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Esker reported FY23 revenue growth of 12%, or 14% in constant currency (cc), at the lower end of its guidance range. New contract wins in Q423 were 38% higher cc than in the prior quarter and 58% higher cc y-o-y, reflecting strong demand in France and the rest of Europe. FY23 operating profitability will take a hit as sales commission for better-than-expected new business is recognised in Q423. As FY24 guidance is more conservative than we expected, we have reduced our FY24 forecasts, resulting
Companies: Esker (ALESK:EPA)Esker SA (ALESK:PAR)
Edison
Esker saw record order intake in Q323, helped by the upcoming (albeit delayed) introduction of e invoicing regulations in France. While Q323 revenue growth of 8% was dampened by lower SaaS transaction growth, volumes have picked up in October and the company maintains its FY23 guidance. The company continues to evolve its product suite, using AI to enhance productivity, and is currently developing a new ESG-focused reporting solution. Through a combination of recent contract wins, cost control m
In H123 Esker reported strong growth in revenue (+16% y-o-y in constant currency (cc)) and bookings (+18% y-o-y cc) but this was outweighed by increases in costs, resulting in an operating margin decline. The company is taking measures to counter this, both in its contract pricing and by slowing the pace of hiring. While FY23 revenue outlook is unchanged, management reduced the mid-point of operating margin guidance by 1% to 12%. We have conservatively reduced our operating profit forecasts, whi
Esker continued to make good progress in Q223, with constant currency (cc) year-on-year revenue growth of 15% (the same as in Q123). Order intake on an annual recurring revenue (ARR) basis was 14% higher cc for Q223 and 18% higher for H123. The company narrowed its organic cc revenue growth guidance for FY23 to the upper end of the previous range (now 14–15%) and maintained its operating margin expectations. We maintain our revenue and EPS forecasts and raise our dividend forecasts.
Esker reported 17% y-o-y revenue growth for Q123, with 21% y-o-y growth in SaaS revenue (83% of group revenue) on an organic constant currency (cc) basis. Strong order momentum was maintained in the quarter, providing good support for our growth forecasts. With volumes processed by the Esker platform reverting to normal levels after a brief period of weakness at the end of FY22, the company revised up its FY23 revenue guidance. We maintain our forecasts, which are at the mid-point of the new rev
Esker reported FY22 revenue growth of 19% (13% constant currency (cc)), operating profit growth of 29% and normalised diluted EPS growth of 29%. SaaS revenue grew 23% (17% cc) and now makes up 80% of group revenue. Bookings intake increased 19% cc y-o-y on an annual recurring revenue basis, providing support for growth in FY23 and FY24. Management maintained its guidance for FY23; we have trimmed our FY23 forecasts, which sit within the guidance range, and introduce forecasts for FY24. We foreca
Esker’s Q422 revenue update confirmed that the company hit the mid-point of its revenue guidance for FY22, despite the already flagged slowdown in volumes processed. The company continued to see strong bookings intake, with the annual recurring value (ARR) of contracts for Q422 up 21% y-o-y in constant currency (cc) and up 19% cc for FY22. This provides support for management’s FY23 guidance; our FY23 estimates are within the guidance range and we maintain our forecasts pending FY22 results on 2
Esker’s Q3 revenue update confirmed continued strong underlying and reported revenue growth, and management reiterated its FY22 revenue and margin guidance. The company is making steady progress with its channel partner strategy, and record order intake, particularly in the US and Asia Pacific, provides support for FY23 and beyond.
Esker reported a robust H122 performance, with 19% revenue growth year-on-year, 41% operating profit growth and 19% growth in the annual recurring value of new contracts signed. Reflecting the potential for slowing demand due to current macroeconomic uncertainty, the company slightly reduced its revenue guidance for FY22 but expects to be at the upper end of its operating margin target range. We reduce our cost forecasts for FY22/23 and revenue forecast by 1% in FY23, driving a 16% EPS upgrade i
Esker reported Q222 revenue growth of 19% y-o-y (12% in constant currency), driven by 23% growth in SaaS revenues. Bookings intake was strong, with the annual recurring value (ARR) of bookings up 25% y-o-y. Despite the worsening economic environment, management maintained its outlook for FY22. A diverse customer base, the high level of recurring revenue, inflation-linked contracts and a strong balance sheet should mitigate the impact of rising inflation and interest rates.
Companies: Esker SA (0RSL:LON)Esker SA (ALESK:PAR)
Esker reported 18% y-o-y revenue growth for Q122 and continues to expect organic growth of 15–16% for the full year with operating margins in its target range of 12–15%. This is in line with our forecasts, which are unchanged. The lifetime value of new contracts signed in Q122 increased by 23% y-o-y to €13.3m, underpinning our growth expectations.
Esker reported 19% y-o-y revenue growth for FY21, with 21% growth in operating profit and 20% growth in normalised diluted EPS. Profitability was below our expectations due to factors including higher sales commissions than expected, related to strong order intake, wage inflation and share-based payment-related taxes. The company continues to favour investment in sustained revenue growth over margin expansion and we have revised our forecasts to reflect a higher level of investment in FY22 and F
Esker reported a strong close to the year, with Q421 revenue up 16% y-o-y despite a resurgence of the pandemic in December and FY21 revenue ahead of our estimate. Growth in both the annual recurring value and average length of contracts signed in FY21 provides support for management’s expectations of 16% revenue growth in FY22. Esker also recently agreed to acquire Market Dojo, an e-procurement software provider, to enhance its Procure-to-Pay offering. We have revised our forecasts to reflect be
Esker’s Q3 update confirms continued strong revenue growth (23% y-o-y constant currency growth in Q321, 22% for 9M21), with organic revenue growth guidance for FY21 nudged up to 18%. Order intake also continues to grow at double-digit rates, providing the foundations for growth in the medium term. We maintain our forecasts.
Esker’s H121 results confirm growth has accelerated after a period of COVID-19-induced weaker demand in FY20. Revenue growth of 19% y-o-y compares to 8% growth in H120 and FY20. Despite increasing headcount by 12% y-o-y, Esker reported operating profit growth of 47% and an operating margin at the higher end of the company’s 13–15% target range. While FY21 guidance is unchanged, our earnings forecasts for FY21/22 have been revised to reflect the pace of cost increases and wage inflation.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Esker SA. We currently have 0 research reports from 3 professional analysts.
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.
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Zeus Capital
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Shore Capital
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
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.
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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
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Canaccord Genuity
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Turner Pope Investments
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