Since the late 17th century, when the National Debt – effectively today’s public sector net debt (PSND) – was virtually nil, it has fluctuated widely, with financing various wars being the key factor. PSND soared on the back of the Napoleonic Wars, before falling during much of the 19th century. But the onset of World War 1 (WWI) in 1914, and especially of World War 2 (WWII) in 1939, saw PSND reach record levels.
Companies: ARBB ARIX BBGI E7F0 DNL FLTA ICGT OCI PCA PIN RECI STX SPO SCE TRX VTA
AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly derisked the project. Now, AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE marking. In its recent technical update, the company highlighted progress made over the past three months towards a ful
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN RECI STX SPO SCE TRX VTA
Filta announced FY’20 results in line with expectations. We are not changing the forecasts we published last month. What is clear is that the business has performed robustly during COVID-19, adding new clients and becoming an important part of its clients’ processes. With business levels back to 70% of pre-COVID-19 levels and with its largest clients yet to reopen, Filta is emerging from this fog stronger than ever. Assuming there is no reversion to widescale lockdowns, our forecasts should prov
Companies: Filta Group Holdings PLC
For investors, the UK telecoms sector has presented immense challenges. Having boomed in the 1990s, mainly on the back of mobile telephony growth rates, telecom shares subsequently fell back sharply, as major debt concerns predominated. With Cable & Wireless (C & W) having exited, the UK sector now consists of little more than British Telecom (BT), privatised in 1984, and Vodafone, which was founded in the early 1980s.
Companies: ARBB BBGI CLIG FLTA OCI PCA PIN RECI SPO SCE VTA YEW
Filta Group (Filta) announced FY’20 results in line with expectations. We are not changing the forecasts we published last month. What is clear is that the business has performed robustly during COVID-19, adding new clients and becoming an important part of its clients’ processes. With business levels back to 70% of preCOVID-19 levels and with its largest clients yet to reopen, Filta is emerging from this fog stronger than ever. Assuming there is no reversion to widescale lockdowns, our forecast
Despite the pandemic causing major disruption to many of the group's customers, Filta navigated FY20A well, generating positive Adj EBITDA (£1.1m) and FCF (£0.8m). Successful vaccination programmes in Filta's core USA and UK markets are enabling venues to steadily reopen. With consumers sitting on record levels of savings, and there being significant pent-up demand for leisure activities that Filta service (eg restaurants, sports venues etc), the outlook appears increasingly positive for the gro
In the past few weeks, all the listed multi-national pharmaceutical companies have reported results for 2020, which has given us the opportunity to update our industry statistics and drug database. This report provides the first, snapshot publication of global and US rankings of the top 20 drug companies for 2020. Comparisons are made with historical data to show how different company strategies have evolved. In addition, summary analysis has been provided for the sales evolution of therapeutic
Companies: AVO ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PXC RECI STX SCE TRX VTA YEW
Filta Group (Filta) announced that it had remained EBITDA-positive in 2020, despite most of its customers closing for part of the period and revenue falling by a third. Net debt fell to £0.5m. The US reopening is accelerating, while the UK is due to follow in April. Filta has used the period to reduce costs and improve its business model. We expect it to emerge as an even better business as COVID-19 is tamed. Our forecasts are reinstated: we see 2021 EBITDA similar to 2018, and we estimate a rec
Despite the significant impact COVID-19 had on many of the group's customers in FY20E, Filta was able to report positive EBITDA (c£1m) and an improved net debt position. Group run-rate revenues are now at c60-65% of FY19A levels, and with the successful roll-out of vaccine programmes across the group's key markets (US and UK), the outlook appears increasingly positive for Filta. Given the improving visibility, we reinstate forecasts (FY21E and FY22E Adj EBITDA of £2.8m and £4.5m respectively), a
UK railway privatisation, which was launched in the mid-1990s, has finally turned full circle: the Department of Transport has recently confirmed that its controversial railway franchise system will be scrapped.
In this month's feature article, Nigel Hawkins, the Infrastructure analyst at Hardman & Co, examines the 25-year history of railway privatisation and chronicles its ups and its downs. The successes of railway privatisation, such as new rolling stock, are addressed, along with the ma
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In the past two years, since Hardman & Co first started to target the IC sector, we have heard many managers of ICs and boards talk of the growth of the retail investor on their registers. Many have approached Hardman & Co for help in addressing this market, since we have a unique strength in this field relative to other providers.
Companies: AVO ARBB BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX TRX VTA YEW
Research Tree provides access to ongoing research coverage, media content and regulatory news on Filta Group Holdings PLC.
We currently have 56 research reports from 4
Volex has issued a positive AGM trading update highlighting that it expects to deliver underlying operating profits for FY22E slightly ahead of current market expectations. It notes that the levels of customer demand it experienced in H2 FY21 has continued in Q1 FY22E. Cash generation remains robust and management continue to advance acquisition opportunities, which we expect to deliver future accretion. We have upgraded our adjusted operating profit estimates by c.5% and see Volex as well place
Companies: Volex plc
Ince has reported resilient results for FY21 considering the COVID pandemic with revenue growth YoY driven by International offices. With the cost base and financial position now stabilised, good earnings growth from FY22 onwards should be achievable. We reinstate forecasts to reflect a robust platform for progress at the Group and set our new target price at 100p which we think appropriately reflects the Group's near-term trough earnings and medium term earnings power based on current assumptio
Companies: Ince Group plc
Powerhouse’s AGM statement has set revised timing for the completion of its first project at the Protos site with a 2023 completion now expected. With the company adding key resources the new timetable is being de-risked in our view and the loan from the company to the project has already reduced supply chain risk on key equipment lead times. While we will review our forecasts for the new timing, we think the company is making real progress towards establishing its technology and we see the addi
Companies: Powerhouse Energy Group PLC
Directa announced a significant contract win yesterday, its second major contract with OMV Petrom for waste treatment services using Grafysorber. The four year contract has a total value of €3.2m (c.€0.8m per annum from August 2021). This provides underpinning for current forecasts and builds on recent contract momentum. Meanwhile, there has been further success at the Olympics for cyclists wearing jerseys printed with Directa’s graphene (the Planar Thermal Circuit). The medal haul so far is fiv
Companies: Directa Plus Plc
Plant Health Care has released a trading update for the first half with a trajectory of demand which suggests a good second half to come, traditionally the seasonally stronger part of the year. The Board expects FY trading to be in line with management expectations so we believe our forecasts are well underpinned with considerable upgrade potential given the current market trends. Buy
Companies: Plant Health Care PLC
Epwin seems to exist under the radar screen. The stock trades at some of the lowest valuation multiples in the sector (FY22F PER = 11.2x, DY = 4.4%) and, for the second time in 3 months, we have significantly upgraded our earnings forecasts due to continued strength in RMI (Repair/ Maintenance/ Improvement) demand and robust margin development. House Stock.
Companies: Epwin Group PLC
ADX Energy (ADX AU) C: Target of A$0.040 per share: High impact newsflow in 2H21 - 2H21 will be very important for the company with significant upcoming newsflow. In our view, the most meaningful eventis the drilling of the Anshoff well in Austria. We were previously anticipating that the company would need a farm-in partner to fund the well. However, in the context of the current high oil price, >A$4 mm in cash at the end of June and
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Simec Atlantis (SAE) have confirmed that their largest shareholder, SIMEC UK Energy Holdings Limited are no longer in receivership.
Companies: SIMEC Atlantis Energy Ltd.
Mpac has announced that Mpac Lambert has signed a contract with FREYR Battery to supply casting and unit cell assembly equipment for the battery cell production line at FREYR’s Customer Qualification Plant in Mo i Rana, Norway.
Companies: Mpac Group PLC
At its recent capital markets day, Checkit outlined the opportunity to supply its intelligent operations management software to the deskless worker market, a currently underserved market for productivity software. The product development roadmap features supporting iOS devices, increasing integration with other systems and enhancing the platform’s data analytics capabilities. Management is focused on driving adoption of its end-to-end solution in Europe and increasingly in the US.
Companies: Checkit plc
FY21A results are in-line with earlier guidance and imply a stronger second half from a COVID-19 challenged year. Fulcrum is reverting back to a classic contractor model, now focused on margin and cash generation within its core markets, which are benefitting from long-term growth drivers related to the UK's transition to net-zero. A recent strong pick-up in larger contract wins, on top of an order book of £56m in near-term jobs, sets the company up for a financial rebound from FY21A. We see thi
Companies: Fulcrum Utility Services Ltd
Companies: Babcock International Group PLC
Plant Health Care has announced that it has signed a distribution agreement with leading distributor Agrii in the UK for exclusive access to the biostimulant Harpin αβ in all crops in the UK. In the UK Harpin αβ has been sold on a small scale for 14 years, under the brand name ProAct®. It has shown to have exceptional grower benefits particularly in the amenity (turf) market and potatoes and Plant Health Care has been working with Agrii for several years to establish the grower benefits of Harpi
Confirmation of a strong year in tough circumstances
Ince has achieved a significant result in FY21, with revenue breaching £100m, new offices having been opened in Cyprus and Abu Dhabi, the fee-earning team having expanded materially, and its proprietary practice management system having been rolled out across most of this large global group.
COVID has clearly had an impact on some aspects of its financial performance, but we believe it has been navigated well, and Ince is now positioned
Since Epwin reintroduced guidance back into the market in September 2020 demand has consistently exceeded expectations. This has continued in H1 FY21 with today’s statement indicating that profit before tax for the current will be materially ahead of current expectations. The strength of trading in the first seven months of the year lead to an 11% upgrade in revenue and a 17% increase in profitability to £12.9m (prev. £11.0m). Raw material and cost input pressures lead to more conservative incre