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Companies: Vertu Motors PLC
Vertu has delivered an impressive set of record H1 results, which showed strong volume outperformance and pricing discipline across all markets. We are raising our FY22 forecasts by 19% to reflect current management guidance and leave our FY23/24 forecasts unchanged for now. Our near term value per share increases to 86p implying a healthy risk reward profile from here.
Entain registered Q3 21 top-line growth of 6%, driven largely by online (10%). In the all-important US market, BetMGM surged ahead with a further expansion in market share of (23% in three months to August vs 22% in Q2 21).
FY21 EBITDA guidance of £850-900m was re-iterated, a positive given the recently announced headwinds from Dutch regulations.
We do not expect any significant change to our estimates, given that the performance was largely in line with our estimates.
Companies: Entain PLC
H1 trading was slightly ahead of expectations from a sales and margin perspective, with UK sales positive in Q2 after annualising very tough Q1 comps. Despite exceptional comps, a good proportion of the gross margin uplift has also been retained. G4M continues to minimise the impact of various global supply chain headwinds. and has good visibility of stock/availability for peak. It is therefore confident of hitting full year expectations. Recent de-rating looks unjustified, particularly given a
Companies: Gear4music (Holdings) PLC
Strong performance in H1 means full year EBITDA is now expected to be no less than £5.0m (£6.9m post-IFRS16), driving an EPS upgrade of over 20% while potentially still leaving risk to the upside depending on trading in the traditionally quieter Q4 season. This has been driven in part by further gross margin gains and operational enhancements where further strides are likely. Today’s other news relates to the launch of an in-territory EU fulfilment centre in spring 2022 which will facilitate maj
Companies: Angling Direct Plc
Marshall Motor Holdings (“MMH”) has today announced its £64.5m cash acquisition of Motorline Holdings Limited, a multi-franchise dealer group that operates 48 franchises operating across the South of England, representing ten brands. MMH has a long track record of successful execution and integration of acquisitions – we are confident that this “off market” transaction will complement MMH’s already strong and reliable platform. With our upgrade to FY21 earnings last week and the upside that this
Companies: Marshall Motor Holdings Plc
easyJet’s Q4 21 results were seemingly stronger than analysts’ expectations and the group upgraded its capacity schedule for Q1 22. As the COVID-19 border restrictions in the UK are lifting, a good trading performance has been seen in the past two weeks. We expect the consensus to be raised.
Companies: easyJet plc
G4M has delivered an H1 trading update in line with internal expectations against the very strong H1 trading performance last year and is on track to meet full-year consensus market expectations. UK sales performance was the stand-out feature, coming in flat on last year. Europe’s performance was hindered by post-Brexit challenges, down 16% on last year, though up 14% on a two-year view. Group sales are down 8% in aggregate, but up 31% on a two-year view. Gross margin has held up well, being dow
Companies: Loungers Plc
Guild Esports provided an encouraging operational update and published H1 results yesterday. H1 financial results do not reflect the company’s substantial progress on sponsorships signings, tournament wins and fanbase growth:
Companies: Guild Esports PLC
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
The final results revealed adjusted PBT up 99% year-on-year, which was 10% better than forecast despite four upgrades during the financial year. This strong performance reflects the financial benefits that have accrued following the shift in the business model to online only, as well as management’s strategic decision to significantly increase marketing spend. A second special dividend for the 2020 financial year has also been announced, reflecting the strong cash flow characteristics of the bus
Companies: Best of the Best plc
Guild Esports is positioned to become the leading global esports brand based in the UK. With strong support from David Beckham, the company plans to pioneer the UK Premier League academy model in esports, attract leading sponsors, build a loyal fan base and establish a premium line of merchandise. Within 12 months of the IPO, Guild plans to contract 19 esports staff, register 1m fans and generate £5m sponsorship revenue, £1m merchandise revenue and £0.6m media revenue. Today, Guild announced a £
Unprecedented times over the past 12 months have seen ScS Group deliver an exceptional set of H1 2021 results, dominated by the surge in orders post Lockdown 1.0. Group revenue grew 14.4%, with an incremental gross margin, tight cost control and UK government support (£6.6m) underpinning EBITDA* of £19.5m (£3.8m in H1 2020). We believe the average net cash through the period was c£97m (c£60m excluding customer balances). H2 2021 visibility remains low, with post Lockdown 3.0 demand uncertain, th
Companies: ScS Group plc