boohoo Group has announced solid Q1 FY22 trading with Group revenue +32% YOY ahead of ZC forecasts (+25%) and consensus expectations (+28%), driven by strong momentum in key markets of the UK (+50% YOY) and USA (+43% YOY) despite tough PY comps (Q1 FY21 +45% YOY).
Companies: boohoo group Plc
boohoo Group has announced results for the 12 months ended 28 February 2021, reporting a strong finish to the year, with performance ahead of ZC’s forecasts, driven by strong momentum in both the UK and USA in the final months of the year. Profit generation has been robust, despite significant cost headwinds resulting from COVID and the impact of a number of dilutive acquisitions made over the year. The shares have traded sideways in recent months, despite the Group’s continued strong trading pe
Boohoo has announced an agreement to acquire the Dorothy Perkins, Wallis, and Burton brands from the Administrators of Arcadia. Total consideration of £25.2m equates to just 0.14x the ongoing online and wholesale revenue and represents an attractive price for these established UK brands. The deal executes on the Group’s strategy to further diversify its offer, with Dorothy Perkins and Wallis catering to a more mature demographic versus the Group’s core brands, and Burton extending its menswear p
Reverse Takeover by London Stock Exchange Group (LSEG.L) following the acquisition of Refinitiv in an all share transaction for a total enterprise value of approximately US$27 billion.
Companies: ADME ROCK ZPHR DKL VARE SMRT PTRO MHC BOO
The acquisition and planned relaunch of Debenhams online business is a transformational deal for the Group, establishing an ecommerce marketplace of immediate scale and high brand awareness. The deal expands boohoo’s target addressable market and opens the Group up to new product categories including beauty, sport and homeware. It is a significant step forwards in realising the Group’s ambition to operate the UK’s largest ecommerce marketplace, combining boohoo’s online capability and multi-bran
Boohoo has delivered strong results over the peak trading period for the four months ended 31 December 2020. Group revenue is +40% YOY, with robust growth seen across all brands and regions. The Agenda for Change programme is progressing at pace, demonstrating the Group’s commitment to setting a new standard for ethical supply chains in the fashion industry.
Boohoo has announced meaningful progress in its Agenda for Change Programme, to deliver long lasting change to its supply chain and business practices. Sir Brian Leveson PC has been appointed to provide independent oversight of the programme, with KPMG engaged to provide additional resource, expertise and independence, working alongside the Group’s internal responsible sourcing and compliance team, as well as with external supply chain audit specialists Bureau Veritas and Verisio. We believe th
Today’s announcement confirms the strong trading momentum seen in Q1 has continued YTD. Group sales are +45% YOY with revenue growth across all geographies and brands, and profitability improving YOY.
Boohoo has released the now complete Independent Review into its UK supply chain in full this morning. Whilst a number of areas for improvement have been identified, there is no suggestion failings were deliberate or intentional and the chances required involve a relatively easily achieved realignment its of governance systems. We believe the Group remains well-positioned to lead the fashion e-commerce market in the future and can successfully implement an agenda for change in UK garment manufac
Independent review launched: The Boohoo Group has announced the launch of an immediate independent review of its UK supply chain, intended to identify any areas of risk and non-compliance and to further strengthen the Group’s compliance procedures to ensure similar allegations will not recur in the future. The review is to be led by Alison Levitt QC, a highly experienced advocate who has previously reported on complex issues, including safeguarding enquiries. Boohoo has also announced an initial
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Frontier have delivered record revenues for FY21 that were slightly ahead of our expectations, thanks to a strong performance across all four franchises and despite the challenges that faced the recent Odyssey launch. We now know that the FY22 upcoming licensed IP game will be Jurassic World Evolution 2, a sequel to Frontier’s biggest-selling game to date that will launch later this year. Simultaneously the Board are providing prudent revenue guidance which assumes that the first F1 management t
Companies: Frontier Developments Plc
Tern plc* (TERN.L, 23.75p/£78.5m) | CAP-XX Ltd* (CPX.L, 8.15p/£36.0m) | MTI Wireless Edge Ltd* (MWE.L, 64.5p/£57.1m) | Newmark Security plc* (NWT.L, 1.2p/£5.6m) | Blackbird plc* (BIRD.L, 32.0p/£107.9m)
Companies: TERN CPX MWE NWT BIRD
FY21 underlying loss before tax of £59.2m was better than our forecast £79.9m, driven by higher revenue (stores) and a better gross margin. Year-end net cash (pre-reported) of £66.7m was well ahead of our forecast of £7.1m this time last year. We leave our profit forecasts unchanged, but the shape alters with lower sales and a higher gross margin as TED’s full price stance begins to kick-in supported by the new product offer. Management has delivered impressively on the Year 1 targets set out in
Companies: Ted Baker PLC
IG Design Group delivered another year of profit growth, at both adjusted and reported levels, despite the vicissitudes of the coronavirus pandemic. Net cash at the period end rose by 46% to $76.5m, with the Group’s unerring focus on cash management translating into average leverage of 0.0x (from 0.9x in FY20). The total dividend for the year was maintained at 8.75p, reflecting this robust cash generation. The Group has unveiled both its new Growth Plan and its Design Group Sustainability Framew
Companies: IG Design Group plc
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly derisked the project. Now, AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE marking. In its recent technical update, the company highlighted progress made over the past three months towards a ful
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN RECI STX SPO SCE TRX VTA
Strong trading YTD; outlook cautiously optimistic
Companies: Team17 Group PLC
Victoria has issued a positive trading update that highlights record results for FY21E despite the adverse impact of the April to May 2020 lockdowns that saw a £50m reduction in revenue in that period. Revenue is now expected to be over £640m (FY20: £621m) with underlying EBITDA in excess of £120m (FY20:£118m). The outlook for both revenue and margins in FY22E is very encouraging with the Group continuing to experience strong on-going demand in key markets having secured structural margin uplift
Companies: Victoria PLC
Catena Group (CTNA.L) to complete reverse takeover and be renamed Insig AI and is acquiring the remaining shares of Insight Capital Partners. Insight, which is based in the UK, is a data science and machine learning solutions company that provides bespoke web-based applications, advanced analytical tools and modern technology infrastructure to make machine learning accessible to investment professionals. Insight has developed five products specifically aimed at accelerating an asset manager's d
Companies: SWG LOGP G4M SDG MTL GTC KWS ARK ANCR EME
Accrol has announced profits will come in line with expectations for FY’21. There are some moving parts with revenues disrupted by lockdown 3.0 but a significant increase to gross margins has mitigated this one-off impact. The discounter segment is recovering as restrictions ease and Accrol’s share within the market is now 16%, compared to 13% in FY20. Debt has fallen again, the group has committed to a return to dividends and the integration of the two M&A deals is ahead of expectations.
Companies: Accrol Group Holdings plc
Victoria has issued a positive update confirming that trading continues to be very strong across all of its geographies and products. Sales are noted to be running with double digit percentage increases against 2019 levels with its factories running at full capacity. The group has mitigated against increased raw material costs through raised selling prices and supplier negotiation, and secured supply. The statement notes that recent acquisitions are bedding in well and that management remain con
Today's news & views, plus announcements from ICP, BATS, OXIG, PAG, NCC, OTMP, XPD, PPC
Companies: BATS OTMP XPD
CAP-XX, the leading designer and manufacturer of supercapacitors and energy management systems, has announce an unaudited pre-close trading update for the year to 30 June 2021 which is in line with the expectations from our 10 May 2021 Initiation note. Revenue for the year ending 30 June 2021 of A$4.1m to A$4.2m is up 15% YoY and in line with our forecast of A$4.1m. Unadjusted EBITDA loss of approximately A$2.1m to A$2.2m also in line with our forecast of A$2.1m. Importantly the company notes i
Companies: CAP-XX Limited
Tern has announced the proposed IPO and admission to the NASDAQ First North Growth Market in Stockholm of its portfolio company Wyld Networks (Wyld), with a likely market capitalisation of £8m. The announcement demonstrates the success of the Group’s investment strategy, delivering value from the portfolio even with the backdrop of COVID-19. At the current offering price, there is a small uplift to Tern’s book valuation of Wyld. The IPO allows Wyld to remain a core part of Tern’s portfolio whils
Companies: Tern PLC
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 (henceforth UK gaming). Our stock-picking bias is towards companies with strong growth, profitability and cash conversion, consistent with our Arden Technology Thematic Framework. Considering company-level fundamentals we believe exposure to varying growth themes will produce dispersion, creating opportunities to identify relative winne
Companies: FDEV KWS SUMO TM17
