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  • 01 Feb 17

Profitability ahead

G3 Group (GGL) operates three businesses: document and data management in New Zealand and Australia, a unique UK-based tourist souvenir business and a business mail operation in NZ. The performance for the three months to 31 December 2016 was strong, with both gross and operating margins reported ahead of target. The company attributes its outperformance to strong revenues in the higher-margin document management business versus the less profitable business mail unit. As expected, inventory days showed an increase due to the previously announced one-off buy up of business mail products during Q1. These will continue to reduce as the product is sold off. Management expects to achieve all key operating metrics (KOMs) in FY17e.

Companies: G3 GROUP
  • 29 Jul 16

Management says FY17 KOM targets to be met

G3 Group (GGL) operates three businesses: document and data management in NZ and Australia, a unique UK-based tourist souvenir business and a business mail operation in NZ. The audited FY16 financial results showed NPAT of NZ$2.14m, which was 12.2% ahead of FY15 and included a PBT contribution of NZ$0.04m from Formfile Records Management Group, acquired on 20 January 2016. It also included costs associated with IPO and the introduction of an employee share scheme, totalling NZ$0.227m and NZ$0.345m, respectively. The key operating milestones (KOMs) performance for Q117 is below expectations for FY17 due to the short-term impact of a postage price increase and seasonal softness in the UK market.

Companies: G3 GROUP
  • 13 Jun 16

NPAT up 12.2% for FY16

G3 Group (GGL) operates three businesses: document and data management in NZ and Australia, a unique UK-based tourist souvenir business and a business mail operation in NZ. The audited FY16 financial results showed NPAT of NZ$2.14m, which was 12.2% ahead of FY15 and included a PBT contribution of NZ$0.040m from Formfile Records Management Group, acquired on 20 January 2016, as well as costs associated with IPO and introduction of an employee share scheme totalling NZ0.227m and NZ$0.345m respectively.

Companies: G3 GROUP
  • 11 Feb 16

Margins ahead of expectations

G3 Group operates three businesses: a New Zealand-based business mail operation, a unique UK tourist mail business (Universal Mail UK) and document management in New Zealand and Australia. The performance for the third quarter that ended 31 December 2015 showed gross margin and inventory levels for the quarter and year to date above the key operating milestone (KOM) targets. The volume of items processed in the third quarter was below the KOM target, but is expected to increase in the fourth quarter with the resumption of services to a major bulk customer.

Companies: G3 GROUP
  • 01 Feb 16

Core outperformance in H117

G3 Group (GGL) operates three businesses: document and data management in New Zealand and Australia, a unique UK-based tourist souvenir business and a business mail operation in NZ. The performance for the six months ending 30 September 2016 showed a significant improvement versus the same period a year earlier, with underlying EBITDA growing by 24.9%. Strong growth in a G3 core home market of New Zealand post was one of the main drivers behind its strong performance. Furthermore, several bolt-on acquisitions continue to perform well, with the company announcing that it plans to continue looking for acquisition targets in its key markets.

Companies: G3 GROUP
  • 06 Aug 15

On the right track

G3 Group operates three businesses: a New Zealand-based business mail operation, a unique UK tourist mail business (Universal Mail UK) and document management in New Zealand. Following its successful listing on the NXT in June 2015, the company has provided the market with a business update for Q116 stating that all key operating milestones (KOMs) the company on track to meet its second quarter targets and KOMs.

Companies: G3 GROUP
  • 18 Jun 15

Mail and beyond

G3 Group operates three businesses: a New Zealand-based business mail operation; a unique UK tourist mail business (Universal Mail UK); and document management in New Zealand. The compliance listing on the New Zealand NXT market does not include the raising of any capital and will provide a platform for organic and acquisition-fuelled growth.

Companies: G3 GROUP

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Research Tree provides access to ongoing research coverage, media content and regulatory news on G3 GROUP. We currently have 7 research reports from 1 professional analysts.

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  • 20 May 19

Earnings accretive acquisition

CentralNic has announced this morning the acquisition of TPP Wholesale, the leading Australian and New Zealand domain name and hosting reseller business for a consideration of $24m AUD, subject to financing. This acquisition is a good example of CNIC’s strategy to acquire high recurring revenue businesses, with potential synergies that exist in new markets. We leave forecasts unchanged for now, preferring to wait until the financing condition is satisfied, but management have stated that they believe this transaction will be immediately earnings accretive for 2019E with double digit earnings accretion in 2020E. This is the group’s third acquisition in 12 months as they continue to execute their consolidation strategy.

Companies: Centralnic Group
  • 11 Apr 19

Quarterly Research Outlook

We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underlying economic data that could ultimately undermine the recent market gains. In this context, we look at what the lead indicators and the market are telling us about the industrial cycle and the stocks most exposed to various industrial trends. The Q4 derating in short cycle industrials and autos had been vicious and while these sectors have seen a more solid footing in 2019, with earnings downgrades being priced in, it will likely take a trough in lead indicators before short cycle stocks can start to perform again and re-rate relative to the market.

Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE DTG DEMG EMR FPO FST GTLY GENL GOR GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF MNO MANO MOD MKLW OXIG PCA PANR PARK PGM PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF

  • 22 May 19

Comapi integration complete

dotdigital has announced that it has successfully completed the integration of the Comapi CPaaS technology into its Engagement Cloud platform. This was the primary objective of the Comapi acquisition (completed in Nov ’17), allowing the group to accelerate its Omnichannel Engagement Cloud strategy. With the technology now integrated, management has decided to wind down activity in Comapi’s non-core SMS business, allowing the group to focus on high margin, contracted SaaS revenues going forwards. The decision is expected to be net cash flow positive, providing additional resources for the group to invest in further profitable growth. We believe today’s announcement is another example of the strong operational execution which dotdigital has consistently shown over the years, giving us further confidence in continued strong performance in the current year and beyond.

Companies: Dotdigital Group
  • 23 May 19

Recent contract wins highlight momentum

Following a solid performance in 2018, StatPro’s AGM statement confirms that the Group has traded in line with expectations during the first part of the current financial year. This is consistent with the outlook comment in the March FY 2018 results announcement which said that the Group had good visibility into H1 2019 with a solid business pipeline. We also note recent positive announcements on contracts – the latest of which was made earlier this week when the Group announced a three year extension for £2.44 million with a Top 20 Fund Administrator. Management had previously said that StatPro was seeing further growth from its fund administration clients in the first quarter of 2019. In his statement, Chairman Rory Curran reiterates two particular areas of focus: improving EBITDA margins – aided by the move to the new divisional structure – and ensuring that the Delta integration is a success. We leave estimates unchanged while noting the supportive contract announcements.

Companies: Statpro Group
  • 27 Mar 19

Rally seen in the first quarter stalls

Parliamentary and Brexit developments continue to hold centre stage, although the precise path forward remains as unclear as ever. The uncertainty over Brexit, worries over a possible slowdown in the US and the outlook for global economic growth generally have all contributed to the recent falls in markets. While the rally seen since the start of the year has petered out, most indices have still made progress. In Share News & Views we comment on Bloomsbury Publishing, Bonhill Group*, Braemar Shipping Services*, Burford, Clarkson, LightwaveRF*, Marshall Motor Holdings and Synectics*.

Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LWRF LSAI NKTN PCF SNX TCN VRE W7L

  • 16 Apr 19

Q1 2019 AIM Review

2019 started well for investors with U.S. stocks rallying on the back of trade talks between China and the U.S. resuming. Sterling rebounded in Q1 2019 as expectations built the UK would avoid a “no deal” Brexit, providing a further tailwind to more internationally focused UK companies. This sentiment spread across the globe and filtered its way down into small caps.

Companies: PRSM KMK SYS RAI MNO CCS MANO CBOX KGH

  • 17 May 19

Strong subscription growth in line with expectations

In H1 18/19, organic revenue growth (+6.2%) was attributable to the continuing strong development of subscriptions (+27.7%) which more than offset lower maintenance and support revenue (-10%) and the decrease in SSRS revenue (-11.8%) due to lower licence revenue. The organic operating margin decreased by 1.6pt to 23.2% of revenue taking into account higher investment to accelerate growth and a higher bonus provision in line with the business development. Lastly, 2019 guidance is globally unchanged.

Companies: The Sage Group
  • 18 Apr 19

FY 2019 ahead of expectations

The post YE trading update revealed that a strong Q4 performance meant that the company’s FY March 2019 revenue and earnings will be ahead of expectations and we raise our forecasts accordingly. We expect this strong demand for data solutions to continue and cautiously ease forward FY 2020 forecasts too. However, we note that IFRS 15 adoption saw £1.7m of revenue brought forward from FY 2018 (now restated) into FY 2019, skewing organic growth comparisons. Furthermore, EPS will also be skewed; not only by IFRS 15 adoption but also by an exceptionally low FY 2019 tax rate, due to relief on management options. Thus adj. FD EPS appears to fluctuate unpredictably when actually, underlying these headline numbers, the D4T4 business is steadily growing and maintaining margins while also increasing investment in the US operations. This is another year of excellent performance and we lift our TP to 300p in response.

Companies: D4T4 Solutions
  • 15 May 19

Strong H1 performance, underlying upgrade

Sanderson has delivered interim results in line with the 15 April update, with group revenue increasing 18% and adjusted operating profit up 34%. While there is still a note of caution in the outlook, good revenue visibility and healthy sales prospects underpin management’s confidence in further progress in H2. We have revisited our forecasts to reflect further improvement in underlying performance, the acquisition of Gould Hall and potential IFRS 15 impact. This results in unchanged earnings expectations in FY19 and 2% enhancement in FY20/FY21. A FY 2019 EV/EBITDA of 10.2x and P/E of 14.2x suggests further upside given positive underlying momentum.

Companies: Sanderson Group
  • 20 May 19

Heading into the inside straight

Actual Experience has reported interim results that highlight a number of major strategic milestones, reflected in strong growth in Channel Partner revenues, deepening partner engagement and confirmation that the deployment model adopted from the outset has the potential to deliver the revenue scaling it promised. We have revisited previous scenario analyses to support this. While it has taken longer than anticipated to develop out Channel Partner relationships, a recent acceleration in momentum provides the strongest suggestion to date of an inflection point in terms of the generation of recurring revenue at scale.

Companies: Actual Experience
  • 17 May 19

Osirium Technologies - Moving beyond PAM

Osirium reported FY18 revenues and operating loss slightly ahead of our forecasts. Although bookings intake was lower than expected in H218, the increase in proofs of concept underway and the number of customers using PxM Express support accelerating bookings growth in FY19. By broadening the product offering with the recently launched secure IT process automation solution, Opus, and the soon to be launched endpoint privilege management (EPM) solution, Osirium is growing its addressable market and creating upsell opportunities for its ‘land and expand’ strategy.

Companies: Osirium Technologies
  • 20 Mar 19

Cenkos: Seeing Machines Ltd - RFQs in 2019 to set market shares for 2020's

The automotive industry undoubtedly now recognises the importance and value of Driver Monitoring Systems and OEMs that did not have a programme are now racing to establish one. With regulatory time pressures working against them, 2019 looks set to be a transformative year with more than ten major Requests For Quotations expected to set market shares for most of the 2020s. With conservative assumptions, we see total DMS software license fees worth over A$785m pa by FY25 and A$1235m by FY30, with Seeing Machines looking on track to win substantially more than a 25% market share. As the market opportunity, timing and playing field have become increasingly clear, we have performed a scenario analysis to show the potential, and updated our forecasts and valuation to reflect a c40% share mid-case scenario.

Companies: Seeing Machines
  • 19 Mar 19

Cenkos: Bango Plc - Final results update

This morning, Bango announced final results for the year to December 2018. During the period End User Spend (EUS) continued the trend of recent years and has more than doubled to £558.2m and revenue up 60% to £6.6m (FY18: £4.2m). Adjusted LBITDA improved to -£0.9m (FY18: -£1.6m), with positive EBITDA achieved during Q4/18. Following the Audiens acquisition in early 2018 and investment in further development, December 2018 saw launch of Bango Marketplace. This is a new business segment, adding a potentially significant and high margin revenue stream, monetising the extensive and growing amount of transactional data from the Bango Platform. There remains a growing pipeline of new MNO/App Store integrations and further Google Play upgrades, representing a significant pipeline of over US$4 billion in EUS.

Companies: Bango
  • 19 Mar 19

Payments industry M&A thoughts

There have been a few developments with Mastercard this month. Having lost out to its rival, Visa, in the auction for Earthport, Mastercard has unexpectedly signed an agreement to purchase Transfast, another cross border account-to-account network. Like HomeSend (ESG’s JV with Mastercard), the Transfast network also supports the Mastercard Send service. HS has much wider reach across multiple markets and channels, already fully integrated with transactions flowing. However Mastercard seeks to address a huge global market and Transfast will add much needed capacity.

Companies: eServGlobal
  • 04 Apr 19

Strong FY19 performance, positive outlook

IMImobile has issued a full year trading update indicating that revenue will be ahead of expectations (6%), with EBITDA marginally ahead (2%). Revenue is expected to be up 28% to c£142m, with adjusted EBITDA increasing over 30% to over £17.8m. This is a strong financial performance that reflects the considerable sales momentum within the business, as well as strategic progress with partners and new geographies. Looking ahead, the year has started well and management is confident of continued organic growth across all parts of the business. A FY 2020 consensus EV/EBITDA multiple of c10x looks highly attractive given powerful market dynamics, a strong consumer engagement offering, double-digit organic growth and increasing profitability.

Companies: IMImobile