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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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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

Research, Charts & Company Announcements

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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  • 14 Jan 20
IQE - Leading innovation from within

The breadth of IQE’s technology portfolio and ability to serve compound semiconductor chip customers in the US and Asia puts it in a good position to benefit from rising demand for compound semiconductor applications for 5G and connected devices. The share price has been hit by the shift to Asian-centric supply chains caused by US-Chinese trade tensions, and resultant reductions to management guidance. Although the timing of a recovery is difficult to gauge, we see scope for earnings recovery as IQE secures additional contracts in Asia and leverages its IP portfolio into sustainable profit growth and cash generation.

Companies: IQE
  • 16 Jan 20
CloudCall

FY trading update: In rude health; Buy

Companies: Cloudcall Group
  • 14 Jan 20
Multi-year Alloy contract win

OMG has today announced a “significant multi-year” Alloy contract win with South Gloucestershire Council, this being the company’s cloud-based asset management solution. A differentiating feature of Alloy is the range (or variety) of assets it can handle, and consequently, Alloy will able to provide a single view from which all relevant public infrastructure can be managed and maintained. No numbers are given, but we remind (as at prelims) OMG had a pipeline consistent with adding £1m of ARR in FY20. We therefore assume that this contract contributes to this figure, and so make no changes to either divisional or group forecasts. Similarly, we note that following FY19 (which saw some delayed ‘go-lives’) it is pleasing to see a major contract win announced relatively early in this financial year.

Companies: Oxford Metrics
  • 13 Jan 20
Fleet growth offsets insurance transition

This is an impressive post-YE trading update with raised guidance for FY 2019. We lift our estimates in response and extend our forecasts out to FY 2021. Fleet telematics continues to demonstrate strong growth, offsetting the ongoing transition away from low-margin Insurance business. Provisionally, group revenue will thus be in line with LY but with >80% from Fleet (FY 2018: 73%). Our adj. EBITDA expectations rise from £6.8m to £7.0m (FY 2018: £8.3m) and this generates an excellent FCF of £5.9m (FY 2018: £5.6m). Looking ahead, we lift FY 2020 revenue hopes but ease profit as Quartix signposts further investment to capitalise on the success in Fleet. As shown in the year just gone, investors can expect continued growth in Fleet subscriptions and revenue allied to strong cash generation over the next two years, driving the share price up towards our target.

Companies: Quartix
  • 13 Jan 20
In line FY update, strong momentum continues

Instem has delivered a year of double digit revenue growth with EBITDA in line with expectations. Good momentum was in evidence across all areas of the business, underpinned by ongoing buoyant market conditions. Recurring revenues continue to increase, driven by the ongoing transition to hosted SaaS solutions, and renewal rates remain at a high level. Technology-enabled outsourced services grew strongly as expected, with the SEND market continuing to be a major growth driver, complemented by good progress from the Informatics business as AI-based solutions gain greater acceptance across the pharma industry. We make no change to our forecasts at this stage. Instem was one of our Best Ideas in 2019 and performed well over the year (and since). We look forward to further strong progress as the rest of the year progresses (29% EPS growth in FY20E).

Companies: Instem
  • 13 Jan 20
In line y/e trading update

IndigoVision has reported a y/e trading update, confirming strong EBITDA growth, in line with forecasts, meanwhile sales also grew by 9% - to $50m (vs. $52mE). Cash performance was in line - y/e net cash $2m vs. $2.5mE (ex Agora acquisition), implying FCF of c.$1m. FY19’s performance therefore positions IND strongly for FY20, where we expect a combination of both external tailwinds and internal reorganisation to provide continuing benefits. We therefore reiterate existing forecasts. IndigoVision trades on 5.8x 1-year forward P/E based on our forecasts.

Companies: Indigovision Group
  • 13 Jan 20
Allenby Capital TMT Update - 13.01.20 (ECSC.L, TERN.L, MWE.L)

ECSC Group plc* (ECSC.L, 145p/£13.0m) | Tern plc* (TERN.L, 9.5p/£27.0m) | MTI Wireless Edge Ltd* (MWE.L, 39p/£33.8m)

Companies: ECSC TERN MWE

  • 14 Jan 20
Cenkos: Rosslyn Data Technologies Plc -- ARR substantially higher

Annualised recurring revenue rose 19% YoY in H1A and post period end contract wins mean the company is on track to meet our EBITDA forecast. ARR now equals administrative costs, a major step forward, and now these contracts have been secured the share price reversal seen in December should unwind. Buy.

Companies: Rosslyn Data Technologies
  • 14 Jan 20
WHI First Light: Parity Group (PTY) - Positive update, P&L inline, cash encouraging

Parity this morning reports that it has exited 2019 positively, with H2 trading as expected, suggesting a marginal profit at the PBTA level. Cash collections were exceptionally strong in December, resulting in a positive year-end net cash position – hence significantly better than our £1m net debt forecast. The company had previously highlighted progress with its new model, which is designed to generate an increased proportion of higher margin work and meaningful new potential to target major markets in the data services and data analytics markets. With the company both investing to grow and taking out costs (headcount reduced 35%, £2.2m+ cost-savings), the strong outcome on cash (>£1m ahead of our expectations) further underpins the change programme and the future growth trajectory, again positive.

Companies: Parity Group
  • 13 Jan 20
Firing on all cylinders

Instem’s trading update for the twelve months ending December 2019 confirms that all three key business areas (Data Collection, Regulatory Solutions and Informatics) are performing well. The business is expected to deliver revenue growth of c12% for the year – in line with our forecasts, and the closing cash balance well ahead of our expectations. Management commentary on the outlook is positive; we make no changes to earnings estimates following the announcement but upgrade cash forecasts.

Companies: Instem
  • 15 Oct 19
Final results – building on the pillars

Final results to June indicate performance in line with expectations, with EBITDA of £14.7m (£15.0mE) delivered from revenue of £42.5m (£42.5mE) leading to adj. dil. EPS of 3.9p (3.4pE, outperformance due to a lower tax charge) and free cash flow of £6.2m (£6.3mE). In a post-GDPR, pre-Brexit world, DOTD has simply got on with the job, driving increased ARPU of £966 (FY18: £845) from more customers taking more products in more territories, with a greater number of channels and partners. This has led to 15% organic growth from continuing operations with 86% recurring revenue (90% contracted) – with the strong visibility supported by a hearty balance sheet including £19.3m net cash, giving DOTD strategic opportunities to add to its existing operational strength. There are few companies we can point to which consistently deliver 15% organic growth, PBT margins over 25%, and reliable cash conversion (>80% op cash/EBITDA). Target 135p reiterated.

Companies: Dotdigital Group
  • 14 Jan 20
Osirium Technologies - Bookings ahead of expectations

Osirium made good progress in signing new business in H2, reporting FY19 bookings 13% ahead of our forecast and 53% higher year-on-year. FY19 revenue is slightly below our forecast due to the timing of multi-year bookings. With the proceeds of the recent fund raise, we expect the company to increase investment in headcount to accelerate growth. We have revised our forecasts to reflect the bookings intake, revenue recognition and higher staff costs.

Companies: Osirium Technologies
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

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  • 09 Dec 19
Values drive strong delivery

Digital transformation services provider The Panoply’s H1 19/20 results in our view demonstrate impressive momentum and the importance of the group’s core purpose and values in driving financial performance. Revenues grew 33% YoY during the period, and adjusted EBITDA by 38%, reflecting the strong commercial progress made. 209 clients were billed during the half – more than double the comparable period. Commentary on the outlook is positive, with management confident of meeting full-year expectations and underpinned by a £25m sales backlog. We leave estimates unchanged following the release and continue to believe The Panoply is strongly placed to deliver on its targets.

Companies: The Panoply Holdings
  • 25 Nov 19
H1 as expected but with growing SaaS prospects

As noted in the trading update, H1 was in line with expectations. It highlighted that this year will be particularly H2-weighted, with £8.8m sales in H1 delivering a small Adj. PBT. The expectation of a record H2 is underpinned by substantial annual contract renewals from licences signed in H2 LY; strong visibility on new contracts due to initiate in H2; and a significant pipeline of new business in negotiation with existing clients who continue to derive substantial benefits from D4t4’s data management solutions. We reiterate our FY forecasts and TP.

Companies: D4T4 Solutions