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Interims show a strong underlying performance with “core established” revenues +11.5% in the period. As previously discussed, the business is in the process of transitioning away from Covid-related work and implementing the growth strategy of the new management team. Initial indications are positive and investment plans are on track, which should set the business up for strong growth in FY23 and beyond. We make no material changes to forecasts and continue to see substantial potential upside on
Companies: EKF Diagnostics Holdings plc
Singer Capital Markets
EKF has reported a strong H1, with revenues of £37.5m and double-digit growth in underlying non-Covid related business. Management reports it is trading in line with expectations for the full year and we make no change to our profit forecasts at this stage. New growth initiatives are proceeding to plan and should lead to accelerated core growth from FY23 onwards. We continue to see substantial upside on successful execution with the shares trading on an FY23 P/E of 13.1x and an EV/EBITDA of just
Dish of the day
Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa has joined the Access Segment of the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021.
No Leavers Today.
What’s cooking in the IPO kitchen?
Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business ne
Companies: CZA AXL PWM D4T4 SYM EKF HVO PPH CORA AEE
EKF has delivered very strong FY21 results, ahead of upgraded expectations. The core business is performing well (+14% YoY) and the investment in expanding the offering is beginning to pay off. However, pandemic-related sales look likely to slow materially and ongoing sales into Russia are proving difficult. We rebase our forecasts accordingly, reducing our FY22E revenue & EBITDA by 26%/40% and by 17%/25% respectively in FY23E. We adjust our TP to 62p (from 86p) and would view any share price we
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Rutherford Health has left the AQSE and Prime People has left AIM.
What’s cooking in the IPO kitchen?
ACP Energy plc, a company formed for the purpose of undertaking an acquisition or acquisitions of a majority interest in a company, business or asset, seeking to join the Main Market (Standard) The Company intends to focus on opportunities in the natural resources sector, raising gross proceeds of £830k. Due 28 Jan.
Artemis Resources ltd, an ASX listed mining
Companies: EKF SAR STAF CASP EDR LTG BARK ERGO
Continued strong trading means FY21 results will be ahead of upgraded expectations. Trading in the core business is reported to be robust and demand has persisted for the group’s sample collection devices through to the end of the year. Further investment is expected in FY22 to drive core business growth, which remains a key strategic objective for the new management team. Last week’s announcement of a strategic partnership with Yourgene will help broaden the offering and underpin future growth
Petershill Partners (PHLL.L), has joined the Main Market (Premium), a leading investment group providing bespoke capital and strategic solutions to some of the world's best performing alternative asset management firms. Petershill Partners today comprises minority investments in 19 high-quality Partner-firms, previously held in private funds managed by Goldman Sachs Asset Management (GSAM). The Partner-firms have US$187 bn of aggregated assets under management. The Offer would comprise (
Companies: HMI JSE EKF SML ABDP
EKF has made its first acquisitive move under the revised strategy, acquiring ADL Health, a USbased CLIA-accredited diagnostic service laboratory. It is paying $10m up front in EKF shares, with a performance-based three year earnout. In the 6m to Jun-21, ADL generated $6.3m revenues and $2.6m EBITDA giving an attractive initial purchase multiple of 1.3x Revenues and ~2.0x EBITDA. The acquisition provides EKF with a platform to complement and broaden the group’s existing diagnostic capabilities a
EKF has delivered another strong set of results, with the step change in the scale of the business firmly consolidated. H1 revenues increased 46.5% driven by an ongoing recovery in the core business and strong demand from a number of public and private sector customers for sample collection devices. The outlook remains positive and progress is being made against the new strategy set out earlier in the year. We upgrade our FY21 revenue forecasts by 7% and EBITDA by 13% noting this still implies a
EKF recently unveiled a strategy for driving growth in the business over the next few years. It will be led by a refreshed executive management team and board, building on renewed strength in the core business and opportunities in developing wider contract development and manufacturing activities. Accretive bolt-on acquisitions will also be considered, all funded by the current strong net cash position of the group. Overall, the ambition is to deliver sustainable double-digit EBITDA growth into
A comprehensive AGM statement from EKF has unveiled a strategy for driving growth in the business over the next few years. It will be led by a refreshed exec management team and board, building on renewed strength in the core business and opportunities in developing wider contract development and manufacturing activities. Accretive bolt-on acquisitions will also be considered, all funded by the current strong net cash position of the group. Overall, the ambition is to deliver sustainable double-
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se
Companies: SYM EKF ECK KBT MDZ VLS GGP TMO CGNR B90
Having upgraded several times in the year, EKF’s FY20 results are as expected and show a step change in the performance of the business. Whilst this has been catalysed by the pandemic and sales of sample collection devices, the core business has held up relatively well and is showing an encouraging return to growth in Q1. The main new news this morning is a significant multi-year, multi-million dollar contract expansion for sample collection devices with a multinational private sector partner. W
Ongoing strong demand for EKF’s products, both in the core business and the Primestore MTM Covid-19 sample collection device, means the FY20 outturn will be “comfortably ahead” of already upgraded expectations. This pattern is expected to persist throughout Q1’21 and beyond and management is confident that the performance in Q1 will be materially ahead of expectations. Having previously left FY21 estimates untouched, we are today putting through the first in what we expect to be a series of mate
EKF has confirmed it expects a strong Q4 from both the core business and ongoing demand for the Primestore MTM sample collection device. As a result, FY20 performance is now expected to comfortably exceed market expectations, which have already been upgraded several times through the year. We upgrade our FY20 EBITDA forecasts by a further 6% to £24.4m and look forward to further updates in due course. EKF is a Best Idea for 2020 and we expect strong momentum to continue.
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Companies: Destiny Pharma Plc
Interims are in line with expectations and should reassure, particularly given the strong mid-teens growth ex-China. Improved pork prices should be supportive of a recovery in China in H2 and management remains cautiously optimistic over the full year outlook. New product development activities continue to plan, and should start to contribute from FY25 onwards. Our forecasts, Buy recommendation and 246p Target Price (2.0x EV/Sales) are unchanged. After recent weakness, the shares now stand at a
Companies: ECO Animal Health Group plc
Companies: RNO DOTD NTQ KMK PMG EVG
Dish of the day
BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio
Companies: RNO BEM BOIL DOTD NTQ KMK PMG EYE EVG ENET
Inspiration Healthcare has provided an update on trading, noting that due to broad market uncertainty the company does not expect its FY23E revenues to ‘significantly exceed' FY22A revenues and as a result, H2/23E EBITDA is expected to be below H1/23A levels. We have updated our forecasts for FY23E and FY24E to reflect this update, removing revenue growth in the current year and shifting our previous revenue growth expectations out one year. We expect high-end, higher margin sales to have been p
Companies: Inspiration Healthcare Group PLC
Companies: ReNeuron Group plc
POLB announces that, further to its announcement in March 2022, the construction of the computational artificial intelligence (AI) influenza disease model has been completed by CytoReason Limited, indicating that it is on track to deliver outputs in Q2 2023. The model aims to unlock clinically meaningful insights into influenza infection and recovery through the analysis of POLB’s unique human challenge trial data. We view this rapid progress on the collaboration as positive and envisage that fu
Companies: Poolbeg Pharma Ltd.
FY23 interim results showed a sharp short-term decline in revenue. With a recovery expected in H2, our expectations are being maintained for a 12% y-o-y increase in revenue for FY2023. Loss at the EBITDA level was £1m (FY22 H1: loss of £250k), reflecting higher CoGS and R&D spend. Fusion’s results come ahead of a key milestone in the form of the move into commercialisation of OptiMAL, which has the potential to become an important revenue source in the future. We expect further growth in revenue
Companies: Fusion Antibodies Plc
Venture Life has announced the acquisition of HL Healthcare Ltd (HL) and its three Ear-Nose-Throat (ENT) brands, Earol, EarolSwim and Sterinase. Venture Life will pay £13m for the business which generated £4.5m of sales and £1.7m of EBITDA to the year-ending March 22, indicating trailing acquisition multiples of 2.9x and 7.6x, respectively. The portfolio is expected to grow in the year to March 2023 and we expect the acquisition to be accretive. The company has also announced additional distribu
Companies: Venture Life Group Plc
Companies: SDI DEST PPCGF
ReNeuron’s interim results announcement provided important support to the company after a year of change. The decision not to raise money when market conditions were unfavourable has resulted in a cash conservation programme that extends ReNeuron’s FY23 cash position beyond our previous estimates while ensuring continued development of the technology platform and maximisation of partnering opportunities. As investors’ focus return to the potential for a CustomEx™ licensing transaction, the incre
Dish of the day
Hellenic Dynamics (HELD.L) (formerly U.K. SPAC Plc) announces their First Day of Dealings on the Main Market (Standard segment). The Company has raised gross proceeds of £1.125m through a fundraising. Hellenic Dynamics plans to cultivate and export THC dominant medical cannabis products to the 25 countries in Europe that now allow medicinal cannabis for patients via prescription.
Whilst we were away….
Life Sciences REIT (LABS.L), moved from AIM to Main Market Premium on
Companies: FARN BIDS ATM MATD
Dish of the day
Ithaca Energy (ITH.L) has joined the Premium Segment of the Main Market. Based on the offer price of 250 pence per ordinary share, the market capitalisation will be approximately £2.5bn. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. The Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices.
OTAQ plc, (OTAQ.L) has joined the Access Segment of the AQS
Companies: BKY ATYM ACSO PCF SAR PYC WPHO
Q3 sales fell short of consensus and AV estimates while profitability was impacted by one-off charges. However, Innovative Medicines continued its growth/recovery momentum, with healthy growth in all therapeutic areas, except Neuroscience, where Zolgensma had a one-time adverse impact. Sandoz’s guidance upgrade was a positive, especially in the context of rising cost pressure squeezing other players. Overall, we remain positive on the stock, supported by the long remaining patent life of key dru
Companies: Novartis AG