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.

Tracsis - Interims: FY order book visibility and a doubled pipeline

Interims to January are in line with the February TU, and materially unchanged forecasts for the FY July 2024. After the well flagged expected 1H24 revenue movement of -7% (vs 1H23 which had been strengthened by c£2m perpetual licence sales in the US), prospects for the second half are supported by several new contracts that will generate revenue in 2H24, in addition to material contract delivery milestones from existing large projects such as major TRACS Enterprise, Railhub deployments, and Rem

Eleco - FY23 recurring revenue growth of +22%, EBITDA +2% ahead

Eleco’s FY23 results show robust organic recurring revenue growth of +17% with recurring revenue +22% to £20.7m, adj EBITDA +2% ahead of the January update, and a confident outlook with Q1 ARR already at £24.5m vs £22.6m at FY23. At this point, the excellent start to FY24 leads us to reiterate our FY24-26E revenue, adj EBITDA, EFCF, and DPS, and we include the April 2024 acquisition of Vertical Digital in our FY24-26E net cash, as we explain below. As Eleco builds upon the successful acquisition

An excellent win, momentum rebuilding

Made Tech has won a material expansion (worth up to £19.5m/2yrs) with a long-standing customer, The Department for Levelling Up, Housing and Communities (“DLUHC”). Coming off the back of a soft H1 bookings performance, we expect this win to materially boost investor sentiment and reassure how notwithstanding a tough backdrop (given an impending general election) MTEC continues to outcompete legacy providers and in-so-doing, grow its share of wallet with large/strategic customers. Landing near FY

Morning Note – 24 April 2024

LIBERUM: 1Spatial: Walk the talk and get SaaSy

Alphawave Semi - FY23 results, 1Q24 trading update

Following the updated guidance published last week, Alphawave reported a 74% YoY increase in revenue to US$321.7m for FY23 generating adjusted EBITDA of US$62.6m, up 34% YoY. As previewed, bookings in 1Q24 were strong at US$117.9m, up 20% YoY and ahead of guidance. The results release and conference call confirm that revised guidance mainly reflects a more conservative approach to revenue recognition under new CFO, Rahul Mathur, and an acceleration in the pace at which Alphawave is pivoting away

tinyBuild (TBLD LN) - Focused on H2 recovery

tinyBuild’s FY23 results confirmed a sharp drop in revenue and swing into adjusted EBITDA losses, as well as asset impairments and high cash burn. After already making $10m of annualised cost savings, the company continues to run-down its cash balance and now relies on a H2-weighted release schedule to reduce cash outflows.

LIBERUM: Cerillion: Continued strong trading in 1H

Morning Note – 23 April 2024

To infinity…

Cerillion has announced a very solid update, as H1 sales and EBITDA are both up 10% y/y to £22.5m and £10.9m respectively, notwithstanding the exceptionally strong base period (sales and EBITDA +27% and +38% resp.). Results therefore point to continued strong customer demand, reflecting how Cerillion’s out-of-the-box product continues to resonate and gain adoption, particularly in a ‘budget conscious’ environment, by offering faster time to market, greater configurability and at a lower cost. Me

Synectics + (SNX, House Stock at 188p) - Positive AGM statement

Hybridan Small Cap Feast - 24 April 24

24th 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: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Pennant International - FY23 update and appointment

We view confirmation of market forecasts / PEN's February update as providing further validation for the company's strategy. Ongoing business streams (including the concluding stage of the Boeing / Apache contract) provide underpinning for forecasts for the current year and software-derived earnings as strategized look set to rise in FY24 with the launch of the company's GenS technology (well-regarded and long-established OmegaPS series update). Tuesday's statement from the Prime Minister ple

In-line H1, strategic initiatives advancing at pace

As reported in March, underlying EBITDA profitability improved to record levels despite FX headwinds. Further platform and proposition developments were completed, key steps on its digital roadmap, and it has already won 7 contracts YTD. Alongside planned growth in private membership, this will at least offset the loss of one contract. Forecasts are left unchanged today and, as member engagement throttles back up, FX headwinds ease, and proof points of digital efficiency emerge, markets should b

itim - Further professional services contract secured with The Entertainer

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has announced an additional professional services contract with its long-standing client, The Entertainer. Following a year-long trial, The Entertainer is opening in over 800 Tesco stores across the UK & Ireland, alongside a supplier agreement for Tesco stores across Central Europe. Under the contract, The Entertainer will extend its use of itim's Unify