SpaceandPeople (SAL LN) - 2023a: return to profitability and growth

SpaceandPeople has reported a strong recovery with growing revenue, a return to profit and a healthy net cash position. Revenue was up 24% y-o-y to £5.8m, just ahead of our forecast for £5.7m. PBT, at £103k, was also ahead of our expectation for about break-even. Net cash improved to c. £700k vs. c. £400k in 2022a. Growth returned across all units with the UK reporting sales up 16% in promotions and 28% in retail, and German retail recorded revenue up an impressive 43%. New products such as the

Eagle Eye+ (EYE, House Stock at 470p) - Tesco: a new AI reference client!

S4 Capital Q1 Results Preview

S4 Capital will report Q1 results on Friday, 10th May. Q1 has a tough comparative this year as last year was strong at +7% before growth slowed in Q2 and then turned negative in H2. We forecast a -13% LFL decline in Net Revenues to £190m and expect a similar fall in Q2 before a flattening in H2 as comparatives ease.

The Pebble Group - Two distinct businesses in one

The Pebble Group’s AGM update confirms that trading is in line with FY24 expectations, with attractive opportunities for its two distinct businesses in the large, fragmented promotional products sector. Facilisgroup is a SaaS business, helping North American distributors to optimise their operations, with access to an approved supplier roster. Brand Addition services global brands’ needs for branded product for in-house and external programmes. The well-publicised dip in tech sector marketing sp

Brave Bison - Growth Stampede Continues at Brave Bison

Brave Bison has released its FY23A results which are in-line with the upgraded expectations at the recent trading update. The acquisition of SocialChain has transformed The Group’s offering in the fast-growing social and influencer segment of the market leaving it well-positioned for the expected pick-up in marketing spend in 2024. Management have continued to drive operational efficiencies in The Group, for example rolling out an advanced resource planning tool, which has contributed to Adj EPS

Team Internet Group - Growth and returns, acquisition bolsters outlook

Team Internet’s FY23 results exceeded our forecasts and consensus on revenue and EBITDA. Online Marketing was driven by increased consumer engagement, reflecting investment in delivering more targeted ads across a wider array of channels. The group’s latest acquisition, Shinez, strengthens Online Marketing via diversification of publishers and is earnings accretive with scope for further synergies. Online Presence returned to strong revenue growth, driven by demand for exotic domains, pricing op

S4 Capital - Extension of recovery horizon

S4 Capital had a difficult FY23, as flagged, with reduced client confidence and spend, particularly from those clients in the tech sector, and on larger transformation projects. Management is cautious in the short term, with no substantive changes likely in H124, but sees conditions likely to improve in H224 as economic pressures ease. The group’s longer-term prospects should be buoyed by its positioning across data and digital marketing and, in particular, in incorporating AI into hyper-persona

Headwinds persist, yet green-shoots emerge

Headline trading to 23rd April was in-line with expectations and highlights continuation of existing trends, with weak industry-wide digital advertising spend partially offset by resilient performance in Print. Group revenues fell 6% y/y, with Digital down -15%. In Digital, alongside the weaker advertising spend backdrop, a shift by Facebook towards short-form video/ reels and away from digital news has impacted traffic referrals to Reach we continue to see some muted structural risk to traffic

4imprint - Confident of continued market share gains

4imprint has reported strong FY 2023 results (given the macro uncertainty) with sales +16% in an end market that grew 2% (evidencing continued market share gains) and EPS +32% supported by an increase in operating margin from 9.0% to 10.3%. With net cash of $105m and market share still only 4.9% in a $26bn market 4imprint has the resources, track record and opportunity to continue on its well-established growth path, punctuated with occasional special dividends on top of the regular returns. Man

Next 15 Group PLC

While 2.5% revenue growth and 6.1% EBIT growth is relatively pedestrian by Next 15’s historic track record, we see the last year as one of the most impressive reported by Next 15. Revenue growth and margin expansion has been delivered in the face of a significant slowdown in demand from the group’s historic core technology sector clients. We believe a number of factors are in play here, not least the growing diversity of Next 15’s client and business mix as a result of M&A over the last th

Team Internet Group (TIG LN) - Online Marketing bolt-on

Following the record FY23 results announced yesterday, Team Internet announced an accretive bolt-on acquisition for an initial consideration of $42m. The Group is continuing its strategy of making accretive bolt-on acquisitions, aiming to diversify its revenue model and expand its traffic monetisation options and capabilities. The deal is expected to complete in late May 2024, at which point we will incorporate the impact into our forecasts. We continue to believe that Team Internet’s strong tra

Cenkos: Brave Bison Group Plc -- The Next Link in the Chain

Brave Bison has raised £4.75m of equity capital at 2.3p, to help fund an acquisition of a complementary business, called Social Chain. The target will bring significant brand recognition and cross-selling opportunities to blue-chip clients. We forecast an increase in FY23E revenues of £12.4m to £42.9m, a £1.0m increase in Adj EBITDA to £4.1m and an 11% increase in Adj EPS from 0.22p to 0.25p. Post-acquisition, Brave Bison would trade on a discount to the peer group median across EV/Sales, EV/EBI

STCB: 4Q Review: Setting Up the Next Steps; Reiterate Buy, PT

We are reiterating our Buy rating and $0.25 price target for Starco Brands, leaving our 2024 projections basically unchanged and rolling out another year of double-digit top and EBITDA growth after the company reported inline 4Q23 results and left 2024 guidance unchanged. We believe, with multiple potential expansion opportunities in category adjacencies and new relationships, continued innovation and vertical integration and the potential for further accretive acquisitions (which are not in our

PROGRESSIVE: STV Group: Supportive contract wins

A first commission for Netflix and a material extension of an existing commission for Warner Bros. Discovery highlight continuing strong momentum in 2024 for STV’s Studios division. As well as underpinning current estimates, they point to a continuing broadening out of the client base and scope of work at STV Studios, as the group continues its long-term migration from a traditional broadcaster to a digital streaming and content provider.

S4 Capital FY23 Results Update

S4 Capital reported FY23 EBITDA of £93.7m vs DCe £89.6m and we retain our lower end 2024 forecast for £90.2m.