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FRP Advisory Group, UK professional services firm specialising in restructuring advisory. Raising £80m (£20m primary). Expected market cap £190m. Compound annual growth of 16.4 per cent. in revenue and 10.9 per cent. in operating profit since the beginning of FY17.o Strong average EBITDA margins of 51 per cent. over FY17 to FY19, and consistently strong cash conversion
Companies: CRW SRB TERN 88E EQT XSG CRCL NTOG NBB LSAI
Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.
Companies: CCS SKIN KINO EUSP WJG FNTL FOX MPAC CRW CIP
Wentworth Resources— oil and gas exploration and production company, with assets in the onshore Rovuma Basin of East Africa. Introduction only. Mkt Cap c £50m . Due today
Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA
Kropz PLC—an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana. Looking to join AIM, offer TBC, marke
Companies: KRM TOU SUN KEFI ZOO ATM CRW CTP CAB
Craneware (CRW LN) Trading update & contract win | Dechra Pharmaceuticals (DPH LN) In line FY trading update | Eckoh (ECK LN) Contract win through Capita partnership | Miton Group (MGR LN) Strong H1 net inflows, upgrading FY18e EPS by 11% | MySale Group (MYSL LN) Another record year & more potential from platform | Photo-Me International (PHTM LN) On track versus downgraded forecasts. Japan being turned around | Realm Therapeutics (RLM LN) Supportive preclinical data on PR022 vs. tofacitinib in
Companies: CRW DPH ECK MYSL PHTM PMI
Bodycote (BOY LN) Strong FY17 performance, just above consensus | Cambria Automobiles (CAMB LN) In line update and progress with its property developments | Craneware (CRW LN) Strong interims, momentum building | Findel (FDL LN) Positive update on commercial supply arrangement with Sports | Direct | UK Housing Theresa May’s Speech and (overdone) Help to Buy coverage |SDL (SDL LN) Progressing against strategic goals Yu Group (YU LN)
Very strong growth and expectations increased again
Companies: BOY CAMB CRW STU YU/ RWS
TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer TBC, expected late Feb | Polarean - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb | Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Repub
Companies: EBQ CRW VLG ONC SMS NMRP 13 BOOM
Startup Giants is a UK-based investment vehicle, which will invest in technology start-ups at the concept stage. Raising £752,700 at £1. Market cap £1m. Due 1st November.
Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20 million in the year ended 31 August 2015 to £33 million in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer and date TBA.
Companies: GRX WJG PIP CORO PLUS JAN PPH CRW XPD STKR
A customarily solid set of results from Craneware, in line / slightly ahead of our estimates. The core business looks to be trading well and the migration to the group’s new cloud-based platform Trisus is underway. This should enable a more rapid roll out of new modules and services to its customer base and, ultimately, support a further acceleration of growth. We make no changes to our forecasts at this stage and Craneware remains a top pick for growth and quality. It’s current valuation means
Companies: Craneware plc
Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday. 25th July. | Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. E
Companies: BIRD EBQ ITM GTLY CRW NFC TIDE ASO
The top 20 companies using the CF Growth Profile beat the bottom 20 by 16% pa over last two years
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC.
Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April.
Sentinel—Investment company expecting NEX admission/introduction on 24 March. £
Companies: PIL GFIN SOLI CBP CRW IDEA SIS VELA VLG PGY
Craneware (CRW LN) Interims to show momentum building | Elementis (ELM LN) Positioned to revive growth | James Fisher & Sons (FSJ LN) Solid results | MySale Group (MYSL LN) Growth platform established, momentum building | NCC Group (NCC LN) Rob Cotton steps down | Raven Russia Ltd (RUS LN) Short delay to St Petersburg portfolio acquisition
Companies: RAV CRW FSJ ELM MYSL NCC
Although the performance of UK-listed Big Pharmas is closely linked to changing US market dynamics, the impact on our UK smallcap life science universe will likely be more muted given its early-stage nature. Nevertheless, potential changes to drug pricing and healthcare provision resulting from the likely reversal of the Affordable Care Act (Obamacare) could impact a number of companies in our universe. We highlight Summit Therapeutics (Corporate), ReNeuron (Buy), Vectura (Buy), Verona Pharma (C
Companies: SUMM FUM CRW AMS RENE VEC VRNA
Halfords Group (HFD LN) Investment case unchanged on latest update | Pharma & Biotech Reflections on the UK sector post the US election | PROACTIS Holdings (PHD LN) Complementary acquisition in line with strategy | Swallowfield (SWL LN) Positive start to the year underpins confidence in growth assumptions
Companies: AMS HFD SUMM CRW BAR FUM PHD RENE VEC VRNA
A positive year end update and ongoing strong order intake has prompted us to upgrade our EPS forecasts by 4%, moving towards management’s medium term ambition to get back to 20%+ growth. In addition, CRW is a dollar reporter and not exposed to any Brexit related uncertainties. We therefore see it as a key safe haven play with improving growth credentials and reiterate our Buy recommendation with an increased target price of 1033p (from 884p).
Research Tree provides access to ongoing research coverage, media content and regulatory news on Craneware plc.
We currently have 39 research reports from 7
Companies: Bango plc
Kromek is on track for +45% YoY revenue growth in FY22E, over which it has very strong visibility. Component supply issues seen in 2021 have been ameliorated, and flattish H1A revenues belie a deferral of deliveries into H2E which have now been made. Kromek's markets are rapidly recovering and FY22E will generate a record revenue base for the Group.
Companies: Kromek Group Plc
JOHN MENZIES+ (MNZS, BUY at 315p) – Note Publication: Evolutionary trends…
MARKS & SPENCER+ (MKS, HOUSE STOCK at 253p) Q3 TS – FY22 guidance firmed up, c5% underlying upgrade
NORTHBRIDGE INDUSTRIAL SERVICES+ (NBI, House Stock at 174p) - Further progress in Tasman disposal
BUNZL^ (BNZL, BUY at 2723p) – Note published: Solid strategic outlook
TESCO^ (TSCO, BUY at 292p) Q3 & Christmas TS – a beat to expectations and so further FY22 upgrades (c5%)
HILTON FOOD G
Companies: IDEA BRK ASC PFG MAB HFG TSCO BNZL NBI MKS MNZS
Step Change at TM17
Companies: Team17 Group PLC
We believe the narrative for the UK equity market remains very good. Some inflation appears embedded in markets and economic growth seems robust. We saw investors show caution into the end of 2021 and so have cash to deploy in our view. This has been corroborated by investor feedback we’ve had already this year. The UK equity market is materially cheaper than global equities on a relative basis so asset allocators have to be looking at UK equities while UK 2022 GDP growth is likely the best of t
Companies: AFM ANX AXL CYAN GLAN MODE OBI MATD SEN SOM WSG
Monthly Gaming Wrap-up: December Round-Up
Companies: Keywords Studios plc (KWS:LON)Team17 Group PLC (TM17:LON)
Genflow Biosciences, a UK-based biotechnology company focused on longevity and the development of therapies to counteract the effects of aging and diseases associated with advanced age intends to float on the Main Market (Standard). The Company will become the first longevity biotechnology firm to list in Europe. Genflow has raised £3.7m in an oversubscribed placing, conditional upon admission becoming effective. The flotation will value Genflow at approximately £23.4m.
SuperSeed Capital Limited
Companies: RQIH ABDP ACRL HAYD IQG
As expected, the industry-wide supply chain challenges and inflationary pressure have weighed on Asos’ activity. However, the group has maintained its FY 22 guidance despite ongoing market headwinds. Also, Asos has announced its intention to move to the main market of LSE.
The confirmation of FY guidance and move to the main market of LSE shows the management’s strong confidence and enhances the strategic visibility after the departure of the CEO and change of chair.
Companies: ASOS plc
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Sumo Group has left AIM following a takeover.
What’s cooking in the IPO kitchen?
Unbound Group PLC, (currently called Electra Private Equity PLC) to join AIM. Unbound Group, will be the parent company for a range of brands focused on the 55 plus demographic. Initially focused on Hotter Shoes, Unbound's curated, multi-brand retail platform will offer additional products and services that will enhance the enjoyment and wellbeing of its targeted customer communit
Companies: TENG PLUS EVG CHAR CCS BARK
Highlights of FY21 are 28% organic revenue growth at Clareti, group EBITDA 8% ahead of our forecasts and net cash nearly £4m ahead of our expectations on “very strong” cash collections and lower than expected acquisition costs. Our unchanged FY22 forecasts are well underpinned by 88% contracted revenues. We forecast ARR will grow a further 17% organic in FY22, which is one of the fastest growth rates in our universe. We introduce a Buy recommendation and 220p price target.
Companies: Gresham Technologies plc
What’s cooking in the IPO kitchen?
Genflow Biosciences, a UK-based biotechnology company focused on longevity and the development of therapies to counteract the effects of aging and diseases associated with advanced age intends to float on the Main Market (Standard). The Company will become the first longevity biotechnology firm to list in Europe. Genflow has raised £3.7m in an oversubscribed placing, conditional upon admission becoming effective. The flotation will value Genflow at approximatel
Companies: ZOO AFN ASC CPP FIF PIP
Kromek delivered a sound, well-managed, H1 performance given industry-wide supply chain and components difficulties and inflationary costs, whilst preserving a healthy cash balance. It reported increased activity in the key medical imaging segment, with three new strategic OEMs, plus the receipt of multi-million-dollar contracts in CBRN (chemical, biological, radiological, nuclear) segment.
The six months to 31 October 2021 saw: revenue of £4.71m +2.9%YoY, with gross margin at 46.8% (FY21: 48
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No Leavers Today.
What’s cooking in the IPO kitchen?
Spinnaker Acquisitions plc, intends to join the Main Market (Standard). The Company have conditionally agreed to acquire the entire issued share capital of HomeServe Labs Ltd, a wholly owned subsidiary of FTSE250 quoted public company HomeServe Plc, by way of a reverse takeover conditional, inter alia on relisting and successful completion of fundraising activities to be undertaken by way of a placing and di
Companies: TYM TMG APP BOKU CPP DSG DIS PCIP
While we were away
Mac Alpha Limited (MACA.L) joined the Main Market. (24/12/21)
Atome Energy PLC (ATOM.L) joined AIM. (30/12/21)
What’s cooking in the IPO kitchen?
Graft Polymer a business focused on the development of polymer modification and drug delivery systems is to join the Main Market (Standard). Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing products and processing methodologies by enhancing per
Companies: VLX VRCI LBE RENX SOM TAST DDDD CMH IQG SRC
Interims confirm unchanged forecasts after a busy end of 2021 that concluded with a flurry of acquisitions, a capital markets day, and a £104m placing. Six acquisitions in the current financial year (to April) complement 13% annualised organic ARR growth, lifting proforma ARR (including post period end acquisitions) to £86.3m (1H21: £54.8m; FY21: £64.1m). Adj EBITDA of £13.2m maintained an EBITDA margin of 34.1% vs 34.5% in 1H21, compounding the benefit of headline revenue growth of 33% to £38.
Companies: Ideagen PLC