AGM Trading Update

National World has released a Trading Update for the 21 weeks to May that indicates trading is in line with expectations and we maintain our PBT/EPS estimates.

FY22 Results update

National World has reported FY22 results ahead of our expectations and we maintain our PBT/EPS forecasts of £9.0m/2.5p for 2023.

FY22 Trading Update

National World has reported a strong Trading Update, we increase our PBT/EPS estimates by +11% for FY22 and +7% in 2023, with higher interest income, digital revenue & cost estimates.

Interim results update

National World reported interim results that were well ahead of our estimates and despite the challenging macroeconomic environment we maintain our FY22 estimates.

AGM update

National World has released a very robust AGM update and we maintain our FY22 estimates.

2021 results

National World reported FY21 results well ahead of DCe and aided by a robust start to the year we maintain our 2022 forecasts despite input price inflation.

National World - Trading Update

National World has reported a very robust FY trading update and we raise our EPS forecasts by +30% for FY21 and +9% for 2022. The operational transformation implemented by National World has improved the revenue performance of JPI Media more quickly than we had expected, with H2 revenues broadly flat compared with 2020, with +20% growth in Digital offsetting the -3% fall in Print. The group expects FY21 revenues of £85m, compared with DCe £83m and this stronger revenue performance has flowed thr

Interim results update

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

Trading update

National World has released an encouraging trading update for the 21wks to 29th May which details the progress being made on the strategy to Localise, Energise, Digitise, Monetise the JPI Group assets. The JPI Group management structure has been delayered and flattened, delivering annualised savings of £4m and the group is on track to deliver at least £5m of annualised savings during 2021. Cash management has been particularly strong, with net cash of £17m at the end of the period ahead of expec

Localise, Energise, Digitise, Monetise

National World was founded by David Montgomery in May 2019 with Vijay Vaghela joining in July 2019. The group was formed to replicate the commercial strategy successfully employed by Local World, but on a larger scale and with a broader range of media assets. The group will create a new platform for news publishing by implementing a new operating model powered by state of the art technology. It acquired JPI Group for £10.2m in January, which will provide the platform to launch online products an

Initial Equity Trading Comments - 15 May 2023

Morning Note – 11 May 2023

Morning Note – 5 June 2023

Hybridan Small Cap Feast - 06 Jun 23

6th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Morning Note – 1 June 2023

Improving visibility

Hybridan Small Cap Feast - 07 Jun 23

7th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Altitude Group (ALT LN) - Trading update highlights strong start to FY24

Altitude has released a trading statement this morning confirming FY23 results will be at least in line with Zeus’ recently upgraded forecasts and trading in the first few weeks of FY24 has been strong. The upgrades put through at the time of the last update (28th March) were predicated on new contract wins in the Adjacent Markets Programmes (AMPs) leading to an increase in EBITDA expectations of 11.9% in FY24 and 24.2% in FY25. The contracts underpin the strong start to the new financial year b

Cenkos: Shearwater Group Plc -- Trading Update

Shearwater Group has released a trading update following the profits downgrade which was issued on 31 March 2023. The company reiterates FY23E guidance, and we maintain our FY23E forecasts for revenue and EBITDA. Today's statement confirms the company is experiencing improved trading in the current financial year. We have reviewed our assumptions and we introduce FY24E and FY25E forecasts, reflecting a recovery in revenue generation and profits. We maintain a BUY rating and 105p fair value.

Auto Trader (AUTO LN) - Strong growth from core business

Auto Trader’s FY23 results last week showed continued strong performance from its core marketplace business despite constrained supply in new and used vehicles.

Cenkos: LoopUp Group Plc -- Upgraded FY23E forecast

LoopUp, the premium hybrid communications cloud platform provider has released unaudited preliminary results to December 2022. Revenues were £16.5m (FY21A:£19.5m), a YoY decline of 15.4% driven by the structural decline in the meetings business coupled with a decline in the third-party resale services channel. Adjusted EBITDA of £(0.9)m was behind the prior year (FY21A: £1.2m), but ahead of our £(1.1)m forecast. We update our FY23E forecasts to reflect an uplift in the Meetings business, and rel

Morning Note – 8 June 2023

Staying the course

Hybridan Small Cap Feast - 18 Apr 23

18 April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

GENinCode - FY 2022 in line; US regulatory filing and product launches in FY 2023

GENinCode's (GENI's) portfolio of clinical genomic tests provides information to enhance standard risk assessment and diagnosis of cardiovascular disease (CVD), which is the highest cause of death globally (over 18 million deaths per annum). FY 2022 financials were in line European/UK revenues of £1.4m, EBITDA loss £5.6m reflecting the scale up of commercial plan, net cash at £9.7m ahead of our £8.4m estimate. The focus is delivering key regulatory and commercial milestones, notably 510k submiss