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Kape has provided a post-close trading update, highlighting revenues significantly ahead of consensus at $230m (cons: $201m), up +89% y/y. Part of this beat is attributable to ExpressVPN (not included in our forecasts) which contributed $18m from 16th December. Underlying revenues were still 5% ahead of consensus at $212.5m driven by the continuation of high renewal rates (82%) and strong organic adds which contributed to a 0.5m organic net increase in subscribers (+18% y/y). Management have uti
Companies: Kape Technologies Plc
In a trading update, Kape has confirmed strong growth for the year ended 31 December 2021 (FY21F). Including the contribution of ExpressVPN, revenue is expected to be substantially ahead of previous guidance at c. $230.5m, up 89%. Excluding this contribution, the business performed 5% ahead of the upper range of previous guidance. Adjusted EBITDA (including ExpressVPN) advanced by 97% YoY to $77.0m, in line with guidance. The guidance issued at the time of the ExpressVPN acquisition is confirmed
CentralNic has outperformed revenue and EBITDA expectations again. Strong growth in Q4 accelerated full year organic revenue growth to 37% from 29% in 9M 2021. Both revenue and EBITDA are expected to be c. 6% ahead of our estimates. The Online Marketing division appears to be going from strength-to-strength, as the division’s PubTONIC product effectively delivers high conversion traffic to advertisers. We plan to review our forecasts after the release of full year results at the end of February.
Companies: CentralNic Group Plc
TMG has published a year-end update confirming that the strong trading recovery previously flagged continued in H2 and that it expects to deliver against our FY21F profit and net debt estimates. There is also a confident outlook assessment for FY22F when it will continue to explore complementary acquisition opportunities and invest at record levels in retaining and recruiting talent. We see this as a positive statement of intent re. driving future growth and, although we have reduced our FY22F a
Companies: Mission Group Plc
The leading SaaS technology company creating digital connections enabling personalised, real-time marketing through coupons, loyalty, apps, subscriptions and gift services, Eagle Eye, announces a third contract win in the USA. Working again with Neptune Retail Services, leading omnichannel retail marketing company, the win is with a major US grocer and sits along with current US clients Southeastern Grocers and Staples US Retail. Eagle Eye also has a major retail client in Canada with Loblaws, p
Companies: Eagle Eye Solutions Group PLC
The MISSION Group’s year-end trading update indicates FY21 PBT will be in line with market expectations, with a good H221 performance on revenue and margin. The net debt figure of £10.2m is also in line with the anticipated level, with £6.3m of deferred consideration paid out in H221. Management is indicating a higher level of investment in talent recruitment and retention in FY22, which will up the cost base in the short term but put it in a better position to take advantage of trends, particul
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What’s cooking in the IPO kitchen?
Spinnaker Acquisitions plc, intends to join the Main Market (Standard). The Company have conditionally agreed to acquire the entire issued share capital of HomeServe Labs Ltd, a wholly owned subsidiary of FTSE250 quoted public company HomeServe Plc, by way of a reverse takeover conditional, inter alia on relisting and successful completion of fundraising activities to be undertaken by way of a placing and di
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Driven by its investment programme, CentralNic delivered record like-for-like organic revenue growth throughout FY21 (Q121: 16%; H121: 20%; 9M21: 29%), culminating in 37% organic growth for FY21. Management expects to report FY21 revenue of c US$410m (7% above our forecast of US$384m) and adjusted EBITDA of c US$45m (5% above our forecast of US$43m), implying year-on-year growth of 70% and 47%, respectively. The adjusted FY21 EBITDA margin of 11.0% softened from 11.7% in H121 and 12.7% in FY20.
Companies: 4imprint Group plc
Where next for markets in 2022? In our view, if COVID is not on the way out, we are just going to have to live with it now and it will have less and less impact on economic forecasts going forward. Instead, the bigger issues for investors to deal with in 2022 are cost inflation and staff shortages for business (which are already hitting earnings momentum), energy cost inflation and higher taxes hitting the consumer wallet, and markets that start from very elevated valuation multiples compared wi
Companies: GML HAT IOG LOK MTC QTX SOM SCE SNG TRCS TRMR
Kape has published a short trading update for the year to December 2021; 12 months dominated by M&A, but showing strong organic performance nonetheless. We make no changes to estimates pending the full-year announcement due in March, but take comfort from the positive commentary and the impressive metrics detailed in today’s release.
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Nucleus Financial Group has left AIM
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Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-Europe
Companies: ZIN SHED HUW IXI PHC
Tremor has reported Q3 21 organic net revenue growth of +54% to $76.7m (+1% ahead of consensus at $75.6m), and adjusted EBITDA of $42.3m at a margin on net revenue of 55% (+14% ahead of consensus at $37.1m). Tremor’s Programmatic division and its CTV revenue are driving its strong organic growth with +56% and +115% yoy respectively, and it is continuing to achieve quarterly performance that is ahead of many of its US-listed peers’ Q3 organic revenue growth of +22-54%, with adjusted EBITDA margin
Companies: Tremor International Ltd.
Positive Centaur Media trading momentum has continued into Q4, with both revenues and EBITDA outperforming market expectations. Group FY’21e revenues are now guided to be £38.5m (SCM: £37.1m), growing +19% y/y as Flagship 4 brands continue to deliver. The increasing proportion of higher-quality premium content, elearning and subscription revenues continues to support margin expansion, driving EBITDA margins to >15% EBITDA (SCMe: 14.9%). Implied EBITDA outperformance (c£0.5m) and strong cash cont
Companies: Centaur Media plc
In a positive year-end trading update 4imprint has confirmed a strong performance in 2021, with sales up +41% and profit before tax expected to be towards the upper end of the range. Sales growth was +22.9% in H1 2021 and +56.4% in H2. Total order count in the year was 90% of the 2019 comparative, up from 79% in H1, demonstrating a strong recovery in business over the course of the year. Net cash was $41.6m at December 2021 ($39.8m) as cash generated was invested into working capital, reflecting