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Companies: CML FDEV NRR SSPG RMV AO/ ZIN
Shore Capital
Companies: AO World Plc (AO:LON)Marks Electrical Group Plc (MRK:LON)
Canaccord Genuity
Dish of the day Joiners: LifeSafe Holdings (LIFS.L) joins AIM. The fire safety technology business with innovative fire safety products, has developed what the Directors believe to be market disrupting, eco-friendly fire safety protection products to both protect (via fire extinguishers) and detect (via carbon monoxide, smoke and heat alarms) fires. The Company raised £3m on Admission. Market Cap approximately £16.6m. Leavers: No leavers today. What’s cooking in the IPO kitchen? Immediate acquis
Companies: CLBS DIS TRAK INL SAV AO/
Hybridan
Investors have been choosing to take a more risk-averse position here until prospects for the UK consumer and AO’s German operation become clearer
Companies: AO World Plc
Whitman Howard
After a year of difficult macro and weaker than initially expected performance AO responded by reorganising management behind founder John Roberts. Today the company is effectively reporting on what was delivered under its now-replaced strategy. News on current work is more general. But we would expect more meaningful analysis from the company and some news on how it expects to be set up over the next few years at the Interims in November.
We have met returned CEO (founder) John Roberts. Our overall view is that he is motivated to re-energise the business over so long as it takes and to protect the value of his investment. He is clearly a top sales person so some context will be needed at the Prelims and probably more meaningfully the 2019/20 Interims in November. But overall we came away positive.
AO’s CMD highlighted the enthusiasm of the company anew and focused on the batch of new business areas under development. These included significantly a potential new Consumer Credit offer and more visibility on the already announced B2B division. On the more cautious side the current UK Major Domestic Appliances (MDA) market remains difficult in demand terms (down around 5% in 2Q as per GFK), albeit mitigated by a more benign pricing environment. The company’s upbeat view that recent flat-linin
AO World (AO) is the leading online retailer of domestic appliances in the UK and additionally has a significant non-UK operation in Germany and the Netherlands. Our initiation today examines its scaling-upstrategies and its potential to re-rate. We conclude that scaling potential is already being demonstrated outside the UK where we believe the ultimate value lies while the UK needs to show how it can grow its core MDA sales to counter recent signs of maturity. We initiate with a buy recommenda
This update will probably be viewed with short term caution as UK sales growth has slowed in June and the benefit from the World Cup comes into question. Europe looks good to us and that is where the upside from future scalability will emanate to drive re-rating if that happens. Sales in 1Q were +8% in the UK and +46% ex currency in Europe. There may be a negative read-across into Dixons Carphone (DC LN, 182p, Hold, TP 185p).
CentralNic-Schedule 1 from the business operating in proprietary retail platforms selling domain names and associated web presence services including hosting and email on a subscription basis, has acquired KeyDrive S.A which constitutes a RTO. Raising £24m at 52p, combined market cap of £88.7m Trackwise—established business that manufactures specialist products using printed circuit technology. Offer TBA. Due Late July Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company d
Companies: 3N9A CAR HUM TAX AO/ SPE BHRD CHLL BION
AO World (AO.LN, 151p, NR) has reported in line with its post close update issued on 6th April (underlying EBITDA losses £3.4m against £4.2m loss at that time).There is no formal guidance for 2018/19 but the company notes a good start to trade with UK sales up double digits year to date (v +6.2% 1Q last year). Lots of moving parts in this one notably the progress of the European loss making business but the statement does not suggest any big change to expectation which currently indicates a move
The online appliance retailer had a bumper Christmas period bolstered by a 60% spike in European sales.
Research Tree
Research Tree provides access to ongoing research coverage, media content and regulatory news on AO World Plc. We currently have 0 research reports from 7 professional analysts.
Eleco’s FY23 results show robust organic recurring revenue growth of +17% with recurring revenue +22% to £20.7m, adj EBITDA +2% ahead of the January update, and a confident outlook with Q1 ARR already at £24.5m vs £22.6m at FY23. At this point, the excellent start to FY24 leads us to reiterate our FY24-26E revenue, adj EBITDA, EFCF, and DPS, and we include the April 2024 acquisition of Vertical Digital in our FY24-26E net cash, as we explain below. As Eleco builds upon the successful acquisition
Companies: Eleco Plc
Cavendish
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
Companies: Cerillion Plc
Liberum
Cerillion has announced a very solid update, as H1 sales and EBITDA are both up 10% y/y to £22.5m and £10.9m respectively, notwithstanding the exceptionally strong base period (sales and EBITDA +27% and +38% resp.). Results therefore point to continued strong customer demand, reflecting how Cerillion’s out-of-the-box product continues to resonate and gain adoption, particularly in a ‘budget conscious’ environment, by offering faster time to market, greater configurability and at a lower cost. Me
Interims to January are in line with the February TU, and materially unchanged forecasts for the FY July 2024. After the well flagged expected 1H24 revenue movement of -7% (vs 1H23 which had been strengthened by c£2m perpetual licence sales in the US), prospects for the second half are supported by several new contracts that will generate revenue in 2H24, in addition to material contract delivery milestones from existing large projects such as major TRACS Enterprise, Railhub deployments, and Rem
Companies: Tracsis plc
tinyBuild’s FY23 results confirmed a sharp drop in revenue and swing into adjusted EBITDA losses, as well as asset impairments and high cash burn. After already making $10m of annualised cost savings, the company continues to run-down its cash balance and now relies on a H2-weighted release schedule to reduce cash outflows.
Companies: tinyBuild Inc.
Zeus Capital
As reported in March, underlying EBITDA profitability improved to record levels despite FX headwinds. Further platform and proposition developments were completed, key steps on its digital roadmap, and it has already won 7 contracts YTD. Alongside planned growth in private membership, this will at least offset the loss of one contract. Forecasts are left unchanged today and, as member engagement throttles back up, FX headwinds ease, and proof points of digital efficiency emerge, markets should b
Companies: Ten Lifestyle Group PLC
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has announced an additional professional services contract with its long-standing client, The Entertainer. Following a year-long trial, The Entertainer is opening in over 800 Tesco stores across the UK & Ireland, alongside a supplier agreement for Tesco stores across Central Europe. Under the contract, The Entertainer will extend its use of itim's Unify
Companies: Itim Group PLC
WHIreland
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Companies: 1Spatial Plc
GE Healthcare has announced the launch of the Voluson Signature 20 and 18 ultrasound systems, with the related press release noting these systems ‘comprehensively integrate artificial intelligence’ to improve the ultrasound procedure for clinicians and the women being scanned. These ultrasound systems include SonoLyst, the AI which incorporates Intelligent Ultrasound’s ScanNav Assist and ScanNav AutoCapture AI software. The launch of additional Voluson systems including the SonoLyst suite of AI
Companies: Intelligent Ultrasound Group Plc
22nd 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: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Companies: Synectics PLC
Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H
Companies: Alphawave IP Group PLC
Capital Access Group
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