LIBERUM: Building Materials & Housebuilders: Things to watch next week

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BDEV, ANTO, BHP, QLT, BOY, LIO, WTB, HOC, TRR, & SRC.

LIBERUM: Housebuilders: Darkest before dawn

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BDEV, PHP, DARK, ASHM, HOC, RMII, DOTD, & BHP.

LIBERUM: Housebuilders: Rate peak nears & Gove less BANANAs

LIBERUM: Housebuilders: More confidence as rates stabilise

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BDEV, EXPN, DCC, DOM, DOCS, WOSG, DPLM, SPT, TRST, ARIX, RWI, AAZ, POLR, & FCAP.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BDEV, ENT, AGR, ITV, PNN, XPD, CREO, RMII, HOME, & HLCL.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BDEV, HLN, RS1, AML, THRL, WOSG, IHC, TRR, SNWS, & WIX.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BDEV, AAL, SONG, TRST, GFRD, HLCL, APP, SOLG, TM17, IQG, POLR, BRK, & BOOM.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from BA., BDEV, HIK, NXT, DLN, HSX, MGAM, RAT, TRN, VMUK, COST, & DXRX.

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from NWG, WPP, SMDS, BDEV, CSP, EMG, HICL, QTX, RLE, MTEC, BOOM, CAPD & THG.

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from BDEV, NXT, DLN, RAT, TRN, TYMN

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from BT, BDEV, ULVR, WOSG, MDC, ESO, MRL, SEIT

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from Barratt Developments, Rentokil Initial, Marks & Spencer, Pets at Home, Marston's and Premier Miton Investors.

Frontier Developments (FDEV LN) - Expect change

Initial sales from the launch of Warhammer Age of Sigmar: Realms of Ruin have underperformed. After several disappointing new releases, the company has decided to reverse its strategy to diversify into adjacent game genres. We believe the increased focus should improve Frontier Development’s efficiency but may also increase its revenue concentration and volatility. The update and strategic change lead us to lower FY24 Adj LBITDA to £13.6m from £9.0m. We now also forecast no revenue growth over t

LIBERUM: Frontier Developments: Warhammer: Soft trading through key period

Strong H124 profitability and growth plan ambitions

PROGRESSIVE: IG Design Group: Strong profit growth, key strategy initiatives and quantified aspirations

IG Design Group delivered a 27% increase in adjusted PBT to $34.8m for H1 FY24 (to 30 September) with a significant reduction in net debt to $15.1m, as signposted in last month’s trading update. The adjusted operating profit margin was some 270bps higher at 8.6% (vs 5.9% in H1 FY23), the highest achieved since H1 FY20 ahead of the CSS acquisition. Management has provided more details on the key attributes and initiatives for its new growth-focused strategy. The group is on track to return to pre

Hardman & Co Research: Surface Transforms (SCE) - Funding for growth: Open Offer

In the past two years, Surface Transforms (SCE) has quadrupled its order book, raised monthly sales run rates from £0.2m to £1.0m and expanded its capacity four-fold to a £20m pa sales rate. A 3 November update pointed to production teething troubles. October sales of £1.0m were below prior estimates, so we significantly reduced our 2023 and 2024 estimates. We estimate PAT breakeven for 2H24. Initially from debt, SCE has the resources to finance capital expenditure from internal cash flow to rai

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Accrol Group Holdings (ACRL LN) - Consecutive upgrades

H1 FY24 has delivered positive trading momentum with continued volume growth and an acceleration in margin recovery back to pre-pandemic levels.

Morning Note – 14 November 2023

Frontier Developments (FDEV LN) - Road to recovery

We are encouraged by Frontier Developments' announcement of an Organisational Review. We believe many video games companies inflated their expense bases during 2020 and 2021 and reduced focus on return on investment. Frontier now plans to reduce annual operating costs by up to 20% by the beginning of FY25. Frontier's Organisational Review returns the business' focus to optimising returns, leading us to forecast a recovery in adjusted EBIT margins to 5.3% in FY25 and 9.4% in FY26. We believe the

SHORE CAPITAL - Portmeirion (PMP) - House Stock at 353p - Significantly undervalued

PROGRESSIVE: IG Design Group: H1 trading sees significant net debt reduction and profit growth despite lower sales

IG Design Group has delivered substantial growth for the H1 trading period (to 30 September) in terms of key profit measures and margins, together with strong cash flow and net debt reduction, both of which exceeded management expectations. These achievements have been attained despite lower sales compared to H1 FY23, with the adjusted operating profit margin in H1 FY24E therefore set to surpass last year’s 5.9%. As such, the overall results clearly show the ongoing benefits of the group’s strat

Initial Equity Trading Comments - 11 May 2023

LIBERUM: New Energy Nuggets: Hydrogen - the future is green

LIBERUM: Ceres Power - Initiation - A Compellingly solid case

Spectra Systems - Punchy H1 feeds into FY2023 and longer term opportunities

Strong H1 results from SPSY today reflect excellent traction with key customers, markets and technology. The company is a leader in machine-readable high speed banknote authentication, brand protection technologies and gaming security software. H1 sales rose 25% to $11.6m YoY (H1-22: $9.3m), benefiting from strong material sales and contracted development revenue, driving 59% increases in adj. PBTA to $5.8m (H1-22: $3.7m). Adj. EPS of 10.8c represents a 72% YoY increase, with the tax burden in