Dillistone is a supplier of software solutions to the international recruitment industry. Today's update signals a “return towards normality in several key markets”, which is reflective of the confidence being exhibited by the recruitment industry as a whole, led by temps, but now also in exec / permanent markets. At the time of reporting its 2020 preliminary results in April, Dillistone indicated strengthening order intake, so it is pleasing to see that this is broad based. The nature of Dilli
Companies: Dillistone Group Plc
Dillistone is a supplier of software solutions to the international recruitment industry, a global industry that significantly and rapidly downscaled in the face of the COVID pandemic, but, in our view, now looks to be pivoting towards growth. The impact for Dillistone, in terms of FY2020, was a 21% decrease in revenue to £6.3m (FY 2019A: £8.0m), with recurring revenues reducing 13% to £5.7m. However, the full year benefit of cost synergies enacted in 2019, plus the accessing of Government suppo
Dillistone is a supplier of software solutions to the international recruitment industry. Today's trading update, for the year ended December 2020, evidences the continuing difficult macro backdrop across the global recruitment industry, largely a result of Covid-19. The revenue outturn for FY2020E is expected to be materially down YoY (FY2019A: £8.1m), however we understand costs have been tightly managed, and JRS utilised, with management flagging an in-line or slightly better adjusted loss f
Supreme, a leading manufacturer, supplier and brand owner of fast moving consumer products, announces the successful pricing of its initial public offering at 134 pence per share with institutional investors, to raise gross proceeds of £67.5 million. It is expected that dealings in the Shares will commence at 8.00 a.m. on 1 February 2021 on AIM 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 no
Companies: KIBO PCIP BLV DSG GDR RBD ACSO TRB GHE PIP
Dillistone is a supplier of software for the international recruitment industry. Interim results to 30 June 2020 demonstrate a profitable performance, which is highly creditable given the company's global customer base, and exposure to recruitment markets, both of which have been significantly impacted and influenced by COVID-19.
James Halstead is a manufacturer and international distributor of commercial floor coverings. This morning, the group has provided a full year trading update for the twelve months to 30 June 2020, which illustrates stronger demand than anticipated at the time of the interims in March. A second interim dividend has been declared, whilst the year-end cash figure is reported to be ahead of the interim position. Furthermore, since the year-end, UK sales are reported to be less than 10% down against
Companies: Dillistone Group Plc (DSG:LON)James Halstead plc (JHD:LON)
Dillistone has released a reassuring update this morning detailing the signing of a £1.5m loan through the Government's Business Interruption Loan (“BIL”) scheme and, by way of a trading update.
The BIL loan will be used for working capital purposes, including development of existing and new products, ahead of launch in 2021. The loan is repayable over six years at an interest rate of 3.99% over base. Interest is waived in the first twelve months and monthly repayments commence in July 2021
Walker Greenbank is a higher-end interior furnishings business with well-established global brand names and manufacturing facilities in the UK. This morning, the group has provided a further update on the business in relation to COVID-19 following its previous announcement on 25 March. In addition, and in line with recent FCA/FRC guidance, full year results to 31 January 2020 have been rescheduled to 30 June (previously expected 23 April).
With cash ahead of expectation in a year of transfo
Trading Update – 2019 in line, however 2020 profit estimates reduced
Dillistone is a supplier of software for the international recruitment industry. The company's trading update confirms that it expects to report an adjusted pre-tax loss ‘broadly in line' with our previously revised (September 2019) estimates - a £0.30m loss for FY2019E. Following on from the successfully executed operational restructuring and streamlining in 2019, a review was made of the company product strategy. As a resul
Dillistone Group Trading Update – 2019 in line, however 2020 profit estimates reduced
Companies: Dillistone Group Plc (DSG:LON)Touchstar plc (TST:LON)
Dillistone Group - Interim results – restructuring on plan, macro headwinds | Malvern International - H1 inline; healthy booked revenues underpin H2; IFRS16 adjustments
Companies: Dillistone Group Plc (DSG:LON)Malvern International plc (MLVN:LON)
Dillistone Group (DSG) – Corporate – Interims – restructuring on plan, macro headwinds | Malvern International (MLVN) – Corporate - H1 inline; healthy booked revenues underpin H2; IFRS16 adjustments
IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas w hich have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC
Companies: SAR VNET TEK ANA TWD DSG SUMO CLIN IMM FFWD
Dillistone (DSG) – Corporate – Loan Agreement
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Open Orphan reported its full-year results to 31 December (FY20) this morning. The group reported revenues and other income of £22m in 2020 with operating loss before exceptionals of £8.3m, slightly below expectations due to the phasing of costs through H2 2020. 2021 has started well and industry activity around COVID and respiratory disease provides a wealth of opportunity and 2021 catalysts.
Companies: Open Orphan Plc
Full year results for the year ended 31 December 2020 reflect a transition year for Open Orphan. Its proforma results included revenues of £21.0m (2019: £22.5m, -7%), with an adjusted pre-tax loss of £9.3m (2019: £11.9m), and year-end cash of £19.2m. We upgrade our FY 2021 revenue forecasts to £46.0m (+4.8%) to reflect a stronger year-end pipeline that includes COVID-19 challenge study contracts, offset in part by higher costs of sales in delivering these contracts. Adjusted EBITDA is forecast a
In response to heavily oversubscribed institutional demand, Westminster Group has raised £2.5m of new equity at 5.7p, a slight premium to the closing share price which is a strong endorsement of the Group's current operating position and outlook. The Group has demonstrated it can execute on pipeline conversion and has now funded a highly valuable game-changing long term contract, which is not even close to being reflected in the share price in our view, providing visibility on revenue and fully
Companies: Westminster Group plc
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
In its trading update ahead of its AGM, Science Group has stated that all three of its divisions have had a good start to the year. As a result the board expects that adjusted operating profit for H1’21 will be around 30% higher YoY. R&D consultancy in the Medical Sector is a key contributor, alongside continuing strength at Frontier. Cash at the end of April was £13.3m, above our FY21 forecast of £12.2m. Based on the stronger than expected H1 earnings we have raised our FY21 earnings forecast b
Companies: Science Group Plc
RBG has announced the completion of the Memery Crystal acquisition and we upgrade FY21E Adj. PBT by +10.4%, and FY22E Adj. PBT by +36.7%. Upgrades are predominantly from Memery Crystal and we also increase our Convex revenue forecasts (+£1m FY21E/FY22E) on the back of further momentum. Factoring in dilution from the equity consideration, we increase Adj. EPS by +c.4% in FY21E and +c.24% in FY22E. Memery Crystal shall retain its own brand identity and separate premises, sitting within the enlarge
Companies: RBG Holdings Plc
Today's trading update confirms a resilient profit delivery consistent with FY20A, despite challenging conditions over FY21E, which saw a notable reduction in originations and Time's lending book. With the UK economy reopening at the year-end, with strong GDP growth expected over 2021, we see a healthy rebound in SME demand for Time's credit products as likely. This should provide an inflection point for own-book originations, the lending book's size and profits, despite some reinvestment over F
Companies: Time Finance plc
Mattioli Woods has seen all shareholder resolutions approved at yesterday’s general meeting, confirming the conditional element of the £110m placing and clearing the way to completion for the transformational acquisitions of Maven Capital Partners and Ludlow Wealth Management. Both are expected to be accretive in the first full year of ownership. This pushes MW further towards the group’s long term strategic aspirations. We will update our formal forecasts with a more comprehensive review of the
Companies: Mattioli Woods plc
We have upgraded our FY2021F PBT, EPS and dividend estimates by 8%, 7% and 20% respectively following this morning’s interims and have made significant upgrades to profit, net cash and dividend forecasts for the following two years. The Compliance division had a strong first half whilst Energy Services delivered a resilient result despite Covid-related disruptions and, in our view, showed promising evidence of the sustainability drivers that we believe will make it the Group’s main growth driver
Companies: Sureserve Group Plc
The AGM statement highlights good traction year to date and this gives us confidence to reinitiate forecasts. The recent expansion into US sports betting is helping to drive a recovery in earnings that the market has been unable to price efficiently until now. The company is solidly financed and trading on a heavy discount to the market. Buy.
Companies: XLMedia Plc
Clipper has issued a year end trading update covering FY2021. The Group has continued to benefit from itsleading capability position in-e-fulfilment and returns management, incorporating new contract wins , with online retail accounting for 70% of Group revenues. Its Non-e-fulfilment activities also continue to perform well too as retailers look to outsource and harnessthe Group’s ‘shared-user’ capabilities. Clipper has also secured an extension to its European contract with ASOS. The Group has
Companies: Clipper Logistics PLC
Hot on the heels of yesterday's 20yr airport security contract in DRC, Westminster Group has announced the award of a 10yr port screening managed services contract at Monrovia Freeport in Liberia. The fact that this was a competitive tender and comes on top of the recently announced DRC deal suggests an increasing endorsement of Westminster Group's offering which investors should acknowledge and sharply re-rate the shares.
FY results were largely pre-announced but showed good momentum in H2 and in Q1 22. At the results, we left our FY 22 earnings estimates unchanged, with higher revenues and more investment, but reduced FY 23 PBT. There is a $100bn addressable market that is fragmented and has no dominant player, which creates opportunities. The business is pivoting to Digital, as digitally enabled revenues increased 102% in the year and represent 77% of sales. The company is on track for two new products in FY 22
Companies: Mind Gym Plc
Ultimate Products has issued a very positive set of H1 2021 results to us, with strong revenue growth of 11%, coupled with increasing productivity (EBITDA margin +90bp to 11.6%), leading to >20% underlying EBITDA, CPTP and EPS growth. UP’s balance sheet is more than robust, with leverage a very comfortable 0.1x. A four-pillar growth strategy has broadened the Group’s growth channels, increasingly evident despite the challenges of Covid and the temporary closure of some customer stores. We put th
Companies: Up Global Sourcing Holdings PLC
Open Orphan has announced that hVIVO has secured a £3m contract with Imperial College to manufacture a SARS-CoV-2 challenge virus, funded by the Welcome Trust. The new challenge virus will be based on new variants of the COVID virus and therefore support future challenge studies to develop and compare vaccines against different forms of the virus.