VolitionRx. Triage test ready for launch. Triage test can reduce colonoscopies by 25% VolitionRx: Market of 150m in triage tests per year

Size: px
Start display at page:

Download "VolitionRx. Triage test ready for launch. Triage test can reduce colonoscopies by 25% VolitionRx: Market of 150m in triage tests per year"

Transcription

1 VolitionRx Triage test ready for launch Commercial update Healthcare equipment & services VolitionRx reported in January 2017 that it had received a CE mark for its Nu.Q triage test for colorectal cancer (CRC). The company is targeting commercialization of the test initially in EU member states that have established fecal immunochemical testing (FIT) programs (of which there are 14 in total), and the CE mark should enable launches in these territories as early as Year end Revenue PBT* EPS* ($) 12/ (8.4) (0.62) 0.0 N/A N/A DPS ($) P/E (x) Yield 12/ (9.7) (0.54) 0.0 N/A N/A 12/16e 0.0 (14.0) (0.61) 0.0 N/A N/A 12/17e 1.6 (16.6) (0.62) 0.0 N/A N/A Note: *PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments. 6 January 2017 Price US$5.26 Market cap US$137m Net cash at end Q Shares in issue 26.1m Free float 74% Code VNRX Primary exchange NYSE MKT Secondary exchange N/A Share price performance Triage test can reduce colonoscopies by 25% In October 2016 VolitionRx presented data at the European Society for Medical Oncology detailing the results from a 1,907-person prospective clinical trial of the Nu.Q triage test. The results demonstrated that when combined with a FIT, the protocol could maintain 96.6% of CRC diagnoses compared to current regimens, while reducing unnecessary colonoscopies by 25%. Additional results are to be released in February 2017 at the ENDO 2017 World Congress of GI Endoscopy. VolitionRx: Market of 150m in triage tests per year The company announced initial pricing and market estimates for the triage test on the Q316 conference call. The assay will be priced at 50 per test, and VolitionRx estimates approximately three million people with positive FITs across Europe, which is similar to our estimates of 2.5 million individuals. The company expects individual contracts with central health authorities to translate into 30k to 200k tests per year apiece, depending on the size of the country. Big prospective trial on deck The company announced plans to initiate a prospective trial of 30,000 Danish individuals for the study of the front-line Nu.Q test in collaboration with Hvidovre Hospital. The trial will follow patients for a minimum of two years with an option to extend up to six years, and will cost DKK7.5m per year in fees to the hospital. Valuation: $267m or $10.23 per basic share We have increased our valuation to $267m from $246m, but the per-share valuation has reduced to $10.23 from $10.46 per basic share due to the recent 2.5m share offering. We have increased our peak sales estimates for the triage test to $42m from $30m based on company pricing guidance, and increased our valuation for the program to $17m from $12m. The remainder of the increase is due to advancing our NPVs to Q316, and the October 2016 offering ($11.7m net). We expect the company to need $45m in cash before becoming cash flow positive in % 1m 3m 12m Abs Rel (local) week high/low US$5.6 US$3.1 Business description VolitionRx is a diagnostics company focused on developing blood-based cancer diagnostics using its proprietary Nu.Q technology. Its lead program is in colorectal cancer, which may enter the European market in Next events Additional triage trial results at ENDO congress Additional CRC data FDA feedback on 510(k) pathway Analysts February 2017 H117 H117 Maxim Jacobs Nathaniel Calloway Edison profile page VolitionRx is a research client of Edison Investment Research Limited

2 CE mark received for triage test in Europe VolitionRx announced in January 2017 that it had received a CE mark for the Nu.Q triage colorectal cancer (CRC) test and it is now authorized for sale in Europe. The triage test will be the company s first product available for purchase and the first sales are expected in H117. The test uses the Nu.Q nucleosome testing platform and two assays that were previously used in the first-line Nu.Q CRC test currently in development. The triage test is designed to decrease the number of unnecessary colonoscopies by providing an additional layer of screening on top of the standard fecal immunochemical test (FIT). FIT screening is the standard first-line detection method across Europe, and approximately 2.6% of patients receive a false positive for the test in trials, but the rate of positive tests is much higher in retrospective studies: up to 7%. 1,2 Based on the underlying rate of CRC, the company estimates that 95% of all positive FITs are false positives, due to the low underlying prevalence of CRC. There is therefore a substantial burden placed on healthcare systems due to unnecessary colonoscopies. This is particularly the case in systems that have government-sponsored FIT screening, which is present in 14 of the 28 EU member states. The company released results at the European Society for Medical Oncology (ESMO) from a 1,907-person prospective study demonstrating that the triage test, when combined with a FIT, can reduce the rate of unnecessary colonoscopies by 25%, while correctly identifying 96.6% of CRC cases (compared to current colonoscopy rates). Additionally, the two tests combined are better at positively identifying patients with CRC: 29% more cases of CRC were caught using the triage test and FIT compared to FIT alone. This corresponds to a sensitivity of 88% and specificity of 98.1%, when extrapolated using historical FIT data (Exhibit 1). The full results of the triage clinical trial will be presented at the ENDO 2017 World Congress of GI Endoscopy in February. Exhibit 1: CRC screening technology comparison Test Sensitivity False negative Specificity False positive rate Cost per test rate Colonoscopy $1,000-3,000 FOBT $5 FIT $23 Cologuard (Exact Sciences) $649 Nu.Q triage + FIT* Source: FDA, World Gastroenterology Organisation, Exact Sciences, VolitionRx. Note: *These data extrapolated from VolitionRx reported improvements and historical FIT measurements. On the Q316 conference call, VolitionRx provided preliminary pricing and market estimates. VolitionRx stated that it is aiming to price the test in the 50 range, which is higher than our earlier estimates of 20 per test, and the company provided a range of gross s for the test: north of 70% or 80%. The test will be commercialized by targeting central health authorities across the EU, beginning with the states that have established FIT testing protocols. The company estimated a potential market of 3m tests per year, which is similar to our earlier estimates of 2.5m across EU member states. The company stated that individual markets in the initial set of targeted territories correspond to chunks of between 30k and 200k tests, depending on the size of the country. 1 2 Quintero E, et al. (2012) Colonoscopy versus Fecal Immunochemical Testing in Colorectal-Cancer Screening. New Eng. J. Med. 366, Imperiale TF, et al. (2014) Multitarget Stool DNA Testing for Colorectal-Cancer Screening. New Eng. J. Med. 370, VolitionRx 6 January

3 Biggest CRC trial yet In other developments, VolitionRx announced that it will be initiating a 30,000-person prospective screening study in Denmark with its long-time collaborator Hvidovre Hospital of the front-line Nu.Q CRC test. The study is the company s largest to date and its prospective nature should provide significant evidence of the test s utility for widespread screening. The previous prospective CRC study enrolled only 121 patients, but showed 91% sensitivity and 90% specificity. The patients on the study will be selected from the Danish FIT screening program on the basis of a negative FIT, and will receive a Nu.Q test on enrolment and each subsequent year. The program has an initial duration of two years with the option to continue for up to six years. We expect at least one year for enrollment, corresponding to a maximum seven-year clinical program. The company will pay the hospital DKK7.5m per year ($1.1m) for the study. These expenses are within our estimates for the development costs for the front-line test. Depending on results, such a study may support marketing efforts in Europe, but marketing approval and payer adoption in the US may require additional studies, although in the near term the company may avoid some clinical trials by pursuing a 510(k) approval, albeit with a more restrictive label. Feedback from the FDA on the US approval pathway, starting with guidance on a 510(k) application, is expected in H117. We also expect results from two other studies being performed at Hvidovre Hospital in H117: a 4,800-person study of biomarkers to differentiate CRC from other bowel diseases, and a 14,000-person study in patients with a positive FIT test. Valuation We have increased our valuation to $267m from $246m, although this represents a reduction in the per-share valuation to $10.23 from $10.46 per basic share because of the October 2016 offering of 2.5m shares for a net $11.7m. Approximately $6m of this increase is due to the integration of the pricing and s reported by the company for the Nu.Q CRC triage test. The price increase has been made at the cost of a slower rate of adoption, although we have increased our peak sales estimates to $42m (from $30m). The gross estimates from the company have reduced our expected peak estimates from 54% to 50%. The remainder of the increase in valuation is due to advancing our NPVs to Q316, offset by a lower cash balance. We expect to update our valuation following feedback from the FDA on the 510(k) pathway, as well as reports of the Nu.Q triage launch. VolitionRx 6 January

4 Exhibit 2: VolitionRx valuation Product Main indication Status Prob. of commercial success Launch year Peak sales Patent protection Economics Nu.Q Colorectal Development 30% 2017 $ % peak $175 Colorectal triage Pre-commercialization 30% 2016 $ % peak $17 Lung Development 30% 2018 $ % peak $41 Pancreatic Development 30% 2018 $ % peak $10 Total $243 Cash and cash equivalents (Q316 + offering) $24.2 Total firm value $267 Total basic shares (m) 26.1 Value per basic share ($) $10.23 Warrants and options (9/2016, m) 2.1 Weighted average exercise price ($) $2.36 Cash on exercise $5.0 Total firm value $272 Non-warrant options (6/2016, m) 2.5 Total number of shares (m) 30.7 Diluted value per share ($) $8.86 Source: VolitionRx reports, Edison Investment Research rnpv Financials The company ended Q316 with $12.5m in cash following an operating loss for the quarter of $3.5m. This loss is an increase over previous quarters ($3.0m in Q216 and $2.5m in Q116), reflecting an increase in R&D spending associated with advancement of the Nu.Q CRC development program ($2.0m for the quarter). However, the increase in spending during the quarter was lower than expected, and we have reduced 2016 full year operational loss estimates to $14.0m from $15.1m, although there is little carry-over into future years. The company has subsequently completed an offering (2.5m shares at $5.00 for $11.7m in net proceeds). This raise has reduced our expected funding requirement to $45m ($15m in 2017, $15m in 2018, and $15m in 2019) from previous estimates of $60m. We expect that the company will be cash flow positive in VolitionRx 6 January

5 Exhibit 3: Financial summary $000s e 2017e Year end 31 December IFRS IFRS IFRS IFRS IFRS IFRS PROFIT & LOSS Revenue ,622 Cost of Sales (229) Gross Profit ,393 Research & Development (2,843) (2,504) (4,044) (6,102) (8,002) (9,902) Sales, General & Administrative (1,295) (2,072) (1,908) (3,904) (6,051) (8,171) EBITDA (4,083) (4,576) (5,937) (10,006) (14,027) (16,679) Operating Profit (before GW and except.) (4,083) (4,576) (5,937) (10,006) (14,027) (16,679) Intangible Amortization Other Exceptionals Operating Profit (4,083) (4,576) (5,937) (10,006) (14,027) (16,679) Net Interest Other (39) 840 (2,320) 471 (34) 0 Profit Before Tax (norm) (4,083) (4,576) (8,358) (9,666) (14,027) (16,583) Profit Before Tax (FRS 3) (4,122) (3,736) (8,258) (9,535) (14,060) (16,583) Tax 0 0 (0) Deferred tax 0 0 (0) (0) (0) (0) Profit After Tax (norm) (4,083) (4,576) (8,358) (9,661) (14,027) (16,583) Profit After Tax (FRS 3) (4,122) (3,736) (8,258) (9,530) (14,060) (16,583) Average Number of Shares Outstanding (m) EPS - normalised (c) (43.62) (42.24) (62.08) (54.49) (60.78) (62.31) EPS - FRS 3 ($) (0.44) (0.34) (0.61) (0.54) (0.61) (0.62) Dividend per share ($) BALANCE SHEET Fixed Assets 1,522 1,065 1,097 1,489 1,423 1,269 Intangible Assets 1,430 1, Tangible Assets Other 0 0 (0) (0) (0) (0) Current Assets ,192 6,070 19,502 19,591 Stocks Debtors Cash ,139 5,916 19,349 19,137 Other Current Liabilities (695) (957) (2,713) (1,120) (1,907) (1,740) Creditors (695) (957) (2,713) (1,120) (1,907) (1,740) Short term borrowings Long Term Liabilities (635) (433) (352) (548) (460) (15,460) Long term borrowings (15,000) Other long term liabilities (635) (433) (352) (548) (460) (460) Net Assets ,891 18,559 3,660 CASH FLOW Operating Cash Flow (2,315) (3,084) (4,141) (8,766) (11,578) (15,373) Net Interest Tax Capex (91) (1) (303) (352) (89) (30) Acquisitions/disposals Financing 2,576 2,828 5,627 12,498 25,206 0 Dividends Other (62) 0 Net Cash Flow 171 (257) 1,183 3,379 13,477 (15,403) Opening net debt/(cash) (348) (376) (889) (2,139) (5,916) (19,349) HP finance leases initiated Exchange rate movements (40) 4 (44) Other (103) (77) 191 Closing net debt/(cash) (376) (889) (2,139) (5,916) (19,349) (4,137) Source: VolitionRx reports, Edison Investment Research VolitionRx 6 January

6 Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt and Sydney. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number ) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [ ] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [ ]. DISCLAIMER Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by VolitionRx and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are wholesale clients for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a personalised service and, to the extent that it contains any financial advice, is intended only as a class service provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited ( FTSE ) FTSE FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE s express written consent. Frankfurt +49 (0) VolitionRx Schumannstrasse 34b 6 January High Holborn 245 Park Avenue, 39th Floor Level 25, Aurora Place Frankfurt Germany London +44 (0) London, WC1V 7EE United Kingdom New York , New York US Sydney +61 (0) Phillip St, Sydney NSW 2000, Australia

Evolva. Stevia delayed. Stevia delay. Saffron to be partnered, resveratrol has bottlenecks. Valuation: Fair value of CHF1.14/share.

Evolva. Stevia delayed. Stevia delay. Saffron to be partnered, resveratrol has bottlenecks. Valuation: Fair value of CHF1.14/share. Evolva Stevia delayed FY results Food & beverages The key headline that the launch of the stevia EverSweet product has been delayed is disappointing, but the investment case still stands. A short-term

More information

Alternative asset management

Alternative asset management DeA Capital Transformation continues Q215 results Investment companies DeA Capital s NAV per share at 30 June 2015 was 2.18, which compares to 2.15 at 31 March 2015 (after adjusting for the capital distribution

More information

Expert System. Strong organic growth with acquisition upside. Growth in annual licensing key to shareholder return

Expert System. Strong organic growth with acquisition upside. Growth in annual licensing key to shareholder return Expert System Strong organic growth with acquisition upside Acquisition and order update Software & comp services Expert Systems has announced encouraging order growth, with US orders up 82% and annual

More information

Danakali. Maiden ore reserve underpins valuation upside. Maiden 1.1Bt ore reserve at Collulli

Danakali. Maiden ore reserve underpins valuation upside. Maiden 1.1Bt ore reserve at Collulli Danakali Maiden ore reserve underpins valuation upside Company update Metals & mining Since the release of its PFS in February 2015, Danakali (DNK) has continued on its path towards production with the

More information

Monitise. Shifting to a subscription model. Shifting to a subscription-based revenue model. Funding the change

Monitise. Shifting to a subscription model. Shifting to a subscription-based revenue model. Funding the change Monitise Shifting to a subscription model Fund-raising Software & comp services Monitise is shifting to a subscription-based revenue model to accelerate customer adoption and drive higher long-term recurring

More information

WANdisco Acquisition. Acquisition accelerates big data. Technology. A start up, founded by key Hadoop contributors

WANdisco Acquisition. Acquisition accelerates big data. Technology. A start up, founded by key Hadoop contributors WANdisco Acquisition Acquisition accelerates big data Technology WANdisco s acquisition of AltoStor for $5.1m in cash and shares marks a significant advance in its drive to establish a position at the

More information

Monitise. Positive momentum. Trading update: FY13 on track. Recent contract wins highlight service expansion. M-commerce opportunity for banks

Monitise. Positive momentum. Trading update: FY13 on track. Recent contract wins highlight service expansion. M-commerce opportunity for banks Monitise Positive momentum Trading update and contract wins Software & comp services Monitise s trading update confirms that it will meet FY13 guidance, with revenue growth of at least 94% y-o-y and gross

More information

Sunesis Pharmaceuticals

Sunesis Pharmaceuticals Sunesis Pharmaceuticals SNS-062 looks good so far Clinical data Pharma & biotech Sunesis released the first-in-human clinical data for SNS-062, its reversible non-covalent inhibitor of Bruton s tyrosine

More information

TiGenix. Refocused and funded. Focus on clinical-stage projects. Funding continuing operations. Valuation: 1.26/share with cash to Q315.

TiGenix. Refocused and funded. Focus on clinical-stage projects. Funding continuing operations. Valuation: 1.26/share with cash to Q315. TiGenix Refocused and funded FY14 results Pharma & biotech Tigenix's FY14 results show a company now completely refocused on the proprietary allogeneic easc technology platform and pipeline where the commercial

More information

NAHL Group. Better than expected FY14 EPS and dividend. Strong FY14 results. Key growth strategy element: First acquisition made

NAHL Group. Better than expected FY14 EPS and dividend. Strong FY14 results. Key growth strategy element: First acquisition made NAHL Group Better than expected FY14 EPS and dividend Preliminary results Financial services NAHL s maiden full year results show strong growth of 29.3% in underlying operating profit on continuing operations

More information

AFH Financial Group. Deploying the capital as promised. H115 key trends. Outlook. Valuation: Material upside. H115 interim results

AFH Financial Group. Deploying the capital as promised. H115 key trends. Outlook. Valuation: Material upside. H115 interim results AFH Financial Group Deploying the capital as promised H115 interim results Financial services AFH has both organic and inorganic strands to its strategy. H115 on H114 delivered 13% revenue growth of which

More information

IS Private Equity. Another year of record profits. Realised gains drive record profits. Exits appear well timed. Valuation: NAV not marked to market

IS Private Equity. Another year of record profits. Realised gains drive record profits. Exits appear well timed. Valuation: NAV not marked to market IS Private Equity Another year of record profits FY results Investment companies 2013 reported consolidated net profits at Is Private Equity (ISGSY) were a record TRY68.7m (2012: TRY50.3m). A realised

More information

Slater & Gordon. Deal generates material earnings enhancement. Strategic logic. How can such an uplift to EPS be achieved?

Slater & Gordon. Deal generates material earnings enhancement. Strategic logic. How can such an uplift to EPS be achieved? Slater & Gordon Deal generates material earnings enhancement Acquisition of Quindell PSD Financial services Slater & Gordon (SGH) has announced the terms of its acquisition of Quindell s Professional Services

More information

Slater & Gordon. FY14 ahead of forecasts. FY14 key issues. Outlook. Valuation: Around fair value. FY14 results

Slater & Gordon. FY14 ahead of forecasts. FY14 key issues. Outlook. Valuation: Around fair value. FY14 results Slater & Gordon FY14 ahead of forecasts FY14 results Financial services SGH s FY14 results were ahead of expectations driven by a beat in UK revenue. We believe this, and two new Australian acquisitions

More information

Fastnet Oil & Gas. Game on at Foum Assaka. Continuing to deliver on schedule in Morocco. FA-1 breaking new ground

Fastnet Oil & Gas. Game on at Foum Assaka. Continuing to deliver on schedule in Morocco. FA-1 breaking new ground Fastnet Oil & Gas Game on at Foum Assaka Drilling underway Oil & gas Having secured the most valuable farm-out terms of all the junior explorers offshore Morocco, Fastnet is now drilling its first well,

More information

Monitise Share placing and acquisitions

Monitise Share placing and acquisitions Monitise Share placing and acquisitions More mobile money In order to further its m-commerce ambitions, Monitise has raised 100m from its largest placing to date, and has also made two all-share acquisitions

More information

Borussia Dortmund. Still much to play for. Après Champions League, pas de déluge! Current-year profit resilience. Valuation: Attractive

Borussia Dortmund. Still much to play for. Après Champions League, pas de déluge! Current-year profit resilience. Valuation: Attractive Borussia Dortmund Still much to play for Revised forecasts Travel & leisure Despite a stalled Bundesliga recovery and coach Klopp s end-of-season departure, Borussia Dortmund is well-placed to end FY15

More information

Detecting Cancer in Blood. Company presentation

Detecting Cancer in Blood. Company presentation Detecting Cancer in Blood Company presentation Safe harbor statement Forward Looking Statements This communication contains certain forward-looking statements, including, without limitation, statements

More information

NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016

NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 FELTHAM, United Kingdom, May 25, 2016 /PRNewswire/ Nomad Foods Limited ( Nomad or the Company ) (NYSE: NOMD), today

More information

Sportingbet Plc. Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the half year ended 31 January 2012.

Sportingbet Plc. Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the half year ended 31 January 2012. Unaudited results for the half year ended 31 January 2012 Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the half year ended 31 January 2012. Group Financial

More information

SOUTH AUSTRALIAN GOVERNMENT FINANCING AUTHORITY ( SAFA ) 2.75% 16 April 2025 Select Line SAFA Bonds Series: Tranche One.

SOUTH AUSTRALIAN GOVERNMENT FINANCING AUTHORITY ( SAFA ) 2.75% 16 April 2025 Select Line SAFA Bonds Series: Tranche One. SOUTH AUSTRALIAN GOVERNMENT FINANCING AUTHORITY ( SAFA ) 2.75% 16 April 2025 Select Line SAFA Bonds Series: Tranche One FINAL Term Sheet South Australian Government Financing Authority State Administration

More information

Zebra Technologies Announces Record Sales for Second Quarter of 2006

Zebra Technologies Announces Record Sales for Second Quarter of 2006 FOR IMMEDIATE RELEASE Zebra Technologies Announces Record Sales for Second Quarter of 2006 Vernon Hills, IL, July 26, 2006 Zebra Technologies Corporation (NASDAQ: ZBRA) today announced that net income

More information

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates 8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI

More information

Alkane Resources. Update. Investment summary: Dubbo DFS. Market Cap. Continuing price increases DZP highly cash generative

Alkane Resources. Update. Investment summary: Dubbo DFS. Market Cap. Continuing price increases DZP highly cash generative Update 28 September 2011 Alkane Resources Price Market Cap A$1.06 A$285m Year End Revenue (A$m) PBT* (A$m) EPS* (c) DPS (c) P/E (x) Yield (%) Share price graph 12/09 **4.7 2.4 1.0 0.0 106.0 N/A 12/10 **10.1

More information

Rex Bionics. The Robotic physiotherapist. Revolution in mobility and rehabilitation. Healthcare providers and insurance claims are key

Rex Bionics. The Robotic physiotherapist. Revolution in mobility and rehabilitation. Healthcare providers and insurance claims are key Rex Bionics The Robotic physiotherapist Initiation of coverage Tech hardware & equipment Rex Bionics is a pioneer in the field of medical exoskeletons. It is focused on rehabilitating and improvement in

More information

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):

More information

Valuation multiples The link between valuation multiples and value drivers - growth, return on capital, margins...

Valuation multiples The link between valuation multiples and value drivers - growth, return on capital, margins... Financial Services Valuation multiples The link between valuation multiples and value drivers - growth, return on capital, margins.... Global Valuation Group Valuation multiples Valuation multiples are

More information

NIGHTINGALE REPORTS FISCAL 2014 RESULTS

NIGHTINGALE REPORTS FISCAL 2014 RESULTS NIGHTINGALE REPORTS FISCAL 2014 RESULTS Markham, ON, July 31, 2014 Nightingale Informatix Corporation ( Nightingale or the Company ) (TSX-V: NGH), an application service provider (ASP) of electronic health

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET June 2010 IFRS 3 Business Combinations (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International Financial

More information

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015 BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price

More information

Disclaimer. This document has been prepared by Tele Columbus AG (the "Company") solely for informational purposes.

Disclaimer. This document has been prepared by Tele Columbus AG (the Company) solely for informational purposes. Disclaimer This document has been prepared by Tele Columbus AG (the "Company") solely for informational purposes. This presentation may contain forward-looking statements. These statements are based on

More information

THERATECHNOLOGIES INC.

THERATECHNOLOGIES INC. Interim Consolidated Financial Statements of (In thousands of Canadian dollars) THERATECHNOLOGIES INC. Table of Contents Page Interim Consolidated Financial Positions 1 Interim Consolidated Statements

More information

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14 This research is intended for UK institutional investors only and market professionals. It is not intended for retail customers and any retail customer should seek professional, independent advice before

More information

Annual Financial Results Presentation for year ended 30 June 2014 2 October 2014

Annual Financial Results Presentation for year ended 30 June 2014 2 October 2014 Annual Financial Results Presentation for year ended 30 June 2014 2 October 2014 Disclaimer The information contained in this presentation ( Presentation ) has been prepared by Firestone Diamonds plc (the

More information

Gold at two year highs

Gold at two year highs Conroy Gold and Natural Resources plc Gold price review 05 July 2016 Key Statistics Code : CGNR Listing : AIM Sector : Mining Market Cap : 2.9m Share in issue : 11.01m Current Price : 26.25p 12 mnth High/Low

More information

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair

More information

For personal use only. Gerard Lighting Group Limited ABN

For personal use only. Gerard Lighting Group Limited ABN ABN 16 141 079 594 APPENDIX 4D AND CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 December 2011 Appendix 4D Half Year Report Name of entity ABN 16 141 079 594 GERARD LIGHTING

More information

SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT. Date of Report (Date of earliest event reported): May 5, 2016

SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT. Date of Report (Date of earliest event reported): May 5, 2016 IPCC 8-K 5/5/2016 Section 1: 8-K (8-K) SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report

More information

Earnings Conference Call Q1 2016 Update Wednesday, May 25 th 2016

Earnings Conference Call Q1 2016 Update Wednesday, May 25 th 2016 Earnings Conference Call Q1 2016 Update Wednesday, May 25 th 2016 These materials may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Credit

More information

INVESTOR PRESENTATION

INVESTOR PRESENTATION Results for the 12 months ended 30 June 2014 28 th August 2014 Peter George, CEO Geoff Stephenson, CFO INVESTOR PRESENTATION 2 Contents FY14 Highlights Reconciliation of EBITDA Transformation Financial

More information

Strong margin performance despite headwinds on topline

Strong margin performance despite headwinds on topline Strong margin performance despite headwinds on topline Q2 HIGHLIGHTS (Q2 08 vs. Q2 07) Revenues of 5.2 billion, down 1% ( -1% organically 1 ) Gross margin up 50 bps to 18.1% on an underlying 2 basis EBITA

More information

King Reports First Quarter 2014 Results

King Reports First Quarter 2014 Results King Reports First Quarter 2014 Results Generates record quarterly mobile gross bookings of $480 million in Q1-14 Adjusted EBITDA more than triples year over year to $249 million in Q1-14 Extends reach

More information

Inspired Energy. Realising the growth potential. Strong growth record. Order book provides platform for growth. Valuation: Pricing growth

Inspired Energy. Realising the growth potential. Strong growth record. Order book provides platform for growth. Valuation: Pricing growth Inspired Energy Realising the growth potential Initiation of coverage Industrial support services Inspired Energy is well placed to take advantage of the growth opportunities afforded by the fast-growing

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET September 2011 IAS 7 Statement of Cash Flows (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International

More information

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME 4 th quarter (a) 3 rd quarter 4 th quarter 2009 Sales 40,157 40,180 36,228 Excise taxes (4,397) (4,952) (4,933) Revenues from sales 35,760 35,228 31,295 Purchases, net

More information

Background information. Changes in the shareholder structure and balance sheet. Contract with Google prolonged for two years

Background information. Changes in the shareholder structure and balance sheet. Contract with Google prolonged for two years A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/5 Equity flash Newsflow Telecommunication HOLD (HOLD) Target EUR 4.00 (EUR 4.00) Price (last closing price) : EUR 2.84 Upside : 40 % Est. change 2015e 2016e EPS

More information

DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014

DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 For Immediate Release DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 HIGHLIGHTS Q1 2014 First quarter 2014 ( Q1 ) Revenues of 77.9 million, Q1 Gross Profit of 18.8 million and Q1 Net Income of

More information

NIGHTINGALE REPORTS FISCAL 2014 SECOND QUARTER RESULTS

NIGHTINGALE REPORTS FISCAL 2014 SECOND QUARTER RESULTS NIGHTINGALE REPORTS FISCAL 2014 SECOND QUARTER RESULTS Markham, ON, November 27, 2013 Nightingale Informatix Corporation ( Nightingale or the Company ) (TSX- V: NGH), an application service provider (ASP)

More information

Market Update and Capital Raising 12 November, 2008

Market Update and Capital Raising 12 November, 2008 Market Update and Capital Raising 12 November, 2008 Dr Colin Goldschmidt CEO and Managing Director Sonic Healthcare 1 NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO US PERSONS Important Notice and Disclaimer

More information

TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS

TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS PRESS RELEASE TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS TORONTO, ONTARIO (Marketwired July 30, 2014) Torstar Corporation (TSX:TS.B) today reported financial results for the second quarter ended

More information

EQUITY RAISING ANNOUNCEMENT

EQUITY RAISING ANNOUNCEMENT EQUITY RAISING ANNOUNCEMENT MARKET RELEASE 21 NOVEMBER 2012 KEY POINTS Entitlement Offer to Raise up to A$80 million o 3 for 10 accelerated non renounceable entitlement offer to raise up to A$80 million

More information

2015 annual results. 16 th March 2016

2015 annual results. 16 th March 2016 2015 annual results 16 th March 2016 Legal disclaimer Certain statements in this document are forward-looking statements. These forward-looking statements speak only as at the date of this document. These

More information

Smart Metering Systems plc. Interim Results For the half year ended 30 June 2015

Smart Metering Systems plc. Interim Results For the half year ended 30 June 2015 Smart Metering Systems plc Interim Results For the half year ended 2015 Introduction and agenda Business review Alan Foy, CEO SMS story Financial Operational Financial review Glen Murray, CFO Highlights

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) FY 2014 FY 2015 % change Q4 2014 Q4 2015 % change un Revenue 2,620 2,646 1.0% 711 672-5.5% Cost of sales (1,813) (1,804) -0.5% (489) (464) -5.1%

More information

Logista Q Results. February 9, 2016

Logista Q Results. February 9, 2016 Logista Q1 2016 Results February 9, 2016 Logista reports Q1 2016 Results Logista announces today its First Quarter Results for 2016. Main highlights: Revenues growing by 2.3% Good performance of Economic

More information

Monster Worldwide Reports Third Quarter 2015 Results

Monster Worldwide Reports Third Quarter 2015 Results Monster Worldwide Reports Third Quarter 2015 Results Third Quarter Financial Highlights: o Company Exceeds Expectations on All Profitability Metrics For the 5th Consecutive Quarter Adjusted EBITDA Including

More information

EVERYDAY HEALTH, INC.

EVERYDAY HEALTH, INC. EVERYDAY HEALTH, INC. FORM 8-K (Current report filing) Filed 05/11/15 for the Period Ending 05/11/15 Address 345 HUDSON STREET 16TH FLOOR NEW YORK, NY 10014 Telephone 718-797-0722 CIK 0001358483 Symbol

More information

Rating Update: Moody's affirms Kalamazoo College's, MI, A1 issuer rating; outlook stable

Rating Update: Moody's affirms Kalamazoo College's, MI, A1 issuer rating; outlook stable Rating Update: Moody's affirms Kalamazoo College's, MI, A1 issuer rating; outlook stable Global Credit Research - 08 May 2014 No rated debt outstanding KALAMAZOO COLLEGE, MI Private Colleges & Universities

More information

Year ended 31 Dec 2009

Year ended 31 Dec 2009 PACE PLC CHANGE OF FUNCTIONAL AND PRESENTATIONAL CURRENCY AND COMPARATIVES RE-PRESENTED IN US DOLLARS Introduction Pace announced at the time of its preliminary results announcement that the Board had

More information

EQUITY DERIVATIVES NZX DERIVATIVES MARKET. www.nzx.com

EQUITY DERIVATIVES NZX DERIVATIVES MARKET. www.nzx.com EQUITY DERIVATIVES NZX DERIVATIVES MARKET www.nzx.com WHAT ARE EQUITY DERIVATIVES? Equity derivatives are among the most traded financial instruments globally with volume traded of 11.77 billion in 2013.

More information

Full year and fourth quarter 2014 results 1

Full year and fourth quarter 2014 results 1 Full year and fourth quarter results 1 Luxembourg, February 12, 2015 Highlights Health and Safety frequency rate 2 of 1.1x in compared to 1.3x in 2013. Shipments of 1,813 thousand tonnes in full year,

More information

Deutsche Wohnen AG.» Full Year Results 2009. Conference Call, 26 March 2010

Deutsche Wohnen AG.» Full Year Results 2009. Conference Call, 26 March 2010 Deutsche Wohnen AG» Full Year Results 2009 Conference Call, 26 March 2010 1 » Agenda 1. Results of the financial year 2009 2. Financial highlights 2009 3. Strategic objectives 4. Forecast 2 » 1 Results

More information

BIOMARK DIAGNOSTICS INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS. June 30, 2015. (Stated in Canadian Dollars)

BIOMARK DIAGNOSTICS INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS. June 30, 2015. (Stated in Canadian Dollars) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited Prepared by Management) NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

Q2 2015 Financial Results and Key Metrics

Q2 2015 Financial Results and Key Metrics Q2 2015 Financial Results and Key Metrics August 13, 2015 Non-GAAP financial measures King Digital Entertainment plc (the Company ) uses International Financial Reporting Standards ( IFRS ). In addition

More information

ico Therapeutics Inc. Condensed Interim Financial Statements (Unaudited) September 30, 2012 and 2011 (in Canadian dollars)

ico Therapeutics Inc. Condensed Interim Financial Statements (Unaudited) September 30, 2012 and 2011 (in Canadian dollars) Condensed Interim Financial Statements (Unaudited) September 30, 2012 and 2011 Balance Sheet (Unaudited) Assets Note September 30, 2012 December 31, 2011 Current assets Cash and cash equivalents 1,478,167

More information

CORPORATE NEWS EARNINGS PAION AG PUBLISHES GROUP QUARTERLY STATEMENT FOR THE FIRST QUARTER 2016

CORPORATE NEWS EARNINGS PAION AG PUBLISHES GROUP QUARTERLY STATEMENT FOR THE FIRST QUARTER 2016 CORPORATE NEWS EARNINGS PAION AG PUBLISHES GROUP QUARTERLY STATEMENT FOR THE FIRST QUARTER 2016 Financial results in line with plan Cash and cash equivalents of EUR 25.5 million; cash reach until the end

More information

Third quarter results as of December 31, 2014. Investor presentation

Third quarter results as of December 31, 2014. Investor presentation Third quarter results as of December 31, 2014 Investor presentation February, 26 th 2015 Disclaimer Certain statements included or incorporated by reference within this presentation may constitute forwardlooking

More information

5 November 2014 Pharming Group NV. FIRST BERLIN Equity Research. 9M 2014 Results & US Product Launch

5 November 2014 Pharming Group NV. FIRST BERLIN Equity Research. 9M 2014 Results & US Product Launch FIRST ERLIN Equity Research Netherlands / iotechnology Primary exchange: Euronext Amsterdam / Secondary exchange: Frankfurt 9M 2014 Results & US Product Launch 5 P ha RATING UY PRICE TARGET 1.50 loomberg:

More information

Media Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin.

Media Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin. The Sherwin-Williams Company Reports First Quarter 2012 Financial Results Consolidated net sales increased 15.1% to a record $2.14 billion Diluted net income per common share increased 50.8% to a record

More information

Full Year Report 2005. 26 January 2006

Full Year Report 2005. 26 January 2006 Full Year Report 2005 26 January 2006 Important Notice This Presentation has been produced by TradeDoubler AB (the Company ) and is furnished to you solely for your information. This document contains

More information

HORIZON GLOBAL DELIVERS PROFIT IMPROVEMENT FOR THIRD CONSECUTIVE QUARTER

HORIZON GLOBAL DELIVERS PROFIT IMPROVEMENT FOR THIRD CONSECUTIVE QUARTER FOR IMMEDIATE RELEASE CONTACT: Maria C. Duey Vice President, Corporate Development & Investor Relations (248) 593-8810 mduey@horizonglobal.com HORIZON GLOBAL DELIVERS PROFIT IMPROVEMENT FOR THIRD CONSECUTIVE

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) FY 2013 FY 2014 % change Q4 2013 Q4 2014 % change un Revenue 2,865 2,620-8.6% 739 711-3.8% Cost of sales (2,031) (1,813) -10.7% (511) (489) -4.3%

More information

Deutsche Wohnen AG.» German Jour Fixe 1-1 Conference Merrill Lynch. London, 27 April 2010

Deutsche Wohnen AG.» German Jour Fixe 1-1 Conference Merrill Lynch. London, 27 April 2010 Deutsche Wohnen AG» German Jour Fixe 1-1 Conference Merrill Lynch London, 27 April 2010 1 » Agenda 1. Deutsche Wohnen at a glance 2. Results of the financial year 2009 3. Financial highlights 2009 4. Strategic

More information

Hoist Finance announces its intention to launch an initial public offering and listing on Nasdaq Stockholm

Hoist Finance announces its intention to launch an initial public offering and listing on Nasdaq Stockholm Press release Stockholm 26 February 2015 Hoist Finance announces its intention to launch an initial public offering and listing on Nasdaq Stockholm Hoist Finance AB (publ) ( Hoist Finance or the Company

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) Q2 2012 Q2 2013 % H1 2012 H1 2013 % Restated * change Restated * change Revenue 779 732-6.0% 1,513 1,437-5.0% Cost of sales (553) (521) -5.8%

More information

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc Interim Report 2011 Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc ("Capcon" or the "Group"), the AIM listed investigations and risk management

More information

151 S. El Camino Drive Beverly Hills, CA 90212

151 S. El Camino Drive  Beverly Hills, CA 90212 Contact: Daven Bhavsar Director of Investor Relations (310) 887-3431 dbhavsar@kennedywilson.com 151 S. El Camino Drive www.kennedywilson.com Beverly Hills, CA 90212 NEWS RELEASE KENNEDY WILSON REPORTS

More information

Summary of Consolidated Financial Results for the Six Months Ended September 30, 2013

Summary of Consolidated Financial Results for the Six Months Ended September 30, 2013 November 6, 2013 Summary of Consolidated Financial Results for the Six Months Ended Name of Company Listed: Stock Exchange Listings: Nippon Paper Industries Co., Ltd. Tokyo Code Number: 3863 URL: Representative:

More information

Clime Capital Limited (CAM)

Clime Capital Limited (CAM) Clime Capital Limited (CAM) Listed Managed Investments September 2012 Quarterly Review WHO IS IIR? Independent Investment Research Pty Ltd, IIR is an independent investment research house in Australia.

More information

TD is currently among an exclusive group of 77 stocks awarded our highest average score of 10. SAMPLE. Peers BMO 9 RY 9 BNS 9 CM 8

TD is currently among an exclusive group of 77 stocks awarded our highest average score of 10. SAMPLE. Peers BMO 9 RY 9 BNS 9 CM 8 Updated April 16, 2012 TORONTO-DOMINION BANK (THE) (-T) Banking & Investment Svcs. / Banking Services / Banks Description The Average Score combines the quantitative analysis of five widely-used investment

More information

Stock Spirits Group PLC Trading Update

Stock Spirits Group PLC Trading Update Stock Spirits Group PLC Trading Update 14 April 2016 Disclaimer This presentation has been prepared by Stock Spirits Group PLC ( Stock Spirits Group or the Group ). By receiving or reading this presentation,

More information

THINKSMART REVENUE UP 30% - ON TRACK TO ACHIEVE FULL YEAR PROSPECTUS FORECASTS

THINKSMART REVENUE UP 30% - ON TRACK TO ACHIEVE FULL YEAR PROSPECTUS FORECASTS ANNOUNCEMENT 29 th August, 2007 THINKSMART REVENUE UP 30% - ON TRACK TO ACHIEVE FULL YEAR PROSPECTUS FORECASTS ThinkSmart Limited (ASX:TSM) today reported a half year profit before tax for the six months

More information

FLOW TRADERS REPORTS STRONG RESULTS IN FIRST HALF YEAR 2015 AND INTERIM DIVIDEND OF 0.50 PER SHARE.

FLOW TRADERS REPORTS STRONG RESULTS IN FIRST HALF YEAR 2015 AND INTERIM DIVIDEND OF 0.50 PER SHARE. For immediate release FLOW TRADERS REPORTS STRONG RESULTS IN FIRST HALF YEAR 2015 AND INTERIM DIVIDEND OF 0.50 PER SHARE. AMSTERDAM, the Netherlands 19 August 2015. Flow Traders N.V. ( the Company or Flow

More information

NEWS RELEASE QUESTOR TECHNOLOGY INC. ANNOUNCES FIRST QUARTER 2014 FINANCIAL RESULTS

NEWS RELEASE QUESTOR TECHNOLOGY INC. ANNOUNCES FIRST QUARTER 2014 FINANCIAL RESULTS NEWS RELEASE QUESTOR TECHNOLOGY INC. ANNOUNCES FIRST QUARTER 2014 FINANCIAL RESULTS Calgary, Alberta (May 30, 2014) Questor Technology Inc. ( Questor or the Company ) (TSX-V: QST) announced today its financial

More information

B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P. BMO 2013 Technology and Digital Media Conference

B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P. BMO 2013 Technology and Digital Media Conference B U I L D I N G N O R T H A M E R I C A N F I N T E C H L E A D E R S H I P BMO 2013 Technology and Digital Media Conference Forward-Looking Statements This presentation contains certain statements that

More information

BROOKFIELD OFFICE PROPERTIES REPORTS FIRST QUARTER 2014 RESULTS

BROOKFIELD OFFICE PROPERTIES REPORTS FIRST QUARTER 2014 RESULTS NEWS RELEASE BROOKFIELD OFFICE PROPERTIES REPORTS FIRST QUARTER 2014 RESULTS All dollar references are in U.S. dollars unless noted otherwise. NEW YORK, April 25, 2014 Brookfield Office Properties Inc.

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) Q3 2014 Q3 2015 % change 9m 2014 9m 2015 % change Revenue 636 661 3.9% 1,909 1,974 3.4% Cost of sales (440) (453) 3.0% (1,324) (1,340) 1.2% Gross

More information

K3 BUSINESS TECHNOLOGY GROUP POSITIVE OUTLOOK REITERATED. In-line numbers and healthy prospects across the divisions SOFTWARE & COMPUTER SERVICES

K3 BUSINESS TECHNOLOGY GROUP POSITIVE OUTLOOK REITERATED. In-line numbers and healthy prospects across the divisions SOFTWARE & COMPUTER SERVICES K3 BUSINESS TECHNOLOGY GROUP SOFTWARE & COMPUTER SERVICES KBT.L 129.5p Market Cap: 40.7m SHARE PRICE PERFORMANCE 190 170 150 130 110 90 70 50 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 12m high/low 176p/93p

More information

euromicron AG Corrections to financial statements Hold 14.00 EUR

euromicron AG Corrections to financial statements Hold 14.00 EUR euromicron AG Corrections to financial statements 24/03/2015 Hold 14.00 EUR Close (23/03/2015) Bloomberg: EUCA Sector Share price performance 14.15 EUR WKN: A1K030 Technology 52 week high 14.18 52 week

More information

MGC Diagnostics Corporation Reports Fiscal Year 2015 Financial Results

MGC Diagnostics Corporation Reports Fiscal Year 2015 Financial Results MGC Diagnostics Corporation 350 Oak Grove Parkway Saint Paul, MN 55127 Telephone: (651) 484-4874 Facsimile: (651) 484-4826 FOR IMMEDIATE RELEASE MGC Diagnostics Corporation Reports Fiscal Year 2015 Financial

More information

NEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015

NEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015 EQUITY RESEARCH FY14 Update June 5 th, 2015 Weak FY14, but positive outlook thereafter NEUTRAL Current Share Price ( ): 3.4 Target Price ( ): 3.8 Enertronica 1Y Performance 120 Weak FY2014 figures, due

More information

FSA Group Investor Presentation 22 August 2014

FSA Group Investor Presentation 22 August 2014 FSA Group Investor Presentation 22 August 2014 Agenda Overview Core division Services Growth divisions Consumer Lending and Business Lending Financial results 2014 Where are we heading? 2 Overview 3 Overview

More information

Comprehensive review of the IFRS for SMEs Summary of user outreach (October 2014)

Comprehensive review of the IFRS for SMEs Summary of user outreach (October 2014) (October 2014) Objective of this paper 1. This paper gives an overview of the user outreach performed by the staff during the initial comprehensive review of the IFRS for SMEs and summarises the feedback

More information

Dr. Reddy s Q3 and 9M FY16 Financial Results

Dr. Reddy s Q3 and 9M FY16 Financial Results Press Release DR. REDDY'S LABORATORIES LTD. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500034. Telangana, India. INVESTOR RELATIONS KEDAR UPADHYE kedaru@drreddys.com (Ph: +91-40-66834297) CONTACT

More information

Closed-end fund update

Closed-end fund update a b Closed-end fund update Senior loan funds: Too early to Buy UBS Wealth Management Research / 29 May 2008 Lead Analyst Sangeeta Marfatia Highlights We provide an update on the senior loan funds in this

More information

Quarterly Financial Review

Quarterly Financial Review Quarterly Financial Review Third Quarter 2013 Q3-2013 Quarterly Review 2013 Snap-on Incorporated October 17, 2013 Cautionary Statement These slides should be read in conjunction with comments from a conference

More information

GEFRAN. 1Q16 results in line. Buy (maintained) Company report. 13 May 2016. Electrical equipment

GEFRAN. 1Q16 results in line. Buy (maintained) Company report. 13 May 2016. Electrical equipment GEFRAN Company report Electrical equipment Data Shares Outstanding (m): 14 Market Cap. (EURm): 25 Enterprise Value (EURm): 55 Free Float (%): 33.2% Av. Daily Trad. Vol. (m): 0.01 Main Shareholder: Reuters/Bloomberg:

More information

Keyware Technologies N.V- valuation update as of October 20, 2015

Keyware Technologies N.V- valuation update as of October 20, 2015 Keyware Technologies N.V- valuation update as of 30.06.2015 October 20, 2015 This memorandum brings the main updates regarding Keyware Technologies N.V's (hereinafter 'Keyware' or the 'Company') valuation

More information

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets Consolidated Balance Sheets June 30, 2015, December 31, 2014, and (June 30, 2015 and 2014 are reviewed, not audited) Assets 2015.6.30 2014.12.31 2014.6.30 Current assets: Cash and cash equivalents $ 36,400,657

More information

Rating Action: Moody's assigns A3 issuer rating and Aa1.cz rating to Cesky Aeroholding, a.s.

Rating Action: Moody's assigns A3 issuer rating and Aa1.cz rating to Cesky Aeroholding, a.s. Rating Action: Moody's assigns A3 issuer rating and Aa1.cz rating to Cesky Aeroholding, a.s. Global Credit Research - 21 May 2014 First-time Moody's rating; outlook is negative London, 21 May 2014 -- Moody's

More information