What’s cooking in the IPO kitchen? Main Market (Premium)
DRI Healthcare—investment company focused on investments in healthcare Royalty Assets looking to raise $350m. Timetable now extended.
Banquet Buffet
IQE 28p £223m (LON:IQE) Trading update from the supplier of advanced wafer products and material solutions to the semiconductor industry. Q1 2020 Trading in line with prior expectations 2019 Financial Highlights Revenue of £140.0m (FY 2018: £156.3m) in line with the November 2019 Trading Update guidance. 10% reduction year-on-year with Photonics growing by 4% and Wireless decreasing by 23%. The year on year reduction in revenue was primarily due to two customers, one in Wireless and one in Photonics. Adjusted operating loss of £4.7m (FY 2018: profit of £16.0m) in line with the November 2019 Trading Update guidance, reflecting negative operating leverage and an increase in depreciation and amortisation from targeted investments. “ To date we have not experienced any significant disruption to our current production or order intake relating to coronavirus, but we have implemented appropriate business continuity measures and we are well placed to withstand the near-term market uncertainty. We continue to monitor this fast -moving situation very closely”.
Quartix 234p £113.6m (LON:QTX) Quartix Holdings plc, one of Europe's leading suppliers of subscription-based vehicle tracking systems, software and services, issues the following trading statement ahead of its Annual General Meeting later today. The Board reports that trading for the twomonth period to 29 February 2020 was consistent with meeting market expectations for the year. “The Company published a detailed note concerning the measures it had taken on 19th March. Virtually all staff are now working remotely and, so far, business capacity is unaffected. Over the past few days, however, we have heard from a number of customers who are taking vehicles off the road because of falling demand. This has not been restricted to the catering, hospitality and leisure sectors. We are working hard to help these customers and it is a priority of ours to maintain our fleet customer base through this crisis. We recognise that this is a period of significant uncertainty for our shareholders, as well as for our employees and customers and will, therefore, schedule a further update by RNS at the beginning of May.”
Gately Holdings 122.5p £144m (LON:GTLY) Update to shareholders regarding current and future trading and the impact of the COVID-19 pandemic. “Trading until the end of February was in line with the Board's expectations. Activity has, understandably, reduced since 1 March 2020, as a result of the disruption caused by the COVID-19 pandemic to our clients and to our staff. When the Board has visibility on the impact of the virus on the Company's full year performance, we will provide a further trading update. “ The Group remains highly resilient, with a strong client base and a well-balanced and diversified service offering. We have successfully mobilised our staff to work from home in line with all Government guidelines and many parts of the business are currently busy assisting clients with COVID-19 related issues as well as other ongoing matters. However financial guidance will be suspended and interim dividend cancelled.
YouGov 435p £455m (LON:YOU) Results deferred from today but has issued FYJan20 update. · Revenue growth up by 16% to £76.9m (HY 2019: £66.5m), with underlying business1 growth of 15% · Adjusted operating profit up by 35% to £11.4m (HY 2019: £8.4m), with underlying business1 growth of 34% · Adjusted profit before tax up by 27% to £12.1m (HY 2019: £9.5m)
“ No material impact to our business to-date from the COVID-19 global outbreak, however it is too early to estimate what impact it may have on client budgets over the coming months “.
Gooch & Housego 707p £175m (LON:GHH) The specialist manufacturer of optical components and systems, announces that as a result of COVID-19 related legal orders issued in the States of Ohio and California the Company's facility in Cleveland, Ohio is now closed for a temporary period; this is in addition to its Fremont, California facility, whose temporary closure was announced on 17 March 2020. During this period staff from Cleveland and Fremont facilities who are able to homework will continue to do so. Work will continue on essential maintenance, inventory management and supplying the small number of customers that are within the exempt sectors. The Group's Moorpark, California; Baltimore, Maryland and Boston, Massachusetts facilties are not affected by the State of California, Maryland or Massachusetts orders in the same way as they operate substantially within an exempt sector. It is difficult to provide financial guidance at the current time. Nevertheless the effect of these orders will be to shift the balance of revenue generated by the Company to an increased H2 weighting or, depending upon the duration of the situation, potentially in to the Group's next financial year, which would lead to a reduction in our previous estimates for the current year's performance. G&H remains financially secure and well placed to reestablish profitable growth when normal conditions return.
Learning Technologies 114p £763m (LON:LTG) Prelims deferred under FCA guidance. Trading update: FY19 profit and cash performance ahead of expectations as announced on 21 January 2020
o Revenue of £130.1m; 39% increase on 2018 o Adjusted EBIT of £41.0m; 58% increase on 2018
Significant cost saving action underway. “COVID-19 creates uncertainty for the remainder of the financial year but the Board has further cash preservation measures that it is willing to implement if appropriate, recognising that maintaining our dedicated and talented workforce is a key priority in anticipation of the upturn”.
Tasty 1.25p £1.8m (LON:TAST) Further to the announcement made by the Company on 23 March 2020, in light of the further measures announced by the UK Government in relation to COVID-19, the Board has decided to cease offering all takeaway and delivery services, across all of its restaurants. The Company has taken this decision primarily with the welfare of its employees, customers and the wider community in mind. Even with these full closures, with the cash preservation measures previously announced, the Directors continue to believe that the Company has sufficient financial resources for the foreseeable future. The Company will make further announcements, as appropriate.
Diversified Oil & Gas 74p £476m (LON:DGOC) The U.S. based owner and operator of natural gas, natural gas liquids and oil wells as well as midstream assets, has extended its five-year definitive asset retirement agreement with the state of Ohio by an additional five years, now covering asset retirement activities through the period ending 31 December 2029. The terms of the Agreement remain substantially unchanged while increasing DGO's commitment to plug gas and oil wells to 20 wells per annum for the duration of the Agreement, which represents an increase of 2 wells per annum from the prior agreement. The Company will also post a surety bond of $0.65 million for the life of the Agreement and for benefit of Ohio where DGO owns and operates approximately 7,100 wells. The Agreement remains aligned with the Company's ongoing Systematic Asset Retirement Programme to safely and permanently retire those wells that have reached the end of their productive lives.
Tekcapital 8.5p £6.7m (LON:TEK) Portfolio company Salarius ltd., has received an order from its distribution partner to launch sales of its new SaltMe!® full flavour-low sodium snacks in 71 stores in May 2020. This action represents an important milestone for SaltMe!® new low-sodium, full flavor potato crisp snack line, because thousands of customers will be able to rapidly find and buy the new chips. "We are very excited to execute this program that will put this new and fantastic brand in front of thousands of consumers quickly. In a world where taste is everything, we feel optimistic that SaltMe!® snacks will engender strong loyalty and repurchase from our new customers." says Victor Hugo Manzanilla, CEO of Salarius.
Ovoca Bio 7.75p £6.3m (LON:OVB) The biopharmaceutical company with a focus on women's health, has entered into an agreement to acquire the remaining shareholding in IVIX LLC. that the Company does not already control for a total cash consideration of approximately RUB354m (approximately US$5.0 million). IVIX was the original developer of BP101, a novel medicinal treatment for premenopausal women with hypoactive sexual desire disorder (HSDD) a condition characterized by a distressing lack or loss of sexual desire in women.
Head Chefs Derren Nathan 0203 764 2344 derren.nathan@hybridan.com Niall Pearson 0203 764 2343 niall.pearson@hybridan.com