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Companies: OPM, SIXH, BAG, ABDP, ABZA, ACRL, AVO, AGY, APH, ARBB, AVCT, AVON, BNO, BOO, BUR, CMH, CKT, CHH, CLIG, COS, CVSG, DNL, DPZ, EVG, GTLY, GDR, GOAL, GYM, INL, KOOV, MARS, MMX, MCL, MPAC, MUR, NICL, NSF, OXB, PLUS, PHP, RE/, REDX, RTN, SCLP, SCE, TRX, TON, VAL, YGEN
Incredible quarter | Liberum, 1 May
"Q1’18 was outstanding. Revenue of $297.3m was +284% YoY and EBITDA of $237.3m was +418% YoY. New customers of 72,960 were +228% and Active customers +204% to 218,187..."
Strong results and acquisition | finnCap, 4 May
"FY 2017 was a year of consolidation after transformation in FY 2016, establishing the profitability and driving higher margins from the new scale. The results beat expectations of both revenue and earnings on the back of strong demand for .vip premium inventory; attaining $3.1m adj. PBT and a $2.1m exceptional gain on gTLD auctions. FY 2018 sees another impressive step forward with a $40m acquisition of ICM, a profitable and cash-generative niche ‘adult’ TLD registry..."
Update | Zeus Capital, 1 May
"Accrol has announced it has had constructive discussions with its lender, and continues to make progress in restructuring the Group. Operationally, the new management team has made progress in simplifying the business model and the restructuring remains on schedule. We are maintaining our forecasts at this juncture, but believe management continue to make good progress in what remains a difficult trading environment. We will review our trading assumptions in full detail on full year results in July 2018..."
by Hardman & Co, 2 May
1pm | Abzena | Advanced Oncotherapy | Allergy Therapeutics | Alliance Pharma | Arbuthnot Banking | Avacta | Bionomics | Burford Capital | Chamberlin | City Of London Investment Group | Collagen Solutions | Diurnal | Evgen Pharma | Gateley | Genedrive | Inland Homes | Koovs | Morses Club | Murgitroyd | Non-Standard Finance | Oxford Biomedica | Premaitha Health | Primary Health Properties | R.E.A | Redx Pharma | Scancell | Surface Transforms | 600 Group | Tissue Regenix | Titon | ValiRx
"Prior to the financial crisis of 2008/09, it was widely believed in the stock market that certain sectors – most notably utilities, pharmaceuticals, food retailing and tobacco – were far less vulnerable to market downturns..."
Leading e-commerce fashion brands undervalued | N+1 Singer, 2 May
"Results for Feb18 smashed expectations and guidance was universally positive, leading to upgrades of >10% as we hoped. While the shares have responded (+23%, 4 weeks), the valuation does not yet adequately capture the high growth and profit dynamics in BOO’s brands. Our detailed analysis of mix, scale economies, and automation savings supports a c10% blended EBITDA margin medium term, albeit not assumed in upgraded forecasts..."
Growth Underpinned by Excellent Long Term Drivers | Progressive Equity, 30 Apr
"Interims saw AB Dynamic’s (ABD) revenue growth accelerate to 39%, comfortably beating our forecast. While the benefit to profits was offset by higher than expected opex in 1H, most of the cost overrun was due to fx and relocation expenses. Consequently, we lift our FY18E and FY19E profit forecasts by 5% and 7% respectively. With the company also “hopeful” of signing its first aVDS customer, and growth underpinned by carmakers’ rising R&D investment into autonomous driving, long term prospects look excellent..."
by N+1 Singer, 30 Apr
Domino's | A.G. Barr | Nichols | Churchill China | Goals Soccer Centres | Restaurant Group | Gym Group | Marston's | CVS Group
"With a busy reporting season behind us we use this note to take stock. Stepping back we pull out the key themes which emerged across the sub-sectors we actively follow in the consumer space. On balance there was more cause for optimism. This is supportive of our top-down view that there is scope for a better H2 for consumer related stocks as cost headwinds ease and pressure on disposable income moderates..."
Momentum builds behind new strategy | Edison, 2 May
"Avon Rubber’s H118 report demonstrates the strength of the group’s new strategy in action. Success is evident in the enhanced product portfolio and order progression is building visibility and supporting medium-term growth. Given the group’s exposure to the US, the FX headwind was visible in H118. Management maintained its guidance for FY18 underpinned by end market opportunities and new product deliveries..."
Hidden value | N+1 Singer, 3 May
"Elektron Technology consists of three businesses. Bulgin is a highly profitable and cash generative industrial connectors business which currently accounts for all of group profit. Cash generated from Bulgin is being reinvested to drive profit growth, and to develop two small loss-making, potentially high growth businesses: an ophthalmic equipment business, Elektron Eye Technology (EET); and a nascent realtime operations management and monitoring SaaS business, Checkit..."
Nothing untoward as GFD decides to step down | Equity Development, 4 May
"Last night after the bell, MPAC announced that Group Finance Director, Jim Haughey, had resigned as a board member for “personal reasons”. Having spoken to the company, we understand there is nothing untoward for shareholders to worry about, since this is absolutely Jim’s decision. Indeed, he has willingly agreed to work his 6 month notice period until a suitable replacement is found..."