Companies: D4T4 PCIP ORPH
IQGeo Group (IQG): Corp | M.P. Evans (MPE): Corp | PCI Pal (PCIP): Corp |Surface Transforms (SCE): Corp
Companies: MPE SCE IQG PCIP
The results are in line with the July post-YE update. Revenue beat our pre-update expectations, growing an impressive 56% YoY despite lockdown in Q4. PCIP’s cloud delivery meant the pandemic had little effect on project delivery, with 23 new customers live in Q4. The uncertainty of COVID-19 delayed some Q4 contract decisions, but that has eased for new deals, although some of the delayed ones are yet to recommence. Following the £5m equity placing in March, PCIP is very well funded and can continue to roll out its leading secure payments proposition; a cloud-based solution deployed remotely to assist call centres particularly who handle a high amount of customer data. The strong revenue growth on relatively fixed platform costs is steadily reducing losses and we see EBITDA in FY 2022. Thereafter, its operational gearing should see profit scale rapidly.
Companies: PCI-PAL PLC
Intercede (IGP): Corp Department of State initial order received | PCI Pal (PCIP): Corp Formation of the PCI Pal Advisory Committee
Companies: Intercede Group plc (IGP:LON)PCI-PAL PLC (PCIP:LON)
Altitude Group (ALT): Corp | Avingtrans (AVG): Corp | LPA Group (LPA): Corp | Open Orphan (ORPH): Corp | PCI Pal (PCIP): Corp | Photo-Me (PHTM): Corp
Companies: ALT AVG PHTM PCIP LPA ORPH
Revenue for FY 2020 is ahead of expectation and we adjust our forecast accordingly. Sales are growing at an impressive rate; >50% pa despite COVID-19 and the virus had no effect on the company’s ability to deliver projects with 23 new customers live in Q4. We note COVID concerns are causing some delay on contract decisions, and sales would have been even stronger but for that. These delays do lead to caution on FY 2021, and we ease back our forecasts on more prudent management guidance. However, with the recent £5m equity placing, PCIP has plenty of cash to continue to invest in rolling out its exciting secure payments proposition. This cloud-based solution can be deployed remotely and assists call centres in moving agents to WFH and still collect payments securely. The outlook remains very bright with continued rapid growth expected.
Companies: FLO SHOE PCIP PEB
Amino Technologies (AMO): Corp | Belvoir Group (BLV): Corp | Bioventix (BVXP): Corp | Maintel (MAI): Corp | Morses Club (MCL): Corp | PCI Pal (PCIP): Corp | Solid State (SOLI): Corp | Somero Enterprises (SOM): Corp
Companies: AMO BVXP MAI SOLI SOM PCIP BLV
Management has taken an opportunity to raise a gross £5m in an equity placing at 30p. The funding will strengthen the balance sheet and provide plenty of general working capital in an uncertain time; however, the vast majority of the cash will be used to fund continued growth in the large and lucrative N. American market. This remains an exciting and key market to exploit and the funding will allow additional sales & marketing resources for channels there and targeted improvements in Time To Go Live (TTGL) on new partner and customer deployments. The cash will also enable new opportunities for future expansion. PCIP is now well funded and positioned to consolidate success.
Bango (BGO): Corp | Best of the Best (BOTB): Corp | Cambridge Cognition (COG): Corp | PCI Pal (PCIP): Corp | Shoe Zone (SHOE): Corp | Telit (TCM): Corp | Xeros (XSG): Corp
Companies: BOTB COG SHOE TCM PCIP XSG
Allergy Therapeutics (AGY): Corp Interims – progressing to plan, upgrades due to R&D | Oncimmune Holdings (ONC): Corp Biodesix launches EarlyCDT Lung test in the US | PCI Pal (PCIP): Corp Record H1 revenue growth with a caveat on timing | Proactis (PHD): Corp Restoring forecasts after conclusion of FSP
Companies: AGY PHD PCIP
The recurring revenue model is clearly being proven, evidenced by record 74% YoY revenue growth in H1. The driver continues to be channel partnerships across the globe with customers now live in N. America, EMEA and ANZ. In particular this was an exceptional half for N. American operations where ACV signed in H1 alone is up 49% on the whole of FY 2019, assisted by PCIP’s second-largest contract to date. Although we are trimming revenue growth expectations on the back of contract timings and a slower speed of deployment, PCIP is nevertheless building an excellent platform to drive forward with its partners. We reiterate our 50p TP as the group builds a solid base of revenue.
Companies: EOG PCIP FTC
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020. The Proof Of Trust has announced its intention to list on the Standard Market. The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes. Transaction details TBC. Ninety One –proposed demerger and public listing of Investec’s global asset management business on LSE and JSE. 30 Sep 2019 AUM £121bn. Sale of existing shares. Expected free float of >60%. Due 16 march. Cabot Square—Closed ended investment fund focussed on alternative assets and asset manager. Looking to raise £200m. Will target investment opportunities that are expected to generate an attractive risk adjusted return and that can also make a positive ESG impact by focusing on some of the biggest challenges facing societies and economies. Due 14 Feb. Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets through its subsidiaries Calvin Capital and Lowri Beck . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. Expected Admission February 2020 The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February. Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO. The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn. First day of dealings expected early February. Zapp Scooters, a developer and manufacturer of electric two-wheeled vehicles announced its intention to IPO on the NEX Exchange Growth Market. The Company intends to raise up to £3.5m. Admission is expected to occur on NEX in February 2020.
Companies: DFCH CNIC BBSN TST BPM FA/ POW VOG PCIP SAE
Byotrol (BYOT): Corp Interims underpin FY 2020 outlook | PCI Pal (PCIP): Corp US contract win highlights ongoing momentum | Trackwise Designs (TWD): Corp H2 challenges remain, but IHT is a huge opportunity | Transense Technologies (TRT): Corp AGM trading update
Companies: BYOT PCIP TWD
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An H1 trading update to December confirms a strong start to FY21, with sales growth accelerating to 22% y/y – a material rebound from a Covid impacted 2H20 (+9% y/y) and +15% achieved prior to this. KPI‘s are strong across the piece, for instance every Geo grew >20%, Connector revenue grew +20% (Shopify: +115%) and ‘enhanced functionality‘ revs grew +20% also. It‘s genuinely hard to find fault with this performance. To us, this evidences how DOTD is executing on its strategy (around products, partners and Geo‘s) while also benefitting from strong thematic tailwinds benefitting its sector and end-markets. We leave recently upgraded FY21 forecasts unchanged, though note the strong H1 sales performance now requires an undemanding +14% y/y growth to hit N+1 estimates, so see upgrade/ outperformance potential. As well as DOTD‘s clear organic growth opportunities, we also highlight how cash continues to accumulate (now £27.6m) and could be deployed in a number of vectors.
Companies: dotDigital Group plc
Today's news & views, plus announcements from BRBY, BHB, DPLM, IWG,GFTU, CMCX, JDW, GFRD, BGO
Companies: Bango plc (BGO:LON)Galliford Try Holdings PLC (GFRD:LON)
Although 2020 will probably go down in history as one of the most challenging years experienced during our lifetime, it will also likely be chronicled as one of the best years for the recognition and appreciation of science. As we entered 2020, the COVID-19 pandemic was in its infancy. However, it rapidly evolved through the exponential rise in infections and mortality globally. Much has been achieved during the past 12 months in the fight against COVID-19, but, as we enter 2021, there are considerable concerns about the emergence of a mutant version of the virus and the second wave that we are now facing.
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX SCE TRX SHED VTA YEW
Ahead of the FY Trading Update at the end of January, we revisit RBG’s investment case, and respond to investor concerns over Convex’s M&A pipeline and the short term cash requirements of Litigation Financing. Outperformance of the UK legal industry vs UK GDP over 2020 validates RBL’s continued performance. M&A market data shows an encouraging recovery in deal completions which looks set to continue into 2021, and we anticipate Convex to be well placed to convert its pipeline of >20 deals (c.£18m) into revenues, underpinning forecasts. LionFish is now well seeded, and the Group’s early cash realisations of cases ensure cashflows for the business are broadly neutral. Whilst case outcomes are binary, the de-risked option value here is a compelling addition to the investment case. We see intrinsic value as c.100p; highlighting the breakout potential in these shares.
Companies: RBG Holdings Plc
Time has produced robust interim results, slightly ahead of its earlier trading update, reflecting the gradual recovery of trading from a COVID-19 impacted March to June 2020, which saw a low in the lending book. With own-book origination holding up and arrears/forbearance falling, we view H2/21E positively but note the current UK lockdown presents uncertainty. Still trading at 20% below tangible book value, despite improved macro conditions, we see upside ahead and maintain a “BUY”.
Companies: Time Finance plc
Results for H1 to end Nov ‘20 show Time’s recovery is well underway from an industry-wide, Covid-induced slump in good quality lending demand and spike in bad debt provisions. This coincides with a Group rebrand, which consolidates 5 years of buy-&-build success and offers a range of new competitive advantages. The share price of 25p is 30% off pre-pandemic levels with valuation multiples suggesting Time looks significantly undervalued in relation to peers.
Foresight Group , the award-winning infrastructure and private equity investment manager to IPO on the Main Market (premium). The Offer will primarily comprise a sale of shares by existing shareholders (c.80% of the Offer) with a smaller offering of new shares (c.20% of the Offer) to be issued by the Company. Details TBA. Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the "Fundraising") to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb.
Companies: TYM W7L BEG CRPR EUZ IRR CMCL FARN KETL AUG
Anglo Asian Mining* (AAZ LN) – STRONG BUY – Update on Restored Contract Areas
Chaarat Gold* (CGH LN) – Kapan production beats guidance and delivers $19m EBITDA
Sunstone Metals (STM AU) – Drilling results from the Espiritu gold-silver prospect in Ecuador
Tertiary Minerals* (TYM LN) – Sale of data on Finnish project
Versarien* (VRS LN) – Interim results
W Resources (WRES LN) – La Parilla Q4 production
Companies: AAZ CGH WRES TYM VRS STM
Success has been made in reranking three of the ten targeted websites with Google. The rationalisation of the broader estate is ongoing and 2021 should see the business lean, reranked, cash rich and solidly profitable.
Companies: XLMedia Plc
Today's news & views, plus announcements from JET, PSN, SONG, HWDN, MSLH, PAGE, WMH, ASC, BGO, CUSN, CAY
Companies: Bango plc (BGO:LON)Persimmon Plc (PSN:LON)
Anexo has announced a trading update for the year ended 31 December with adjusted PBT in line with current market expectations despite further disruption and restrictions in the UK in the latter part of the year. We believe the resilience shown by the business, investment in legal capacity and growth opportunities positions it well for 2021 and beyond. Reiterate buy rating
Companies: Anexo Group Plc
Anexo’s trading update for the year to the end of December 2020 rounds up a resilient performance from the Group in an operating environment that was influenced by COVID-19 and the associated lockdowns and restrictions. The Board expects to report adjusted PBT in line with current market expectations which we believe is around £16.0m, with our estimate at £16.1m. We make no changes to our numbers. We note the lower than expected spend on the VW emissions case in H2 and assume that other costs have increased faster than we expected in line with growth in the business. The VW case remains a potential significant positive impact on revenue and profits, although we only reflect the costs in our estimates at present. While Anexo has previously flagged cash absorption in H2, we note that cash collections rose ‘significantly’ in Q4 with a record high in December – usually a quieter month in that respect. Overall, we believe that Anexo remains well set for further growth in FY 2021.
Experian delivered a strong show in Q3 FY20/21 (7% organic revenue growth), ahead of management’s guidance of 3-5% yoy. The US mortgage activity and consumer services in North and Latin America continued to drive the top line. However, the top-line momentum is expected to ease in Q4, given the tough comparable base. Management has guided the benchmark EBIT to be similar to the previous year’s.
Companies: Experian PLC
What’s new: SimplyBiz’s trading update gives clear guidance for their full year results due on 16 March:
- £61m revenue (3% below 2019 revenue: £63m);
- 28.3% adjusted EBITDA margin (same as 2019: 28.3%), which implies £17.4m adjusted EBITDA (i.e. 2% lower than 2019 adj EBITDA of £17.8m);
- Robust cash flow conversion (calculated as adjusted EBITDA, less working capital movements, lease payments, CAPEX, development expenditure, corporation tax paid and interest, as a percentage of Adjusted EBITDA) is expected to exceed 65% (2019: 46%);
- Net debt reduced to £19.5m (31 December 2019: £27.0m) and net debt to adjusted EBITDA ratio of 1.1x (2019: 1.5x).
Companies: SimplyBiz Group plc
Beldray’s strong performance and better than expected online and supermarket sales were the salient features of UPGS’s latest unscheduled trading statement. With continuing momentum in the order book and increasing resilience due to balanced distribution across its trading channels, we upgrade our full year FY2021 forecasts and argue that, at the current price of 98p, the shares would have to rise a full 50% to reach our 150p fair value.
Companies: Up Global Sourcing Holdings PLC