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Companies: Vertu Motors PLC
In its scheduled update, G4M reports growth in Q1 then weakness in Jul/Aug, albeit sales still accelerated in Europe. We believe the heatwave across its markets is a key factor and sales have improved in early Sept. Management can’t be certain planned growth materialises, though, given the uncertainties and spending squeeze, and is guiding Mar’23 EBITDA down £3m (-31%). Pending more info, we reduce Mar’24 EBITDA too (-17%). Markets were discounting bad news though and, post revision, it’s on onl
Companies: Gear4music (Holdings) PLC
Singer Capital Markets
Companies: ScS Group plc
Hostmore delivered a marginally better than expected H1, but it’s not been a great start to H2 and the cold reality is that the consumer environment has worsened, putting pressure on revenue, with cost inflation – especially energy – also rippling through the P&L. Sensibly, Hostmore is slowing its opening programme to protect cash; it’s highly cash generative with plenty of financial headroom, and this should put it in a good position to exploit market opportunities when the time is right. We ar
Companies: Hostmore PLC
Companies: NTQ MORE POLB BILN
Companies: City Pub Group PLC
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Dish of the day
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What’s cooking in the IPO kitchen?**
Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming co
Companies: MEX RBBS BBSN JADE LTG PCIP
Guild has signed its largest sponsorship agreement to date with Sky UK Ltd (Sky). The three-year global sponsorship is one of the largest ever esports sponsorships signed in Europe and is Sky’s first agreement with an esports organisation. We estimate the new contract could drive Guild into cash profitability before payments to Footwork Productions. In addition, the sponsorship’s high profile may accelerate the signing of other deals in Guild’s growing pipeline. Sky follows other premium brands
Companies: Guild Esports PLC
Pendragon’s interim results show underlying PBT of £33.5m (H1 2021: £35.1m), in line with the numbers flagged in a trading update on 20 July. This is a strong performance given the removal of £8.3m of government support and £7.0m of incremental marketing spend to grow the used car proposition. FY22 trading is expected to be in line with Management’s expectations, despite macro uncertainty and supply shortages, so Zeus headline forecasts are unchanged. We remain comfortable with our 38.6p per sha
Companies: Pendragon PLC
Companies: Ten Entertainment Group Plc
Brighton Pier Group (BPG) performed strongly during the 12 months to June 2022, which resulted in the company beating forecasts that had already been twice upgraded (FY22E Adj EBITDA of £6.5m originally forecast vs £10.8m ultimately achieved). All divisions performed well, with trading boosted by pent-up consumer demand and government support packages. The outlook appears more muted, however, driven by elevated inflation and the widely documented ‘cost-of-living crisis'; consequently, we lower o
Companies: Brighton Pier Group Plc
Sivota plc has re-joined the Main Market following a RTO.
No leavers today.
What’s cooking in the IPO kitchen?**
Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of
the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will
make it the first LSE-listed "pure-play" conversational gaming company. Raising between £5-10m.
Independent Living REIT plc, intends to fl
Companies: CZA CTG CPP EDEN GDR KWG PTD SOLG
easyJet’s Q3 trading update should be defined as mixed as we see severe negative impacts from the airport chaos, but the encouraging traffic figures, good hedging and further improved liquidity and net debt positions are worth noting. We might downgrade further our estimates to a small extent for the current FY and a further cut for the next FY is not impossible as Heathrow warns of a potential passenger cap for summer 2023.
Companies: easyJet plc
There were no major surprises in Kingfisher’s H1 FY22/23 performance. The group’s lfl sales came in at -4.1% yoy (vs consensus of -4.2%). Almost all banners performed in line with expectations. A good start to Q3 also bodes well for Kingfisher to achieve FY22/23 consensus. However, we expect the overall business performance (home improvement demand) to come under pressure during the forecast years as rising inflation and a fragile economic outlook dents consumer sentiment. We maintain a positive
Companies: Kingfisher Plc
Momentum for the Group has remained with consumer pent up demand continuing to fuel the wider hospitality sector. The Group's revenue for the period rose by 85.3% whilst Adj EBITDA rose by 237.5%. This strong performance is despite the onset of the cost-of-living crisis during the period and is testament to the Group's value for money proposition. With the inflationary environment becoming more acute and exacerbating the current cost-of-living crisis, consumer discretionary spending will increas
Companies: Tasty plc