4imprint Group - Back on track for $1bn revenue

4imprint has announced that trading over the first four months of the year was stronger than anticipated. Both order volumes and average order values are up double digits over the same period in 2019, resulting in revenues up 27% on the pre-COVID comparison. The group is now back on track to reach its long-held FY22 target of $1bn revenue and we have upgraded our forecast accordingly. Our new forecasts show a more robust recovery in operating margin, despite the economic uncertainty and inflatio

WH Ireland: 4imprint (FOUR) - Going from strength to strength; taken £1bn citadel early; major upgrades

Friday's update from FOUR - two weeks ahead of the expected date – more than bears out the promise of the strong start to the year which the company flagged in March. The $US1bn revenue target has been hit a year earlier than anticipated, with revenues well ahead of the last “normal” year, 2019, as well as the even bigger jump from FY2020A. FOUR uses data to drive highly successful marketing of merchandise to medium sized US companies. The model is cash-generative and the company still has a

Morning Note – 9 May 2022

4imprint - Market share gains drive +34% EPS upgrades

In a very encouraging update, given the global macro pressures, 4imprint has detailed a very strong performance in the first four months of 2022. Order counts in the primary North American business were up 11% on 2019 (providing a pre pandemic comparison) and average order values were up +14% on 2019. Total demand (orders received) was up +27% on 2019, with new customer acquisition remaining encouraging and retention reflecting the growing customer file. 4imprint is now on track to hit its targe

LIBERUM: 4imprint Group* - Market share drives further upgrades

LIBERUM: 4imprint Group* - Encouraging start to FY 22

4imprint Group - Strong trading recovery

4imprint’s FY21 results show a good recovery in orders and revenues, with momentum building over H221. Revenues and profits were as flagged in January’s trading update and were in line with our recent Outlook note. Our FY22 and FY23 forecasts are broadly unchanged, with FY22 revenues set to outstrip those of FY19 as the US economy rebuilds. A note of caution remains on the speed of margin recovery, reflecting lingering supply chain issues and inflationary cost pressures, but this is built into t

LIBERUM: Morning Comment

Morning Note – 16 March 2022

4imprint - Bold moves have built the brand and reinforced potential

4imprint’s FY 2021 results evidence a strong trading recovery after the pandemic-impacted performance in 2020. Sales grew by +41% (all organic) and operating margins improved from 0.7% to 3.9%, supporting EPS growth of +630%. Net cash was $41.6m at December 2021 and a full-year dividend of 45c will be paid (33.8p). The group’s business model is based on an effective and efficient marketing engine and significant progress has been made, particularly in building the prominence of the 4imprint bran

LIBERUM: 4imprint Group* - FY 21 in line and an encouraging start to FY 22

4imprint Group - Moving on up

4imprint’s year-end trading update points to FY21 revenues of $787m, ahead of our expectation of $775m, up 41% on the prior year, after a strong Q4. PBT is indicated at the high end of the (wide) consensus range and we increase our estimate from $22.6m to $30.4m. Supply chain and inflation issues look set to continue, so margins will take longer to recover to the levels pre-COVID-19 pandemic, but the group has a degree of flexibility around substitution and pricing, which should mitigate the hea

WH Ireland: 4imprint (FOUR) - Stellar results in prospect; double-digit upgrades; strong business delivering well

This morning's “short but sweet” update from FOUR highlights results at the top end of the range of analysts' forecasts, reflecting strong demand recovery but also both a highly effective business model and the right decisions made strategically. With still shy of $1bn of sales, FOUR is nonetheless a market leader in the $US20bn US promotional products market, with all the market penetration opportunities that this implies. Strong demand in Q4 has not only driven the punchy upgrades we are see

4imprint - Towards the upper end of the range (we upgrade EPS by 20%)

In a positive year-end trading update 4imprint has confirmed a strong performance in 2021, with sales up +41% and profit before tax expected to be towards the upper end of the range. Sales growth was +22.9% in H1 2021 and +56.4% in H2. Total order count in the year was 90% of the 2019 comparative, up from 79% in H1, demonstrating a strong recovery in business over the course of the year. Net cash was $41.6m at December 2021 ($39.8m) as cash generated was invested into working capital, reflecting

LIBERUM: 4imprint Group* - 2021 EPS increased 11%

AGM Trading Update

S4 Capital has released an AGM update that states the strong growth delivered in 2021 has continued for the first four months of 2022 and confirms guidance for 25% LFL growth in Gross Profit combined with steady improvement in EBITDA margin.

Hybridan Small Cap Feast 21/06/2022

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fire safety technology business with innovative fire safety products, intends

Tremor - Record Q1 with 13% growth, 47% EBITDA margin, $371m cash

Tremor has reported record Q1 22 net revenue of $71.0m from +13% organic growth, record Q1 22 adjusted EBITDA of $33.6m at a margin of 47%, and continued to build its net cash to $371m including $13m of buyback. Its adjusted EBITDA for Q1 and its guidance for Q2 of c$40m are in line with consensus, while its Q1 22 net revenue and Q2 22 guidance of $75-80m are c3-10% light, as Tremor is focusing on scaling its higher-margin self-serve and PMP revenue, and has seen some advertisers postpone spend

SHORE CAPITAL - STV Group+ (STVG) - House Stock at 288p

Morning Note – 21 June 2022

Hybridan Small Cap Feast 20/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th

Hybridan Small Cap Feast 19/05/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe.

SHORE CAPITAL - STV Group (STVG) - House Stock at 300p

SHORE CAPITAL - STV Group+ (STVG, House Stock at 285p)

Small Cap Feast

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

Hybridan Small Cap Feast 22/04/22

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketin

Hybridan Small Cap Feast 29/04/22

Joiners: Lift Global Ventures plc (AQSE:LFT) has joined AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketing agencies, Production studios and visual content providers and Te

Strong advertising and activities in studios

Q1 22 was strong in each division. Total advertising revenue increased by +16% as expected and digital advertising surged by +27%. ITV Studios revenue grew by +24% at constant currency thanks to strong deliveries of programmes. Total advertising revenue growth is expected to be +5% in H1 22 due to a tough comparative in Q2 22. ITV Studios benefits from the high demand for content and is confident on its performance in 2022. The launch of ITVX is confirmed for Q4 22.

AGM TU: Resilient performance

Reach’s YTD update shows further resilient performance against a challenging backdrop. Group revenue declined 0.9% y/y in the 4-months to April (in-line) as growth trends normalised and tougher, post-lockdown comparables are lapped. Within the mix, Print positively surprised, posting modest -4% y/y decline (SCMe FY’22e: -6%) – cover price increase acceptance helps demonstrate the relative pricing inelasticity of RCH’s loyal audience base. Digital revenue momentum remains positive (YTD +9% y/y; Q

Cenkos: XLMedia Plc -- Ahead, and guidance unchanged

Adj EBITDA was 4% ahead of that indicated in January. The material +47% YoY growth rate in this figure is attributable to the M&A activity in US sports betting over the past 12-18 months which has reshaped the Group. This also brings higher margin activities to offset Casino which is in 'managed decline'. Casino is asset-light with much variable cost and manageable. Sports now forms almost half of all Group revenues and has huge growth potential as more US states legalise sports betting.