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React is a leading specialist commercial cleaning, hygiene, and decontamination company. We believe it is well placed to build scale in terms of both its earnings and market cap. The business has a highly attractive proposition – largely non-discretionary, specialist services, a high proportion of recurring revenues (FY23E: 80%), attractive and improving margin profile (FY23E operating margin of 12%), and a capital light model (low working capital and capex requirements). It has a clear strategy
Companies: REACT Group Plc
Singer Capital Markets
Majestic Corporation plc (AQSE:MCJ), has joined AQSE Growth Market. Majestic is a profitable business recycling precious and non-ferrous metals from obsolete mechanical and industrial material including catalytic convertors, printed circuit boards, legacy electrical and electronic equipment, and industrial metal residues left over from manufacturing. In the year ended 31 December 2020, Majestic had revenue of over US$27m and recorded profit before tax of US$375k. In the 6 months to 30 J
Companies: CUSN REAT TERN REDX CEG CRCL KDR
REACT Group plc (REACT), a leader in the specialist cleaning, decontamination and hygiene sector, has reported full year results to September 2021 which shows strong year-on-year growth, generated from both the core REACT business and the earnings enhancing acquisition of Fidelis. In line with its strategic focus, the majority of Group revenues are now under multi-year contracts providing good revenues visibility and this focus is expected to continue both organically and from targeted earnings
REACT Group plc (REACT), the leading specialist cleaning and decontamination group, has announced an update for the year to end September 2021 which included a full six months of Fidelis. With organic revenue growth running at c.20%, including the REACT business and Fidelis, the Board stated that the Group achieved c.77% growth in revenues to c.£7.7m and adjusted EBITDA of between £725,000 and £775,000. This EBITDA figure is, however, below our earlier forecast as a result of a period of tempora
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Gamesys has left the Main Market (Premium) following a takeover.
What’s cooking in the IPO kitchen?
M7 Regional E-Warehouse REIT intends to apply for admission onto The Property Stock Exchange (Wholesale Segment). On admission, the company plans to acquire a portfolio of UK retail warehouses worth £120m from M7 Real Estate Investment Partners VIII. The portfolio currently comprises 18 retail warehouse properties across the UK totalling 978,317 sq ft and fully le
Companies: CER FLK JADE MIRI REAT ACC
REACT Group plc (REACT), the leading specialist cleaning and decontamination company, has announced its results for the half year to March 2021. They do not include any contribution from the acquisition of Fidelis (completed on 26 March 2021) but do include the assets and liabilities for Fidelis at 31 March 2021. Strong progress has been achieved across the business with good growth in revenues, a 733bps rise in gross margin and a significant increase in underlying EBITDA. The Group remains well
REACT Group plc (REACT), the leading specialist cleaning, decontamination and hygiene company, has announced two new significant contract awards in less than a week confirming the Group’s growing presence in nationwide decontamination and cleaning. The most significant, announced today and from an existing customer, could when fully mobilised generate revenues of up to c.£2m. The second, announced on 20 April, also from an existing customer, is worth just over c.£0.6m. We are currently keeping e
REACT Group plc (REACT), the leading specialist cleaning, decontamination and hygiene company, has provided the market with an update on trading for the six-months to end March 2021. This shows very encouraging progress in revenue, gross profit, gross profit margin and adjusted EBITDA against the comparative period, all of which was generated organically. The acquisition of Fidelis was concluded at the period end and will therefore be consolidated in REACT’s second half period. As noted in our e
REACT Group plc (REACT), the leading specialist cleaning, decontamination and hygiene company, has announced the acquisition of Fidelis Contract Services (Fidelis), a successful commercial cleaning, hygiene and facility support service business. It has been acquired for an initial consideration of £1.7m financed through the Group’s own resources with a deferred element of up to £3.05m. Maximum consideration is capped at £4.75m and is based on 4.75x EBITDA. This maiden acquisition is an important
REACT Group plc (REACT), the specialists in deep cleaning services for customers in the public and private sectors, has announced encouraging full year results, marginally ahead of our increased forecasts and a significant turnaround from the losses reported in previous years. Cash balances at the year-end were also substantially higher than forecast at £1.8m. The new management team has delivered on its promises in what has been a challenging year and we continue to remain very positive on the
REACT Group plc (REACT), the specialists in deep cleaning services for customers in the public and private sectors, has announced an encouragingly positive trading update for the financial year to September 2020 stating that the Group’s maiden profit before tax will be ahead of market expectations. Consequently we are raising our PBT forecast from £152k to £182k. Cash balances at the year-end were also higher than forecast at £1.8m and we continue to remain very positive on the prospects for the
REACT Group plc (REACT), the specialists in deep cleaning services for customers in the public and private sectors, has announced a new contract win with an existing facilities management (FM) client. This contract is in addition to the work that REACT already carries out for this client and is unrelated to COVID-19. Given the underlying activities of the business, an increasing recurring revenue stream, contract awards announced in the year to date and the maiden profit generated in H1, we feel
REACT Group plc (REACT) is exploiting a gap in the market for specialist deep cleaning services for customers in the public and private sectors, with revenues split 50/50 between reactive work and regular maintenance. The Covid-19 pandemic has led to a significant upturn in activity in certain sectors (such as healthcare and transport) but temporarily weaker demand from others (such as hospitality). While its Covid-related work is by no means its biggest revenue generator, the legacy of the pand
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Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
Vertu has released an AGM Trading update that communicates a continuation of the strong trading announced on 11 May. The trends of constrained supply and high margins continue. We leave forecasts unchanged today, but this positive update for the first third of FY23 helps to underpin our full year forecasts.
Companies: Vertu Motors PLC
Companies: XP Factory PLC
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Raven Property Group has left the Main Market.
What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req
Companies: TRB CWR CCS DMTR EMAN GTC JSE KIBO MDZ SYM
1 July 2022
Status of this Note and Disclaimer
This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives
Companies: VTU ADME ARCM LVCG MANO NMT PGH SLE
Companies: Marks and Spencer Group plc
Despite no further surprise in terms of the H2 capacity outlook, easyJet’s H1 trading update pleased the market with a better-than-expected pre-tax headline loss. It is worth highlighting the group’s more-than-robust pricing power, which is expected to largely offset the unhedged fuel costs and the recent activities disruptions/cancellations at UK airports.
Companies: easyJet plc
Revenues grew to £1.1m, driven by sponsorship signings. Loss before tax increased to £5.0m but the company expects losses to reduce going forward due to continued growth in sponsorship revenues and cost-cutting (-20%). Net cash was £6.1m the end of March and £6.5m currently (£3.5m net of accruals). The company is in discussion with relevant parties regarding this year’s £3m fee to Footwork Productions Limited, a David Beckham company.
Companies: Guild Esports PLC
In the June edition of Zeus’ Video Games quarterly report, we note that sector activity has declined for a second consecutive quarter but that activity remains well above pre-pandemic levels. Share prices have fallen across all subsectors with the Continental European PC and Console focused subsector topping performance and the UK PC and Console focused subsector lagging in the quarter. In the current environment, earnings reliability and diversity are being valued at a premium, leading to highe
Companies: DEVO TBLD GILD
Ajax Resources (AJAX.L) a special purpose acquisition company established to deliver shareholder value through the acquisition of businesses or production and development assets in the energy and natural resources sector, joins the Main Market. Raising gross proceeds of £1,342,000 at a price of £0.04p per IPO Share, of which the Board of Directors has invested an aggregated amount of £130k.
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Financials Acquisition Corp, a spec
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Walmart had another rock solid quarter with a revenue growth of 7.6% in constant currency and a staggering 24.1% growth in operating income at constant currency. Moreover, Walmart Connect, their advertising business in the United States, more than doubled in size as compared to the prior-year quarter, with more than 170% growth in active advertisers. The management provided a series of interesting updates with respect to various innovative initiatives. Their latest investments aim to increase as
Companies: Wal-Mart Stores (WMT:NYSE)Walmart Inc. (WMT:NYS)
Companies: Loungers Plc
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to ta
Companies: IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M
Companies: B&M European Value Retail SA