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Investment Banking Revenues Soar at Numis

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Investment Banking Revenues Soar at Numis JUNE 2021 THE ONLINE MONTHLY FOR THE ALTERNATIVE INVESTMENT MARKET JOURNAL In this issue Main Market catching up GENERAL NEWS After a particularly strong 2020, even tests supplier Novacyt. Belluscura allowing for the sharp fall during last There has been a steady flow of new 02 achievement March, AIM has risen by 8.6% in the first entrants to AIM, including oxygen device five months of 2021, which is similar to developer Belluscura (see page 2), the rise of the FTSE 100 index. It is lagging grocery wholesaler Kitwave (see page 4), ADVISERS behind the smaller Main Market companies accounting software supplier Glantus (see Numis blossoms though. The FTSE Fledgling index is more page 5) and Dianomi, which has developed 03 than 21% ahead this year. This reflects technology that helps brands to target catching up, because AIM and the Fledgling their digital advertisements. index are both around 31% ahead since the Dianomi focuses on the financial sector NEWS end of 2019, although the FTSE AIM 100 and the advertisers can use the technology Kitwave consolidates index lags with a 25% increase. to track the performance of campaigns. 04 The more recent poor performance of Last year, revenues were £28.4m, while some of last year’s big gainers has held pre-tax profit was £1.92m. North America back the AIM 100. The poor performers generates three-quarters of revenues. DIVIDENDS in the past month include fuel cell and Digital advertising spending by financial electrolyser developers ITM Power and services businesses in the US is expected to Alpha Financial 07 growth Ceres Power, as well as Covid-19 diagnostic reach $23.6bn in 2021. EXPERT VIEW Mattioli Woods acquires Maven 08 The Hill Review Wealth manager Mattioli Woods is acquiring cost savings of £1m. Maven manages four Edinburgh-based private equity investor VCTs and other funds. This adds to the FEATURE Maven and Ludlow Wealth Management. funds managed by 49%-owned associate Sentiment improves Both these acquisitions should be company Amati and the Custodian REIT. 09 earnings enhancing in their first full year of North west England-based Ludlow is ownership and they take pro forma client a financial planning business with total FEATURE assets to £13.6bn. Mattioli Woods raised assets under advice of £1.6bn. It has five £110m at 660p a share, including £700,000 offices and there could be a further £1m Micro companies via PrimaryBid. There are other potential of cost savings from this acquisition. 10 decline smaller acquisitions in the pipeline. The total consideration is up to £43.5m, Maven will cost up to £100m, with an with an initia £36.1m in cash and shares. initial £50m in cash and £30m in shares. The The rest is payable based on 8.25 times STATISTICS other £20m is dependent on EBITDA over EBITDA in the 12 months to September Market indices and the next four years. There should be annual 2023. 11 statistics general news Belluscura achieves target Telit bid Medical devices developer Belluscura pure oxygen and weighs less than initially planned to join AIM at 3.25lbs. It can replace the need for raised the end of 2017 when product large oxygen tanks or heavier portable development was at an earlier devices. The device is aimed at people DBAY Advisors has launched a stage. The FDA 510 (k) clearance with chronic lung diseases, such recommended cash offer of 220p for its X-PLO2R portable oxygen as COPD, and should be launched a share for Telit Communications. concentrator (POC) has prompted commercially in the next few months That values the internet of things the flotation this May, including with other products to follow. There technology company at £306.9m. a placing raising £16.1m after are 328 million people around the Last year, DBAY had indicated that expenses. The placing was at 45p a world that suffer from COPD. it was willing to offer 175p a share share, which was in the middle of The supplemental oxygen therapy for Telit and it subsequently bought the expected range of 42p-48p. The market is expected to grow from shares at up to 206p each. The two company was valued at £51m at the $3.2bn in 2021 to $5.7bn in 2026 companies could not agree a price placing price. because of additional demand due and talks were terminated with Existing AIM-quoted technology to Covid-19. Oxygen shortages have DBAY and other potential bidders. investment company Tekcapital hit countries, such as India, in recent In March, DBAY approached Telit, set up Belluscura and it holds 17.1 months. A small share of the market which agreed to resume offer million shares that are subject to a would be significant to Belluscura. talks. The bid is recommended twelve-month lock-in. The shares The cash raised in the placing will even though the board believes ended the first day of trading at be used to recruit additional staff and it undervalues the long-term 53p, so the stake is valued at nearly fund the marketing of the X-PLO2R prospects of Telit. The past £9.1m. Tekcapital is capitalised at portable oxygen concentrator when it corporate governance problems £20.6m. is launched. There is £8m earmarked have held back the share price and Belluscura’s portable oxygen for further development of the the bid has the support of holders concentrator can deliver up to 95% technology. of 58% of Telit. Agronomics more than doubles in size Less than one year ago, Agronomics Each share came with a warrant Meatable and Agronomics has been was considering leaving AIM exercisable at 28.5p a share, so there adding to its shareholding. because it did not believe it would could be up to £85m more coming Agronomics has a portfolio of be able to raise the cash it required into the company’s coffers over the 16 companies that develop food to make additional investments in next two years. products that would previously have companies developing alternatives The most recent reported NAV been derived from animals. The to meat and fish. Shareholders were was 6.22p a share at the end of investments are made at an early not happy with the board’s plan and March 2021. Since then, Agronomics’ stage of the business of the investee made that clear in the consultation investment in China-based cellular companies when they are not process, so the quotation was meat products developer CellX has generating revenues or profit. Other retained. This May, Agronomics increased in value from $50,000 investments include California-based raised £65.5m at 22p a share. to $300,000 in six months. Prior to BlueNalu, which develops cell- This follows last autumn’s £10m the end of March, the investment cultured seafood and is opening a fundraising at 6p a share. in plant-based food company 40,000 square foot pilot production The placing, which was at a 25% LIVEKINDLY Collective increased in facility. discount to the 20-day weighted value from $3m to $5.55m. There Last June, the Agronomics board average market price, more than was also a gain of $2.95m in the promised that it would not consider doubled the number of shares value of the stake in Netherlands- delisting the company for a period in issue and was oversubscribed. based cultivated meat company of three years. 2 June 2021 advisers Investment banking revenues soar at Numis In the six months to March 2021, financial year, so that trading and managed assets of £1.06bn. The Numis Corporation generated more research services can be provided full annual figures are due to be than three-fifths of its transaction to EU-based institutional investors. announced at the end of June. fees from companies that are not Numis is on course to increase included in its retained client base. full-year pre-tax profit from £37.1m Market maker Winterflood had a Previously, the retained clients had to £55.1m. It is using some of its strong trading period in the quarter generated around two-thirds of spare cash to buy back shares. Even between February and April. There transaction fees. so, cash could be £90.9m at the end was a daily average of 120,000 trades Interim revenues were 83% of September 2021. The share price during the quarter, up from 97,000 in ahead at £115.4m, with investment is still below the peak in 2018, but it the previous quarter. Winterflood did banking revenues contributing is getting back to that level. not make a loss on any trading day. £82m of that figure. There was So far in this financial year, operating also a £2m gain on the investment WH Ireland increased annual profit is higher than the same period portfolio. Pre-tax profit jumped revenues by 29% to £27.9m and last year. from £7.3m to £39.3m. The this will enable the broker to return dividend was maintained at 5.5p a to profit. This will be the first full- Mello Events is holding its next share. year profit for more than five years. online MelloMonday on 7 June There was a reduction in the There was cash of £8.21m at the and companies presenting include number of retained clients to end of March 2021. accesso Technology and broadcast 185 due to the withdrawal from The capital markets division content management systems the resources sector. The average increased its revenues by 80%. supplier Pebble Beach Systems. On size of clients is growing. There The number of retained clients Tuesday 15 June, there will be an is a strong pipeline of potential rose from 74 to 82 and WH Ireland online event covering investment flotations.
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