While the weak advertising market suppressed growth in Online Marketing in the (seasonally quiet) Q1, Online Presence continues to perform robustly and group margins continue to expand.
Takeda, HUTCHMED’s ex-China partner for fruquintinib, has reported Fruzaqla in-market sales of JPY10.1bn for FY23 (for the 12 months ending March 2024), equating to c $68m (based on FX of JPY148/$).
This morning’s trading statement from ZOO confirms that customer demand has continued to recover following the end to the industry-wide strikes of last year, with FY24 expected to be ‘at least’ in line with current market consensus.
Ultimate Products announces today that sales revenue fell by 7% in its FY2024 third quarter and is anticipated to remain in negative territory in Q4. As a result, the company believes that EBITDA will now be in the range of £17.5m to £18.5m compared with a current market consensus figure of £21.5m.
BlackRock Sustainable American Income Trust (BRSA) offers a unique opportunity to invest in a fund that focuses on both value and sustainability.
Arecor has signed a collaboration with Medtronic, a leading global insulin pump manufacturer, to develop a novel, high concentration, thermostable insulin for use with a next-generation implantable pump.
Custodian Property Income REIT (CREI) produced a strong Q424 performance, driven by leasing progress and rental growth, rounding off a positive year.
Sylvania has maintained annual production guidance despite Q324 results being affected by a 22-day strike, resulting in 10% lower production. The PGM basket price was stable during the quarter, with positive platinum momentum offset by palladium weakness and rhodium prices stable.
1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth suppressing margin and cash generation.
As well as providing a further positive 36-2R well update, Zephyr has today detailed its retirement of US$3.88m (£3.11m) of existing debt through issuance of 64.05m new ordinary shares (c.3.7% of the enlarged capital) to SGR Investments, LLC (‘SGRI’) at a price of 4.85p per ‘Repayment’ share.
Molten Ventures has recently completed the acquisition of Forward Partners, which allowed Molten to further broaden its portfolio, add a complementary strategy focused on earlier stage companies and potentially provide a pipeline of new core holdings.
Melrose Industries continues to deliver strong performance improvements and is on track to achieve its ambitious margin targets in 2025 (Engines 28% and Structures 9%). As a focused aerospace group, Melrose is also benefiting from the positive long-term drivers in the sector with record civil order backlog. This bodes well for continued earnings momentum and cash generation to drive shareholder value.
Ahead of FY24 results to be published on 23 May, Picton Property Income has declared a Q424 DPS of 0.925p, a 5.7% increase on the previous quarter. The company intends to maintain fully covered dividends at the new level, an annualised run rate of 3.7p, well above the pre-pandemic DPS and the 3.5p paid in respect of FY24.
Petro Matad provided an operational update on 25 April. The company continues to be frustrated in its attempts to get central government to complete the certification process confirming the exploitation area for Block XX as State Special Purpose Land.
Invinity Energy Systems (IES) develops Vanadium Flow Batteries (VFBs) for utility-scale grid storage. The Group’s next-generation Mistral VFB technology, jointly developed with Gamesa Electric, launches in H2 2024 to provide grid-scale longer-duration energy storage (LDES) as renewable generation increases globally.
The Pebble Group’s AGM update confirms that trading is in line with FY24 expectations, with attractive opportunities for its two distinct businesses in the large, fragmented promotional products sector. Facilisgroup is a SaaS business, helping North American distributors to optimise their operations, with access to an approved supplier roster.
Cobra Resources is an exploration company focused on developing a rare earths deposit in South Australia, with a potentially low-cost method of production through in situ recovery (ISR).
Avacta’s FY23 revenues increased to £23.2m (FY22: £9.7m), driven by Diagnostics revenues of £21.2m (FY22: £4.2m) which included a full year of Launch Diagnostics and c 7 months of Coris Bioconcept. Therapeutics revenues were £2.1m (FY22: £5.5m) with the prior year including more milestones.
IG Design Group’s trading update for the year ended 31 March 2024 has exceeded market expectations in terms of both profitability and, most significantly, cash generation. The FY24 results confirm the progress the group has made on its strategic journey to simplify the business and improve operational efficiency.
Notwithstanding its sector ‘sweet spot’ (a healthy, customisable product at a competitive price), Tortilla Mexican Grill (Tortilla) has taken the opportunity of a change in management to refine its strategy to address challenges since its successful IPO in 2021 as well as expedite growth.