Good morning, it's Paul & Jack here with the SCVR for Friday.

Timing - today's report is now finished.

Agenda -

Paul -

Venture Life (LON:VLG) - impressive 2020 results, and stuffed with cash for more acquisitions. Potentially interesting. Investor presentation next week should be interesting.

Renew Holdings (LON:RNWH) - A very good acquisition is announced, I have a rummage through the acquisition's accounts at Companies House, and like what I see. Also we get a reassuring, in line, trading update for the group as a whole.

Iqe (LON:IQE) - FY 2020 results published yesterday. I dig into the cash generation - looks like a one-off, with very low capex in 2020, but capex is guided to shoot up again in 2021. I'm not convinced the business model is any good.

Jack -

Dp Eurasia Nv (LON:DPEU) - still in business and with growth picking up, but events beyond management control are a concern

Amiad Water Systems (LON:AFS) - encouraging set of FY results and optimistic outlook, but high spread, small free float and lack of historical growth.

Spectra Systems (LON:SPSY) - solid growth from and exciting longer term prospects from this innovative small cap.

.


Venture Life (LON:VLG)

85p (up 4% yesterday) - mkt cap £107.0m

Final Results

Venture Life (AIM: VLG), a leader in developing, manufacturing and commercialising products for the international self-care market, announces its audited results for the year ended 31 December 2020.
Record revenues and profit, amidst unprecedented global circumstances

This is quite a striking statement -

Since entering the public markets in 2014, the Group has achieved a compound annual revenue growth rate of 27% (up to and including 2020), which has come from a combination of organic and acquired growth. In 2016, 2018 and 2020, the Group acquired interesting assets that it could leverage with its operational base, and each of these assets has shown meaningful growth in revenues and profitability since acquisition. This strategy will continue to form the basis of future growth, making selective earnings enhancing acquisitions to utilise capacity and improve margins, alongside organic growth from our consolidated business.

Whilst that sounds impressive, I note that the share count seems to have gone up from 26m to 125.8m over that period, almost a five-fold increase.…

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