Dish of the day Catena Group completed a reverse takeover on AIM and renamed Insig AI (INSG.L) by acquiring the remaining shares of Insight Capital Partners. Insight, which is based in the UK, is a data science and machine learning solutions company that provides bespoke web-based applications, advanced analytical tools and modern technology infrastructure to make machine learning accessible to investment professionals. Insight has developed five products specifically aimed at accelerating an a
Companies: BEG CRCL ECP MIO ORPH PYC RUA STM
Strong FY21 results were in line with our most recently upgraded forecasts (May 2021) and reinforce our conviction that BEG is set to deliver material earnings growth over the next few years.
Companies: Begbies Traynor Group plc
Begbies has reported a strong set of results for the year to 30 April 2021. In line with the trading update in May that confirmed results would be “comfortably ahead of expectations”, Begbies has reported a 19% YoY increase in revenue to £83.8m (6% organic), and a 25% YoY increase in adj.PBT to £11.5m. The group is in a very strong financial position with net cash of £3.0m (FY20: £2.8m net debt), leaving plenty of headroom to fund further organic growth and value-enhancing acquisitions. A final
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
We have upgraded our FY21e forecasts in line with the year-end trading update, which confirmed an outcome expected to be comfortably ahead of market expectations. The key driver was a strong Q4 performance by both operating divisions: FY21 revenues are now expected to come in at c £83.7m (FY20: £70.5m) and adjusted PBT at c £11.5m (2020: £9.2m), which reflects continued overall margin enhancement
Begbies has guided that results for the year to 30 April 2021 are expected to be “comfortably ahead of expectations”. Revenue is now expected to be c£83.7m (SC forecast: £77.6m) and adj.PBT c£11.5m (SC forecast: £11.1m). After, in our view, an exceptional cash performance, Begbies ended the year with net cash of £3.0m (SC forecast: £3.3m net debt), leaving plenty of headroom to fund further organic growth and value-enhancing acquisitions. FY2021 has certainly been a transformational year for the
The latest acquisition, Midlands based finance broker MAF Property Limited (trades as MAF Finance Group) should add new dimensions to BEG’s business portfolio. It builds potential to grow more cyclical, financial advisory and property services operations, as well as to enhance trusted working relationships and higher profiles with banks and other secured lenders. The latter groups being a potential source of referrals for BEG’s insolvency arm
Begbies has announced the acquisition of MAF Finance Group (MAF), a Midlands-based finance broker for up to £11.75m on a cash/debt free basis (c.6x PBT). MAF’s finance broking capabilities complement Begbies’ existing advisory and transactional services, in particular debt advisory and restructuring. The acquisition should also deliver good revenue synergies with Eddison’s valuation and asset disposal services, as financing is often needed to assist the buyer in these transactions. The potential
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
We have upgraded both our forecasts and valuation post the group’s latest acquisition. To recap, in its largest acquisition to date. BEG agreed to pay up to £25m (on a cash/debt free basis with normalised working capital) for insolvency practice David Rubin & Partners (DRP), a long-established operation with offices in London and Guernsey.
In the space of three months, Begbies has completed its two largest acquisitions to date: CVR Global LLP (CVR) for up to £20.8m, and David Rubin & Partners (DRP) for up to £25.0m. We consider these two acquisitions to be transformational for the group. Combined, they will take Begbies from being a c£70m revenue business to almost a £100m. By materially increasing the scale of the Business recovery and financial advisory division, the addition of CVR and DRP has boosted Begbies’ share of the UK c
BEG has announced another substantial acquisition, of insolvency practice David Rubin & Partners (DRP). It has agreed to pay up to £25m (on a cash/debt free basis with normalised working capital) for DRP, a long-established operation with offices in London and Guernsey. Following its recent £20.8m purchase of CVR in January, the group has secured a significant scale up of its business recovery & financial advisory arm in 2021 i.e., another c £20m pa of revenues from the two deals is expected to
Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021. Caerus Mineral Resources, a London base
Companies: HUM IDOX BEM GHH PYC GTC SYM BEG SENS
Research Tree provides access to ongoing research coverage, media content and regulatory news on Begbies Traynor Group plc. We currently have 53 research reports from 6 professional analysts.
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
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 $4.2m. The group was active corporately in H1 with several franchise reacquisitions and the extension of activities into plumbing and irrigation & stormwater run-off. Water Intelligence signed four further national insurance contracts and commerc
Companies: Water Intelligence plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ 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
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WATR continues to punch ahead with strong results, as reflected in this morning's H1-21E announcement, showing H1 revenue growth of 44% YoY (notwithstanding strong comparators) and adj. PBT up 77%. WATR supplies water leak detection and remediation services both across the whole of the US and in certain international markets – holding a small but rapidly expanding share of a huge, multi-billion $US market. Highly impressive 5-year CAGR rates of 33% (revenues) and 53% (PBT) evidence the strength
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
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
This morning's H1 announcement reflects a 6-month period during which VDTK faced a number of challenges, notably (1) economic uncertainty, (2) postponement of projects in the pipeline due to Covid restrictions, and (3) theft of stock from the Lainate plant leading to a £300k write off. Including the stock charge, the company has reported a post-tax loss of £1.2m, similar to or better than, on an underlying basis, the £0.9m loss recorded in H1-20A. All of this said, however, the period also saw
Companies: Verditek Plc
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
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
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
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
Companies: BOKU RBGP MUL WATR GFIN MKA TIDE MNO INX TUNE
Open Orphan has announced that it has signed an £8.1m contract with a major global pharmaceutical company to test its inhaled hRV antiviral product using the hVIVO Asthma Human Challenge Study Model. The study is expected to commence in H1 2022 with revenue to be recognised across 2021 and 2022 and continues to demonstrate the increasing value and breadth of challenge study contracts that the Group is pursuing and winning. In our view, the stock's sharp pullback in recent months represents a str
