What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
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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
Companies: Cake Box Holdings Plc
In what the company describe as an “unprecedented year”, Cake Box’s trading update for the year ended 31st March has once again confirmed the potency of the Group’s format and franchise model to us. Total revenues are reported ahead by c16%, supported by an attractive combination of strong organic franchisee growth (24 new sites) and very positive LFL growth (when trading was permitted). Balance sheet strength is also a major virtue, with period end net cash at £3.6m, which is expected to build
The Budget offered a clear picture of the state of the economy. Put simply, the economy will be 3% smaller in three years’ time than it would have been without the impact of the pandemic. However, it is forecast to return to pre-pandemic levels by mid-2022, six months earlier than previously thought. The OBR forecasts that the UK economy will grow by 4.1% in 2021, (lower than the 5.5% outlined in November 2020). It has set its GDP forecasts in 2022, 2023 and 2024 at 7.3%, 1.7% and 1.6%. Positive
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With real growth in the UK food sector – here are four small caps to check out
Cake Box’s interim results reconfirmed the company’s resilience in the face of extremely adverse circumstances for UK High Street retailers. Cake Box reported only single digit declines in sales revenue and profits in the period as the business benefited from its flexibility, financial strength, and an ongoing customer commitment to celebration. In our view, celebration’s resilience as a category, product innovation, increased outlets, and a commitment to “steady, sensible and sustainable” growt
Cake Box has published resilient interim results (6 months to 30th September 2020), that reflect both a period of temporary franchise store closures (through lockdown 1.0) and strong trading thereafter. Franchise LFL sales in the 20 weeks ex-lockdown have increased by 12.1%, whilst the pipeline of new franchise stores also remained robust, six outlets opened in the period taking the estate to 139 shops. CPTP eased by 4% to £1.66m, which is not a surprise, and we remain comfortable with existing
Cake Box, as part of its usual annual reporting schedule, has issued a trading update for the six months ended 30th September. In a period impacted by the Covid induced six-week closure of all franchise stores, total sales declined by just 2% yoy to £8.6m, a more than creditable performance. Excluding the six-week of closures, trading was strong, with LFL franchise sales growth up 12.1%, highly encouraging in our view. The pipeline of new franchise stores is also encouraging at 47 (current estat
Cake Box has started FY2021 positively with strong same store sales growth, new store openings and an excellent online performance. The company is not only able to repay its furlough monies, but also reward shareholders with a special dividend. Cake Box released a trading statement as such this morning.
Cake Box’s preliminary FY2020 results, released today, reconfirmed strong sales growth in FY2020 with scope for an expanded distribution footprint to deliver further sales revenue expansion in FY2021. While the Covid19 lockdown clearly disrupted franchisees’ in-store sales, Cake Box appears well placed to spring back both quickly and with a positive growth trajectory.
Cake Box Holdings has issued its FY2020 results, which are broadly line with guidance provided in its year-end/ Covid-19 trading update. As previously guided, total sales increased by 10.8% over the year to £18.7m, whilst at £3.8m CPTP is delivered a little below the recent guidance range. Note, said numbers include almost 1 month of materially weaker trade due to COVID-19, and represent a more than robust performance in our view. With 131 stores now reopened (from 133), current trading is highl
Cake Box Holdings, a franchise operator specialising in the manufacture and retail of eggfree fresh cream cakes, has provided an update for the year ended 31st March 2020 and the impact from the ongoing Covid-19 lockdown. The update confirms strong trading up to 8th March, with LFL sales ahead 5.1%, followed by a sharp slow-down through March. Such a slowdown, and lower franchise openings than planned, result in guidance for CPTP of £4.1m to £4.3m, so still delivering yoy growth. Cake Box is a r
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Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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Dekel Agri-Vision have just released their H1 2021 Interim Results. On all key metrics Dekel have demonstrated strong growth from H1 2020. Even in comparison to H1 2019 before COVID distorted the market entirely, Dekel Agri-Vision have produced a strong interim result.
Companies: Dekel Agri-Vision Plc
Companies: Genus plc
MGC Pharma is a bio-pharma company that develops and produces medicines using compounds derived from cannabis and other plant-based sources. Since our initiation report (June 22, 2021) the company has had several major news announcements, which have contributed to a 49% increase in the share price
Companies: MGC Pharmaceuticals Ltd.
Diversified Gas & Oil is paying $575m for further oil and gas assets in the Appalachia basin. This will enhance earnings as well as enable a significant increase in dividend. The deal is partly financed by a placing raising £189.5m at 97p a share. This is the third time in little more than 12 months that Diversified has raised cash at a share price above the flotation price.
Companies: FPO DRV APP WYN AAU CRPR
Alphawave IP Group is considering an IPO on the standard listing segment of the London Stock Exchange. Alphawave IP is a leading semiconductor IP company focusing on the hardest-to-solve connectivity challenges created by the exponential growth of data. Funds and accounts managed by BlackRock, and Janus Henderson, have each entered into cornerstone agreements with the Company to subscribe for, subject to certain conditions, in aggregate, c. USD 510m of Offer Shares at an offer price representing
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Wynnstay Group (‘Wynnstay’) has today (30 June 2021) issued a very positive set of interim results for the period ended 30 April 2021. The Group’s balanced business model has come to the fore and delivered record HY pre-tax profits. Trading momentum from H2 FY20A across feed and the Specialist Agriculture Merchanting division has continued in H1 FY21A and has been ahead of management and our expectations. Following the outperformance in feed and Merchanting more than offsetting a weaker arable p
Companies: Wynnstay Group plc
Dekel Agri-Vision have published their June production Update bringing about a half year summary, the strongest in the history of their listing. In line with the very impressive high season and pricing environment, we have updated our model to reflect increased average prices secured, resulting in an increased target price to 9.5p and at the current price of 5p this represents a 90% indicative upside