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Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Cavendish
Companies: CML Microsystems Plc
Shore Capital
Cordel’s Q324 update shows progress towards the group’s FY24 revenue expectation and other objectives, supporting our forecasts. Doubling the customer base by year-end is a key milestone, which encouragingly looks set to come in part from tier-one US railroads, offering the greatest scope for large seven-figure contracts from its target markets. Developments with Amtrak, as Cordel moves to the five-year service phase, and Angel Trains in the UK provide positive indicators for stable recurring re
Companies: Cordel Group PLC
Edison
Cordel has issued a short but positive update for the quarter to the end of March. The Group is making good progress with the contract pipeline and reiterated revenue guidance for the full year. Key relationships with Amtrak, Angel Trains and Network Rail are growing, and Cordel continues to ramp-up business development activity in new and existing markets. Selective hiring to complete the build-out of the team and platform has continued but is nearly complete; operational gearing is now high. T
Zeus Capital
Pinewood Technologies’ results for the 13 months to 31 January 2024 confirmed good growth in user numbers, revenue and operating profit for the continuing automotive software business. Our unchanged forecasts (see 6 March research) show strong revenue growth, high margins, and good cash generation over the period to FY26 as the Group executes its accelerated growth plan. As of Tuesday this week, Pinewood’s shares are ex-dividend and a 1-for-20 share consolidation is effective, meaning our discou
Companies: Pinewood Technologies Group PLC
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
Dillistone, a supplier of software to the international recruitment industry, has announced a solid set of full year results that, in our view, pave the way for rapid YoY earnings progression from FY2024. For FY2023, against a small, anticipated YoY decrease in sales, adjusted EBITDA exhibited substantial growth of 38.5% to £1.3m (FY2022: £0.9m), ahead of our £1.2m estimate, and with a welcome return to profitability, PBTA of £0.1m (FY2022: loss £0.3m) in-line with our expectation. Our cautious
Companies: Dillistone Group Plc
WHIreland
Companies: Gaming Realms PLC
Canaccord Genuity
Companies: 1Spatial Plc
Liberum
Informa’s FY23 results were strong, slightly ahead of guidance at January’s update. Underlying revenues grew 30.4% and adjusted operating margin expanded from 21.9% to 26.8%, with all four operating segments posting underlying revenue progress. The momentum has continued into FY24, and formal guidance has been edged ahead. The group generates significant amounts of cash, and leverage at end FY23 of 1.4x was below the guided range of 1.5–2.5x. With modest investment requirements and M&A opportuni
Companies: Informa Plc
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
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Made Tech has won a material expansion (worth up to £19.5m/2yrs) with a long-standing customer, The Department for Levelling Up, Housing and Communities (“DLUHC”). Coming off the back of a soft H1 bookings performance, we expect this win to materially boost investor sentiment and reassure how notwithstanding a tough backdrop (given an impending general election) MTEC continues to outcompete legacy providers and in-so-doing, grow its share of wallet with large/strategic customers. Landing near FY
Companies: Made Tech Group PLC
Singer Capital Markets
Cordel has reported a strong first half performance with revenue up 108% (at £1.96m) and expenses and cash in line with our expectations.
Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: ENSI PPS MIRI SEEN ENET CHSS
Allenby Capital
Access Intelligence has delivered interims to May 2022 in line with the June trading update and unchanged expectations. EBITDA of £0.3m was delivered from revenue of £32.7m, yielding a strong interim net cash balance of £9.3m after positive working capital movement despite a period of investment. The important elements to visibility are the regional ARR movements: within EMEA and North America, ARR grew £1.2m (+14% vs 1H21); while in the acquired APAC business, Isentia, ARR decline slowed to £0.
Companies: Access Intelligence Plc
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