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Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Spinnaker Acquisitions plc, intends to join the Main Market (Standard). The Company have conditionally agreed to acquire the entire issued share capital of HomeServe Labs Ltd, a wholly owned subsidiary of FTSE250 quoted public company HomeServe Plc, by way of a reverse takeover conditional, inter alia on relisting and successful completion of fundraising activities to be undertaken by way of a placing and di
Companies: TYM TMG APP BOKU CPP DSG DIS PCIP
Distil’s trading update continues to reflect the impact of distortions from Covid-related lockdowns and consumer stockpiling. The company has also moved from a predominantly promotional discounting stance in the UK to one of more premium price positioning. This marketing shift includes retail selling price increases, which both reinforce the premium positioning and mitigate the cost pressures accruing in an inflationary environment. These increases may impact short-term performance but should un
Companies: Distil PLC
Joiners No joiners today. Leavers Morrisons has left the Main Market following a takeover by a US private equity group. What’s cooking in the IPO kitchen? Katoro Gold plc (AIM: KAT), the AIM listed gold and nickel exploration and development company, announced that the Company and Target Mine Consulting (Pty) Ltd have agreed to seek admission for 100% of the Blyvoor Joint Venture project (BV) by vending each of their separate interests into a new company to be listed on the Standard List of the
Companies: VAST DIS EUA GIF SPEC POW CHAR FOX
Distil faced very tough sales comparatives in H1 against the exceptional prior year performance (+128%), driven by the extraordinary circumstances arising from the pandemic. While reflected in the current year performance, Distil delivered strong underlying growth on a two-year view against its preCovid sales base (+74%). Turnover declined by 24% in H1 to £1.44m, with gross margin up 40bps to 55.3%. Adjusting for share-based payments and one-off costs related to the Ardgowan investment, Distil d
Distil has delivered a positive start to the FY22E year with both revenues and volumes posting good growth in its Q1 period to the end of June. The initial lifting of some restrictions in the on-trade (hospitality) sector, the easing of global travel restrictions and the enthusiastic reception of new product launches have all contributed to this positive Q1 performance. Management is confident that it can continue to build on this momentum over the summer period and beyond.
What’s cooking in the IPO kitchen? South West Brands the multi-brand cannabidiol consumer goods company intends to float on the Main Market (Standard). Raising funds to continue to develop its existing portfolio of brand IP and pursue its strategy of adding brand IP assets to the portfolio over the course of the first 24 months following Admission. The Company expects Admission to occur in July 2021. Timing and offer TBA. GENinCode to join AIM, a UK-incorporated company engaged in the risk ass
Companies: SMRT CKT CORO DIS LEX MOS HNG QUIZ MWE VOY
Distil has delivered a strong set of results in FY21 despite the unprecedented challenges thrown up by the Covid pandemic. It rose admirably to the significant challenges and disruptions of channel shift within the drinks industry, disjointed supply chains and new working practices. Distil delivered a 34% increase in profit before tax to £243K (from £182K) and a 24% increase in net cash to just under £1.1m, as well as successfully launching a new brand, TRØVE, into a new market segment and addin
Distil’s full-year trading update for FY21 bears witness to strong sales and EBITDA growth, despite the challenges presented by Covid. The company’s New Product Development (NPD) activities have also delivered product portfolio expansion, with further products coming to market in 2021, thereby underpinning future growth prospects. Unaudited figures for FY21 show revenues increasing 48% to £3.616m, with adjusted EBITDA rising by around 55% to £302K on a like-for-like (LFL) basis. Strong cash gene
In its key trading quarter, Distil has delivered a strong year-on-year revenue increase of 22%, despite 2020’s relatively muted Christmas and New Year festivities. This brings the cumulative year-to-date (YTD) revenue growth for the first nine months to 70%. Distil has also announced the launch of TRØVE, an innovative Botanical Vodka brand, catering to the emerging consumer trend for lower alcohol by volume (ABV) drinks but without flavour compromise. This expands and complements Distil’s brand
Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one lo
Companies: IUG CBP KAT APP RST DIS NICL BOKU CNIC HE1
Distil has reported an impressive H1 performance against a backdrop of volatility and other challenges resulting from the Covid pandemic. The company has delivered a profit before tax of £154K compared with last year’s breakeven position, driven by a sales increase of 128% to £1.9m. The period saw new product launches within the leading RedLeg brand, with more new lines to follow. Distil has increased headcount in both marketing and New Product Development (NPD) to support its future growth. Des
Guild Esports a UK-based owner and developer of esports teams, has announced its intention to seek a listing of its ordinary shares to the Standard Listing segment of the London Stock Exchange this autumn. its founding shareholders include David Beckham, former football player and captain of England, and now co-owner of new MLS team Inter Miami CF. HOME REIT intends to float to the Main Market raising up to £250m. The Company will seek to contribute to the alleviation of homelessness in the
Companies: SYM GLR THR TMT AVG BONH DIS BIDS BKS EVG
Distil delivered a solid trading performance in FY20, despite uncertainties caused by the impact of external events in the form of Brexit initially and COVID-19 more recently. With its disciplined cost approach, Distil saw a 15% increase in operating profit from a 2% rise in revenue. Range extensions have underpinned the continuing success of its leading RedLeg Spiced Rum brand and Distil has continued to lay the groundwork for the further development and future expansion of its brand portfolio.
Distil has published its Q4 trading update, confirming a strong finish to FY20E and outperforming the wider UK alcohol market. Against a weak Brexit-driven performance in Q4 last year, Distil delivered a volume increase of 80%, with revenues almost doubling with a 97% increase. Demand was strong from off-trade (retail) customers, looking to bolster stocks in response to the COVID-19 outbreak and subsequent higher levels of endconsumer demand. Management has confirmed FY20E performance to be in l
Companies: TILS BONH ESYS CHAR VLS DIS SLN WINE AVO
Research Tree provides access to ongoing research coverage, media content and regulatory news on Distil PLC. We currently have 40 research reports from 2 professional analysts.
The slight sales and EBIT beat is praised. The absence of FY21 guidance slightly darkens the picture but, overall, the figures send a good signal for the industry.
Companies: Diageo plc
Cake Box’s interim results, covering the 6 months to 30th September 2021, capture a period of strong sales recovery, continued double digit LFL franchise sales growth and accelerated franchisee store openings. Profit growth is a very strong at 122% to CPTP of £3.7m, EPS of 7.5p. An interim DPS of 2.5p is proposed, up 35% yoy. We upgrade our expectations post today’s update, raising FY22 CPTP by c8% to £7.0m and EPS to 14.7p. A net cash position of £7.0m is expected. With the potential for c400 s
Companies: Cake Box Holdings Plc
Greencore has issued a trading update for the 13 weeks ended 24 December, a period through which the lifeblood of much of the Group’s food to go activities, mobility, was again in part curtailed by the Governments’ various responses to the Omicron surge. In this context we view Greencore’s Q1 FY22 sales performance as particularly reassuring, noting that with the quarter being historically its quietest trading period, it was not the worst time to have a quasi-lockdown. Given the headwinds, we ar
Companies: Greencore Group Plc
We were impressed with Diageo’s presentation as it once again demonstrated its ability to outperform the spirits market, which is itself in a strong position to outperform the drinks industry. Buy and hold.
Cake Box’s Covid impacted FY21 results post the audit process have come in ahead of our expectations with CPTP of £4.7m (Shore: £4.1m), growth of 25% yoy. Adjusted EPS growth of 23% is reported to 9.6p, whilst a final DPS of 3.7p is proposed making for a full year payment of 5.55p, a yield of 1.7% (not including a special 3.2p catch-up payment in October 2020). Period end net cash was £3.6m, with sustained future cash generation expected to provide strategic flexibility. New store openings conti
In the last fortnight, we have surrendered some of the notable progress made over the last three months. That said, the optimism displayed by markets, driven by progress with vaccines and their rollout, persists. The recent direction of markets has been set by volatility in US markets, driven by specific retail market developments. Domestically, we have seen a broadly upbeat procession of results and trading updates/outlooks have, generally, been at least in line. The share price reactions have
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It seems that Diageo’s solid FY21 wasn’t enough to keep the share price up (-2.5% at the opening), but this does not extinguish our confidence in the group. Admittedly, the guidance, which is only qualitative, may seem insufficient and, yes, Diageo is the first spirits group to express concerns about a future decline in the off-trade (ultimately not very surprising!), but we believe that the current positive momentum should continue to drive sales levels above those of 2019 in the months to come
Companies: Anpario plc
Issuer Sponsored JOHN MENZIES+ (MNZS, BUY at 315p) – Note Publication: Evolutionary trends… MARKS & SPENCER+ (MKS, HOUSE STOCK at 253p) Q3 TS – FY22 guidance firmed up, c5% underlying upgrade NORTHBRIDGE INDUSTRIAL SERVICES+ (NBI, House Stock at 174p) - Further progress in Tasman disposal FTSE 100 BUNZL^ (BNZL, BUY at 2723p) – Note published: Solid strategic outlook TESCO^ (TSCO, BUY at 292p) Q3 & Christmas TS – a beat to expectations and so further FY22 upgrades (c5%) FTSE 250 HILTON FOOD G
Companies: IDEA BRK ASC PFG MAB HFG TSCO BNZL NBI MKS MNZS
What’s cooking in the IPO kitchen? Genflow Biosciences, a UK-based biotechnology company focused on longevity and the development of therapies to counteract the effects of aging and diseases associated with advanced age intends to float on the Main Market (Standard). The Company will become the first longevity biotechnology firm to list in Europe. Genflow has raised £3.7m in an oversubscribed placing, conditional upon admission becoming effective. The flotation will value Genflow at approximatel
Companies: ZOO AFN ASC CPP FIF PIP
We initiate coverage on Goodbody Health Group with a buy rating and 10p price target. Goodbody is a holistic wellness company embarking on an exciting period of growth. It has recently diversified and repositioned its strategy to deepen its clinical offering and take advantage of the long-term structural themes driving customer attitudes to health and wellbeing - which we believe the market is yet to give it value for. With a 40% ROE, Revenue 20A-23E CAGR of 210%, EBITDA 21-23E CAGR of >300% and
Companies: Goodbody Health Inc
Another quarter, another beat, but no change in the FY21 guidance and a CFO comfortable with the current FY21 consensus expectations. However, the publication set the tone for the spirits report, with growth momentum definitely still favourable. We continue to prefer more affordable peers like Diageo and Pernod Ricard.
Companies: Remy Cointreau (RCO:EPA)Remy Cointreau SA (RCO:PAR)
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