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
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
Companies: CBP EPO CKT WIL MTPH
Cello Health (CLL LN) Building in caution | Earthport (EPO LN) Board changes | Hargreaves Services (HSP LN) Completion of Brockwell Energy Disposal
Companies: CLL EPO HSP
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)
Companies: AUG BRW BUR EPO EKF IDOX MARS RAT VCT
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
Companies: EPO MSYS OMG RLM SOG MTPH
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
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?
Companies: BHRD CHH EPO HFD MOS CTO
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
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
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
Companies: AVON EPO BWNG RLM SND TRI LDRUF
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
Companies: ORPH MHC ORR SCLP SDM TPOP EPO IDP TENG LDRUF
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
Companies: ACT CLCO BOY CLIG EPO CLIN
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
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
Earthport has announced that it has expanded its network to enable inbound payments into Bangladesh. The partnership with BRAC Saajan Exchange Ltd, the payments arm of Bangladesh’s fastest growing bank, marks Earthport’s entry into Bangladesh, and continues the group’s strategy to increase the number of Asian markets it services. A large proportion of the growth in cross-border payments volumes is coming from emerging markets in Asia, Middle East & Africa and Latin America, and Earthport is incr
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Friday's market sell off saw some violent downward moves in many stocks with little initial differentiation between sectors or the key drivers of businesses, creating significant share price drops in a number of higher quality or uncorrelated names. We take a look at some stocks we believe have either seen an unwarranted sell-off, have seen weakness go under the radar or where there is now a more attractive opportunity.
Companies: ANX IBPO CYAN SOM EQT AFM
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Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
Companies: ADBE ADBE SYM ARC AVCT CMCL CLIN DCTA FRAN OSI
Companies: Gaming Realms PLC
Tern plc* (TERN.L, 14.35p/£50.5m) Portfolio update: Strategic investment for Device Authority from global player (02.12.21) | Mirada plc* (MIRA.L, 74p/£6.6m) Interims: Return to growth; expansion of sales pipeline (02.12.21) | Blackbird plc* (BIRD.L, 28.75p/£96.9m) Update: Additional US TV stations secured (03.12.21) | Mobile Tornado plc* (MBT.L, 1.875p/£7.1m) Update: Notice from customer (01.12.21)
Companies: TERN MIRA BIRD MBT
Following inline H1 results, we view this morning's update on the Major Programme which has been in PEN's sights for a lengthy period as welcome in bringing greater clarity to this long-running situation. While this morning's update, though disappointing in confirming that PEN's opportunity within the overall Major Programme is less substantial than at one time seemed possible, is nonetheless positive in our view in (1) allowing the company to move its software-led strategy forward more aggressi
Companies: Pennant International Group plc
This has been a notable half for D4t4; its markets continue to recover from the pandemic, leading to a fine trading performance marked by a raft of new contract wins; management has been refreshed, with an experienced and dynamic new team taking the helm; the geographic expansion into the US and APAC continues; a stream of software updates will maintain Celebrus market leadership; a small consultancy acquisition hints at a more direct market approach in future; and the launch of the exciting fra
Companies: D4t4 Solutions plc
TPXimpact has released a very strong set of interims that were well ahead of our forecasts, and which firmly underpin our FY estimates. Revenues leapt +77% to £37.5m (DCe £33.9m) with organic growth of +21% fortified by acquisitions. Gross margin was down -4pts to 31% though this reflected a change in business mix and a temporary increase in use of contractors rather than wage inflation and the group expects to rebuild gross margin going forwards aided by the centralised recruitment benefits fro
Companies: TPXimpact Holdings PLC
An in line H1 coupled with continued UK recovery since period end, improving activity levels in SecPay, increasing global opportunity and cost savings going forward give Eckoh “significant confidence” in achieving guided flat revenues and profits growth in FYMar22. Guidance for double digit revenues and profits remains for FY23 (no changes to our forecasts). While H1 continued to suffer from CV19-related drag it is encouraging that the UK business was back at pre-pandemic levels by September. In
Companies: Eckoh plc
GB Group (GBG) reported a strong performance in H122, with organic constant currency revenue growth of 12.6% y-o-y and an adjusted operating margin of 25.5%. The Acuant acquisition completed on 29 November and the group’s immediate focus is on combining the two companies and pushing forward with growth plans. Our forecasts are substantially unchanged.
Companies: GB Group PLC
First Property announced interim results that underline the opportunity to grow rental income and capital values over the next 12 months. With cash to invest on behalf of both the Group and its fund management clients, there is scope for earnings growth. With capital values generally rising after the lockdown induced lows, we expect NAV expansion
Companies: First Property Group plc
GENinCode's trading update details the progress the company has made since its IPO in July and lays out the key milestones investors should be watching for through 2022. Notably regulatory and commercial discussions are on-going in the US with the FDA and partner Eversana, respectively. In the UK commercial testing with Lipid inCode is expected to begin in the coming months which will be supported by an NHS research paper. Importantly, EU revenues (largely in Spain) have ‘increased in line with
Companies: GENinCode UK Ltd.
Arcontech has announced that its trading performance is below current market expectations due to one customer reducing its market data spend with the company, and notification from another customer that it will not be renewing its contract from the start of H2 22. The two changes are unrelated and do not involve customers with Arcontech’s core MVCS server-side solution. They instead reflect one customer greatly scaling back its market data team and market data requirements, and a second choosing
Companies: Arcontech Group PLC
The Sky is the Limit
Companies: Mode Global Holdings Plc
1H22 interims to September 2021 confirm the revenue and EBITDA guidance of the October 1st trading update, reporting EBITDA of £19.6m (£19.5m guidance, -6% vs 1H21) from revenue of £51.9m (guidance c£52m, -8% vs 1H21). Forecasts for revenue and EBITDA for FY22 and FY23 are unchanged, with mild upgrades to adj PBT (3% and 4%) and adj dil.EPS (4% and 4%) as first half performance amends forecasts for D&A. Cloud services of £46.1m (1H21: £50.3m, -8%) continued to dominate group revenue, within whic
Companies: iomart Group plc
Dillistone, a supplier of software for the international recruitment industry, has announced that its recruitment software subsidiary Ikiru People has secured its largest new contract win since the restructuring of the business in January 2020. Interestingly, the contract replaces three legacy recruitment software applications developed by competitors, and thus represents a genuine and significant validation of the Dillistone's investment in the Infinity platform.
Companies: Dillistone Group Plc