SHORE CAPITAL - Marks & Spencer+ (MKS, House Stock at 138p)

Improved business shape, cloudy outlook

M&S released its FY21/22 results with both revenue and adjusted pre-tax profit slightly above expectations. However, the end of business rates relief, the full exit from the Russian business and a minimal contribution from Ocado has seen the group start FY22/23 with a lower profit base. The group expects intensified cost pressure and the inflationary environment to result in very challenging trading conditions for the year ahead.

SHORE CAPITAL - Marks & Spencer+ (MKS) - Great FY22, shaving FY23 for ORL - sustaining progress...

SHORE CAPITAL - Marks & Spencer (MKS) - House Stock at 137p

SHORE CAPITAL - Marks & Spencer+ (MKS) - House Stock at 153p - Sharpening the core grocery value proposition. Remarksable!

SHORE CAPITAL - Marks & Spencer^ (MKS) - House Stock, 158p

SHORE CAPITAL - Marks & Spencer+ (MKS, House Stock, 154p)

SHORE CAPITAL - Marks & Spencer+ (MKS, House Stock, 165p)

SHORE CAPITAL - Marks & Spencer+ (MKS) House Stock, 159p

SHORE CAPITAL - Marks & Spencer+ (MKS) House Stock, 152p

SHORE CAPITAL - MARKS & SPENCER+ (MKS) - HOUSE STOCK, 165p - Statement on Ukraine – suspended shipments to Russia

SHORE CAPITAL - General Retailers - Trading Comments - MKS

SHORE CAPITAL - General Retailers - Trading Comments - MKS

Cautious stance on the outlook

M&S has delivered good Q3 21/22 sales, mainly driven by the strong Christmas trading performance. The Food business maintained solid momentum, and the C&H also experienced positive growth for the second consecutive quarter. Despite the strong Christmas trading, the ongoing higher freight costs and inflationary environment has led the group to maintain its FY guidance for a pre-tax profit of £500m (vs. consensus of £516m).

SHORE CAPITAL - Marks & Spencer+ (MKS) House Stock, 256p

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Vertu Motors PLC (VTU LN) - Continued positive momentum

Vertu has released an AGM Trading update that communicates a continuation of the strong trading announced on 11 May. The trends of constrained supply and high margins continue. We leave forecasts unchanged today, but this positive update for the first third of FY23 helps to underpin our full year forecasts.

SHORE CAPITAL - XP Factory+ (XPF) - House Stock at 20p

SHORE CAPITAL - XP Factory (XPF) - House Stock at 20p

Hybridan Small Cap Feast 28/06/2022

Joiners: No Joiners Today. Leavers: Raven Property Group has left the Main Market. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req

Gearing up for next growth phase

Results met previously downgraded expectations. Despite the challenges, including disruption from Brexit and weak performance in Europe (c45% of sales), profitability remains well above pre-covid levels (6% EBITDA margin) and it has a strong pipeline of exciting growth initiatives landing this year. So, although downgrades have disappointed and triggered a de-rating, this is far from the end of the story. On good execution these initiatives will bolster G4M’s long term potential and open up a pa

Guild Esports (GILD LN) - H1 results

Revenues grew to £1.1m, driven by sponsorship signings. Loss before tax increased to £5.0m but the company expects losses to reduce going forward due to continued growth in sponsorship revenues and cost-cutting (-20%). Net cash was £6.1m the end of March and £6.5m currently (£3.5m net of accruals). The company is in discussion with relevant parties regarding this year’s £3m fee to Footwork Productions Limited, a David Beckham company.

Various Eateries (VARE) - Interim results; trading in line with expectations

This morning's results illustrate a robust performance in a challenging time for the wider sector, this reflects the strength of the Various Eateries concepts and structural changes taking place across the industry. We anticipate the new site pipeline will continue to build and that management's experience will be key in successfully managing the various headwinds faced by the industry. With the strategy remaining unchanged, a focus on the highest quality sites and the size of the opportunity ha

Hybridan Small Cap Feast 07/04/22

Joiners: Ajax Resources (AJAX.L) a special purpose acquisition company established to deliver shareholder value through the acquisition of businesses or production and development assets in the energy and natural resources sector, joins the Main Market. Raising gross proceeds of £1,342,000 at a price of £0.04p per IPO Share, of which the Board of Directors has invested an aggregated amount of £130k. Leavers: No leavers today. What’s cooking in the IPO kitchen? Financials Acquisition Corp, a spec

Remarkably solid pricing fosters margin rebuilding

Despite no further surprise in terms of the H2 capacity outlook, easyJet’s H1 trading update pleased the market with a better-than-expected pre-tax headline loss. It is worth highlighting the group’s more-than-robust pricing power, which is expected to largely offset the unhedged fuel costs and the recent activities disruptions/cancellations at UK airports.

Zeus: Video Games Sector Quarterly review - July 2022

In the June edition of Zeus’ Video Games quarterly report, we note that sector activity has declined for a second consecutive quarter but that activity remains well above pre-pandemic levels. Share prices have fallen across all subsectors with the Continental European PC and Console focused subsector topping performance and the UK PC and Console focused subsector lagging in the quarter. In the current environment, earnings reliability and diversity are being valued at a premium, leading to highe

A tougher gig in FY22; strong growth over FY20

G4M delivered FY22 results slightly ahead of guidance in the April post-close trading update, with EBITDA some £0.2m better at £11.2m. FY22 results were down on the exceptional FY21 but show strong progress over FY20, better reflecting the underlying growth trajectory. In light of recent acquisitions, planned enhancements and service additions to its proprietary trading platform, and its prescient investment in inventory ahead of inflationary pressures, G4M’s business model is set fair to delive

WH Ireland: Pittards (PTD) - Full year results in line and order book ahead; cautious on cost inflation

Pittards is a specialist producer of technically advanced leather and luxury goods for retailers, manufacturers and distributors. The group has this morning released full year results to 31 December 2021, in line with February's trading update, and marking a return to profitability after a particularly challenging FY 2020A. The group has continued to invest in new production equipment to broaden both its product ranges and end market exposure. While we have cautiously increased our underlying co

Walmart Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 8/21

Walmart had another rock solid quarter with a revenue growth of 7.6% in constant currency and a staggering 24.1% growth in operating income at constant currency. Moreover, Walmart Connect, their advertising business in the United States, more than doubled in size as compared to the prior-year quarter, with more than 170% growth in active advertisers. The management provided a series of interesting updates with respect to various innovative initiatives. Their latest investments aim to increase as

Trading continues to prove to be more robust than expected - upgrades