Benefits of the ANZ First strategy are clearly visible and EBITDA margin advanced by 800bps in H1, reflecting the combined benefits of improving gross margin and increased operating efficiency/leverage. With confidence growing, the Board expects EBITDA to be materially ahead of recently upgraded forecasts. MySale is now well placed for a period of sustained profitable growth, which doesn’t appear to be priced in. The Board continues to consider a dual listing in Australia (ASX) to geographically
Companies: MySale Group plc
MySale’s interim results were well flagged in its H1 trading update on 22 January. Solid H1 trading reflects the successful execution of the Group’s ANZ First strategy, driving an impressive turnaround in profitability over the period. Positive momentum has been sustained into Q3, with FY21E EBITDA to be ‘significantly ahead’ of consensus.
Strategic and operational momentum has continued in Q2, and gross margin has increased further. Helped by platform automation and the focus on overheads, operating leverage has driven a A$6m BITDA uplift YoY. While still conservative, we have raised our FY21 EBITDA by A$0.3m, a 21% upgrade on a pre-IFRS16 basis. We also have raised our net cash forecast to A$10m. The investment case hinges around the very substantial growth opportunity in ANZ where the channel shift has accelerated. On good exec
MySale has delivered a striking turnaround in profitability with H1 FY21 EBITDA of A$2.5m up an impressive A$6.1m YOY. We believe this marked turnaround validates its AZN First strategy and signals the Group now has a robust and cash generative operating platform on which it can scale.
MYSL’s online capability and operating flexibility allowed it to navigate CV19 and pivot from loss to profit in Q4, a trend that strengthened in recent FY21 trading with EBITDA margin already 5%. There is substantial potential for MYSL post-CV19 as the channel shift accelerates in ANZ, and by leveraging counter seasonal opportunities and providing brands with access to its ANZ customers. This includes fresher stock at lower discounts/higher margin. Excess inventory in the northern hemisphere is
MySale has announced results for FY20A, a year of significant transformation for the Group with the business restructured, recapitalised and repositioned for sustainable and profitable growth. MySale is now a well invested, inventory light e-commerce platform, backed by a solid balance sheet with no debt and cash of A$15.9m at 31 October. We see potential for significant operational gearing to be realised as the business begins to re-scale its international partnerships and build out a new stock
MySale has proposed a direct subscription to raise c£5.1m (A$9.3m). The new capital is being provided by the founders of Catch.com.au, one of Australia’s most successful online retailers, and should boost confidence in MYSL’s business model and future upside potential. The new holders will have a 9.1% stake. Some proceeds will be invested into its proprietary market place platform. Some may also be used to take advantage of new global branded inventory opportunities, resulting from the pandemic.
Following its strategic pivot to an ANZ-first marketplace platform, MySale’s improved online capabilities and operating flexibility have enabled it to navigate successfully through this period of unprecedented disruption, and to take advantage of the increased online demand in Q4, including in homewares. There are significant opportunities for MySale in a post covid19 world as the channel shift accelerates in its core ANZ markets. Taking advantage of counter seasonal opportunities, and providing
Despite the opportunities for MySale’s digital marketplace platform presented by sector inventory/supply chain disruption + a rapid online channel shift, there can be no assurances that the recent sales surge is sustained. Indeed NZ rules changed today. Given the uncertainty, the Board is sensibly adopting a prudent approach and has taken immediate steps to preserve its cash position and has at its disposal numerous levers to reduce costs and manage cashflow until certainty re-emerges.
Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets through its subsidiaries Calvin Capital and Lowri Beck . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. Expected Admission February 2020 The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States
Companies: STKR DBOX CLL EME MSYS AEE MYSL THR TEK ECR
MySale is executing a clear strategy, focused on the sizeable ANZ market. It is leveraging its proprietary Marketplace platform, which is highly cost efficient, scalable and inventory light. Also the balance sheet is now debt free and cash positive. This facilitates execution of the strategy through to positive EBITDA next year. The new strategy has a near zero risk approach to inventory, and the release of stock/receivables tied up by its previous own buy/wholesale activities is progressing wel
Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019 Expected market cap of £36.5m Argentex a UK-based forex service provider founded in 2011 by its current management team which operates as a Riskless Principal for nonspeculative and forward foreign exchange as structured financial derivatives is looking to join AIM. Offer TBC
Companies: SO4 VEL THR TERN SENS TILS MYSL SIXH IMMO
Following the RNS 2 weeks ago, MySale has today confirmed the disposal to Brandalley UK of its UK business Cocosa has completed (for £1.5m). The review of its SE Asia operations, which generated c11% of group revenue in FY18 (and incurred a loss) is ongoing. This is in line with the group's strategy to rationalise its non-ANZ divisions and focus on its sizeable core ANZ markets where there is significant growth potential. However, the update indicates current trading remains challenging and that
Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. Offer TBC, expected 29 May 2019. Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its in
Companies: SAR MYSL SEE BLV IND ERGO DDDD AEO
MySale has agreed the disposal of Cocosa to Brandalley UK for £1.5m. Although small, the disposal is accretive as Cocosa incurred a loss before tax of A$0.4m in the year to June 2018. This disposal is in line with the group's strategy to rationalise its non-ANZ divisions and focus on its core and sizeable ANZ markets where there is significant growth potential. Completion of the disposal is expected on 9 May. Prior to this transaction the stock was trading on 0.15x EV/sales and, given some accre
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An in-line update for FY21E means that losses have been contained by management's action on the cost base. Losses are not materially higher than in FY20A and sequential growth shows that revenues are recovering rapidly. With an identifiable pipeline of commercial opportunities, we see capacity for upside risk to financial forecasts to emerge this year.
Companies: Kromek Group Plc
Highlights of FY21 are 43% c/c ARR growth at SwipedOn, routes to market for Space Connect signed and delivering, and significantly reduced burn. Q1 trading looks promising, with SwipedOn ARR 9% since year-end and Space Connect’s pipeline doubling to £1.2m. Looking forward, SMRT’s desk and meeting room booking tools are ideally suited to the emerging hybrid workplace (more employees than desks). We also note initiatives to narrow the price discount with competitors and target customers with more
Companies: Smartspace Software Plc
Today's news & views, plus announcements from MRW, CPI, UAI, MGP, BGO, JOUL, ANG, THG
Companies: Bango plc
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
Companies: ADME RTC SAV DFCH HUW TEG ANIC KOO MIRI SPSY
Virgin Wines has upgraded its sales and EBITDA margin outlook for FY’21E (ending June), driven by continuing strong demand from both new and existing customers over Jan-Apr 2021. The company now expects sales of at least £73m in FY’21E, 4% ahead of our estimates, and an improvement in EBITDA margin (we upgrade +30bps to 8.6%) which leads to a 9% FY’21E EPS increase. We leave FY’22E estimates unchanged for now mindful of the uncertainty around consumer behaviour as lockdowns ease. However it is l
Companies: Virgin Wines UK PLC
In its AGM trading update GetBusy has revealed a recurring revenue growth of 12% in the four months ended 30th April and total revenue growth of 10%, on a constant currency basis. This suggests that full year growth will at least meet our forecast of 7%. Net cash was strong at £2.1m, compared to our £1.3m full year forecast. Growth was driven mainly by SmartVault which saw a 44% increase in the value of new business in the period. The GetBusy product has recently launched on the NetSuite App sto
Companies: GetBusy Plc
Belluscura plc intends to seek admission of its entire issued and to be issued share capital on the AIM market of the London Stock Exchange towards the end of May. The company will be seeking to raise £15m in a conditional placing of shares at a price between £0.42-0.48/shr, which is expected to translate to a post-money valuation of £50-55m.
Companies: Tekcapital Plc
After a quiet 1 st half (p/e Oct’21) due to the pandemic, Kromek is now enjoying a powerful rebound for its next generation, radiation detectors from existing & new medical (eg BMD, SPECT), nuclear (D3S) & security screening (Airport baggage/bottles) customers. Saying today that FY’21 results would be “in line with expectations”, with the Board equally being “excited” about the near-term prospects for its ground-breaking, biological threat detector. These mobile or static devices continuously te
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
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Gaming Realms is a creator and licensor of innovative games for mobile, operating in the UK, US, Italy and Canada. Flagship brand Slingo® is a popular and unique game genre combining elements of slots, bingo and table gameplay. These games are licensed by some of the world’s biggest online gaming operators, including DraftKings, Sky Betting & Gaming and GVC, and distributed directly to operators or via global partners such as Scientific Games using the company's proprietary Remote Game Server pl
Companies: Gaming Realms PLC
Ahead of today’s AGM, Luceco raises guidance due to further share gains in WA & an earlier than expected demand improvement for LED projects from the commercial construction sector. The group expects 1H21 sales of £105m up 43% and a doubling of & adj OP to £18m, 5% above prior forecasts, supported by robust action on cost inflation. We now expect a stronger 2H21 and raise our FY 22 estimates by 8%. Accordingly, we raise our TP to 350p.
Companies: Luceco PLC
With headline figures already disclosed, the key feature of WANdisco’s FY20 results is the outlook. The commentary is largely unchanged from March (see Capital raising and Snowflake partnership). Following the integration of LiveData with leading cloud vendors and the recent signing of major partnership deals, all the pieces are now in place for a big acceleration in growth in FY21. The company reiterated FY21 sales guidance of ‘at least $35m’ and its focus is now on execution. We make no change
Companies: WANdisco Plc
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se
Companies: SYM CGNR EKF KBT GGP VLS TMO ECK B90 MDZ
SMRT has released an encouraging y/e update, announcing expected revs of £4.6m (PY: £5.1m) and within which, SaaS revenue (from SwipedOn and Space Connect) has almost doubled from £1.3m to £2.3m. ARR also reflects this progress - £2.9m at y/e, ~+60% y/y gr‘th. Additionally, closing gross cash of £4.5m (~£4.1m net) highlights progress on profitability, as implies £2.3m of FCF burn - materially better than FY20. On current trading, SMRT note a “noticeable increase in activity“ driven by customers
Rapid antigen or lateral flow tests are being rolled out in the UK with 11m used in April so far. We expect this to ramp up with government policy implying 114m per week. By similar maths, the major European nations will require over a billion tests per month. However, reading these tests can be difficult and lead to false negatives. Sensyne’s MagnifEye app provides a novel solution to this. Through its partner, Excalibur Healthcare, it receives a royalty with the theoretical potential for this
Companies: Sensyne Health Plc
