Dish of the day No Joiners Today. Off the menu RDI REIT has left the Main Market (Premium) following a cash acquisition. What’s cooking in the IPO kitchen? Dianomi, the provider of native digital advertising services to premium clients in the Financial Services and Business sectors, announces its intention to seek admission of its shares to trading on AIM. Admission is expected to take place during May 2021. Offer details TBA. In FY 2020, revenue was £28.43m, representing growth of 58.8 per
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Gateley has announced the bolt-on acquisition of Tozer Gallagher, a leading practice of chartered quantity surveyors and construction consultants, for up to £700k. The acquisition adds complementary services to the Property platform and looks to be a good cultural fit; the businesses have worked closely together in the past and share a number of clients. For now, we assume modest earnings accretion (1% in each year) with scope for further growth over time under Gateley’s ownership. Equally impor
Companies: Gateley (Holdings) Plc
Joiners: Draper Esprit (GROW.L) has moved from AIM to the Main Market Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Northcoders, an independent provider of training programmes for software coding, to join AIM. It offers a range of training and software development solutions to individual and corporate customers. The Company's offering includes 'bootcamp' training courses, government funded apprenticeships and bespoke training courses and software development solutions. The Com
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Gateley has delivered an outstanding set of results for FY’21. Revenue increased by 10.5% to £121.4m and underlying PBT by 7.1% to £19.3m (1%/3% ahead of our recently upgraded expectations). Financial highlights include 5.5% organic growth in core Legal Services and c.£20m of free cash generation. The year end net cash position of c.£20m has already supported the resumption of dividends and paves the way for further, accretive M&A. A current year P/E rating of 15x represents a 30% discount to pe
Today’s full year update highlights a very strong conclusion to FY21, prompting us to upgrade revenue and PBT forecasts by 9% and 34% respectively. This comfortably continues an unbroken record of revenue and profit growth, supported by increasing confidence in end markets, alongside Gateley’s well balanced business model and strong culture. We fully expect this to continue and see scope for organic growth momentum to be bolstered by a return to the acquisition trail. Trading on a modest cal’22
Gateley has released a very positive trading update, highlighting a strong conclusion to the year to 30th April. Revenue and PBT are both expected to be materially ahead of expectations, reflecting a highly supportive backdrop and the careful management of costs during the pandemic. We will update forecasts alongside the pre-close later this month and tentatively anticipate a mid-teens PBT/EPS upgrade. An interim dividend of 2.5p has been declared with a final to follow (total dividend expected
Back in January, we selected Gateley as one of our Best Ideas for 2021, highlighting its modest valuation relative to peers and an excellent track record of growth. The business model has proven its resilience, whilst the interims highlighted strong momentum building. The shares were making good progress until a few weeks ago, but have since underperformed peers (-9.5% from recent peak). We retain our positive stance, noting an improving market backdrop and a supportive March Budget.
Activity levels have seen a sustained increase following a -20% decline in Q1. YTD, cumulative activity levels crossed over to positive territory over in November. Activity levels hit 100% effective utilisation in November with continued strength in December. This increase has been driven by the return of transactional activity, which is expected to continue in to the next financial year.
Gateley has reported highly resilient interims (revenue -2.6% to £50.5m, PBT +13.2% to £7.5m). The impact of the pandemic in the early months of the year was almost entirely offset by the contribution from acquisitions and a recovery in activity as the half-year progressed. The Property platform continues to perform well and Corporate has seen a strong pick-up in recent months, underpinning full year expectations. Cash generation was a highlight (net cash of £9.3m at the period end), which we ex
Gateley has reported solid interim results with profits and cash position improving despite COVID measures although much of this was known from the recent trading update. The Group intends to reinstatement dividends at the year end which could support the stock at this time but we see better recovery potential elsewhere in the sector and some strategic challenges in Gateley's business. Neutral
Gateley’s H1 update is highly impressive, confirming a year on year improvement in activity levels in September and October and a strong sense of optimism at the beginning of H2. The Platforms continue to drive new business, whilst operating margins have benefited from cost actions taken in response to the pandemic (H1 PBT will show growth year on year). In light of the confident tenor of the statement, we reintroduce headline forecasts this morning, assuming stable revenue this year - which wou
Gateley’s FY20 results highlight another year of revenue and underlying profit growth despite the impact of COVID-19 in the final two months of the year. Swift action was taken in response to the pandemic and the Group ended the year in a strong position with negligible net debt and activity improving. Given the track record of growth through previous cycles and the strength of Gateley’s market position, we fully expect the Group to return to, and exceed, previous levels of profitability over ti
Gateley has issued a solid year end trading update despite inevitable COVID-19 related disruption in the last two months of the year (to 30th April). Revenue for the year will be not less than £108.0m (FY19: £103.5m). As anticipated, the breadth and depth of the Group’s legal and consulting service lines have underpinned a resilient outcome with the transition to remote working going smoothly. Swift action has been taken to mitigate the impact of the pandemic, whilst keeping teams intact to ensu
Today’s trading update highlights an inevitable degree of disruption relating to COVID-19, the full financial impact of which is difficult to estimate. The Board has suspended financial guidance for the time being (we withdraw forecasts for now) and taken the prudent decision to suspend the interim dividend to maximise short term liquidity. We consider these sensible steps in light of the unprecedented nature of the current situation and the high level of uncertainty over the depth and duration
Research Tree provides access to ongoing research coverage, media content and regulatory news on Gateley (Holdings) Plc. We currently have 257 research reports from 10 professional analysts.
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
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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
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Joiners Arrow Exploration Corp. (AIM:AXL; TSXV:AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has joined AIM, alongside a fundraise of approximately £8.8m. Leavers No Leavers Today What’s cooking in the IPO kitchen? ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas com
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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
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
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
Sareum Holdings PLC have published Final Year Results. We have published research on this which is attached and a snapshot of the research is below. The specialist drug development company delivering targeted small molecule therapeutics to improve the treatment of autoimmune diseases and cancer, announced its results for the year ended 30 June 2021. It has been a period of significant progress for its selective TYK2/JAK1 Inhibitors, which have reported further strong pre-clinical results, attra
Companies: Sareum Holdings plc
Franchise Brands has released a positive trading update for the three months to 30 September 2021, the Group’s third quarter. Highlights include excellent growth from the Metro Rod franchisees who have increased system sales by 32% year-on-year (yoy) in the quarter and the recruitment of 52 new franchisees in the B2C division to date. Work on optimising the new integrated technology platform continues, improving the Metro Rod and Metro Plumb customer experience and enhancing the efficiency and p
Companies: Franchise Brands plc
Franchise Brands has released a very encouraging Q3 update which states that it has delivered record Q3 results that firmly underpin FY expectations. This robust performance was driven by Metro Rod, where systems sales grew +32%. As expected, Willow Pumps has seen a more muted recovery in its supply & installation operations due to its reliance on the housebuilding sector. Recruitment in the B2C sector has returned to pre-CV19 levels. Digital transformation at Metro Rod and Metro Plumb continues
Companies: System1 Group PLC
RELX shares reached a new all-time high this morning following the publication of the group’s 9-month trading update. Investors welcomed the – long-awaited – bounce back in Exhibitions as well as the improved FY21e guidance.
Companies: RELX PLC
Driver Group’s year end update confirms it expects to report adj. PBT in line with expectations and net cash a touch below at £6.5m (SCM previous forecast: £7.3m). It has seen a material improvement in activity levels during Q4, giving management confidence in the current year outlook. Our FY22 forecasts are therefore unchanged, continuing to show a material improvement in earnings. We see the current valuation (11.1x Sep. ’22 P/E and 5.7x EV/EBITDA) as undemanding against an improving outlook a
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
WATR continues to exceed expectations, as reflected in this morning's Q3-2021 announcement, showing 9-month revenue at $39.7m (up 43% YoY), EBITDA at $8.5m (up 48%) and adj. PBT at $6.5m (up 42%) – surpassing full year 2020 results on all counts. Consistently impressive revenue and profit growth rates over a number of years evidence the strength of the operating model and the value of the company's national presence as well as growing demand for their services arising from well-publicised and hi
