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Companies: RWS Holdings plc
LungLife (LLAI.L), a developer of clinical diagnostic solutions for lung cancer enhanced by artificial intelligence (AI), has joined AIM. The Company's technology is a combination of the recovery of rare cells and blood-based biomarkers shown to be altered in lung cancer. The Company employs machine learning to improve upon existing computer software to identify informative cells from blood, and intends to build a deep, novel pool of lung cancer-related data for AI-enabled applications
Companies: DEMG DXRX EQLS MPAC POLR RWS SIR SHG SUR SCE
SDL delivered a better than forecast H1, outperforming sales and AOP estimates. Revenues moderated by just 1% to £180.7m, with AOP up 1% to £16.3m. Increased demand from strongly performing verticals (Online Retail, Technology) has offset declining volumes from CV19 impacted sectors (Leisure, Travel, Automotive). KPIs continue to move in the right direction, with ARCV rising 7% y/y, and Linguistic Productive Utilisation stable at 67%. The Group delivered 60 new technology customer wins in H1, an
SDL held an introductory session for the Group’s new SLATE proposition (launched in June). Good traction has been seen within the Group’s existing base presenting an attractive upsell opportunity, whilst also enabling expansion of the Group’s TAM with a market-leading, highly automated and immensely scalable solution. Management estimate SME and ‘off-grid’ translation projects to be a market worth in excess of $10bn, with SLATE allowing the Group to target these areas in a more meaningful way. T
SDL has delivered a strong set of FY’19 results, coming in a touch ahead of N1S forecasts with sales of £376.3m (+5% pro forma y/y; N1S: £371m) and AOP of £37.2m (N1S: £35.8m). High 98% cash conversion delivered strong FCF of £29.6m. The Group has entered 2020 in rude health with high tech renewal rates (c.90%), healthy growth in premium Language Services (14% pro forma y/y), and a strong balance sheet position with gross cash of £98m and a further £57m in current facilities at today’s date. Cov
SDL have delayed the announcement of FY’19 prelims in line with the FCA moratorium publicised over the weekend. The Group reiterates the strength of FY’19 trading previously flagged in the update in January. Whilst FY’20E has had a strong start with revenues and pipeline building well, more recently the Group has noted some delayed decision making from customers. SDL’s high degree of recurring revenues and stickiness of product offerings provides some insulation, however management are anticipat
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.
Companies: ONC FOX FIPP SCPA RWS SOLG 7DIG 88E CRV
SDL has today announced that both FY19 sales and AOP are in line. Further, the company states its y/e net cash position at £26m – this is also in line with N1S forecasts. To remind, FY18 reflects only 5 months‘ contribution by DLS, therefore the majority of FY19’s sales uplift should come from Donnelley, but as well, +4/5% (exp.) organic growth. To this end, today’s update provides evidence of progression – towards management’s stated goal of “high single digit” growth. We flag that the y/y LFL
SDL held a well attended Analyst and Investor day yesterday at its Maidenhead HQ. The Group showcased its Helix, Insight and Tridum DX platforms, as well as offering a demonstration of the new Language Cloud portal which opens up the prospect of a fully automated machine translation portal in the future. We continue to see SDL as well placed within the premium content space (market growth estimated: 10% -15% pa), while also delivering growth within the user-generated content market (estimated gr
SDL has reported interim results that highlight group revenue up 40%, driven by 6% pro forma revenue growth, the DLS acquisition and currency tailwinds. Further improvement in gross margin and cost saving initiatives helped deliver adjusted operating of £16.1m (£15.5m pre-IFRS 16) and adjusted diluted EPS up 14%. This financial outturn was underpinned by improvements across all core financial and operating KPIs. SDL has entered the second half with good sales momentum and a healthy sales pipelin
Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer TBC, expected late April. SDX Energy plc—a North Africa focused oil and gas company, announces its intention t
Companies: SLN RWS D4T4 CIC SHG FFWD ROCK MSMN DLAR TPT
Full year results highlight a much-improved performance driven by strong progress against operational and financial goals. This is reflected in higher Premium Service revenue, cross and up-selling success, improved linguistic utilisation and cost savings already delivered. Further cost initiatives already underway should deliver upside pressure to our conservative operating margin forecasts. A FY19 EV/EBITDA of 11.9x, falling to 10.4x in FY20, looks particularly good value given this upgrade pot
SDL has released a positive trading update indicating that it expects full year revenues in the range £323m-£325m and adjusted EBITA of no less than £28.5m, in line with expectations. Year-end net cash of £14.4m was much better than expected. We have updated our FY 2018 estimates to reflect the indications in the update, but left our FY 2019 and FY 2020 revenue and earnings forecasts unchanged pending additional guidance on trading momentum and cost synergies when results are released on 20 Marc
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GSK has rejected Unilever’s £50bn bid for the former’s Consumer Healthcare business. The British UK giant believes that the offer significantly undervalues its assets, but the acquirer increasing its offer won’t be an easy affair. Nevertheless, this offer is a validation of the underlying potential of consumer health offerings and, hence, we upgrade our divisional NAV estimates. Overall, GSK remains an attractive under-transition pharma story.
Companies: GlaxoSmithKline plc
OptiBiotix has published a third human volunteer study on the cholesterol lowering effects of the company's proprietary probiotic Lactobacilus plantarum, branded as LPLDL. We believe the study clearly demonstrates the cholesterol lowering effect of LPLDL which we expect to support the on-going commercialisation of the probiotic. Key results were the statistically significant reduction in total cholesterol and LDL (bad) cholesterol of 34.2% and 28.4%, respectively over a six-week treatment period
Companies: OptiBiotix Health PLC
Following the decision not to invest further in hRPC development and seek a partner, there was a steep fall in ReNeuron’s share price. ReNeuron is switching staff and cash into the exciting, but early-stage exosome platform. Investor confidence and full recognition of exosome value will need to be established. ReNeuron has seven exosome research collaborations with more under discussion. It has shown that targeted exosomes can deliver a potent growth factor to the brain in an animal model, a fin
Companies: ReNeuron Group plc
Strong recent trading has persisted over the winter months, as Yourgene has been co-opted in to help the UK’s response to the new wave of infections caused by the omicron variant. This comprises the surge testing PCR contracts and a new Covid sequencing service, which has made a strong contribution and is scaling up further for additional expected volumes. As a result, management now expects FY22 revenues of at least £37.0m and for adj EBITDA margins to exceed 10%. We upgrade our current year es
Companies: Yourgene Health Plc
We believe the narrative for the UK equity market remains very good. Some inflation appears embedded in markets and economic growth seems robust. We saw investors show caution into the end of 2021 and so have cash to deploy in our view. This has been corroborated by investor feedback we’ve had already this year. The UK equity market is materially cheaper than global equities on a relative basis so asset allocators have to be looking at UK equities while UK 2022 GDP growth is likely the best of t
Companies: AFM ANX AXL CYAN GLAN MODE OBI MATD SEN SOM WSG
Companies: SourceBio International Plc
Circassia has delivered a strong outturn to FY21, with revenues 2% ahead at £27.9m (+17% YoY) and a maiden positive adj EBITDA, ahead of our expectations of a small loss, which had already been upgraded during the year. Gross margins remained steady at 68% and 84% recurring revenues was also consistent with the previous year. Net cash was also ahead at £12.6m, with the underlying NIOX business generating £1.1m of cash in H2, another notable milestone. We leave our outer years forecasts prudently
Companies: Circassia Group PLC
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Sumo Group has left AIM following a takeover.
What’s cooking in the IPO kitchen?
Unbound Group PLC, (currently called Electra Private Equity PLC) to join AIM. Unbound Group, will be the parent company for a range of brands focused on the 55 plus demographic. Initially focused on Hotter Shoes, Unbound's curated, multi-brand retail platform will offer additional products and services that will enhance the enjoyment and wellbeing of its targeted customer communit
Companies: TENG PLUS EVG CHAR CCS BARK
East Star Resources (EST.L) the Kazakhstan-focused gold and copper explorer, has raised gross proceeds of £3.1m by way of an oversubscribed placing and subscription of 62,000,000 new shares at a price of 5p, and has today been readmitted to the Official List of the Financial Conduct Authority by way of a Standard Listing following its acquisition of 100% of the share capital of Discovery Ventures Kazakhstan Limited, which holds an initial package of four licences in two producing but un
Companies: TAVI COG CUSN FEN GTLY NSCI LND EME
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Universe Group has left AIM following a takeover by Inform Information Systems Limited
What’s cooking in the IPO kitchen?
Hercules Site Services a technology enabled labour supply company for the UK infrastructure sector, intends to float on AIM. Hercules is seeking to raise approximately £5.5m to rapidly deliver on the significant demand it is experiencing for its diverse range of services across the UK infrastructure sector, including to scale up its operati
Companies: SPA AREC BBSN CCS EPWN GETB MRL ORPH PEN
While we were away
Mac Alpha Limited (MACA.L) joined the Main Market. (24/12/21)
Atome Energy PLC (ATOM.L) joined AIM. (30/12/21)
What’s cooking in the IPO kitchen?
Graft Polymer a business focused on the development of polymer modification and drug delivery systems is to join the Main Market (Standard). Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing products and processing methodologies by enhancing per
Companies: VLX VRCI LBE RENX SOM TAST DDDD CMH IQG SRC
A positive FY Trading Update that came in slightly ahead of our, and the market's expectations, with revenue of £13.9m vs. our £13.7m estimate. US Dollar (representing the majority of revenue) performance reflected the true operational growth, up some 17% YoY before the FX impact reduced that to 10% growth in GBP (reported) terms. EBITDA (adjusted for share-based payments) was up 294% to £2.1m, and the DXRX platform has grown to provide 57% of group revenue. The company has also announced a ne
Companies: Diaceutics Plc
The six-month trading update to 31 December reflects the discontinuation of non-core products, ongoing COVID-19-related headwinds, principally in Germany and Italy, exchange-rate headwinds (-5%) and product phasing issues, with revenues falling 10% to £48.7m. Underlying like-for-like growth, however, was 3% at constant exchange rates (CER). Period-end cash was £41.4m, which implied a c.3% increase (+£1.m) in underlying cashflows in the period. We have reduced revenue forecasts by 9% in FY 2022 t
Companies: Allergy Therapeutics plc
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Nucleus Financial Group has left AIM
What’s cooking in the IPO kitchen?
Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-Europe
Companies: ZIN SHED HUW IXI PHC
Graft Polymer (GPL.L) has joined the Main Market (Standard). Graft Polymer is a UK incorporated holding company with an innovative research and manufacturing facility, based in Slovenia. The core business of the Group comprises polymer modification and drug delivery systems developments. Established in 2017, the Group has already introduced more than 50 products to the market. Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing
Companies: VRCI TEG ATYM KEFI PANR SDX SRT