Edison Investment Research

Tungsten Corporation (TUNG); FY19 results in line with May update

The group’s strategy has solidified further

Tungsten Corporation’s financial results for FY19 were in line with the figures indicated in the May full year trading update: revenue up 6.1% to £35.4m, an EBITDA profit of £2.5m (vs £3.3m loss) and net cash of £2.8m (vs £6.4m last year and £2.0m at the end of first half). These revenue and EBITDA figures exclude Tungsten Network Finance (TNF), which is in the process of being sold with the disposal expected to take place in the first half of FY20. Including TNF, the indicated EBITDA profit is £0.6m (vs £4.6m loss).

SCISYS Group(SSY); announces allocation of shares pursuant to the exercise of options

SCISYS Group has announced that it has agreed to allot 7,000 new ordinary shares of 25p each in the capital of the Company in accordance with the exercise of options by an employee of the Company. Application has been made for these shares to be admitted to trading on AIM and Euronext Growth (“Admission”). It is expected that Admission will become effective and these shares will start   trading at 8.00 a.m. on 26 July 2019.

Carclo (CAR); issues update and timing of results

Discussions are actively being pursued with potential purchasers for Wipac

Carclo issued an update today ahead of announcing its results for the year ending 31 March 2019 (FY 2019). In the first three months of the current year, the Technical Plastics and Aerospace divisions performed better year-on-year, with the Technical Plastics division also exceeding the board’s expectations.

Target Healthcare REIT (THRL); disposes of two care homes

These disposals represent less than 3% of the portfolio's value

Target Healthcare has completed the disposal of two care homes in Surrey and Essex for an undisclosed sum. The disposals form a part of the group’s wider asset management activity and follow offers received, which combined are greater than 5% above the 31 March 2019 book value.

Primary Health Properties (PHP); acquires Meath PCC for €10.987m

Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, has acquired The Meath Primary Healthcare Centre (Meath PCC), a standing let primary care centre in the Republic of Ireland, for a total cost of €10.987m. The acquisition, which is PHP’s fifteenth asset in Ireland, increases PHP’s total portfolio to 484 properties, with a gross value of over £2.3bn and a contracted rent roll of more than £125m.

Record (REC); announces trading update for the first quarter

Investment performance of the FTSE Currency FRB10 index (excess return in sterling) for the quarter was -0.61%

After three quarters with outflows in assets under management equivalent (AUME), specialist currency manager Record reported a modest inflow in its first quarter ($0.3bn). The main source of inflow was the partial reversal of an earlier reduction when Record took a profit on behalf of a client with a discretionary dynamic hedging mandate. The number of clients did increase from 65 to 68 implying that they were relatively small mandates but there may be scope for these to grow over time.

Mallinckrodt (MNK); announces collaboration with Silence Therapeutics

Under the agreement Mallinckrodt will gain a worldwide licence to Silence’s SLN500

Yesterday, biopharmaceutical company Mallinckrodt announced a collaboration with Silence Therapeutics, a developer of RNA interference therapeutics. The agreement should allow the companies to develop and commercialise RNAi drug targets that silence the complement cascade, a group of proteins that help promote inflammation and are involved in the progression of many diseases, including autoimmune variants.

Moneysupermarket.com (MONY); no change to guidance for the full year

There is no change to guidance for the full year

In line interims with underlying revenue growth of 8% and EBITDA growth of 15%. During Q2, underlying growth slowed to 4% from the 12% reported in Q1. Revenue growth tends to be quite volatile between the quarters depending on pricing and the level of promotional activity by suppliers in the segments served etc. On the positive side, growth in Insurance (the largest segment at over 50% of revenue), in which growth has been relatively muted of late, improved from Q1 to Q2 due to an improvement in life insurance.  Conversely, in Money (the second largest segment) revenue fell by 1% in Q2 after growing by 9% in Q1, albeit it had a tougher comparative.

WANdisco (WAND); announces tie-up with Neudesic

WANdisco announced a tie-up with Neudesic to quicken the migration of data and analytics workloads to Microsoft Azure. The tie-up will combine the company’s Live Migrator solution with Neudesic’s cloud services to help customers migrate their data at scale to hybrid cloud environments.

Brunner Investment Trust (BUT); announces half-year results

The board declared a first quarterly dividend of 4.66p per ordinary share

Brunner Investment Trust announced its half-year results for the six months ended 31 May 2019. NAV per ordinary share increased by 2.9% on a total return basis while the benchmark Index rose by 3.4%. The group’s discount of NAV to share price was 10.1%, with an average of 9.6% over the period. Overall, share price was up by 3.9% to 774.0p.