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15 Aug 16
TXT’s H1 results confirm that TXT Retail has seen a recovery in licensing after a weak Q1 and TXT Next continues to experience strong organic growth. With the inclusion of the PACE acquisition from April, TXT Next is now more internationally focused and has a comprehensive solution suite to address the aerospace market. Key drivers of growth for the group are expansion into Asia Pacific in TXT Retail and growth of the aerospace business in TXT Next. Our forecasts are substantially unchanged.
Profits maintained despite licensing weakness
18 May 16
TXT reported a small year-on-year revenue decline for Q116. While TXT Next showed continued growth, TXT Perform saw delays in the signing of new licences, resulting in a decline in revenues. This was offset by reduced operating expenses. Management sees a more positive outlook in Q2 and maintains expectations for FY16. We leave our forecasts substantially unchanged.
TXT Next is next for international expansion
11 Mar 16
TXT reported strong FY15 revenue growth of 13%, with double-digit growth from both divisions, and normalised EPS ahead of our forecast. The planned acquisition of PACE adds higher-margin aerospace software capability and accelerates TXT Next’s quest to expand its addressable market outside of Italy. We have incorporated PACE into our estimates, forecasting normalised EPS growth of 16% in FY16 and 9% in FY17.
Aerospace software acquisition
03 Mar 16
TXT is expanding the scope of TXT Next’s aerospace business with the acquisition of a majority stake in aerospace software specialist PACE, for an initial cash consideration of €5.6m. The deal will enable TXT Next to offer specialist software in addition to its aerospace IT, consulting and R&D services and gives the division access to a wider international customer base. We will review our forecasts when TXT reports FY15 results on 8 March.
06 Nov 15
TXT reported another strong quarter, with Q3 revenue growth of 12% y-o-y and both businesses contributing to growth. Profitability was higher than we forecast, leading to an upgrade to FY15 EPS; we leave our FY16 forecasts unchanged. The company continues to invest in expansion into Asia Pacific; this combined with progress in the North American business should drive growth in the medium term.
International wins drive growth
10 Aug 15
TXT experienced strong growth in H115, with both divisions reporting y-o-y growth of 13%. The international expansion strategy is paying off – both TXT Perform and TXT Next won new customers in target overseas markets during H1. To reflect the stronger first half, we have raised our revenue and earnings estimates in FY15 and FY16. The company continues to seek acquisitions to accelerate growth in both divisions and has a strong balance sheet to support its growth strategy.
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24 Oct 16
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N+1 Singer - NCC Group - Strong revenue but margins weaker in H1
20 Oct 16
NCC’s trading update for the four months to September shows continued strong revenue growth, but margin pressures in the first half mean that profit for the year will be more second half weighted than usual. Group revenue increased 36% in the period (+21% organic) with Assurance and Escrow both growing well (+25% and +4% respectively). The Assurance division has seen three unrelated large contract cancellations however, as well as some difficulties with some managed services renewals. We are not making any changes to our forecasts at this stage but now expect a significant second half weighting to profits. We remain supportive of the story but with the shares priced for perfection, we downgrade to Hold, with a target price of 353p (from 384p).
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26 Oct 16
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N+1 Singer - Morning Song 24-10-2016
24 Oct 16
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