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Today’s H1 trading update from Idox confirms that the first half of the year has seen a solid financial and operational performance, in line with management’s expectations. We leave our forecasts intact and look forward to the results in June as an opportunity to find out more about the strong operational progress that the business is making.
Companies: Idox plc
Dish of the day Joiners: New Energy One Acquisition Corporation Plc, has joined the Main Market (Standard). NEOA is a special purpose acquisition company incorporated in the United Kingdom that has been established to focus on pursuing a Business Combination with targets that are positioned to participate in or benefit from the global transition towards a low carbon economy. Capital raised £175m. Leavers: No leavers today. What’s cooking in the IPO kitchen? Aquis Exchange (AQX.L) the exchange se
Companies: SAR ITM ANG IDOX IOG CORA
Today’s AGM trading update for the period 1 November 2021 to date confirms that Idox is trading in line with expectations, with the integration of recent acquisitions running to plan. At present, the geo-political situation and industry-wide recruitment issues are on the radar but not causing significant impacts.
Idox’s results for the year to 31 October 2021 were released this morning. The company has delivered three things during the year: material progress on all financial metrics, a major refocus through both acquisitions and disposals, and a number of clear steps forward in terms of organisational structure and maturity. We make no material changes to FY22 or FY23 estimates, and introduce estimates for FY24.
Banquet Buffet Blackbird 32.25p £109.3m (BIRD.L) The technology licensor, developer and seller of the market-leading cloud native video editing platform, Blackbird, announced today that Eurovision Sport has engaged with Blackbird to drive cloud native video production workflow efficiencies for its members in a multi-year deal. Eurovision Sport is utilising Blackbird for professional, collaborative and scalable cloud native video editing and publishing of sports content. Blackbird has been deplo
Companies: D4T4 HE1 IDOX KEFI FLTA LOOP MMAG YEW
Idox has released a trading update for the year to October. The update confirms the continuing strong performance of the businesses and highlights the strategic progress that has been made during the year – most importantly the disposal of the Content businesses and the acquisitions of Aligned Assets, thinkWhere and exeGesIS. The revenue, adjusted EBITDA and net debt figures given in the statement are almost exactly in line with our own forecasts. Although we have adjusted our estimates for FY21
Idox has announced the acquisition of exeGesIS Spatial Data Management Ltd, a UK based geospatial information services (GIS) technology business, for an initial cash consideration of £5.35m payable from existing resources. This acquisition adds to the GIS capabilities which August’s purchase of thinkWhere brought to the Group. exeGesIS will also add to Idox’s recurring revenues and is immediately earnings enhancing. Idox is now in a strong position to capitalise on the growth of the UK’s locatio
Idox had previously announced that its continuing operations (excluding the disposed Content businesses) produced H1 2021E revenue and adjusted EBITDA of £31.1m (up 4% on H1 2020) and £10.1m (up 17%) respectively in the six months to the end of April 2021. The interim results also show that Idox continued to deliver on its strategic aims and ended the period with a strong balance sheet following the disposals. To us, Idox looks very well placed to continue good organic growth and to seek complem
Idox has announced the earnings enhancing acquisition of Aligned Assets, a UK based public sector software business which provides solutions to local authorities and others for address databases. Following the disposal of the remaining parts of the Idox Content division earlier this year, Idox is positioned as a software business selling to public-sector and engineering customers. This acquisition immediately augments Idox’s offering to local authorities in line with its growth strategy and adds
While we were away: Joiners: The Artisanal Spirits Company (ART.L), the owner of The Scotch Malt Whisky Society, the provider of premium single cask Scotch malt whisky and other spirits for sale primarily online, announced to trading on AIM last week. The company raised £26m at £1.12. The Fundraising raised gross proceeds of £15m for the Company and £11m for certain selling shareholders. On IPO, the company had a market cap of approximately £77.96m. Between FY16 and FY19, revenues grew from £7
Companies: ALBA ESO DEST EUZ IDOX MKA OCI TUNG WPHO VLG
Idox’s trading update for the half year to the end of April 2021 shows a performance that is nicely on track to meet full year expectations. We leave our estimates unchanged at present while noting the cash position and that adjusted EBITDA is well over half way towards our full year estimate. Idox’s two disposals during the first half represented the remainder of the Idox Content division leaving Idox as a software business selling to public-sector and engineering customers – and one with a rob
Idox has issued a trading update which states that the Group has performed well during the first quarter (to the end of January 2021) of its current financial year. It cites a ‘robust’ financial performance with growth in underlying revenues and earnings. Since it announced its FY 2020 results in February, Idox has made two disposals and seen a possible offer for the Group by Dye & Durham withdrawn. Those two recent disposals were the remaining parts of the Idox Content division leaving Idox as
Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021. Caerus Mineral Resources, a London base
Companies: HUM IDOX BEM GHH PYC GTC SYM BEG SENS
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IP
Companies: SBI OCI IDOX ROL JAN BSE PXS SHED TSG KDNC
Research Tree provides access to ongoing research coverage, media content and regulatory news on Idox plc. We currently have 101 research reports from 6 professional analysts.
Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
*A corporate client of Hybridan LLP Dish of the day Joiners: EnSilica (ENSI.L), has join AIM. EnSilica provides an end-to-end service for the design and supply of mixed signal ASICs, outsourcing certain elements such as the wafer fabrication of the manufacturing and packaging to third parties - otherwise known as a Fabless Semiconductor Model. ASICs are Integrated Circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help
Companies: YGEN AFRN ALBA ART BLV CCS EPWN FIPP NWT KETL
Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th
Companies: YCA 7DIG BOOM DMTR EYE KIBO NFC RST SPSY
Companies: ARB D4T4 ORPH SPE
Kromek has announced that it has received an order from a US federal entity for the D3S-ID wearable nuclear radiation detector, which provides an early warning system for potential radiation threats. The order is worth $0.65m and is to be delivered in the coming months. This is the second order for the D3S-ID from this customer, following the award of a $1.6m two-year contract in September 2021, and provides further endorsement of Kromek’s capabilities within a market over which Kromek has visib
Companies: Kromek Group Plc
Having updated in April that FY22 revenues and operating profits were expected to be in line with consensus, Eckoh today updates that operating profits grew strongly in the period and will now be ahead of consensus. Revenues are expected to be in line. We suspect this means operating profits will be slightly above £5.0m compared to our forecasts of £4.9m. This de-risks our FY23 forecasts, where we are looking for AOP of £7.7m. We are forecasting FY23 AOP of £5.9m from the existing business, up f
Companies: Eckoh plc
TPXimpact has announced that it has spun out OpenDialog alongside a £4m raise by Dowgate Capital; TPXimpact will retain a 17% holding in OpenDialog at a post-new money valuation of £12.7m.
Companies: TPXimpact Holdings PLC
Despite lingering lockdown headwinds, FYJan22 saw continued strong growth for Smartspace’s two SaaS businesses, SwipedOn (visitor, employee and desk management) and Space Connect (meeting room and desk management), driving combined ARR up 64% organic to £4.9m. SwipedOn ARR grew 57% yoy (>85% of total ARR) with Space Connect ARR up almost threefold. Encouraging trading through to end April (ARR rose to £5.5m) underpins Smartspace’s continued expectations for “further strong growth in FY23”. Key d
Companies: Smartspace Software Plc
Dish of the day Joiners: Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa has joined the Access Segment of the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business ne
Companies: CZA AXL AEE CORA D4T4 EKF ORPH PWM PPH SYM
1Spatial continues its US expansion with the announcement of a contract win to support replacing the Transportation System Network (TSN) for the California Department of Transportation (Caltrans). The contract is worth c $1.4m over four years, including US$0.7m in software licence revenue, and was won in partnership with Rizing, a global SAP partner. The US market is a key growth engine for 1Spatial and the Caltrans win shows its strategic plan continues to bear fruit. This contract follows othe
Companies: 1Spatial Plc
Companies: FDM Group (Holdings) plc
Companies: Cerillion Plc
Immotion is a leading Virtual Reality (VR) experience provider. Following on from the 24 seat Pittsburgh Zoo contract in April, the group's announcement this morning that it has signed another and even larger major zoo contract provides further confirmation of the strength of demand for its new Gorilla Trek offering. Under the agreement with Milwaukee County Zoo, Immotion will install a 40 seat VR Theatre experience, which attracts around 1.3m visitors per annum. The attraction will be located a
Companies: Immotion Group Plc
H1 revenues declined modestly to £0.8m due to the already flagged expiration of a legacy contract. Investment in direct sales and marketing led to an increased operating loss of £2.8m (PY £2.2m) as Actual Experience transitions from start-up to scale-up. Admin expenses are expected to fall in H2 as product investment is now largely complete and marketing expenditure is reduced. Management sees market conditions (hybrid working) as favourable and its new Digital Workplace Management System (DWMS)
Companies: Actual Experience plc
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