AIMprospector

write-ups on another five AIM companies

Global agriculture price bonanzaThe AIM company profiting from this mega-trend

Issue 5 July 2014

recent IPO that is perfectly poised

ambitious restaurant group

smallcap engineering recovery play

free to private investors

Supported by

fast-growing healthcare manufacturer

AIMprospector

2 www.aimprospector.co.uk

Welcome to the July edition of AIMprospector, the online magazine for investors in AIM-quoted companies.As always, the magazine is sent to registered subscribers 24 hours before it is published on issuu.com.

To be among the very first people to read AIM Prospector, register your email address at www.aimprospector.co.uk for a monthly email notification and no spam. Blackthorn Focus (publishers of AIM Prospector) will not share your details with any other organisation.

Much has happened since the last AIM Prospector.WYG, the engineering consultancy that featured in the May edition, reported

final results at the beginning of June. This was a watershed announcement, heralding WYG’s development from recovery to growth. Dividends were resumed as operating profit increased threefold. The results inspired one broker to increase their 2016 forecasts for the company by 37%. Since results, WYG has announced its appointment to a framework agreement for the Ministry of Defence. This will see the company consulted by the MoD on the delivery of any major site facilities.

Majestic Wine’s (May edition) results were perhaps the least impressive that the company has delivered in the last ten years. Nevertheless, the dividend was increased and like-for-like sales were broadly steady. According to Stockopedia, the shares today trade on a 2015 P/E of 15.4, with a prospective yield of 3.8%.

The biggest AIM story of the month was Quindell and its failure to secure a premium listing on the Main Market. The company raised £200m from the market in November last year. However, having now taken a kicking from Gotham City Research and the UK Listing Authority, the share price tells me that deep-pocketed investors are deserting the company. Shareholders have to ask themselves what Quindell’s future will look like if it has lost the market’s faith forever.

RWS, the company featured as Top Pick in the April edition and described as one of the very most successful on the entire market, reported interims at the beginning of June. Sales were 28% higher, assisted by an acquisition. Adjusted EPS was flat but the interim dividend was raised by an impressive 9%.

This month’s Top Pick is farm supplies and retail business Wynnstay Group. The company has been selected as one of the best listed plays on agricultural inflation trends. Results in recent years have supported this strategy. Only 34 UK-listed companies can better Wynnstay’s record in the last five years for sales and dividend

increases.As for Boohoo, the fast-growth fashion firm, the

company announced profit for the year of £8.4m. That puts the shares today on a P/E of 67 times last year’s earnings. With revenue growth of just 24% reported for Q1 of this year, that valuation still seems too rich. I am staying short

using Spreadex.

“Enjoy this month’s magazine”David O’Hara, Editor, AIMprospector

ContentsTricorn Group .................p 4

Wynnstay Group .............p 5

Stockopedia ..........................p 7

European Wealth Group ..................p 8

LiDCO .............................p9

Tasty Group ..................p 10

next month ....................p 11

Contacttwitter: @aimprospector.co.uk

email: editor@aimprospector.co.uk

www.aimprospector.co.uk

Published by:Blackthorn Focus Limited

www.blackthornfocus.com

AIMprospector

write-ups on another five AIM companies

Global agriculture price bonanzaThe AIM company profiting from this mega-trend

Issue 5 July 2014

recent IPO that is perfectly poised

ambitious restaurant group

smallcap engineering recovery play

free to private investors

Supported by

fast-growing healthcare manufacturer

AIMprospector

www.aimprospector.co.uk 3

AIMprospector

4 www.aimprospector.co.uk

The US and Chinese operations

are part of Tricorn’s strategy to build

a more global footprint to meet

customer demands for shorter supply

chains. This strategy appears to be

working already. Management has

reported that new customer revenues

are growing in the USA and that the

Chinese operations are making a

positive contribution to earnings.

According to some estimates,

Tricorn now has a manufacturing

capacity of around £40m a year. If the

company can achieve sales on that

scale at the level of margins that it has

enjoyed in the past, then the shares

would likely double from here.

revealed signs that Tricorn’s long-term

prospects may be looking up.

Tricorn’s loss occurred as a result

of weakness in its traditional markets

and costs associated with its new

manufacturing operations. It is not

just the hope of recovery among

Tricorn’s traditional customer base

that has led management to make

confident noises. Tricorn’s new Chinese

and American operations are already

making good progress.

Tricorn’s US business was acquired

in March 2013 when a company

called Whitley Products went into

receivership. Under the deal, Tricorn

purchased a manufacturing facility

in North Carolina and a collection of

fixed assets from two sites. Tricorn

paid £1.95m for these Whitley assets.

Considering Whitley made total

revenues of £21m in its 2012 financial

year versus Tricorn’s £25m, the

transformational possibilities of this

acquisition need to be acknowledged.

The Chinese joint venture was

formed in partnership with the

Nanjing Minguang Oil Pipe Company

and is based in Nanjing.

Quoted on AIM since 2001, Tricorn is a manufacturer of specialist tubing parts.The company’s key markets are Energy,

Transportation and Aerospace. Energy

applications include diesel engines in

the power and mining industries. Uses

of Tricorn product in Transportation

include fuel and braking systems for

large on-road and off-road vehicles.

The Aerospace operations supply

piping for jet engines, fuselage and

landing gear.

Tricorn trades through four

subsidiary companies and a majority-

owned joint venture in China.

In the six years from 2008 to 2013,

Tricorn delivered an average annual

net profit of £0.7m. The company was

profitable in each of these years. 2010

was the worst year of these with a net

profit of just £0.15m reported and EPS

of 0.46p. In the best year, 2012, net

profits hit £1.16m and EPS reached 3.4p.

Results for the twelve months to

31st March 2014 were announced on

June 10th. As signalled in an earlier

trading statement, Tricorn slipped to

a loss on the year. Full year dividends

were reduced to 0.13p from 0.3p

after Tricorn declined to pay a final

dividend.

When trading difficulties at Tricorn

were first revealed in February, the

shares fell from 32p to 16p in one

week. However, the recent results

Tricorn Group (LON:TCN)

FOR

Little in the price for growth prospects

Decent track record

AGAINST

US customers might not return

Stronger pound may affect exports

Market cap £7m

Bid:offer 20p:21.5p

P/E (forecast) 41.5

Yield (forecast) 1.5

52week low:high 16p:43p

Tricorn: a smallcap recovery play

Tricorn slipped to a loss

on the year

Chinese and American

operations are already making

good progress

Tricorn now has a manufacturing

capacity of around £40m

AIMprospector TOPpick

www.aimprospector.co.uk 5

TOPpick: Shareholders in clover at Wynnstay Wynnstay Group is perfectly positioned to benefit from rising global food demand.Headquartered in Wales, Wynnstay

Group is principally a supplier to farms

and rural communities. Wynnstay

comprises two divisions: Agricultural

(seed, feed, fertiliser) and Specialist

Retail (farm/country supplies and pet

products). In the last five years, sales

have grown at an average rate of 12.0%

per year. Dividend growth in that time

has averaged 9.2% a year, increasing for

each of the last nine years. This success

puts Wynnstay among the top 1% of all

AIM-quoted businesses.

In October 2013, Wynnstay

purchased Carmarthen & Pumsaint

Farmers Ltd (CPF), a farming supplies

co-operative. This acquisition extended

Wynnstay’s footprint in the South-

West Wales region, where it had

previously been under-represented.

The CPF acquisition boosted the size of

Wynnstay’s Specialist Retail portfolio

and brings supply synergies. Seed and

fertiliser sales will also gain.

The acquisition of CPF is the latest

in a series of acquisitions that have been

integrated into the Group over the last

sixteen years. Today, Wynnstay has a

trading presence in Wales, the Midlands

and northern England.

Wynnstay’s Agricultural business

delivered £172m of revenues (77% of

group) and £2.3m (47%) of operating

profit in the first half of 2014. Although

these margins are low, there are some

important factors to consider. First, the

company is operating in a sector where

price increases are on an upward trend.

Global cereal demand is expected to

grow 50% according to forecasts for

future population growth (from current

seven billion to nine billion by 2050) and

dietary changes (3−4 billion people will

become richer and consume more meat

& dairy). Domestically, declining food

self-sufficiency means that Britain now

produces less than two-thirds of food

consumed, down from 75% in 1991.

Second, much of Wynnstay’s sales enjoy

a natural hedge whatever the weather:

when cattle feed demand falls, seed and

fertiliser demand typically rises. Finally,

bulk supply to farmers is a substantial

logistical undertaking. Wynnstay is well-

embedded in the regions that it serves

after skilful integration of a series of past

acquisitions. Wynnstay’s competitors

in this sector are typically fragmented,

smaller operations. Wynnstay has a

market position that would be extremely

difficult to replicate.

The upshot is that demand for

Wynnstay’s livestock feed, healthcare

products, seed (Wynnstay has 14% of

the UK market for seed), fertilisers and

crop protection products looks set to

continue rising well into the future.

Wynnstay has a trading presence

in Wales, the Midlands and

northern England

a Just For Pets superstore

sales enjoy a natural hedge

whatever the weather

AIMprospector TOPpick

6 www.aimprospector.co.uk

The Specialist Retail business

accounted for 23% and 53% of group

sales and operating profits respectively

in H1 2014. The Wynnstay Stores

segment provides non-discretionary

services and products for farmers and

smallholders. This ranges from a farm

gate to sheep shearing equipment

and from wax jackets to arm-length

disposable gloves. There are 39 units in

the Wynnstay Stores network across

Wales and the West Midlands. Seven

of these units were integrated from

the CPF acquisition. The CPF stores

added £6.5m to H1 sales and a positive

contribution to year end results is

expected from these new units. Further

Wynnstay Stores openings are planned

for 2014. As a whole, the Stores network

contributed £43m (86%) of Specialist

Retail revenues and almost 100% of this

division’s operating profit.

The remainder of the Specialist

Retail revenues comes from Wynnstay’s

‘Just for Pets’ retail chain. This business

was launched by the Group in 2007,

as part of efforts to diversify away

from Agriculture. Just for Pets operates

a group of twenty pet stores, mainly

in urban locations around the West

Midlands. Notwithstanding a further

£0.5m (+3%) H1 increase in like-for-like

sales to £7m, Just for Pets operations

are at breakeven. Management considers

Just for Pets to be a ‘work-in-progress’.

In order to grasp the potential, it might

help to look to the recently floated

competitor ‘Pets at Home’. This is a

better established retailer with 2013

sales of £600m and operating profits

of £110m. The market value attributed

to Pets at Home suggests that if the

same margins could be achieved at

Wynnstay’s Just for Pets, then the

market value of this division could

reach £25m. This would see Just for Pets

provide a financially robust and valuable

diversification for the group, giving scope

for further dividend advances.

Interim results, released two weeks

ago, showed that Wynnstay is set for

another typical year of growth. Feed

margins improved on last year and a

good performance for the full year is

expected from this division. Net debt

was reduced significantly (from £15.4m

to £10.9m, helped in part by an equity

placing) and a 9.7% dividend increase

was announced. On the balance sheet,

Wynnstay reported net assets of £75m,

providing considerable backing to the

market valuation. The outlook was

positive, with management pointing to

expectations of a good harvest this year.

As a long-successful company

serving a strengthening customer base,

Wynnstay shares have been awarded

a premium rating by the market.

Historically, while variations in the

weather have had some effect on the

trading result, only a full-blown foot &

mouth outbreak could really threaten

a full-year loss. This makes Wynnstay

a high earnings quality business,

positioned in a niche that benefits from

powerful long-term trends.

sale of feed and fertiliser makes up much of Wynnstay’s sales

Wynnstay Group (LON:WYN)

FOR

Future earnings supported by demographics

Fantastic record of shareholder returns

AGAINST

Appears fully valued for now

Pet chain needs work

Market cap £119m

Bid:offer 620p:627p

P/E (forecast) 17.6

Yield (forecast) 1.6

52week low:high 500p:691p

set for another typical year

of growth

a niche that benefits from

powerful long-term trends

Britain now produces less than

two-thirds of food consumed

Stockopedia is an online stock filtering and research community. I have been a customer of Stockopedia’s for several years and am happy to be able to tell AIM

Prospector readers about how I use the system to discover investment opportunities.Stockopedia is a dream for investors who prioritise a company’s corporate performance in their investment decision-making process. The product is driven by a comprehensive database of corporate account statements. The Stockopedia system enables stock-pickers to seek out investments based on almost any financial criteria.

For example, growth investors can simply screen for companies that have delivered year-on-year earnings growth for at least, say, five years. Income investors can filter on dividend yield and growth etc.

I credit Stockopedia with helping me discover some of my most successful recent investments. Good examples include Robert Wiseman Dairies (which popped up on a yield filter around one month before its takeover), T Clarke, Barclays and my one AIM-quoted shareholding, Begbies Traynor (up 35% plus dividends so far).

To demonstrate the value of the system I have run two investment screens through Stockopedia to highlight some of the best companies on AIM.

The first screen attempts to identify the largest and most successful companies of all on AIM. To qualify, companies must pass the following tests:

market capitalisation > £25m

dividends growing year-on-year for at least 3 years

average annual EPS growth > 5% per annum over the last five years

average annual sales growth > 5% per annum over the last five years

sales increasing year-on-year for the last three years at least

average annual per share dividend growth > 5% per annum over the last five years

EPS forecast to grow by at least 5% for the next year

Only fourteen AIM companies pass all of the tests. They are:

Company P/E Yield (%) Mkt Cap (£m)

Abcam (ABC) 22.8 1.9 780

Nichols (NICL) 22.0 2.0 371

RWS Holdings (RWS) 22.5 2.7 330

Prezzo (PRZ) 20.4 0.2 311

Brooks Macdonald (BRK) 21.7 1.5 211

Idox (IDOX) 19.3 1.6 157

Craneware (CRW) 29.5 1.6 149

Caretech Holdings (CTH) 9.5 2.8 136

Judges Scientific (JDG) 51.3 1.0 126

Mattioli Woods (MTW) 22.5 1.7 90

Portmeirion (PMP) 14.7 3.1 83

Jarvis Securities (JIM) 23.7 2.9 56

Maintel Holdings (MAI) 17.9 3.0 56

Solid State (SSP) 19.5 2.0 33

Of these, RWS, Caretech, Portmeirion and Brooks Macdonald are particularly noteworthy. RWS’ ten year sales, profit and dividend record makes it unique among AIM companies. Recent half-year results from the company showed a 28% increase in sales, 6% rise in operating profit and a 9% dividend hike. EPS for the full year is expected to come in 8% above last year’s figure (Stockopedia also contains consensus forecast data).

Caretech appears to be the last expensive of the lot. According to the Stockopedia data, the care home provider is trading on just 8.5 times forecast profits for the year, with an expected dividend yield of 2.9%.

As for Portmeirion, Stockopedia shows that the shares are currently priced at 13.9 times forecast earnings for the year and come with an expected dividend yield of 3.3% (the figures in the tables are ‘smoothed’ ratios).

Brooks Macdonald shareholders have enjoyed the fastest dividend growth. Payouts from the investment management business have increased, on average, by 47% a year in the last five years.

My second filter is much simpler and lists all those AIM companies that have delivered average annual growth in earnings per share of more than 5% a year over the last five years. Of these, I have picked out five companies that look particularly interesting in the table below. Young & Co may be worth further research. While all the current comment around pub chains is negative, Young’s is proving that it is possible to thrive.

Company P/E Yield (%) Mkt Cap (£m)

Young & Co's Brewery (YNGN) 21.3 1.9 394

Anpario (ANP) 22.0 1.2 57

Jarvis Securities (JIM) 23.7 2.9 56

Crawshaw (CRAW) 38.7 1.0 32

Getech (GTC) 17.4 4.6 14

AIMprospectorThe annual subscription to Stockopedia is dwarfed by the gains I have made from shares that it has helped me to find and research. If you think that this comprehensive data product could help you, click here for more information.

by David O’Hara, Editor, AIM Prospector

advertisement feature

AIMprospector

8 www.aimprospector.co.uk

shares in fund managers perform

well. I expect this effect would be less

marked with a wealth manager like

European Wealth Group. Its customer

base will be savvy enough to realise

that in the short term, investment

returns can disappoint. Wealth

management clients are also more

expensive to market to, making them

more difficult for rivals to poach than,

say, an ISA investor would be.

As the regulatory burden

(particularly anti-money laundering

requirements) has become increasingly

burdensome, smaller players

are finding it tougher to remain

operational. European Wealth Group

expects that its stock-market listing

will help it to play a role as an industry

consolidator. This could be achieved by

issuing shares to make acquisitions.

The regulator’s Retail Distribution

Review (RDR) is also expected to

Documents accompanying its May IPO

revealed that the company is looking

to capitalise on changes to the fund

management industry and pension rules.

The UK has a longstanding and

diverse wealth management industry.

It essentially serves people with so

much money that they need a high

degree of professional advice to

properly manage it. A typical customer

of a wealth manager might a be retiree

who wants to ensure that they pass

on as much as possible but does not

have the financial nous to self-direct

their investments. Yet, just as providers

are diverse, so is the customer base.

Wealth managers might be acting for

schools, charities or other institutions.

This exposes European Wealth Group

to the classic investment manager’s

double-whammy. If investment returns

are good, the fees being earned rise and

new business can be won more easily.

However, if returns falter, fees fall and

customers can depart.

For a large fund manager like

Schroders or Aberdeen, it is often wise

to first take a view on likely future

market returns before trading the

shares. Obviously, in rising markets,

Will annuity changes bring soaring sales to European Wealth Group?European Wealth Group is a wealth management provider.

push more customers European

Wealth Group’s way. The RDR made

fund manager and platform charging

structures more visible to clients. The

wealth management industry hopes

that this new visibility will make

its more personal, bespoke offering

appear comparatively better value.

In the last budget, the Chancellor

announced that the government

would be dropping the requirement

for all pension savings to be converted

into an annuity. Before retirees can

spend the money on something else,

they will be made to secure financial

advice. This will present a firm like

European Wealth Group with two

opportunities. The first, to sell wealth

management services for a customer’s

pension pot and also an offering to

manage any non-pension assets.

European Wealth appears to have

timed its move to AIM perfectly.

European Wealth Group (LON:EWG)

FOR

Industry turmoil brings opportunities

Growing top tier of UK wealthy

AGAINST

Pipeline of expensive regulation

Brand currently sub-scale

Market cap £13m

Bid:offer 95p:105p

P/E (forecast) n/a

Yield (forecast) 0

52week low:high 63p:180p

UK has a longstanding

and diverse wealth management

industry

personal, bespoke offering

timed its move

to AIM perfectly

AIMprospector

www.aimprospector.co.uk 9

Hospitals use LiDCO’s hemodynamic

(blood circulation) equipment to

measure a patient’s blood flow and

blood pressure in real-time during

surgery. This information is used to help

an anaesthetist to adjust the applied

dosage by measuring the patient’s

response to surgery and anaesthesia.

LiDCO’s equipment provides

continuous readings, all from the

simple application of a cuff to the

patient’s finger. This avoids the need for

more intrusive measuring techniques,

which frequently result in a higher

infection rate and a longer period of

hospitalisation for the patient.

LiDCO’s equipment adds further

value to a surgery team through its

patent-protected user interface.

The company sells through what it

calls the ‘razor blade’ model. Customers

pay a significant sum for the LiDCO

equipment, followed by a fee each time

that the kit is used.

The value in LiDCO’s system comes

from better patient outcomes, fewer

complications and faster recovery

times. Its appeal to profit-motivated

healthcare providers in the USA is clear.

However, it is the recent strong growth

of sales to the NHS that has seen

LiDCO move into profit.

LiDCO’s results for 2014 (LiDCO

has a January year end) showed a 20%

increase in group revenue to £8.6m.

In this time, UK sales rose 37% to

comprise almost half of group revenues.

Since then, LiDCO used its AGM

statement to confirm that it expects

profit growth to continue in-line with

market expectations. According to the

investment website Stockopedia, this

would equate to EPS for the year of

around 0.8p per share.

The impressive sales growth

is testament to the relevance and

effectiveness of the LiDCO product.

Furthermore, a series of clinical studies

have demonstrated the contribution that

LiDCO’s products can make to patient

health and hospital management.

Guidelines issued earlier this year

by the Association of Anaesthetists

of Great Britain and Ireland showed

that among elderly patients in surgery,

mortality rates and post-operative care

costs both improved significantly when

devices providing a function similar to

LiDCO’s were used during surgery.

This finding was supported by a

later report from Duke University

of North Carolina which showed

that patient length of stay and

readmission rates showed considerable

From its headquarters in London’s Hoxton, LiDCO manufactures patient monitoring equipment for use in surgery and intensive care.

improvements when LiDCO’s

LiDCOrapid device was used on

patients undergoing colorectal surgery.

Like many companies operating

in and around healthcare, LiDCO has

powerful trends working in its favour.

First, the ageing population means

that there are more elderly patients

requiring surgery. These are some of

the most at-risk surgery candidates

for whom advanced monitoring

techniques, such as those provided by

LiDCO, would deliver most benefit. Also

in LiDCO’s favour is the requirement for

greater efficiencies within hospitals as

patient demand increases.

LiDCO is set for rapid profit growth

as new sales and the stream of recurring

revenues from existing customers

continues. If profit forecasts for the next

two years can be met, then the shares

look moderately priced at this point.

Like so many AIM companies however,

such success could see the company

swallowed up by a larger player.

LiDCO set for next stage of life

LiDCO Group (LON:LID)

FOR

Well-established in niche

Benefits of product now clear

AGAINST

Constrained budgets may slow take-up

Very dependent on one product

Market cap £34m

Bid:offer 17p:18p

P/E (forecast) 22.2

Yield (forecast) 0

52week low:high 12p:29p

avoids the need for more

intrusive measuring techniques

fewer complications and faster

recovery times

LiDCO has some powerful trends

working in its favour

AIMprospector

10 www.aimprospector.co.uk

from public markets. Tasty competes

here with Prezzo, Richoux Group and

Restaurant Group. Add in the privately

owned and overseas chains such as

Pizza Express and Nando’s and it is

plain how competitive the sector is.

The news that Tragus Group, owners of

the Strada brand, are looking to offload

a large number of sites may present

some opportunities for Tasty. However,

forthcoming interest rate rises will soon

begin to affect the disposable incomes

of borrowers. The next two years could

be tougher for Tasty than the last two.

On the current valuation, the company

simply has to deliver.

In October 2013, Tasty raised £3.5m

through a share placing. This left the

company with £3.4m of cash on the

balance sheet at the end of the year.

Management plans to use this (and a

favourably-priced debt facility from

Barclays) to accelerate the roll-out.

This fundraising looks to have

been a wise move. Last year’s income

statement shows how quickly profits

have risen as the Wildwood chain has

expanded. Tasty reported a 30% increase

in operating profit from a 20% rise in

sales. This suggests that Tasty’s cost base

scales favourably with the roll-out.

Tasty incurred £260k of pre-opening

costs in 2013 as it added five sites. My

quick calculations suggest that Tasty

is planning to double in three years.

It seems that brokers are expecting

an even faster expansion and are

forecasting a 65% increase in EPS this

year with sales rising a similar amount.

Given that the company reported

EPS of only 2.67p last year, I would

normally have said that shares in Tasty

were overpriced. However, the company

has previously doubled sales in just two

years. If management can repeat that

trick then today’s valuation would not

be outrageous.

I do have some concerns, however.

First, Tasty is not the only casual

dining chain with plans to roll-out

on the UK’s high streets using cash

Profits on a plate from TastyTasty Group is another successful AIM restaurant roll-out story.The company has been quoted on

AIM since 2006. Its first ever half-year

results revealed sales of £1.1m from

four restaurants with another two in

the pipeline.

Fast-forward to 2013 and final

results showed turnover of £23m for

the full year, from a portfolio of 28

restaurants.

As of March this year, Tasty was

operating from 31 sites. The majority of

these are Wildwood/Wildwood Kitchen,

an Italian/grill chain. Six are DimT dim

sum oriental restaurants. One other site

is operating under a different brand.

Tasty’s five year record is an excellent

example of a fast-paced roll-out. Since

2008, sales have increased at an average

rate of 20% per annum. Operating profit

in that time has swung from -£1.6m to

£2.3m.

The most recent finals give some

hint as to how much further the roll-

out (and thus profits) could go. Five

sites were opened in 2013. In the first

quarter of this year a Wildwood Kitchen

(a kind of mini-Wildwood) was opened

in Oakham. Wildwood itself arrived in

Salisbury in March.

Tasty (LON:TAST)

FOR

Strong track record

Plenty of room for further Wildwood roll-out

AGAINST

Interest rate threat to disposable incomes

Valuation demands growth

Market cap £51m

Bid:offer 97p:99p

P/E (forecast) 21.8

Yield (forecast) 0

52week low:high 82p:125p

an excellent example of a fast-

paced roll-out

Tasty’s cost base scales

favourably

Tasty is not the only

casual dining chain with plans to

roll-out

AIMprospector

www.aimprospector.co.uk 11

Next month:AIM Prospector will be showcasing a well-known

consumer brand that recently IPO’d on the junior market.

Also likely to feature is a niche business whose share

price has suffered lately, pushing the dividend yield to an

attractive level.

There will be one new feature in August’s magazine, a

page of advice and insight from an experienced AIM

professional. I hope that readers will appreciate this

perspective and enjoy the new feature.

With UK interest rate rises apparently moving ever-closer,

next month’s Top Pick will likely be the AIM company that

I believe is the best positioned to profit from this. I look

forward to reporting on this share and speculating on just

how high the price could move.

Summer can be a lively time for AIM. I hope that price

action in coming months will enable AIM Prospector

to bring you stories on companies that are trading on

compelling valuations.

Don’t forget to register your email address at

www.aimprospector.co.uk to get your copy of the next

AIM Prospector 24 hours before anyone else.

AIMprospectordigging for dividends - panning for profits

Blackthorn Focus is a publications and events businessdedicated to the financial markets.

AIM Investor Focus is anAIM-dedicated investor and

media event exclusive to AIM-quoted companies.The event runs twice a year.

AIMprospector

Blackthorn Focus is proud to publish AIM Prospector.

A new onlinemagazine

AIMprospector

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AIMprospectorA Blackthorn Focus publication

www.aimprospector.co.uk