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Team Internet’s FY23 results exceeded our forecasts and consensus on revenue and EBITDA. Online Marketing was driven by increased consumer engagement, reflecting investment in delivering more targeted ads across a wider array of channels. The group’s latest acquisition, Shinez, strengthens Online Marketing via diversification of publishers and is earnings accretive with scope for further synergies. Online Presence returned to strong revenue growth, driven by demand for exotic domains, pricing op
Companies: Team Internet Group plc
Edison
Mirriad Advertising plc (MIRI.L), a leading global provider of in-content advertising and virtual product placement (VPP) technology and services, has conditionally raised £6.8m (gross) at 1.25p/share. The additional funds will be used for working capital as Mirriad’s product set is substantially complete after several years of heavy investment and it is now leveraging the sales and marketing operations of its supply side major entertainment partners. These account for c. 40% of the US TV advert
Companies: Mirriad Advertising plc
Allenby Capital
SpaceandPeople has reported a strong recovery with growing revenue, a return to profit and a healthy net cash position. Revenue was up 24% y-o-y to £5.8m, just ahead of our forecast for £5.7m. PBT, at £103k, was also ahead of our expectation for about break-even. Net cash improved to c. £700k vs. c. £400k in 2022a. Growth returned across all units with the UK reporting sales up 16% in promotions and 28% in retail, and German retail recorded revenue up an impressive 43%. New products such as the
Companies: SpaceandPeople plc
Zeus Capital
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Liberum
Companies: Tesco PLC (TSCO:LON)Eagle Eye Solutions Group PLC (EYE:LON)
Shore Capital
Resilient growth in core markets: Revenue of £67.5m is +7.5% YOY (FY22: £62.8m) and +0.7% vs. Zeus estimate of £67.0m, with growth across Direct and Indirect divisions benefitting from increased activity with new and existing clients.
Companies: LBG Media Plc
Companies: EBQ NFG SAA SFOR
The MISSION Group’s FY22 results are in line with the year-end trading update at the operating income level and a little ahead at the headline PBT and EPS level. Organic revenue growth of 6% was boosted to +10% by acquisition, with a headline operating margin of 10.9%, a shade behind the prior year figure of 11.1% reflecting well-documented cost pressures. The group has been extending its offering through acquisition and organic growth, with a particular focus on data, digital and social media.
Companies: Mission Group Public Limited Company
The Pebble Group’s AGM update confirms that trading is in line with FY24 expectations, with attractive opportunities for its two distinct businesses in the large, fragmented promotional products sector. Facilisgroup is a SaaS business, helping North American distributors to optimise their operations, with access to an approved supplier roster. Brand Addition services global brands’ needs for branded product for in-house and external programmes. The well-publicised dip in tech sector marketing sp
Companies: Pebble Group PLC
Following the record FY23 results announced yesterday, Team Internet announced an accretive bolt-on acquisition for an initial consideration of $42m. The Group is continuing its strategy of making accretive bolt-on acquisitions, aiming to diversify its revenue model and expand its traffic monetisation options and capabilities. The deal is expected to complete in late May 2024, at which point we will incorporate the impact into our forecasts. We continue to believe that Team Internet’s strong tra
Nexxen has announced Q4 net revenue +2% ahead of consensus, Q4 adjusted EBITDA +4% ahead of consensus, and FY24 guidance that leads our FY24E revenue and EBITDA to be +3% and +4% ahead of consensus. Q4 net revenue of $90.5m is +2% ahead of Q4 consensus of $88.5m, with the Programmatic division’s $86.0m of net revenue delivering 95% of group net revenue. After successfully realising $65m of annualised synergies from the Amobee acquisition at Q2 23 results, strong cost control has driven Q4 adjust
Companies: Nexxen International Ltd.
Cavendish
While 2.5% revenue growth and 6.1% EBIT growth is relatively pedestrian by Next 15’s historic track record, we see the last year as one of the most impressive reported by Next 15. Revenue growth and margin expansion has been delivered in the face of a significant slowdown in demand from the group’s historic core technology sector clients. We believe a number of factors are in play here, not least the growing diversity of Next 15’s client and business mix as a result of M&A over the last th
Companies: Next 15 Group plc
H2 Radnor
Headline trading to 23rd April was in-line with expectations and highlights continuation of existing trends, with weak industry-wide digital advertising spend partially offset by resilient performance in Print. Group revenues fell 6% y/y, with Digital down -15%. In Digital, alongside the weaker advertising spend backdrop, a shift by Facebook towards short-form video/ reels and away from digital news has impacted traffic referrals to Reach we continue to see some muted structural risk to traffic
Companies: Reach plc
Singer Capital Markets
Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: ENSI PPS MIRI SEEN ENET CHSS
With H124 revenue of £136.7m (+11% y-o-y), Bloomsbury is on track to meet FY24 expectations, with a particularly good H1 from Consumer and within that, from the children's list, where sales of Sarah J Maas titles were up by 79% y-o-y. Momentum appears likely to be sustained in H2 as her next book is set for publication in January. Non-consumer growth was more muted, against tough comparatives. It is here that Bloomsbury stands to benefit most from the shift to digital, notably in the US school a
Companies: Bloomsbury Publishing Plc
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