Techniplas – global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer to raise £83.3m at 200p with market cap of £185m, expected 29 April 2019. SDX Energy plc—a North Afri
Companies: SEN EUSP XSG INSP VANL RENE PRTC ACP PXEN
In its final FY2018 results announced today, EU Supply (EUSP), the eprocurement software provider, has reported results in line with expectations and confirmed its first full year net profit. Strong order flow in recent weeks from the launch of new suppler services and an increasing proportion of repeating contracts that enhance the quality of revenues, lend confidence to our unchanged FY2019E forecasts for continuing growth from EUSP’s scalable business model. We also introduce FY2020E estimate
Companies: EU Supply
EU Supply (EUSP) has announced that it expects to release its FY2018 final results on 26 April 2019. It has also reiterated that it expects to report a maiden adj. PBT of £0.4m, as disclosed in the trading update on 8 February 2019. As such the share price fall due to the movement of a significant stake yesterday presents an excellent buying opportunity, in our view. We are encouraged that the development of the company’s supplier side services is proceeding to plan as these should increase recu
Parliamentary and Brexit developments continue to hold centre stage, although the precise path forward remains as unclear as ever. The uncertainty over Brexit, worries over a possible slowdown in the US and the outlook for global economic growth generally have all contributed to the recent falls in markets. While the rally seen since the start of the year has petered out, most indices have still made progress. In Share News & Views we comment on Bloomsbury Publishing, Bonhill Group*, Braemar Shi
Companies: RUA APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LWRF LSAI NKTN PCF SNX TCN EXR W7L
Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.
Companies: CCS SKIN KINO EUSP WJG FNTL FOX MPAC CRW CIP
We have seen a continuation of the rally evident so far this year. The factors are familiar with greater optimism regarding US-China trade talks. At home, the path to Brexit remains unclear as D-day looms. The possibility of a delay has increased. The company reporting season continues to highlight winners and losers with the majority of results in line. We have also seen an uptick in corporate M&A. Results set the morning agenda and Brexit votes the evening one. In Share News & Views we comment
Companies: RUA APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN EXR W7L
Roses are red – markets are blue! The rally since the start of the year resumed this week, after a pull-back last week. The FTSE 100 has risen due to the weakness of sterling and the impact on its dollar-earning constituents. More domestically-oriented indices have also risen but lagged more recently. The latest Brexit twist is due later with a statement to Parliament on the negotiations. Company news continue to dominate the morning headlines and amendment votes the evening ones. In Share News
In its FY2018 trading update, EU Supply (EUSP) has announced that it expects to report adj. PBT of £0.4m vs the SSL forecast of £0.1m and a loss before tax of £0.2m in FY2017. The anticipated revenue of £5.1m was slightly below our £5.4m forecast and was up c.10% on the £4.7m reported for FY2017. Importantly, the recurring/repeat proportion of revenue was maintained at c.70%. The investment in the micro procurement solution is likely to increase recurring sales in due course. We retain our 25p D
United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 28 Feb Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.
Companies: SKIN MPM EUSP VAST PLMO MYSL DELT SMS HDD
In today’s trading update, EU Supply (“EUS”), the e-procurement software provider, has indicated that it expects to report its first annual pre-tax profit, for recently ended FY2018. We forecast continuing growth in FY2019, with potential for EUS to benefit medium term from its investment in developing new services and its scalable SaaS business model
We have seen a continuation of the rally seen since the start of the year, although some earlier momentum has been lost. The factors that influenced the market previously continue to dominate – US-China trade talks and the outlook for the global economy. The latest hurdles in the Brexit Withdrawal Bill are due later. Company updates dominate the morning headlines, late night votes dominate the evening ones. In Share News & Views we comment APC Technology*, Bonhill Group*, Braemar Shipping*, Esca
Companies: RUA APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN SNX TCN EXR W7L PCF
It may only be a fortnight into the new year but many of the factors that unnerved the market last month have continued to impact sentiment. The outcome of trade talks between the US and China, concerns about global economic growth and some poor trading statements, especially in the retail sector, have all featured. Above all, Brexit and the progress of the Withdrawal Bill have dominated with the latest “high noon” due later. Despite this, we have seen a good rally in the junior markets year to
Companies: RUA APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN W7L
The instruction to “Deck the halls with boughs of holly” may represent a grateful relief, given the prickly time we have seen in markets over the last month or so. An unhelpful combination of the deadlock surrounding the Brexit process, concerns over the outlook for the global economy and some poor company results have resulted in all markets falling further. The impact on our universe is clear from the table below with AIM taking the significant pain. In Share News & Views we comment on APC*, C
Companies: RUA APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ NKTN PCF SNX TCN W7L LSAI
Litigation Capital Management—provider of litigation financing and ancillary services, moving from ASX (ASX:LCA) to AIM. Offer TBC. Due 18 Dec. Mkt Cap A$64m. Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. Manolete Partners—leading UK insolvency litig
Companies: ASLR SHG ITX CAKE VRS EUSP NTQ FIH JOUL BMV
Research Tree provides access to ongoing research coverage, media content and regulatory news on EU Supply. We currently have 139 research reports from 5 professional analysts.
Companies: Cerillion Plc
While the outcomes of COP26 are mixed, we think that the watering down of ambition on coal power is positive for negative emission technologies and the moves to phase-out fossil fuel subsidies potentially makes green hydrogen more competitive. Broader support for clean energy and efficiency helps and annual monitoring is likely to ensure that support develops to the benefit of the sector. Policy remains an essential part of the clean energy mix especially in its ability to create or mitigate inv
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
Banquet Buffet Bivictrix 26.5p £17.5m (BVX.L) BiVictriX Therapeutics, an emerging biotechnology company applying a novel approach to develop next generation cancer therapies using insights derived from frontline clinical experience announced a collaboration to manufacture BiVictriX's antibody-drug conjugates with Abzena Limited, a partner research organisation for integrated discovery to cGMP manufacturing solutions for biologics. The collaboration will allow BiVictriX to cost-effectively manuf
Companies: CHRT CSSG CCS CYAN FIH MIRI YGEN
Gresham has won an extension and expansion deal with a long-standing Tier 1 investment bank customer as it continues to standardise on the Clareti platform. Including this and other deals, current ARR rises to £23.3m, a 5% organic uplift from end June. Clareti/Electra are trading in line, though Gresham flags potential for further new business in FY21 and an “encouraging pipeline” for FY22. Non-Clareti revenues are performing ahead of expectations leading us to upgrade FY21 revenues and adj. EBI
Companies: Gresham Technologies plc
Adjusted EBITDA growth of +19% YoY in H1A reflects both higher margins and higher quality revenues. The Group now has 50%+ visibility over H2E revenues. This year will be second half weighted too but returning momentum post COVID-19 means the business is now in a much stronger position. Fair value lies in excess of twice the current price. Buy.
Companies: Shearwater Group plc
Finals to June 2021 are in line with the July TU, detailing the very strong performance which had led to upgraded expectations (+5% EBITDA, +7% adj PBT & adj dil EPS), and which are politely exceeded, with EBITDA ahead a further 3% and adj dil EPS +5%. Reinforcement of the strong balance sheet led to £32m y/e cash (no debt) after £8.8m free cash flow. The three strategic pillars each contributed, delivering increased ARPC +16%, from larger numbers of customers, 22% international revenue growth,
Companies: dotDigital Group plc
GB Group (GBG) has announced a conditional agreement to acquire Acuant, a leading player in the US identity verification market. At an enterprise value of £547m, it marks GBG’s largest acquisition to date. The deal strengthens GBG’s position in the US, broadens its product offering and accelerates its technology roadmap. We have revised our forecasts to reflect the placing and the acquisition and our normalised EPS forecasts decline 3% in FY22, are flat in FY23 and increase 3% in FY24.
Companies: GB Group PLC
National World has reported very strong interim results that were well ahead of our estimates and we raise our FY21 PBT forecast by +21%. Revenues were stronger than anticipated, with encouraging progress both in digital revenues and from the implementation of the group's strategy to localise and energise its print assets. This has been combined with swift action on costs as the group dismantled excessive central overheads and redeployed resource to local titles. The group is launching nine digi
Companies: National World PLC
In FY2020/21, organic recurring revenue grew by 5.4% thanks to the acquisition of new customers and the ongoing migration of existing customers to subscription contracts. The US was the best performer driven by Sage Intacct (+22%). Sage Business Cloud penetration reached 67% (+7pts). Lower organic operating margin (-2.7pts) was due to higher investments in marketing/sales and R&D. 2022 guidance includes organic recurring revenue growth of +8-9% (above expectations) and an improvement of the orga
Companies: Sage Group plc
tinyBuild announced the acquisition of Versus Evil, a publisher based in the US, and Red Cerberus, its development services subsidiary in Brazil. We estimate tinyBuild is paying only 5.4x 2022 EBITDA, based on upfront payment only and estimates that do not lead to earnout payments. We raise our 2022 EPS estimate by 10% (see overleaf). The acquisition provides tinyBuild with access to talent and IP in Latin America as well as in-house Quality Assurance, testing and localisation capabilities.
Companies: tinyBuild Inc.
Intercede has reported interims confirming performance in line with unchanged expectations. 9% revenue growth at constant currency (2% reported), as reported at the October trading update, remains on track with our 10% constant currency (5% reported) forecasts. EBITDA of £0.4m, compared with £0.6m EBITDA in 1H21, reflects the impact of pay rises, with the benefit of reduced interest charges post the CLN conversion doubling adjusted PBT from £0.1m to £0.2m. The five Cs (colleagues, customers, ch
Companies: Intercede Group plc
Joiners Arrow Exploration Corp. (AIM:AXL; TSXV:AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has joined AIM, alongside a fundraise of approximately £8.8m. Leavers No Leavers Today What’s cooking in the IPO kitchen? ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas com
Companies: SPA ECR KP2 SAR SYM
Climate change is a global threat. The negative impacts include interruption to infrastructure services, disruption to domestic and international supply chains, and the loss of human capital productivity. We summarise decarbonisation opportunities across a range of markets and highlight ten UK-listed small cap stocks that we believe will be beneficiaries of increased scrutiny on decarbonisation from governments, regulators, investors, consumers and businesses across supply chains.
Companies: QFI CRPR EPWN VLS MPAC SUR NBI MIO INSE MMAG
Success with the widened omni-channel Engagement Cloud proposition, alongside booming ecommerce and marketing automation markets, has driven record results for dotdigital in YJun21. Organic revenue growth of 23% is the strongest since 2016. The company continues to enhance its proposition to provide one of the highest ROI solutions for the digital world, with enhanced functionality to complement the core messaging product seeing growth of 31%in the period and now representing 31% of group revenu
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