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  • 11 Nov 19
A reassuring trading update and a reiterated FY19e guidance

Informa issued a reassuring trading update for the 10 months to end-October and said it was on track to deliver its FY19e targets, with a good forward pace for the important last two months of the year.

Companies: Informa Plc Ord
  • 11 Nov 19
A reassuring trading update and a reiterated FY19e guidance

Informa issued a reassuring trading update for the 10 months to end-October and said it was on track to deliver its FY19e targets, with a good forward pace for the important last two months of the year.

Companies: Informa Plc Ord
  • 29 Jul 19
Solid H1 and a reiterated FY19 guidance

Informa reported solid H1 19 results, with a +3.4% organic revenue growth and a +8.2% organic growth in adjusted operating profit. The company said it was on track to deliver its FY19e targets, with a good level of visibility and raised its interim dividend by 7% to 7.55p (we had expected 7.50p). Our model is under review and our positive guidance is expected to be reiterated.

Companies: Informa Plc Ord
  • 29 Jul 19
Solid H1 and a reiterated FY19 guidance

Informa reported solid H1 19 results, with a +3.4% organic revenue growth and a +8.2% organic growth in adjusted operating profit. The company said it was on track to deliver its FY19e targets, with a good level of visibility and raised its interim dividend by 7% to 7.55p (we had expected 7.50p). Our model is under review and our positive guidance is expected to be reiterated.

Companies: Informa Plc Ord
  • 21 Mar 19
A confident tone for the year to come

Informa’s FY 18 results were in line with expectations, including UBM since 16 June. Management had a confident tone for FY19e as it has good forward visibility on revenues (>50% of Exhibitor and around 2/3rds of subscription revenues already booked). The target is to keep a >30% operating margin (supported by cost savings) from a revenue base of c.£3bn, while generating solid operating FCF enabling it to increase the dividend progressively from now on. Our Buy recommendation is reiterated.

Companies: Informa Plc Ord
  • 21 Mar 19
A confident tone for the year to come

Informa’s FY 18 results were in line with expectations, including UBM since 16 June. Management had a confident tone for FY19e as it has good forward visibility on revenues (>50% of Exhibitor and around 2/3rds of subscription revenues already booked). The target is to keep a >30% operating margin (supported by cost savings) from a revenue base of c.£3bn, while generating solid operating FCF enabling it to increase the dividend progressively from now on. Our Buy recommendation is reiterated.

Companies: Informa Plc Ord
  • 13 Nov 18
Healthy 10 months organic growth confirmed; combination well on track

Informa reported a trading statement for the 10-months ending October 2018 The group’s underlying revenue grew 3.9% in the first ten months. The combination phase of “accelerated integration plan” for UBM is completed. Revenue growth is on track for the full-year target (+3.5%).

Companies: Informa Plc Ord
  • 13 Nov 18
Healthy 10 months organic growth confirmed; combination well on track

Informa reported a trading statement for the 10-months ending October 2018 The group’s underlying revenue grew 3.9% in the first ten months. The combination phase of “accelerated integration plan” for UBM is completed. Revenue growth is on track for the full-year target (+3.5%).

Companies: Informa Plc Ord
  • 25 Jul 18
UBM integration looks well on track

Informa reported solid H1 18 results – including UBM from 15 June, with +4.3% revenue growth and +1.9% growth in adjusted operating profit. The operating margin was therefore a tick lower than last year’s restated accounts at 30.8% (versus 31.1%). The company is confident of the UBM integration and confirmed its target of 3.5% underlying revenue growth in 2018 and said it is on track to deliver savings targets of £50m in 2019.

Companies: Informa Plc Ord
  • 25 Jul 18
UBM integration looks well on track

Informa reported solid H1 18 results – including UBM from 15 June, with +4.3% revenue growth and +1.9% growth in adjusted operating profit. The operating margin was therefore a tick lower than last year’s restated accounts at 30.8% (versus 31.1%). The company is confident of the UBM integration and confirmed its target of 3.5% underlying revenue growth in 2018 and said it is on track to deliver savings targets of £50m in 2019.

Companies: Informa Plc Ord
  • 13 Mar 18
Sound final year for the 2014-17 Growth Acceleration Plan

Informa’s FY 17 results were in line with expectations, with revenues at £1,757.6m (up 30.7%, reflecting Penton’s integration and +3.4% organically) and adjusted OP at £545.5m (+31.3% and +2.3% underlying; margin of 31% compared with 30.9% in FY 17, slightly under our own 31.1% forecast). Adjusted EPS rose by 9.5% to 46.1p (AV was 47.3p), i.e. in line with the recent guidance for “above 45.5p”, and the proposed final dividend is raised by 5.8% to 13.8p, i.e. the recent guidance for a full-year dividend at 20.45p versus 19.3p for FY16 (+6% yoy). The FY18e outlook is for “at least 3.5% underlying growth” (with another strong year anticipated for Global Exhibitions) for standalone Informa, which, as a reminder, recently made a 30% premium recommended offer for UBM in order to create an events giant (65.5% owned by Informa’s shareholders and 34.5% by UBM’s).

Companies: Informa Plc Ord
  • 13 Mar 18
Sound final year for the 2014-17 Growth Acceleration Plan

Informa’s FY 17 results were in line with expectations, with revenues at £1,757.6m (up 30.7%, reflecting Penton’s integration and +3.4% organically) and adjusted OP at £545.5m (+31.3% and +2.3% underlying; margin of 31% compared with 30.9% in FY 17, slightly under our own 31.1% forecast). Adjusted EPS rose by 9.5% to 46.1p (AV was 47.3p), i.e. in line with the recent guidance for “above 45.5p”, and the proposed final dividend is raised by 5.8% to 13.8p, i.e. the recent guidance for a full-year dividend at 20.45p versus 19.3p for FY16 (+6% yoy). The FY18e outlook is for “at least 3.5% underlying growth” (with another strong year anticipated for Global Exhibitions) for standalone Informa, which, as a reminder, recently made a 30% premium recommended offer for UBM in order to create an events giant (65.5% owned by Informa’s shareholders and 34.5% by UBM’s).

Companies: Informa Plc Ord
  • 30 Jan 18
Merger now officially ongoing

As anticipated since 17 January (please refer to our UBM Latest), Informa today confirmed a 30% premium recommended offer for UBM whose shareholders will receive 1.083 new Informa shares and 163p in cash (valuing UBM at c.£3.9bn or 971p per share based on the 15 January 2018 closing price of 746p per Informa share; c.908p at yesterday’s closing). The deal will create an events giant (65.5% owned by Informa’s shareholders and 34.5% by UBM’s) as UBM and Informa are respectively the world no.2 and no.3 events organiser behind RELX.

Companies: Informa Plc Ord
  • 30 Jan 18
Merger now officially ongoing

As anticipated since 17 January (please refer to our UBM Latest), Informa today confirmed a 30% premium recommended offer for UBM whose shareholders will receive 1.083 new Informa shares and 163p in cash (valuing UBM at c.£3.9bn or 971p per share based on the 15 January 2018 closing price of 746p per Informa share; c.908p at yesterday’s closing). The deal will create an events giant (65.5% owned by Informa’s shareholders and 34.5% by UBM’s) as UBM and Informa are respectively the world no.2 and no.3 events organiser behind RELX.

Companies: Informa Plc Ord
  • 17 Nov 17
Sound operational momentum confirmed

After a satisfactory +3.7% H1 17 consolidated organic revenue growth (accelerating from +2.5% for the same period last year and +1.6% for FY16) Informa reported a sound 10 month 2017 top-line organic trend of +3.2% (compared to +2.5% for the 9 month period last year). Reported revenues rose by 40% (Penton integration). The group reiterated its FY17e guidance for “good progress”, saying it remains on track for a fourth consecutive year of growth in revenue, earnings and cash-flow. This will be supported by solid trading in Global Exhibitions (note the high H1 bias this year, with flat performance anticipated for the last 2 months; fewer Top 30 events in H2), modest positive growth in Academic Publishing and improving operating momentum in Business Intelligence.

Companies: Informa Plc Ord
  • 17 Nov 17
Sound operational momentum confirmed

After a satisfactory +3.7% H1 17 consolidated organic revenue growth (accelerating from +2.5% for the same period last year and +1.6% for FY16) Informa reported a sound 10 month 2017 top-line organic trend of +3.2% (compared to +2.5% for the 9 month period last year). Reported revenues rose by 40% (Penton integration). The group reiterated its FY17e guidance for “good progress”, saying it remains on track for a fourth consecutive year of growth in revenue, earnings and cash-flow. This will be supported by solid trading in Global Exhibitions (note the high H1 bias this year, with flat performance anticipated for the last 2 months; fewer Top 30 events in H2), modest positive growth in Academic Publishing and improving operating momentum in Business Intelligence.

Companies: Informa Plc Ord
  • 03 Aug 17
Pursuing satisfactory operational progress under its acceleration programme

Informa reported solid H1 17 results and above estimates, with revenue reaching £915.4m, up 41.3% (including forex for +12.8% and a perimeter impact – namely the Penton integration – for +26%) and up 3.7% underlying and adjusted OP at £285.1m, up 41% and 1% underlying (i.e. a 31.1% margin compared to 31.2% a year earlier; impacted by GAP depreciation and the mix from acquisitions). Adjusted diluted EPS improved by 12.7% to 24p and the interim dividend was raised by 6.2% to 6.65p. The group confirmed being on its way to deliver and even outpace the promised £14m operating synergies in FY18 (half in FY17e; to be reinvested in growth measures) following the integration of Penton. It reiterated its FY17e guidance for “good progress”, saying it remains on track for a fourth consecutive year of growth in revenue, earnings and cash flow. This will be supported by strong trading in Global Exhibitions, a steady performance in Academic Publishing and improving operating momentum in Business Intelligence.

Companies: Informa Plc Ord
  • 03 Aug 17
Pursuing satisfactory operational progress under its acceleration programme

Informa reported solid H1 17 results and above estimates, with revenue reaching £915.4m, up 41.3% (including forex for +12.8% and a perimeter impact – namely the Penton integration – for +26%) and up 3.7% underlying and adjusted OP at £285.1m, up 41% and 1% underlying (i.e. a 31.1% margin compared to 31.2% a year earlier; impacted by GAP depreciation and the mix from acquisitions). Adjusted diluted EPS improved by 12.7% to 24p and the interim dividend was raised by 6.2% to 6.65p. The group confirmed being on its way to deliver and even outpace the promised £14m operating synergies in FY18 (half in FY17e; to be reinvested in growth measures) following the integration of Penton. It reiterated its FY17e guidance for “good progress”, saying it remains on track for a fourth consecutive year of growth in revenue, earnings and cash flow. This will be supported by strong trading in Global Exhibitions, a steady performance in Academic Publishing and improving operating momentum in Business Intelligence.

Companies: Informa Plc Ord
  • 07 Jul 17
Most popular equity research this week | 3-7 July

See what was trending this week...

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  • 07 Jul 17
Most popular equity research this week | 3-7 July

See what was trending this week...

Companies: SQSAVONELMHRIHILSHVNSNXRNOSTJSNRSDLIQEFA/GKNBLTGCTHCINESFRCVSGRENEBBSNEUSPSERVNOGFDMREDD7DIGINFALDOTBECSCPRSMRTHMTRMRPOLYMYSLHCMPPIXQRT
  • 19 Jun 17
Well on track

Holding its Investors Day on 15 June, Informa confirmed that its 2014-17 Growth Accecleration Plan (GAP) was on track, while making a point on the benefits for its different divisions. This came after last month’s trading statement when the group reiterated its FY17e expectations for a fourth consecutive year of growth in revenue, earnings and cash flow. This will be supported by strong trading in Global Exhibitions, a steady performance in Academic Publishing and improving operating momentum in Business Intelligence.

Companies: Informa Plc Ord
  • 19 Jun 17
Well on track

Holding its Investors Day on 15 June, Informa confirmed that its 2014-17 Growth Accecleration Plan (GAP) was on track, while making a point on the benefits for its different divisions. This came after last month’s trading statement when the group reiterated its FY17e expectations for a fourth consecutive year of growth in revenue, earnings and cash flow. This will be supported by strong trading in Global Exhibitions, a steady performance in Academic Publishing and improving operating momentum in Business Intelligence.

Companies: Informa Plc Ord
  • 02 May 17
THE NAKED FUND MANAGER - Why the best businesses have great cash conversion

The top 20 companies using the CF Growth Profile beat the bottom 20 by 16% pa over last two years

Companies: IOMPHDCRWRB/RELRMVMCROJE/ZPGINFOTBPTECUBM
  • 02 May 17
THE NAKED FUND MANAGER - Why the best businesses have great cash conversion

The top 20 companies using the CF Growth Profile beat the bottom 20 by 16% pa over last two years

Companies: IOMPHDCRWRB/RELRMVMCROJE/ZPGINFOTBPTECUBM
  • 15 Sep 16
Extending its US presence in Exhibitions and Business Information

Informa has just announced the acquisition from MidOceanPartners and Wasserstein of the US group Penton Information Services for £1.2bn. The operation will be funded through the issuance of new debt and a fully-underwritten £715m rights issue (at 441p each for every four existing shares; a 36% discount to yesterday’s share price) expected to occur on 11 October 2016 just after the 10 October General Meeting for Shareholders. The completion of the operation is scheduled for November 2016.

Companies: Informa Plc Ord
  • 15 Sep 16
Extending its US presence in Exhibitions and Business Information

Informa has just announced the acquisition from MidOceanPartners and Wasserstein of the US group Penton Information Services for £1.2bn. The operation will be funded through the issuance of new debt and a fully-underwritten £715m rights issue (at 441p each for every four existing shares; a 36% discount to yesterday’s share price) expected to occur on 11 October 2016 just after the 10 October General Meeting for Shareholders. The completion of the operation is scheduled for November 2016.

Companies: Informa Plc Ord
  • 23 Aug 16
Managing its way through the Growth Acceleration Plan's peak investment year

Informa announced H1 16 results globally in line with expectations, with revenues at £647.7m (up 4.7% and +2.5% organically) and adjusted OP at £202.2m (+6.3% and -0.7% underlying; a margin of 31.2% compared with 30.8% in H1 15). Note that, mainly due to the sterling weakness versus the US dollar in the aftermath of Brexit, forex had a c.£23m positive impact on revenue (<4%). Adjusted EPS rose by 3.1% to 23.1p after c.23% higher interest costs linked to the cost of debt ($250m US Private Placement loan notes of Q3 15 at higher rates) and the fact that c.80% of total debt is dollar denominated. The interim dividend is raised by 4% to 6.80p, in line with our expectations (as a reminder, the group increased its minimum dividend commitment from 2% growth to 4% through to the end of the Growth Acceleration Plan). The FY16 guidance was reiterated for a further period of “earnings and cash flow growth, including a full year of positive organic revenue growth in Business Intelligence.”

Companies: Informa Plc Ord
  • 23 Aug 16
Managing its way through the Growth Acceleration Plan's peak investment year

Informa announced H1 16 results globally in line with expectations, with revenues at £647.7m (up 4.7% and +2.5% organically) and adjusted OP at £202.2m (+6.3% and -0.7% underlying; a margin of 31.2% compared with 30.8% in H1 15). Note that, mainly due to the sterling weakness versus the US dollar in the aftermath of Brexit, forex had a c.£23m positive impact on revenue (<4%). Adjusted EPS rose by 3.1% to 23.1p after c.23% higher interest costs linked to the cost of debt ($250m US Private Placement loan notes of Q3 15 at higher rates) and the fact that c.80% of total debt is dollar denominated. The interim dividend is raised by 4% to 6.80p, in line with our expectations (as a reminder, the group increased its minimum dividend commitment from 2% growth to 4% through to the end of the Growth Acceleration Plan). The FY16 guidance was reiterated for a further period of “earnings and cash flow growth, including a full year of positive organic revenue growth in Business Intelligence.”

Companies: Informa Plc Ord
  • 24 Jun 16
N+1 Singer - MS - Media - BREXIT Potential Impacts and Thoughts

There are two main issues to consider for the Media sector, UK recession and currency. Large and mid-cap B2B is likely to be a net beneficiary of sterling weakness as they are heavily exposed to US$, while exposure amongst small cap B2Bs is typically modest but may well be enough to offset any domestic weakness. B2B looks a good safe haven and Informa (TP690p, Hold) and UBM (TP605p, Buy) look good value. Marketing Services is a barbell subsector; WPP’s might overseas and in its offering will probably outweigh its still significant UK operation. At the smaller end individual client mandates will be more important, client losses are hard to predict and potentially UK expertise could look cheap to overseas businesses. Consumer media looks more vulnerable. A mix of high domestic exposure, cyclical exposure and high operational gearing looks poisonous. ITV, Rightmove and Autotrader look likely to suffer.

Companies: Informa Plc Ord UBM

  • 24 Jun 16
N+1 Singer - MS - Media - BREXIT Potential Impacts and Thoughts

There are two main issues to consider for the Media sector, UK recession and currency. Large and mid-cap B2B is likely to be a net beneficiary of sterling weakness as they are heavily exposed to US$, while exposure amongst small cap B2Bs is typically modest but may well be enough to offset any domestic weakness. B2B looks a good safe haven and Informa (TP690p, Hold) and UBM (TP605p, Buy) look good value. Marketing Services is a barbell subsector; WPP’s might overseas and in its offering will probably outweigh its still significant UK operation. At the smaller end individual client mandates will be more important, client losses are hard to predict and potentially UK expertise could look cheap to overseas businesses. Consumer media looks more vulnerable. A mix of high domestic exposure, cyclical exposure and high operational gearing looks poisonous. ITV, Rightmove and Autotrader look likely to suffer.

Companies: Informa Plc Ord UBM

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Informa Plc Ord. We currently have 73 research reports from 6 professional analysts.

Open
N/A
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52 Week
654/892p
Daily Volume
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# Shares
1,252m
Daily Liquidity
(0.21%)
Pension Liability
£38.3m
Enterprise Value
£13,303m
Market Cap
£10,811m
Latest PE (hist)
17.13
Div Yield
2.58

Latest News/RNS

(more news)
Date Source Announcement
10Jan20 10:30 RNS Informa adds F1000 Research to Taylor & Francis
07Jan20 11:20 RNS Board Update
24Dec19 11:22 RNS Director/PDMR Shareholding
18Dec19 14:30 RNS Director/PDMR Shareholding
18Dec19 09:37 RNS Holding(s) in Company
09Dec19 09:39 RNS Notice of Release of Guarantors to Noteholders
11Nov19 07:00 RNS 10-Month Trading Update
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  • 13 Jan 20
Further expansion in Risk Solutions Fraud and Credit Risk Assessment

RELX today announced that its LexisNexis Risk Solutions division has agreed to buy the US company ID Analytics, a provider of credit and fraud risk solutions for enterprises, for $375m (i.e. c.£290m). This is a rather significant acquisition for the group and, at first sight, an interesting one, in line with LexisNexis Risk Solutions’ offering. No change to our recommendation.

Companies: Relx
  • 16 Jan 20
LIBERUM: 4imprint* - Trading statement guides to the upper end of the PBT range

4imprint’s trading statement guides to PBT at the upper end of the range (which is tight). We increase our revenue growth estimate from 16.0% to 16.6% for FY19, and increase EPS by 1% to 152.6c.

Companies: 4Imprint Group
  • 17 Jan 20
'Excellent’ year for Health

Cello Health has confirmed that it expects to report FY 2019 results in line with the consensus on an IFRS 16 basis. The Health division has seen strong like-for-like growth in net revenue, well ahead of plan, and an expanding operating profit margin, partly offset by a weaker performance by Signal. H2 cash flow was strong and the group was in a strong net cash position at the year end. We have updated our forecasts for IFRS 16 and the disposal of Pulsar, and reiterate our view that with PE actively acquiring in this sector and international peers on substantially higher ratings, Cello’s valuation multiples are underpinned with good upside.

Companies: Cello Health
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP ESRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 19 Dec 19
Cenkos: XLMedia Plc -- Transformational investment

XLMedia's trading update points to a broadly inline performance for 2019E and an investment programme for 2020E that will transform the Group. The investment in Group resources will enhance publishing assets and streamline the management structure. The group will remain solidly cash generative through this transformation period.

Companies: XLMedia
  • 16 Jan 20
Cenkos: Cello Health plc -- Momentum continues through H2/19E

Today's trading update confirms strong H2/19E trading, in-line with FY19E consensus expectations (£109m net revenue, £13.0m adj PBT). The core Cello Health division has continued to deliver growth ahead of plan following H1/19A's impressive growth. This has been offset somewhat by a weaker performance in Cello Signal given recent UK macro conditions. A reorganisation of Cello Signal to more closely support Cello Health thus appears sensible. The shares are starting to reflect the growing traction.

Companies: Cello Health
  • 16 Jan 20
4imprint Group - Self-promotion pays

4imprint’s pre-close update indicates trading in the later weeks of the full year continued strong, with FY19 results set to be at the higher end of the market forecast range. Revenue (+17%) was slightly above our estimate, which we raised by $10m at the November trading update. The $41.0m net cash at the year end was also a little ahead of our forecast of $39.5m. We have initiated FY21 forecasts, which show the group exceeding management’s $1bn revenue target a year earlier than originally anticipated. The large scale of the addressable market leaves plenty of opportunity for growth, with potential for further share price appreciation.

Companies: 4Imprint Group
  • 02 Jul 19
Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 13 Dec 19
Arden Tech SoundBytes

Xbox Series X to launch holiday 2020

Companies: BIDS FDEV CDM SUMO TM17 KWS GFIN

  • 15 Jan 20
A year of transformation

Centaur Media has announced a positive trading update, in line with market expectations. We are highly encouraged by growth in Lawyer subscription revenues and mix-driven margin improvement in XEIM which are progressing in line with management expectations for the MAP22 strategy (targeting 20% pre-IFRS16 EBITDA margins by 2022; H1’19: 2.5%). Centaur enters 2020 a radically different proposition than in 2019, stream-lined to focus on two core verticals in which the Group has strong brand presence. FY’20E EBITDA margins are forecast to improve rapidly as the Group rationalises support costs to match its new, focused structure having completed its disposal programme in H1. With trading in-line, we make no adjustments to our forecasts at this time. Our selected peer group trades at 10.5x EV/FY’20E EBITDA (Centaur: 5.8x), offering 21% 3-year EBITDA CAGR (Centaur: 51%).

Companies: Centaur Media
  • 16 Jan 20
WHI Morning Comment: 4imprint (FOUR) - Outperforms again; positive FY update confirms strong H2

4imprint continues to make its mark with excellent results, the latest being anticipated in this morning's trading update as the company lowers the blinds on FY2019E. Growth rates of c.16% in H1 accelerated to c.17% in H2, generating results ahead of expectation across all of the sales, PBTA and cash categories. This is particularly pleasing given the contribution of the brand initiative (new sales methods) started early last year – a new departure which has proved highly effective. Over a decade-plus of double digit CAGR, FOUR has made this sort of success look easy; however the model involves a complex combination of techniques, including notably the highly effective use of data analytics, while FOUR fulfils significant multiples of sensitive individual orders, with very low error rates leading to very high rates of client retention. Significant entry barriers remain as the company continues to dig into a large ($US20bn-plus) and profitable market of which it still has a relatively small share. Our forecasts for the current year are tweaked slightly upwards in line with this morning's update; our forward forecasts are left unchanged for now; but the outlook will be revisited when FY results are reported on 03/03. Our current fair value estimate of 3750p equates to a forward PE in the early 20s.

Companies: 4Imprint Group
  • 11 Mar 19
FY18 results show Adj. PBT up 51% to $5.9m

FY2018 results reflect a satisfactory performance, given continued softness in the book trade. Revenues fell by 2% to $149.3m but adjusted operating profit increased 43% to $10.3m. Children’s publishing increased by 2%, representing over one-third of group revenues. The group has extended its banking facilities to August 2020. Net debt fell by 6% to $60.4m. In 2018 the group implemented a cost-out programme to right-size the group. We shall look to reintroduce estimates in due course. We have the shares under review ahead of this.

Companies: Quarto Group
  • 24 Sep 19
Quality of revenue improves during a strong half

This has been a good half, seeing growth in registrations, group revenue and renewals, assisted by a full six months of ICM. The increased sales at higher margin has meant H1 adj. EBITDA jumped over 300%; moreover, a key point is approached as renewal revenues now cover almost all costs: partner payments, cost of sales, and opex. Operationally, progress has also been made in resolving the legacy contract issues. MMX remains comfortably on track for our FY 2019 expectations, which remain unchanged. The company remains wary of giving FY 2020 guidance at this stage. However, looking ahead, this is a much more stable operation; a much better quality to the revenue stream, a controlled cost base, legacy issues addressed; and exciting and innovative growth opportunities.

Companies: Minds + Machines Group
  • 09 Dec 19
Allenby Capital TMT Update - 09.12.19 (CCT.L, BIRD.L, GFIN.L)

The Character Group plc* (CCT.L, 360p/£80.2m) | Blackbird plc* (BIRD.L, 15p/£42.8m) |Gfinity plc* (GFIN.L, 3.90p/£18.5m)

Companies: CCT BIRD GFIN

  • 12 Dec 19
Arden Tech SoundBytes

Disney+ hits 22m mobile users, SoftBank backed firm downsizes IPO, German mobile carrier selects Huawei

Companies: ENET 7DIG EVRH ZOO ZOO AMO BOOM MIRA MWE