Morning Note – 24 April 2024

Record revenue and profitability, FY24 on track

LIBERUM: 1Spatial: Walk the talk and get SaaSy

Cordel Group - Positive steps towards ambitious FY24 goals

Cordel’s Q324 update shows progress towards the group’s FY24 revenue expectation and other objectives, supporting our forecasts. Doubling the customer base by year-end is a key milestone, which encouragingly looks set to come in part from tier-one US railroads, offering the greatest scope for large seven-figure contracts from its target markets. Developments with Amtrak, as Cordel moves to the five-year service phase, and Angel Trains in the UK provide positive indicators for stable recurring re

Dillistone Group - FY2023 results in-line, solid start to 2024, earnings recovery set to gain momentum

Dillistone, a supplier of software to the international recruitment industry, has announced a solid set of full year results that, in our view, pave the way for rapid YoY earnings progression from FY2024. For FY2023, against a small, anticipated YoY decrease in sales, adjusted EBITDA exhibited substantial growth of 38.5% to £1.3m (FY2022: £0.9m), ahead of our £1.2m estimate, and with a welcome return to profitability, PBTA of £0.1m (FY2022: loss £0.3m) in-line with our expectation. Our cautious

Steady interim progress

Access Intelligence - Confidence restored

Access Intelligence has delivered interims to May 2022 in line with the June trading update and unchanged expectations. EBITDA of £0.3m was delivered from revenue of £32.7m, yielding a strong interim net cash balance of £9.3m after positive working capital movement despite a period of investment. The important elements to visibility are the regional ARR movements: within EMEA and North America, ARR grew £1.2m (+14% vs 1H21); while in the acquired APAC business, Isentia, ARR decline slowed to £0.

Fonix Mobile - Robust H1 with +18% gross profit growth, forecasts reiterated

Fonix’s H1 results show gross profit growth of +18% yoy to £9.2m, adjusted EBITDA growth of +18% yoy to £7.3m, and a confident outlook that leads us to conservatively reiterate our FY24E and FY25E forecasts, after we upgraded by +3-4% at the January trading update. A record month of commercial trading in both the UK and International operations in December drove H1 TPV +15% yoy to £158m, with the growth rate partially reflecting the lower H1 23 following HM The Queen’s death in September 2022. G

Morning Note – 15 April 2024

LIBERUM: GetBusy plc* - Acquisitions further strengthen SmartVault's outlook

LIBERUM: GetBusy* - Momentum continues to build

Strong marketing technology recovery play

Adcore is a global digital advertising technology company providing Software-as-a-Service (SaaS) solutions for marketing via search engines and social media. The company is focused on delivering advertising solutions for e-commerce enterprises. This is a fast-growing segment of the digital marketin

Altitude Group (ALT LN) - New major contracts and FY23 ahead of expectations

Altitude has announced multiple new contracts in its Adjacent Markets Programmes (AMP) that are expected to have a significant impact on Group revenue. Zeus adjusted EBITDA forecasts are upgraded 11.9% in FY24 and 24.2% in FY25 to reflect this. The Group has also guided that FY23 adjusted EBITDA is expected to be above expectations (£1.70m), so we upgrade by 8.8% to £1.85m. Today’s contract wins and confident outlook statement provide further positive momentum. Altitude shares trade below our up

Altitude Group (ALT LN) - Trading update highlights strong start to FY24

Altitude has released a trading statement this morning confirming FY23 results will be at least in line with Zeus’ recently upgraded forecasts and trading in the first few weeks of FY24 has been strong. The upgrades put through at the time of the last update (28th March) were predicated on new contract wins in the Adjacent Markets Programmes (AMPs) leading to an increase in EBITDA expectations of 11.9% in FY24 and 24.2% in FY25. The contracts underpin the strong start to the new financial year b

GetBusy - Productively scaling to create value, strong FY22 results

We initiate coverage of GetBusy with a target price of 160p. The investment case is focused upon scaling the complementary SaaS products, which provide productivity and document management solutions for the accounting and professional services industries. Today’s FY22 results show excellent progress, with revenue of £19.3m +1% ahead of the December trading update, organic revenue growth increasing to +20% in H2 22 from +10% in H1 21, and FY22 net cash of £3.0m ahead of consensus of £2.4m. In FY2