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Companies: Frontier Developments Plc
Victoria has announced the accretive acquisition of the highly complementary rugs and UK carpets divisions of Balta Group NV for a cash consideration of approximately £117m. The acquisition is subject to the conclusion of the carve out of the divisions from Balta and is expected to complete in April 2022. The rugs business is a well-established operation and is the No.1 producer in Europe and the No.2 globally. The carpets activities increase the scale of Victoria’s UK carpet business and add no
Companies: Victoria PLC
discoverIE has reported a strong set of H1 results with sales up +21% (+15% organic), operating margins up 0.8ppts and underlying EPS up +37%. The interim dividend has been raised by 6%, with the Board highlighting the strategy can fund sustainable dividend growth and a higher level of investment in acquisitions from internally generated resources. With a £50m inflow in H2 from the disposal of the distribution businesses, acquisition-led upgrades are highly likely to follow, in addition to the 4
Companies: discoverIE Group PLC
IG Design Group’s interim results reflect a challenging trading period despite strong underlying demand. Group revenue rose by 11% year on year (yoy) but was below group expectations due to global supply chain disruptions. Compounded by strong cost headwinds and inflationary pressures, this has had an adverse impact on profitability, notwithstanding the group’s strong cost control and cash management. The group is actively mitigating these pressures in conjunction with its customers. Customer se
Companies: IG Design Group plc
Victoria has reported record first half results that capture the benefits of strong consumer demand, operational efficiencies and acquisitions that provide on-going opportunities for additional synergies. There is a compelling organic and inorganic investment case that supports our expectation of share price outperformance. We introduce a PT of 1325p.
Interims confirm substantial progress is being made at Sosandar, and validate the strategy which is design-led, data-driven, agile and benefiting from forensic forward planning. The results are clear, with revenue up 184%, actives +41% and gross margin up 420bps. Alongside cost management and scale economies, EBITDA losses reduced. Supply chain disruption has been minimal and, using some of the placing proceeds, stock intake has stepped up markedly for peak as planned. This has driven sales grow
Companies: Sosandar Plc
Victoria has reported results to March 2020, including a positive update on trading for the first quarter. Whilst Q1 FY2021E revenues were 64% of the Group’s pre-COVID budget, there has been a strong recovery across the period from 35% in April to 102% in June. Like-for-like organic revenue growth for FY2020 was 0.4% despite significant COVID impacts from late-February and the gross margin improved to 36.4% (2019 35.6%). £385m net debt at 30 June (excluding IFRS16) also compares favourably to th
Victoria has proved to be highly resilient in a challenging first half with revenues of £305.5m (H1 FY2020A £312.3m). The Group has seen 9.2% like for like revenue growth since the AprilMay lockdown and with the added benefit of operational actions and synergies the underlying EBITDA margin for the June-September period was ahead 300 bps LFL at 20.1% (H1 overall 17.2%). Net debt at 3rd October reduced by £5m from the year end to £364.4m, excluding IFRS 16 lease liabilities of £78.5m, with improv
Ahead of next week’s results, we are publishing revised forecasts that capture the benefit of the recent acquisition of Cali Bamboo, a fast growing US distributor. With the benefit of Koch’s £75m preferred equity investment (‘PEI’), management has now invested over £160m in acquisitions in the current financial year to acquire c.£27m of EBITDA, whilst remaining in-line with its 3x senior debt/EBITDA policy. June’s trading update confirmed a robust organic growth outlook and management remains ke
Surface Transforms has made significant strides to becoming a volume producer to global automakers. The Group has secured major multi-year orders, successfully raised funds for growth, refreshed its Board and wider management team, and announced a new more efficient manufacturing strategy. That said, as we discussed recently, 2021e is a transitional year and there is risk of delays to the drawdown of discs by OEMs. Surface has flagged that £2m of revenue, out of a £27.5m contract with OEM 8, may
Companies: Surface Transforms plc
Games Workshop’s (GAW’s) trading update indicates sales growth for Q122 (three months to 29 August 2021) is in line with management expectations. Management has highlighted pressure on freight costs and currency exchange rates given GAW’s high international exposure. The declared dividend of 25p per share brings the year-to-date total to 65p. Our forecasts for FY22 and FY23 are unchanged. Our DCF-based valuation remains £129 per share.
Companies: Games Workshop Group PLC
Excellent 1H21 results were flagged in the July update; double-digit revenue growth highlighting a rapid recovery from the COVID-blighted 2020 and demonstrating just how well Quixant has ridden the storm through both the Gaming Division and Densitron. The group’s efforts to maintain quality and support customers through last year is paying off in business retention and new prospects as its markets recover. That goodwill earned will also enable it to pass on price rises from the ongoing global co
Companies: Quixant Plc
Transense Technologies plc, the developer, manufacturer and licensor of sensor technology and equipment, has reported full-year results in line with our forecasts (upgraded in February 2021) with a positive EBITDA and profit after tax. Net cash was in line at c.£1m but did not include iTrack royalties for Q4 end July. We are optimistic that progress will continue in each of the Company’s three divisions and have upgraded revenue and gross profit expectations for 2022 and 2023. This additional in
Companies: Transense Technologies PLC