Anexo has reported a strong set of interim results for the 1st half of FY21, highlighting the underlying strength, resilience and opportunity in the business. This is particularly encouraging given that a significant portion of trading (5 out of the 6 months) this half was significantly impacted by Covid-19 restrictions and thus we see an excellent outlook for the Group. Buy.
Companies: Anexo Group Plc
A return to business as usual
DBAY has announced that it does not intend to make an offer for Anexo and as such, under rule 2.8 of the Takeover Code, DBAY is precluded from making any offer for another six months. We believe DBAY recognises the inherent value and opportunities in Anexo's business, remaining a key shareholder, and supporting Anexo's growth strategy and capital allocation plans which will benefit from increased funding given Anexo's prospects.
Anexo has released a trading statement ahead of its AGM on 16 June. The Group's activities continue to accelerate as the UK's lockdown measures ease and pent up case settlements in the UK courts system suggest increasing cash collections going forward for which the Group is well set up and for which the market is providing little value in our view. Reiterate buy
What’s cooking in the IPO kitchen?
Baltic Classifieds Group PLC, the leading online classifieds group in the Baltics, announced their intention to IPO and the intended publication of a registration document. Should BCG proceed with the IPO, the Company will apply for admission of its entire issued Ordinary Share Capital to the Premium Listing Segment of the LSE.
The UK Residential REIT, a proposed closed-ended real estate investment trust established to invest in a diversified portfolio of aff
Companies: ANX BLTG CLIN DEV KRS RBBS SDG SEE TOT YGEN
Investment in growth continues
Anexo has reported good 2020 results with a solid performance considering the impact of COVID restrictions during the year and in line with expectations. Reducing competition in the market and easing of lockdown presents expansion prospects in 2021 and Anexo is excellently positioned to take advantage. Reiterate Buy
NQ Minerals, the base and precious metals producer from its 100% owned flagship Hellyer Mine and the 100% owner of the Beaconsfield Gold Mine, both in northern Tasmania, Australia, has submitted a draft prospectus to the UK Financial Conduct Authority for approval. The Company is considering applying for admission of its ordinary shares to the Official List of the FCA by way of a Standard Listing and to trading on the Main Market of the London Stock Exchange . Details TBA
Foresight Group ,
Companies: KIBO ULS SRE ANGS ZPHR ANX MMX ECK GMR ARO
Anexo’s trading update for the year to the end of December 2020 rounds up a resilient performance from the Group in an operating environment that was influenced by COVID-19 and the associated lockdowns and restrictions. The Board expects to report adjusted PBT in line with current market expectations which we believe is around £16.0m, with our estimate at £16.1m. We make no changes to our numbers. We note the lower than expected spend on the VW emissions case in H2 and assume that other costs ha
Anexo has announced a trading update for the year ended 31 December with adjusted PBT in line with current market expectations despite further disruption and restrictions in the UK in the latter part of the year. We believe the resilience shown by the business, investment in legal capacity and growth opportunities positions it well for 2021 and beyond. Reiterate buy rating
Anexo has announced that private equity firm DBAY Advisors (DBAY) is to acquire a 29% stake in the Company at 150p per share (in two tranches) from Directors Alan Sellers and Samantha Moss and co-founder Valentina Slater. The purchase, at a 13% premium to last night’s closing share price, is a significant support for Anexo’s growth strategy, in our view. There is no change to the sellers’ roles within Anexo but, upon completion of the purchase, DBAY will have the right to appoint up to three Non
Anexo has announced that DBAY Advisors has taken a 29% minority stake in the Group through the acquisition of shares at 150p per share from controlling shareholders Alan Sellers, Samantha Moss and Valentina Slater. Anexo has also provided a good trading update which underpins our current unchanged forecasts. Buy.
Anexo’s interim results show a solid performance in a period affected by COVID-19, in our view. While revenue was flat versus H1 19, the Group continued to invest in future revenue opportunities and cash collection capacity. Adjusted operating profit consequently reduced by 33.9%. The second half is expected to see a strong recovery as vehicle numbers on the road return to higher levels and the investment in capacity in the Legal Services business bears fruit. The Group has proposed an interim d
Anexo's interim results reflect a natural slowdown in activity through H1 as covid-19 related lockdown restricted credit hire and legal services activity. However, in this context we believe the results demonstrate the benefits of the integrated direct capture model and the Group's reinstatement of financial guidance for 2020 is testament to a strong bounce back in credit hire activity and wealth of opportunities that bode well for the medium term. We reinstate our buy rating and 315p target pri
Research Tree provides access to ongoing research coverage, media content and regulatory news on Anexo Group Plc.
We currently have 62 research reports from 6
Open Orphan has released its H1 2021 results. The numbers represent a milestone for the Group, delivering both positive EBITDA and bottom line profits in its half year for the first time. While H2 looks slightly uneven, this remains a rapidly growing business in a market increasingly well understood by investors and with significant opportunity for high returns in 2022 and beyond, there remains lots to go for. Reiterate Buy.
Companies: Open Orphan Plc
RBG’s interims offer no surprises, with performance strong across all divisions and progress on track against our FY21e forecasts (Revs: £45.5m, Adj. EBITDA: £11.8m). The Group’s diversified revenue model has proved resilient against a continued backdrop of uncertainty – driving revenues +53% YoY against a somewhat weak comparative, split +35% organic, +18% from Memery Crystal (despite only one month of contribution). Demand for services across all three businesses remains strong, and management
Companies: RBG Holdings Plc
Interim results showed a 240% (+£15.2m) increase in proforma revenues to £21.9m, with sequential half-yearly growth of 55% (+£7.8m), driven principally by non-COVID-related studies. The company has guided to revenues (including other income) of c.£40m in 2021 and is targeting c.£50m in non-COVID revenue in 2022, with any COVID-related revenue being in addition to this. The shortfall from our previous 2021 estimate of £46m is attributed predominantly to the ongoing completion of a COVID challenge
Companies: Appreciate Group 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
What’s new: Fintel has signed a 5 year distribution partnership with Tatton Asset Management (c £7m fintech and distribution agreement) and agreed to sell its Verbatim Funds for £5.8m cash consideration of which £2.8m is on completion and £3.0m is subject to performance.
Companies: Fintel PLC
Today's results echo the messaging of June's detailed trading update, confirming a resilient FY21A result over a COVID-19 affected year. Whilst current market conditions remain challenging (given the large degree of government support provided to SMEs over the pandemic), we expect net origination growth to return over FY22E, as the economy rebounds, driving future revenues. While profit growth will be tempered by investment in FY22E, we expect a strong earnings delivery of +63% in FY23E, as retu
Companies: Time Finance plc
Companies: Ricardo plc
AEX Gold (AEXG LN) – Further management changes at AEX to drive development of new plan
Altus Strategies* (ALS LN) – Valuation 125p – First Caserones NSR royalty payment in respect of Q2/21 expected this month
Beowulf Mining* (BEM LN) – CEO letter to Minister Baylan regarding Kallak
Bluejay Mining* (JAY LN) – Valuation 37.7p – Interims highlight activity towards development of the Dundas ilmenite mine and other exploration
Caerus Mineral Resources (CMRS LN) – Progress report on prospective j
Companies: AEX ALS BEM JAY CMRS CORA PDL POW TYM URU CCZ IRR
What’s new: Fintel’s interims are in line with its July trading update which (i.e. 10% revenue growth and 12% EBITDA growth) and provided colour on the impact of recent strategic disposals (i.e. Zest Technologies and Verbatim funds).
Mattioli Woods (“MW”) has posted solid final results showing a beat (+9% vs SCMe) at the key adj. EBITDA level. Momentum is building: revenue growth in H2 was +12% vs H1 with a positive quarterly progression. This is encouraging for FY22e, which has started strongly (+10% Q1). Recent acquisitions are being integrated and offer a material step up in scale and earnings. We leave forecasts unchanged at this early juncture, noting potential for upside if trends are sustained. Once a full contributio
Companies: Mattioli Woods plc
Water Intelligence has released very strong interims and we upgrade our FY21 PBT forecast by +7%. Revenues leapt +44% in H1, with good growth in all areas and particularly strong progress in corporate-owned locations, and Adjusted PBT was +77% higher at $4.2m. The group was active corporately in H1 with several franchise reacquisitions and the extension of activities into plumbing and irrigation & stormwater run-off. Water Intelligence signed four further national insurance contracts and commerc
Companies: Water Intelligence plc
Silverbullet is a fast-growing digital marketing transformation services and product company serving a blue-chip client base. Silverbullet’s “killer-app” is its recently launched 4D contextual advertising solution designed to help advertisers target consumers in a post-cookie world.
Companies: Silver Bullet Data Services Group plc
No joiners today.
Plutus Powergen 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-European
Companies: ALS APP BOD DXRX EDR EOG KOO RBBS TRP UOG
NFT Investments plc is an investment company that specialises in non-fungible tokens (NFT). Has applied for admission to the Access segment of the AQSE Growth Market. No funds being raised. Due 16 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 2021. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. T
Companies: RCN NCCL PRIM ORR AVCT TLY RENX CMCL ARO