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Companies: Accrol Group Holdings plc
Accrol has released H1 results, which are 7% below last year’s level at the adjusted EBITDA level at £5.0m despite significant supply chain disruption and cost escalation. We made our earnings adjustments in the trading update last week but reduce our net debt forecasts by 13% to £23.9m reflecting lower capital expenditure investment. We believe more can be done to reduce this through working capital efficiencies, but we have left our assumptions on this unchanged for now.
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 approximately £23.4m.
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Companies: RQIH ABDP ACRL HAYD IQG
Accrol has released a trading update highlighting further inflationary cost pressures guiding FY22E adjusted EBITDA to be significantly below FY21A.
Accrol has issued a trading update confirming that cost pressures both from input and distribution costs has intensified over recent weeks echoing trends we have seen in other industries. Revenue pressures have also built as fulfilment becomes more challenging. These headwinds are reflected in our downgrade to EPS forecasts of 37.4% and 18.3% in FY22E and FY23E respectively. Over the long term we continue to believe Accrol is a strategically important asset with a key position in a resilient mar
Accrol has delivered a solid set of FY results, which were well flagged at the adjusted EBITDA level, but outperformed our adjusted EPS by 1.7%. We are maintaining our FY22 estimates, upgrading FY23 forecasts and introducing our FY24 numbers for the first time. We believe Accrol will emerge as a £45m+ EBITDA business with a self-funded papermill, and we believe the Group is well positioned to deliver strong growth in shareholder value from here.
Accrol has announced a trading update today. While pre-flagged input cost inflation and lower LFL YOY volumes (due to the unwinding of panic buying in the early stages of the pandemic) present near term headwinds, better than anticipated acquisition synergies and improved operating efficiencies are offsetting this, with the Group continuing to win market share.
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Unilever’s bid for GSK’s Consumer HealthCare division is causing a stir, as it seems totally unreasonable. The group was asked to move on portfolio rotation, but definitely not to be so ambitious at the risk of penalising shareholders.
Companies: Unilever PLC
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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 operations to supply labour to the northern section of the HS2 rail project
Companies: WSG ADME AGL CCT EMAN OHG OTMP TLY
Sanderson Design Group (SDG) has announced a trading update for the current financial year ending 31 January 2022 (FY22E). Strong performances, most notably from the group’s manufacturing and licensing activities, have resulted in the Board’s expectation of adjusted profit before tax of at least £12.0m, compared with the £7.1m delivered in FY21. This equates to an increase of at least 70% over FY21. Our upgrade to £12.0m represents a 14% increase on our previous adjusted PBT forecast of £10.6m.
Companies: Sanderson Design Group PLC
Where next for markets in 2022? In our view, if COVID is not on the way out, we are just going to have to live with it now and it will have less and less impact on economic forecasts going forward. Instead, the bigger issues for investors to deal with in 2022 are cost inflation and staff shortages for business (which are already hitting earnings momentum), energy cost inflation and higher taxes hitting the consumer wallet, and markets that start from very elevated valuation multiples compared wi
Companies: GML HAT IOG LOK MTC QTX SOM SCE SNG TRCS TRMR
Companies: Science In Sport Plc
Companies: IG Design Group plc
The group has released a year-end trading update confirming a performance broadly in line with our forecast. We introduce a forecast for 2022 for the first time, based on the expectation that the UK&I business will move to a breakeven position in the current year, reflecting the benefits of the strategic rebuild implemented over the past three years.
Companies: Eve Sleep PLC
FY21A Results were well flagged in November’s trading update. Today’s announcement reveals the Group is now debt free and reiterates its intention to return to the dividend list in the current period. Shoe Zone has a clear and well-defined plan to transform its store portfolio and grow its digital offer through its shoehub platform, which we believe will deliver a well-balanced retail model that can win market share and drive profitable growth.
Companies: Shoe Zone PLC
H1'22 Interim Results: Caution Ahead!
Companies: Frontier Developments Plc
Games Workshop Group’s (GAW’s) H122 results reflect lower year-on-year revenue growth after a very strong FY21, as expected, with positive comments on new launches, specifically the third edition of Age of Sigmar. Ongoing internal investment to support future growth and new external cost pressures led to a reduction in operating profit pre-royalties, which was more than offset by the notable increase in royalty income. As previously flagged, the shape of our FY22 forecasts has changed to reflect
Companies: Games Workshop Group PLC
Residential-for-rent developer and manager Watkin Jones today delivered an 11% rise in PBT to £51.1m for FY2021, beating our estimate of £50.0m by 2.2%. There were similar ‘beats’ in EPS and dividend, at 16.3p and 8.2p, respectively, driven by strong operational delivery and cost control. We have maintained our earnings and dividend estimates for FY2022E, growing at over 6%. We have also introduced forecasts for FY2023E, which assume accelerated earnings growth of 31% as the strong development p
Companies: Watkin Jones Plc
Another strong update from Galliford Try, with trading in line with expectations, order book growth of £100m & average month end cash up £16m since the FY21 results, a strong pipeline confirmed, and good progress made on the integration of the nmcn water business. Management is sticking to its strategy and its focus on safety, and it is paying off, yet the valuation still looks extremely cheap, with cash alone covering >90% of the market cap, and PPAs more than covering the rest - implying a ne
Companies: Galliford Try Holdings PLC
Autins has reported 9% growth in sales and flat EBITDA for the year to Sep’21 despite substantial impacts from Covid and semiconductor shortages on automotive customer volumes. Sales of Neptune and Flooring insulation nevertheless grew by 64% and 161%, and German sales grew 69%. Management also delivered an underlying 0.4% improvement in gross margin following actions to contain costs and improve efficiencies. AUTG is highly leveraged to the automotive market recovery, which is expected during H
Companies: Autins Group Plc
We continue to believe that IMB is not necessarily a short-term strategic investment given the fact that the company is entering the second year of its “strengthening phase” with further investments which should weigh on margins, so no major improvement in the shareholder return.
Companies: Imperial Brands PLC