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  • 21 Sep 16

Forecast upgrade

Following the release of its interim results, we upgrade our 2017 forecasts for ServicePower and reiterate our 6p target price.

Companies: Servicepower Technologies
  • 21 Sep 16

Morning Note

Transense Technologies* (TRT): FY results in line (CORP) | Elecosoft* (ELCO): Building an international business (CORP) | ServicePower Technologies* (SVR): Forecast upgrade (CORP) | eg solutions* (EGS): Weak H1 but strong H2 due on big contract wins (CORP)

Companies: ELCO SVR EGS TRT

  • 04 Aug 16

AIM Breakfast

ANGLE PLC | GLOBAL INVACOM GROUP LTD | MATCHTECH GROUP PLC | METMINCO LTD | MYTRAH ENERGY LTD | PORTMEIRION GROUP PLC | RENEURON GROUP PLC | SERVICEPOWER TECHNOLOGIES

Companies: MNC GINV GATC SVR MYT PMP AGL RENE

  • 04 Aug 16

AIM Breakfast

Magnolia Petroleum (MAGP.L) | Metal Tiger (MTR.L) | Metminco ( MNC.L) | ReNeuron Group (RENE.L) | Global Invacom Group (GINV.L) | Matchtech Group (MTEC.L) | ServicePower Tech (SVR.L) | Mytrah Energy (MYT) | Portmeirion Group (PMP.L) | ANGLE (AGL.L)

Companies: MAG MNC GINV GATC SVR MYT PMP AGL RENE

  • 04 Aug 16

Morning Note

Zambeef* (ZAM): Transformational deal with CDC (CORP) | Aggregated Micro Power* (AMPH): Fundraising and acquisitions (CORP) | Lok’nStore* (LOK): Low-cost, high-quality growth (CORP) | Communisis (CMS): Margins rising, debt falling, confidence in the full year (BUY) | ServicePower* (SVR): Positive trading update (CORP)

Companies: ZAM AMPH LOK CMS SVR

  • 06 Apr 16

Final results

The group retains a high visibility to revenue (79% recurring), and as the recently launched products gain traction under the revised strategic focus – combined with planned cost-reduction initiatives – we expect improvements in financial performance.

Companies: Servicepower Technologies
  • 06 Apr 16

Morning Note

Proactis*: Supplier Network momentum (CORP) | ServicePower Technologies*: Final results (CORP)

Companies: Proactis Servicepower Technologies

  • 14 Dec 15

Growth set to accelerate in 2016

Turnarounds are notoriously tricky even at the best of times. Inevitably once one problem is fixed, another crops up – which is what has happened this year at ServicePower. H1 revenues at £6.8m showed impressive growth of 12.8%, after a series of blue chip contract wins. Since then, like many small caps, the going has got progressively tougher – characterised by longer sales cycles as clients have become increasingly nervous due to slower global growth, emerging market instability, terrorism, lacklustre demand in China and falling commodity/oil prices.

Companies: Servicepower Technologies
  • 05 Oct 15

Conviviality across the Universe, Pivotal moment for ProMetic, OptiBiotix going up scale

7DIG Half Yearly Reports, AVG Final Results, BMR Potential, COS Agreement, IKA Patent grant, MGR Half Yearly Report, MXO* Half Yearly Report and Update, OBT Half Yearly Report, OPTI* Completion of Study, ORM Half Yearly Report, PLI* Meeting with US FDA, SVR Interim Results, VLG Interim Results, UNG New Contract Win .

Companies: 7DIG AVG BMR COS IKA MGR MXO WBI OPTI PLI SVR VLG UNG ORM

  • 30 Sep 15

ServicePower Technologies - Interim Results

servicepower-technologies-interim-results-30-09-2015
  • 30 Sep 15

Double digit top line growth

Microcap software is a stock-pickers paradise par excellence. Not only is the sector poorly covered by the City, but also the returns can reach nosebleed levels. Here the technology is often niche and difficult to copy – hence creating predictable revenues, healthy margins and positive cashflows. But the really exciting bit comes when growth is added; effectively turbo-charging profits as incremental sales largely drop down to the bottom line.

Companies: Servicepower Technologies
  • 30 Sep 15

Morning Note

Redcentric*: Interim trading update – on track (CORP) | iomart*: Interim trading update (CORP) | Corero Network Security*: Interims show progress (CORP) | Volex: Board changes and trading update (BUY) | Avingtrans^: Full-year results (BUY) | ZincOx Resources*: Interims show improved operational performance (CORP) | Proteome Sciences*: Interims in line (CORP) |Sphere Medical*: Model update (CORP) |ServicePower Technologies*: Interim results (CORP) |Litebulb*: Interim results (CORP) |Camco Clean Energy*: Roll-in of REDT minorities (CORP) |Zambeef*: Trading good but local FX collapse (CORP) |San Leon Energy*: Interim results and Moroccan well update (CORP) |Independent Oil & Gas*: Interim results (CORP)

Companies: RCN IOM CNS VLX PRM SPHR SVR RED ZAM IOG AVG SLE

  • 30 Sep 15

Interim results

Following the results, our 2015 forecast and 10p share price target remain unchanged, implying potential upside of 105%.

Companies: Servicepower Technologies
  • 14 Sep 15

ServicePower Technologies - Launch of new software & application for Quantum Annealing patents

servicepower-technologies-launch-of-new-software-application-for-quantum-annealing-patents-14-09-2015
  • 09 Sep 15

Small Cap Wrap - Another deal in the Potash, Shifting up a Gear4music. A quantum leap for ServicePower

AFPO Memorandum of Understanding, AAU Quarterly Newsletter, ATQT Directorate Change, COS Participation, FITB* Board Changes and Appointment of CEO, G4M Trading Update, MARL* Exercise of Warrants, Termination and CPR, MDZ* Final Results, MXO* Nigerian Update, OPTI* Half Yearly Report, PEG* Directorate Change and Half yearly Report, PLI* Expansion of Phase II, SVR Award and Patents, STEL Licence Application, ZEG Intention to Move to Official List

Companies: AFPO AAU ATQT COS G4M MDZ MXO OPTI SVR ZEG STEL MARL BIDS

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Servicepower Technologies. We currently have 22 research reports from 3 professional analysts.

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Latest News/RNS

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Date Source Announcement
30Jan17 14:22 RNS Offer Update
17Jan17 14:51 RNS Resignation of Directors
11Jan17 07:00 RNS Updated Level Of Acceptances
10Jan17 07:00 RNS Offer Declared Unconditional In All Respects
30Dec16 11:39 GNW Rathbones : Form 8.3 - ServicePower Technologies PLC
19Dec16 11:30 RNS Posting of Offer Document
16Dec16 07:00 RNS Extension of Loan Facility
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  • 21 Jun 19

Hardware warnings; Buy sales visibility (CALL, KAPE, VNET)

We highlight this morning’s profit warnings from IQE (no coverage) and Nanoco (no coverage) as further support of: (1) our Year Ahead 2019 thesis to avoid hardware exposure as the most likely source of downgrades, and gain exposure to high-visibility recurring revenues and stronger balance sheets; and (2) the apparent end of the smartphone supercycle. We reiterate our Buy ratings on CloudCall* (CALL LN, PT 270p), Vianet (VNET LN, PT 142p) and Kape (KAPE LN, PT 120p) as our preferred names to exploit our key themes for 2019.

Companies: CALL VNET KAPE

  • 24 Jun 19

IQE - Supply chain issues intensify

IQE has cut its FY19 revenue and profit guidance in response to reduced demand from wireless customers and an internal issue affecting a major photonics (not VCSEL - vertical cavity surface emitting laser) customer. Following a 25% share price fall, the shares are trading within the range created by photonics peers on most metrics.

Companies: IQE
  • 25 Jun 19

FY 2019 beats forecast as earnings quality grows

A stronger than expected H2 means FY Mar 2019 earnings beat forecasts already upgraded with the post-YE trading update in April. We expect robust demand for data solutions to continue and we reiterate FY 2020 growth expectations. Note that IFRS15 adoption brought £1.7m revenue and £1.0m profit from FY 2018 (restated) into FY 2019, enhancing the growth rate. The 57% EPS growth was further skewed by a very low tax-rate in FY 2019. Thus revenue and earnings appear to fluctuate sharply. Underlying that, however, D4T4 is steadily growing revenue and maintaining margins, while simultaneously improving quality and reliability of earnings through term licences, PaaS and recurring revenue while also investing in US expansion. Overall, this is another year of excellent performance and we raise our TP to 310p in line with the sector.

Companies: D4T4 Solutions
  • 24 Jun 19

Trading ahead of expectations, successful €50m senior secured bond issue

Following the announcement on the 23rd May that the group was seeking to raise a 4-year senior secured non-convertible bond issue with a volume of approximately €50m the group has confirmed this morning that they have successfully raised the full amount, showing good investor appetite for the issue. The settlement date is expected to be in early July, we leave forecasts unchanged until this happens, and the acquisition is complete. The acquisition of TPP Wholesale is the group’s third acquisition in 12 months as they continue to execute their consolidation strategy. We see this is a positive announcement and a clear sign that the management team are continuing to execute the stated acquisition strategy successfully. The group has also confirmed strong trading in the first four months of the year and management now expect the full year performance to be ahead of consensus expectations. At the current share price, the group trades on a 2019E EV/EBITDA of 9.0x and a P/E of 14.9x.

Companies: Centralnic Group
  • 26 Jun 19

Prelims – the waiting game

Prelims are in line with the April trading update, delivering EBITDA of £0.4m in FY19 including break even (£-0.08m) 2H performance – with 2H free cash flow of $1.4m. Disruption in the year due to Netflix supply chain changes, where ZOO remains a Preferred Fulfilment Partner, has slowed down net momentum, however the number of major studios taking cloud based dubbing services has doubled (to eight) in FY19; and FY20 is the year for decision making amongst a series of major studios for whom ZOO is a realistic choice as preferred vendor. For the time being, that decision making remains protracted and we restrain revenue forecasts for FY20 by $5m (-13%), with the operational gearing reducing EBITDA to $2.5m (-37%), albeit displaying 522% growth from FY19. With initiatives such as the ZOOstudio and ZOO Enabled Dubbing Studio programmes to accommodate existing preferred studio practices, ZOO remains on the front foot for opportunities. At the same time, the market dynamic for digital content localisation continues as further platforms challenge Netflix’s leadership – each representing new large potential clients. We reiterate our belief that ZOO’s blossoming is a case of when and not if, and look forward to studio wins and the subsequent revenue flow. Target 180p reiterated.

Companies: Zoo Digital Group
  • 24 Jun 19

Nanoco Group - Major customer not moving to production

Nanoco’s announcement that its project with the major US customer will not continue when the current contract expires in December 2019 is clearly a severe setback and we have therefore cut our FY20 estimates substantially. We note though that the customer’s decision relates to a change in strategy rather than issues with the performance of Nanoco’s materials or services. The company has a strong IP base and state-of-the-art manufacturing facility with an estimated 12 months of cash to explore new commercial options including with its US customer. Following Friday’s share price drop, the £20m market capitalisation appears to assign little value to these assets.

Companies: Nanoco Group
  • 26 Jun 19

Industry’s state of flux drives cautious view

FY19 results are fractionally below expectations which were lowered in April. The group continues to await news in relation to its potential involvement in a number of “preferred vendor” programmes which are expected to accompany some major changes in the content market. With this backdrop, ZOO is signalling greater caution around the phasing of revenue expectations from one of its major clients. We downgrade our FY20E estimates to reflect these issues around timing and ramp-up, but we note that much of the current uncertainty is being driven out of the material upheaval and (long-term positive) change under way. Despite today’s disappointment, our view of the market opportunity and ZOO’s positioning is unchanged.

Companies: Zoo Digital Group
  • 19 Jun 19

New chairperson appointed; Reiterate Buy

Zoo Digital has announced the appointment of Ms Gillian Wilmot to the board as the new Chairwoman, replacing Roger Jeynes following his nine year tenure. The release highlights Ms Wilmot’s extensive experience in a number of bluechip institutions in the past across a range of sectors, with some exposure to disruptive technology. We take the opportunity to highlight the value proposition given the shares remain 34% below its starting point this year, with some signs of positive momentum in the wake of the results update. We reiterate our Buy rating on Zoo

Companies: Zoo Digital Group
  • 24 Jun 19

Partnership with JP Morgan

StatPro has announced a partnership with JP Morgan which it believes will be a significant contributor to growth in the future. We see the announcement as both another endorsement of StatPro’s cloud-based Revolution platform and an important new distribution channel for the Group. Initially for five years, the partnership will develop Risk and Performance Attribution capabilities for portfolio managers through J.P. Morgan's data and analytics platform. When launched, the service will be immediately available to J.P. Morgan’s European and Asian multi-asset clients and there will be an early adopter programme for its clients in North America. JP Morgan’s clients will have access to StatPro’s Revolution platform in tandem with JP Morgan’s Fixed Income Benchmark Indices. While we make no immediate changes to estimates given that this partnership has only just been announced, we expect it to support our current estimates as it gets under way.

Companies: Statpro Group
  • 18 Apr 19

FY 2019 ahead of expectations

The post YE trading update revealed that a strong Q4 performance meant that the company’s FY March 2019 revenue and earnings will be ahead of expectations and we raise our forecasts accordingly. We expect this strong demand for data solutions to continue and cautiously ease forward FY 2020 forecasts too. However, we note that IFRS 15 adoption saw £1.7m of revenue brought forward from FY 2018 (now restated) into FY 2019, skewing organic growth comparisons. Furthermore, EPS will also be skewed; not only by IFRS 15 adoption but also by an exceptionally low FY 2019 tax rate, due to relief on management options. Thus adj. FD EPS appears to fluctuate unpredictably when actually, underlying these headline numbers, the D4T4 business is steadily growing and maintaining margins while also increasing investment in the US operations. This is another year of excellent performance and we lift our TP to 300p in response.

Companies: D4T4 Solutions
  • 24 May 19

IQE - Impact of Huawei ban is limited and short term

IQE has assessed the potential impact on its business of the decision by the US Department of Commerce’s Bureau of Industry and Security to prohibit the sale to Huawei, by certain of IQE’s customers, of products covered by the Export Administration Regulations without obtaining an appropriate export licence. Following discussions across its customer base, IQE estimates that its current maximum risk exposure with regards to this ban is less than 5% of its total FY19 revenue guidance. We therefore leave our estimates and indicative valuation of 91–99p/share unchanged.

Companies: IQE
  • 11 Apr 19

Quarterly Research Outlook

We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underlying economic data that could ultimately undermine the recent market gains. In this context, we look at what the lead indicators and the market are telling us about the industrial cycle and the stocks most exposed to various industrial trends. The Q4 derating in short cycle industrials and autos had been vicious and while these sectors have seen a more solid footing in 2019, with earnings downgrades being priced in, it will likely take a trough in lead indicators before short cycle stocks can start to perform again and re-rate relative to the market.

Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE DTG DEMG EMR FPO FST GTLY GENL GOR GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF MNO MANO MOD MKLW OXIG PCA PANR PARK PGM PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF

  • 25 Jun 19

Prelims – cash is king

Redcentric has delivered free cash flow of £12.1m (vs £8.3mE) from EBITDA of £16.7m (£17.0mE) and revenue of £93.3m (£94.2mE). The strong cash performance from the in-line EBITDA performance demonstrates a continuing determined delivery of a corrected balance sheet – maiden FY21 forecasts released today indicate net debt reduction to £1.9m, or 0.1x EBITDA. With restoration of the dividend at interims, and the payout ratio today increased to 50%, the board will request authority for a buyback programme of up to 5% at the AGM, indicating strong cash confidence. £5m cost savings (vs £3mE) and a refreshed sales team delivering on public sector network opportunities (£16.8m of new contract value in 2H19), delivers forecasts for a return to growth in FY21. Target 120p reiterated.

Companies: Redcentric
  • 09 Apr 19

Nanoco Group - US customer supports substantial revenue growth

Nanoco hit all the key milestones for its US customer during H119, including completing the build and fit out of the expanded Runcorn facility dedicated to the production of nanomaterials. It therefore earned the contracted milestone revenues in full and secured a contract extension reaching to December 2019 to commission and stress test the facility to be ready to commence volume production in calendar H219.

Companies: Nanoco Group
  • 20 May 19

Interim results set the stage for strong growth as new business pipeline surges

Cerillion’s interim results show revenue of £7.0m, adjusted EBITDA of £0.4m and free cash flow of c. £1.0m. While this suggests full year 2019 will be more H2 weighted than usual, Cerillion has made encouraging progress with new business opportunities, as evidenced by the strong back-order book (£15.4m) and the potential for second half orders worth over £10m. Reflecting both near- and medium-term opportunities, the new business pipeline at period end was up by 33% to £101m. We leave our forecasts unchanged and look forward to strong execution in the second half and beyond. HOUSE STOCK.

Companies: Cerillion