Breakfast News - AIM Breakfast : Petards Group plc, Flowtech Fluidpower, Midwich Group Plc, Phoenix Global Mining Ltd, Premier Technical Group, STM Group Plc, Van Elle Holdings


What’s cooking in the IPO kitchen?


Springfield Properties —Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.”

Warehouse REIT  -  The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas.  The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Offer TBA. Due 20 Sep

OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.

Main Market Premium Listing

People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance.

Charter Court Financial Services Group—Intention to float. Specialist lender serving the UK residential mortgage market. The net mortgage loan book stood at £4.4 billion as at 30 June 2017 growing at a compound annual growth rate of 92 percent since 31 December 2014.  Part vendor sale and £20m primary raise.

ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London listing.

Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017.  The Company may bring forward this closing date at any time. Admission 15 September 2017


Brunch buffet

Petards Group* (LON:PEG) 26.5p £10.61m

Another set of strong trading results for the developer of advanced security and surveillance systems (HYJun17E). Order book at 30 June 2017 up by 20% to circa £24 million. £8m deliverable in H2 2017, nearly £11m in 2018. Orders of over £8 million received in the period from Stadler, Bombardier and the MOD.

Total revenues increased 8% to £8.0 million.  Gross margins up to 38.6%.

o  EBITDA increased 18% to £925,000 (2016: £786,000)

o  Pre-tax profit up 6% to £503,000 (2016: £475,000)

o  Cash balances £1.5 million (31 Dec 2016: £2.3 million) and no bank debt

o  Basic EPS increased 2% to 1.39p (2016: 1.36p)

o  Diluted EPS increased 3% to 0.98p (2016: 0.95p)

"Against this backdrop and on-going customer discussions for new projects, the Board continues to be confident about the Group's future prospects."

FY17E revenue £16.2m and £1.05m PBT.

Phoenix Global Mining (LON:PGM) 4.12p £9.19m

US-focused copper exploration and development company,  provided an update regarding its activities at the Empire Copper Mine in Idaho, USA (the 'Empire Mine').

·     28 drill hole drilling programme now completed at the AP Pit oxide resource

·      Assay results for 14 holes received to date; all samples have now been sent to the assay lab; further results expected in forthcoming weeks

· Revised JORC resource on target for Q4 2017

·  Preliminary Feasibility Study (PFS) consultants now selected and aiming to complete studies by early Q2 2018

·      A mining contractor has been appointed to open several of the old working portals (tunnel entrances) and to refurbish and make safe in order to carry out a systematic evaluation of the deeper sulphide resources below the AP Pit


STM Group (LON:STM) 60.50p £31.44m

The multi-jurisdictional financial services group announced its unaudited interim results for the six months ended 30 June 2017.  Revenue increased by 36% to £10.7m, allowing for an EBITDA increase of 118% to £2.9m and PBT increase of 100% to £2.4m. Cash at was increased by 20% to £11.4m. Recurring revenue for the period accounted for £8m with the successful launch of International SIPP product as an alternative to QROPS and a continued smooth integration of the L&C acquisition which maintained a predictable revenue stream and delivering annualised direct cost savings of £0.7m. "It is pleasing to be able to announce that the 2017 interims have delivered record six month profits for STM, despite the unprecedented UK Spring budget announcement that effectively curtailed new QROPS business by 80%...Following the strong performance to date, and looking forward therefore to the rest of the year, the Board is confident that the Group is performing ahead of existing expectations.” Consensus market forecasts show FY 2017 revenues of £19.8m and EBITDA of £3.6m.

Premier Technical  (LON:PTSG) 171.5p £149.54m

The niche specialist services provider announced that it has extended its fire safety solutions business to encompass the installation and maintenance of sprinkler systems through the acquisition UK Sprinklers Ltd. It has been acquired for a total consideration of up to £2.5m, comprising an initial cash payment of £1.3m, two fixed deferred cash payments of £0.1m payable on the first and second anniversaries of completion and a contingent payment of £1.0m payable over three years, subject to milestones.  Unaudited revenue of UKS for the year ended 31 January 2017 was £3.5m, delivering a profit before tax of £0.8m. Unaudited net assets at the same date were £0.7m. Consensus market forecasts show FY 2017 revenues of £45.6m, EBITDA of £11m and net income of £6m.

Van Elle Holdings (LON:VANL) 97.5p £82.4m

The geotechnical engineering contractor offering a wide range of specialist foundation solutions and techniques to customers in a variety of UK construction end markets, issued the following trading update. Trading in the first quarter of the financial year has been encouraging, with good levels of activity across the Group, particularly within the General Piling division and the recently established Scottish operation. Market and operating conditions in the Group's rail business remain more challenging but the Board continues to see this as an area of opportunity for Van Elle over the medium term.  The Board remains confident in its expectations for the current financial year as well as the long-term potential of the Group. Consensus market forecasts show FY 2017 revenues of £103m, EBITDA of £17.8m and net income of £10m. 

Flowtech Fluidpower (LON:FLO) 134p £71.21m

The specialist technical fluid power products supplier announced it HY results for six months ended 30 June 2017.  Revenue increased by 24.8% to £34.1m allowing for an operating profit increase of 3.1% to £3.39m and a 5% increase in interim dividend to 1.93p. Revenue reflected both organic and acquisitive growth across all divisions, with increasing technical depth across a greater range of customers. "The Group's current underlying performance will deliver another year of solid progress.  As a business, we are confident in our strategy, commercial opportunities and prospects, and with a strong start to the second half are on track to meet current market expectations for the year ending 31 December 2017." Consensus market forecasts show FY 2017 revenues of £70.1m, EBITDA of £9.65m and net income of £5.5m with a dividend of 5.8p.

Oakley Capital Investments (LON:OCI) 164.5p £336.9m

The Company which provides investors with access to the investment strategy pursued by the Oakley Funds  announced its interim results for the six months ended 30 June 2017. NAV increase by 8% to £472.6m, however, NAV per share, impacted by the final treasury share sale, was flat at £2.31. The fair value of the underlying portfolio companies grew by a further 11% in the period, driven by strong sales and EBITDA growth. Five investments have been completed year to date, all within the newly raised Fund III. The investment cost at acquisition of these transactions attributable to OCI is £115.4 million. “There has been an encouraging level of investment activity year to date at attractive prices, proving the manager's unique deal generation capabilities and reducing the impact of cash drag on OCI's future performance."

Midwich Group (LON:MIDW) 432p £313.03m

A specialist audio visual and document solutions distributor to the trade market announced its interim results for the six-months ended 30 June 2017. Revenues increased by 33.6% to £211.6m, with gross margin of 15.3% and adjusted PBT improving by 35.6% to £10.3m. Interim dividend declared of 4.17 pence per share (2016: 1.53 pence per share), an increase of 36.3% on a like for like basis. ·     Recent acquisitions have performed ahead of expectations

·     Positive full year effect of new distribution agreements

·     Continued growth in the audio visual business

"The strong performance reported in the first half year coupled with indications of positive sales momentum and strong contributions from recent acquisitions gives the Board confidence in reporting results for the full year in line with our expectations, which were upgraded at the time of the Group's trading statement on 21 July 2017." Consensus market forecasts show FY 2017 revenues of £437m and EBITDA of £24.3m.

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