MrC's Smallcap Sweeps for Oct 2022

[MrContrarian]

Smallcap Sweep. 03-Oct-22
SRT: I've been to the mountaintop and I have seen the promised jam.

Argentex (AGFX) guides FY-Dec ahead pf market expectations. Expects H1 rev £27.4m. Cites "more favourable market dynamics, with the recent historic lows in sterling presenting exceptional short-term trading conditions". [SP=89 Cap=101m]
Ince (INCE) agreed conditional heads of terms for the sale of two subsidiaries in Gibraltar, one of which for €500k net. [SP=4.2 Cap=11m]
Hipgnosis Songs Fund (SONG) refinancing of the debt facilities to 2027. [SP=88.94 Cap=1062m]
Hyve (HYVE) debt refinanced but at 7.75% over SONIA. Recovery has continued in Q4 in all markets with the exception of China where restrictions continue to disrupt. Bookings are over £65m. "This gives confidence in the FY23 outlook such that that the incremental debt service cost attributable to the increased margin over SONIA is expected to be offset by improved trading performance." [SP=52.5 Cap=153m]
Rosslyn Data Technologies (RDT) sells non-core Langdon Systems for £100k. [SP=2 Cap=7m]
Peel Hunt (PEEL) guides H1 rev c.£40.5m. "We have continued to invest in our business and make significant progress against our strategic priorities. This has been achieved against the backdrop of historically low levels of capital markets activity persisting market-wide." FY outlook for capital markets remains uncertain. [SP=87 Cap=107m]
Thruvision (THRU) one year framework contract from US Customs and Border Protection. Initial order $7m. The order size is ahead of mgmt expectations for FY23. [SP=22 Cap=32m]
CML Microsystems (CML) £1m share buyback. [SP=393.5 Cap=63m]
SRT Marine Systems (SRT) guides H1-Sep rev £18.8m and pretax £1.5m+. "Despite continuing production constraints, our transceivers business revenue grew by approximately 20% to £5.2m." [SP=26.2 Cap=47m]
Futura Medical (FUM) had completed all of the work that it believes is required for the FDA to grant marketing authorisation for MED3000, "Remains confident of being granted marketing authorisation by the FDA by the end of Q1 2023 in line with previously announced timelines." [SP=37 Cap=106m]

In line: RWI
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. 04-Oct-22
Blowing froth off hot news

Synairgen (SNG) positive but not statistically significant, data from the US NIH-led ACTIV-2 Phase 2 trial for SNG001 in home-based participants with COVID-19. [SP=16.43 Cap=33m]
Character (CCT) guides FY-Aug adj pretax broadly in line with market expectations of c.£11.3m. FY23 unlikely to match the expected outcome of FY22 due to mkt conditions. [SP=489 Cap=94m]
Made.com (MADE) discussions with a number of interested parties in formal sale process. Will tell parties that co needs funding of c.£45-70m over next 18m [SP=3.39 Cap=13m]
Allergy Therapeutics (AGY) has paused production at the Freeman facility to to improve the robustness of its quality systems and build capacity. No areas for improvement are related to the safety of products. Believes "pause in production will be confined to a number of weeks and we are working to limit the impact on revenue". [SP=18.02 Cap=116m]
Poolbeg Pharma (POLB) US Patent Office has indicated that the main claim for use of POLB 001 and its homologues for the treatment of cytokine storm is allowable. US and European patents have already been granted with claims to the treatment of severe influenza. [SP=4.3 Cap=22m]
Gresham Technologies (GHT) guides FY rev and earnings ahead of market expectations which are rev £42m and adj EBITDA £9.2m. [SP=139 Cap=116m]
Watkin Jones (WGJ) guides FY-Sep U/L op profit c.10% below mkt exp. Two forward sales delayed to FY23 due to recent market volatility. [SP=NA Cap=NA]
WANdisco (WAND) $7.1m follow-on deal with global automotive supplier. [SP=508 Cap=333m]
Panther Securities (PNS) its swaps mean co won't be affected by any interest rate rises for at least the next nine years (apart from any potential changes to the banks margin requirement) on its current drawn facility. [SP=320 Cap=56m]
Porvair (PRV) guides FY-Nov ahead of market expectations. Likely to have positive net cash. [SP=500 Cap=231m]
Inspiration Healthcare (IHC) H1-July rev down 2%, pretax £885k (£2.5m). Outlook "some sales may fall into the next financial year; however, our expectations of profit for the current financial year remain unchanged". [SP=88.94 Cap=61m]


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-Oct-22
Dawn drivel download

Strix (KETL) £10m placing at 115p, a 10% discount, to to prepay debt facilities in connection with the acquisition of Billi. [SP=127.17 Cap=264m]
Somero (SOM) no material damage to its Fort Myers facility or disruption to business because of Hurricane Ian. [SP=395 Cap=217m]
PCF (PCF) suspending new lending activities while it seeks capital raise. Will "accelerate a review process of its operational structure with the intention of further reducing its cost base". [SP=2.48 Cap=8m]
Topps Tiles (TPT) guides FY-Oct rev £247.3, adj pretax towards upper end of market expectations of £13.8-15.4m. [SP=41 Cap=80m]
Concurrent Technologies (CNC) has entered the Systems market through the launch of Helios, its new off-the-shelf, ruggedised vision computer system. [SP=72.5 Cap=53m]
Hyve (HYVE) guides FY-Sep rev-cont £122m, down only 15% (cont) on FY19. "The speed of recovery has surpassed expectations." Selling Turkish Business for up to £8m. Strong order book. [SP=50 Cap=146m]
Vertu Motors (VTU) H1-Aug. Guides FY profits ahead of market expectations. "New and used vehicle supply constraints continue to be offset by continued higher margins." Further £3m buyback. [SP=43.25 Cap=151m]


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. 06-Oct-22
Warnings have broken

Image Scan (IGE) guides FY-Sep rev and profit below market expectations principally due to the slippage of contracts into next FY. "There is an uplift in market activity particularly around government opportunities which have been suppressed or delayed over the past two years." [SP=1.35 Cap=2m]
Motorpoint (MOTR) guides H1-Sep pretax c.£3m (£13.5m). Blames costs of maintaining market leading finance rates at 8.9% and investments of c.£4m. Outlook "prudent to remain cautious given short term headwinds". [SP=178.5 Cap=161m]
Mobile Streams (MOS) £1.2m placing at 0.18p, a 33% discount. "to support the continuing growth". Hmm. Warrants at 0.3p too. [SP=0.28 Cap=10m]
Seeing Machines (SEE) collaboration with Magna (the Canadian parts manufacturer), includes US$65m investment through an exclusivity arrangement and convertible note [SP=5.8 Cap=241m]
MTI Wireless Edge (MWE) $0.6m contract for the development and delivery of several prototype antennas for defence use with potential for larger-scale orders. [SP=48.65 Cap=42m]
AMTE Power (AMTE) contract from the UK Battery Industrialisation Centre to produce up to 60,000 Ultra High Power cells per year for the high power automotive and fuel cell electric vehicle markets [SP=67 Cap=24m]
Victorian Plumbing (VIC) guides FY-Sep rev, earnings, and cash flow all ahead of market expectations. Rev was flat. [SP=35.6 Cap=116m]

In line: ECK
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-Oct-22
Bitter grounds stuck in the teeth of truth

Diurnal (DNL) Efmody recommended as an option for restricted use to treat adolescents and adults with congenital adrenal hyperplasia within NHS Wales. [SP=26.93 Cap=46m]
Argo Blockchain (ARB) drastic actions to cut cash outflow and debt: £24m subscription at 27.6p, a 23% discount. Signs LOI to amend existing equipment financing agreement. Plans to sell 3,400 mining machines for cash proceeds of £6m. Curtailing operations at its flagship Helios facility in Dickens County, Texas, during periods of high power prices. [SP=35.74 Cap=194m]
Time Out (TMO) management agreement to open a new Time Out Market in Cape Town. Time Out Market to receive a share of revenues and profits (subject to a guaranteed consultancy fee) but will not contribute to the capital cost of the site. [SP=35.75 Cap=120m]
Abingdon Health (ABDX) Judicial Review judgement initiated by the Good Law Project against the Department of Health and Social Care and ABDX (allegation of unlawful State aid) is expected to be handed down today at 12. [SP=6.8 Cap=8m]
Superdry (SDRY) FY-Apr adj pretax £21.9m. Outlook "Increasing cost inflation...is likely to put pressure on operating margins across each of our territories. The Group has taken action to hedge energy costs, with the majority of UK energy fixed until Summer 2024 and the remaining European requirement fixed until the end of December 2022, but expects to see inflation across other areas of the cost base. We expect to deliver an adjusted profit before tax of £10m-20m in FY23." [SP=102.4 Cap=84m]

In line: WIN, CGS
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. 10-Oct-22
I see dead companies

Bonhill (BONH) strategic review, formal sale process and £800k standby loan facility with its largest shareholder. Cuts FY-Dec guidance to £15m rev and EBITDA c. -£0.35m from £15.5 and +£0.3m. [SP=5.58 Cap=7m]
Beeks Financial Cloud (BKS) wins contracts worth c.$2m over 3 yrs, helping to underpin the Group's FY23 expectations. [SP=155 Cap=101m]
HeiQ (HEIQ) launches court case against ICP Industrial for breaching its Exclusive Agreement terms. [SP=71 Cap=94m]
Ashtead Technology (AT.) will materially outperform FY-Dec mkt expectations. Cites "increasing strength across its geographic markets resulting in higher cost utilisation and pricing compared to the prior year". [SP=249 Cap=198m]
Hollywood Bowl (BOWL) guides FY-Sep rev up 42% on FY19. EBITDA (pre IFRS-16) up 40% on FY19, ahead of market expectations. [SP=205.5 Cap=351m]
Ramsdens (RFX) Guides FY-Sep pretax ahead of expectations. [SP=197.5 Cap=62m]
Leeds (LDSG) KMR biz (16% of rev) put into insolvency because it has has continued to make losses. Consumer confidence has been further affected by the conflict in Ukraine. Other biz Hemmers' rev in line. [SP=13.25 Cap=4m]
Joules (JOUL) re: media reporting. Still looking at a placing but a CVA is a possibility. [SP=9 Cap=10m]
Autins (AUTG) guides H2-Sep rev flat but a reduction in the Q4 sales rate mainly due to "further production line disruption at the Group's major customer due to supply side restrictions on the availability of semi-conductors, which is expected to continue through H1 FY23". Expects EBITDA loss £1m (£0.3m). Losses are expected to significantly reduce in the short term due to cost cutting and commercial discussions. [SP=14.66 Cap=8m]
Quiz (QUIZ) guides H1-Spe up 37% marginally ahead of mgmt expectations. Gross margin up. Outlook confident. [SP=11.5 Cap=14m]
Van Elle (VANL) wins £13m contract due to start Christmas and complete mid-way through FY24. This contributes towards meeting consensus expectations. [SP=39.4 Cap=42m]
IQE (IQE) collaboration agreement with SK siltron for the development and commercialisation of compound semiconductor products, formalising a strategic agreement to develop business in the Asia market. [SP=35.4 Cap=285m]

In line: IGP, QTX
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-Oct-22
Clotted-cream from the corporate cows

Ince (INCE) achieves cost cuts of £5m PA against £4m target. [SP=4.8 Cap=12m]
Iomart (IOM) warns FY-Mar profit likely to be at the lower end of mgmt expectations. Blames margin squeeze from economic headwinds. [SP=157.6 Cap=173m]
Reach (RCH) Q3 rev down 2%, hit by reduced advertising after Queen's death. Outlook "We expect circulation revenue to be supported by increased cover prices, while advertising revenue should benefit from seasonally stronger yields, particularly around Black Friday and Christmas and from the football World Cup which starts in November". [SP=77.3 Cap=244m]
DG Innovate (DGI) issues 'Strategic Update' but it's just a progress update. [SP=0.15 Cap=14m]
ScS (SCS) FY-July U/L EPS 36.2p, ahead of mkt exp. Rev up 9%. FY div 13.5p. Net cash £70.8m (£87.7m). Outlook: recent 10 weeks order intake down 14.4% LFL. [SP=118 Cap=42m]

In line: VEL, AFM, MRK, RWA, SUR, VP., SMRT, SDG
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. 12-Oct-22
Options good, nil-cost options better!

Michelmersh Brick (MBH) directors generously incentivise themselves with a round of nil-cost options for 125% of the basic salary. [SP=77.35 Cap=74m]
Synthomer (SYNT) who decides to bury an admission of covenant breach in an RNS titled 'Investor Seminar'? Co "in discussions with its banks to ensure that there is sufficient headroom for its covenants going forward. As part of the waiver process, the Board has suspended dividend payments until the end of 2023, including the payment that is due this November." [SP=87.6 Cap=424m]
Invinity Energy Systems (IES) sale of 0.8MWh flow battery system to Equans Belux. No £££. [SP=25.93 Cap=30m]
OTAQ (OTAQ) £2m placing at 4p, a 58% discount. OO for another £1.6m. Proposes moving to AQSE Growth Market. [SP=4 Cap=4m]
Hostelworld (HSW) guides FY "modestly EBITDA positive and with a stronger cash position than originally expected". Net rev in Sep 4% above 2019 "reflecting the sustained growth in ABV and normalisation of cancellation rates throughout the year". [SP=79.4 Cap=93m]
Palace Capital (PCA) H1 trading. Occupancy stable at 89%. Cut costs by £1.2m PA. Outlook "volatility and uncertainty in financial markets...has adversely impacted the commercial property market in relation to investment activity resulting in a re-pricing of assets...Therefore, the Board has decided to pause the timing of significant property disposals for the time being." [SP=205.96 Cap=88m]
AssetCo (ASTO) may be more aggressive in share buybacks. [SP=59.5 Cap=89m]
Physiomics (PYC) contract from Cancer Research UK. No £££. [SP=2.28 Cap=2m]
Thruvision (THRU) H1-Sept trading sounds in line. [SP=23.93 Cap=34m]
Angling Direct (ANG) H1-July. Cuts FY rev and pre-IFRS 16 EBITDA guidance to at least £73.8m and £2.2m (was ?). Blames market outlook which has deteriorated further in recent weeks. [SP=25.7 Cap=19m]
Winkworth (WINK) guides FY pretax least in line with market forecast of £2.1m. "We have not as yet witnessed a negative impact from the mini-budget on applications and sales and, although higher mortgage rates are likely to put a cap on further price appreciation, we anticipate that an increased supply of properties and persistent strong demand will support transactions for the rest of the current year." [SP=165 Cap=21m]

In line: DFCH
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-Oct-22
Let's face the musings (and dance)

Invinity Energy Systems (IES) Funding approved for 10 MWh California project that will include a large vanadium flow battery system. Co not currently seeking additional equity funding. [SP=27.5 Cap=32m]
Wandisco (WAND) FY22 bookings now expected to be meaningfully ahead of current consensus expectations. [SP=460 Cap=307m]
Quixant (QXT) guides FY22 ahead of market expectations ($109.5m and $8.8m) with rev $115m+ and adjusted pretax $10m+. [SP=163.5 Cap=109m]
Learning Technologies (LTG) Cap Mkts Day: "updated ambition is to achieve run-rate revenues of GBP850 million and run-rate adjusted EBIT of GBP175 million by the end of 2025, and takes into account the current challenging economic environment...to be met through c. 5% organic revenue growth, in line with our medium term targets, and strategic acquisitions focused primarily on SaaS businesses with the aim of rebalancing services and SaaS revenues, the combination of which will continue to provide long-term visibility. It is anticipated that acquisitions will be funded through the use of internally generated cash flows and prudent debt financing with year-end net debt / EBITDA in the range of 1.0 - 1.25x." [SP=103.58 Cap=815m]

In line: NXR, OXIG, HDD, DSCV, TET
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-Oct-22
Weak ending

Inland Homes (INL) gets planning approval for a mixed-use development comprising 1,525 homes and approximately 2,700sqm of commercial space. INL is asset manager, not owner. [SP=19 Cap=43m]
Revolution Beauty (REVB) chmn & CEO "have voluntarily agreed to step away from the day-to-day management of the business for the time being, in order to allow them to support the independent investigation...is not a result of any matter arising from the independent investigation to date". [SP=19 Cap=59m]
Loungers (LGRS) has continued to significantly outperform the market. LFL rev (last 24 weeks) up 17% on 2019. In line? [SP=203.5 Cap=210m]


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. 17-Oct-22
eve put to sleep.

RM (RM.) guides FY-Nov rev in line but profit ht by "operational issues related to ERP implementation in the Consortium business". "Pprogress has slowed which has impacted warehouse throughout and system and process optimisation. Shipment volumes are increasing, but these are not yet at the expected level." [SP=27.5 Cap=23m]
US Solar Fund (USF) strategic review and formal sale process. Cites structural challenges in the US solar sector and discount to NAV. [SP=0.83 Cap=276m]
PipeHawk (PIP) rev from Ventive Home System contract delayed to next FY. Blames its subsidiary Ventive needing to raise additional capital. [SP=15.8 Cap=6m]
MJ Hudson (MJH) auditors force it to cut previous FY-June adj EBITDA guidance dur to "treatment of revenue recognition on one major contract and certain costs". [SP=23 Cap=48m]
Made. com (MADE) has invited a number of parties to progress towards firm offers by the end of Oct. [SP=6.99 Cap=28m]
Smiths News (SNWS) two long-term contract renewals from 2025 with Frontline and Seymour, representing revenues of c.£180m PA at current market values [SP=31.5 Cap=78m]
eve Sleep (EVE) administration as it fails to find suitor. [SP=0.54 Cap=1m]
CentralNic (CNIC) guides rev for last 9 months of c.$525m or $127m net and adj EBITDA $61m+. Will materially exceed FY market expectations of rev $626.6m and adj EBITDA $72.5m. [SP=120 Cap=342m]
ASOS (ASC) re press reports: "is in the final stages of agreeing an amendment to the future financial covenants in its Revolving Credit Facility, which matures in July 2024. This action will give ASOS significantly increased financial flexibility." [SP=531.5 Cap=531m]
Abcam (ABC) prosposes delisting from AIM, leaving Nasdaq listing "to make it possible for Abcam to attract more investors". [SP=1344 Cap=3406m]
Audioboom (BOOM) guides Q1-3 rev up 44% and adj EBITDA up $1.5m. "Advertising demand began to rebound in the second half of Q3, and that trend is continuing into Q4, with advertising bookings of more than US$73 million in place for 2022." [SP=500 Cap=80m]
MTI Wireless Edge (MWE) $0.65m orders to be supplied this quarter.. [SP=44.75 Cap=40m]
IQE (IQE) multi-year strategic agreement with a global consumer electronics leader based in Asia focused on the high-volume production of VCSELs for advanced 3D Sensing applications. [SP=37.25 Cap=299m]
Trellus Health (TRLS) two contracts from Mount Sinai Health System "to provide access to the Trellus Resilience Training and Self-Management Program for Inflammatory Bowel Disease". No $$$. [SP=13.11 Cap=22m]

In line: HERC
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-Oct-22
Pointless RNS regurgitation

Saietta (SED) reduces FY23 rev expectation, though still up 250%+ "as a reaction to the unexpectedly positive response from substantial customers with more significant longer term contract potential". Operational update. Multiple products scheduled for commencement of volume production in 2023. [SP=96.24 Cap=99m]
finnCap (FCAP) confirms it has had indicative offer proposals from Panmure Gordon. [SP=13.05 Cap=24m]
BATM Advanced Communications (BVC) five yr contract from CityFibre for virtual network and edge compute solution. Initial order expected to be worth $3.5m. [SP=28 Cap=125m]
Lookers (LOOK) hikes FY U/L pretax guidance to £75m+ (from ?). £15m share buyback. Q3 LFL used unit sales down 7.1% partly offset by ongoing improvements in both margin retention and the penetration of finance and ancillary products. Outperformed new car market by c.5.6%. [SP=71 Cap=279m]
Logistics Development (LDG) buys another £4.2m of Finsbury Food taking its holding to 6.77%. [SP=12.22 Cap=69m]
Carclo (CAR) guides H1-Sep rev marginally ahead of mgmt expectations and up YoY. U/L op profit in line and marginally down YoY. [SP=15.51 Cap=11m]
UP Global Sourcing (UPGS) renews key Russel Hobbs licence. Now on a rolling four-year basis, rather than fixed-term, significantly reduces licencing risk. [SP=97.4 Cap=87m]
Chill Brands (CHLL) redeveloped online store, "providing a refined user experience with enhanced visuals and a streamlined customer journey". Co seeks to "onboard a select number of complementary products to Chill.com as it seeks to establish a curated wellness marketplace". I hope it will sell sick bags. [SP=2.79 Cap=7m]
Midatech Pharma (MTPH) has regained compliance with NASDAQ Listing Rule rev SP over $1. [SP=7.5 Cap=8m]
Revolution Bars (RBG) FY-July prelims delayed because co is negotiating a significant acquisition. Will be in line. [SP=19 Cap=59m]
Angle (AGL) will close facilities in Toronto to cut costs by c.£2.6m PA. No significant impact on ongoing operations. Cites "increasing cost of operating in Canada due to adverse currency movements and recent proposed changes to the UK R&D tax credit rules. The removal of the 33% cash rebate on eligible R&D costs for R&D work undertaken outside the UK will effectively make overseas R&D costs 50% higher going forward," [SP=52 Cap=135m]

In line: MIND, SOS, CAPD, APTA, ESYS
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. 19-Oct-22
Future imperfect

ASOS (ASC) FY-Aug. Outlook: trading volatile, Sept slight improvement from Aug. £100-130m stock writeoff, cutting capex, guides H1 loss and FCF -£100m to 0. Return to cash generation in H2. [SP=511.35 Cap=511m]
Verditek (VDTK) has not received any further orders from distribution agreement from JV between Bradclad and Protan. Bradclad is engaging with another manufacturer. In July co said it was appointed exclusive supplier of lightweight solar panels to the JV. [SP=1.88 Cap=8m]
Cambridge Cognition (COG) £1.1m contract win for rare blood disease trial. Co to provide electronic clinical outcome assessments and hardware. [SP=114.25 Cap=36m]
CPP (CPP) Strategy and Change Management Programme: current strategy, as implemented, failed to meet its objectives. CPP will exit the Legacy Business and to migrate CPP to an InsurTech business led by Blink and supported by CPP India and CPP Turkey. [SP=136 Cap=12m]
DX (DX.) resumes trading after corporate governance inquiry. [SP=30 Cap=172m]
Smiths News (SNWS) renews contract with Associated Newspapers to 2029. Rev c.£155m p.a. at current market values. Long-term contracts cover 35% of newspaper and magazine revenue. [SP=34 Cap=84m]
Surface Transforms (SCE) open offer (at 40p) takeup only 66%. [SP=42 Cap=85m]

In line: PFG
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-Oct-22
It's in the bag

MGC Pharmaceuticals (MXC) ops update - 'major' milestones. [SP=0.75 Cap=56m]
Naked Wines (WINE) moves to target profit over growth. Guides FY rev down 4 to 9%, adj EBIT of £9-13m. Cutting costs, marketing and stock. One-off costs of up to £12m (of which up to £4m are cash). "We recognise that in pursuit of rapid growth we have made mistakes. Whilst the business today remains materially bigger than pre-pandemic, in 2021 we bought inventory and added to our cost base in anticipation of sustained faster growth which has not been delivered." [SP=94.4 Cap=70m]
PipeHawk (PIP) block in expected orders from Ventive previously announced is solved as customer gets funding. [SP=13.38 Cap=5m]
Luceco (LUCE) warns FY adj op profit £20-22m, below previous estimates. Guides 'profits' (pretax?) flat YoY. Blames customer de-stocking in Q4. Cost inflation abating rapidly. [SP=74 Cap=119m]
International Personal Finance (IFP) Q3. Not clear if in line. [SP=NA Cap=NA]
Cellular Goods (CBX) Drumroll please - Xmas gift sets announced with the usual Xmas nonsense inside. Will include a vegan leather reusable vanity bag. I've never seen a non-reusable vanity bag, but I reuse tea bags never mind vanity bags so maybe I'm not normal. [SP=1.63 Cap=8m]
RPS (RPS) Q3 strong, with 15% growth in Fee Revenue at constant currency. In line? [SP=219.25 Cap=608m]
IG Design (IGR) H1 trading ahead of mgmt expectations but guides FY in line. [SP=81 Cap=78m]
Litigation Capital Management (LIT) to fund claim case of anticompetitive conduct against Amazon in UK. High profile but how big? [SP=73.66 Cap=88m]
TruFin (TRU) deal with Sage to include subscription to Satago within certain Sage 50 subscription packages. [SP=67 Cap=63m]
Intelligent Ultrasound (IUG) FDA grants ScanNav Anatomy PNB clearance for sale in the USA. ScanNav Anatomy PNB helps identify and label anatomy in live ultrasound images. [SP=12 Cap=32m]
Trifast (TRI) guides FY23 rev slightly ahead of expectations but adj pretax c. 10% below market consensus of £16.3m due to inflation and investment. [SP=72 Cap=98m]
BiON (BION) suspended as expected since it hasn't made an RTO in time. [SP=0.07 Cap=1m]
MediaZest (MDZ) expects FY 'to show a significant improvement'. In line? [SP=0.06 Cap=1m]

In line: DNLM, G4M, SRC
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

[GrahamPlatt]

I really don’t know why you don’t get more recs for the service you provide here.
Parsimonious buggers these investors.

[MrContrarian]

Smallcap Sweep. 21-Oct-22
Dismal diet of disclosures

Alpha FX (AFX) guides FY-Dec rev in line and profit materially ahead of expectations due to higher interest rates. [SP=1865 Cap=758m]
Invinity Energy Systems (IES) sale of 10 MWh Invinity VS3 flow battery system in California now confirmed. [SP=27 Cap=31m]
CPP (CPP) selles operations in Mexico for $1 as part of withdrawal from Legacy Businesses. [SP=97.9 Cap=9m]


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. 24-Oct-22
Fee-fi-fo-FUM, I smell the blood of a profit slump

Sabien Technology (SNT) repeat order from Ericsson multiple installations of M2G Cloud product. Orders across the first three building installations exceed £40k in the current period. [SP=12.24 Cap=3m]
Aferian (AFRN) cuts FY-Nov adj op profit guidance to $7.8-8.8m due to delayed orders at Amino. Also one-off charge of c.$5.5m for costs incurred in relation to an aborted significant acquisition. [SP=128.1 Cap=111m]
ValiRx (VAL) forms 60% owned subsidiary Cytolytix to progress the triple negative breast cancer project, CLX001, through preclinical development to a stage of readiness for clinical trials. [SP=14.27 Cap=13m]
Fulcrum Utility Services (FUM) guides H1-Sep rev £24m and adj EBITDA loss c. £3m (£1m profit). "Ongoing challenges with the legacy and closure of historic projects, and the unprecedented cost increases impacting much of the Group's supply chain, have continued to erode sales margins...business improvements introduced to date and currently underway are taking longer than anticipated to realise." Funding discussion with holders. Wins £9,3m of projects. [SP=39.74 Cap=115m]
Benchmark (BMK) guides FY-Sep adj EBITDA £30m-£31m, cf consensus £27.7m. Cites strong Genetics. Current trading strong. [SP=37.7 Cap=265m]
Pendragon (PDG) PUSU deadline extended. [SP=26.5 Cap=370m]
Induction Healthcare (INHC) delays audited FY to on or before 28 Nov due to staff shortages at auditor. Expected to be in line. [SP=38 Cap=35m]
Cellular Goods (CBX) 'Look Better' skincare range will be available on Debenham's site. [SP=1.67 Cap=9m]
Eneraqua Technologies (ETP) wins contract to deliver ground source heat pump systems for a new UK social housing client, to be phased over up to three years. This and other wins worth up to £35m. "Order Book continues to provide full revenue cover for the FY-Jan revenue target." [SP=258.63 Cap=87m]
Cerillion (CER) guides FY-Sep rev marginally ahead of market expectations but adjusted pretax materially ahead of forecast of £10.1m. Cites weak £, lower net finance costs and lower depreciation and amortisation than expected. [SP=1040 Cap=308m]
Proton Motor Power Systems (PPS) leases modern facility "that will be used to substantially expand the Company's manufacturing, testing and development capacity." [SP=10.69 Cap=171m]
SDI (SDI) £13m acquisition. [SP=171.5 Cap=175m]
Bioventix (BVXP) FY-June. Outlook "After stripping out the impact of these 2 significant changes the growth in our underlying business over the year is in the range 8-10% which we believe is sustainable for the immediate future as our sales mix continues to change." [SP=3319 Cap=173m]
Cerillion (CER) guides FY-Sep rev marginally ahead of market expect [SP=1040 Cap=308m]
Proton Motor Power Systems (PPS) leases modern facility "that will b [SP=10.69 Cap=171m]

In line: SUP, D4T4
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-Oct-22
A belt-tightening shoe in?

Shoe Zone (SHOE) guides FY-Oct rev up 31%, adj pretax £11m+. Looks like a beat. Special div 3p. [SP=185 Cap=91m]
Renalytix (RENX) US Gov't has started payment of claims for KidneyIntelX testing for patients with Medicare. [SP=48 Cap=39m]
Altitude (ALT) guides FY-Mar at least in line with market expectations. H1 rev up c.30%. [SP=21 Cap=15m]
IXICO (IXI) guides FY-Sep) rev down 7% reflecting impact of the early cessation of client trials as announced. FY23 rev guidance unchanged. [SP=31.7 Cap=15m]
Gaming Realms (GMR) has officially launched its content in Connecticut with its partner DraftKings. [SP=23.5 Cap=69m]

In line: PDG, OTB, SYS1, AOM
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 Revised. 25-Oct-22
Missed a few the first time.

Recession shoe in? DVRG purge.

DeepVerge (DVRG) still struggling to make a placing. CEO to become an exec, CFO scrapers. Also fesses up to two historical related party transactions which were not disclosed due to an 'unintentional oversight'. What's that smell? [SP=2.25 Cap=5m]
Various Eateries (VARE) guides FY-Oct rev slightly ahead of market expectations at over £40m, but profit miss due o inflation. [SP=36.5 Cap=32m]
MGC Pharmaceuticals (MXC) long covid ArtemiC Support trial shows statistically significant improvement in symptoms. [SP=0.75 Cap=58m]
Corero Network Security (CNS) guides FY-Dec adj EBITDA $1-2m ($4.1m) "reflecting the expected growth from the first half and the previously described investments in sales and marketing". [SP=11.24 Cap=56m]
Renalytix (RENX) US Gov't has started payment of claims for KidneyIntelX testing for patients with Medicare. [SP=48 Cap=39m]
Shoe Zone (SHOE) guides FY-Cot rev up 31%, adj pretax £11m+. In line? Special div 3p. [SP=185 Cap=91m]
Altitude (ALT) guides FY-Mar at least in line with market expectations. H1 rev up c.30%. [SP=21 Cap=15m]
IXICO (IXI) guides FY-Sep) rev down 7% reflecting impact of the early cessation of client trials as announced. FY23 rev guidance unchanged. [SP=31.7 Cap=15m]
Gaming Realms (GMR) has officially launched its content in Connecticut with its partner DraftKings. [SP=23.5 Cap=67m]

In line: PDG, OTB, SYS1, AOM
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-Oct-22
Information indigestion

DeepMatter (DMTR) signs multi-year license agreement with the Life Science business sector of Merck. No £££. Guides FY rev £1.5m+ (£1m). [SP=0.07 Cap=3m]
Bidstack (BIDS) business review, "specifically reassessing and renegotiating, where appropriate, both existing and new reseller engagements in all geographies in order to maximise the benefits of its contacts...based on the Group's early evidence of its success in selling directly into North America and Japan...increased focus on the US market is starting to create traction." Create traction? Who writes this illiterate guff? [SP=2.76 Cap=26m]
Solid State (SOLI) guides FY-Mar rev beat and adj pretax marginally ahead mkt exp. New consensus: rev £117.3m (previously £108m), and adj pretax £9.4m (previously £9.15m). [SP=1079.63 Cap=122m]
Novacyt (NCYT) UK approves genesig SARS-CoV-2 Winterplex 3 Gene assay panel (a high throughput multiplex screening assay for influenza A, influenza B, respiratory syncytial virus (RSV), and SARS-CoV-2). [SP=76.65 Cap=61m]
TP Group (TPG) auditor BDO resigns, says: "None of the reasons for ceasing to hold office and no matters connected with ceasing to hold office need to be brought to the attention of members or creditors of the company." [SP=1.02 Cap=8m]
Vianet (VNET) guides H1-Sep rev up 13%, pretax -£106k (-£363k). "Board expects further improved results and sales growth in H2." [SP=51.9 Cap=15m]
Nexus Infrastructure (NEXS) guides FY-Sep rev up 25% and op profit as guided at £3.8-4.2m. Group continuing to see high levels of demand. [SP=140 Cap=64m]
Galliford Try (GFRD) wins £65m contract to build an industrial facility in Blyth. [SP=167.48 Cap=185m]
React (REAT) guides FY-Sept rev in line but adj EBITDA £1m vs £1.3m f/c. [SP=0.8 Cap=8m]

In line: ODX, SYS, BMY
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