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In Q124 (Dec to Feb), Group net fees were down 6% YoY (all changes at constant currency), reflecting both a strong comparator (with a record level of net fees in Q123) and the ongoing challenging backdrop. The 6% net fee decline would have been 5% excluding restructured businesses.
Companies: SThree plc
H2 Radnor
In FY23, SThree’s net fees (constant currency) declined by 4%, and although the trading environment remains tough, we note that across the last four quarters it delivered a better net fee performance than the average of the quoted UK recruitment peers (Hays, Page and Robert Walters), reflecting its more defensive profile, especially its focus on Contract (82% of net fees) and STEM sectors.
Despite a tricky trading backdrop that has not seen any material improvement over the last three months; SThree’s performance has remained consistent. New business remains soft with Q4 showing no material improvement vs Q3, whilst contract extensions / renewals continue to be a source of relative strength.
The trading backdrop for SThree through the last three quarters has been consistent; a challenging backdrop for new business, offset by resilience in contract extensions and renewals for the contractor order book. Q3 paints a broadly similar picture although the tone of commentary around new business is more optimistic and we can now see a clear sequential net fee improvement between Q2 and Q3 when we adjust for the offices restructured late last year (Ireland, Hong Kong and Singapore).
Liberum
H1 results provide more detail, context and a more up to date take on the trading environment following the Q2 trading update. The results lay clear the extent to which SThree has been able to protect margins (unlike others in the peer group) despite the significant investment in the Technology Improvement Programme, which itself lays the ground for future margin outperformance.
The H1 trading update has confirmed the trends seen in the Q1 update. Contract extensions and renewals continue to outperform initial expectations whilst new business activity remains challenging.
Research Tree provides access to ongoing research coverage, media content and regulatory news on SThree plc. We currently have 523 research reports from 9 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Shore Capital
In a Trading Update for the twelve months to 31 March 2024 Supreme expects to report revenue of c.£225m, and (adj.) EBITDA of at least £38.0m, in line with market expectations, which had been revised upwards during the course of the year and represents almost double the FY23 level. The Group closed the year debt free. Our outlook highlights the extent to which Supreme has expanded, through both acquisition and organic growth during the period. From 2020 to 2024E the Group will have grown sales
Equity Development
Companies: James Latham Plc
SP Angel
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Companies: Ilika plc
Companies: Gattaca plc
Companies: Severfield Plc
22nd 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
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
Companies: Quadrise PLC
VSA Capital
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
Companies: OKEA WDS GALP RHC RHC ENW EOG UJO TRIN I3E SCIR ZPHR SDX CRCL UOG TETY CEG IOX 0EVE CNE VAR TETY VLE GALP OKEA
Auctus Advisors
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