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STV Studios continues to be busy, announcing significant recommissions within its auction content franchise. Separately, ITV reported an improving ad trend for 2024 (+3% Q1, +11% Q2) in a trading update. STV has not updated the market on FY24 trading since prelims on 4 March, but a site visit for investors scheduled for 5 June could provide a natural opportunity for the company to do so.
Companies: STV Group plc
Progressive Equity Research
XLMedia has announced the sale of its Europe and Canada sports and gaming assets to Gambling.com Group for a total consideration of $42.5m ($37.5m fixed, $5m earnout). The sale is in-line with its recently stated strategy to maximise value for shareholders including the disposal of assets where opportunities arise. The proceeds will be used to settle outstanding tax and acquisition liabilities, invest in the US business and return significant sums to shareholders. Applying peer multiples to the
Companies: XLMedia Plc
Cavendish
S4 Capital has reported a Q1 update that is better than our forecast, with a LFL net revenue decline of -11.7% against a tough comparative compared with DCe -13.0%, and we maintain our FY24E estimates.
Companies: S4 Capital plc
Dowgate Capital
While 2.5% revenue growth and 6.1% EBIT growth is relatively pedestrian by Next 15’s historic track record, we see the last year as one of the most impressive reported by Next 15. Revenue growth and margin expansion has been delivered in the face of a significant slowdown in demand from the group’s historic core technology sector clients. We believe a number of factors are in play here, not least the growing diversity of Next 15’s client and business mix as a result of M&A over the last th
Companies: Next 15 Group plc
H2 Radnor
Companies: M&C Saatchi plc
Liberum
CentralNic (CNIC) delivered high double-digit organic revenue growth in the nine months to 30 September (9M22), supplemented by five acquisitions year to date. Revenues in Online Marketing, now the group’s largest business segment (78% of 9M22 revenues), were up 147% y-o-y, driving overall performance and highlighting sustained market demand for privacy-safe marketing solutions. Adjusted EBITDA as a percentage of net revenue expanded by more than 7pp y-o-y, illustrating stronger operating levera
Companies: Team Internet Group plc
Edison
Team Internet’s FY23 results exceeded our forecasts and consensus on revenue and EBITDA. Online Marketing was driven by increased consumer engagement, reflecting investment in delivering more targeted ads across a wider array of channels. The group’s latest acquisition, Shinez, strengthens Online Marketing via diversification of publishers and is earnings accretive with scope for further synergies. Online Presence returned to strong revenue growth, driven by demand for exotic domains, pricing op
Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: ENSI PPS MIRI SEEN ENET CHSS
Allenby Capital
Companies: RNWH QED GRG PEBB FDM OTB LAND BOO
Shore Capital
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