Broker Upgrades and Downgrades & Key UK Corporate Snapshots 21 July 2015

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Amino Technologies Plc (AMO.L) Announced, in its unaudited interim results for the six months ended 31 May 2015, that its reported revenue stood at £17.9 million, compared to £16.4 million in the preceding period. Profit after tax was £3.6 million compared to £1.8 million. The company’s diluted earnings per share was 6.85p, compared to 3.29p. Subsequently, it also announced that it has conditionally agreed to acquire the entire issued share capital of Entone, Inc. (“Entone”) for a total consideration of $73.0 million (£46.7 million).

AO World Plc (AO..L) Announced, in its interim management statement for the period 01 April 2015 to today’s date, that the business is on track with its long-term strategic progress. It will announce a new partnership with Karmarama, an innovative British advertising agency, who will head up its creative initiative moving forward and help to demonstrate its market-leading proposition to customers both old and new. Sales continue to build satisfactorily in Germany and initial feedback from the customers is also positive. The company reported a revenue growth in the UK business for the 3 months ended 30 June 2015 was 6.5%, with its orders up 13.9%. AO.com experienced revenue growth of 11.2% year on year. Additionally, it announced the company’s half year results for the six months ending 30 September 2015 will be released on 24 November 2015.

Arbuthnot Banking group Plc (ARBB.L) Announced, in its interim results for the six months ended 30 June 2015 that net interest income rose to £64.5 million from £41.1 million recorded in the same period a year ago. Profit after tax widened to £12.7 million from £6.7 million. Diluted earnings per share stood at 42.4p, up from 25.3p.

Augean Plc (AUG.L) Announced an update prior to commencement of its close period, ahead of issuing its interim results for the six months ended 30 June 2015. The Group performed strongly in the first half of 2015 and underlying profit before tax is expected to be in line with market expectations. The Group’s interim results for the six months ended 30 June 2015 are expected to be announced on 22 September 2015.

Bluecrest Allblue Fund Limited (BABS.L) Announced, in its monthly performance update, in June, the fund witnessed volatile market conditions, prompted by political and economic uncertainty, particularly in Europe and Asia. The fund fell by 1.2% for the month which reduces the year to date return to 0.8% (Sterling Class NAV). The rolling 12 month return was 3.2%. Volatility rose modestly to around 2.8% but remains well within normal historical levels.

Cable & Wireless Communications Plc (CWC.L) Announced an update on the First Quarter performance and financial position of the Group since the year ended 31 March 2015. Group revenue stood at US$583 million, up 4%. Chief Executive Phil Bentley said “Based on the First Quarter’s trading we maintain our guidance for the year.” Interim results for the period ending 30 September 2015 are expected to be announced on 5 November 2015.

CEB Resources Plc (CEB.L) Announced, in its final results for the year ended 30 April 2015, that net investment profit stood at $0.22 million, compared to $0.27 million in the same period last year. Loss after tax was $0.12 million, compared to a loss of $0.70 million. Basic and diluted loss per share stood at $0.001, compared to a loss of $0.004.

Cello Group Plc (CLL.L) Announced, in its trading update for the six months to 30 June 2015 that Cello has experienced good trading for the first six months to 30 June 2015, with strong headline revenue growth. Half year operating profits would be a little lower than the same period last year. Cello Health experienced strong headline revenue growth in the first half of the year. The Group remains actively engaged in seeking targeted acquisitions to complement Cello Health’s client offer, particularly in the US. At the half year stage, net debt is in line with expectations. The Board is confident of meeting current full year market expectations.

Croda International Plc (CRDA.L) Announced its half year results for the six months ended 30 June 2015. Sales increased to £564.6 million (2014: £537.4 million), up 5.2% in constant currency, with growth in all sectors and regions. Adjusted pre-tax profit increased by £10.4 million to £135.7 million (2014: £125.3 million), reflecting underlying growth of 7.3%. The Board has increased the interim dividend by 5.1% to 31.0p (2014: 29.5p). Chairman Martin Flower said “We expect to continue to deliver growth through the second half of the year, albeit against a stronger comparator period. Whilst conditions remain uncertain in Europe, we are encouraged by recent growth. Overall, we remain on track to deliver our expectations for the full year and to generate strong returns for shareholders.”

Escher Group Holdings Plc (ESCH.L) Announced in its trading update for the six months to 30 June 2015 that revenue is expected to be in the order of $11.8 million (2014: $11.1 million , up by 7%. Adjusted EBITDA is expected to increase strongly by 66% to approximately $2.7 million (2014: $1.6 million). Net debt was seen at $2.7 million (31 December 2014: $5.3 million). The recent contract win with permanent TSB, an Irish retail bank with 76 branches and over 1 million customers shows its ability to expand into other related market areas. The group completed the rollout of its software for a Malaysian client in the period and the rollout to its major US client is ongoing following the recognition of the license revenue in February 2015.

FAIRFX Group Plc (FFX.L) Announced, in its trading update, that total turnover for the six months ended 30 June 2015 was approximately £310 million, an increase of in excess of 40% year on year, building on the strong growth seen in 2014. Total new customers added in the half year were 60,495, a growth of 37% year on year bringing total customers to 465,205 as at 30 June. Given the major marketing push for 2015 started in June, the growth in the first half can largely be attributed to the momentum built in 2014.

Fishing Republic Plc (FISH.L) Announced a trading update for the first half of its maiden financial year as a quoted company. The trading performance over the first six months ended 30 June 2015 has been good. Sales are expected to show a small increase on the same period last year and margins have improved considerably. All market areas performed well and online sales in the period are significantly ahead of last year, partly reflecting the programme to enhance the Company’s website portals. Trading has started well in the second half of the year and the Company is looking to expand its operations by making some small acquisitions and is making progress regarding its intention to open a new outlet in the Midlands. The Company will announce its maiden half year results on Wednesday 2 September 2015.

Galasys Plc (GLS.L) Announced, in its trading update ahead of the half year results for the six months ended 30 June 2015, that the company has delivered a solid performance in the first half of the year and, as a result, anticipates delivering results for the full year in line with market expectations. During the period, the company won significant new contracts in China, the Philippines and Malaysia, and its partnership with the Xinjiang Tourism Association and collaboration agreement with Shiji (Hong Kong) are expected to provide many more opportunities going forward. The Board therefore looks forward to the remainder of the year with confidence.

Galliford Try Plc (GFRD.L) Announced that it has signed contracts with Birmingham City University to build the £46 million Conservatoire in central Birmingham.

IG Group Holdings Plc (IGG.L) Announced in its preliminary results for the year ended 31 May 2015, that net revenue grew marginally to £400.2 million from £388.4 million in the same period preceding year. The company’s profit before tax stood at £193.2 million, compared to a profit of £169.5 million reported in the previous year. The diluted earnings per share stood at 41.07p compared to earnings of 35.99p reported in the previous year. The company further stated that the board has proposed a final dividend of 19.70p per share amounting to £71.8 million on 15 July 2015 and has not been included as a liability at 31 May 2015. This dividend will be paid on 30 October 2015, following approval at the company’s AGM. The company separately announced that Tim Howkins, Chief Executive Officer, will step down from his post and as a director at the AGM in October. After the AGM, Peter Hetherington, a board member since 2002 and currently Chief Operating Officer, will assume the role of Interim Chief Executive, subject to regulatory approval.

IP Group Plc (IPO.L) Announced that its portfolio company, Oxford Nanopore Technologies Limited, has raised £70.0 million in a new financing round via a private placement of ordinary shares.

Koovs Plc (KOOV.L) Announced that Mary Turner will be appointed Chief Executive Officer with effect from 1 October 2015. She has been a Non-Executive Director of the company since July 2014 and will step up to lead the executive team through the next stages of the business’s growth and development. Additionally, the company also announced that trading in the first three months of the new financial year has continued to be very encouraging. Sales have continued to show strong growth with gross order value 203% higher than the same period last year, against a backdrop of restrained levels of marketing investment during the period. As previously announced, the board is in the process of considering its options for raising further investment to fund the marketing requirements for the business.

KSK Power Ventur Plc (KSK.L) Announced, in its audited results for the year ended 31 March 2015, that its reported revenue stood at $382.0 million, compared to $335.9 million in the preceding year. Loss net of tax was $68.9 million compared to $59.0 million. The company’s basic and diluted loss per share was 0.32c, compared to 0.31c.

Learning Technologies Group Plc (LTG.L) Announced, in its trading update for the half year ended 30 June 2015, that the profits are in line with management expectations. The company made good progress during the first half of 2015 and, as expected, delivered both operational and financial synergies from the acquisitions made in 2014. Consequently, margins are higher than anticipated and it remains on course to achieve our goal of building a £50 million revenue business. The company has a strong balance sheet with net cash of £2.9 million as at 30 June 2015. The Group continues to actively pursue acquisition opportunities and is optimistic about its prospects for H2.

Mobile Streams Plc (MOS.L) Announced, in its trading update for its unaudited financial and business performance for the 12 months ended 30th June 2015, that revenues was of around £29 million (12 months to end of June 2014: £48.6 million). EBITDA was in line with market expectations (12 months to end of June 2014: £700,000). The company reported cash of £2.9 million, with no debt (12 months to end June 2014: £3.2 million).

Mwana Africa Plc (MWA.L) Announced that Bindura Nickel Corporation (BNC), a 74.73% owned subsidiary of the company, has today released for publication its abridged audited group financial results for the year ended 31 March 2015. A copy of BNC’s results can be found at http://www.mwanaafrica.com/. The company will be releasing its consolidated audited group financial results for the year ended 31 March, on 29th July 2015.

Nasstar Plc (NASA.L) Announced, in its trading update for the half year ended 30 June 2015, that the board expects results to be in line with expectations. Investment into management resource and skill set has continued in 2015 to both structure the business more effectively and integrate the three subsidiaries, laying a firm foundation for future growth. Further cost consolidation programs have been executed, which included the merging of the two London offices, being the original Nasstar UK Old Street office and the Kamanchi Temple office. The board agreed to an early termination on the Old Street lease thereby creating savings. The second half of the year might see some unexpected challenges that makes the good progress in the first half even more important. Strong cost and cash control continues and the initiatives in these areas in the first half of the year will help reduce the cumulative impact of these developments, any one of which in isolation would have been insignificant in the context of overall group performance. The group results for the half year ended 30 June 2015 are expected to be released on 21 September 2015.

Oilex Limited (OEX.L) Announced, in its update from the Cambay Field subsequent to the commencement of gas sales from Cambay-73 into the low pressure network, that Cambay-73 averaged ~ 54boepd during 22 days from 26 June 2015. Cambay-73 has achieved 100% operational availability during this period. Its condensate to gas ratio (CGR) is calculated to be 58bbls per MMscf, which is 26% higher than the CGR used in the Independent Reserves Report from RISC Operations Pty Ltd. If sustained over time and in other wells, this may have a positive impact on the condensate/light oil included in the Reserves. Since the introduction of gas from the Cambay Field into the local low pressure network, the average daily demand has increased by 28% to approximately 320Mscfd. In light of the increasing local gas demand, the joint venture is considering some operational efficiencies to better service the market and encourage further demand growth.

PZ CUSSONS Plc (PZC.L) Announced, in its final results for the year ended 31 May 2015, that revenue slid to £819.1 million from £861.4 million posted in the same period preceding year. The company’s profit before tax stood at £84.0 million, compared to a profit of £123.7 million reported in the previous year. The basic earnings per share stood at 12.45p compared to earnings of 21.52p reported in the previous year. The company further stated that the board has recommended a final dividend of 5.39p (2014: 5.23p) per share, making a total dividend for the year of 8.00p (2014: 7.76p) per share. The gross amount for the proposed final dividend is £23.1 million (2014: £22.0 million).

Royal Mail Plc (RMG.L) Announced, in its trading update for the three months ended 28 June 2015, that the company’s trading in the period was broadly in line with its expectations. Parcel volumes were up 3%, supported by continued growth in low AUR import parcels and a 20% increase in Parcelforce Worldwide, in its smaller express parcels unit. In account parcels, the company was benefitted from the initiatives that took effect in the second half of last year. Meanwhile, parcel revenue was up 2% due to the pricing environment which remains very competitive in all the major segments, in particular Parcelforce Worldwide and export parcels. Addressed letter volumes decreased by 5% (excluding the impact of election mailings), within our forecast range of a 4-6% decline per annum. The company’s outlook for letter and parcel trends and other guidance remain unchanged from that set out in its Financial Report for the full year ended 29 March 2015 issued on 21 May 2015.

Science in Sport Plc (SIS.L) Announced, in its pre-close trading update ahead of its financial results for the six months ended 30 June 2015, that the trading during the period was successful and the sales continued to grow strongly. Sales increased 19% to £5.24 million compared to 4.42 million in the same period previous year. Sales growth was particularly strong in e-commerce, both from third-party e-tailers and from the company’s own website, and in international markets. It expects year-on-year sales growth to be weighted towards the second half of the financial year. The board is confident for the outlook for the full year. It will issue its half year results on 24 September 2015.

Secure Trust Bank Plc (STB.L) Announced an increase in profit before tax of 40% for the six months to 30 June 2015. The Bank has traded strongly during H1 2015, whilst continuing to invest heavily in the development of an SME lending division. The Group achieved a record level of profit before tax for a first half period of £16.0 million. Overall loan book increased to £852.3 million; a 90% increase on H1 2014: £447.8 million. Customer deposits increased to £835.1 million; a 75% increase on H1 2014: £476.8 million. Impairments remain below levels expected at origination. The positive momentum in customer lending continues, with balances up 90% in the last twelve months, evidencing the successful ongoing execution of the strategic plan.

Shanta Gold Limited (SHG.L) Announced in its production and operational results for the quarter ended 30 June 2015 that Gold production stood at 14,664 ounces (“oz.”) (Q1: 13,516 oz.) whereas Gold sales stood at 11,590 oz. at an average price of $1,222 per oz. (Q1: 13,551 at $1,252 per oz.). Costs stood at $834/oz. (Q1: $1,143/oz.) and All in Sustaining Cost was seen at $1,157/oz. (Q1: $1,451/oz.) Cost per ounce was adversely affected by low gold production during the quarter. There was No change in AISC guidance for the year of $850/oz. It completed its redevelopment of Bauhinia Creek Pit, including permanent ramp access to the 930 RL. The first ore production blast for the year took place in Bauhinia Creek Pit on 13 May 2015. Gold production in June returned to budgeted levels and will remain so for the balance of 2015, with guidance unchanged at 72,000-77,000 oz. Bauhinia Creek and Luika Pits were re-optimised and re-designed to generate significant reduction in Life of Pit strip ratios and mining costs. There was negative cash generation from operations which was $3.0 million (Q1: Cash generated of $5.8 million) affected for the by low production. Cash balance was seen at $5.9 million (Q1: $9.2 million). The capital expenditure stood at $6.6 million (Q1: $8.1 million) including open pit development expenditure. FBN loan balance of $18.8 million was refinanced from Investec loan. $10 million was drawn down to fund working capital requirements and $10 million of standby facility is still available. Gross debt was seen at $60.4 million (Q1: $52.7 million) and net debt was $54.5 million (Q1: $43.5 million). Forward sales from July 2015 to December 2015 is seen at 26,000 oz at an average price of $1,221 per oz.

SSP Group Plc (SSP.L) Announced, in its trading update for the third quarter of its financial year ending 30 September 2015, that the group’s overall performance in the third quarter was in line with the expectations. On a constant currency basis, the total group revenues rose by 4.1% while like-for-like sales growth stood at 3.2%. At actual currency rates, total group revenues fell by 0.1% on a YoY basis. Like-for-like sales continued to benefit from good growth in the UK, mainly from strong passenger growth in the air sector, and in North America, driven by the performance of Terminal 4 at New York JFK airport. The Rest of the World division (including Eastern Europe, Middle East and Asia Pacific) delivered robust like-for-like sales growth, and showed similar strong trends in passenger numbers across most of the region. In Continental Europe, it continues to experience a challenging trading environment, mainly in France and Germany. Net gains stood at 0.9%, which was stronger than in the first half. The group’s results for the year ending 30 September 2015 are expected to be released on 26 November 2015.

Teathers Financial Plc (TEA.L) Announced that it continues to seek out further investments which fall within the scope of its Investing Policy and will continue to update shareholders, as appropriate, in accordance with the AIM Rules. As part of its Investing Policy, as set out in the circular to shareholders dated 12 November 2014, Teathers stated that it intended to develop a software application service to help the Company to identify market fundraisings of which it would otherwise not be aware. Teathers launched the Teathers crowd equity app at the UK Investor Show 2015 held on 18 April 2015. It should however be noted that the offering of equity placings through the App is an activity requiring an appropriate Financial Conduct Authority (“FCA”) regulated structure. To that end the Company is currently in contractual negotiations with a partner for the operation of the App, including the basis for the sharing of commissions, and anticipates that the App will be functional in the next few weeks. In order to progress the Company’s Investing Policy and the development of its App, Oliver Fattal has become more involved in the day to day operations of Teathers and its investment activities. Oliver Fattal, who has been on the Board of the Company in various capacities since March 2011, most recently and since 16 December 2013 as a Non-Executive Director, is therefore being appointed, with immediate effect, as the Company’s part-time Chief Operating Officer, an Executive Director position as opposed to his previous Non-Executive Director role. To reflect Oliver Fattal’s increased responsibilities as an Executive Director he will be paid a salary commensurate with his position of £45,000 per annum, such salary being backdated to 1 July 2015. The fee paid to Oliver Fattal of £15,000 for the year ended 31 October 2014 will be offset against Oliver’s salary for the year ended 31 October 2015. Teathers will release its unaudited interim results for the six months ended 30 April 2015 by the end of July 2015.

Tritax Big Box REIT Plc (BBOX.L) Announced that it would release its interim results for the six months ended 30 June 2015 on 21 August 2015.

Versarien Plc (VRS.L) Announced, in its final results for the year ended 31 March 2015, that its reported revenue stood at £4.9 million, compared to £2.9 million in the preceding year. Loss after tax was £0.9 million compared to £0.7 million. The company’s basic and diluted loss per share was 0.80p, compared to 0.85p. It also announced that Panmure Gordon (UK) Limited has been appointed as the company’s Nominated Adviser and Broker with immediate effect. This follows the completion of the acquisition of Charles Stanley Securities by Panmure Gordon Plc.

Victrex Plc (VCT.L) Announced, in its interim management statement that the group experienced solid trading against tougher comparatives during Q3. Third quarter Group revenue of £64.5 million was flat compared to the prior year period (Q3 2014: £64.2 million) and slightly ahead in constant currency, with third quarter group sales volume of 1,070 tonnes 17% ahead of the prior year (Q3 2014: 911 tonnes). Year to date Group sales volume of 3,098 tonnes is 24% ahead of the prior year (YTD 2014: 2,495 tonnes). Cash generation remains healthy and there have been no significant changes to the group’s financial position. On the outlook front, overall momentum remains positive and it expects to fully overcome the impact of foreign currency. Consequently, Victrex remains well positioned to deliver profit progress over the full year.