Pennant International - Software launch underpins revenue shift, material prospects despite tricky timeframes

This morning's update from PEN highlights major developments on the software front, where the latest version of its successful GenS product, which supports the maintenance of key assets, was launched as flagged at the end of April, to be followed by the integrated solution in Q4 – encouraging developments given the high gross margins available to PEN in these product areas. The company provides software / integrated product support solutions to an extensive client list of OEM's and governments,

LIBERUM: Cerillion: Another half, another contract win

Allenby Capital: EnSilica plc - Update

EnSilica has released a trading statement for the 12m period ending 31 May 2024. The Company expects to report revenues for the period of approximately £25m (Allenby forecast £22.9m), equivalent to year-on-year (“YoY”) growth of 22.1%. Whilst a change in sales mix against expectations has resulted in lower EBITDA margins, hence EBITDA is expected to be £1.8m against our forecast £2.5m, a lower than expected D&A charge and higher tax credit has resulted in the Post Tax Profit expectation of £1.9m

LIBERUM: TruFin: Milestone moment

Morning Note – 16 May 2024

FY24 EBITDA sprints ahead

Executing

Auction Technology Group - H1/24 Interim results; VAS revenue growth showing thr

H1/24 interim results for the six-month period to 31 March 2024 reported revenue of $86m, a 6% increase on H1/23 and in line with the April 2024 trading update. The EstateSales.Net (ESN) marketplace, acquired in 2023, performed well in the period, driving a 17% increase in A&A marketplace revenue, despite weaker A&A end-markets. Total marketplace revenue increased 2% on an organic basis, driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (ma

LIBERUM: CEO Video: Louis Hall, Cerillion:

NCC Group (NCC LN) - Initiation: Transformation

We initiate coverage of NCC Group, a well-respected provider of cyber security and software escrow solutions. In FY23, the company experienced a significant market pullback that revealed operational deficiencies. The company appointed a new CEO, who introduced a turnaround strategy in January 2023. We believe the ongoing improvements are transformational and consensus expectations underestimate NCC’s revenue growth and margin potential. In addition, shares trade below historic multiples and thos

itim Group - Full year results illustrate positive momentum as profit focus bears fruit

itim is a disruptive SaaS and services platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has reported full year results to 31 December 2023, in line with February's trading update and with significant progress in product development and notable contract wins post-year end. Revenue in the year increased 15%, primarily driven by a 54% increase in service revenue, as itim looked to shift its focus from subscription growth to paid-for se

1Spatial - Investing in the transformational SaaS opportunity

1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth suppressing margin and cash generation. This investment phase will continue in FY25 to lay the foundation for transformational growth from 1Streetworks and in the US in the coming years. Our scenario analysis indicates the upside from successful execution is significant, with further wins for 1Streetworks and in the US being the key catalysts for m

Intelligent Ultrasound Group - FY23: A year of important progress

Intelligent Ultrasound has reported its results for the 12 months to December 2023. In line with the January trading update, the company has reported group revenues of £11.2m, up 11% reported or c36% adjusting for one-off sales in FY22. Importantly, the company generated £2.0m from its Clinical AI product portfolio versus £0.7m in FY22 and we note GE HealthCare has expanded the range of Voluson ultrasound machines that include SonoLyst, powered by Intelligent Ultrasound’s ScanNav software. The c

Made Tech Group PLC

Made Tech is a leading provider of digital, data, and technology services to the UK public sector. The Group was founded in 2008 by Rory MacDonald (CEO), who remains its main shareholder with 28% of the equity, and IPO’d in 2021. The Group is entirely exposed to the UK public sector and we believe this represents a large structural growth opportunity as the shift to digital services is likely to accelerate. Moreover, we believe Made Tech will continue to benefit from the transition away from UK

itim (ITIM) - Five year contract renewal with Majestic Wine

Following the announcement of in-line full year results last week and a string of recent contract wins, today's news marks a further positive development for itim, with the announcement of a contract renewal with one of the group's flagship customers. With positive progress on new contracts adding incrementally to recurring revenues and actions being taken on costs, we view itim as well placed to deliver throughout the remainder of 2024 and beyond, with real potential for outperformance should