National World FY23 Results

National World reported FY23 results that were ahead of our expectations, with PBT/EPS of £9.7m/2.8p vs DCe £9.0m/2.5p and we maintain our 2024 estimates for £11.0m/3.1p.

National World FY23 Trading Update

National World has released a Trading Update that confirms a resilient performance for FY23 with Adjusted EBITDA of over £9.0m above expectations.

Acquisition of MNA and PCS

National World has announced the acquisitions of Midland News Association (MNA) and Press Computer Systems (PCS) for £11m in cash and we raise our 2024 EPS estimate by +16%.

Interim results

National World has reported interims in line with its budget and confirmed FY23 PBT/EPS expectations for £9.0m/2.5p underpinned by continued investment in acquisitions and new launches.

AGM Trading Update

National World has released a Trading Update for the 21 weeks to May that indicates trading is in line with expectations and we maintain our PBT/EPS estimates.

FY22 Results update

National World has reported FY22 results ahead of our expectations and we maintain our PBT/EPS forecasts of £9.0m/2.5p for 2023.

FY22 Trading Update

National World has reported a strong Trading Update, we increase our PBT/EPS estimates by +11% for FY22 and +7% in 2023, with higher interest income, digital revenue & cost estimates.

Interim results update

National World reported interim results that were well ahead of our estimates and despite the challenging macroeconomic environment we maintain our FY22 estimates.

AGM update

National World has released a very robust AGM update and we maintain our FY22 estimates.

2021 results

National World reported FY21 results well ahead of DCe and aided by a robust start to the year we maintain our 2022 forecasts despite input price inflation.

National World - Trading Update

National World has reported a very robust FY trading update and we raise our EPS forecasts by +30% for FY21 and +9% for 2022. The operational transformation implemented by National World has improved the revenue performance of JPI Media more quickly than we had expected, with H2 revenues broadly flat compared with 2020, with +20% growth in Digital offsetting the -3% fall in Print. The group expects FY21 revenues of £85m, compared with DCe £83m and this stronger revenue performance has flowed thr

Interim results update

National World has reported very strong interim results that were well ahead of our estimates and we raise our FY21 PBT forecast by +21%. Revenues were stronger than anticipated, with encouraging progress both in digital revenues and from the implementation of the group's strategy to localise and energise its print assets. This has been combined with swift action on costs as the group dismantled excessive central overheads and redeployed resource to local titles. The group is launching nine digi

Trading update

National World has released an encouraging trading update for the 21wks to 29th May which details the progress being made on the strategy to Localise, Energise, Digitise, Monetise the JPI Group assets. The JPI Group management structure has been delayered and flattened, delivering annualised savings of £4m and the group is on track to deliver at least £5m of annualised savings during 2021. Cash management has been particularly strong, with net cash of £17m at the end of the period ahead of expec

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

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

Crimson Tide - FY23 reports +15% revenue; investment phase complete

Crimson Tide has reported FY23 results to December in line with expectations, with additional operating leverage benefitting updated FY24 and maiden FY25 and FY26 forecasts. FY23 delivered +15% revenue growth to £6.2m at 86% GM, of which over 90% is recurring, and maintained £5.8m ARR even after unexpected customer churn in the year as we previously noted. Crucially, the Group achieved milestone adj EBITDA profitability of £0.4m at 7% EBITDA margin, and edges closer to adj PBT profitability expe

Morning Note – 16 April 2024

Devolver Digital (DEVO LN) - Rebuild year

Devolver Digital encouragingly delivered 2023 results slightly ahead of expectations and provided a steady medium-term outlook that leads us to reiterate our 2024 Adjusted EBITDA estimates. Longer term, the company is now planning to further develop its two major planned titles, Human Fall Flat 2 and System Era's next major new release. We now expect those major titles to be released in 2026 rather than 2025, meaning we lower our 2025 Adjusted EBITDA forecast to $10.6m from $17.6m but introduce

Morning Note – 15 April 2024

Intelligent Ultrasound Group - GE Healthcare launches new Voluson Signature with

GE Healthcare has announced the launch of the Voluson Signature 20 and 18 ultrasound systems, with the related press release noting these systems ‘comprehensively integrate artificial intelligence’ to improve the ultrasound procedure for clinicians and the women being scanned. These ultrasound systems include SonoLyst, the AI which incorporates Intelligent Ultrasound’s ScanNav Assist and ScanNav AutoCapture AI software. The launch of additional Voluson systems including the SonoLyst suite of AI

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.

Soft growth patch

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).

Morning Note – 17 April 2024

Touchstar - Full year results: Recurring revenue strategy delivers further profit growth

Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning's full year results reflect the outcome of a multi-year strategy coming to fruition for the group, with recurring revenue growth of 8.7% delivering overall revenue growth of 7.1% and in turn a 60% increase in PBT to £0.7m. Over the past few years, Touchstar has focused on enhancing the returns from their product offering through a shift towards recurring software licen

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.

LIBERUM: Cirata plc: Cirata from the flames

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