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Breakfast News - Eco Animal Health, Plastics Capital, Gfinity and others

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What’s cooking in the IPO kitchen?

AIM

Panthera Resources— The Company was established to act as a holding company for Indo Gold Limited, an unlisted Australian registered company. The Company aims to explore and develop gold assets in India and West Africa. Offer TBC, expected 20 Dec 2017

Sumo Group—one of the UK's largest independent developers of AAA-rated video games providing both turnkey and co-development solutions, including initial concept and pre-production . Offer TBC. Due late Dec

Pelatro—provider of proprietary software solutions to enterprise-level customers for various aspects of precision marketing for use in B2C applications. Offer TBC, expected 19 December 2017

Fusion Antibodies—Belfast based contract research organisation providing services to biopharmaceutical and diagnostics companies that are involved in the development of antibodies for both therapeutic drug and diagnostic applications.  Offer TBA. Due Mid Dec.

Sirius Petroleum—RTO. Becoming an operating company in the Ororo Field in Nigeria. Raising £7.2m/ Mkt Cap £35.6m.  Due 19 Dec.

Bushveld Minerals—RTO of Bushveld Vametco and therefore 78.8% of Strategic Minerals Corporation, the intermediate holding company that owns a 75 per cent. interest in the Vametco Vanadium Mine.

Range Resources— oil and gas company listed on the ASX plans to admit to AIM on 13 Dec with market cap of £17.4m. Also acquiring Range Resources Drilling Services Limited, an oil services business based in Trinidad & Tobago  with extensive drilling capabilities.

Eqtec—Company with access to a proprietary advanced gasification technology used in industrial size power plants to convert waste into synthetic gas to generate electricity.  Raising £1.6m. Mkt Cap £8.7m. Due 21 Dec.

Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £71m market cap. FYMar18E rev £241.5m and £7.19m PBT

Belluscura— Provider of premium medical devices at value prices to address part of the global unmet need for affordable, premium quality medical devices.  Raising £7.5m to £10m. Offer TBA. Due early Dec

Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native in-video advertising. 2016 rev £0.7m and £7.3m operating loss. Offer TBA. Expected 6 Dec.

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 Specialist Fund Segment

Sure Ventures –Raising  up to £50m at £1. Focus on FinTech, IoT and Augmented/Virtual Reality. Due 8 Dec.

Main Market Standard Listing

Shefa Yamin minerals company focused on the exploration for precious stones in Northern Israel. Net Proceeds will be used to advance the Company's mining project. Offer TBA.

Main Market Premium Listing

GEMS Education—report by Reuters that the private schools group is seeking a $4.5bn to $5bn London float in 2018. FYAug17 rev $926.2m and adjusted EBITDA $261.6m.

Greensphere Capital -$500m raise.  Aims to provide Shareholders with an attractive yield from a portfolio of sustainable infrastructure assets diversified by geographies and sectors and to realise long-term growth  capital value.  Due 20 Dec

Vivo Energy—The Africa-focused company, which operates around 1,800 Shell forecourts across 16 countries  reported by City A.M. to be preparing for a London float next year

Aberdeen Standard European Logistics Income—Investment Trust targeting £250m raise. Investing in a high quality portfolio of European logistics assets. Due 15 Dec.

Tri-Pillar Infrastructure— Investing a broad range of infrastructure assets located predominantly in continental Europe and North America. Seeking £200m raise at 100p.  Due 8 December.

Aviva Investors Secure Income REIT  - Targeting £200m raise. Will invest in a diversified portfolio of high quality, long-lease commercial real estate assets located within the UK and leased to predominantly investment grade tenants. Due 8 Dec.

   
Breakfast buffet

Eco Animal Health (LON:EAH) 596p £390m

HY Sep 17 results from the specialist in the development and marketing of high quality medicines for the control of disease in livestock and companion animals. 35% increase in adjusted EBITDA to £8.5m. 10% increase in pre-tax profit to £5.9m. 8% increase in sales to £29.2m. 11% increase in gross profit to £14.2m on improved margin. 13% increase in earnings per share to 6.39p. 28% increase interim dividend to 3.2p. 36% increase in cash generation from operations to £7.2m  leaving net cash of over £20 million at the period end. H2has started well with a strong and growing order book. ECO has a sound balance sheet with good and reliable cash generation. The Company continues to invest in research and product development programmes to obtain further marketing authorisations and efficiencies in production. FYMar18E rev £70.4m and £18.4m EBITDA.

Redhall Group (LON:RHL) 7.25p £24.1m

FYSep17 results from the high integrity manufacturing and services group.

•     Adjusted operating profit £1.4m (2016: £0.9m); £3.6m before deduction of central costs of £2.2m (2016: £3.3m). Overall net margin before central costs of 9.3% 

•  Order book £32m (£27m) with strong tender pipeline

•     Group turnover £38.9m (2016: £43.8m), showing underlying increase after adjusting for cessation of marine contract. “The strengthening of our manufacturing expertise, the further improvement in the quality of order book, an increasing pipeline of high quality opportunities and increasing adjusted operating profit margin give the Board reason for cautious optimism for 2018 and beyond.” FYSep18E rev £52.3m and £3.4m PBT. 

1PM (LON:OPM) 49p £39.4m

HYNov17 update from the independent specialist provider of finance facilities to the SME sector

Revenue of approximately £13.8m, an increase of 73% compared with £8.0m in the comparable prior year period

Profit before tax and exceptional items of approximately £3.5m, an increase of 75% when compared with £2m in the comparable prior year period

Present net write-offs in the period  continuing to be less than 1% of the gross portfolio.

New funding facilities in aggregate total £53.3m, an increase of £12.8m on previous facilities.

FYMay18E rev £29.5m and £7.8m PBT.

Gfinity (LON:GFIN) 25.6p £55.3m

The international esports entertainment group, announces that the Gfinity Elite Series will become the first esports competition to include EA SPORTS™ FIFA 18 in its schedule when season three of one of the world's premier esports competitions begins in March 2018.

FIFA 18 is one of the world's most played and watched competitive gaming titles and the FIFA series has sold over 150 million copies globally with more than 200 million matches taking place every week, giving virtual footballers the chance to express themselves at the highest level of competition.  We could see no forecasts.

Plastics Capital (LON:PLA) 115.6p £49.1m

In-line HYSep17 results from the niche plastics products manufacturer. Rev +31.3% £36.5m. Headline EBITDA down 5.8% to £2.6m. Headline PBT £1.2m down 27%. Interim dividend dropped (1.46p). “We have increased investment in business development, new products, production capacity and employee capabilities.  Order books are healthy and we anticipate a significant uplift in profitability during the second half of the financial year which should benefit from the seasonal demand upswing and new business coming on stream.” “Board expects profits before taxation, to be marginally below consensus market expectations, but well ahead of FY 16-17, for the full financial year.” FYMar18E rev £77.5m and £4.3m PBT.

Oxford Metrics (LON:OMG) 61.3p £76.6m

FYSep17 results form the   international software company servicing government, life sciences, entertainment and engineering markets. Group Revenue from continuing operations increased 10.7% to £29.2m (FY16: £26.3m), up 7.6% at constant currency.  Group Adjusted PBT of £3.9m (FY16: £5.1m), ahead of market expectations following planned investment in Yotta.

“We enter a new financial year in a solid position with good visibility of the sales pipelines for the year ahead and an improving quality to our revenues. The teams are energised with innovative new products, new resources and new markets to tap. Given that, we start with a good degree of confidence in our prospects for the year ahead.” FYSep18E rev £32.4m and EBITDA £6.9m.

United Oil & Gas (LON:UOG) 5.13p £10.3m

The oil and gas exploration and development company, announced positive log results from the drilling of the Podere Maiar 1 ("PM1") well on the Selva Gas Field in the Podere Gallina licence, onshore Italy (20%). PM1 was successfully drilled to a total depth of 1330m TVD (1307m TVDSS) ahead of schedule and on budget. Downhole log results from Schlumberger confirm a gross gas pay of 53m. The top of the reservoir was encountered at 1245m TVD (1223m TVDSS) some 12m above the level of any previous production wells, including the nearby Selva 6 well. The two main sand levels show high resistivity in the logs, indicating a thick gas-bearing reservoir. Plans afoot  to proceed to case, perforate and complete the well and install downhole production equipment. Flow-testing on a rigless basis planned for early January.

SysGroup (LON:SYS) 36.2p £8.4m

HYSep17 results from the Managed IT Services and Cloud Hosting provider. Revenue from continuing operations up 46.6% to £3.93m .  Adjusted loss before tax of £0.04m (H1 2017: profit of £0.28m). Post period end Acquisition of Rockford IT for £3.9m, demonstrating further execution of buy and build strategy. “The Group's alignment to Managed IT Services and its early education efforts are proving fruitful. The result of this shift in the Group's revenue base and the associated impact on timing of recognising revenue means that the Board expects revenue and profitability to be significantly weighted to the second half of the year.” Confident in achieving the revised market expectations for the full year.  FYMar18E rev £10.3m and PBT £0.19m.

Mercia Technologies (LON:MERC) 35p £104m

HYSep17 results from the national investment group focused on scaling innovative technology businesses with high growth potential from the UK regions.   £9.7m net invested in nine portfolio companies during the period (H1 2016: £5.7m. Funds under management in the period were £336.5m from £220m. Investment portfolio fair value up by £12.7m or 24.4% to £64.7m, comprising £9.7m of net new capital invested and £3m of net upward fair value movements. Post-tax profit of £1.4m (H1 2016: £1.1m). Positive on changes to EIS scheme. Bur notes slowing global economy and uncertainty re Brexit.  With a highly liquid balance sheet and circa five years of managed fund investment capital,   the Group remains in  a strong financial position.

Maintel Holdings (LON:MAI) 715p £113m

FYDec17 trading update form the systems integrator and managed services provide. “The Group's ICON cloud services have continued to grow strongly in the second half of 2017, boosted by ongoing investment in the platform. The success in our ICON cloud business is very encouraging, as the Group continues to transform from a telecoms business to a fully managed service provider in the enterprise space. The Group had expected to recover the reduction in gross margin in the first half of this financial year, but it is now evident that this will not happen” Due to 1) legacy contracts slowing quicker than expected, 2) delay to Avaya bankruptcy process, 3) lower than expected GM from’ Intrinsic’ integration. Revised EBITDA expectations of £12.5m to £13m (consensus £16.2m). Expects recovery to accelerate into H1 2018.

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