YouGov has issued a detailed trading update ahead of its full year results, now set for publication on 19 October, post a slight delay on finalising the tax position. Revenues of £169m are up 18% on an underlying basis, with an improvement in adjusted operating margin from 14.3%% to 15.1%, broadly as expected. YouGov also announced the acquisition of UK adtech company Rezonence (price undisclosed), which should facilitate data acquisition from a wider range of participants beyond panel, at lower
Companies: YouGov plc
No Joiners Today.
Arrow Global has left the Main Market following a takeover.
St Peter Port Capital has left AIM after entering a solvent members' voluntary liquidation of the Company.
What’s cooking in the IPO kitchen?
Light Science Tech Holdings, the controlled environment agriculture technology and contract electronics manufacturing Group to join AIM. Raising £5m. Expected mkt cap £17.4m. Due 15 Oct.
Harmony Energy Income Trust to join the Specialist Fund Segment of the Main M
Companies: CZA ADME AAU GAL GGP IQE PCIP YOU
YouGov’s year-end trading update indicates that results will be in line with management expectations, with a strong sales pipeline giving confidence for further progress in FY22. Particularly encouraging is that the progress is described as across ‘all divisions and geographies’ (on an underlying basis). The group is broadening its sales resource to keep driving the strategic, longer-term deals that are building recurring revenues and it continues to build its presence in the important US market
Joiners: HydrogenOne Capital Growth (HGEN.L) has joined the Premium Segment of the Main Market. HGEN is targeting a raise of £250m. First London listed investment fund dedicated to clean hydrogen. The IPO raised gross proceeds of £107m, including a strategic cornerstone investment of £25m by INEOS Energy.
Leavers: All Active Asset Capital has left AIM.
What’s cooking in the IPO kitchen?
SpectrumX Holdings, a leader in proprietary formulations of HOCL (Hypochlorous Acid), is expected to list o
Companies: UFO ENET KIBO PPS SAR SHEP SLP THX YOU
Interim results are as indicated at the period end, with 9% underlying growth. As flagged, the closure of the Kurdistan operation and adverse forex weighed on the statutory figures. A strong sales performance gives good momentum into H221 and through to FY22, with a greater number of larger, strategic contracts now on the books. We have lifted our estimated FY21 revenue by 6%, resulting in an uplift to adjusted EPS of 8%. YouGov remains valued towards the top of its peer set, reflecting its stro
YouGov’s pre-close update indicates trading in line to meet the full-year target of its growth plan, with a heavier weighting towards H2. This reflects several larger, more strategic projects won by Data Products and Custom Research over autumn and winter to date, which will start to contribute in H221 and provide good momentum into FY22. H121 results will show a pick-up in Data Services as clients looked to tactical projects to inform their marketing strategies. Our full-year forecasts are unch
YouGov’s capital markets event cast the spotlight on the next generation of its client offering, focusing on YouGov Direct, YouGov Chat and YouGov Safe. All of these are already being rolled out commercially. They clearly show the direction of travel to enable the group to scale more effectively and efficiently. All are predicated on the YouGov member being the data owner and granting explicit permission for how that data is used. No new financial information was disclosed, and our forecasts are
Full year results were in line with the July trading update, a little ahead of our published estimates, with revenues up 12% and adjusted operating profit up 18%. Data Products (one-third of group revenue) performed particularly well, with underlying revenues up 21% and operating margin up 70bp to 35.0%. A strong balance sheet (net cash of £35.3m) supports stepped-up investment in both technology and in panel, underpinning the ambitious targets set out for the three remaining years of management
AEX Gold (AEXG.L) has joined AIM alongside a £42.5m placing at 45p. Mkt Cap £79.7m. The Company, led by CEO Eldur Ólafsson, has established the largest land package of gold assets in Greenland with a current portfolio of licences covering 3,356 square kilometres, in the two known gold belts in Southern Greenland, the Nanortalik and Tartoq gold belts. Nalunaq is a high-grade gold asset with an updated Inferred Mineral Resource covering 422,770 tonnes at 18.5 grams per tonne of gold, or 250,970 ou
Companies: PYC THR PRP GDP YOU BBB MRL ONC RENE
YouGov’s year-end update indicates that performance has been in line with expectations and it has yet to see any material impact from COVID-19. Our estimates are unchanged ahead of results on 6 October. Data Products remains the main driver, notably in its more established UK and US markets, as brands keep close track of their standing with customers. The group’s wide spread of sector verticals will have been helpful, with strong tech and e-commerce offsetting weaker retail performance. YouGov’s
YouGov’s online business model and direct panel relationships give it a clear advantage through lockdown. Both state and commercial interests have an increased need to gauge and track shifts in consumer attitudes, which YouGov is well placed to monitor through its growing suite of products and services. The group has a strong, cash-positive balance sheet and a major asset in its connected data library, termed the YouGov Cube, which now contains over 15 years of data. YouGov’s share price has rec
YouGov has updated on good H120 figures, with underlying revenue up 15% and adjusted operating margins increasing from 13% to 15% as the mix shifts further to the higher-margin Data Products segment. The group had cash of £27.2m at end January (lease liabilities only). With an online culture since the group’s inception 20 years ago, it is better placed than many to satisfy the increased desire to understand what is happening in populations by corporate and state at this time of uncertainty. We h
YouGov’s H1 trading update confirms that the group is on track to meet management expectations for the year and our forecasts are unchanged. Data Products remains the driving force behind the overall progress, with the US and the UK markets highlighted, despite these markets being the longer-established in the group. Management’s five-year plan to FY23 targets doubling both revenue and adjusted operating profit margin, as well as achieving a 30% CAGR in EPS (25% EPS CAGR in the earlier plan). In
YouGov’s final results to end July showed strong revenue growth (+10% underlying) and a 200bp increase in operating margins. The continuing drive is on growing Data Products and Services and focusing Custom Research on more profitable business. The ambitious targets to improve profitability set in the original five-year plan have been met. The new five-year plan to FY23 targets doubling both revenue and adjusted operating profit margin, as well as achieving a 30% CAGR in EPS (25% EPS CAGR in the
YouGov continues to develop its data, platform and tools to address significant opportunities to embed in clients’ workflows, particularly within the marketing segment. Its new five-year growth plan to FY23 targets building out its panel, data and client base globally, doubling group revenue and operating margin and achieving a CAGR of over 30% for EPS. Given the investment required to achieve this, we expect progress towards these targets to be weighted to the latter part of the period. Strong
Research Tree provides access to ongoing research coverage, media content and regulatory news on YouGov plc.
We currently have 165 research reports from 6
Centaur Media’s strong operational performance has continued into H2, with both revenue and EBITDA margin now guided to exceed current market expectations. Outperformance is being driven primarily by the Group’s XEIM (Marketing) segment, where Econsultancy subscriptions ran ahead of management forecasts driven by new business wins, whilst Mini MBA continues to see high double-digit growth (H1’21: 84% y/y). The Lawyer segment has also performed strongly, and is now guided to deliver 7% y/y growth
Companies: Centaur Media plc
Pearson shares are down 12% this morning following the publication of the group’s 9-month trading update. The drop in Higher Education has dampened investors’ confidence.
Companies: Pearson 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
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
As expected, the digital privacy and security specialist has delivered a strong performance in H1 FY21A immediately ahead of its blockbuster acquisition of ExpressVPN, with revenue growth of 62% to $95.5m and adjusted EBITDA growth of 75% to $28.7m (materially consistent with the trading update issued on 20 July 2021). Such impressive trading reflects a circa four-month contribution from Webselenese as well as higher organic revenues for both the privacy- and security-based software solutions. P
Companies: Kape Technologies Plc
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: AEMC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
Jaywing is an independent, data science-focused marketing services group, operating across Integrated Marketing (c80% of net revenue) and Credit Risk (c20%). Following recent challenging years (from Brexit and COVID-19), the company has rebounded and returned to profitable trading via a recent restructure and a resurgence in corporate marketing spend post H1/20, particularly in digital. We re-issue forecasts today, initially for FY22E, expecting +£1.6m (+229%) of YoY growth in underlying adj EBI
Companies: Jaywing plc
Tremor has announced that it has achieved Q2 21 organic net revenue growth of +159% to $73.7m, and adjusted EBITDA of $37.3m at a margin on net revenue of 51%. Tremor’s Programmatic division and its CTV revenue are driving its remarkably strong organic growth with +196% and +280% yoy respectively. Following the company’s June 2021 US IPO, it has achieved a Q2 21 performance that is ahead of all of its US-listed peers’ organic revenue growth of +61-101%, with adjusted EBITDA margins of 26-42%. To
Companies: Tremor International Ltd.
Kape has announced the sensational acquisition of ExpressVPN, a well-respected rival, for a total consideration of $936m, payable in cash and shares, subject to conditions. The dramatic move doubles Kape’s subscriber base (to c. 6m), delivers significant earnings accretion and marks another tour de force moment for the Group and its shareholders (following on from PIA in 2019 and Webselenese in 2021). Completion is expected to occur in Q4 2021. ExpressVPN represents a bullseye for Kape’s acquisi
No joiners today.
Nucleus Financial Group has left AIM
What’s cooking in the IPO kitchen?
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 Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-Europe
Companies: ZIN SHED HUW IXI PHC
CAP-XX Ltd* (CPX.L, 5.8p/£29.5m) Finals: Sales order book up more than 160% (29.09.21) | MTI Wireless Edge Ltd* (MWE.L, 70p/£62.0m) Contract win: MTI Summit secures multi-year customer agreement (30.09.21) | Mirada plc* (MIRA.L, 65p/£5.8m) Finals: Considerable pipeline of sales opportunities (29.09.21)
Companies: CPX MWE MIRA MBT
Centaur’s trading update, issued alongside its capital markets day, indicates good progress in H221 to date, building on the post-pandemic recovery in revenues and margin reported for H1. We have edged up our expectations, particularly on the pace of improvement in EBITDA margin towards the FY23 management target of 23%. The share price has held the gain made after the interim results and is now up 68% year-to-date, yet the rating remains at a discount to peers.
This is our first report on Troika Media Group and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years. Advertising and brand building as an industry had been negatively impacted by the Covid-19 as corporates slashed budgets on account of the global lockdowns. However, there has been a pent-up corporate demand in this regard and companies appear to be increasing their budgets rapidly as the world recovers from the aft
Companies: Troika Media Group, Inc.
Organic net revenue surged by +11.2% yoy and by +5% vs Q3 19, above the company’s expectations. The advertising market was sustained by high consumer demand. The US market was very dynamic and all European countries fully reopened in Q3 21. The focus of clients in digital media, Direct To Consumer, commerce and data benefited largely Publicis Sapient and Epsilon (respectively +20% and +13% lfl in the US). 2021 is upgraded at the top-line and operating margin levels.
Companies: Publicis Groupe (PUB:EPA)Publicis Groupe SA (PUB:PAR)