Informa - FY24 off to a good start

Informa’s FY23 results were strong, slightly ahead of guidance at January’s update. Underlying revenues grew 30.4% and adjusted operating margin expanded from 21.9% to 26.8%, with all four operating segments posting underlying revenue progress. The momentum has continued into FY24, and formal guidance has been edged ahead. The group generates significant amounts of cash, and leverage at end FY23 of 1.4x was below the guided range of 1.5–2.5x. With modest investment requirements and M&A opportuni

Guidance raised once again but clouds ahead?

Informa delivered an outstanding 10-month trading update with only limited figures disclosed as usual. The company raised its guidance for FY23 and announced an extension to the share buyback programme. However, the management was relatively cautious for 2024 owing to the geopolitical tensions and a difficult macroeconomic environment.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: CTEC, LAND, IMB, INF, VOD, DOCS, ATYM, RQIH, TXP, & UOG.

Covid-cured Informa rides the Chinese wave

The markets cheered Informa’s better-than-expected H1 23 results, a near-doubling in the interim dividend and a positive more-detailed guidance update. Informa also announced two new targeted acquisitions for Informa Tech and Informa Markets at attractive multiples.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: INF, AAL, BARC, BEZ, BT., CNA, FRAS, RS1, SDR, SHEL, STJ, DRX, INCH, ITH, ITV, JUP, MAB, BGO, & DELT.

AGM trading update: 2023 guidance revised upwards

Informa issued this morning a trading update ahead of its AGM to signal an increase in its guidance for 2023. Revenues are sensibly revised upwards as well as adjusted operating profit, the stock is up 3% on the news.

Further B2B strengthening with foodservice specialist Winsight

Informa has acquired foodservice specialist Winsight for $380m in cash, strengthening its B2B portfolio in line with its growth plan. The combination of the two will create a new leader in this market. Informa is expected to benefit from earnings accretion in the first year of ownership, thus preserving its financial health.

FY22: great results and reassuring outlook

Informa’s stock was up 3% yesterday, after the group released strong FY22 results, supported by all businesses and by the outlook, glimpsing a rosy future, with a return to pre-COVID levels.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: INF, MRO, SGE, AJB, HBR, PFD, WKP, 3IN, AEWU, ROO, KIE, APP, BOO, & HOTC.

10-month 2022: improved outlook, backed by events recovery

Informa raised its FY22e guidance on the back of a stronger-than-expected recovery in B2B Markets. More than 400 events have been held so far, compared to 250 in the same period last year. Events revenues (excluding China) are now tracking at c.85% of their FY19 levels.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: AZN, INF, WG., MCRO, QLT, CBOX, JOUL, AVAP, & HLCL.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: INF, HIK, RR., GLEN, MDC, CTEC, MGNS, SRC, & CYAN.

Some bits of good news

Informa is up 5% after reporting better-than-expected preliminary H1 22 results and announcing a number of important developments this morning, including the acquisition of Industry Dive (US B2B Publisher) and the sale of EPFR (part of Informa Intelligence).

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements: INF, LIO, BAB, PCA, AWE, PDL, RQIH, & PEBB.

A solid trading update… ahead of a tough AGM

While Informa’s stock is up this morning following a reassuring 5-month trading update, we are nevertheless concerned about the outcome of today’s AGM.

Audioboom Group - Q1 24 revenue growth of +11%, FY24E forecasts reiterated

Audioboom’s FY23 results and Q1 trading update show Q1 24 revenue growth of +11% yoy, $6.7m of March 2024 revenue marking the platform’s highest revenue month since May 2022, and a confident outlook that leads us to reiterate our FY24E forecasts. Following the focus on new initiatives through FY23, the platform is now in its strongest ever operational position, with a record 1.1bn monthly ad impressions created in March 2024, record global audience reach of 38.6m unique global listeners in Janua

Morning Note – 16 April 2024

Soft growth patch

Morning Note – 15 April 2024

Checkit - New product launch and contract wins

Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.

Auction Technology Group - H1/24 Trading update

ATG’s H1/24 trading statement indicates revenue for the six-month period to 31 March 2024 was $86m, a 6% increase on H1/23 (1% organic growth), helped by the addition of the EstateSales.Net (ESN) marketplace last year, which performed well in the period. Total marketplace revenue increased 2% (organic), driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (mainly through lower asset prices).

Engage XR Holdings - Expanding from FY23, FY24E forecasts reiterated

ENGAGE XR’s FY23 results show revenue and net cash in line with the February trading update, EBITDA ahead at -€4.0m vs -€4.5m due to the split of cash outflow between opex and working capital, and a confident outlook that leads us to reiterate our FY24E forecasts. FY23 revenue for the core ENGAGE platform was unchanged vs FY22 at €3.3m, as H2 23 revenue was impacted by the record seven-figure contract announced in February shifting to 2024, and several enterprise customers scaling back renewals

FY23 results in line – and a flying start to FY24

ENGAGE XR has published its FY23 full year results, the headlines of which reflect the details provided in February’s post close trading update in terms of revenue, EBITDA loss and net cash. ENGAGE XR has signed a rapidly growing number of strategic and commercial partnership agreements with companies invested in promoting the VR medium and the development of corporate metaverses.

It’s not what you sell, it’s the way that you sell it

This report is intended to help UK small- and mid-cap investors gain a better understanding of software companies’ routes to market, and to highlight how one of the most important facets of the way in which they grow and deliver value is routinely ignored.  We examine sales processes for six UK-listed companies and one that has recently been taken over, and consider why they have followed their respective paths.

Hybridan Small Cap Feast - 15 April 24

15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

CML Microsystems+ (CML, House Stock at 395p) - Board & Senior Management Appointments

PROGRESSIVE: CML Microsystems: Ripples not waves – still on growth course

The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and

iomart - FY24 trading update

The March FY24 trading update reports revenue broadly in line, and adj EBITDA in-line, with consensus. Revenue of £127m at +10% yoy (Cav: £129mE; consensus range £128.4m- £130.7mE) delivered adj EBITDA of £37.5m (Cav: £38.7mE, cons £37.4m-£38.7mE) and adj PBT of £15.0m (Cav: £16.0m, cons £14.3m-£16.0m). £25m net debt (Cav est after excluding IFRS16) was slightly better than our £26.2mE, with typically strong cash generation a feature of the model but consensus mangled by IFRS16 inclusion/exclusi

Alphawave Semi: FY23 trading update, amended forward guidance

Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H

Morning Note – 8 April 2024