itim - Further professional services contract secured with The Entertainer

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has announced an additional professional services contract with its long-standing client, The Entertainer. Following a year-long trial, The Entertainer is opening in over 800 Tesco stores across the UK & Ireland, alongside a supplier agreement for Tesco stores across Central Europe. Under the contract, The Entertainer will extend its use of itim's Unify

itim Group - Positive year-end update following notable contract announcement

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has provided a positive trading update for the year to 31 December 2023, reporting revenue in line and EBITDA ahead of our expectations, with a notable increase in service revenues as the group looks to shift its focus towards profitability and sustainable cash generation. The recent ‘go-live' of a ‘multi-million' pound contract with Quiz Clothing is a

itim (ITIM) – Contract win and go-live with Quiz clothing

itim has experienced a difficult period in the last couple of years against a challenging retail market backdrop but this morning's announcement is highly encouraging and helps to underpin our forecasts for the current financial year and beyond. We believe that itim's product range is well positioned for an industry transitioning to Omni-channel retail, and the investment made in enabling fashion retailers to adopt The Retail Suite solution should open up a further segment of the retail market f

Itim - Refocus on path to profitability; forecasts reduced on market headwinds

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. H1 results this morning point to a continuation of challenging trading conditions in the group's core retail market, with FY24 and FY25 forecasts adjusted downwards this morning to account for slower than anticipated new customer acquisition. Despite this, H1 revenue increased 9% over H1 2021 to £7.4m, reflecting the benefit of recurring revenue won last year, with ARR at the

itim Group - Full year results in-line with revised expectations

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution to compete successfully with online-only players. The group has this morning released its full year results for the year to 31 December 2022, reporting revenues and earnings in line with our recently adjusted forecasts and showing positive growth in ARR. With contract conversion slower than previously anticipated in the period, revenue is reported to have increased 4% over the

itim Group - Year-end update – forecasts reduced reflecting continued contract delays

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution to compete successfully with online-only players. The group has this morning released an update for the year to 31 December 2022, pointing to revenue marginally below our forecast at £14.0m (WHI est. £14.2m), with EBITDA and PBT similarly expected to be £0.2m below our expectations. ARR in the year increased by c.17% to £13.0m, £1.0m below the company's £14m original stated tar

WH Ireland: itim (ITIM) - Interims – ARR on track but contract timings/increased costs take their toll

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to successfully compete with online only players. The group has this morning released interim results to 30 June 2022, pointing confidence in meeting its stated ARR target of £14m by the end of 2022, this standing at £12.6m as at 30 June 2022. However, with contract timings delayed, a step up in investment to build out the business, alongside wider wage inf

WH Ireland: itim (ITIM) - Full year results in line; ARR run rate approaching £13m

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to compete successfully with online only players. The group has this morning released full-year results in line with February's trading update that pointed to an EBITDA outturn ahead of our previous expectations. Following the results, we leave our forecasts unchanged, looking for ARR moving to £30.0m by FY 2024E from the £11.1m reported, with both new cli

WH Ireland: itim (ITIM) - Contract wins lead to £1.8m rise in ARR

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective omni-channel solution to successfully compete with online only players. The group has this morning announced that it has successfully secured three contract wins, all with new customers, of between three and five years in duration, providing a £1.8m increase in ARR with customers spread across both retail segments and geographies.

WH Ireland: itim (ITIM) - Year-end trading update - FY 2021E EBITDA ahead of expectations

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to successfully compete with online only players. The group has this morning released an upbeat year-end update, pointing to good revenue growth and with the EBITDA outturn for FY 2021E ahead of our forecast. Looking ahead, the Board remains confident of delivering a ‘near doubling' of ARR by 2024 and we leave our FY2022E – FY 2024E estimates unchanged. Wit

itim (ITIM) - Interims - enabling Omni-channel retail excellence in a post-COVID-19 world

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to compete successfully with online only players. Three months on from its IPO, the group has this morning released robust interim results to 30 June, demonstrating positive trading momentum, good progress in building the team for future growth and full year results anticipated in line with our expectations. With an already established customer base and a h

itim Group (ITIM) - Enabling Omni-channel retail excellence in a post-COVID-19 world

itim is a disruptive SaaS-based platform for the retail sector. The COVID-19 pandemic has significantly accelerasted consumer trends towards online-first shopping that had already begun to manifest during the past decade. For store-based retailers, the result is that a clear Omni-channel strategy that provides, for the consumer, a seamless and frictionless personalised shopping experience, no matter the channel of access or location, has gone from a “nice to have” to an “imperative”. itim has de

Morning Note – 24 April 2024

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

Cordel Group plc (CRDL LN) - Encouraging trading update

Cordel has issued a short but positive update for the quarter to the end of March. The Group is making good progress with the contract pipeline and reiterated revenue guidance for the full year. Key relationships with Amtrak, Angel Trains and Network Rail are growing, and Cordel continues to ramp-up business development activity in new and existing markets. Selective hiring to complete the build-out of the team and platform has continued but is nearly complete; operational gearing is now high. T

CML Microsystems+ (CML, House Stock at 373p) - Inventory correction holds back core business

Allenby Capital TMT Update - 29.04.24 - SKL.L, ENET.L, CHSS.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Pinewood Technologies (PINE LN) - Strong results, growth ahead

Pinewood Technologies’ results for the 13 months to 31 January 2024 confirmed good growth in user numbers, revenue and operating profit for the continuing automotive software business. Our unchanged forecasts (see 6 March research) show strong revenue growth, high margins, and good cash generation over the period to FY26 as the Group executes its accelerated growth plan. As of Tuesday this week, Pinewood’s shares are ex-dividend and a 1-for-20 share consolidation is effective, meaning our discou

LIBERUM: 1Spatial: Walk the talk and get SaaSy

PROGRESSIVE: CML Microsystems: Ripples not waves – still on growth course

The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and

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

Record revenue and profitability, FY24 on track

Informa - FY24 off to a good start

Informa’s FY23 results were strong, slightly ahead of guidance at January’s update. Underlying revenues grew 30.4% and adjusted operating margin expanded from 21.9% to 26.8%, with all four operating segments posting underlying revenue progress. The momentum has continued into FY24, and formal guidance has been edged ahead. The group generates significant amounts of cash, and leverage at end FY23 of 1.4x was below the guided range of 1.5–2.5x. With modest investment requirements and M&A opportuni

Hybridan Small Cap Feast - 24 April 24

24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Alphawave Semi - FY23 results, 1Q24 trading update

Following the updated guidance published last week, Alphawave reported a 74% YoY increase in revenue to US$321.7m for FY23 generating adjusted EBITDA of US$62.6m, up 34% YoY. As previewed, bookings in 1Q24 were strong at US$117.9m, up 20% YoY and ahead of guidance. The results release and conference call confirm that revised guidance mainly reflects a more conservative approach to revenue recognition under new CFO, Rahul Mathur, and an acceleration in the pace at which Alphawave is pivoting away

An excellent win, momentum rebuilding

Made Tech has won a material expansion (worth up to £19.5m/2yrs) with a long-standing customer, The Department for Levelling Up, Housing and Communities (“DLUHC”). Coming off the back of a soft H1 bookings performance, we expect this win to materially boost investor sentiment and reassure how notwithstanding a tough backdrop (given an impending general election) MTEC continues to outcompete legacy providers and in-so-doing, grow its share of wallet with large/strategic customers. Landing near FY

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.