OPAP enjoys a leading and growing position in the Greek and Cypriot gaming markets. The majority of its revenue, from land-based activities, is supported…
Patria Private Equity Trust’s (PPET’s) distributions from its primary fund investments have increased recently, supported by a revival in private…
MoneyHero’s Q324 results show revenues up 6% y-o-y (9M24 +18%) and a smaller adjusted EBITDA loss, as expected. The important element of the narrative,…
Intralot’s (INLOT’s) Q324 results demonstrated good underlying revenue growth, which was offset by one-offs and negative foreign exchange differences,…
Since reporting H125 results, Picton has agreed the sale of an office asset designated for alternative use, completed the small but accretive acquisition…
1Spatial has secured several new contracts in the utility sector for its AI-supported applications, highlighting the opportunity for it to enable the digitisation…
Mendus has reported positive top-line data for its Phase I ALISON trial, which is evaluating lead off-the-shelf cancer vaccine, vididencel, in high-grade…
Deutsche Beteiligungs (DBAG) reported an 8.5% NAV total return (TR) in FY24 (to end-September 2024), supported by positive movements in valuation multiples,…
Almost exactly half way through its financial year, Pan African has reiterated its production guidance for FY25 of 215,000oz – not least as a result…
Phoenix Spree Deutschland (PSD) has completed the strategic sale of a 16-building portfolio of rental properties. Under its amended financing terms, PSD…
Recce received approval from the Indonesian Drug and Food Regulatory Authority, Badan POM (BPOM), to start its registrational Phase III study in Indonesia…
Newron has entered into a licence agreement with EA Pharma, a subsidiary of Eisai, to develop, manufacture and commercialise evenamide, Newron’s…
Following FDA approval in April 2024, Basilea has announced a much-anticipated partnership agreement with Innoviva Specialty Therapeutics for the commercialisation…
Filtronic’s H125 trading update confirmed that the company expects to report FY25 results ahead of current market expectations. Robust customer demand…
Borussia Dortmund is one of the leading football clubs in Europe, with a strong track record in its domestic league, which has enabled it to feature regularly…
Molten’s portfolio valuations remain stable in H125, illustrated by the limited fair value movements of its core holdings that recently completed…
Canyon Resources, an ASX-listed exploration and development company, is advancing the high-grade, large-scale Minim Martap bauxite project in Cameroon.…
S&U’s trading update, covering the H225 period up to 10 December 2024, contrasts strong growth in the property lending division with regulatory headwinds…
Carr’s Group plan to dispose of the Engineering businesses remains on track and will leave the company as a focused agricultural supplies business.…
Mendus continues to make headway with its lead programme assessing cancer vaccine vididencel as a potential maintenance therapy for acute myeloid leukaemia…
Verve Group is emerging as a strong adtech player, with particular strength in mobile and growing positions in connected TV (CTV) and digital out-of-home…
Record’s interim results (H125) were robust and assets under management equivalent (AUME) reached a new high level. There are clear signs of progress…
Templeton Emerging Markets Investment Trust’s (TEMIT’s) co-managers, Chetan Sehgal (lead manager) and Andrew Ness, are encouraged by a solid…
After the bell on 5 December, Wheaton Precious Metals (WPM) announced that it had entered into a definitive Precious Metals Purchase Agreement (PMPA, or…
In H125, discoverIE used its flexible operating model and ongoing efficiency initiatives to drive underlying operating profit growth despite a 5% revenue…
Games Workshop Group (GAW) has reached a final agreement with Amazon to adapt the Warhammer 40K universe into films and television series, with associated…
After a couple of transitional years, Pan American Silver (PAAS) is in a much better position to deliver more consistent operational and cost performance…
Theon is a market leader in night vision and thermal imaging systems. The group has released a positive update on FY24 and further order intake for Q4,…
Worldwide Healthcare Trust (WWH) will be celebrating its 30th birthday in 2025 and, despite more recent underperformance, the trust has served its shareholders…
Quadrise has made a significant step towards commercialisation, through which its innovative emulsion fuel technology will contribute to the decarbonisation…
Card Factory’s (CARD’s) acquisition of a designer and wholesaler of gifts and celebrations essentials in the US, the largest global market,…
SDCL Energy Efficiency Income Trust (SEEIT) reported robust H125 results. Its net asset value (NAV) increased marginally to 90.6p (90.5p at 31 March 2024),…
Severfield remains the leading UK structural steel fabricator, with a strong presence in Northern Europe and an Indian joint venture. However, news that…
Accsys positively surprised the market by raising its guidance for FY25 after a strong H125 despite challenging market conditions. Volume growth was better…
4imprint is the leading distributor of promotional product in North America, a very large (c $26bn) and highly fragmented market. The group’s core…
Northern Data Group has announced plans to develop a state-of-the-art AI and HPC data centre in Maysville, Georgia in the United States. This initiative…
KEFI has announced that it is raising c £10.6m by issuing c 1.9bn shares at a price of 0.55p. The full raise is in five parts: a firm placing, a retail…
Georgia Capital’s (GCAP’s) net asset value (NAV) per share increased by 6.2% q-o-q in Q324 in Georgian lari terms (3.3% in sterling). The private…
Q324 DPS was fully covered by adjusted earnings and despite a delay in resolving rent collection with My Space, one of the two recent problem tenants,…
At the recent capital markets day, Gresham House Energy Storage Fund (GRID) detailed positive developments in H224, including growing capacity and rising…
Following Singapore Post’s resilient H1 results in November, the company has now announced that it has agreed to sell its Australian logistics business…
Cobra Resources is an exploration company focused on developing a rare earths deposit in South Australia, with a potentially low-cost method of production…
Recce Pharmaceuticals has made several strides in advancing its topical gel formulation (R327G) of lead anti-infective therapeutic drug candidate RECCE®…
Edison Investment Research is terminating coverage on Tetragon Financial Group (TFG). Please note you should no longer rely on any previous research or…
AFT Pharmaceuticals reported H125 revenues of NZ$86.7m, a 3.7% y-o-y increase, albeit lower than expected due to one-off factors such as inventory rationalisation…
Following a strategic review earlier this year, the manager of the Bankers Investment Trust (BNKR), Alex Crooke, has concentrated the portfolio, reducing…
Foxtons Group’s recent acquisition of estate agents in two London commuter towns highlights the outer-London potential for low-risk, value-added…
Partners Group Private Equity’s (PGPE’s) recent portfolio realisation efforts (supported by the gradual pick-up in M&A activity and an opening…
Cereno Scientific has released its Q324 results, marking a productive and strategically significant period. Following the positive top-line data from the…
Accsys Technologies had a strong H125 with a return to revenue growth and gross margin exceeding its target of 30%. Adjusted EBITDA improved on the back…
Topps Tiles (TPT) has reported a good profit outturn for FY24, ahead of our prior expectations, which is encouraging in the context of the challenging…
Nabaltec recorded revenue growth across the group of 1.5% y-o-y to €158.2m at 9M24, with sales volumes increasing 7.9% y-o-y despite selling prices…
The Platform Group (TPG) reported a strong acceleration in revenue growth and profitability in Q324 as its growing industry presence and subsequent underlying…
Theon International commands a unique position in military night vision systems as a market-leading business focused on man-portable systems (goggles).…
Care REIT (Care), formerly Impact Healthcare REIT, and its tenants continued to perform strongly in Q324. The quarterly EPRA net tangible assets (NTA)…
Games Workshop Group’s (GAW’s) H125 trading update suggests the company enjoyed a strong Q225 in both its core business (due to the launch…
Altron reported a 105% y-o-y increase in operating profit before capital items in H125, with margin expansion of 5.1pp to 9.8%. The Platforms businesses…
Sayona Mining is a lithium producer and explorer with projects in Canada, Western Australia and soon in the US and Ghana. A proposed merger of equals with…
ProCredit Holding (PCB) posted a net profit of €27.2m in Q324 (down c 9% y o y), which represents an annualised return on equity (ROE) of 10.7% in…
VietNam Holding (VNH) delivered a 27.3% net asset value (NAV) per share total return over the last 12 months (ending 31 October) in sterling terms. The…
OSE Immunotherapeutics’ final analysis of the CoTikiS trial in ulcerative colitis (UC) confirmed that Lusvertikimab met the primary endpoint with…
Murray Income Trust (MUT) invests in high-quality, mainly UK-listed stocks. MUT’s manager, Charles Luke, believes quality stocks are best placed…
AUSTRIACARD’s Q324 results confirmed the company made good progress towards its FY24 adjusted revenue and EBITDA targets. The sale of metal cards…
HELLENiQ ENERGY’s Q324 results were held back by a weak refining environment, as previously guided by the company, but showed an impressive operational…
Nanoco has issued a circular recommending that shareholders vote against both resolutions being proposed by Milkwood in its requisition for a general meeting…
Melrose Industries’ H224 trading has been in line with management’s expectations despite the volatility in the civil aerospace market, highlighting…
After two quarters of >20% y-o-y revenue growth, JDC Group (JDC) has benefited from strong tailwinds in Q324 as well. Revenue growth of 36% in the quarter…
Smiths News now has contracts in place for 91% of its core revenue to 2029, implying resilience. In addition, its non-core growth activities are beginning…
SIGA Technologies reported revenues of $10m in Q324, attributed primarily to deliveries under the $112.5m BARDA option, exercised in July 2024. Backed…
Dentsu posted Q324 organic net revenue growth of 0.3%, making a decline of 1.1% over the nine-month period. This is slightly below expectations at the…
Progress to an exploitation licence and commercialisation of The Metals Company’s (TMC’s) deep-sea assets is unchanged. The development of…
Alphamin announced record quarterly tin production of 4,917t (+22.1% quarter-on-quarter) in Q324 and EBITDA of US$91.6m (+68.8%) after the Mpama South…
PVA TePla (PVA) reported a 2.3% y-o-y decrease in sales in Q324 and management has set guidance at the lower end of the range for both sales (€270–90m)…
Metro Bank (Metro) has published a trading update that shows that it returned to profitability in October. This is consistent with previous guidance of…
On 5 November, Pan African Resources (PAF) announced that it is to acquire privately owned Tennant Consolidated Mining Group (TCMG) in Australia’s…
In H125, while revenue declined due to mix and net revenue accounting, Datatec grew gross profit by 3.5% y-o-y and adjusted EBITDA by 18.5%, resulting…
Braemar’s H125 results were in line with expectations, with modest revenue growth and some operational gearing evident in operating profit. The underlying…
Tinexta’s weak Q324 results from its Cyber Security (CS) and Business Innovation (BI) divisions have prompted management to downgrade financial guidance…
Custodian Property Income REIT’s (CREI’s) Q225 trading update points to strong H1 performance when results are released in December. With income…
Regional REIT (RGL) has issued a Q324 trading update and has declared a quarterly DPS of 2.2p, in line with previous guidance. The retention rate on lease…
Building on from its agreement to support local payment methods for Amazon Prime Video in South-East Asia, Boku has signed a separate contract with Amazon…
CLIQ’s Q3 results show the continuing revenue impact of the shift in credit card providers’ policies on transaction cancellations. Revenues…
Management action to reduce costs and drive commercial actions has enabled Dowlais Group to protect margins despite lower revenues from the weaker automotive…
The burden of the UK Municipal businesses has now been cut loose. This leaves a focused waste management and recycling group, for which the European legislative…
This morning, KEFI Gold and Copper (KEFI) announced it is in talks with its Saudi joint venture partner, ARTAR, to exit its Saudi Arabian joint venture,…
Sareum Holdings’ FY24 results summarised an active period for lead asset SDC-1801, a dual TYK2/JAK1 inhibitor, which successfully completed Phase…
VinaCapital Vietnam Opportunity Fund’s (VOF’s) sterling net asset value (NAV) per share increased by 9.1% over the year ending October 2024…
Henderson Far East Income (HFEL) is an income-focused Asian investment trust, which aims to provide shareholders with growing total annual dividends and…
4imprint’s trading update indicates no change to full year guidance and estimates, despite a challenging trading backdrop of wavering corporate confidence…
In the face of an advertising market that has not picked up in Q324, Team Internet’s core business has performed creditably. However, Shinez has…
AAC Clyde Space (AAC) remains an interesting avenue into the fast-growing low Earth orbital space sector. A strong Q324 performance has seen the supplier-related…
Wheaton Precious Metals’ (WPM’s) Q324 results, announced 7 November, showed a less than 1% variance for the quarter relative to our forecasts…
HgT reported sustained healthy earnings momentum across its major holdings (driven primarily by upselling and cross-selling opportunities), contributing…
Singapore Post’s H1 trading was ‘resilient’, despite challenging market conditions across several of its businesses. Revenue increased…
Information Services Corporation (ISC) delivered another quarter of robust growth in Q324, with revenue advancing 12% y-o-y to C$60.9m and adjusted EBITDA…
Braemar’s H125 results reflect a continuation of the successful diversification strategy that has been deployed for the last three years. Revenue…
Electro Optic Systems (EOS) is an optic technology company specialising in defence applications, primarily remote weapons systems (RWS) and maritime communications.…
Smiths News’ FY24 trading was robust and results came in ahead of consensus. This, along with the debt refinancing announced in May, has resulted…
IRLAB’s Q324 results highlighted progress across its clinical pipeline. Pirepemat cleared its final safety review and completed patient enrolment…
Government changes to National Insurance (NI) arrangements have added to Braemar’s costs, implying lower profitability. However, underlying operations…