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Companies: UTL ASC DNLM BWNG MONY DFS BOO
Shore Capital
Asos ended its financial year (3 September 2023) with a lower-than-expected operating loss. The group expects sales in FY24 to continue to fall by 5%-15%. The new leadership will continue to focus on a recovery in profitability while sacrificing top-line growth. The group expects to return to positive growth by FY25. The updated outlook for FY24 onwards and the lack of meaningful progress on profitability to date remain a concern going forward.
Companies: ASOS plc
AlphaValue
Asos published weaker-than-expected year-end trading. The wet weather in July and August across many of the group’s markets, most notably the UK, has resulted in weaker sales and impacted the year-end cash flow. However, the group’s inventory level reduced 30% yoy and order profitability has improved by over 35%; both give the new financial year a favourable start. We are still waiting for more evidence on profit improvement.
Asos has returned to profitability in P3 23 (3 months to end May), despite the top-line decline of 14% thanks to deliberate actions on capital allocation to improve profitability. The improved profitability has enabled the group to maintain H2 23 and FY23 guidance unchanged.
Companies: DPLM GSK AZN ASC UJO GPH BBOX EYE BOO
Companies: ASC RNK UJO CPG DEST
10 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec
Companies: ZPHR PANR LVCG ASC CMCL RBMTF
Hybridan
Asos reported a revenue contraction of 6% for the period from September to December 2022, impacted by the challenging trading environment (cost of living crisis and elevated return rate) and the strategic restructuring of the business. The group continues to expect an H1 23 loss owing to the challenging consumer environment. However, Asos is confident of achieving a significant improvement in profitability from H2 23, which will result in free cash flow generation of -£100m-£0m for FY23.
Asos published its FY22 (ended August 2022) figures, impacted by the weaker consumer environment. The ongoing supply chain disruption and skyrocketing cost of living will continue to weigh on the group’s performance into the new FY23. The group announced a series of cost-cutting and business reorganisation measures, and increased financial flexibility through the renegotiation of core banking covenants to navigate the challenges of the year ahead.
Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. During the six months ended 30 June 2022, Ithaca Energy's average daily production (oil and gas) on a net work
Companies: SCE ASC EOG COG TIME ADME BRCK ART CGH
Asos has cut its FY22 guidance as shoppers return more clothes amid inflationary pressure. The group also continues to work actively against the ongoing global supply chain challenges. The FY22 top-line is expected to grow between 4%-7% vs .10%-15% previously Adj. PBT will be in a range of £20m-£60m vs. £110m-£140m.
The cost inflation and higher discounted activity along with the industry-wide supply challenges since last winter have negatively affected Asos’ profitability during the first half. Although the stock position for H2 has significantly enhanced, the group warned that the higher risk from inflationary pressure and the suspension of activity in Russia may weigh on the FY22 performance. So far, the group has maintained its FY22 guidance.
As expected, the industry-wide supply chain challenges and inflationary pressure have weighed on Asos’ activity. However, the group has maintained its FY 22 guidance despite ongoing market headwinds. Also, Asos has announced its intention to move to the main market of LSE. The confirmation of FY guidance and move to the main market of LSE shows the management’s strong confidence and enhances the strategic visibility after the departure of the CEO and change of chair.
Research Tree provides access to ongoing research coverage, media content and regulatory news on ASOS plc. We currently have 0 research reports from 12 professional analysts.
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
Cavendish
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
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: 1Spatial Plc
Liberum
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Following the updated guidance published last week, Alphawave reported a 74% YoY increase in revenue to US$321.7m for FY23 generating adjusted EBITDA of US$62.6m, up 34% YoY. As previewed, bookings in 1Q24 were strong at US$117.9m, up 20% YoY and ahead of guidance. The results release and conference call confirm that revised guidance mainly reflects a more conservative approach to revenue recognition under new CFO, Rahul Mathur, and an acceleration in the pace at which Alphawave is pivoting away
Companies: Alphawave IP Group PLC
Capital Access Group
Companies: Cerillion 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
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
Companies: Synectics 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
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
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
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