H1'22: Revenues resilient on challenging backdrop

Strong management progress on Reach’s Customer Value Strategy continues, although underlying progress has been obscured by elements beyond management’s control. Sales were broadly stable (-2% y/y to £297.4m; SCMe: £299.3m), as Digital revenues continued to grow (+5% y/y) despite a severe deterioration in wider market OMP yields (down up to 40% at peak). Inflationary headwinds in Print have also persisted, with aggregate opex up +7% y/y to £241.7m (SCMe: £237.3m) - AOP consequently fell 32% y/y t

Tremor - Record Q2 EBITDA in a challenging market

In a challenging environment, Tremor has reported net revenue of $70.8m, a record Q2 22 adjusted EBITDA of $39.1m at an industry-leading margin of 55%, and net cash of $361m including $45m of buyback. The current macro conditions, and Tremor’s focus on scaling higher-margin self-serve and PMP revenue, have led to Q2 22 net revenue c8% light of consensus of $76.8m. Adjusted EBITDA is only c2% light of consensus of $39.8m, as management has focused on effectively controlling the cost base while in

Cenkos: XLMedia Plc -- Huge growth in US sports

Revenues in H1/22E are substantially ahead of our expectations. Growth in XLMedia's sports betting revenues has more than offset weakness elsewhere in the Group. With sports betting now such a high proportion of total activities and margins moving upwards, this should begin to ameliorate any lingering concerns about Casino being a potential drag on earnings.

Morning Note – 18 August 2022

WH Ireland: 4imprint (FOUR) - Excellent results reflect operational lift off and an enhanced model; upgrades

FOUR has posted extremely strong H1 results today, a powerful performance by any standards. Key is (1) significant demand increases, (2) pricing leadership, but (3), most important, a stunning lift in the revenue per marketing dollar. This last is the result of this innovative company reworking its already very successful marketing model, equipped with an intelligent data analytics platform, in a new direction which has generated significantefficiencies in the crucial marketing process, result

LIBERUM: 4imprint Group* - Excellent momentum continues

LIBERUM: 4imprint Group* - An embarrassment of riches

Morning Note – 16 August 2022

Hybridan Small Cap Feast 11/08/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports

Mirriad Advertising - Looking to US campaign growth

Mirriad’s interim results confirm the trading update published in July, which indicated the impact of the withdrawal from China, and we make no further changes to our forecasts. There is good progress in the North American market, with US revenues 72% of the group total in H122. It is success here that will determine future growth and moves toward profitability. We regard the contract signed with Magnite at the end of May as a key milestone towards establishing the group’s in-content proposition

Morning Note – 10 August 2022

YouGov - Cautiously optimistic for FY23

YouGov’s year-end trading update (to end-July) indicates results in line with management expectations, with underlying growth across all segments and a ‘modest’ step up in operating margin. Our FY22 forecasts are therefore unchanged, as are those for FY23. We now also publish our first thoughts on FY24, showing continuing progress on revenue and margin as the increased productisation drives efficiencies. YouGov’s share price performance year-to-date has been affected by the rotation away from an

WH Ireland: Sector News and Views – Corporate - dollar earner picks in a changing landscape

A year on from the end of lockdown on July 19 2021, celebrations at the UK's economic bounce-back in H2-21 have long lost their fizz. Two intertwined themes have remained salient / gathered pace over the past six months since our mid-year sector review: exchange rates and inflation. As we write today, press speculation is focussing on the possibility of a 0.5% rise in UK interest rates in August, billed as the biggest move in 27 years. Looking further afield, economists are looking to the F

Morning Note – 24 February 2022

Cenkos: XLMedia Plc -- A material beat in FY21E

Adj EBITDA will be around 20% higher than forecast in FY21E. This is a decent 'beat' and we attribute it to a rise in underlying operating margins from the transformation programme and favourable business mix from US sports. Not all the benefits from the transformation programme are yet visible in earnings but they are already compensating for much of the weakness possible in Casino in FY22E.