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  • 20 Jan 20
Rapid growth confirmed

Kape have announced a full year trading update confirming the expected strong growth in top-line and adjusted EBITDA. Kape’s sales growth accelerated sequentially to 19% h/h in H2 (H1: 7%), supported by continued growth in the Group’s core Digital Privacy segment. Full year revenues of c.$66m (N1S: $68.9m) were achieved after some reallocation of marketing investment towards Digital Privacy (sales recognised over time), which has in turn led to an improvement in revenue visibility for future periods. Adjusted EBITDA is now expected to be ahead of expectations: ($14.5m; N1S: $13.9m) as a result of a higher than expected proportion of Digital Privacy sales. Management guidance targets revenue growth of 85% and adjusted EBITDA growth of >150% in FY’20E (inc acquisition of PIA), in-line with expectations, and we make no changes to forecasts at this time. FY’20E OpFCF yield is forecast at 5%, ahead of comparative high-growth peers.

Companies: Kape Technologies
  • 20 Jan 20
Kape Technologies

Strong trading update; Buy

Companies: Kape Technologies
  • 20 Jan 20
A doubly-strong finish to 2019

Kape has today published a trading update for its 2019 year. The group, in addition to the November acquisition of PIA, has revealed a strong close to the year, with Adjusted EBITDA slightly ahead of expectations. We make no changes to our revenue and EBITDA forecastsfor 2020, which remain within the range of guidance provided, but take significant comfort from the fact that Kape has now delivered both strong organic outperformance and a transformational acquisition in recent months.

Companies: Kape Technologies
  • 22 Jan 20
The Mission Marketing Group - Last minute surge

MISSION’s full year trading update confirms that the group performed in line with market expectations, with the last weeks of the year particularly busy. Working capital is therefore likely to have increased net debt to more than the £2.1m previously anticipated by the market, but still within the 0.5x net debt/EBITDA target. Management continues to expect the group to be net cash positive by end FY20e, despite higher investment in both technology and geographic expansion. Unchanged market forecasts for FY20 and FY21 show good progress at revenue and margin levels. The valuation remains at a sizable discount to peers.

Companies: The Mission Group
  • 23 Jan 20
Strong H1 margin and update on revenue guidance

The H1 trading update from Gfinity, the leading international esports business, demonstrates further progress in the refocusing on a Strategic Client Management model where Gfinity acts as the trusted independent partner to games publishers, sports rights holders, brands and media companies in the development and delivery of their esports strategies. Gfinity is reallocating resources towards its community, consulting and content creation streams to supplement delivery of end-to-end esports programmes. As part of this, the Company has taken the decision not to progress a material opportunity for a new contract with a customer where it has recently completed a major project. This results in a significant reduction in FY20 revenue forecasts but improved mix and ongoing cost control means that adj. EBITDA loss actually reduces. We have also reduced our revenue growth assumption for FY21 and now expect that Gfinity will move into EBITDA profit in H2 FY21. This change has implications on our cash forecasts however we note the company is in discussions with several potential strategic investorsthat would create new opportunities for the Group.

Companies: Gfinity
  • 19 Dec 19
Cenkos: XLMedia Plc -- Transformational investment

XLMedia's trading update points to a broadly inline performance for 2019E and an investment programme for 2020E that will transform the Group. The investment in Group resources will enhance publishing assets and streamline the management structure. The group will remain solidly cash generative through this transformation period.

Companies: XLMedia
  • 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.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 20 Jan 20
Allenby Capital TMT Update - 20.01.20 (BOOM.L)

Audioboom Group plc* (BOOM.L, 242.5p/£34.0m)

Companies: Audioboom Group
  • 06 Jan 20
News Corp strategic partnership and Unruly acquisition

Tremor has announced that it is acquiring Unruly from News Corp through the issuance of 8.5m new Tremor ordinary shares to News Corp (6.9% of Tremor’s prior shares or £14.5m), and Tremor has entered into a global partnership with News Corp for 3 years of exclusive access to outstream digital video adverts for over 50 News Corp publications, with Tremor committing to £30m of ad spend over 3 years. This indicates News Corp has considerable confidence in Tremor, and as News Corp now has a substantial interest in the Tremor investment case, it is anticipated that Rebekah Brooks (CEO of News UK) will join Tremor’s board. Tremor has also issued a short trading update, with FY19 EBITDA in line with market expectations (H2 c$39m), net cash in line except for a $5m advance, and FY19 revenue lower than expected due to Tremor focusing on its profitable, core activities and removing intercompany revenue. We consequently adjust our forecasts with a breakdown on p6. Tremor subsequently trades at a substantial discount to its peers on 12m fwd multiples of 2.4x EV/EBITDA and 5x adj P/E, and we look forward to Tremor issuing a more detailed trading update in late January.

Companies: Tremor International
  • 25 Sep 19
The Mission Marketing Group - Creative business partner for brands

MISSION’s new CEO James Clifton, appointed in April, is setting his stamp on the group, recasting it as a business partner for brands. The name change from The Mission Marketing Group reflects this new approach. He is accelerating internal collaboration and a multi-agency approach, as well as simplifying the internal structure. H1 trading and recent new business wins are indicating early validation. Operating margins should improve as more support services are provided centrally, with market estimates indicating 14.0% for FY21e, from 12.6% in FY18. The valuation remains at a sizable discount to peers.

Companies: The Mission Group
  • 17 Dec 19
Trading Update

Huntsworth has released a trading update for the 11m to November which indicates Group trading has been satisfactory, with results within market expectations. The Marketing division has returned to LFL revenue growth, although a good new business performance was partially offset by project deferrals and product closures which curtailed growth to +3%. Medical delivered robust LFL growth of +8% for FY19, Immersive performed well against a tough comparative and Communications accelerated to +2% for the year. The group guides to PF19 leverage of 1.6x, consistent with its target of 'around 1.5x'. The group expects good growth in 2020 with acquisitions successfully integrated and performing to expectations. We lower our upper end FY19 PBT/EPS forecasts to £38.6m/8.0p (was £40.8m/8.6p) and from this lower base and including FX headwinds now arrive at £40.5m/8.0p (was £47.6m/9.6p) for 2020.

Companies: Huntsworth
  • 16 Jan 20
4imprint Group - Self-promotion pays

4imprint’s pre-close update indicates trading in the later weeks of the full year continued strong, with FY19 results set to be at the higher end of the market forecast range. Revenue (+17%) was slightly above our estimate, which we raised by $10m at the November trading update. The $41.0m net cash at the year end was also a little ahead of our forecast of $39.5m. We have initiated FY21 forecasts, which show the group exceeding management’s $1bn revenue target a year earlier than originally anticipated. The large scale of the addressable market leaves plenty of opportunity for growth, with potential for further share price appreciation.

Companies: 4Imprint Group
  • 21 Jan 20
Trading Update

Entertainment AI has released a Trading Update for the period to December that confirms audience and revenue growth is in line with expectations. The group finished the year with stronger than DCe cash of $9.5m. For FY19, GT Channel audience leapt +45% to 12.3bn driving net revenues up +59% to $10.3m in line with DCe. During Q4, Tagasauris completed a successful pilot with Sumitomo Corporation, EAI's global strategic partner, to deliver an enriched viewing experience for the Rugby World Cup. Underpinned by this success, Entertainment AI will continue to deploy the funds from its recent IPO to build a suite of technology products that connect its two businesses and thereby drive eCommerce and other revenues, monetising new mobile consumer behaviour. The group will demonstrate a product release for GT Channel creators at the Growth & Innovation Forum on 11th February. We believe Entertainment AI is making robust progress in building a platform to deliver, and then monetise, a platform for short-form video content.

Companies: Entertainment AI
  • 24 Sep 19
Quality of revenue improves during a strong half

This has been a good half, seeing growth in registrations, group revenue and renewals, assisted by a full six months of ICM. The increased sales at higher margin has meant H1 adj. EBITDA jumped over 300%; moreover, a key point is approached as renewal revenues now cover almost all costs: partner payments, cost of sales, and opex. Operationally, progress has also been made in resolving the legacy contract issues. MMX remains comfortably on track for our FY 2019 expectations, which remain unchanged. The company remains wary of giving FY 2020 guidance at this stage. However, looking ahead, this is a much more stable operation; a much better quality to the revenue stream, a controlled cost base, legacy issues addressed; and exciting and innovative growth opportunities.

Companies: Minds + Machines Group
  • 19 Nov 19
Substantial deal both transformational and significantly earnings enhancing

In a deal which will have a profound effect on the prospects for the group, Kape has announced the proposed acquisition of LTMI Holdings, the holding company for virtual private network provider Private Internet Access (PIA). PIA is a Denver-based security software business, the addition of which will transform the size of Kape by doubling group revenues (including a stronger recurring revenue base) and increasing adjusted EBITDA by around 2.5 times in FY 2020E. Reflecting that, our earnings estimates increase by around 90% for FY 2020E while our new FY 2021E estimates build strongly on that much larger base. Total consideration is c. US$95.5 million with an enterprise value of c. US$127.6 million. The deal is expected to complete within 45 days and is anticipated to be immediately earnings enhancing. The transaction will create a significant player in the digital privacy market and will enable Kape to expand its footprint in North America with a broader product offering.

Companies: Kape Technologies