MrC's Smallcap Sweeps for Jan 2021

[MrContrarian]

Smallcap Sweep. 04-Jan-21
Quiet start to 2021

Allied Minds (ALM) update on investments. Net cash $24.6m. "The Board currently believes that if the portfolio was liquidated in the near-term, it would likely be at a significant discount to their last funding round valuations and thus to the detriment of shareholders. It believes the best way to fully realise the potential value of the portfolio will be through future exits which require more meaningful progress and investment at each of the companies." [SP=32.5 Cap=78m]
Georgia Capital (CGEO) water utility tariffs hike mean 38% growth in allowed water rev in next 3 years. [SP=540 Cap=258m]
IDE Group (IDE) wins 'significant' contract with an existing customer, worth £22.5m tot over 3 years in addition to current £5m PA. [SP=0.79 Cap=3m]
KKV Secured Loan Fund (KKVL) suspended since results late. [SP=17.28 Cap=112m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 05-Jan-21


Getech (GTC) wins £563k multi-year licence agreement. Client may purchase other Getech data modules. Explains yesterday's rise. [SP=NA Cap=NA]
Motif Bio (MTFB) is currently advancing the necessary work streams to complete the RTO process with a UK based candidate in the healthcare sector. Has until Jan 28 to make an RTO. [SP=0.5 Cap=3m]
Surface Transforms (SCE) confirms FY(Dec) guidance of £2m rev. Guides future product average selling prices higher than originally expected. Has a pointless para about its first Human Resources Executive. [SP=50 Cap=77m]
Argo Blockchain (ARB) 96 Bitcoin mined in Dec down 19 on Nov but rev up to £1.63m. [SP=44.56 Cap=131m]
Ridgecrest (RDGC) changes name from Nakama as it becomes a cash shell. [SP=NA Cap=NA]

In line: COST
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[SwissPaul]

Hi Mr C,
re SCE I think it shows the company is growing and as admits it was a gap in their executive team. Reinforces my confidence and also shows a willingness to be open .

Did I say I hold!

[MrContrarian]

Smallcap Sweep. 06-Jan-21


Equals (EQLS) guides FY(Dec) rev £29m, £1m better than mkt f/c. Adj EBITDA c.£1m cf f/c £0.55m. Cites strong B2B product sales in Dec. [SP=27.02 Cap=48m]
Fulcrum Utility Services (FCRM) CEO resigns 'due to personal reasons'. He is thanked. [SP=35.48 Cap=79m]
Topps Tiles (TPT) Q1 retail LFL up 20% and Commercial business 'on track'. "The markets served by our Commercial business are seeing a more protracted recovery from the impact of Covid-19 when compared to that witnessed in domestic." [SP=57.2 Cap=112m]
Gresham Technologies (GHT) guides FY(Dec) rev down 2%, adj EBITDA at least £4.4m (up 7%). Forward-looking Clareti Annualised Recurring Revenue up 29% to £12.3m, ahead of market expectations. [SP=146 Cap=102m]
WANdisco (WAND) guides FY(Dec) at least $10.5m. "Strong momentum in Q4 through Azure and AWS channels. Expanding new business pipeline supports Board expectations for FY21." [SP=480 Cap=253m]
Microsaic Systems (MSYS) re SP rise: "no new information required to be disclosed." [SP=0.31 Cap=1m]
Shearwater (SWG) wins supply agreement with a global fashion retailer. First contract is £860k, majority expected to be recognised in the current full year. [SP=154 Cap=37m]
Gaming Realms (GMR) granted provisional iGaming supplier license in Michigan. Will allow Slingo Originals game licensing to online casino operators after Gaming Control Board approval, expected imminently. [SP=22.2 Cap=64m]
Conygar Investment Company (CIC) InterContinental to build hotel on Nottingham site. [SP=101.65 Cap=56m]
Seeing Machines (SEE) sells Occula Neural Processing Unit license to OmniVision Technologies. Follows MoU. No £££. [SP=6.9 Cap=258m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 07-Jan-21


Eco Animal Health (EAH) get Brazil marketing authorisation for for Circo/MycoGard, a vaccine for swine. "This first vaccine marketing authorisation in Brazil marks a significant milestone as we build our capability with vaccines and broaden our product portfolio." [SP=255 Cap=167m]
Avacta (AVCT) license agreement with POINT Biopharma to provide access to Avacta's pre|CISION technology for the development of tumour-activated radiopharmaceuticals. "Upfront fee and development milestones for the first radiopharmaceutical prodrug totalling $9.5m. Avacta will also receive milestone payments for subsequent radiopharmaceutical prodrugs of up to $8m each, a royalty on sales of FAP-activated radiopharmaceuticals by POINT and a percentage of any sublicensing income received by POINT. [SP=132 Cap=334m]
Mattioli Woods (MTW) H1(Nov): total client assets and its associate over £10bn. Guides FY profit in line. [SP=758 Cap=213m]
Mpac (MPAC) guides FY(Dec) U/L pretax above market expectations mainly due to better than expected margins in Q4 driven by sector mix. FY21 order book flat. [SP=416.18 Cap=84m]
Joules (JOUL) recent 7 weeks retail rev up 0.3% despite store rev down 58%. Estimates lockdown rev hit £14-18m (c. 8% of FY rev) if continues to Apr 1. [SP=181 Cap=196m]
Judges Scientific (JDG) guides FY(Dec) adj EPS ahead of market expectations of 151.8p. Organic order book 14 weeks of budgeted sales (13.2 weeks). Strong bookings by the recent acquisitions brings the total order book to 15.5 weeks. [SP=6300 Cap=397m]
Cambria Automobiles (CAMB) Q1 rev up YoY. Co traded well in Sep & Oct but Nov hit by lockdown. Guidance still suspended. [SP=56 Cap=56m]
Creo Medical (CREO) gets FDA clearance for tissue ablation device MicroBlate Flex. "We expect to see further first clinical use of our products in various markets..." [SP=194 Cap=306m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 08-Jan-21


SIMEC Atlantis Energy (SAE) CEO resigns to become adviser. He is thanked. [SP=22.2 Cap=110m]
EQTEC (EQT) MoU with Nobilis Pro Energy of Greece for development of Nobilis's existing pipeline of opportunities in Thessalia and Central Greece and for the proposed delivery of these and further advanced gasification projects. [SP=2.55 Cap=179m]
Signature Aviation (SIG) bid approach from Carlyle Investment Management. [SP=423.88 Cap=3518m]
ADES (ADES) CFO scarpers. He is thanked. [SP=9.95 Cap=413m]
Immedia (IME) £3m placing at 25p, an 18% discount, to keep the lights on. 1:1 warrants at a very generous 35p strike. [SP=30.5 Cap=8m]
Malvern (MLVN) £380k of loans while it waits for £900k debtor to pay in Q1. Outlook: "Overall demand for our education products remains largely unaffected. Further growth in the University Pathway division is predicted for September 2021 and we are currently expecting the Summer programmes to go ahead for language centres and Malvern Juniors." [SP=0.14 Cap=2m]
Petards (PEG) one of several companies saying in last 24h that they don't know why SP went mad yesterday. [SP=18.9 Cap=11m]
Gulf Marine Services (GMS) wins long-term contract for the GMS Evolution. Backlog $220m (firm and options), of which $101m will be executed in 2021. [SP=5.98 Cap=21m]
Tremor (TRMR) guides FY(Dec) rev $404-408m, ahead of Nov guidance of $390-400m. Also adj EBITDA of $58-60m cf $50-52m. [SP=375 Cap=500m]
Reach (RCH) guides FY(Dec) U/L profit £130 to £135m, ahead of market expectations. Q4 rev down 10% cf Q3 down 15%. [SP=158.16 Cap=494m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 11-Jan-21
Full speed ahead with 15 summaries

SourceBio (SBI) one year supply agreement with a leading UK high street retail and pharmacy group to provide laboratory-based testing services to support the roll-out of COVID-19 testing across UK stores. [SP=220 Cap=163m]
Directa Plus (DCTA) guides FY(Dec) rev €6.5m, above mkt expectations (not stated). Cites better than expected sales of G+ enhanced face masks and growth at Setcar. [SP=79.55 Cap=49m]
Studio Retail (STU) Q3 product sales up 32% and gross margin up 440bps. Findel Education rev up 15% but will be hit be closures. Adj pretax in first 39 weeks up £16m cf £6m rise in H1. [SP=283.7 Cap=246m]
SIG (SHI) guides FY(Dec) op loss £57-61m, at the better end of the range of previous expectations. LFL rev down 13%. H2 2%. Outlook "Providing there is no material disruption to either our business or end markets as a result of the pandemic, the Board expects the near term benefits of the actions taken in 2020 to deliver organic revenue growth in 2021, including market share gains. The benefits of this will become increasingly evident as the year progresses and should enable us to return to underlying operating profitability during the second half." [SP=30.72 Cap=363m]
Yourgene Health (YGEN) lab testing shows that the Clarigene SARS-CoV-2 assay is not impacted by any currently known mutations. [SP=14 Cap=102m]
Octagonal (OCT) to avoid a protracted dispute with the SEC re complaint co will stop conduct cited by the SEC. GIS will no longer carry accounts for, or provide financing services to US persons. Co " remains optimistic of remaining operationally profitable whilst GIS restores lost earnings." Also if co de-lists "it remains the intent of the board to offer to shareholders a scheme to buy back shares...at a fair market rate." Remains suspended. [SP=0.84 Cap=6m]
Brave Bison (BBSN) guides FY(Dec) rev £12.7m, gross profit at least £3.9m and adj EBITDA at least £0.1m after H2 was ahead of mgmt expectations. [SP=1.27 Cap=8m]
Diaceutics (DXRX) guides FY(Dec) rev £12.6m and adj EBITDA £0.5m, ahead of revised market expectations. [SP=142 Cap=119m]
Science Group (SAG) guides FY(Dec) op profit above previously upgraded expectations of £10m. CFO resigns. She is thanked. [SP=299 Cap=123m]
Deepverge (DVRG) confirms maiden EBITDA profitable Q and guides FY(Dec) rev up 300% to £4.4m. Guides £10m in FY21. [SP=34 Cap=57m]
Stobart Group (STOB) will change name to Esken after a vote. [SP=30.65 Cap=192m]
Churchill China (CHH) vague FY trading. H2 profit. Expects better FY21 but too early to declare a dividend. [SP=1350 Cap=142m]

In line: QTX, ROL, DKL
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[dspp]

Smallcap Sweep. 11-Jan-21

Stobart Group (STOB) will change name to Esken after a vote. [SP=30.65 Cap=192m]


@MrContrarian

That may reduce confusion !

regards, dspp

[PinkDalek]

Smallcap Sweep. 11-Jan-21

Stobart Group (STOB) will change name to Esken after a vote. [SP=30.65 Cap=192m]


@MrContrarian

That may reduce confusion !

regards, dspp

It may but bear in mind Eddie Stobart Logistics plc (ESL - AIM) is set to change its name to Logistics Development Group plc as per:

https://www.lemonfool.co.uk/viewtopic.php?p=364516#p364516 / https://www.londonstockexchange.com/news-article/ESL/proposed-conversion-to-investing-company/14785675

[MrContrarian]

Smallcap Sweep. 12-Jan-21


Circassia (CIR) guides FY(Dec) rev-cont £23.9m down 31% due to covid causing restrictions in routine FeNO testing. Q4 down 14%. "On current gross margins this means that the EBITDA breakeven point for the Niox business will be lower than previously indicated at around £30m of annualised revenue, or £32m for the Group." [SP=29 Cap=115m]
Robert Walters (RWA) guides FY (Dec) profit likely to be ahead of mkt exp. Q4 net fee income down 24% in £ cf Q3 30%. "Market conditions do still remain challenging however there were signs of improvement in forward-looking indicators, particularly in Asia Pacific, the Group's largest region." [SP=460 Cap=350m]
Filtronic (FTC) wins 1 year contract for over £1m from new major UK defence customer. [SP=8 Cap=17m]
THG (THG) Q4 rev up 51% cf guidance of 40% to 45%. Cites especially strong performance in THG Beauty and increasing momentum in Ingenuity Commerce contract wins. Guides FY rev up 30-35%, up from 20-25% guidance. [SP=790 Cap=7668m]
Woodbois (WBI) guides FY(Dec) U/L profitability ahead of expectation (whose?) prior to any write-down of inventory. Rev in line. $2m of inventory discovered stolen from third party warehouse in Ivory Coast post period end. Covid caused delays mean FY21 rev target is unchanged at $60m+. [SP=3.1 Cap=44m]
EKF Diagnostics (EKF) guides FY(Dec) comfortably ahead of already upgraded market expectations and Q1 2021 materially above management expectations. Will pay div and expects to implement a progressive dividend policy. [SP=72 Cap=328m]
Distil (DIS) Q3 rev up 22% despite relatively muted Christmas and New Year celebrations. TYD rev up 70%. Launches Botanical Vodka. [SP=2.2 Cap=11m]
Franchise Brands (FRAN) guides FY(Dec) revenue, adj EBITDA, and adj EPS ahead of market expectations of £48.6m, £6.1m, 3.87p resp. B2C frachisees down 18 to 386 due to trading difficulties, mainly in the Barking Mad network. [SP=100 Cap=96m]
Belvoir (BLV) financial services division update: FY rev up 13%, pretax up 26%. [SP=156.02 Cap=55m]
Appreciate (APP) Q3(Dec) billings up 13%. Guides FY(Mar) at least in line with mid-range scenario guidance. [SP=32 Cap=60m]
Intelligent Ultrasound (IUG) guides FY(Dec) rev down 11% and op loss £4.1m and £4.2m (£4.6m). Expects first sales from its Clinical AI division in H1. [SP=15 Cap=40m]
Curtis Banks (CBP) FY(Dec) trading 'robust' says CEO Will Self, probably not the acerbic author. No numbers [SP=225 Cap=149m]
Accrol (ACRL) H1(Oct) rev down 4%, pretax -£0.5m (-£3m). Reducing net debt faster than anticipated. Guides FY at least in line with market expectations. [SP=73 Cap=227m]

In line: CARR, MNZS
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 13-Jan-21
WEY to go

Bango (BGO) guides FY(Dec) rev-cont £12.2m, up 70%, ahead of expectations (whose?). Adj EBITDA over £4m (£0.45m). [SP=166 Cap=124m]
Hostelworld (HSW) guides FY(Dec) net bookings in line. Looking at debt and equity options, to secure long-term financial position. Talks with lenders in relation to a new €30m debt facility at a mid-teens int rate. [SP=79 Cap=92m]
Renold (RNO) guides H2(Mar) adj op profit broadly similar to H1 as orders recover. [SP=12.65 Cap=29m]
Sosandar (SOS) Q to Dec rev up 6% with marketing down 66%. EBITDA loss down c.60%. Dec rev significantly better than anticipated given 90% cut in marketing. Returns rate 46% (49%) due to change in product mix. "Following growth in the customer database through autumn, the Company is well placed to successfully navigate the next few months." [SP=18.65 Cap=36m]
1Spatial (SPA) wins $0.6m two year US contract for the 1Integrate and 1Data Gateway SaaS service. [SP=27.35 Cap=30m]
Nightcap (NGHT) starts trading on AIM. IPO funds used to buy (rescue?) related-party London Cocktail Club. Aims to become the UK's leading bar group. Really? Might be the drink talking. [SP=NA Cap=NA]
TP Group (TPG) has received expressions of interest for the Maritime Engineering business. Disposal would be in-line with strategy. [SP=6.2 Cap=48m]
Wey Education (WEY) guides FY(Aug) rev and profit market forecasts as firs 4 months are significantly ahead of budget and market expectations. Co will now charge VAT to its UK InterHigh clients. Will smooth price rise for clients. [SP=35.8 Cap=50m]
Touchstar (TST) guides a FY(Dec) profit with strong cashflow. Net cash £1.6m but no other numbers. [SP=50 Cap=4m]
STV (STVG) guides FY(Dec) op profit comfortably ahead of market expectations, driven by a stronger than expected regional and digital performance. Net debt significantly better than market expectations. [SP=300 Cap=140m]
Winkworth (WINK) guides FY(Dec) rev broadly flat, pretax down (to what?). FY div cut 15%. [SP=150 Cap=18m]
Charles Stanley (CAY) FuMA end Dec up 10% over the Q. Rev down 1% over Q. [SP=300 Cap=156m]
Octagonal (OCT) H1: "trading continues in line with the board's expectations, the result for the year may be impacted by any effect of the recently announced SEC complaint against GIS in the US, the outcome of which cannot yet be determined with any certainty. " [SP=0.84 Cap=6m]

In line: AGY, RGD, ABDP
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 14-Jan-21
19 summaries. Phew!

Diurnal (DNL) guides H1(Dec) rev up 6%. Sales growth in core commercial markets offset by timing of bulk sales to Nordic partner. Believes growth will significantly accelerate post pandemic. [SP=65.5 Cap=91m]
Capital (CAPD) Q4 rev up 18%. Outlook: "Trading conditions are extremely positive for Capital, with the gold price remaining robust, equity markets supportive and strong levels of tendering activity." [SP=62 Cap=117m]
Lamprell (LAM) trading in line. Strategic reorganisation "to increase the Group's focus on renewables and the energy transition, increase alignment with customers and enable the Group to take full advantage of the significant opportunities in its core markets." [SP=58.17 Cap=199m]
Conduit (CRE) Jan 2021 renewal season: Gross Written Premium of c$160m being in line. "Market conditions continue to show improvements across our targeted property, specialty and casualty lines." CFO scarpers. He is thanked. [SP=496 Cap=NA]
CyanConnode (CYAN) Q1-3 rev £3.4m. No comparative given! Module volume at record level. [SP=7.48 Cap=14m]
Instem (INS) guides FY(Dec) rev up 11%, in line. [SP=505 Cap=103m]
Gear4music (G4M) beats exp again with 3 months to Dec rev up 30%. Guides FY ahead of recently upgraded market expectations. [SP=836 Cap=175m]
Science in Sport (SIS) guides FY(Dec) adj EBITDA £1.1m (-£0.3m). Rev flat. Gross margin up 500bp. Will spend £4.3m on new Supply Chain facility. Co "remains very optimistic about the long term growth prospects." [SP=39 Cap=53m]
Frenkel Topping (FEN) says trading in line as takeover of NAH pulled. [SP=45 Cap=49m]
Portmeirion (PMP) guides FY(Dec) rev at least £87m down 6% but 6% ahead of market expectations. Net profit ahead of market expectations. [SP=507.5 Cap=71m]
Everyman Media (EMAN) the small cinema chain shows a brave face. We remain optimistic for the coming year post-lockdown and continue to have confidence in people's appetite to socialise and to be entertained; we believe we will be in a strong position once it is safe to welcome back our customers and teams." Strong position? [SP=111.6 Cap=102m]
Senior (SNR) slightly ahead of mgmt expectations. "Given the ongoing and unpredictable nature of the pandemic, our view remains that it is likely to be 2022 before we see a meaningful recovery in Group revenues and in 2021, Aerospace is set to be at least as challenging as 2020 given the current customer-announced production rates." [SP=91 Cap=382m]
Applied Graphene Materials (AGM) EU approves the use of graphene powder at larger volumes supplied by members of the Graphene REACH registration consortium." I'm surprised it's even regulated. Is there an environmental issue? [SP=58 Cap=29m]
Zinc Media (ZIN) Pre-booked rev for 2021 more than double from Nov update to £9.3m. Guides H2 rev up on H1. [SP=57 Cap=9m]
Finsbury Food Group (FIF) guides H1(Dec) rev down 4%: 'resilient'. Guides FY in line. [SP=74.3 Cap=97m]
Xaar (XAR) guides FY(Dec) rev flat. "On-track to return to profitability and growth." [SP=163.5 Cap=128m]
Card Factory (CARD) guides FY(Jan) rev £284m, pretax c. -£10m. Comparatives? "Whilst our short term cash requirement can be covered within our existing £200m bank facility, we anticipate that current covenants will be breached at the end of January....constructive discussions with our banking syndicate. " [SP=40.1 Cap=137m]
Powerhouse Energy (PHE) 'strategic' £10m placing at 5.5p, a 15% discount. Needed to "expedite signifcantly [sic] financial close of the funding of the first commercial scale DMG installation utilising the Company’s technology." That's not strategic, that's just to execute their business plan. [SP=8.5 Cap=316m]

In line: ATQT
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 15-Jan-21


Inland Homes (INL) Hillingdon Gardens planning (514 homes) won't be called in by the Secretary of State. [SP=58.5 Cap=134m]
Gabelli Value Plus+ Trust (GVP) intends to propose members' voluntary liquidation and, as an alternative, a Tender Offer. [SP=143 Cap=141m]
Hammerson (HMSO) CFO resigns, will stay until replaced. He is thanked. [SP=23.29 Cap=945m]
LSL Property (LSL) guides FY(Dec) down 15% after 'very strong' Dec rev up 12%. Guides U/L op profit c. £41.5m before covid related net costs and including covid Job Retention Scheme. [SP=255 Cap=268m]
Gym Group (GYM) guides FY(Dec) rev down 48% to £80.5m. C/F positive during post-lockdown trading periods with £3.8m of deferred rents outstanding at the end of 2020. Current lockdown cash burn £5m pcm. "We have significant liquidity available...we have started discussions with our lending banks, who continue to be supportive, to review the future covenant tests relating to this facility." [SP=218 Cap=362m]
Eurocell (ECEL) guides FY(Dec) rev down 8% after string finish, U/L pretax ahead of expectations (whose?). [SP=227 Cap=253m]
Osirium Technologies (OSI) guides FY(Dec) rev in line, bookings slightly ahead of market expectations. "Optimistic the momentum seen in the final quarter going into the new financial year will continue." [SP=22.2 Cap=4m]
InnovaDerma (IDP) NED (who is a substantial shareholder) makes secured loan of £500k to July at 5% over LIBOR. He can require early repayment if co raises in excess of £2m through debt or equity issuance. [SP=55 Cap=8m]
Minds (ALM) CEO resigns but will continue to support the Group as CFO pending replacement. He is thanked. [SP=27.29 Cap=66m]

In line: STX, BWNG
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 18-Jan-21

Funding Circle (FCH)[/b] H2 total income of £121m and adj EBITDA at least £15m, well ahead of previous expectations (whose?). "As a result of Covid, we are seeing an acceleration in the shift towards online in small business lending. As the largest online SME loans platform we used our advanced technology to reach record levels of lending in 2020." [SP=90 Cap=318m]

@MrContrarian

= aka "the banks won't lend to their own SME customers, and because the SMEs are desperate we've got a clear run."

What could possibly go wrong ?

regards, dspp

[MrContrarian]

Smallcap Sweep. 19-Jan-21
16 companies this morning

Totally (TLY) wins contract extensions and continued pilot funding worth a total of c. £7.2m. [SP=27.3 Cap=50m]
TruFin (TRU) guides FY(Dec) rev £14.6m (£7.3m), significantly ahead of market expectations. and adj pretax loss £8.4m (£9.3m), ahead of market expectations. Cites strong performance from the console division of Playstack. Looking at sale of Oxygen and / or Vertus and further return of capital to shareholders. [SP=67.5 Cap=55m]
Telit Communications (TCM) guides FY(Dec) rev down 10.4% and adj EBITDA $38-$41m. 'Profit in cash' is expected to be in line with the Board's expectations. [SP=205 Cap=275m]
Microsaic Systems (MSYS) £5m placing at 0.1p, a 50% discount. Chmn replaced. Funds for "the commercialisation of Microsaic's current miniaturised products and services, provide funds to further develop Microsaic's product and service portfolio and fund general working capital" ie keep the lights on. H2 trading: "although two unit sales were made, revenues continued to be focussed on the continuing sales of consumables, spare parts and service and support". [SP=0.22 Cap=1m]
Corero Network Security (CNS) guides FY(Dec) rev up c.73%, ahead of market expectations. EBITDA only in line. [SP=11.5 Cap=57m]
Dekel Agri-Vision (DKL) New €15.2m bond facility at 7.75%. as part of long-term refinance programme to extend maturity of debt profile. "First approximately €5 million tranche of seven-year bond issued to replace short term debt and provide funding support." [SP=5.58 Cap=26m]
Kier (KIE) guides H1(Dec) slightly above the Board's expectations with positive adjusted operating cash flow. No numbers! Wins 8-year maintenance contract worth c. £200m with Transport for London. Order book 'gives confidence'. [SP=75.1 Cap=122m]
Mountfield (MOGP) grim. H2 profit below H1 with 'trading performance' (rev?) not improved. "Board is considering making structural changes to the Group to improve shareholder value." [SP=0.53 Cap=1m]
Eleco (ELCO) expects FY(Dec) rev flat and pretax up at least 10%. H2 rev up 6%. Is this in line? [SP=83.6 Cap=69m]
Audioboom (BOOM) guides FY(Dec) rev up 20% in $. Adj EBITDA loss $1.8m ($2.9m), ahead of market expectations. Guides FY21 EBITDA positive. [SP=276.25 Cap=43m]
Iofina (IOF) H2 production of 325.5MT but guides H1 2021 285-305MT even though "Iofina and its partners expect more drilling and workover activity throughout 2021 versus 2020, which is likely to provide more brine water to produce iodine." odine prices peaked in early 2020 and have since come off their highs but remained stable. [SP=14.5 Cap=28m]
Kape Technologies (KAPE) guides FY(Dec) rev c.$122.2m up 85% and at the upper end of management's forecasted range. Adj EBITDA ahead of management's expectations at c. $39m. [SP=204 Cap=430m]
Cambridge Cognition (COG) guides FY(Dec) rev up 34%, lightly ahead of market expectations. Loss £0.44m (£2.9m). Rev was boosted by two large one-off orders total £3.1m. CFO scarpers. He is wished success but is not thanked. [SP=69 Cap=22m]
TT Electronics (TTG) guides FY(Dec) rev down 9% or 12% organic. Nov-Dec organic rev down 4% lower. Adj pretax in line. Expects continued revenue recovery and good profit growth. No concrete news on the wonder Virolens ultra-fast covid detector: "Operational trials and validation testing are continuing and applications for regulatory approvals of the Virolens® rapid COVID-19 screening device are progressing. There is a wide range of possible outcomes." [SP=215 Cap=375m]
Pebble (PEBB) guides FY(Dec) ahead of market expectations with Adjusted EBITDA not less than £9.5m. [SP=123.45 Cap=207m]

In line: CCS
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 20-Jan-21
WIN winning, Ridgecrest buries holders in new paper

MJ Hudson (MJH) allows CEO more time to repay a loan made in Dec 2019 to buy shares. The NEDs and Nomad think this is 'fair and reasonable'. I don't. [SP=48.36 Cap=83m]
Supply @ME Capital (SYME) Shariah compliant Inventory Monetisation Platform approved by the Shariah scholar board. CEO says "I'm thrilled." [SP=0.52 Cap=170m]
Capital (CAPD) CFO scarpers to return to South Africa for personal reasons. He is thanked. [SP=62.5 Cap=118m]
Deltex Medical (DEMG) guides FY(Dec) rev £2.4m (£4.3m). Hit by reduction in elective surgical procedures as expected. [SP=1.96 Cap=11m]
Tekmar (TGP) wins contract worth over £4.5m to supply products to protect subsea cables. [SP=61 Cap=31m]
Wincanton (WIN) guides FY profit materially ahead of market expectations as Q3 rev rises 10%. [SP=272 Cap=339m]
DeepMatter (DMTR) sells multi-year, limited-use data licensing agreement to Merck to provide proprietary chemical structure and reaction data content. No £££. [SP=2.35 Cap=22m]
Faron Pharmaceuticals (FARN) bexmarilimab shows early signs of efficacy against cholangiocarcinoma, the fifth cancer to respond. ""The new discovery of the role of soluble Clever-1 as an immune suppressive molecule is striking." [SP=345 Cap=162m]
Air Partner (AIR) guides FY(Jan) U/L pretax at least £11.5m, ahead of market expectations. [SP=67.8 Cap=43m]
Ridgecrest (RDGC) the cash shell makes £2m placing at 0.6p, a nasty 57% discount, for working cap and "assist it in identifying and pursuing acquisition opportunities." 4x dilution and of course the board get options to g'tee continuing brilliant perfrmance. [SP=1.35 Cap=2m]
Argentex (AGFX) vaguely informs that trading has continued to improve. CFO resigns, three month handover. She is thanked. [SP=127 Cap=144m]
Sabien Technology (SNT) fails to get regulatory approvals for the proposed RTO in sufficient time to avoid AIM cancellation. The withdrawal allows co to stay on AIM. Issues convets of £1.25m (strike 0.05p) to keep the lights on. Shares resume trading. [SP=0.19 Cap=3m]
Hornby (HRN) Q3 rev up. No numbers. Guides FY rev up 15-20%. "January to date has been a slower start that we would have liked" due to lockdown affecting warehouse and Brexit delaying couriers. "We have now largely worked through these issues and will start shipping to Europe imminently." [SP=66.2 Cap=111m]
Mission (TMG) guides FY(Dec) pretax over over £1m, comfortably ahead of market expectations. Bank debt £1.3m (£4.9m), a significant improvement on market expectations. [SP=65.79 Cap=60m]
GetBusy (GETB) guides FY(Dec) rev slightly ahead of market expectations. Recurring rev up 15% at constant currency. Net cash £2.3m noticeably ahead of market expectations. [SP=86.5 Cap=43m]
IQE (IQE) guides FY(Dec) rev c.£178m up 25% and consistent with guidance of at least £170m. Net cash c.£2m (-£16m) due to strong sales, capex cuts and cash mgmt. Makes a change for this cash guzzler. [SP=75.7 Cap=606m]

In line: RPS, GFRD, BONH
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 21-Jan-21
Never seen so many beats

Actual Experience (ACT) £10m placing at >=105p, a 14% discount, to xpand its sales and support, hire R&D staff and working cap. [SP=124 Cap=59m]
Directa Plus (DCTA) CFO scarpers, leaves March, "to pursue another business opportunity". [SP=92.5 Cap=57m]
Sanderson Design Group (SDG) guides FY(Jan) pretax at least £6.3m as rev beats mgmt exp. [SP=105.5 Cap=75m]
Animalcare (ANCR) guides FY(Dec) rev £70.5m down 1%, ahead of mkt exp. Earnings also ahead. [SP=190 Cap=114m]
Chamberlin (CMH) BorgWarner places orders through to March 2021 after saying in Dec it intended to cancel all contracts. "The Board is implementing further measures to reduce costs and is exploring options to strengthen the balance sheet, including investigating the possibility of new equity capital and alternative measures to ensure the Company's future." [SP=7.4 Cap=1m]
Eco Animal Health (EAH) guides FY(Mar) rev and EBITDA significantly ahead of market expectations. Vites strong CHina pig market and also USA sales. [SP=255 Cap=167m]
Robinson (RBN) guides FY(Dec) rev up 6% and pretax ahead of market expectations, and ahead of 2019. Intends to pay tot div 8.5p (2.5p). [SP=157 Cap=26m]
Somero Enterprises (SOM) guides FY(Dec) rec c. $88m and adj EBITDA c. $26m. F/C were $80m and $21m. Net cash $35m cf $26m guided. Expect a special div. Will hire more sales and support staff, hitting FY21 profit. [SP=360 Cap=201m]
Cloudcall (CALL) guides FY(Dec) rev up 4%, the upper end of guided range. Loss broadly in-line with market expectations. "Remains confident in its ambition to now reach monthly EBITDA breakeven by mid-2023 and achieve a £50 million revenue run-rate during 2026." [SP=106 Cap=41m]
Panoply (TPX) guides FY(Mar) rev over £47.5m and adj EBITDA over £6.3m, significantly ahead of expectations. [SP=164 Cap=114m]
NewRiver REIT (NRR) rent collection improving. On corse for taget £80m disposals. Sold at 6% disc to March book. [SP=84.8 Cap=260m]
Headlam (HEAD) guides FY(Dec) rev down 15% and U/L pretax towards the top of the range of guided £14-16m. Will resumes divs albeit with FY a nominal amount. [SP=380 Cap=323m]
Zotefoams (ZFT) guides FY(Dec) rev in line and adj pretax at the top end of market expectations. [SP=NA Cap=NA]
eve Sleep (EVE) 18% sales growth in H2, exceeded twice raised expectations for 2020. Guides FY(Dec) rev up 6%, EBITDA -£2m (-£10.7m). Will it ever make a profit though? [SP=5.78 Cap=16m]
Keystone Law (KEYS) guides FY(Jan) adj pretax materially ahead of market expectations of £5.1m after a busy Xmas period (normally quiet). [SP=520 Cap=163m]
Luceco (LUCE) expects FY(Dec) profits at the top end of the most recently guided range. [SP=275 Cap=442m]

In line: MGP, DOTD
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 22-Jan-21


Directa Plus (DCTA) contract with OMV Petrom extended and increased by €260k, to be delivered by June. [SP=88 Cap=54m]
Zytronic (ZYT) H2 downturn has now levelled out at approximately £2m in Q4 and Q1. EBITDA is positive "and we have seen a slight increase in orders in the new financial year to date. However, with the constraints imposed by the Coronavirus pandemic, that are affecting our major overseas markets such as Gaming, it is difficult to foresee a return to profits in this financial year" [SP=150 Cap=24m]
Advanced Oncotherapy (AVO) £5.9m placing at 40p, an 8% discount, to keep the lights on. [SP=43.5 Cap=145m]
Trackwise Designs (TWD) guides FY(Dec) rev £6.1m, lower than expected, op loss £0.2m - in line with market expectations. Year-end sales in both the IHT and Advanced PCBs divisions hit by lockdowns. [SP=330 Cap=94m]
MySale (MYSL) guides H1(Dec) EBITDA A$2.5m (-A$3.6m), ahead of management expectations, rev up 14%, reflecting "focus on its 'ANZ First' strategy and inventory light marketplace platform." [SP=8.95 Cap=84m]
International Personal Finance (IPF) Dec collections effectiveness 96%. "We are encouraged that the modest reduction in collections effectiveness we expected during Q4 did not materialise, but we continue to plan for a softening in performance in Q1 2021." [SP=79.7 Cap=178m]
Countrywide (CWD) Alchemy confirms it won't counter-bid. [SP=391.2 Cap=198m]
Treatt (TET) guides pretax in first 4 months ahead of mgmt exp. Optimistic that FY21 pretax will materially beatmarket consensus* of £15.1m. [SP=770 Cap=459m]
Journeo (JNEO) wins orders worth £1.3m with £1m for delivery this FY. [SP=48 Cap=4m]
VR Education (VRE) guides FY(Dec) rev c. €1.42m up 38%. Profit? "With minimal investment in marketing, sales and business development to date, the Group has closed deals during 2020 in excess of €1.8 million which should be recognised over the next 36 months." Sets target of €10m annual ENGAGE rev by 2025. [SP=12 Cap=29m]
Kooth (KOO) guides FY(Dec) U/L rev £12.5m to £13m, ahead of market expectations. Profit? [SP=267.8 Cap=89m]
TheWorks (WRKS) H1(Oct) rev down 8%. LFL up 10% in period when stores were open, significantly ahead of the Board's expectations. Adj pretax -£4.1m (-£7.8m). FIrst 11 weeks of H2 rev down 25%. [SP=34 Cap=21m]

In line: CCT
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 25-Jan-21


Ricardo (RCDO) trading in line. CEO will leave after replacement found. [SP=390 Cap=243m]
Sopheon (SPE) guides FY(Dec) flat at c. $30m after Q4 rev up. Adj EBITDA $5.6m ($6.4m). "Revenue visibility for 2021 is already at $22m ($18.9m) giving cause for optimism regarding the year ahead." [SP=865 Cap=88m]
Mothercare (MTC) Q1-3 net worldwide retail sales down 38%. Guides FY net worldwide retail sales at least £320m, down 59%, and a small EBITDA loss. Proposes move to AIM. [SP=11.45 Cap=43m]
Minds + Machines (MMX) settles recent alleged warranty claims, which it thinks are are without merit. Pays $1m. [SP=4.72 Cap=41m]
Filta (FLTA) guides FY(Dec) margins back to Q1 level but no rev figure. "In the US, demand for our services in the second half came back quicker than initially expected, helped by the acquisition of new customers. With stadia, corporate dining and universities, all major contributors in the past, still in lockdown, there remains some significant future upside to trading revenues." Encouraged by the pick-up in franchise enquiries in H2. [SP=93.5 Cap=27m]
Inspiration Healthcare (IHC) guides FY(Jan) rev at least £36.5m and EBITDA at least £4.9m, both above market expectations. Cites neonatal intensive care ventilator sales. [SP=83.95 Cap=57m]
Plant Health Care (PHC) guides FY rev up 9%, positive EBITDA and cash for the first time. In line? [SP=18.2 Cap=46m]
Norman Broadbent (NBB) guides FY(Dec) net fee income down 18% and gross margin 79% (66%). In line? [SP=4.71 Cap=3m]
IG Design (IGR) Q1-3 rev up 35% but down 9% excluding CSS acquisition. This is stronger than expected but still guides FY in line. [SP=512 Cap=496m]
Proteome Sciences (PRM) guides FY(Dec) rev flat at £4.6m. Pretax £0.03m (£0.2m). Op costs higher due to "increase in business activities for both business units, particularly proteomics services." But rev not higher. Outlook: "further growth in TMT® and TMTpro™ and expects strong progress for proteomics biomarker services with purchase orders worth over £0.8m carried forward into the first quarter of 2021". [SP=4.18 Cap=12m]
Anexo (ANX) guides FY(Dec) rev above mgmt exp but no figure. Adj pretax in line with mkt exp. Pic'n'mix your comparisons. "The Group continues to increase the number of cases involved in the legal action against Volkswagen AG (the 'VW Emissions' case). The Group is currently actively engaged on approximately 14,356 claims. As previously announced, all costs associated with marketing and the processing of claims are expensed as incurred; investment in case acquisition in FY 2020 totalled £2.9m." [SP=132.44 Cap=154m]
FireAngel Safety Technology (FA.) guides FY(Dec) rev down 12%. "Whilst the operational and market impact of Covid-19 inevitably dominated the Year, resulting in the Group reporting reduced sales and a delay in making substantive progress on its Connected Homes strategy, the recovery in the Group's markets in the second half of the Year and subsequent positive trading trajectory has been encouraging." [SP=22.45 Cap=29m]
Journeo (JNEO) wins £1.8m 1-year extension to a framework agreement with First Bus UK. [SP=56.8 Cap=5m]
H & T Group (HAT) guides FY(Dec) pretax ahead of market expectations. [SP=270 Cap=108m]

In line: ANX, MAI
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 26-Jan-21


Omega Diagnostics (ODX) launches covid antibody lab-based testing service. [SP=78 Cap=140m]
SimplyBiz (SBIZ) guides FY(Dec) rev £61m down £2m, adj EPS marginally above 11p ie in line. Final div will be 2p. [SP=180 Cap=174m]
Ideagen (IDEA) exec chmn and founder David Hornsby, to retire in May. He will be a very hard act to follow. [SP=286 Cap=721m]
City Pub Group (CPC) guides FY(Dec) rev down 57%. Ample liquidity into 2022. [SP=96 Cap=101m]
Itaconix (ITX) guides FY(Dec) rev and EBITDA slightly ahead of market expectations. [SP=6.06 Cap=26m]
TP Group (TPG) guides FY(Dec) rev flat at c. £58m and adj op profit c.£3.8m (£5.9m). Q4 'robust'. Order book £69.0m (£63.8m). [SP=6.92 Cap=54m]
Yü (YU.) expects to exceed FY(Dec) revenue, cash and profit market expectations. Also mgmt expectations for FY21 are now ahead of previous levels. "Legacy contracts have now completely 'washed out' of our book and have been replaced by good margin, high quality, segmentally diverse business." [SP=128.11 Cap=21m]
Anpario (ANP) guides FY(Dec) rev at least £30m and profit to be well ahead of expectations. "There were strong performances in the Americas, Europe and in China where sales showed a strong recovery as farmers restocked their pig operations and the ban on the use of anti-biotic growth promoters (AGPs) in animal feed benefited sales of Orego-Stim. The Middle East experienced continued weakness in the second half." [SP=600 Cap=139m]
XLMedia (XLM) guides FY(Dec) rev $54.5m down 32% but only gives a 20H1 comparative to make it look better. Adj EBITDA $11.5m. "We have now completed the core development work on all the rebuilt [casino] sites we will take forward and have commenced the submission process to Google for reconsideration." [SP=35.5 Cap=69m]
Zoo Digital (ZOO) guides FY(Mar) rev at least $38m ($29.8m) with H2 up 35% on H1, ahead of market expectations. SP up 47% in last two weeks, so who knew? [SP=91.55 Cap=68m]
GETECH (GTC) exclusive strategic partnership with H2 Green which is "focused on establishing a network of large-scale hydrogen generation, storage and refuelling hubs to support public and commercial transport fleets." GTC to help locate the hubs. Option to acquire H2 Green for up to £1m. GTC and H2 Green to also collaborate on new product ideas and optimisation services. [SP=13.98 Cap=5m]
Flowtech Fluidpower (FLO) guides FY20 rev down 15%, thinks it's a modest increase in market share. Expects a small underlying profit. [SP=107.5 Cap=66m]
Personal Group (PGH) guides FY(Dec) rev £70m, broadly in line with FY19, and adjusted EBITDA at least £9.5m (£11.0m), down due to product mix. "With further Government lockdowns ongoing, 2021 is expected to see a more significant financial impact on both income and profit as the ongoing restrictions reduce the ability to write new insurance sales and the historic impact from 2020 flows through." [SP=211.45 Cap=66m]
HeiQ (HEIQ) guides FY(Dec) above market expectations. Cites particularly strong sales of antimicrobial technology HeiQ Viroblock. Guides op profit only in line due to record levels of investment. [SP=237 Cap=298m]
Eagle Eye Solutions (EYE) guides H1(Dec) rev up 8% and adj EBITDA up 62%. Net cash £0.1m, ahead of mgmt exp. Guides FY in line. [SP=445 Cap=115m]

In line: ABDX, CAU
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian