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itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has provided a positive trading update for the year to 31 December 2023, reporting revenue in line and EBITDA ahead of our expectations, with a notable increase in service revenues as the group looks to shift its focus towards profitability and sustainable cash generation. The recent ‘go-live' of a ‘multi-million' pound contract with Quiz Clothing is a
Companies: Itim Group PLC
WHIreland
itim has experienced a difficult period in the last couple of years against a challenging retail market backdrop but this morning's announcement is highly encouraging and helps to underpin our forecasts for the current financial year and beyond. We believe that itim's product range is well positioned for an industry transitioning to Omni-channel retail, and the investment made in enabling fashion retailers to adopt The Retail Suite solution should open up a further segment of the retail market f
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. H1 results this morning point to a continuation of challenging trading conditions in the group's core retail market, with FY24 and FY25 forecasts adjusted downwards this morning to account for slower than anticipated new customer acquisition. Despite this, H1 revenue increased 9% over H1 2021 to £7.4m, reflecting the benefit of recurring revenue won last year, with ARR at the
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution to compete successfully with online-only players. The group has this morning released its full year results for the year to 31 December 2022, reporting revenues and earnings in line with our recently adjusted forecasts and showing positive growth in ARR. With contract conversion slower than previously anticipated in the period, revenue is reported to have increased 4% over the
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution to compete successfully with online-only players. The group has this morning released an update for the year to 31 December 2022, pointing to revenue marginally below our forecast at £14.0m (WHI est. £14.2m), with EBITDA and PBT similarly expected to be £0.2m below our expectations. ARR in the year increased by c.17% to £13.0m, £1.0m below the company's £14m original stated tar
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to successfully compete with online only players. The group has this morning released interim results to 30 June 2022, pointing confidence in meeting its stated ARR target of £14m by the end of 2022, this standing at £12.6m as at 30 June 2022. However, with contract timings delayed, a step up in investment to build out the business, alongside wider wage inf
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to compete successfully with online only players. The group has this morning released full-year results in line with February's trading update that pointed to an EBITDA outturn ahead of our previous expectations. Following the results, we leave our forecasts unchanged, looking for ARR moving to £30.0m by FY 2024E from the £11.1m reported, with both new cli
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective omni-channel solution to successfully compete with online only players. The group has this morning announced that it has successfully secured three contract wins, all with new customers, of between three and five years in duration, providing a £1.8m increase in ARR with customers spread across both retail segments and geographies.
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to successfully compete with online only players. The group has this morning released an upbeat year-end update, pointing to good revenue growth and with the EBITDA outturn for FY 2021E ahead of our forecast. Looking ahead, the Board remains confident of delivering a ‘near doubling' of ARR by 2024 and we leave our FY2022E – FY 2024E estimates unchanged. Wit
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to compete successfully with online only players. Three months on from its IPO, the group has this morning released robust interim results to 30 June, demonstrating positive trading momentum, good progress in building the team for future growth and full year results anticipated in line with our expectations. With an already established customer base and a h
itim is a disruptive SaaS-based platform for the retail sector. The COVID-19 pandemic has significantly accelerasted consumer trends towards online-first shopping that had already begun to manifest during the past decade. For store-based retailers, the result is that a clear Omni-channel strategy that provides, for the consumer, a seamless and frictionless personalised shopping experience, no matter the channel of access or location, has gone from a “nice to have” to an “imperative”. itim has de
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Journeo has confirmed record results for FY23A, in-line with recent upgraded expectations across the board. FY23A revenue increased significantly by 118% to £46.1m (including 20% organic growth) and Adj PBT increased 270% to £4m, representing a near doubling of the Adj PBT margin. Journeo has positioned itself for a period of sustained growth following the transformational Infotec acquisition, the bolt-on MultiQ acquisition and ongoing R&D in the existing business. Journeo looks compelling on an
Companies: Journeo plc
Cavendish
Craneware is the market leader in value cycle SaaS provision in the US with a 40% market penetration and the ambition to become ubiquitous in US hospitals. The shackles of Covid disruption, digestion of the Sentry acquisition, and the transitioning of its customers to the fully cloud based Trisus platform, have fallen away and opened up new sales opportunities for the group. While the shares have out-performed strongly, multiples look reasonable compared with peers. We calculate a DCF based fair
Companies: Craneware plc
Capital Access Group
In 2023, the company delivered strong 13% organic constant currency revenue growth and Adjusted EBITDA in line with expectations, even after including one-off inventory provisions.
Companies: Big Technologies PLC
Zeus Capital
Companies: CML Microsystems Plc
Shore Capital
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The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and
Progressive Equity Research
Companies: Nanoco Group PLC
Turner Pope Investments
Companies: PMG DUKE CMCL BOOM
GetBusy’s FY23 results show organic revenue growth of +10% to £21.1m, FY23 adjusted EBITDA +£0.1m ahead of our +£0.3m upgrade at the January trading update, and a promising outlook that leads us to reiterate our FY24E forecasts. At constant currency, ARR grew +10% yoy to £20.5m, recurring revenue grew +12% to £20.3m, and net revenue retention of 100.0% per month reflects upselling and price increases, with gross monthly churn of 0.8% per month vs 0.9% in FY22. Within SmartVault, the July 2023 la
Companies: GetBusy Plc
Nanoco, the world-leading provider of cadmium-free Quantum Dot technology, has reported positive 1H24 results, and stated that FY24 performance is expected to be in-line with market expectations. We reiterate our FY24E forecasts. Operationally, the company has achieved strong progress over the past six months, and the interims statement includes further progress on the company’s next-generation revenue programmes being implemented post period end. We maintain our 60.2p price target.
Broadcast playout automation solutions provider Pebble Beach has reported confident FY23 results to Dec 2023 in line with updated January trading update expectations, and has announced the much-anticipated Project Oceans will launch as PRIMA (Platform for Real-time Integrated Media Applications) in April 2024. This underpins a mid-term 80% recurring revenue ambition and expansion in addressable market. FY23 delivered +11% revenue growth to £12.4m, which benefitted from the unwind of defensive in
Companies: Pebble Beach Systems Group PLC
Companies: FOG TND BVXP ACC HDD
Companies: LPA SOLI NANO QTX
Sondrel has announced it has secured an additional £2m convertible loan note with ROX Equity Partners to fund near-term payroll and working capital needs. The terms are similar to the ones agreed for £0.9m CLN in Feb 2024 with a 15% interest rate, a three-year repayment term, and is expected to convert into ordinary shares at 10 pence each. The proposed fundraise that is open to existing shareholders has now increased from £6.5m to £8.5m (including the proceeds from the CLNs), with a subsequent
Companies: Sondrel (Holdings) Ltd.
Companies: BILN IGP RBN SBTX
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