Aferian’s H1 21A results for the six months to the end of May 2021 demonstrate solid progress towards the 2025 strategy in our view. The group reported double-digit growth in revenue and EBITDA during the period. This was accompanied with record growth in exit Annual Recurring Revenue (“ARR”), driving improved revenue quality and visibility. Both business units continue to report strong operational progress and management commentary on the outlook for the second half is positive. We make no mate
Companies: Aferian plc
Amino has announced that it is working with Hong Kong-based PCCW Media (“PCCW”) to enable its Now TV service. The group has also recently disclosed that Dutch Pay TV and Fiber-to-the-Home (“FTTH”) provider Kabelnoord is to launch streaming applications from 24i. Both releases are light on detail as to the contract sizes and potential values, and we make no changes to (our recently upgraded) forecasts at this stage. Nevertheless, in our view the announcements demonstrate the momentum in the combi
Amino’s update for the six months ending May 2021 in our view demonstrates that the group continues to trade strongly. The period saw a 19% YoY revenue increase and a 37% improvement in exit run-rate Annual Recurring Revenue (“ARR”). Management commentary on the outlook for the second half is positive, and we leave estimates unchanged following the announcement. With c$27m of financial headroom, the group’s financial position remains strong, and we continue to believe that Amino is strongly plac
Amino has announced the acquisition of Danish streaming and Pay TV platform specialist Nordija A/S for a total consideration of €5.3m. A strong fit with Amino’s existing software business in our view – particularly with 24i, the deal brings additional scale, expertise and a blue-chip client base to the Amino platform. We increase forecasts following the announcement, with FY 22E revenue and adjusted EPS increased by 6% and 2% respectively
Amino has announced that it has been selected as the reserve bidder in the auction of the trade and certain assets of MobiTV, the US-based TV platform provider. The group has also confirmed a (gross) £9.4m fundraise to fund future acquisitions and that trading since the FY 20A results announcement has continued in line with management’s expectations. We see several positives in this week’s announcement. Although so far unsuccessful, Amino’s involvement in the MobiTV auction process is in our vie
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IP
Companies: CCS OKYO SML BEG FNTL GDP SGM SEN AFRN KZG
Amino has announced PayTV+ deployments for Maltese incumbent telco GO and Cablenet, the leading cable TV operator in Cyprus. The release contains no financial details as to the value for Amino and we make no changes to forecasts. Nevertheless, the contracts represent the deepening of an existing customer relationship and in our view demonstrate the group’s ability to capitalise on ongoing structural shifts in the global TV industry.
Amino’s FY 20A results release (year-ending November 2020) confirms that the business performed strongly against a backdrop of COVID-19 driven challenges. All five of management’s KPIs improved during the year, once again demonstrating both Amino’s resilience and the benefits of the group’s transition to a software-led business model. Management commentary on the outlook is positive, the dividend policy has been re-affirmed and the group’s financial position remains robust. We leave underlying F
Looking Ahead At The Next Week
Foresight Group , the award-winning infrastructure and private equity investment manager to IPO on the Main Market (Premium). The Offer will primarily comprise a sale of shares by existing shareholders (c.80% of the Offer) with a smaller offering of new shares (c.20% of the Offer) to be issued by the Company. Details TBA.
Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5m by way of private placement of new Common Shares to advance the United Downs copp
Companies: WJG KAPE AAZ AAU THR POW TLY TRU PANR AFRN
Amino’s trading update for the year ending November 2020 signals the business has performed extremely strongly against a backdrop of COVID-19 driven challenges. At approximately $83m, revenue is c8% higher than FY 19A and slightly ahead of our forecast – which was set prior to COVID-19. The period also saw an improvement in earnings quality and the group’s financial position remains strong. The recommencement of dividend payments is a further positive. We leave underlying estimates unchanged fol
We believe Amino’s H1 20A results demonstrate the resilience of the business and the benefits of the ongoing move towards a software-led business model. 24i continues to perform strongly, supported by stable profits (EBITDA) in the Amino segment. Both recorded a number of new contract wins during the period. The group also reported a significant improvement in revenue quality and the business remains underpinned by a solid financial position. We leave underlying forecasts unchanged following the
This note aims to summarise the information delivered at Amino’s recent Capital Markets Day (“CMD”), and to analyse the key messages. Our analysis focuses on three areas: 1) Strong execution of the 2019 transformation programme is delivering impressive results 2) 2019 acquisition 24i is driving organic software revenue growth and 3) the combined Amino/24i group has competitive advantage in End-to-end (“E2E”) multiscreen TV and video delivery. Overall, in our view the Strategy Day reassures on th
Amino’s trading update for the six months ending May 2020 in our view demonstrates that the group’s software-led strategy continues to deliver. The period saw a 10% YoY revenue increase, driven by impressive growth in software and services revenues (+172% YoY). The group’s financial position remains robust, with $16.7m of financial headroom. With visibility on the pipeline currently good, we leave forecasts unchanged. However, uncertainty on the H2 20E outlook clearly remains. Overall, we contin
Research Tree provides access to ongoing research coverage, media content and regulatory news on Aferian plc.
We currently have 244 research reports from 8
Upon publication of VRE’s interim results, we use this note to re-visit the investment case for VRE, together with a re-initiation of forecasts. Confirming the positive newsflow on client gains and sales growth over the H1 period, VRE posted an 83% increase in turnover to €1.25, with ENGAGE revenues 50% up on the total achieved in 2020. Our forecasts show a three-year turnover compound average growth rate (CAGR) of 91% to €9.8m in 2023E, in line with the objective to reach €10m of ENGAGE revenue
Companies: VR Education Holdings PLC
The Panoply has released a very strong trading update for the 5m to August which states trading is 'significantly ahead of expectations' and we raise our revenue forecasts by +7%. In the 5m period, the group secured c£50m of new contracts, nearly triple the £18m won in the same period last year and including a c£10m/5yr contract in the utilities sector. The Panoply is raising LFL revenue growth guidance from 10-15% to 15-20%, which feeds through to FY revenues of over £77m, compared with our pre
Companies: Panoply Holdings Plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Companies: Luceco PLC
This is a positive 1H21 performance, seeing growth in all regions and customer segments, as well as a significant strengthening of the financial position; on track to meet profit expectations for FY21, and ahead on revenue forecasts. Dividends recommenced with the FY20 finals and now an Interim dividend of 0.2p has been declared (1H20: Nil). The financial strength also will allow Eleco to make substantial investment in its long-term growth in FY23 and FY24. Management is flagging investment in a
Companies: Eleco Plc
A positive trading update from Audioboom Group plc, one of the leading independent podcasting companies, results in the fourth significant upgrade to forecasts this year as the company continues to outpace growth of the global podcasting industry. This performance has been driven by continued growth in the Audioboom’s content-focused expansion plan with growth in premium advertising inventory, increased demand and strong pricing, and increased back catalogue inventory created by Audioboom’s prop
Companies: Audioboom Group PLC
Companies: Bango plc
EMIS reported H121 results ahead of board expectations and is on track to meet the company’s FY21 expectations. After a period of investment to develop the EMIS-X platform, and at least a year of diverting resource to support customers’ COVID-19 efforts, EMIS is now in a position to execute its growth strategy. Our revenue and adjusted operating profit forecasts are unchanged, with revenue growth accelerating to the lower end of the targeted medium-term 5–9% range from FY22.
Companies: EMIS Group plc
Gaming Realms is a creator and licensor of innovative games for mobile, operating in the UK, US, Italy and Canada. Flagship brand Slingo® is a popular and unique game genre combining elements of slots, bingo and table gameplay. These games are licensed by some of the world’s biggest online gaming operators, including DraftKings, Sky Betting & Gaming and GVC, and distributed directly to operators or via global partners such as Scientific Games using the company's proprietary Remote Game Server pl
Companies: Gaming Realms PLC
Solid results, strong pipeline, rising resilience and high-value acquisition:
Revenue was $18.6m, in line with expectations. H1 revenue represents 38% of our full year forecast, indicating an H2-weighted year as previously flagged. We expect tinyBuild to release seven new games in H2 compared to three in H1. Moreover, tinyBuild plans higher-profile releases in H2 (Potion Craft and Despot’s Game), which are already generating strong KPIs. EBITDA was $7.9m, slightly ahead of management’s expecta
Companies: tinyBuild Inc.
This latest UK airport contract is Journeo's third, and follows on from the deployment of its systems at Gatwick and Stansted. Looking more widely, investment made over the last few years in the group's technology base to deliver a cloud based modular hardware agnostic SaaS platform has positioned Journeo well in the wider market. With the market opportunity set to expand significantly over the next few years, we believe that Journeo is positioned extremely well to meet this demand through its
Companies: Journeo plc
Ocado retail’s Q3 trading performance was below our expectations. The fire incident at Erith CFC (in mid-July 2021) was the key reason behind the dent in the top line. We see this as a one-off and the health of the retail business remains robust in our opinion. However, any more such accidents are likely to raise serious questions on the safety / reliability of Ocado’s technology. We will trim our financial estimates slightly but maintain our cautious stance on the stock’s valuation.
Companies: Ocado Group PLC
The agreement announced today partners Trellus with a licensed multidisciplinary care team employed by Connected Health that has been trained to use Trellus’s proprietary GRITT™ resilience building methodology to deliver first-in-class digital-enabled chronic condition care management services via. the TrellusElevate™ platform. This agreement, like more that are expected to follow, was earmarked in the admission document, and adds the licensed clinical infrastructure to deliver digital-enabled c
Companies: Trellus Health PLC
Ingenta is a provider of software technology and supporting services to content providers and publishers around the world. The company enjoys a stable, high level of recurring revenue and has consistent cash generation leaving it well positioned for its planed future growth and able to introduce a progressive dividend policy announced today with the H1/21 interim results (4.5% forecast yield). Ingenta has a well-established market position and requires minimal investment in its core products for
Companies: Ingenta plc
Strong trading YTD; outlook cautiously optimistic
Companies: Team17 Group PLC