SThree’s exit from the pandemic continues to lead the peer group and this has been reflected by the share price which is now trading at all-time highs. A combination of strong execution through the pandemic and SThree’s positioning at a powerful nexus of scarce technical skills and flexible working are the key drivers. In our view, SThree’s fundamental drivers have been re-inforced by the pandemic and leave the group well positioned looking into FY22 and beyond. This now marks our fourth upgrade
Companies: SThree plc
The previous quarterly net fee updates had shown the extent of the net fee recovery SThree has experienced so far in FY21, but the real story of the H1 results is the improving conversion ratio driven by significant productivity gains and improving business mix (ECM now 31% of contract net fees). Critically, both net fees and PBT are now tracking ahead of the FY19 comparative, which underscores the strength of the recovery. For the third time this year we are upgrading our estimates with FY21 ne
SThree has maintained its strong recovery momentum through H1 2021. The unscheduled trading update confirmed short term term trading is ahead of expectations across the majority of the group portfolio. Geographically, Germany, the US and Netherlands have continued to trade well. The combination of positive net fee momentum and a tightly controlled cost base that has yet to see a sharp increase in headcount, means profit expectations have increased. H2 risks notwithstanding, we are upgrading our
SThree’s trading commentary through the second half of FY’20 had already highlighted the resilience of the business model. Yesterday’s trading update served to highlight how well positioned SThree is to exit the pandemic in good shape. Two key markets; DACH and the USA (together 60% of group net fees) have delivered positive YoY growth; ahead of expectations. Whilst +19% YoY growth in the US will capture the headlines, +3% growth in DACH is arguably more impressive given the strength of the Q1’2
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Our conviction in AFC Energy is fundamentally premised on our appreciation of the unique attributes and qualities of AFC Energy's technology. We have long believed its systems are robust – chemically and otherwise. Nevertheless, we are very impressed with the delivery achieved by AFC Energy's systems in the most arduous conditions on the planet. To have successfully featured as the primary power source to charge the vehicles in each of the first three races is a very strong statement that unequi
Companies: AFC Energy plc
Strix hasn’t missed a beat over the last eighteen months. Despite the pandemic and the resultant lockdowns, it was able to marginally grow earnings in FY20. The COVID impact on the income statement is barely noticeable, a year of low growth rather than the collapse in profitability experienced by others. This was topped off by the Capital Markets Day in November when the challenging five-year growth target of doubling revenue was set.
Companies: Strix Group PLC
The Velocys interims show the recognition of sales to the Red Rock Biofuels project with a good gross margin indicating the value in these sales. With recent commercial progress in Japan we see this as helping to underpin the value of these developments. Overall, the company is making progress across the board and both the policy and wider industry background, notably in aviation, remain highly supportive.
Companies: Velocys plc
Companies: Kier Group plc
Companies: Judges Scientific plc
Oil declined amid Russia's plans to boost upcoming overseas oil sales and as the dollar rallied.
Futures in New York ended the session nearly 1% lower on Friday. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the US dollar reduced investor interest in commodities priced in the currency.
Despite weaker prices on Friday, US benchmark crude futures gained more than 3% this week due to tightening supplies. In the US, crude inventories
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Plant Health Care has released its interim results in line with expectations following its trading update in July. In light of this, we do not make any changes to our numbers. We maintain our view that given current market trends, our forecasts remain well underpinned with considerable upgrade potential. Reiterate Buy.
Companies: Plant Health Care PLC
Companies: Safestyle UK Plc
Velocys, the next generation sustainable aviation fuels (SAF) specialist, has reported interim results this morning (23 September). The company's first-half period to end June saw an encouraging rise in strategic activity, as well as a noticeable step up in general news flow surrounding the future needs of the aviation sector for renewable fuels as the industry begins its recovery from the pandemic. We note that this positive news flow has continued into the current Q3 period. The results demons
First half performance indicates that the turnaround is almost complete with Safestyle reporting the best half year financial performance since H2 2017. Revenue of £73.0m is up 73.4% yoy but more importantly increased 13.3% on the H1 ’19 performance. The recovery in revenue picked up pace during the half, after four months it was 10.9%. Gross margin increased 639bps to 32.3% on HY19 as average selling price increased 11% despite a negative movement in mix. This resulted in adj. profit before tax
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What’s cooking in the IPO kitchen?
Press reports that Law firm Mishcon de Reya has agreed a merger with life sciences specialist Taylor Vinters after recently confirming its plans to go public on the London Stock Exchange (LSE).
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 C
Companies: TLY SYM FAB IOF MSYS CGH
Esken now has financing in place for the recovery. The Group has raised £55m in fresh equity and secured a £125m convertible loan from Carlyle Group, who become a strategic investor in London Southend Airport. Strategy is focused on two core divisions. The Energy division, which supplies wood biomass to green power plants is profitable and has performed robustly. Trading in Aviation remains subdued. Cargo handling at London Southend has grown strongly but passenger traffic has been hit hard by C
Companies: Esken Limited
Xeros has reported H1 2021 results for the six-month period up to end June 2021. Revenues are broadly inline but cash is slightly behind expectations due to ramp up in XFiltra investment. These results are not reflective of the longer-term potential of the Group. Despite some inevitable further pandemic-induced delays, commercial progress is encouraging, with the potential of XFiltra looking particularly exciting. We reiterate our 400p/share price target.
Companies: Xeros Technology Group (XSG:LON)Xeros Technology Group Plc (XSG:LON)
Symphony has reported significant product development and regulatory approval. Most notably it has received enhanced US Food & Drug Administration (FDA) and Health Canada approval for introduction of d2p anti-microbial technology for bread packaging in these markets. Our analysis shows the total market in North America for bread products is valued at c.$24bn each year. In the recent H1 statement, the Group reported revenue growth of 13% to £5.4m (at constant FX) but a loss before tax of £0.6m (i
Companies: Symphony Environmental Technologies plc
Companies: Ceres Power Holdings plc