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This morning's update from PEN highlights major developments on the software front, where the latest version of its successful GenS product, which supports the maintenance of key assets, was launched as flagged at the end of April, to be followed by the integrated solution in Q4 – encouraging developments given the high gross margins available to PEN in these product areas. The company provides software / integrated product support solutions to an extensive client list of OEM's and governments,
Companies: Pennant International Group plc
WHIreland
Companies: Cerillion Plc
Liberum
EnSilica has released a trading statement for the 12m period ending 31 May 2024. The Company expects to report revenues for the period of approximately £25m (Allenby forecast £22.9m), equivalent to year-on-year (“YoY”) growth of 22.1%. Whilst a change in sales mix against expectations has resulted in lower EBITDA margins, hence EBITDA is expected to be £1.8m against our forecast £2.5m, a lower than expected D&A charge and higher tax credit has resulted in the Post Tax Profit expectation of £1.9m
Companies: Ensilica PLC
Allenby Capital
Companies: TruFin Plc
Companies: Aptitude Software Group plc
Canaccord Genuity
itim is a disruptive SaaS and services platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has reported full year results to 31 December 2023, in line with February's trading update and with significant progress in product development and notable contract wins post-year end. Revenue in the year increased 15%, primarily driven by a 54% increase in service revenue, as itim looked to shift its focus from subscription growth to paid-for se
Companies: Itim Group PLC
Intelligent Ultrasound has reported its results for the 12 months to December 2023. In line with the January trading update, the company has reported group revenues of £11.2m, up 11% reported or c36% adjusting for one-off sales in FY22. Importantly, the company generated £2.0m from its Clinical AI product portfolio versus £0.7m in FY22 and we note GE HealthCare has expanded the range of Voluson ultrasound machines that include SonoLyst, powered by Intelligent Ultrasound’s ScanNav software. The c
Companies: Intelligent Ultrasound Group Plc
Cavendish
We initiate coverage of NCC Group, a well-respected provider of cyber security and software escrow solutions. In FY23, the company experienced a significant market pullback that revealed operational deficiencies. The company appointed a new CEO, who introduced a turnaround strategy in January 2023. We believe the ongoing improvements are transformational and consensus expectations underestimate NCC’s revenue growth and margin potential. In addition, shares trade below historic multiples and thos
Companies: NCC Group plc
Zeus Capital
Made Tech is a leading provider of digital, data, and technology services to the UK public sector. The Group was founded in 2008 by Rory MacDonald (CEO), who remains its main shareholder with 28% of the equity, and IPO’d in 2021. The Group is entirely exposed to the UK public sector and we believe this represents a large structural growth opportunity as the shift to digital services is likely to accelerate. Moreover, we believe Made Tech will continue to benefit from the transition away from UK
Companies: Made Tech Group PLC
H2 Radnor
1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth suppressing margin and cash generation. This investment phase will continue in FY25 to lay the foundation for transformational growth from 1Streetworks and in the US in the coming years. Our scenario analysis indicates the upside from successful execution is significant, with further wins for 1Streetworks and in the US being the key catalysts for m
Companies: 1Spatial Plc
Edison
CLIQ Digital delivered a disappointing start to FY24 in Q124, as its membership base fell following a change in refund programmes from credit card providers, making it easier for subscribers to cancel. Revenues fell 12%, while marketing expenses, a key growth driver for CLIQ, dropped 9% as management sought to protect its gross margin. The adjusted EBITDA margin fell to 7%, driven by the decline in sales. Management has initiated its Fit for Future transformation strategy to drive operational ef
Companies: Cliq Digital AG
Companies: 88E MTC TIA DEC ULTP
Concurrent Technologies delivered a record £31.7m revenue and a substantial increase in profitability in FY23. Management has successfully navigated through the challenging period of worldwide component supply problems that characterised FY22 and delivered a strong recovery in FY23. The business has been completely transformed since the new management team started in 2021 and the focused strategy is delivering. With revenue from the increased number of design-in wins secured in FY23 starting to
Companies: Concurrent Technologies Plc
We view confirmation of market forecasts / PEN's February update as providing further validation for the company's strategy. Ongoing business streams (including the concluding stage of the Boeing / Apache contract) provide underpinning for forecasts for the current year and software-derived earnings as strategized look set to rise in FY24 with the launch of the company's GenS technology (well-regarded and long-established OmegaPS series update). Tuesday's statement from the Prime Minister ple
Organic growth and margin expansion in Q1 24 WIIT posted a 5.4% sales growth to EUR33.5m, roughly in line with our expectations and almost entirely driven by organic growth. The company adjusted EBITDA was EUR13m (vs. EUR12.5m expected) with a margin of 38.8% (vs. 37%e) thanks to better sales mix, lower services costs, and lower provisions. The company adjusted EBIT was EUR7.2m and the company adjusted Net Profit at EUR4.1m. Net debt reached EUR203.1m (EUR202m in FY23) after c.EUR9.6m of capex.
Companies: WIIT SpA
BNP Paribas Exane - Sponsored Research
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