Live Company Group (LVCG) – The company debuted on the market in December owns the rights to Lego exhibition BrickLive, a kind of Woodstock for juvenile Lego aficionados world wide. Backed by small cap specialist Miton Group (MGR), the business is majority owned by executive chairman David Ciclitira, who controls 40% of the firm. Parents want to get the kids off screens and that is likely to help BrickLive. Shares have doubled this year from 33p before dropping back to 62p. Dabbling in markets like China, where business can be opaque, may raise fears that its partners will run off with the Bricklive idea, but Ciclitira says his contracts are written with non-compete clauses
Struggling Ryanair Holdings (RYA) on Monday warned of turbulent times ahead for the aviation industry, forecasting that a number of airlines will collapse as it capped off a miserable summer by posting lower profits. The Dublin-based carrier was hurt in the six months to September 30 by repeated ATC staff strikes which led to flight cancellations. That, coupled with higher fuel costs, contributed to profits falling 7% to €1.2 billion. The budget airline’s chief executive Michael O’Leary warned that margins are under pressure because of fuel reaching $85 per barrel, rising interest rates and a stronger US dollar. O’Leary pointed to a number of recent collapses, including Danish airline Primera and Cyprus firm Cobalt. He warned: “It is inevitable that more of the weaker, unhedged European airlines will fold this winter.”
Intosol Holdings Plc (INTO), which has been taking wealthy Germans and Swiss on holiday since 2002, came to market today. The luxury travel company specialises in South African family breaks and has raised £5 million in a share offering that would value the company at £11.4 million. The shares are up 2.5p to 102.5p. The UK market for IPOs has been hit by recent turmoil in financial markets, prompting a number of companies to put listing plans on hold, the latest of these being litigation funder Vannin Capital.
On the rise was Gfinity (GFIN) after it said it expected to report an 82% increase in annual turnover compared with the previous year, aided by client wins. It said it was well positioned to build on its esports technology platform for growth following investments.
An agreement brings to an end a dispute between Misra, who was a co-founder of double-glazing retailer Safestyle UK (SFE), and who at the end of last year set up Safeglaze. It is alleged he had been poaching Safestyle’s employees, hurting its performance. Misra is expected to step down as Safeglaze boss this week. Misra has signed a five-year non-compete agreement with Safestyle and in return will receive four million shares and £2 million cash, subject to how Safestyle performs. The cash and share payments will only be made in the fourth quarter of 2020 and are based on Safestyle’s trading performance in 2019 exceeding existing market expectations. “The five-year non-compete agreement is likely to halt the momentum of Safeglaze and could lead to agents and employees returning to Safestyle, in our opinion,” analysts at Liberum said in a note. “In recognition of improving visibility in Safestyle’s recovery we upgrade our rating to Buy from Hold and our price target from 50p to 80p.”
Croma Security Solutions Group (CSSG) said Monday pre-tax profits jumped driven by increased demand for premium security services from both the public and private sector. For the 12 months to 30 June 2018, pre-tax profits rose to £1.98 million from £0.36 million a year earlier and revenue increased 59% to £35.1 million. The company reported earnings of £2.5 million, well above the £0.8 million seen last year, and in-line with guidance provided in September. The company proposed to hike its final dividend to 1.6p a share from 0.5p a year earlier. The company said it had made ‘good’ start to the financial year with an increase in contracted revenues.
