Edison Investment Research

Research results

MagForce

Nanomedicine player

QuickView | Pharmaceutical & Healthcare | 03/02/2012

MagForce is aiming to raise €4.5m through a shareholder rights issue to support the next phase in commercialising its NanoTherm therapy. NanoThe...

StatPro Group

A broad cloud transition

Update | Technology | 26/01/2012

StatPro plans to upgrade all its clients to cloud technology over the next few years. The sales team is accelerating its focus on Revolution while the...

New City Energy Limited

Energy that works

Review | Investment Trusts | 25/01/2012

New City Energy (NCE) is a fund that invests globally in energy-related equities and fixed interest securities. It focuses on small- and mid-cap compa...

Next Fifteen Communications

FY12 off to a solid start

Update | Media & Entertainment | 24/01/2012

Next Fifteen announced in its trading update, released ahead of the company’s AGM, that it has made a solid start to the current financial year....

Transgene

Coming of age

Outlook | Pharmaceutical & Healthcare | 17/01/2012

Transgene is an immunotherapy drug development company that could become a fully-integrated pharmaceutical company over the next five years. After man...

Public Service Properties Investments

Strategic review progress

Update | Property | 06/01/2012

The year-end update focused on the progress of the strategic review. It confirmed that efforts are well underway to address the issues we perceive to ...

Treasury China Trust

Core property holding

Outlook | Property | 04/01/2012

We expect Treasury China Trust (TCT) to continue to capitalise on proven asset management strategies to derive revenue growth from its stable investme...

Vernalis

Good AML data at ASH

Update | Pharmaceutical & Healthcare | 21/12/2011

Promising Phase II OPAL data for oral tosedostat once-daily in elderly relapsed or refractory acute myeloid leukaemia (AML) were presented at ASH 2011...

European Assets Trust

European smaller company growth and income

Review | Investment Companies | 15/12/2011

European Assets Trust NV (EAT) is an investment company incorporated in the Netherlands and listed on the London Stock Exchange and Euronext. It seeks...

Medcom Tech

Weathering the storm

Outlook | Pharmaceutical & Healthcare | 12/12/2011

Medcom Tech is expected to maintain its sales growth of c 20% for the next five years, although it has working capital constraints and the orthopaedic...

NewRiver Retail

Acquisition-driven growth

Update | Property | 02/12/2011

The interims were in line with strategic objectives. The initial phase – assembly of a high-yielding retail property portfolio – is well p...

i-design

Yes - maiden profit

Outlook | Media & Entertainment | 01/12/2011

i-design has reported for FY11, as foreshadowed in October, a maiden normalised pre-tax profit of £0.1m and EPS of 1.0p. Aided by major contract ...

LSL Property Services

Strategic acquisition

Update | Property | 30/11/2011

The Marsh & Parsons acquisition fills the London-shaped gap in LSL’s estate agency network and brings with it to the enlarged group an ambitious...

Byotrol

Ready to go

Review | Basic Industries | 28/11/2011

While Byotrol’s interim figures demonstrate the delayed introduction of new products employing group technology, we see continuing positive acti...

Avon Rubber

Deliverable opportunities

Review | Aerospace & Defence | 24/11/2011

Avon Rubber has demonstrated that its turnaround is complete and management is focused on delivering profitable and sustainable growth. With both divi...

Lo-Q

Deal season starts well

Update | Technology | 24/11/2011

Winter is deal signing season for Lo-Q and the season appears to have started well. The extension of its relationship with Six Flags, both in terms of...

CML Microsystems

Robust start to the year

Update | Technology | 22/11/2011

H1 results were robust, with sales growing 9.7%, PBT up by 56% and good cash performance. Sales of storage products were the main driver of growth and...

Primary Health Properties

News on portfolio & debt

Update | Property | 21/11/2011

The Q3 IMS confirmed the portfolio’s inherent operational stability. There was also positive news on the refinancing of short-term debt, with a ...

Oxford BioMedica

December DMC and data

Update | Pharmaceutical & Healthcare | 17/11/2011

Oxford BioMedica’s IMS highlighted clinical progress. The final ProSavin cohort in the Phase I/II has been dosed; in December data are expected ...

AGA Rangemaster

A question of balance

QuickView | Engineering | 14/11/2011

AGA is on track for year-on-year progress in FY11, with H2 looking to be in line with last year. As at the H1 stage, this is more about the underperfo...

Paion

Weathering the storm

Update | Pharmaceutical & Healthcare | 11/11/2011

The decision to begin Phase Ib development of Solulin for treating haemophilia could give Paion another project to license out if data, due next year,...

The Biotech Growth Trust

Outperformance over the long term

Review | Investment Trusts | 10/11/2011

During the past 12 months The Biotech Growth Trust’s (BIOG) share price and NAV have risen by 5.9% and 10.8% respectively. It has outperformed i...

Treasury China Trust

Strong Q3 performance

Update | Property | 03/11/2011

Q3 saw another strong performance from TCT’s core portfolio. Occupancy and average rents within its near fully-let Shanghai investment portfolio...

KCOM Group

The fibre roll-out story

Update | Electronics & Electrical Equipment | 01/11/2011

In July KCOM Group announced that it would begin deployment of fibre optic connections for the delivery of services to its residential customers. This...

SkyePharma

Exparel approval boost

Update | Pharmaceutical & Healthcare | 31/10/2011

US approval of Pacira Pharmaceuticals’ postsurgical analgesia treatment Exparel puts SkyePharma in line to receive a $10m launch milestone next ...

e-Therapeutics

Busy behind the scenes

Update | Pharmaceutical & Healthcare | 28/10/2011

Since raising £16.7m net earlier this year, e-Therapeutics has been active in laying down the groundwork ahead of initiating new clinical trials ...

Next Fifteen Communications

Digital driving force

Outlook | Media & Entertainment | 18/10/2011

Next Fifteen’s FY11 preliminary results showed revenue, adjusted pre-tax profit and EPS were ahead of our estimates. The group also ended the ye...

Rolls-Royce

Last piece of civil puzzle?

Flash note | Aerospace & Defence | 13/10/2011

Rolls-Royce is forming a JV with Pratt and Whitney (P&W) to develop next generation engines for the mid-sized narrow body market, a key step to addres...

Imperial Innovations

Poised for next phase

QuickView | Financials | 11/10/2011

Imperial Innovations’ strategy of making larger investments in late-stage portfolio companies is now taking shape. It invested £35m in FY11...

Vernalis

Reaping research rewards

Update | Pharmaceutical & Healthcare | 07/10/2011

Servier and Lundbeck have paid Vernalis c £0.73m in milestones following progress under their fragment and structure-based drug discovery collabo...

Psion

Factoring in tougher times

Update | Electronics & Electrical Equipment | 07/10/2011

To reflect the deteriorating economic environment we are bringing back our estimates for this year and next. While the building blocks of Psion’...

Powerflute

Paper profits

Outlook | Basic Industries | 04/10/2011

Powerflute has a platform from which to build a portfolio of niche paper and packaging businesses. It has demonstrated financial and operational judge...

Vectura

NVA237 moves forward

Update | Pharmaceutical & Healthcare | 03/10/2011

Novartis has filed COPD therapy NVA237 in Europe, which triggers a $5m (£3.2m) milestone payment to Vectura, boosting its FY12e cash to £70....

Augean

Reaching a tipping point?

Outlook | Industrial Support Services | 28/09/2011

With Augean’s interims showing progress, despite the competitive market place, and with strategic opportunities drawing near, we feel that the n...

Perform Group

Sporting opportunities

QuickView | Media & Entertainment | 26/09/2011

Perform Group has built a significant competitive advantage with its portfolio of digital sports rights and scalable platform to monetise those rights...

SacOil Holdings

New cash, next moves?

Update | Oil & Gas | 23/09/2011

SacOil recently announced the issue of 111.94m shares raising ZAR75m ($10.7m) on the JSE. The shares were issued at ZAR0.67 (c 5.8p) compared to a tra...

Oxford BioMedica

An important 12-18 mths

Outlook | Pharmaceutical & Healthcare | 09/09/2011

Oxford BioMedica’s investment case is geared to securing a partner for ProSavin, and successful development of its ocular programmes, leading to...

4SC

Positive in Hodgkin’s

Update | Pharmaceutical & Healthcare | 08/09/2011

4SC’s oral histone deacetylase inhibitor resminostat has yielded positive data in a Phase II study (SAPHIRE) of 33 Hodgkin’s lymphoma pati...

Global Brands

Next stop Austria

Update | Travel & Leisure | 07/09/2011

With its interim figures, Global Brands has announced that it has signed a Letter of Intent with Domino’s Pizza to secure the Master Franchise r...

Lombard Medical Technologies

Pathway to US approval

Update | Pharmaceutical & Healthcare | 07/09/2011

Having recently received US approval of the fifth module of its US filing for the Aorfix stent graft, Lombard now awaits the regulator’s verdict...

Ablon Group

Debt & portfolio progress

Review | Property | 02/09/2011

Although recent stock market volatility has triggered weaker share performance, the period post the successful rights issue in April did see a justifi...

Primary Health Properties

Secure port in a storm

Review | Property | 30/08/2011

The interims showed portfolio performance and revenue growth on track for our full year and dividend growth forecasts. H2 looks well set, with firepow...

Ariana Resources

Advancing Red Rabbit

Outlook | Mining | 30/08/2011

Ariana Resources continues apace to commission its 50:50 Red Rabbit JV in western Turkey, with initial production planned for H212. The current projec...

Molins

The right direction

Review | Engineering | 25/08/2011

With underlying interim pre-tax profits doubled from the depressed levels of a year ago and with order books moving strongly in the right direction, M...

Marti Otel Isletmeleri

Surprising volatility

Update | Travel & Leisure | 25/08/2011

While early evidence of earnings and project slippage does not derail Marti Otel’s investment case, caution may be justified until there is clea...

Synta Pharmaceuticals

Exploring the GALAXY

Review | Pharmaceutical & Healthcare | 18/08/2011

Synta’s plans to explore ganetespib’s activity in the non-small cell lung cancer (NSCLC) space are now rapidly materialising. Its Phase II...

New City Energy Limited

Bottom up, global energy exposure

Review | Investment Trusts | 18/08/2011

Since its launch in 2008, New City Energy Limited (NCE) has outperformed the broader global energy sector, as measured by the FTSE All World Oil & Gas...

Next Fifteen Communications

The (only) way is digital

Update | Media & Entertainment | 17/08/2011

Today, 17 August, Next Fifteen provided its FY11 year-end trading update, in which management expects results to be in line with market expectations. ...

LSL Property Services

Robust interim results

Update | Property | 16/08/2011

The core message was that interim results were on track, with an anticipated fall in H1 profit, in line with both the costs of initiatives such as the...

Vernalis

The search continues

Outlook | Pharmaceutical & Healthcare | 15/08/2011

Vernalis continues to focus on delivering on its three-step strategy: 1) progressing its existing pipeline, 2) expansion via in-licensing/M&A, and 3) ...

Avon Rubber

DoD contract win

Update | Aerospace & Defence | 08/08/2011

Avon Rubber has announced a three-year IDIQ (indefinite delivery, indefinite quantity) contract with the US DoD for continued supply of M61 filters fo...

Acencia Debt Strategies Limited

Opportunities continue

Review | Investment Trusts | 02/08/2011

ACD is a closed-ended investment vehicle that offers diversified exposure to a broad range of predominantly debt-oriented strategies, including distre...

RENN Universal Growth Investment Trust

Long-term recovery potential

Review | Investment Companies | 02/08/2011

RENN Universal Growth Investment Trust (RUG) invests in micro-cap stocks and has substantial allocations to both unquoted companies and US-listed Chin...

Proximagen Group

Taking the next steps

Review | Pharmaceutical & Healthcare | 01/08/2011

Proximagen’s strategic goal is sustainable revenue generation, with a longer-term plan to become a European speciality FIPCO in neurology. It ha...

Universal Coal

South Africa’s new coal

Outlook | Mining | 29/07/2011

Universal Coal is a relatively recent addition to South Africa’s mid-tier coal sector. The company has three thermal coal projects and three cok...

Bellzone Mining

Cheap entry point

Outlook | Mining | 28/07/2011

Shares in Bellzone have lost 59% of their value since hitting an all-time high of 98p in January this year. While general market malaise may be partly...

Treasury China Trust

Portfolio outperformance

Review | Property | 28/07/2011

A strong first half saw encouraging operational progress and the completion of two acquisitions. Core revenue performance fully underpins the forecast...

Ashley House

NHS reforms remain key

Update | Property | 26/07/2011

An £8.9m provision reflects the impact of delays in the implementation of NHS reform on both the timing and size of projects the group works on. ...

IQE

H1 preview

Flash note | Electronics & Electrical Equipment | 08/07/2011

We expect IQE to give a trading update next week. We anticipate that the company will have traded solidly, although sterling’s strength will hav...

Tower Resources

Supergiant potential

Update | Oil & Gas | 06/07/2011

Namibia is emerging as the next major deepwater frontier play and Tower has early mover status in the zone. Tower’s recently released CPR, follo...

Ark Therapeutics Group

A stroke of good luck

Update | Pharmaceutical & Healthcare | 05/07/2011

Ark Therapeutics expects to receive significant milestones from Boehringer Ingelheim (BI) in the next two months, following the US Patent and Trademar...

Byotrol

Almost there

Update | Basic Industries | 04/07/2011

Investors should balance the shortfall on revenue expectations against the continued progress in terms of new agreements with major licensees/customer...

i-design

Encouraging interims

Update | Media & Entertainment | 23/06/2011

Today (23 June) i-design reported encouraging FY11 interims results. H111 revenues were £1.4m, an increase of 57% over H110. Helped by careful co...

Innovation Group

German hat-trick

Update | Technology | 22/06/2011

Innovation has announced three wins in Germany, expected to be worth at least £6m over four years, starting next year. Embracing property and mot...

African Eagle Resources

Gathering pace again

Update | Mining | 22/06/2011

It has been a frustrating first half for African Eagle. With metallurgical testwork still underway, completion of the pre-feasibility study has been d...

Zealand Pharma

Germans leap forward

QuickView | Pharmaceutical & Healthcare | 16/06/2011

Zealand today licensed ZP2929, a dual action GLP-1 and oxyntomodulin analogue, to Boehringer Ingelheim (BI). GLP-1 reduces glucose levels while oxynto...

Range Resources

High-impact drilling

Update | Oil & Gas | 13/06/2011

Range is entering a potentially transformational phase in its development that could take it from junior to mid-tier E&P play. Over the next four mont...

Marti REIT

IPO underpins growth

Outlook | Property | 09/06/2011

Marti REIT (GYO) is a recently recapitalised, via a September 2010 IPO, owner of both mature hotels/marinas and early stage hotel and residential deve...

Algeta

Positive ALSYMPCA data

Review | Pharmaceutical & Healthcare | 07/06/2011

Algeta has obtained a stunningly positive result in its ALSYMPCA study of Alpharadin in advanced metastatic prostate cancer, demonstrating a 2.8 month...

Cupid

International takes off

Update | Travel & Leisure | 27/05/2011

Cupid is achieving its ambitions to generate half of its revenues outside the UK well ahead of its target of the end of the year. Monthly revenues now...

Ebiquity

Echo enhancement

Update | Media & Entertainment | 20/05/2011

Today (May 20), Ebiquity announced the acquisition of Echo Research (Echo) for an initial £3.5m (now) and deferred £0.3m (payable May 2012) cash con...

Primary Health Properties

IMS and new funds

Update | Property | 03/05/2011

The Q1 IMS confirmed that assumptions for values and rental growth are broadly in line, while the continuing positive gap between initial yields on ne...

Rotala

Commercial opportunity

Update | Industrial Support Services | 27/04/2011

Rotala’s results were broadly in line with our expectations and demonstrated that the group had managed to progress despite challenges around fuel a...

Hightex Group

The waiting game

Update | Construction & Building Materials | 19/04/2011

Hightex made good progress on announced projects in FY10. They also provide a good level of ongoing business in FY11 but thoughts are increasingly tur...

Vernalis

Seeking ideal deals

Review | Pharmaceutical & Healthcare | 18/04/2011

Vernalis’s FY10 results provided evidence of its financial transformation, into a debt-free company with contained costs and a recurring revenue str...

African Aura Mining

Two-for-one

QuickView | Mining | 05/04/2011

African Aura (AIM, TSX) is an established exploration company with iron ore and gold assets in Liberia and Cameroon and a 14% stake in diamond produce...

Next Fifteen Communications

Very solid first half

Update | Media & Entertainment | 05/04/2011

Today, Next Fifteen reported very solid interim results, with strong growth in the US. Revenues of £40.8m were up 19% on the first half of FY10 and 7...

MedicX Fund Limited

New cash & acquisitions

Update | Property | 04/04/2011

The recent equity issue raised £34.3m gross (47.7m shares at 72p) and funds the next phase of growth. This cash and, in due course, new debt will cov...

Bionomics

BNC210 studies positive

Review | Pharmaceutical & Healthcare | 04/04/2011

Bionomics’ investment case is now centred back on the success of the two ongoing BNC105 studies and on its ability to secure attractive partnering d...

H R Owen

Back on course

Update | Automotive Retailers | 01/04/2011

As anticipated six months ago, with the 2010 interim announcement, the group’s full year figures demonstrate that H R Owen is back on course. The f...

Severfield-Rowen

Toughing it out

QuickView | Engineering | 24/03/2011

Severfield has an enhanced competitive position, but markets rarely give credit for this in a downturn. Management flags an extended business trough i...

Mondo TV

An animated year

Outlook | Media & Entertainment | 22/03/2011

Mondo TV has made significant progress since we initiated coverage a year ago and has a range of new cartoon properties with significant licensing pot...

Vernalis

So FAAH, so good...

Update | Pharmaceutical & Healthcare | 21/03/2011

Vernalis’s strategic focus is on in-licensing and M&A to expand its pipeline and on securing new research collaborations over the next 12 months; ho...

Agennix AG

Waiting for FORTIS-M

Outlook | Pharmaceutical & Healthcare | 18/03/2011

Data from two clinical trials next year will provide a further indication of the potential of Agennix’s lead product, talactoferrin, and could lead ...

Abcam

Unlocking China

QuickView | Pharmaceutical & Healthcare | 15/03/2011

Abcam is continuing to deliver impressive results with underlying revenues increasing 20%. However, the company needs to penetrate new markets to sust...

City Natural Resources High Yield Trust

Continuing strong performance

Review | Investment Trusts | 15/03/2011

During the past 12 months, City Natural Resources High Yield Trust (CYN) has outperformed its composite benchmark index by 58.4% and 46.6% in terms of...

African Eagle Resources

Economics updated

Update | Mining | 15/03/2011

African Eagle has announced an updated economic model for its flagship Dutwa nickel project in Tanzania. While the project’s post-tax NPV10 of US$87...

Oxford BioMedica

Laying the ground work

Review | Pharmaceutical & Healthcare | 08/03/2011

Oxford BioMedica is making operational and infrastructure decisions to position it ahead of the various key stock catalysts expected over the next six...

Management Consulting Group

Improving prospects

QuickView | Consumer Support Services | 07/03/2011

Management Consulting Group is emerging from its period of change in a far stronger position. Order books are building and the balance sheet has drama...

Primary Health Properties

Healthy outlook

Outlook | Property | 03/03/2011

PHP is interestingly poised. A £508m portfolio makes it the largest investor in UK primary care property, an asset base which it can manage for divid...

Serco

Portfolio benefits

QuickView | Industrial Support Services | 03/03/2011

Serco has demonstrated that the breadth of its portfolio, both in terms of customer base and geography, provides a resilient base from which further o...

Sosei Group Corporation

Launch and data nearing

Outlook | Pharmaceutical & Healthcare | 01/03/2011

2011 should prove to be a transformative year for Sosei, with the upcoming Japan launch of its emergency contraceptive, NorLevo (SOH-075), and Phase I...

GTL Resources

It's time for growth

Outlook | Alternative Energy | 23/02/2011

GTL is an efficient producer of corn ethanol capable of generating significant cash. Assuming a commodity margin of $0.6/gallon and a constant EV/EBIT...

Hogg Robinson Group

More good news

Flash note | Consumer Support Services | 16/02/2011

Today’s confirmation of further robust trading shows HRG’s bumper interim performance to have been no fluke. Accelerating revenue growth (double-d...

Algeta

Breast cancer next

Review | Pharmaceutical & Healthcare | 14/02/2011

Algeta should shortly report results from its Phase II study of Alpharadin in breast cancer, which is expected to inform the design of a Phase III stu...

Arena Pharmaceuticals

Focus on resubmission

Update | Pharmaceutical & Healthcare | 08/02/2011

Arena’s investment case continues to rest on FDA approval of lorcaserin for obesity. The CRL and subsequent end-of-review meeting have defined the n...

Biotie Therapies Corp

Uniting with Synosia

Update | Pharmaceutical & Healthcare | 28/01/2011

On 2 February, pending shareholder approval, Biotie should complete its c €94m all-stock acquisition of private CNS company Synosia Therapeutics. Th...

Cyan Holdings

Growing order potential

Update | Electronics & Electrical Equipment | 27/01/2011

Cyan has signed an MoU with an Indian lighting control system manufacturer that could lead to orders for 375k units. It has also updated the market on...

Ferrexpo

The next phase revealed

Outlook | Mining | 26/01/2011

Ferrexpo is currently producing c 9Mtpa of 62% and 65% Fe pellets from c 29Mtpa of iron ore mined. In its interim management statement, Ferrexpo mappe...

Next Fifteen Communications

FY11 off to a good start

Update | Media & Entertainment | 25/01/2011

Next Fifteen announced in its trading update, released ahead of the company’s AGM today, that it has made a good start to FY11, and appears well pla...