Next Fifteen Communications PLC

Next Fifteen’s share price, in common with many of its peers, has come under significant short-term pressure. The shares are now down -34% from their recent record high and are down -28% YTD (compared to -5% YTD for the FTSE All Share and -26% YTD for the AIM All Share). In our eyes, the extent of the Next Fifteen share price fall has created a compelling valuation opportunity, regardless of the M&C outcome.

Wilmington PLC - H1 results & Rise National – 11% PBT upgrade

Following on from an improving H2 for FY21, Wilmington has delivered a strong set of H1 results. Organic growth has strengthened to +12%. Although this has been partly buoyed by the welcome return of face to face event formats, critically the underlying organic growth pre face to face was a healthy +6%. Perhaps the most impressive detail in the results related to the commentary around the face to face recovery, where the demand for virtual formats has remained strong and where face to face has n

Wilmington PLC - H1 Trading Update

It was clear at the final results that Wilmington was seeing positive organic tailwinds behind both Information & Data and Education & Training. However, caution around further Covid roadblocks held us back from upgrading estimates. Today’s trading update confirmed these roadblocks have not transpired. The combination of healthy H1 organic growth (approaching 10% on a pre-FX basis) and underlying margin gains are likely to drive a very strong H1 YoY performance.

Wilmington PLC - FY21 Final Results - Marginally ahead, estimates unchanged

The final results had been well flagged at the end July trading update, with H2 showing a strong recovery for the Education & Training business complementing a solid performance from the Information & Data business.

FY21 Final Results – Marginally ahead, estimates unchanged

The final results had been well flagged at the end July trading update, with H2 showing a strong recovery for the Education & Training business complementing a solid performance from the Information & Data business. We upgraded our estimates following the previous trading update and are leaving our broad estimates largely unchanged post the final results. All eyes will be on the November trading update which will provide greater colour on the potential outcomes for the US Healthcare business. Th

Full Year Trading Update – New Operating Structure

The full year trading update confirmed that trends outlined at the H1 results have been maintained with the information and data core of the business actually ahead YoY and margin benefits from digital event transition offsetting lower face to face revenues. Overall, the full year performance is now expected to be ahead of prior expectations, and we are upgrading our estimates accordingly for FY21E and beyond. We also note the materially better than expected balance sheet outcome; with working c

H1 Results - Estimate upgrades

Given the extremes faced over the last 12 months; these results underline the fundamental strengths of the Wilmington business. The financial headlines revolve around non event related stability and the margin benefits of lower cost to deliver digital event and training formats. The speed at which Wilmington has been able to secure cost savings and react to client demand are the features that stand out from our perspective. Question marks still remain but these revolve primarily around the timin

AGM Trading Update

Yesterday’s trading update re-confirmed many of the themes covered in the September final results announcement. That which is in Wilmington’s immediate control (ie costs and digital event transformation) are proving to be better than expected. The resilience of the core data businesses and the speed of digital response to event cancellations have resulted in a good degree of downside mitigation for both revenues and, critically, margins. However, there is much that is out of Wilmington’s immedia

FY 20 final results – Putting the best foot forward

These were impressive FY 20 results that came in at the top end of guidance given back in March. The Data & Information core has proven resilient whilst the swift digital transition with Training and Networking has mitigated the worst revenue impacts from lockdown. Underlying cash generation was healthy, and management have been able to materially de-risk the balance sheet without needing to raise dilutive, new equity capital. In this note, we are re-initiating coverage will full estimates publi

Morning Song

Curtis Banks Group (CBP LN) Discerning approach to non-standard, strong controls in place | Earthport (EPO LN) Restatement of fair value adjustments | Elektron Technology (EKT LN) Forecasts upgraded following very strong Q3 | Midatech Pharma (MTPH LN) Forecast update post sale of US operations | Wilmington (WIL LN) Tracking the right way, but more to do

Morning Song

BCA Marketplace (BCA LN) Apax walks away as board’s resistance to low-ball bid grows | River and Mercantile Group (RIV LN) Positive update on FCA investigation, trading in line with a month to go | Wilmington (WIL LN) FY19 expectations lowered

Morning Song

Centaur Media (CAU LN) Investor Day | IQE (IQE LN) Joint Venture starting to deliver | LiDCO Group (LID LN) Appointment of French distributor | Northgate (NTG LN) Complex update – change to fleet strategy | Rathbone Brothers (RAT LN) Solid FY17 outturn, some additional cost investment flagged | Surgical Innovations Group (SUN LN) Prelims to show strong growth | Wilmington (WIL LN) Interim results & new Chairman | Zinc Media Group (ZIN LN) Update and contract awards | Zytronic (ZYT LN) AGM Update

N+1 Singer - Morning Song 29-11-2017

Brewin Dolphin Holdings (BRW LN) Solid FY17 outturn, positive strategic progress | Cineworld Group (CINE LN) Joining the sector consolidation | Clinigen Group (CLIN LN) Quantum to add multiple growth opportunities | Findel (FDL LN) Digital transformation gaining momentum | Futura Medical (FUM LN) Good progress in Eroxon® licensing discussions; PK trial underway | Photo-Me International (PHTM LN) Snap it up | Raven Russia Ltd (RUS LN) Completion of Sever logistics park acquisition | Redcentric

N+1 Singer - Wilmington - No change to trading trends

Total revenues are up 6% for Q1, driven by the HSJ acquisition with underlying revenues down 3%, broadly in-line with the update provided at the finals stage. Q1 PBT is down slightly on investments previously identified. There has been some acceleration in training digitisation investment and some culling of US networking events. The latter has impacted Q1 revenues. Looking forward expectations are for H1 revenue and profit to be around flat with the normal seasonal profitability bias to H2 expe

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

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.

Cenkos: Jaywing Plc -- A good start to a year of growth

Jaywing has produced a positive set of interims, which we consider in-line with our FY22E forecasts given the traditional H2 weighting to results. A highlight is the +24% YoY net revenue growth, with both the UK, and in particular, Australian businesses contributing strongly. This translated to underlying adj EBITDA growth of +£1.0m YoY yet is masked by Covid-19 related one-offs in the comp. Jaywing's current rating (FY22E EV/EBITDA of 8.4x) is undemanding given its current momentum of new clien