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What’s cooking in the IPO kitchen?
Market rumors that Softline to list in London. Softline is a Russian founded, IT-services provider working with vendors like Microsoft, Oracle, and IBM. The company has a track record of outperforming in the IT market and a strong history of M&A growth. They’re headquartered in London, have around 5,000 employees and reported a turnover in 2020 of $1.8bln.
Oxford Nanopore Tech—expected intention to fl
Companies: ANIC AGY BOOM BRSD IGE JADE MOS SO4 TCN VDTK
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
In the last fortnight, we have surrendered some of the notable progress made over the last three months. That said, the optimism displayed by markets, driven by progress with vaccines and their rollout, persists. The recent direction of markets has been set by volatility in US markets, driven by specific retail market developments. Domestically, we have seen a broadly upbeat procession of results and trading updates/outlooks have, generally, been at least in line. The share price reactions have
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Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one lo
Companies: SAG DXRX CALL BBSN ASTO DNL FIPP IIG GROW TCN
Tricorn’s interim results to 31 March 2020 form a second set of interim results following the change in year end to 30 September. As flagged previously, there was a significant deterioration in trading towards the end of the half due to the impact of COVID-19 on customers. For the six months, revenue fell 25.5% to £8.5m, while adj. EBITDA reduced by c.£1.0m to £0.1m, year-on-year respectively. Fortunately, the company raised a net £1.335m during the period which, together with various government
Companies: Tricorn Group plc
As flagged at the time of the trading update on 9 October 2019, we have reinstated forecasts for each of the next three years. These are significantly lower than our previous forecasts to reflect a continuation of the sharp fall-off in demand in the UK in the second quarter of FY2020 and some margin pressure in the USA due to delays in passing on tariff increases. While there remains a strong pipeline of new opportunities, we have rebased our forecasts to levels, where we hope there is the poten
ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market.
Voyager AIR The Com pany w ill focus on the acquisition, leasing and m anagement of prim arily widebody aircraft, w ith asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subsc
Companies: CRC XSG ELA REDX ORCP SIXH CAML TCN TOU DBOX
Tricorn has delivered the anticipated further improvement in profitability forecast for FY2019 with adj. PBT of £1.1m (vs £0.8m) on revenue of £22.8m (£22.2m). The reinstatement of a final dividend of 0.2p was also as forecast. As expected across the divisions, growth in Transportation sales and profits made up for lower contributions from Energy. The Chinese JV also delivered further profit growth. We shall update our FY2020 and FY2021 forecasts and introduce forecasts for FY2022 in a more deta
Tricorn has delivered the forecast further improvement in profitability in FY2019 with adj. PBT of £1.1m (vs £0.8m) on revenue of £22.8m (£22.2m). Transportation made up for the anticipated lower contribution from Energy. We now expect this trend to continue in Energy in FY2020E and FY2021E and have reduced our forecasts to reflect this as well as expecting a lower contribution from the Chinese JV due to higher costs. With the group in the future to be focused on the UK and USA, we continue to b
Tricorn’s FY2019 trading update states that it expects to deliver c.30% growth in adj. PBT to c.£1.1m (vs our £1.17m forecast) on a c.2.5% increase in revenue to £22.7m (£22.8m). As expected, growth in Transportation partly driven by new business wins, more than offset the anticipated reduction in Energy. There will be a further trading update given at the time of the final results scheduled for 3 June 2019. Ahead of this, other than the minor tweaks above we are making no changes to any of our
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.
Companies: TCN ONC SRSP SHED SDI KINO BEG SEE SVE IGR
Parliamentary and Brexit developments continue to hold centre stage, although the precise path forward remains as unclear as ever. The uncertainty over Brexit, worries over a possible slowdown in the US and the outlook for global economic growth generally have all contributed to the recent falls in markets. While the rally seen since the start of the year has petered out, most indices have still made progress. In Share News & Views we comment on Bloomsbury Publishing, Bonhill Group*, Braemar Shi
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We have seen a continuation of the rally evident so far this year. The factors are familiar with greater optimism regarding US-China trade talks. At home, the path to Brexit remains unclear as D-day looms. The possibility of a delay has increased. The company reporting season continues to highlight winners and losers with the majority of results in line. We have also seen an uptick in corporate M&A. Results set the morning agenda and Brexit votes the evening one. In Share News & Views we comment
Companies: RUA APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN VRE W7L
Roses are red – markets are blue! The rally since the start of the year resumed this week, after a pull-back last week. The FTSE 100 has risen due to the weakness of sterling and the impact on its dollar-earning constituents. More domestically-oriented indices have also risen but lagged more recently. The latest Brexit twist is due later with a statement to Parliament on the negotiations. Company news continue to dominate the morning headlines and amendment votes the evening ones. In Share News
We have seen a continuation of the rally seen since the start of the year, although some earlier momentum has been lost. The factors that influenced the market previously continue to dominate – US-China trade talks and the outlook for the global economy. The latest hurdles in the Brexit Withdrawal Bill are due later. Company updates dominate the morning headlines, late night votes dominate the evening ones. In Share News & Views we comment APC Technology*, Bonhill Group*, Braemar Shipping*, Esca
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Research Tree provides access to ongoing research coverage, media content and regulatory news on Tricorn Group plc.
We currently have 81 research reports from 3
AFC Energy announced that it has entered a hydrogen fuel cell supply and
collaboration agreement with partner, Urban-Air Port Limited (“Urban-Air”), a
leading UK developer of ground infrastructure for the growing demand in
autonomous airborne drones and electric take-off and landing passenger
Companies: AFC Energy plc
Companies: Ceres Power Holdings plc
Powerhouse’s partner HUI’s funding of long lead time items shows a commitment to the company’s first European project in our view. As with Powerhouse’s own funding of similar items at the initial UK project, this helps to de-risk the timeline and moves the company towards establishing a wider European market.
Companies: Powerhouse Energy Group PLC
Companies: Kier Group plc
Velocys continues to see supportive policies develop with the recent US proposed Sustainable Aviation Fuel tax credit adding to the potential attractiveness of projects in America. The company continues to progress its reference projects at Bayou in Mississippi and has provided technology under licence to Red Rock Biofuels in Oregon. Further policy support can only be helpful in growing opportunities for the company in North America in our view.
Companies: Velocys plc
Companies: DX (Group) Plc
Companies: Staffline Group plc
AFC Energy’s statements and recent integration work with ABB highlight growing interest from customers which bodes well for orders in the months ahead. The forthcoming S-series of products will expand the Group’s portfolio and should deliver much high power densities and improved economics. The deployment of fuel cell technology is increasingly recognised by Governments and industry as a key tool in reducing global greenhouse gas emissions, which we expect will drive momentum for deployment in a
H1 results reveal continued strong progress, with closing ARR up c.25% LFL at £6.6m driven by new subscription agreements, importantly validating CKT’s growing investment in sales and marketing with headcount doubling in H1. Meanwhile, CKT’s pipeline is up 4x since the start of the year so we anticipate growth to be maintained (or even accelerate) in H2. In this context, CKT is tracking comfortably in line with unchanged FY22 estimates, having achieved sales of £7.9m, ~53% of our full-year forec
Companies: Checkit 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
Despite the challenges presented by the pandemic, TP Group Plc delivered strong organic revenue growth of c14% YoY in H1/21A, with Adj EBITDA increasing to £1.7m (H1/20A: £1.4m). Improving visibility leads us to upgrade our revenue forecasts by c4% for FY21E to £66.0m (90%+ of which was covered by the order book at H1/21A). Expanding margins in the Consulting division are expected to be offset by temporary margin pressure on Engineering contracts during FY21E (our £4.2m FY21E EBITDA remains unch
Companies: TP Group Plc
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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Filta has released a solid set of H1/21A results, delivering Adj EBITDA of £1.3m (H1/20A £0.2m). Rising vaccination rates and the continued reopening of hospitality and leisure markets provide an increasingly favourable industry backdrop for the company. Filta is emerging from the pandemic with a stronger business profile and robust balance sheet, having launched new products and services, and expanded its customer list. Given the improving prospects, we believe Filta remains attractively valued
Companies: Filta Group Holdings PLC