reports
- Sarah Godfrey
JPMorgan Claverhouse - Raising dividends for more than half a century
While it may not share the long history of some of its peers at the top of the AIC's list of dividend heroes (at just over 60 years since incorporation, versus 120-plus for City of London IT), JPMorgan Claverhouse's 52-year record of consecutive annual dividend growth is both impressive and unlikely to be put in jeopardy, making the trust a solid option for investors in search of a dependable stream of dividends. The management team's blend of faster- growth stocks alongside those with higher yi...
- Sarah Godfrey
CT UK High Income Trust - Management change revitalises performance
Although its corporate structure may be unusual, with ordinary and B shares aimed at investors with different tax positions, CT UK High Income Trust (CHI) is managed without bells and whistles, seeking to achieve income and capital growth from a sensibly constructed portfolio of predominantly UK equities chosen from across the market capitalisation spectrum, augmented by a modest level of gearing. Manager David Moss has a wealth of experience built through more than 25 years at the same firm, an...
- Sarah Godfrey
Schroder UK Mid Cap Fund - The only trust for dedicated FTSE 250 expos...
Following the merger of J.P. Morgan's UK mid- and small-cap trusts into a single entity, Schroder UK Mid Cap Fund is now the only dedicated UK mid-cap investment trust. Not only is the mid-cap space a deep pool of innovative and entrepreneurial companies both domestically and internationally focused; the FTSE 250 index has also produced as many '21-baggers' (stocks with a return of 21x or more) as the US in the 21 years to November 2024, as well as surpassing the S&P 500 index return over 25 yea...
- Colin Smith
TheraCryf (TCF) | Pharmaron contracted to progress Ox-1 programme
Following its £4.25m fund raise last February, TheraCryf has now appointed Pharmaron, a leading contract manufacturing and research organisation (CMD/CRO), to progress development of TheraCryf's Orexin programme for the treatment of addiction to the point at which clinical trials in humans can commence. Pharmaron is expected to commence work imminently with expected completion of all necessary studies in 2H26 leaving TheraCryf on track to start a Phase 1 clinical trial in 2026, subject to fundin...
- Colin Smith
Polarean Imaging | FY24 results – sales growth guidance reiterated
Polarean has more than tripled revenue YoY to US$3.1m for the year to December 2024 and raised the gross margin by 841 basis points, confirming that it is on a path to hyperbolic growth. Almost more importantly, the cost of a Phase III trial for the use of its XENOVIEW® technology in gas exchange has been halved to US$4.0m-US$4.5m. The cash runway has been extended to 2Q26 and the company reiterated revenue guidance for 2025 of US$5.0m-US$6.0m. Polarean has potential upside many times its curren...
- Sarah Godfrey
Make UK equities great again! - Why now is the time to rediscover the ...
The era of US exceptionalism has been called into question as a result of destabilising influences such as President Trump's tariff wars, Chinese advances in AI and concern over the high valuations of the ‘Magnificent Seven' US tech companies, which still made up almost 20% of the MSCI AC World Index at the end of March 2025, despite suffering a wobble in recent months. In the past 14 years, the US's share of the global index has gone up by half, while the UK's has gone down by 50% to less than ...
- Colin Smith
Seplat Energy | 1Q25 results – Dividend hiked 28% to USc4.6, QoQ
This was Seplat's first set of quarterly results including the acquired ExxonMobil offshore assets (SEPNU) for a full quarter. Revenue jumped 350% YoY, or by 220% excluding over/underlift on production up 167% to 132kboed, despite lower realisations, with a near sextupling in oil volumes lifted to 9.9mmbbl. That drove a tripling in profit before tax to US$207.4m, generating EPS of USc0.03 (1Q24 USc0.00). Strong cash flow generation saw a reduction in net debt to US$747.1m with leverage at 0.6x (...
- Colin Smith
AltynGold | FY24 results – a record year with more to come
AltynGold is a Kazakh based gold producer with current operations from its Sekisovskoye mine, where it has just completed a major expansion project. The company reported record results in 2024, generating a net profit of US$26.4m, up 133% YoY driven by increased production, higher realisations and lower unit costs. This year should prove even better with the company targeting a 30% plus increase in production to 50koz and as gold prices continue to strengthen. Besides growth from Sekisovskoye, A...
- Colin Smith
Tullow Oil | Kenya disposal on attractive terms
Tullow has announced the disposal of its Kenyan assets for US$120m plus potential future royalties and retains a zero-cost back-in right for 30%. The disposal should cut leverage by around 10%, further improving the chances of completing a successful refinancing while removing the drain on management time and cost involved in endeavouring to achieve a commercial development. We were carrying a de-minimis US$9m risked NAV10 worth 1p per share in our valuation for Kenya so the disposal is at a lar...
- Colin Smith
Tullow Oil | Initiation: Deleveraging targets well within sight
Tullow operates the Jubilee and TEN oil fields offshore Ghana and has just announced the sale of its Gabonese assets for US$300m. Current production and reserves are a substantial c55kboed and 165mmboe, including Gabon. Following a disciplined re-focusing of the business and the sale of its Gabonese assets, the company's de-leveraging targets of net debt under US$1bn and leverage under 1x are well within sight with further options to accelerate the process. Tullow has now returned to sustained p...
- Colin Smith
Polarean Imaging | Investor update presentation confirms thesis
Polarean held a presentation for investors to recap the investment thesis for its unique technology for visualising lung function and provide real life examples of its Xenon MRI imaging in both research and clinical use. Dr Alan Huang, recently appointed VP Global Sales, provided a positive update on the sales pipeline and process. Polarean reaffirmed existing guidance. However, while there was no new news, the presentation certainly helped demonstrate the enthusiasm with which Polarean's techno...
- Colin Smith
Craneware Group | 1H25 results – Return to double digit growth
Further to the company's interim trading update, the 10% growth in revenue and adjusted EBITDA translated into an even more impressive increase in adjusted profit before tax of 21% to US$20.6m and an 18% increase in adjusted EPS. Operating cash conversion hit 110% and period end net cash jumped to US$40.6m. Management report that positive trading has continued into the second half of the year and the Board remains confident in achieving results for the year to June 2025 in line with current mark...
- Colin Smith
Polarean Imaging | Xenon MRI pharma research collaboration
Polarean has announced that its Xenon MRI lung imaging has been selected by a leading global pharma company to be included in a clinical trial due to start in 4Q25. This collaboration opens up a new vertical for Polarean but more importantly provides third party validation of the unmatched lung imaging that Polarean's Xenon MRI system provides. Polarean recently announced a better than expected update for FY24 which, in our view, confirms that the company is on the cusp of hyperbolic growth with...
- Colin Smith
Galliford Try | 1HFY25 results – Increased confidence in FY25
Further to its positive trading update, Galliford Try has delivered another excellent set of results for the half to December underlined by a 37.5% hike in the interim dividend to 5.5p. The company announced adjusted PBT for 1HFY25 of £20.5m, up 22.0% YoY. Despite the increase in consensus forecasts following the trading statement, management now expect revenue and adjusted PBT to be above the top end of the range of market forecasts which currently stand at £1,835m and £36.0m, respectively. Rev...
- Colin Smith
Seplat Energy | FY24 results - Confident 10% dividend increase
Seplat reported a near doubling in EPS for FY24 to US$0.26 (FY23 US$0.14) which included 19 days of contribution from the newly acquired MPNU assets, now renamed as Seplat Energy Producing Nigeria Unlimited (SEPNU). Excluding SEPNU and net positive unusual items, operating profit came in around 5% ahead of our forecast, we calculate. Adjusted EBITDA increased 20.3% YoY to US$539.0m on a reported basis and down 1.8% for the onshore assets. Net debt ended the year at US$898m, ahead of the US$1.1bn...
- Colin Smith
Polarean Imaging | FY24 update - Even better than expected
Polarean has published a trading update for the year to December which is even better than expected. Revenue for FY24 is anticipated to be US$3.0m-US$3.1m, above guidance of US$2.5m-US$3.0m, and more than treble revenue for FY23; our forecast was US$2.8m. Moreover, net cash at YEFY24 of US$12.1m was well above our forecast of US$10.8m and the company reiterated that it has a cash runway through 1Q26. A YoY jump in sales of over 50% in consumables demonstrates an increase in the number of Xenon M...
- Colin Smith
TheraCryf (TCF) | £4.3m raise to advance Ox-1 to clinical trial readin...
Further to the Chronos acquisition in 2024, TheraCryf has conditionally raised £4.25m to advance its Orexin programme to clinical trial readiness and now has a cash runway through the end of calendar 2026. The company expects to issue 1.7bn shares at 0.25p/share. While the discount is steep, TheraCryf believes it has the most selective Ox-1 inhibitor molecule in drug development with significant patent protection, targeting a market with multi-billion dollar potential for the treatment of addict...
- Sarah Godfrey
BlackRock Frontiers Investment Trust (BRFI) | Backing the next wave of...
BlackRock Frontiers Investment Trust (BRFI) offers a highly differentiated proposition for emerging markets investors, avoiding the largest markets – which between them tend to account for around 90% of global emerging markets investment – in favour of less researched and often faster-growing countries at an earlier stage of development. Co-managers Sam Vecht, Emily Fletcher and Sudaif Niaz, backed by BlackRock's deep and broad research resources, blend top-down and bottom-up considerations to f...
- Colin Smith
Galliford Try | 1HFY25 Update – Trading ahead of expectations
Galliford Try has released a trading update on its 1HFY25 performance to December which continues to demonstrate the strong progress the company is making towards the 2030 targets it announced last May. Trading is ahead of the Board's expectations and it expects revenue and PBT to be at the upper end of current market forecasts. Consensus estimates were upgraded significantly post the FY24 results with the current upper end of the ranges for revenue and PBT currently standing at £1,835m and £35....
- Colin Smith
Craneware Group | 1HFY25 update – double digit growth
Craneware has released a positive update on its 1HFY25 results to the end of December, ahead of their publication which is expected to be on 11 March 2025. Management note another period of positive trading with double-digit growth of c10% in revenue to over US$100m and a similar increase in adjusted EBITDA to US$30.3m. The pace of growth in Annual Recurring Revenue (ARR) has increased to 3% and Net Revenue Retention was above 100%. Sales included the first major customer contract secured via th...
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