AquaSource Algae Group (AAGP 1.25p/£0.73m)
AquaSource Algae Group, which sells natural food supplements and body products, announced its preliminary results for the year ended 31 December 2009. The group was able to achieve revenue of EUR3.73m (EUR 3.5m) with PBT of EUR0.351m (EUR 0.237m) and EPS of EUR0.47 (EUR 0.17). Whilst cash from operating activities fell to £0.10m (£0.19m), a capital expenditure adjustment resulted in an increase in cash of EUR 0.28m (EUR 0.054m) for the year. With, a positive year of results, together with the wider implementation of a sales and marketing initiative that has already delivered increased sales in Bulgaria and Greece, we feel that the AquaSource Algae has a rosy future ahead.
Angel Biotechnology Hldgs (ABH 0.18p / £3.85m)
Further to our comment last week on Angel, the Company has announced another contract with Materia Medical. And this one is for £1.3m. This is a significant value considering the small market capitalisation of Angel and further demonstrates the Company’s ability to sign deals and deliver on them, hence the ongoing relationship with Materia Medica, amongst others.
The work on the contract is due to commence imminently and complete in 2012. We reiterate last week’s opinion that we think the share price doesn’t reflect all of the new business Angel is signing and so now is definitely the time to buy.
Beacon Hill Resources (LON:BHR) (BHR 4.5p/£11.64m)
Beacon Hill, the mining group, has commenced excavation works to extend the existing opencast pit at the Minas Moatize coal mine, Tete Province, Mozambique. Work is intended to lift production by 120,000 tonnes over the next 12 months while the refurbishment of the underground mine is expected to yield an increase from 2.5kt per month to 8kt per month. These are small steps prior to establishing a large scale open cut operation targeting c.4Mtpa and revenues in excess of $200m within 18 months though this will require significant capital investment. Still a hill to climb but looking attractive at this price.
Equatorial Palm Oil (LON:PAL) (PAL 12.75p/£10.38m)
The Liberian palm oil developer that recently IPO’d onto Aim has announced an investment of £5m from a major Indian conglomerate. The 29.1 per cent stake (of the enlarged Company) taken by BioPalm Energy Ltd (part of The Siva Group, a $3bn company) was priced at 15p per share, a significant premium of over 40 per cent on the…
