Focusing on the core

Earthport’s FY’18 results were well flagged, and there were no surprises in the release. Of more interest is the strategic review carried out by the new management team. The core payments business has been separated from standalone FX business, and a strategy has been put in place to maximise the potential of the underlying payments platform, while building towards profitability. The shares have continued to drift on uncertainty in recent months, and we believe the current price significantly un

Morning Song

Curtis Banks Group (CBP LN) Discerning approach to non-standard, strong controls in place | Earthport (EPO LN) Restatement of fair value adjustments | Elektron Technology (EKT LN) Forecasts upgraded following very strong Q3 | Midatech Pharma (MTPH LN) Forecast update post sale of US operations | Wilmington (WIL LN) Tracking the right way, but more to do

Morning Song

Cello Health (CLL LN) Building in caution | Earthport (EPO LN) Board changes | Hargreaves Services (HSP LN) Completion of Brockwell Energy Disposal

Morning Song

Augean (AUG LN) Strong H1 PBT growth; material reduction in net debt | Brewin Dolphin Holdings (BRW LN) Impressive 8% annualised discretionary flows in Q3 | Burford Capital (BUR LN) H1 results – c.15% up on a strong comp – increasing estimates and TP | Earthport (EPO LN) Continued progress with operational changes | EKF Diagnostics (EKF LN) Exclusive agreement with Asahi Kasei expands US products portfolio | IDOX (IDOX LN) Framework in place for improved future performance | Marston’s (MARS LN)

Morning Song

Earthport (EPO LN) New CEO appointment | Horizon Discovery Group (HZD LN) Attractive growth story: reiterating Buy and 230p target price | Microsaic Systems (MSYS LN) Distribution agreement with Stable Arm | Midatech Pharma (MTPH LN) Exciting newsflow highlights longer-term potential | Oxford Metrics (OMG LN) Disposal of Yotta Surveying | Realm Therapeutics (RLM LN) Atopic Dermatitis Phase II fully enrolled & on track: data due Q3 2018e | Small-cap quantitative research Strong performance from q

Morning Song

Be Heard (BHRD LN) CFO appointment | Churchill China (CHH LN) Executing against LT targets and modest FY18 upgrades | Earthport (EPO LN) Positive outlook despite challenging period | Halfords Group (HFD LN) CFO departure disappointing but Halfords can attract new talent | Mobile Streams (MOS LN) Subscriber growth has picked up again | T. Clarke (CTO LN) High quality focus paying dividends | Trend spotting - Synchronicity II Better H2 for hard hit consumer and retail stocks?

Positive outlook despite challenging period

Earthport has reported its H1’18 results, which were largely flagged in the trading update last month. The results reflect a challenging period, where underlying progress with both existing and new customers was offset by the previously announced loss of a large piece of domestic UK business. Total revenue grew 8% to £15.4m on the back of flat transaction numbers and an increase in average price per transaction. The EBITDA loss increased in-line with our full year projection and we make no chang

Expansion of relationship with Japan Post Bank

Earthport has announced that it has expanded its relationship with existing client, Japan Post Bank. The group will now deliver outbound cross-border payment services across a number of additional regions, including North America and Europe. Expanding transaction numbers in Asia, and increasing the volume of outbound payments are key goals for Earthport. Asia is expected to contribute significantly to global cross-border payment volume growth in the coming years, while bi-directional flows bring

Small Cap Breakfast

Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area . Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer raising £70m at 190p with market cap of £185m, expected 21 Feb Pola

Underlying progress in H1

Earthport’s H1’18 update confirms trading is in line with revised expectations. Despite the previously announced setbacks in the period, revenue grew 8% to £15.4m, with the EBITDA loss comfortably on track to meet our full year forecast. The pipeline for H2’18 and FY’19 remains strong which, combined with continued growth from existing customers, leaves the group well placed to deliver cash flow break even during FY’19. Execution remains key, but we continue to believe that Earthport is well pla

Morning Song

Avon Rubber (AVON LN) UK MoD agreement confirmed | Earthport (EPO LN) Underlying progress in H1 | LiDCO Group (LID LN) FY trading update & new HUP wins | N Brown Group (BWNG LN) Valuation anomaly at 2008 levels (9x P/E, 7% yield) | Realm Therapeutics (RLM LN) Positive clinical and business update | Sanderson Group (SND LN) Good start to year, on track | Trifast (TRI LN) Q3 trading update in line | Zinc Media Group (ZIN LN) Board changes

Board changes

Earthport has announced that Simon Adamiyatt is stepping down from his position as CFO and Executive Director. The board is currently seeking a replacement for Simon, and in the interim period Asif Ali, current Finance Director and Company Secretary, will act as Interim CFO. Earthport released a disappointing trading update in December however the medium term outlook remains positive. The new business pipeline is extremely healthy and we were encouraged by news of an existing client expansion wo

Morning Song

Actual Experience (ACT LN) 2018 year of execution | Adept4 (AD4 LN) Asset light strategy starting to deliver | Bodycote (BOY LN) Forecasts increased following positive year end update | City of London Investment Group (CLIG LN) Q2 FuM +6%, H1 profits expected in line | Clinigen Group (CLIN LN) H1 trading update in line with expectations | Earthport (EPO LN) Board changes

N+1 Singer - Earthport - Near term challenges temper positive outlook

Earthport’s trading update indicates a weak end to cal’17, with delays to new client implementations and the loss of a major piece of business resulting in 17% revenue downgrades to FY’18. Despite these setbacks, the medium term outlook remains positive. The new business pipeline is extremely healthy and an existing client expansion worth over 1 million incremental transactions annually is ramping up after starting earlier this month. The group has also announced that Hank Uberoi will move to Ex

N+1 Singer - Morning Song 27-11-2017

Earthport (EPO LN) Network expansion into Bangladesh | Gateley (GTLY LN) H1 trading update – invest and grow | Verona Pharma (VRP LN) Two important readouts in 2018

Journeo - Buoyant interim results

Journeo has released a buoyant set of interim results in-line with the recently upgraded forecasts and continue to show strong growth. H1/24A revenue increased by 17% YoY to £25.6m whilst Adj PBT increased substantially by 66% YoY to £2.8m, with increased profitability across all divisions. Through the Group’s targeted R&D it remains well-positioned to take advantage of the rollout of EV buses across the country, demand for energy-efficient displays and further investment into the rail-system. J

Synectics + (SNX, House Stock at 203p) - Material profit upgrade for FY24F

Morning Note – 19 September 2024

Ingenta - Interim Results

Ingenta released its interim results which show a slight divergence of fortunes between its two divisions. Its Content segment has grown strongly by 14% YoY to £1.6m, driven by an upgrade cycle to its new Edify content publishing platform. However, the Commercial division’s revenues declined by 20% to £3.4m, due to a delay in customer conversion cycles pushing revenues to the right. Overall, this means we are conservatively reducing our FY24E adjusted EBITDA forecast by 20% to £1.8m, in line wit

Morning Note – 17 September 2024

Morning Note – 18 September 2024

Zeus Industrials Round-Up - 13 September 2024

The UK industrial sector continues to show promising signs of recovery, with manufacturing PMI reaching a 26-month high of 52.5 in August as all survey indicators but one expanded. Economic data has also been encouraging, with UK pay growth cooling to a two-year low and inflation rising only slightly in July – supporting the case for further interest rate cuts this year by the BoE.

Dillistone Group (DSG LN) - Interim Results

Dillistone, a supplier of software for the international recruitment industry, has announced interim results to June 2024. Despite continued macro pressures in the Group’s target recruitment markets, placing pressure on revenue, tight cost control and improved operational efficiencies has allowed Dillistone to report an improved H1 EBITA performance of £0.133m (H123: £0.04m). Management reiterates its confidence in our FY2024E revenue and PBTA estimates of £4.9m and £0.1m respectively, and post

Maintel - Interims: maintaining strong margin recovery

1H24 has delivered performance in line with the August trading update and unchanged FY24 forecasts, demonstrating the expected strong margin recovery. The revenue and gross profit improvement delivered in FY23 by the natural unwind of the accumulated order book is now complemented by control of opex which has accelerated adj EBITDA and adj EBIT margins back to historic levels of c10% and c7% respectively, with further margin expansion realistic and expected. The group’s strategic focus on the co

PANMURE LIBERUM: TruFin: Blowout H1 with future growth fully funded

Engage XR Holdings - Record revenue, new contract upsell, forecasts reiterated

ENGAGE XR’s H1 24 results show record six-month revenue of €2.2m, a new six-figure renewal with Optima Ed including a 400% increase in licence numbers to over 2k, and a confident outlook that leads us to reiterate our FY24E forecasts. Through H1, ENGAGE revenue growth of +11% yoy to €2.1m was driven by +83% yoy growth in high-margin licence revenue to €1.7m, due to €0.5m from new customers and €1.2m of renewals, including important upsells with InspiredED and Bank of America. The strong momentum

The Swiss army knife for hyperautomation

With a class-leading low-code solution, acting as the ‘hub’, Netcall is now adding ‘spokes’ (i.e. capabilities) at pace and accelerating growth in the process. For today, the company has announced its third acquisition of 2024: Smart & Easy (trading as “Parble”). We upgrade revs and EPS both +2% (i.e. its only small) but as ever - its tech is very relevant and complementary. When taken in combination with Skore and Govtech, we have now upgraded FYJun25 revs and EPS +12% and 20% resp., thus contr

Allenby Capital: EnSilica plc - Update

EnSilica plc announced it has won a Design & Supply contract with Siemens AG. Financials were not disclosed but the Company notes that the Design component of the contract (non-recurring engineering work) will commence in calendar year 2025, with the Supply (initial production phase) expected to start in Q4 2027. We make no changes to our forecasts but note that the new contract win: a) further underpins our FY 2025 and FY 2026 forecasts where we are expecting top line growth of 21% and 28% resp

Adding another string to the bow

New in-store launch in Ireland

Hot on the heels of its first 2 stand-alone store openings (and a 3rd store lease signed), SOS has launched an in-store concession at Arnotts, Ireland’s oldest and largest department store. Online data confirmed Sosandar’s proposition has seen strong demand in Ireland, as is the case in its other targeted catchments, and this concession, although small, is another positive step in its multi-channel development. Today’s brief update also reveals that customer reception to its first 2 stores in Ch