Cenkos: FRP Advisory Group Plc - Trading in line with full year expectations

Against the backdrop of a subdued administrations market, FRP reported a solid set of interim results, with 9% organic revenue growth and Adj EBITDA up 5% YoY to £11.6m. Economic challenges continue to escalate (elevated inflation, increasing interest rates, depressed consumer confidence etc), suggesting that administrations are likely to rise in the period ahead. Management confirm that trading remains in line with full year expectations, and as such, we leave our forecasts substantially unchan

Cenkos: FRP Advisory Group Plc -- Bolt-on acquisition of APP

FRP has announced the bolt-on acquisition of APP, a Cyprus-based provider of advisory, tax and audit services. This is FRP's first overseas deal and will enhance the company's abilty to service clients on international matters. The APP team is well-known to FRP, with Cyprus representing a market with strong connections to the UK. Financial details are not disclosed, and as the acquisition is relatively small (16-person team) in the context of FRP's scale, we leave our forecasts unchanged. We see

Cenkos: FRP Advisory Group Plc -- Strong H1/23 trading

FRP has released a robust H1/23E trading update, recording revenue up 10% YoY to £49.4m and Adj EBITDA up 5% YoY to £11.6m; a solid performance considering UK administrations remain subdued. Trading remains in line with expectations for the full year, and we leave our forecasts unchanged. FRP trades on an FY23E Adj P/E of 21.7x, offers a 2.7% dividend yield and has a strong net cash position (£21m). With the challenges faced by companies intensifying (eg high inflation, rising interest rates, th

Cenkos: FRP Advisory Group Plc -- Organic revenue growth of 11%

FRP delivered a strong FY22A, with 11% organic revenue growth and Adj EBITDA up 12% YoY to £25.7m (ahead of our £24.0m pre-upgraded forecast). Against the backdrop of UK administrations falling 22% YoY, as Government support measures offered a temporary lifeline to many businesses, this represents a particularly impressive performance, and demonstrates FRP's ability to grow throughout economic cycles. Trading for FY23E remains in line with expectations, and we leave our forecasts substantially u

Cenkos: FRP Advisory Group Plc -- Trading ahead of expectations

FRP has released a very positive FY22E trading update in which it expects revenue would be £95.2m (+21% YoY; we had forecast £88.6m) and Adj EBITDA would be £25.7m – up 12% YoY and comfortably ahead of our £24.2m forecast. Given that the UK administrations market declined 22% YoY in FY22E (as Government support measures offered a temporary lifeline to many businesses), we see this as an excellent performance, which demonstrates FRP's resilient ability to grow throughout economic cycles. With bus

Cenkos: FRP Advisory Group Plc -- Bolt-on Acquisition of BridgeShield

FRP has announced the bolt-on acquisition of BridgeShield Asset Management (BridgeShield), a provider of property asset management advisory services (eg risk reports, asset valuations, monitoring etc) to specialist lenders. FRP has worked with BridgeShield for many years, with FRP often stepping in to provide formal insolvency services to BridgeShield's clients that reach such levels of financial stress. Financial details of the acquisition are not disclosed, but as we do not expect it to result

Cenkos: FRP Advisory Group Plc - Continued growth despite subdued admin market

Today's results confirm FRP's resilience, delivering another period of impressive growth. FRP Corporate Finance contributed strongly, while the restructuring market remained subdued. FRP has been making lateral hires to broaden and deepen its talent in-line with demand, which positions itself well for any future pick-up in activity. With government stimulus now unwinding and UK businesses now facing a number of macroeconomic challenges, a pick-up in activity may soon be upon us. Trading on a P/E

Cenkos: FRP Advisory Group Plc -- On track and all set for an admins rebound

FRP will again deliver YoY growth in the upcoming H1/22E results. This is commendable given UK administration appointments remain subdued; however, the medium-term outlook looks positive, particularly given the recent rise in UK liquidations. The M&A market continues to be buoyant, aiding FRP Corporate Finance and validating recent acquisitions. Our unchanged FY22E forecasts expect the typical H2 weighting to profits and imply a 18x P/E multiple. This appears cheap versus historic multiples and

Cenkos: FRP Advisory Group Plc -- More steady and sustainable growth

FY21A results depict a year of continued strong organic and acquisitive revenue growth, with margins maintained despite a +30% rise in headcount. As FY21A's acquisitions annualise this year and new recruits' utilisation picks up, we see growth continuing at a strong, but more tempered pace given the current subdued market conditions, where UK insolvency appointments declined -26% over FY21A. Cash generation will materially improve this year given the majority of IPO liabilities have now been pai

Cenkos: FRP Advisory Group Plc -- Another year of strong growth confirmed

Today's trading update covering FRP's first full year as a listed company, confirms FY21E as another year of strong growth, ahead of our forecasts. This leads to a +10% upgrade to FY21E EPS, our fifth upgrade since the company's IPO in March 2020. Despite ongoing subdued market conditions in UK restructuring, the group's core division continues to gain market share, increasingly supported by recent additions adding scale to supporting service lines. Despite a recent rise in the shares, current m

Cenkos: FRP Advisory Group plc -- Bolstering complementary lines of service

FRP has made its fourth and most material acquisition this financial year in the net £9.4m acquisition of Spectrum Corporate Finance Ltd, a mid-market corporate finance and debt advisory boutique. The deal provides a notable step-up in scale in those complimentary lines of service to the core Restructuring division, which are currently seeing strong deal flow, whilst also enhancing FRP's South Eastern presence/networks. The deal leads to +8% accretion in FY22E forecast EPS. Trading at a post-IPO

Cenkos: FRP Advisory plc -- Another upgrade despite subdued market

FRP has produced a positive update on FY21E trading, its third upgrade since IPO. Today's upward forecast revision is reflective of steady underlying growth supported by demand led hiring in 2020. This comes despite overall market conditions remaining subdued, thus we view FRP's potential delivery once current government support unwinds, as hugely exciting. Despite trading momentum seen over FY21E, FRP's forward P/E multiple has fallen to a recent low of 15.6x, a level we see great upside to, ir

Small Cap Feast

AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intend

Cenkos: FRP Advisory Group plc -- All set for a strong year despite conditions

FRP's interim results confirm FY21E is likely to be another year of strong revenue growth, while profitability being largely maintained despite material resource investment. This comes despite subdued conditions for UK appointments, evidencing FRP's market share gains. Once government support measures begin to unwind (currently expected early in FY22E), we expect a notable rise in appointments, which FRP is well positioned and resourced to service. We see upside to FY22E forecasts should this up

LIBERUM: hVIVO plc* - Update exceeds expectations

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

SHORE CAPITAL - Sureserve Group+ (SUR, House Stock at 91p)

This Week's AIM Highlights 20th January 2023

Cenkos: Bidstack Group Plc -- Termination of Coverage

Cenkos Securities plc has terminated coverage on Bidstack Group Plc. Our previous recommendation (BUY) and forecasts can no longer be relied upon. Please contact Cenkos for further information.

SHORE CAPITAL - Sureserve Group ^ (SUR) - House Stock at 85p

City of London Investments (CLIG LN) - Six-month trading update

CLIG’s half-year pre close trading update reveals $9.15bn of Funds Under Management (FUM): up in 2Q, but down 1% since 30 June. CLIG’s run-rate profit remains at levels reported in the 1Q IMS; the interim DPS remains at 11p.

Hybridan Small Cap Feast - 17 Jan 23

17 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Hybridan Small Cap Feast - 25 Jan 23

25 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Morning Note – 20 January 2023

Hybridan Small Cap Feast - 23 Jan 23

23 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Feedback on CMD

Franchise Brands held a well-attended CMD yesterday which highlighted the group's strategy, the robust performance of its two key operating divisions (B2B and Filta International), and how the application of technology and effective marketing are driving growth.

Morning Note – 23 January 2023

WHI Support Services Sector Comment: Challenges and opportunities

Bleak expectations for the UK economy in 2023 anticipate underperformance against other G7 countries based on factors such as (a) the UK's higher than average mortgage rate sensitivity and (b) relative exposure to high gas and energy prices. Some measure of political / economic stability has returned, though this arguably remains a brittle quality, given the scope for dissent within the Conservative party and the unpredictable impacts of industrial action, among a range of factors. All of this s