Trustpilot - FY23 results – Consensus beat, confirms momentum

Trustpilot delivered an excellent set of results for FY23. The company beat already increased expectations for adjusted EBITDA, reported its first ever net profit and was powerfully net cash generative. That was driven by a strong performance in operating metrics, a bounce back in the growth rate of bookings and other customer metrics, together with a greater focus on delivering bottom line performance. To date, the company has completed more than half of the £20m share buyback which commenced i

Trustpilot - FY23 trading update – Another beat, £20m SBB

Trustpilot has announced another beat to expectations and the implementation of a £20m share buyback programme. The company has guided to full year revenue of US$176m, with annual recurring revenue of US$197m and total bookings of US$195m. Trustpilot expects to report adjusted EBITDA above the US$14.1m top end of the range of market expectations. This was another strong performance from Trustpilot with revenue growth coming in a little better than guidance at the interims and further operational

Trustpilot - Post 1H23 Consensus Update

At its 1H23 results, published a month ago, Trustpilot maintained current guidance for mid-teens constant currency revenue growth YoY for FY23 but again forecast adjusted EBITDA to be above then consensus expectations. That has flowed into revised forecasts with the consensus mean forecast for adjusted EBITDA increased by c25% for 2023-25, a hike in forecasts for free cash flow and with minor changes to expectations for bookings and revenue. Estimates for EPS have turned positive for FY23 and in

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: AZN, PFC, GRG, ECOR, TRST, & IHC.

Trustpilot - 1H23 Results Update

Trustpilot reported results in line with the interim update apart from a further beat to expectations for adjusted EBITDA, notwithstanding the increase in consensus estimates following the update. Guidance for mid-teens constant currency revenue growth for FY23 was maintained but Trustpilot again expects adjusted EBITDA for FY23 to exceed recent upwardly revised expectations which are for a mean of US$6.2m with a high of US$6.6m. For the first time, the company flagged the potential for a return

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: KGF, HL., OCDO, FGP, RSW, TRST, AVCT, ACSO, & SQZ.

Trustpilot - Post 1H23 trading statement consensus update

Further to the positive 1H23 trading update published a month ago, most brokers have now revised their forecasts. With the update, Trustpilot reiterated guidance of mid-teens constant currency revenue growth but advised like-for-like full year adjusted EBITDA would be above the top end of the range of market expectations which then stood at US$4.0m with a mean of US$2.9m. That has prompted modest percentage increases in forecasts for mean bookings and revenue but a more than doubling in the mean

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: ENT, DEC, LXI, TRST, SERE, RQIH, & AAZ.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BDEV, EXPN, DCC, DOM, DOCS, WOSG, DPLM, SPT, TRST, ARIX, RWI, AAZ, POLR, & FCAP.

Trustpilot - Post FY22 results consensus update

Trustpilot recently reported a strong set of FY22 results, comfortably bettering consensus expectations for Adjusted EBITDA. However, in the outlook management guided to YoY revenue growth in the mid-teens percentage at constant currency but with the company moving to Adjusted EBITDA profitability and positive adjusted free cash flow (FCF) in FY23. Following the results, this guidance has been reflected in amendments to broker forecasts. The average revenue forecast has been cut by 5% for FY23 a

Trustpilot - Strong FY22 results, positive guidance; CEO transition

Following the positive trading update published in January, Trustpilot reported a near halving of the EBITDA deficit YoY to $8.6m for the year to December 2022. Adjusted EBITDA was a $(4.4)m loss although the company generated positive Adjusted EBITDA in 2H22 of $1m. Reported financials were negatively impacted by the strength of the dollar but operating metrics were strong, as previously disclosed. Management expects to move to adjusted EBITDA profitability and positive adjusted free cash flow

Trustpilot - FY22 Trading Update Note

On 12th January Trustpilot released a brief trading update for the year to 31st December 2022, which showed 20% growth in annual recurring revenue and 100% net dollar retention – as well as adjusted EBITDA that came in ahead of consensus and zero cash burn in H2. This is impressive and demonstrates resilience in the face of uncertainty and the imminence of breakeven adjusted EBITDA and cash flow. It was well received by the market, and deservedly so.

Trustpilot Initiation Note - Sep 2022

We are delighted to initiate coverage of Trustpilot today. Trustpilot is a market leader in the high-growth global online review market: it's an open, high-trust, consumer-led review platform that's free for consumers and freemium for businesses. The market opportunity is significant, at an estimated $50bn TAM (ex. China). Crucially, businesses can't choose which reviews to publish or hide, and thus Trustpilot provides the most complete picture of consumer experiences. It has renewed its commi

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: SHEL, RSW, WIX, THG, AVAP, TRST, INCE, UOG, & GRE.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: OCDO, FUTR, TRST, PDL, HEIQ, KAV, DELT, MTW, TRR & TM17.

Tracsis - Interims: FY order book visibility and a doubled pipeline

Interims to January are in line with the February TU, and materially unchanged forecasts for the FY July 2024. After the well flagged expected 1H24 revenue movement of -7% (vs 1H23 which had been strengthened by c£2m perpetual licence sales in the US), prospects for the second half are supported by several new contracts that will generate revenue in 2H24, in addition to material contract delivery milestones from existing large projects such as major TRACS Enterprise, Railhub deployments, and Rem

Eleco - FY23 recurring revenue growth of +22%, EBITDA +2% ahead

Eleco’s FY23 results show robust organic recurring revenue growth of +17% with recurring revenue +22% to £20.7m, adj EBITDA +2% ahead of the January update, and a confident outlook with Q1 ARR already at £24.5m vs £22.6m at FY23. At this point, the excellent start to FY24 leads us to reiterate our FY24-26E revenue, adj EBITDA, EFCF, and DPS, and we include the April 2024 acquisition of Vertical Digital in our FY24-26E net cash, as we explain below. As Eleco builds upon the successful acquisition

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

Morning Note – 24 April 2024

LIBERUM: 1Spatial: Walk the talk and get SaaSy

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

LIBERUM: Cerillion: Continued strong trading in 1H

tinyBuild (TBLD LN) - Focused on H2 recovery

tinyBuild’s FY23 results confirmed a sharp drop in revenue and swing into adjusted EBITDA losses, as well as asset impairments and high cash burn. After already making $10m of annualised cost savings, the company continues to run-down its cash balance and now relies on a H2-weighted release schedule to reduce cash outflows.

Morning Note – 23 April 2024

To infinity…

Cerillion has announced a very solid update, as H1 sales and EBITDA are both up 10% y/y to £22.5m and £10.9m respectively, notwithstanding the exceptionally strong base period (sales and EBITDA +27% and +38% resp.). Results therefore point to continued strong customer demand, reflecting how Cerillion’s out-of-the-box product continues to resonate and gain adoption, particularly in a ‘budget conscious’ environment, by offering faster time to market, greater configurability and at a lower cost. Me

Synectics + (SNX, House Stock at 188p) - Positive AGM statement

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

In-line H1, strategic initiatives advancing at pace

As reported in March, underlying EBITDA profitability improved to record levels despite FX headwinds. Further platform and proposition developments were completed, key steps on its digital roadmap, and it has already won 7 contracts YTD. Alongside planned growth in private membership, this will at least offset the loss of one contract. Forecasts are left unchanged today and, as member engagement throttles back up, FX headwinds ease, and proof points of digital efficiency emerge, markets should b

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

Alphawave Semi: FY23 trading update, amended forward guidance

Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H