Amphion Innovations plc (LON:AMP) Interims
Market Cap: £11.6m; Current Price: 5.9p
From yesterday: Transformational year to date
- Yesterday Amphion announced its unaudited interim results for the six months to 30 June 2015.
- The year to date has been a transformational period for Amphion.
- n In April, the group saw the successful IPO of its Partner Company, Motif Bio plc. Motif’s share price valued at 68.75 pence at period end was up from 20 pence at its IPO. Motif then raised £22 million in July following a placing of new shares with institutional investors.
- The success of Motif has transformed Amphion’s balance sheet. The group’s Net Asset Value per ordinary share in the Company was 12.0p at period end, an increase from 0.7p at 31 December 2014.
NORTHLAND CAPITAL PARTNERS VIEW: The year to date has been transformational for Amphion. The success of its partner company Motif has transformed the group’s balance sheet. We expect Motif’s and Amphion’s success to continue.
Alexander Mining (LON:AXM) – CORP: Suspension
Market Cap: Suspended; Current Price: Suspended
From yesterday: Suspension due to non-receipt of funds
- Alexander Mining has had its shares temporarily suspended from trading on AIM at the Company’s request due to non-receipt of funds from the £295,000 (28.08.15) subscription. As a result, the Company has inadequate working capital until an alternative financing can be arranged.
- We have suspended our rating, price target and forecasts.
EMIS Group (LON:EMIS): Interims
Market Cap: £593m; Current Price: 937p
H1 in line
- Revenue +17% to £77.8m with recurring revenue +21% to £60.5m. Adj. operating profit +16% to £16.9m and cash generated from operations +2% at £27.5m. Adj. EPS +18% to 20.5p. Interim dividend increased 15% to 10.6p.
- Primary & Community Care: market share increased slightly to 54% with EMIS Web roll out complete in England & Wales and progressing in Northern Ireland. GPSoC Framework agreement secured. CCMH implementations ongoing with a small increase in share to 9% and contract wins YTD if £6.3m. Acquisition of Pinbellcom in July, a supplier of administration and compliance software.
- Community Pharmacy: market share maintained at 36%. Next generation dispensary management software due for pilot in late 2015.
- Secondary & Specialist Care: 2014 acquisitions (Indigo 4 and Medical Imaging) performing well and major contracts being delivered, including unscheduled care across Wales. Good order book and pipeline.
NORTHLAND CAPITAL PARTNERS VIEW: Good H1 performance with growth across Primary & Community Care, Community Pharmacy and Secondary and Specialist Care. The re-procurement of the former NPfIT contracts in the North, Midlands and East of England provides scope for additional growth in CCMH and Primary Care. This complements EMIS’s stable core base of GP practices and pharmacies. Strong track record of delivery is reflected in a rating of 21x FY15 and 19.3x FY16 consensus earnings with an FY15 yield of 2.2% increasing to 2.4% in FY16.