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Trading conditions remained difficult in 2023, impacted by intense cost-of-living pressures, transportation strikes, and significant inflationary pressure on labour, food and utilities. In response, Tasty implemented various efficiency measures which helped narrow FY23 EBITDA losses to -£0.9m (FY22A: -£2.7m loss). With the economic environment remaining challenging, however, Tasty intends to implement a restructuring plan (funded by a new £750k loan with potential for conversion), which will inv
Companies: Tasty plc
Cavendish
Companies: SCE AVG PHC TAST XSG DCTA FADL
Well-documented cost-of-living pressures continue to have a material impact on the casual dining sector, and Tasty is no exception. LFL sales rose +1.4% YoY in H1 to £21.7m, which was offset by material cost inflation (food, labour, utilities etc), leading to Adj EBITDA reducing to £1.1m (H1/22 £2.7m). Whilst trading conditions are likely to remain challenging in the near-term, we see grounds for optimism in FY24 – inflation is falling steadily and the Bank of England recently held interest rate
30 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv
Companies: TAST GTC GDR EBQ
Hybridan
Despite relentless industry headwinds, Tasty has continued to show its resilience against the tightening of consumer purse strings with revenues rising by 26% to £44.0m, a level not seen since before the pandemic. A buoyant top line is a testament to the Group's differentiated product offering and value for money proposition as it remains relevant despite the ongoing cost-of-living crisis. However, adj EBITDA declined to £2.6m, a 67% YoY reduction, a direct result of inflationary pressures from
17 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec
Companies: SOLG JSE ENSI TAST BMK ONC
Key Observations Despite a second successive decline in CPI during the quarter, inflation remained at one of the highest levels in 40 years (10.5% in December) contributing to a winter of discontent, with each day in December facing some form of industrial action. The industrial action materially impacted the consumer sector and provided an insight into the simmering frustration around the decline in real wages of the UK population. There were multiple examples of consumer corporate failures d
Companies: TAST OMIP TND PIER XLM ADF
Third Quarter Key Observations Escalating inflation continued to cut further into consumers' discretionary income, impacting demand across the consumer sector. The systemic rise in input costs significantly impacted companies' bottom lines, testing the resilience of even the strongest in the sector, as businesses balanced the long-term need to maintain relevance to their customer base (in terms of pricing & quality) whilst also seeking to navigate immediate economic challenges. The Gf
Companies: TAST OMIP TND JWNG BBSN PIER XLM ADF
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
Tasty Plc has produced solid revenue growth of c44% and an increase in Adj EBITDA of £2.7m to £8.0m. This growth was underpinned by; continued consumer pent up demand for socialising, an appreciation of the brand, and increases in takeaway and delivery. The Group has proven its resilience to adapt to the pandemic related challenges and should be well equipped to operate under current and future challenges, namely the strong inflationary pressures. With the planned removal of government support r
Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Summerway Capital plc, (AIM:SWC) to be renamed Celadon Pharmaceuticals plc following completion of the acquisition of Vertigrow Technology Ltd, is to relist on AIM. Vertigrow is a UK based pharmaceutical Company specialising in the researching, growing and supply of medicinal cannabis, for a total consideration of £80m. Summerway is an investing company focused on investment and acquisition opportunities acr
Companies: HMI OMI SNX TAST TIG IXI SDX
While we were away Joiners: Mac Alpha Limited (MACA.L) joined the Main Market. (24/12/21) Atome Energy PLC (ATOM.L) joined AIM. (30/12/21) Leavers: No leavers What’s cooking in the IPO kitchen? Graft Polymer a business focused on the development of polymer modification and drug delivery systems is to join the Main Market (Standard). Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing products and processing methodologies by enhancing per
Companies: CMH VLX TAST IQG DDDD LBE RENX SRC VRCI SOM
Tasty delivered c33% YoY revenue growth ahead of general market performance as the number of UK casual dining restaurants has reduced by c20% since the start of the pandemic. However, the UK eating out market is expected to grow by c33% in FY21E and we believe Tasty is well positioned to take advantage of the restaurant closures and reduced supply in the sector with a healthy net cash position, and a clear strategy to increase market share.
Tasty delivered like-for-like revenue growth ahead of management's expectations in the first two months of the year and whilst lockdown restrictions were lifted during the summer. However, the full effect of COVID-19 severely impacted FY20A financial performance. The Group managed their cash through consensual negotiations and implementing cost controls and a strategic site sale, ending the year in a net cash position after deferred payments of £1.5m. The Group is in a strong position with a low
Looking Ahead At The Next Week
Companies: GAWFIFTASTIKAPFDKMKKATACRL
Research Tree
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tasty plc. We currently have 0 research reports from 3 professional analysts.
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Canaccord Genuity
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Shore Capital
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Liberum
Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening programme. With better alignment between the company and its franchisees, management believes DOM should be capable of generating improved profit growth, versus that achieved in recent years, and potential higher returns.
Companies: Domino's Pizza Group plc
Edison
Companies: Marks and Spencer Group plc
Companies: Safestay Plc
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Zeus Capital
Vertu is the fourth largest automotive retailer in the UK, with 188 sales outlets and a track record of cross-cycle growth, principally through businesses it has acquired, funded by equity, debt and most importantly cash generation. Vertu operates across the entire vehicle lifecycle, including new and used vehicle sales, and vehicle servicing, repair and parts. Service and repair is a 40+% gross margin repeating business. With economic headwinds, the transition to electric vehicles, recent overs
Companies: Vertu Motors PLC
Progressive Equity Research
Pinewood’s transition to a pure-play automotive SaaS business is now largely complete. Today we introduce summary forecasts out to FY26 and reiterate the investment case. We see significant opportunity for Pinewood to grow its user base in the UK and internationally whilst generating high EBITDA margins and cash conversion. With a 24.5p special dividend embedded in the current price (payable Q1/Q2), the effective price today is 12.3p. Based on the Group’s FY27 target of £27m EBITDA, we estimate
Companies: Pinewood Technologies Group PLC
React Group is a well-managed, growing UK services business with a high degree of recurring revenues (c87%).
Companies: REACT Group Plc
Dowgate Capital
Today’s trading statement from ZOO highlights a ramp-up in demand following the end to the industry-wide strikes of last year. ZOO struck a note of caution in its January update regarding the timing of orders. However new productions are starting to translate into a healthy order pipeline, with a good recovery in revenue anticipated in H1 FY25. The update guides to revenue of at least $40m for the year to March 2024, ahead of our estimate at $36.8m. We have improved our adjusted EBITDA loss marg
Companies: ZOO Digital Group plc
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
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