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 location in Bristol.
Offer TBC Due mid Jan.
HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of
tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the Uni
Companies: MATD WTE RMS DATA RENX IPX SOLI GTC DEST
GlobalData has delivered strong interims, further validating the Group’s core operating model and product strategy. Whilst event delays into H2 saw the top-line moderate 2% y/y to £86.7m, underlying subscription revenue rose +7%, ahead peer growth rates (3%-6%). EBITDA margins benefitted from organic cost decline (particularly travel and events), whilst paused sales and marketing FTE investment also supported margin expansion (+410bps y/y to 31.4%). Underlying deferred revenue rose +3% to £80.6m
Companies: GlobalData Plc
GlobalData has given an update regarding Covid-19. Minimal disruption has been noted during the transition to a remote working model, demonstrating the strength and agility of the Group’s centralised operating model. Covid-19 specific content has also been developed, offering customers unique insight into impact (current and forecast) by sector and geography, creating potential project-based/ bespoke opportunities. The events stream (<10% of forecast FY’20E sales) has seen some impact driven by
GlobalData delivered another set of strong results in a year which also saw completion of transition to a centralised operating model and single product platform. The Group enters FY’20E with its broadest ever sectorial reach, enhanced product capabilities and user experience, and a simplified pricing structure. GlobalData continues to execute on its mission to become the world’s trusted source of industry data, analytics, and insight, embedding its product into customer workflows to help suppor
H1 revenue and EBITDA are ahead and underpinned by healthy cash generation. The 25% EBITDA margin objective has been achieved and the Company is now targeting 30% and we expect even higher in the long term given the likely maturity profile of a data business with a highly efficient model. Turning to trading the outlook appears well underpinned with 15% total deferred revenue growth and a very impressive 13% organic rate which implies a sharp acceleration from an already healthy 7% in H1. If it w
The Company is holding a Capital Markets Day today. DATA is seeking to become the Bloomberg of a number of vertical markets and the worlds trusted source of strategic industry intelligence. This will be an excellent opportunity to hear about data sets, product innovation and growth/execution drivers within a very large market. In addition it is likely we will hear about how the more recent acquisitions, MEED and Research Views, have fitted in. The stock has tended to trade around the mid-twentie
GlobalData has delivered another strong year of growth; the integrations of MEED and RV are on plan and sales are continuing to grow at a healthy level. GlobalData’s unwavering vision and execution, to become the Bloomberg of the vertical markets by being the world’s trusted source of strategic industry intelligence, is producing strong financial results and continues to build value.
Interim results confirm several positives for GlobalData. It has reported significant organic growth in key metrics. This should continue given the increase in deferred revenue, much of which will contribute to H2. Integration of the recent acquisitions (MEED and RVL) appears to be going well, bringing new addressable markets to bear. Finally, cashflow dynamics are positive, supporting the ability to make further acquisitions in a sector with scope for consolidation. The Group's growth status is
Clipper Logistics (CLG LN) Retail headwinds prompt downgrades despite strong pipeline | Dialight (DIA LN) H1: Getting to grips with manufacturing issues | GlobalData (DATA LN) Ahead on revenue, profit and cash | River and Mercantile Group (RIV LN) AuM +3% in Q4, plenty of positives | RM Secured Direct Lending (RMDL LN) Critical mass achieved | Springfield Properties (SPR LN) Significant land agreement increases GDV by 17%
Companies: CLG DIA DATA RIV RMDL SPR
GlobalData has acquired the Research Views Group (RV) business for £90m in shares and assumed c£8.4m of debt. GlobalData will be able to exploit the RV sector datasets through its highly efficient platform. This includes leveraging RV by selling to a wider range of customers (professional and public body as well as existing industry) and by adding additional products that GlobalData has developed. This creates a multi-dimensional growth profile for the acquired assets and leverages GlobalData’s
Centaur Media (CAU LN) AGM statement – trading in-line | Elektron Technology (EKT LN) Hidden value | GlobalData (DATA LN) Exploiting the GlobalData model |Horizon Discovery Group (HZD LN) Possible offer by Abcam illustrates attractive growth prospects | James Fisher & Sons (FSJ LN) Trading in line; good contract momentum | Springfield Properties (SPR LN) Acquisition of Dawn Homes to accelerate growth
Companies: CAU CKT DATA FSJ SPR
The Company has followed up its initial announcement with regard to the acquisition of Research Views Limited. The key extracts from the announcement are set out below. We do not expect to formally review our forecasts until after the completion, which is expected to follow the General Meeting on 24 April 2018.
GlobalData's 2017 final results highlighted three important elements which inform our positive view of its prospects; organic growth, acquisition integration and visibility of its revenues (c75%). In combination, this allows for upgrades to our 2018 and 2019 forecasts. GlobalData's proprietary data and content, alongside its knowledge within each of its industries enables it to support clients. It has a large addressable market and is not limited by opportunity. Potentially adding further indust
Revenue and EBITDA results for the full year are ahead of expectations on the back of strong trading. Revenues rose a total of 22% (15% organic) driven by sales execution. Strong sales has also boosted the deferred revenue balance by 32% to over £60m, supporting a strong outlook for 2018 and underlining the quality of revenues. The group is pushing ahead with commercialising its product by extending its addressable market yet again, boosting the ultimate growth potential of the business. EBITDA
Dechra Pharmaceuticals (DPH LN) Interims contain no surprises, AST/Le Vet acq now complete | Dialight (DIA LN) Are we nearly there yet? | Eckoh (ECK LN) US secure payments win and new US partnership | GlobalData (DATA LN) Results driven by strong trading | Photo-Me International (PHTM LN) Appointment of CFO | Senior (SNR LN) Solid results and outlook | Sigma Capital Group (SGM LN) REIT placing complete, 140p+/share intrinsic value
Companies: DPH DIA ECK DATA PHTM SNR SGM
Research Tree provides access to ongoing research coverage, media content and regulatory news on GlobalData Plc.
We currently have 38 research reports from 3
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
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
S4 Capital has released a very strong Q1 update with LFL Gross Profit up +33%, ahead of our +29% forecast, with reported growth of +71% to £104m. We believe growth accelerated during the quarter as the BMW/Mini and Mondelez whoppers came on stream and as comparatives eased. The group now guides to LFL growth of +30% (was +25%) for FY21 and we raise our forecast from +29% to +32%. S4 Capital indicates it will deliver a strong EBITDA margin in 2021, which will again be stronger in H2. The group ha
Companies: S4 Capital plc
Reach continues to successfully execute on its enhanced Customer Value Strategy, driving strong top-line momentum in Digital. Digital sales (c.20%/revs) rose +25% y/y in Q1 supported by further growth in registered users (6.2m; Dec: 5.0m), whilst high demand for the Group’s ‘plus’ product portfolio is attracting strong advertiser interest, creating an attractive opportunity pipeline via enhanced monetisation of the Group’s growing first-party consumer interest data pool. In Print revenue decline
Companies: Reach plc
Vela Technologies is an investing company focused on early stage and preIPO long-term disruptive technology investments. There are currently 12 investments in the portfolio which either have developed ways of utilising technology or developing technology with a view to disrupting the businesses or sector in which they operate.
Companies: Vela Technologies plc
Future today released an update highlighting FY’20E adj EBITDA which is trading towards the top-end of consensus (£86.3m-£91.0m; N1Se: £88.5m). Strong performance has been supported by acceleration of the consumer shift to digital, positive cost control and cost synergy extraction from the TI Media acquisition (c.£9m annualised savings delivered so far). Migration of TI Media sites to the Group’s Vanilla platform are underway, whilst Hawk (price comparison platform) has been successfully deploye
Companies: Future plc
Reach’s prelims were ahead of N1S estimates for H2 sales and EBITDA (1% and 3% resp.) and showed excellent progress with both the customer value strategy (‘CVS’) and business transformation agenda. Whilst FY’20 Group sales were 15% y/y lower as CV19 impacted Print, Digital revenue grew +11% y/y to £118m (H2: +20% to £70m), supported by a strong uptick in user engagement with content (page views/user: +39% y/y) and further progress in signing up new registered users (Feb’21: 5.8m; Dec’20: 5.0m; D
The Budget offered a clear picture of the state of the economy. Put simply, the economy will be 3% smaller in three years’ time than it would have been without the impact of the pandemic. However, it is forecast to return to pre-pandemic levels by mid-2022, six months earlier than previously thought. The OBR forecasts that the UK economy will grow by 4.1% in 2021, (lower than the 5.5% outlined in November 2020). It has set its GDP forecasts in 2022, 2023 and 2024 at 7.3%, 1.7% and 1.6%. Positive
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Kape has announced the transformative and significantly earnings enhancing acquisition of Israel-based Webselenese for a total consideration of $149.1m. Webselenese provides digital content creation platforms, offering independent and highly valued privacy and security related news to millions of users globally via market leading review sites. A strong fit with Kape’s existing privacy and security business, the deal represents an important step in the Group’s development to become the go-to play
Companies: Kape Technologies Plc
Tremor has reported strong FY20 results with EBITDA +3% ahead of our estimate, and has highlighted that its strong momentum is continuing in Q1 21, and stated that it is exploring the potential of a dual-listing in the US. FY20 gross revenue of $405m is in line with our prior estimate, and the operational gearing of Tremor’s platform has driven H2 20 EBITDA to $58.7m of $60.5m of FY20 EBITDA, after a heavily COVID-impacted H1 20. With Tremor’s US peers guiding for Q1 21 revenue growth of 13-41%,
Companies: Tremor International Ltd.
In Q4 20, total advertising revenue turned positive (+3%). In 2020, based on a 16% decrease in revenue, the group’s adjusted EBITA (£573m, -21%) was above expectations and represented a margin rate of 21% of revenue (-1pt). ITV benefited from the reduction in programming costs and significant cost savings in both divisions. For 2021, total advertising revenue increased in March after two negative months. ITV Studios should continue to be impacted by COVID-19 restrictions and additional related c
Companies: ITV PLC
Interim results show further progress in flexing its cost base and adapting operations in order to survive the extended lockdowns and subsequently thrive in the post Covid era. The upcoming opening of Time Out Market Dubai and signing of Time Out Market Abu Dhabi, both under management agreements, indicate the scale of the opportunity ahead. The proposed fully underwritten equity raise of £15m further de-risks the balance sheet allowing the business plan to be executed with confidence. With the
Companies: Time Out Group PLC
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se
Companies: SYM CGNR EKF KBT GGP VLS TMO ECK B90 MDZ
Q1 21 was characterised by opposing trends at ITV Studios and advertising. Revenue recovered at ITV Studios (+9%), while advertising decreased (-6%) due to a high comparative last year and continuing COVID-19 restrictions in the UK. Total advertising revenue turned favourably in March 2021 (+8%) and the positive trend was confirmed in April 2021 and until the end of H1 21 (+26% estimated vs -20% in H1 20).
Kape’s recent AGM statement confirmed a strong start to FY 2021E for the Group reflecting resilient demand for its digital privacy products and the initial impact of its acquisition of Webselenese in March. New customer additions have been running at around 25k per month, on a net basis, for Kape’s digital privacy business so far this year, and management expects that rate to increase further. The initial integration of Webselenese into the Group has spawned a number of initiatives aimed at util