Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BLUR GROUP PLC. We currently have 20 research reports from 2 professional analysts.
|16Nov16 10:19||RNS||Holding(s) in Company|
|16Nov16 10:18||RNS||Holding(s) in Company|
|03Nov16 07:00||RNS||Q3 2016 Quarterly Business Update|
|10Oct16 07:00||RNS||Expansion of Global Spend Management Platform|
|20Sep16 09:14||RNS||Change of registered address|
|11Aug16 07:00||RNS||Interim Results|
|28Jul16 07:00||RNS||Q2 2016 Quarterly Business Update|
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Research reports on
BLUR GROUP PLC
BLUR GROUP PLC
N+1 Singer - blur Group - Q3 trading update
03 Nov 16
blur saw reduced project volumes in Q3 due to summer seasonality, exaggerated by delayed decision-making following the “Brexit” referendum. Nevertheless, the group delivered its 4th consecutive quarter of improved underlying cash burn, which together with the receipt of $0.4m R&D tax credit resulted in a net cash burn of $0.6m in the period vs. $1.1m in Q2 2016 (excl. FX movements). Cash at the end of period, incl. £0.9m of FX movements was $3.6m and EBITDA was in line with management expectations. We are making no change to forecasts and remain encouraged with deepening engagements with enterprises. Whilst these sales cycles are elongated, securing long-term engagements with these organisations remain key to blur’s path to sustainable profitability.
N+1 Singer - Morning Song 03-11-2016
03 Nov 16
Overall trading for the year appears to have started slightly slowly overall but with underlying revenues making progress and profits flat for the period. Slow profit progress was already expected due to the previously signalled growth orientated investment being made. A material timing change on a Compliance unit contract, strong growth in AXCO and buoyant Health performance bode well for revenue performance looking forward. Visibility levels are said to be good underpinning managements confidence that the group is on track for the year. Wilmington remains a good play on the growth in global regulation and compliance. BUY
N+1 Singer - blur Group - Enterprise conversion holds the key
11 Aug 16
blur’s interims showed significant reduction in EBITDA loss and cash burn, with both more than halving y-o-y. The group continues to have an enterprise-focused strategy to build a sustainable growth model going forward. The group is in pilot phase with a number of large enterprise customers which could lead to wider roll-out programs. There is a hiatus in the development of the group’s revenues until this effort and focus bear fruit. We downgraded revenues but given the focus on costs that was evident in H1’16, we are not making any changes to our EBITDA loss forecasts and our underlying cash (in GBP) is also unchanged. Strong execution of its enterprise-focused strategy remains the key to a sustainable path to growth and profits.
Taking a prudent road
28 Nov 16
As flagged in September, H1 2017 profit is indeed below LY; adj. PBT of £0.5m compares with £1.5m in H1 2016 as Trakm8 invests heavily in new technology and acquisition integration. Management remains confident in another very strong H2 performance and in particular is focused on closing a couple of large high-margin software-related sales which would see the group meeting the original FY 2017 expectations of £5.9m adj. PBT. However, should these fall outside the March year-end, profits are only likely to be in line with last year’s £3.9m, albeit on a growing revenue base. Prudence dictates we assume a worst-case scenario in our forecasts so that surprise is only in the upside – if the deals close in the year, the company will meet those original revenue and profit expectations.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
A data-driven H1 raises expectations
05 Dec 16
The first reporting period under the new D4t4 Solutions brand saw the group (previously IS Solutions) deliver good growth, leaving it well on track to meet PBT forecasts in FY 2017, and we now increase FY 2018 forecasts. The business continues to flourish from its focus on data management and analytics, enabling its international blue-chip client base to gather and gain advantage from the mass of customer data available, utilising the leading-edge Celebrus solution. Industry analysts predict 12% CAGR for the BI & Analytics market through to 2020, and D4t4 is riding this wave of demand.
N+1 Singer - Eckoh - In line interims, US secure payments gathers pace
29 Nov 16
Eckoh delivered interims in-line with expectations. UK growth was 11% whilst the US, reflecting a full period for PSS now accounts for 30% of sales. US Secure Payments wins gathered pace, with much larger contracts being won on SaaS-style pricing models and the pipeline at record levels. With contracts won in the first half feeding through strongly into the second half and given the group’s high level of recurring revenues (76%), the outlook remains positive for the rest of the year and we make no changes to forecasts. Eckoh has exceptional growth opportunities, particularly in the US, and we believe it can convert this to strong shareholder value.
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.