned closure of the Rugby facility. 

Summit Corporation (LON:SUMM)*

Summit, a drug discovery and development company, yesterday reported new data from its OGA (O-linked N-acetylglucosaminidase) inhibitor programme for the treatment of tauopathies, a group of neurodegenerative diseases that includes Alzheimer’s disease.  The OGA inhibitors were evaluated in an in vivo disease model, with results showing trends to a positive impact on motor impairment symptoms and improved survival rates following daily oral dosing.  These new data were presented at AD/PD™ 2013, the international conference on Alzheimer’s and Parkinson’s diseases held in Florence, Italy, 6-10 March. “Following the strategic refocusing of Summit to commit all resources into advancing our two clinical-stage programmes, the completion of this study represents the natural conclusion of our involvement in this programme... These encouraging results further highlight the promise of the approach and of our OGA inhibitors, and will add greater depth to the scientific data package as we talk with perspective collaborators about taking this programme further into development.” commented Glyn Edwards, Chief Executive Officer of Summit.  

Surface Transforms (LON:SCE)

Surface Transforms announced it has signed a non-exclusive agreement worth US$1.0m in revenue over the next 12 months, with a major global manufacturer of clutch and transmission systems. The agreement relates to the transfer of one of Surface Transforms' in-house developed process technologies, a technology which is only one stage of ST's multi-stage production process for carbon-ceramic brake disc components, and includes the sale of specialist equipment and an option to purchase further process technology and equipment worth approximately US$1.5m. A five year licence is included in the agreement, commencing in 2018, should they choose to manufacture and sell carbon ceramic components using Surface Transforms' process technology. However, the Company has suffered a short-term adverse development in that Genii Capital - the 50 per cent owner of Mov'It - has decided to put their share of Mov'It up for sale and is using the German administration process to minimise costs and facilitate the sale. As previously announced on 3 March 2011, Surface Transforms has a significant distribution agreement with Mov'It. Whilst the Company's assets at Mov'It's are safe, the turmoil will reduce short term sales at Surface Transforms. The Board considers the net effect of both events will be neutral on profits and cash during the current financial year but positive on both during the year ending May 2014; turnover will be lower than market expectations for the current financial year but in line with expectations for the year ending May 2014. 

Surgical Innovations Group (LON:SUN)

The designer and manufacturer of creative solutions for minimally invasive surgery announced the appointment of US Paediatric and Thoracic surgeon Sean Barnett to its International Clinical Advisory Board (ICAB) with immediate effect. Sean Barnett, MD, MS, FAAP, FACS, is a US Paediatric and Thoracic surgeon specialising in core trauma and bariatric surgery. He works for one of the largest children’s hospital in the US, Cincinnati Children’s Hospital Medical Centre. The ICAB complements the established UK CAB and Sean will be the first paediatric surgeon to be joining either Board. SI are looking to penetrate the paediatric market this coming year with an advanced range of innovative 3mm laparoscopic devices, aimed at all areas of general surgery and especially minimally invasive surgery in children. Having Sean on the Board as a key US Opinion Leader will strengthen SI’s US position in this specific area of surgery. The ICAB will work with key UK and global clinicians to identify their clinical needs as well as being involved in all aspects of the product design cycle. 

Tracsis (LON:TRCS

Tracsis announced that it has formed a new Advisory Board to assist with the on-going development of the Group’s Rail Consultancy practice.  From March 1st, Alan Wilson and Nigel Pennington will join Tracsis in an advisory capacity to work alongside Dr Robert Watson and existing senior management to lead this division going forwards. Alan Wilson was previously Managing Director of Wessex Trains and Midland Mainline and more recently has worked for a variety of transport owning Groups advising them on strategy and performance. Nigel Pennington has extensive operational experience of the rail industry, having worked in a number of senior management roles and latterly as head of train planning for Central Trains. Robert Watson founded RWA Rail which was acquired by Tracsis in 2008.  Since coming off the Tracsis Board in 2010, Robert has continued to work with Tracsis on a number of key client engagements and initiatives. These individuals bring with them a wealth of industry experience and contacts, and will add value to the Tracsis consultancy offering to facilitate further growth and service diversification.

*A corporate client of Hybridan LLP

 

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