Cambridge Index

Cambridge Index falls 0.3%

The Cambridge index declined 53.39 points or 0.3% to close at 19801, as seven out of the top ten index heavyweights posted weekly losses to their share prices. Liberum Capital reaffirmed its “Hold” rating on Abcam, up 2.6%, with a target price of 1370p.

Bango, up 39.7%, announced that its FY2019 revenues jumped to £9.1m from £6.6m reported in the last year. The company’s loss before tax narrowed to £3.1m from £3.6m in 2018. Bango stated that the COVID-19 outbreak will be positive for its trading performance, following a surge in consumer spending on online services and entertainment. Separately, the company launched its carrier billing payment services for the monthly subscription based 5G games streaming platform, Hatch. Cambridge Cognition Holdings, up 7.1%, announced a new £1.4m contract with a pharmaceutical client for three phase II studies for a period of two years. Separately, the company announced that it has been awarded a prestigious Innovative Medicines Initiative grant.

Oracle Power, down 4.2%, announced that it has appointed Mr Glen Lewis to its Board of Directors as a Non-Executive Director with immediate effect. Dialight, down 8.6%, announced that its FY2019 revenues dropped to £151m from £169.6m reported in the last year. The company reported a loss before tax of £12.5m, compared to a profit of £7.4m in 2018. CyanConnode Holdings, down 10.1%, today announced a new follow-on order for the Metropolitan Electricity Authority in Thailand for additional Omnimesh perpetual software licenses. Tristel, down 15.1%, today announced a partnership deal with Byotrol for developing two additional biocidal products and formulations, supplied and licensed to Tristel. Quartix Holdings, down 22.5%, announced that it has provided work from home facility to its employees, to protect its employees and business from the deadly coronavirus outbreak. Also, the company is planning to recommend the rejection of AGM Resolution 2, as it would be the easiest way to cancel dividend. Quixant, down 25%, announced that it has postponed the release of its full year audited results to 31 March 2020, as the Group's auditor, KPMG LLP, needed more time to complete its work. LPA Group, down 25.7%, announced that the current trading remains in line with its expectations and till date has not experienced any undue impact from Covid-19 outbreak. LPA has decided to suspend its final dividend. Separately, the company announced the retirement of its President, Michael Rusch, from the Board. 1Spatial, down 35.7%, today announced that it anticipates revenue and adjusted EBITDA for the year ended 31 January 2020 to be around £23m and £3m, respectively.

UK markets plunged in the prior week, after the US President Donald Trump extended the coronavirus-related travel restriction to the UK and Ireland. In major news, the Bank of England trimmed its key interest rate to 0.1% from 0.25% and announced additional bond purchases worth £200b, to offset the economic impact of the deadly coronavirus outbreak. The FTSE 100 index declined 3.3% to settle at 5190.8, while the FTSE AIM 100 index plummeted 15.2% to close at 3190.6. Meanwhile, the FTSE techMARK 100 index tumbled 7.8% to end at 4165.4.

US markets slumped last week, amid rising fears that state-wide lockdown imposed by New York and California to restrict the spread of coronavirus would damage the US economy. In major news, the US Fed lowered its benchmark interest rate in the target range of 0% to 0.25% from a previous target range of 1% to 1.25%, and announced additional asset purchases worth $700b, to support the economy during the coronavirus pandemic. The DJIA index slumped 17.3% to end at 19174, while the NASDAQ index plunged 12.6% to close at 6879.5.


The Cambridge & FTSE AIM 100 Index Movement

Sector Break-up - Market Cap.

Sector Break-up - No. of Comps.

Index movers

1Spatial PLC

1Spatial PLC, the spatial big data company, which manages the world’s largest spatial data, plunged 35.7% to 13.5p. Today, the company announced that it anticipates revenue and adjusted EBITDA for the year ended 31 January 2020 to be around £23 million and £3 million, respectively.

Abcam PLC

Abcam PLC, a producer and distributor of research-grade antibodies, advanced 2.6% to 1107p. Liberum Capital reaffirmed its “Hold” rating on the stock with a target price of 1370p.

AVEVA Group PLC

Engineering technology company, AVEVA Group PLC, surged 9% to 3360p.

Bango PLC

Bango PLC, a developer and provider of technology for mobile phones, skyrocketed 39.7% to 95p and emerged as the top gainer in the Cambridge Index. The company, in its final results for the year ended 31 December 2019, announced that revenues jumped to £9.1 million from £6.6 million reported in the last year. The company’s loss before tax narrowed to £3.1 million from a loss of £3.6 million reported in the previous year. The basic loss per share fell to 3.3p from 4.1p in 2018. The company stated that it expects its payments to grow exponentially in 2020 and bring further success for the Bango Marketplace business. Also, the company stated that COVID-19 outbreak will be positive for its trading performance, following a surge in consumer spending on online services and entertainment, especially in countries where there are extensive 'stay at home' policies. Separately, the company announced the launch of carrier billing payment services for the monthly subscription based 5G games streaming platform, Hatch, following which the customers can now subscribe to Hatch Premium Gaming by conveniently paying on their monthly phone bill. FinnCap reiterated its “Corporate” rating on the stock.

Cambridge Cognition Holdings PLC

Cambridge Cognition Holdings PLC, which specialises in computerised neuropsychological tests, jumped 7.1% to 21p. The company announced that it has signed a new contract worth around £1.4 million with a new pharmaceutical client for three phase II studies for a period of two years.Separately, the company announced that it has been awarded a prestigious Innovative Medicines Initiative (IMI) grant, through a successful consortium of 46 industry and academic partners working to identify digital endpoints for fatigue, sleep and activities of daily living in neurodegenerative disorders and immune-mediated inflammatory diseases. The proportion of the grant received by the firm is expected to be around €0.15 million. FinnCap reaffirmed its “Corporate” rating on the stock.

Frontier Developments PLC

Frontier Developments PLC, a leading independent developer of video games, climbed 6.8% to 1160p.

GRC International Group PLC

GRC International Group PLC, a leading supplier of cyber security, risk management and compliance products and services, sank 37.8% to 11.5p and emerged as the top loser in the Cambridge Index.

Marshall Motor Holdings PLC

Marshall Motor Holdings PLC, one of the UK's leading automotive retail and leasing groups representing a unique portfolio of prestige and volume brands and with the highest brand coverage of any dealer group in the UK, dropped 26.4% to 97.5p.

SDI PLC

SDI PLC (former Scientific Digital Imaging PLC), a digital imaging technology company, plummeted 28.8% to 39.5p.

Xaar PLC

Xaar PLC, a provider of inkjet printing technology, lost 28% to 20.1p.

Other movers

CyanConnode Holdings PLC

CyanConnode Holdings PLC, the integrated software solution provider for utility metering and lighting control, fell 10.1% to 2p. Today, the company announced a new follow-on order for the Metropolitan Electricity Authority (MEA) in Thailand for an additional 206,735 Omnimesh perpetual software licenses.

Dialight PLC

Dialight PLC, a provider of electronic lighting and electromagnetic products, declined 8.6% to 197.5p. The company, in its final results for the year ended 31 December 2019, announced that revenues dropped to £151 million from £169.6 million reported in the last year. The company reported a loss before tax of £12.5 million, compared to a profit of £7.4 million in 2018. The basic loss per share stood at 49.8p compared to earnings of 16.4p in the previous year.

LPA Group PLC

LPA Group PLC, a provider of electronic and electro-mechanical systems, plummeted 25.7% to 68p. The company, in its AGM trading statement, announced that the current trading remains in line with its expectations and till date has not experienced any undue impact from Covid-19 outbreak. Meanwhile, the company cautioned that many of its customers and end markets like aerospace and transport are now, or in the future are expected to be negatively impacted by the outbreak in the second half of the year, either directly or as a result of problems in the supply chain. Consequently, it has decided to suspend its final dividend. Separately, the company announced the retirement of its President, Michael Rusch, from the Board with effect from 19 June 2020. Gordon Wakeford and Paul Curtis have been appointed as a Non-Executive Director and Chief Executive Officer, respectively, both with effect from 1 April 2020.

Oracle Power PLC

Oracle Power PLC, a provider of mining services, declined 4.2% to 0.6p. The company announced that it has appointed Mr Glen Lewis to its Board of Directors as a Non-Executive Director with immediate effect.

Quartix Holdings PLC

Quartix Holdings PLC, a manufacturer of vehicle tracking system through telematics technology, slid 22.5% to 244p. The company announced that it has provided work from home facility to its employees, in a bid to protect its employees and business from the deadly coronavirus outbreak. Also, the company is planning to recommend the rejection of AGM Resolution 2, as it would be the easiest way to cancel dividend. The Board took this decision following the rapidly changing impact of the coronavirus on the countries where the company operates and their economies.

Quixant PLC

Quixant PLC, a provider of specialised gaming platforms designed for gaming and slot machine applications, plunged 25% to 84p. The company announced that it has postponed the release of its full year audited results to 31 March 2020, as the Group's auditor, KPMG LLP, needed more time to complete its work, together with enhanced internal regulatory scrutiny.  

Tristel PLC

Tristel PLC, a provider of infection control and water treatment products, declined 15.1% to 378p. Today, the company announced a partnership deal with Byotrol for developing two additional biocidal products and formulations, supplied and licensed to Tristel.

The Cambridge & FTSE AIM 100 Index Movement

Sector Break-up - Market Cap.

Sector Break-up - No. of Comps.

Table 1 Cambridge Index - Weekly Top 5 Gainers

Table 2 Cambridge Index - Weekly Top 5 Losers

Table 3 Cambridge Index - Top 5 Weights

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