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
Companies: FRP Advisory Group Plc
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
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
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
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
Companies: FRP BZT NAR FFWD SRB GRL RRR JET2 FARN HARL
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
FRP has delivered strong YoY growth in its first full interim period post-IPO. Despite subdued UK appointments this year, we see this as clear evidence FRP is taking market share. With little trading seasonality, FY21E forecasts look achievable. FRP is well positioned to service an expected increase in demand in 2021, as Government support winds down. We see upside to FY22E forecasts; a P/E of 15.5x that year fails to recognise this.
FRP has announced the £5.3m acquisition of JDC Group, a corporate finance and forensic services firm with a strong presence in East Anglia, Essex and London. The deal, paid in cash (upfront & deferred) and new FRP equity, adds scale FRP's corporate finance and forensic capabilities, while widening FRP's geographical spread in its core restructuring activities. Given the multiple paid and minor dilution, the deal is accretive to both FY21E (+3%) and FY22E (+5%) earnings per our newly updated fore
Companies: BOTB PLUS FRP FUM GBP IGAS IDH SEE
FRP's maiden results post-IPO highlight a strong year of growth (+16% in revenues YoY, +34% in CKS Adj EBITDA) over FY20A. Covid-19's impact on UK corporates has yet to be fully witnessed, due to temporary measures (namely government support) which look set to be withdrawn later this year. While this has reduced the number of available market engagements during Q1/21E, FRP has maintained in-line trading through executing larger projects with a higher headcount. With Covid's impact still to be fu
FRP is a UK-focused business advisory firm, specialising in corporate restructuring (administrations, liquidations etc), with a nationwide network and team of c360. In its AIM IPO, FRP raised £80m gross (£20m new) at 80p on a pre-money market cap of £170m to fund organic plans.
Research Tree provides access to ongoing research coverage, media content and regulatory news on FRP Advisory Group Plc. We currently have 38 research reports from 5 professional analysts.
Bioventix reported FY 2021 results that showed an improvement in H2 revenue growth (+11% vs +1% in H1), suggestive of a return to pre-pandemic testing volumes and growth, resulting in FY 2021 revenues +6% to £10.9m. Adjusted pre-tax profit, however, fell 3% to £8.1m, impacted by c.£0.5m (-6%) FX movements. A 38p special dividend was proposed, resulting in a full-year dividend of 143p, up 1%. FY 2022 will be a transition year, impacted to some extent by FX headwinds (c.-5%) and the loss of c.£1.2
Companies: Bioventix Plc
Sureserve Group is a market-leading energy services and compliance business, installing, improving, maintaining, and inspecting equipment in public sector housing, schools, and other public buildings. It benefits from stable, low risk revenue and cashflow thanks to its predictable contracts and >97% public sector client base. It also enjoys a strong balance sheet, with no debt or pension liabilities, and pays a dividend. There are also many organic and inorganic growth drivers, making for a ver
Companies: Sureserve Group Plc
Companies: Mind Gym Plc
Companies: WAND SDX SEMP BMK LVCG MOS ACC
Joiners No Joiners Today. Leavers No Leavers Today. What’s cooking in the IPO kitchen? Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov. Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
Companies: SYS1 ARE SO4 SNG TMG TMT OHG IDE KIBO MRL
Today’s trading update from Driver Group is optimistic, highlighting a material improvement in activity levels during Q4 and a positive start to Q1 ’22. The rise in demand for the highermargin expert services, combined with a decline in the impact of the pandemic on decision making, a restructuring of the Middle East / APAC regions, and new offices, have resulted in renewed positive momentum. We have introduced estimates for FY21 and FY22, with the latter reflecting these strong growth drivers.
Companies: Driver Group Plc
We believe Keywords has a very strong business model, as it provides solutions throughout the development cycle. Keywords is an infrastructure play, benefitting from gaming industry tailwinds. 2021 is a step-change year. Thereafter we believe KWS EPS will continue to compound at attractive double-digit % rates.Buy
Companies: Keywords Studios plc
Joiners Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m. Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
Companies: SOLI RBD ALU ATQT BBI CWR DRV ORCP WATR
Accelerating platform change aims to diversify revenues, improve business mix and lower operating costs. The bulk of this transition should be complete by summer 2022 in time for the seasonally important fourth quarter for US sports betting. The changes wrought across the organisation will hike exceptional costs in our forecasts but tangible benefits should be felt from the H2 2022E onwards.
Companies: XLMedia Plc
Tissue Regenix (TRX) is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL) and bone (BioRinse). It has a broad portfolio of marketed regenerative medicine products for the biosurgery, orthopaedics and dental markets. Interim results showed early signs of the benefits of its strategic activities over the past two years – the focus on commercial relationships, capacity expansion, restructuring to service demand, and rec
Companies: Tissue Regenix Group plc
Companies: System1 Group PLC
Joiners No Joiners Today. Leavers Cambria Autos has left the AIM following a takeover. What’s cooking in the IPO kitchen? Light Science Tech Holdings, the controlled environment agriculture technology and contract electronics manufacturing Group to join AIM. Raising £5m. Expected mkt cap £17.4m. Due 15 Oct. Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive and susta
Companies: VRS ORPH SNG MRL EBQ AVG
Water Intelligence has released a very strong Q3 update and at the 9m stage has now already achieved our FY21 Normalised PBT forecast. Group revenues advanced +43% for the 9m, led by US Corporate-Owned Locations (+79%) and International Corporate-Owned Locations (+47%), supported by Franchise Royalty Income and Franchise-Related Sales, which both grew +4%. Normalised PBT for 9m was $6.5m, equal to our FY21 estimate. The group was very active in Q3, with a Midwest Home Builder contract win develo
Companies: Water Intelligence plc
Joiners No Joiners Today. Leavers Arrow Global has left the Main Market following a takeover. St Peter Port Capital has left AIM after entering a solvent members' voluntary liquidation of the Company. What’s cooking in the IPO kitchen? Light Science Tech Holdings, the controlled environment agriculture technology and contract electronics manufacturing Group to join AIM. Raising £5m. Expected mkt cap £17.4m. Due 15 Oct. Harmony Energy Income Trust to join the Specialist Fund Segment of the Main M
Companies: CZA ADME AAU GAL GGP IQE PCIP YOU
Ariana Resources (AAU LN) – Approval of Tavsan EIA Aura Energy* (AURA LN) – Chairman's letter in Annual Report highlights potential for uranium Cornish Metals* (CUSN LN) – Appointment of a non-executive director Rambler Metals and Mining* (RMM LN) – Conversion of loan note Tertiary Minerals* (TYM LN) – Second phase of trenching expands the Pyramid Project
Companies: CUSN AEE AAU RMM TYM
