* A corporate client of Hybridan LLP
** Potential means Intention to Float (ITF) has been announced, or it is a rumour
***Arranged by type of listing and date of announcement
****Alphabetically arranged
Share prices and market capitalisations taken from the current price on the day of publication
Dish of the day
Admissions:
None
Delistings:
Blackstone Loan Financing Limited (BGLF.L) has left the Main Market.
Condor Gold (CNR.L) has left AIM.
What’s baking in the oven?
Banquet Buffet****
Angus Energy 0.3p £13.3m (ANGS.L)
The independent oil and gas company has provided a production and operations update from the Saltfleetby Field which equalled 5.73 million therms in aggregate for the months of October, November and December 2024, compared to 5.85 million therms sold in the third quarter of 2024. Fourth quarter production equates to an average of 1.91mm therms per month (1.95 mm therms per month in the third quarter of 2024). Gas condensate (liquid) production averaged 102 bbl/day, against an average of 109 bbl/day in the third quarter 2024. Quarterly production reflects an increase in plant uptime at Saltfleetby, with operational efficiency of 94% for the Quarter compared to 92% for the year, offsetting natural well decline.
Avingtrans 387.5p £128.2m (AVG.L)
The Industrial Engineering company which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, has provided a trading update on the first six months of the financial year to 30 November 2024. Its Advanced Engineering systems division, Booth Industries has completed the endurance testing for the HS2 tunnel "doorset" and is now planning the deployment of new and advanced manufacturing technologies, to enable full scale production in 2025. The project now awaits further contracts relating to the HS2 project, as well as possible similar projects internationally.
CAB Payments 68.55p £174m (CABP.L)
The B2B cross border payments company today announced an update on its strategic progress and trading performance for the year-ended 31 December 2024. The Group will issue its full-year results on 13 March 2025. Network size increased to 390 bank counterparties, with more than 40 new counterparties outside of the Group's core Africa region. 60 new active clients added in 2024 with focus expanded to central banks and large corporates in 2025. Trade Finance and Working Capital facilities draw-downs increased significantly to £180 million and £32 million respectively. Total Group volumes for 2024 grew approximately 7% to £37.2 billion, in the context of market-wide SWIFT payment flows around the world dropping 4% year-on-year and flows into its core Sub-Saharan Africa market dropping 2%.
Carr’s Group 125.5p £118.5m (CARR.L)
The farm supplies company has announced that it has agreed to dispose of its interests in Carr's Engineering Limited (UK) and Carr's Engineering (US) to Cadre Holdings, Inc. for cash consideration on a cash free, debt free basis, representing an enterprise value of £75m and multiple of 7.1x FY24 Adjusted EBITDA. The Company intends to return up to approximately £70m of the net proceeds to shareholders by way of a tender offer, with any remaining proceeds expected to be used for general corporate purposes.
Celadon Pharmaceuticals 42.5p £28.9m (CEL.L)
The UK-based pharmaceutical company focused on the development, production and sale of breakthrough cannabis-based medicines, provided an update on its collaboration with Valeos Pharma A/S and its progress in meeting European supply commitments. Following the announcement of the collaboration with Valeos on 11 September 2024, the agreement is now actively contributing to Celadon's operations. The collaboration with Valeos, a Danish pharmaceutical company, is hoped to accelerate the supply of pharmaceutical-grade EU-GMP cannabis Active Pharmaceutical Ingredient products to customers, including the German medicinal cannabis contract announced on 16 November 2023.
Concurrent Technologies 150.5p £128.9m (CNC.L)
The designer and manufacturer of computer products, systems and mission critical solutions used in markets by OEMs, announced an update on trading for the year ending 31 December 2024. Based on its unaudited management accounts for FY24, the Company expects to report both revenues and profit before tax approximately 10% ahead of market expectations, driven by the Group's strategy to more assertively address its market opportunity by investing in talent and product development. As a result, FY24 is set to be a record year, with revenue expected to be approximately 25% ahead of FY23. The increase in profit reflects the initial delivery of operational gearing as the business scales. This performance is achieved despite considerable investment in the Systems business in LA which was acquired in FY23 and was loss making in FY24, in line with expectations.
Global Petroleum 0.1775p £8.2m (GBP.L)
The Oil and Gas Explorer announced the delivery of final data for ground gravity for the Juno Project in Western Australia, further to its announcement on 25 November 2024. Analysis of the gravity data has confirmed a residual gravity response at Juno, aligning with the magnetic feature previously identified. This critical alignment represents a typical signature of Intrusion Related Gold System mineralisation, analogous to the Havieron deposit model, which has delivered gold-copper results in the Paterson Province of Western Australia.
Norman Broadbent 3.1p £2.1m (NBB.L)
The Executive Search and Interim Management firm, Updates on Trading for Y/E December 2024. The NFI (Net Fee Income) of £9.3m is down 13% on F/Y23 but up 27% on F/Y22 and is the second-best annual trading performance in over a decade. The Underlying EBITDA is expected to be more than £0.25m, although down from a record £0.9m in F/Y23, its up against the £0.1m in F/Y22. During the year, the fee-generating headcount was increased and there are high-calibre individuals due to join. The Retainer income, a key driver of recurring revenue, was up 44% year-on-year with the Y/E net cash of £0.1m. The loss before tax is likely to be around £0.2m, reflecting market conditions and strategic investment, and significantly lower last year’s profit of £0.3m. The market headwinds are expected to persist for at least H1 25. The management are exploring ways to expand internationally and are targeting synergistic acquisition opportunities to establish an industry consolidation platform.
Real Estate Investors 32p £55.8m (RLE.L)
The Midlands-focused Real Estate Investment Trust, with a portfolio of commercial property across all sectors, provided an update ahead of the announcement of its Final Results for the year ended 31 December 2024 on 25 March 2025. During 2024, REI completed 20 targeted disposals of £18.9m, at an aggregate uplift of 6.95% (pre-costs) to 31 December 2023 year end book value. Debt reduction of £15.3m during the year, with total debt reduced to £39.1m as at 31 December 2024.
The television, brand and audio production group, announces the launch of a new BBC documentary series, chronicling the decisions that have shaped Israeli-Palestinian conflict over the past two decades. Created by its Brook Lapping division, the creator of Putin vs. The West, and is produced by award-winning documentary film maker, Norma Percy, Israel and the Palestinians: The Road to 7th October, it will be broadcast on BBC in early March 2025. The series features exclusive interviews with key players including Hamas leader Ismail Haniyeh in a rare interview weeks before he was killed and his only documentary interview after October 7th. The CEO thinks this helps Zinc’s credibility and will help to keep clients returning so underpinning the long-term growth.
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