One Media iP Group - Resilient Growth Continues – Upgrading Forecasts

OMiP has released a robust set of results for FY23A, with group revenue up 5% YoY to £5.4m and adj. EBITDA of £1.4m – in-line with our forecasts, albeit a reduction YoY (FY22A adj. EBITDA of £1.8m), as the group made important investments to enhance its anti-piracy software (TCAT). The company successfully deployed £1.4m of capital during the period on acquiring further royalty rights at an attractive multiple. We upgrade our FY24E forecasts (adj. diluted EPS raised by 46% to 0.24p) owing to eff

Morning Note – 29 April 2024

Morning Note – 24 April 2024

Duplicate of BWMX: 1Q Review: In-Line Q, With Multiple Positives (Updated); Reiterate Buy

We are reiterating our Buy rating and $22.50 price target for Betterware after the company reported an impressive 1Q, with better than expected top line results. Further, management reiterated 2024 revenue and EBITDA guidance. There was also material progress at Betterware, which enjoyed double-digit increases in average ticket and revenue and is nearing the shift to positive growth in Associates. JAFRA Mexico also registered another strong quarter, as the acquisition has remained a key winner.

LIBERUM: Loungers: Outperforming on multiple measures

Hybridan Small Cap Feast - 26 April 24

26th 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: C4X Discovery Holdings (C4XD.L) has left AIM. 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 acqu

Topps Group (TPT LN) - Initiation: Market leader trading at cyclical lows

Topps Group is the UK’s largest specialist supplier and distributor of tiles and associated products to the UK’s domestic and commercial markets. Each of the last three years the Group has successfully achieved record revenue in a market that’s seen recent volume declines and regional peers enter administration. Following the right sizing of its business, Topps Group is now well positioned to capitalise on the economic recovery and continue taking share from competitors, supported by its global

HeiQ - Forecast update and Ecolab contract

HeiQ reported its interim results for the 12-months to December 2023, a period characterised by challenging conditions in the markets in which the company currently operates. In-line with the recent trading update, the company reported revenues of $41.7m for FY23 and closed the period with a cash balance of c$10m and a net debt position of $2.2m. We have updated our forecasts to reflect the FY23 results and HeiQ’s outlook in 2024, leaving our revenue forecast unchanged but adjusting gross margin

LIBERUM: Tortilla Mexican Grill: Prioritising profitability over roll-out

Hybridan Small Cap Feast - 24 April 24

24th 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

React Group H1 Trading Update

React Group has released a positive update that has confirmed that the strong 2H 2023A momentum has continued into 1H 2024E, with what was described as a ‘record trading performance'.

SSP Group+ (SSPG, House Stock at 218p) - Further progress expected in H1

Wise Company Update

 Wise experiences a noteworthy growth in active customers, with a 30% YoY increase to 7.5mn, consistent with our projections, in the quarter ended 31 December 2023 (9M24). Active personal customers surged by 30%YoY to 7.1mn, while business customers saw a 23% YoY growth to 392k. The robust financial performance of Wise was largely driven by the rising adoption of multi-feature usage by both personal and business customers. Approximately 46% of personal customers and 60% of business customers no

LIBERUM: SAS UK SMID Monthly: Should we expect a rally in retail stocks?

PROGRESSIVE: Zoo Digital: AGM flags continued workflow disruption

This morning’s AGM statement by ZOO confirms that trading is still being impacted by the two market issues detailed at the recent prelims. First, the industry-wide strikes that have halted new productions have not been fully resolved. A deal has been reached with the writers (WGA) but talks are still ongoing with the actors’ union, given the complexities surrounding AI. Second, workflow is still disrupted as the major streaming providers realign business models to increase profitability. However