Tremor - Q3 EBITDA +4% ahead, new $20m buyback planned

Tremor has announced Q3 net revenue growth of +18% yoy to $76.6m, Q3 adjusted EBITDA +4% ahead of consensus, and plans to buy back an additional $20m of shares. Q3 net revenue is in line with Q3 consensus of $76.5m, with the Programmatic division driving the group with net revenue growth of +23% yoy to $74.2m. After successfully realising $65m of annualised synergies from the Amobee acquisition at Q2 23 results, strong cost control has delivered Q3 adjusted EBITDA of $21.3m, which is +4% ahead o

4imprint Group - Further progress in Q323

4imprint’s Q323 trading update indicated further good growth, albeit moderating against comparatives getting tougher as the year progresses. Full year revenue guidance is maintained at ‘slightly above’ $1.3bn, with continuing high returns on marketing spend prompting a $5m uplift in PBT guidance to ‘not less than $130m’. 4imprint’s underlying markets reflect US corporate economic health, with any downside mitigated by the prospect of carrying on building market share as less well-funded firms st

Morning Note – 13 September 2023

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

M&C Saatchi - Margin momentum into H223

M&C Saatchi’s (M&C) H123 results reflect the more challenging agency trading environment, with revenue and operating margin both dipping in the period. Management’s global efficiency programme, implemented in Q1, achieved £0.5m of costs savings in H123 and is expected to deliver annualised savings of £3.8m in FY23, with a target of £10m by end-FY24. The leadership structure has been simplified and M&C continues to invest in its focused specialisms to drive revenue growth. Management remains caut

LIBERUM: Time Out: Timing is everything

Next 15 Group PLC

The H1 results will have come as a surprise to those expecting Next 15 to deliver the earnings shock we have seen from others in the sector and which the share price has been clearly discounting. Whilst the trading environment in H1 has been tough; Next 15 has navigated this period well. The trading outlook for H2 is not without its challenges but the breadth of the Next 15 portfolio is holding it in good stead, with three of the group’s four segments still delivering positive organic grow

XLMedia - Healthy H1/23A Interim Results

XLMedia continue to make good progress in refocusing the business, and the outlook remains positive for state openings and the new NFL season. We maintain our FY23 forecasts for Adj EBITDA and Adj PAT targets at $16m and $7.9m respectively. We expect them to be achieved with lower revenue and lower costs given a higher margin revenue mix and lower OpEx. XLM looks compelling on an FY1 EV/EBITDA multiple of 1.4x vs peers on 5.4x, and we iterate a 1-year price target of 29p.

Team Internet Group - Name change shows clear strategic focus

Team Internet, formerly CentralNic Group, is a diversified UK software company operating through two businesses, Online Presence (internet domain purchasing) and Online Marketing (monetising online traffic). The group marked its name change at a recent capital markets day, where it discussed its evolution from a domain specialist into a broader online platform enabler, facilitating connections between consumers and businesses. Since starting Online Marketing in 2019, the division has become the

De La Rue - Securing the future

De La Rue remains challenged. New management has to navigate a difficult Currency market and consequent concern over its finances. The swift response in terms of a turnaround programme is a positive start, accelerating cost cutting initiatives and cash management measures, including suspension of the dividend. Restoring stability and rebuilding confidence in the investment case is likely to take some time.

Team Internet Group - Diversity delivering resilience

Team Internet’s results for the nine months to 30 September 2023 (9M23) showed good, continued progress, with revenue, adjusted EBITDA and adjusted EPS growing 16%, 11% and 28% y-o-y. Online Presence continued its return to form, with 20% growth over the period. While the weak advertising market and a strong comparative period was reflected in a moderation in growth in Online Marketing (15%), this still implies outperformance of the overall market. Management expects full year results to be at l

Brave Bison - Underlying Performance Reassuringly In-line

Brave Bison has released its interim results for the period ending June 2023. The update shows the SocialChain integration has been materially completed, with synergies mostly realised and new client wins taking place as a combined business. Gross revenue increased 15% YoY to £16.9m and net revenue increased 23% to £10m, both driven primarily by the new contribution from SocialChain. Adj EBITDA increased by 20% to £1.9m and Adj PBT increased 16% to £1.5m, both in-line with expectations. We have

Morning Note – 22 November 2023

Zeus: Software and Services Sector Quarterly review - November 2023

Top subsector price performance: Three of the nine subsectors recorded aggregate share price gains over the last quarter, with Security up the highest at +10.7% for the three months to 13 November 2023. Corero and Intercede are gaining contract momentum, partly driven by high-profile attacks. Similarly, GB Group’s Fraud location revenue grew strongly in H1, whilst NCC Group’s restructuring is achieving cost efficiencies. Bytes, which has broad exposure to the technology sector, highlighted parti

Eagle Eye+ (EYE, House Stock at 495p) - The smooth flight continues - FY24F on track