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  • 22 Mar 19
Recapitalised group sees revenues grow

Maistro issued full year results for FY’18 highlighting revenue growth of 154% to £1.5m. Revenue growth was primarily driven by traction with its core customer (Revenues: £0.9m; 2017: £0.0m) fitting with management’s new, targeted ‘land and expand’ strategy. Cash-burn remained stable at £2.1m. During FY’18 the group completed a successful share issue raising £2.1m net of fees; the cash balance stood at £1.1m at year-end, with £0.9m of the raise collected in early 2019. We are encouraged by continued strong growth; however execution remains key, with performance against management’s strategic goals required to unlock value potential.

Companies: Maistro
  • 22 Mar 19
Recapitalised group sees revenues grow

Maistro issued full year results for FY’18 highlighting revenue growth of 154% to £1.5m. Revenue growth was primarily driven by traction with its core customer (Revenues: £0.9m; 2017: £0.0m) fitting with management’s new, targeted ‘land and expand’ strategy. Cash-burn remained stable at £2.1m. During FY’18 the group completed a successful share issue raising £2.1m net of fees; the cash balance stood at £1.1m at year-end, with £0.9m of the raise collected in early 2019. We are encouraged by continued strong growth; however execution remains key, with performance against management’s strategic goals required to unlock value potential.

Companies: Maistro
  • 27 Sep 18
Morning Song

Clinigen Group (CLIN LN) FY results in line, further acquisitions & placing | CVS Group (CVSG LN) Reassuring tenor to FY18 finals | Halfords Group (HFD LN) New strategic vision launched to build on existing strengths | Itaconix (ITX LN) Focused on commercial progress following recent fundraise | Maistro (MAIS LN) Momentum continuing to build into H2’18 and beyond | Urban&Civic (UANC LN) Contracting parcels, positive developments towards planning | Vp (VP/ LN) Positive H1 update highlights further good progress | Zinc Media Group (ZIN LN) Strategy boosts visibility and quality

Companies: CLIN CVSG HFD ITX MAIS UANC VP/ ZIN

  • 27 Sep 18
Morning Song

Clinigen Group (CLIN LN) FY results in line, further acquisitions & placing | CVS Group (CVSG LN) Reassuring tenor to FY18 finals | Halfords Group (HFD LN) New strategic vision launched to build on existing strengths | Itaconix (ITX LN) Focused on commercial progress following recent fundraise | Maistro (MAIS LN) Momentum continuing to build into H2’18 and beyond | Urban&Civic (UANC LN) Contracting parcels, positive developments towards planning | Vp (VP/ LN) Positive H1 update highlights further good progress | Zinc Media Group (ZIN LN) Strategy boosts visibility and quality

Companies: CLIN CVSG HFD ITX MAIS UANC VP/ ZIN

  • 06 Sep 18
Small Cap Breakfast

Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due late Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m. Offer TBA. Due Mid September Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa

Companies: EML BBSN GHH CNS BOTB OCI CDGP CNIC MAIS AQX

  • 06 Sep 18
Small Cap Breakfast

Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due late Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m. Offer TBA. Due Mid September Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa

Companies: EML BBSN GHH CNS BOTB OCI CDGP CNIC MAIS AQX

  • 01 Mar 18
Much improved H2’17 performance

Maistro reported an encouraging FY’17 set of results that show the group is on a much improved trajectory, led by the new Board (appointed in July 2017) and supported by a much stronger balance sheet. Revenues for the group materially increased (164%) in the second half of 2017 compared with the first half of 2017 driven by improved engagement with Enterprise customers particularly in the UK and Eurozone. Adjusted LBITDA reduced 25% to $2.7m with a cash balance at year end of $3.3m following two share placings. The outlook is positive and the group believes it can build on the progress made in H2’17 into 2018 and beyond as Enterprises seek innovation to improve their corporate buying processes.

Companies: Maistro
  • 01 Mar 18
Much improved H2’17 performance

Maistro reported an encouraging FY’17 set of results that show the group is on a much improved trajectory, led by the new Board (appointed in July 2017) and supported by a much stronger balance sheet. Revenues for the group materially increased (164%) in the second half of 2017 compared with the first half of 2017 driven by improved engagement with Enterprise customers particularly in the UK and Eurozone. Adjusted LBITDA reduced 25% to $2.7m with a cash balance at year end of $3.3m following two share placings. The outlook is positive and the group believes it can build on the progress made in H2’17 into 2018 and beyond as Enterprises seek innovation to improve their corporate buying processes.

Companies: Maistro
  • 01 Mar 18
Morning Song

accesso Technology (ACSO LN) First healthcare partnership | Clinigen Group (CLIN LN) Downgrades irritating, mask more important progress | IDOX (IDOX LN) First steps to rebuilding confidence | IndigoVision Group (IND LN) Period of stabilisation targeted | Maistro (MAIS LN) Much improved H2’17 performance | Nichols (NICL LN) Finals highlight another year of excellent top-line execution | Redde (REDD LN) Growth from new relationship, 3-8% EPS upgrades

Companies: ACSO CLIN IDOX IDOX IND MAIS NICL REDD

  • 01 Mar 18
Morning Song

accesso Technology (ACSO LN) First healthcare partnership | Clinigen Group (CLIN LN) Downgrades irritating, mask more important progress | IDOX (IDOX LN) First steps to rebuilding confidence | IndigoVision Group (IND LN) Period of stabilisation targeted | Maistro (MAIS LN) Much improved H2’17 performance | Nichols (NICL LN) Finals highlight another year of excellent top-line execution | Redde (REDD LN) Growth from new relationship, 3-8% EPS upgrades

Companies: ACSO CLIN IDOX IDOX IND MAIS NICL REDD

  • 23 Nov 17
N+1 Singer - blur Group - Trading update – making progress

Blur issued a positive trading update indicating revenue and gross profit making quarter on quarter progress. The group also talked about an increasing rate of repeat business and the addition of significant new customers though usage of the platform builds up over time. With cash balances at 22 Nov 2017 of £2.7m, the group has sufficient working capital to fund its strategy over the next coming years. We continue to believe there is a strong opportunity to provide enterprises with a technology platform that brings efficiency and transparency in the procurement of business services.

Companies: Maistro
  • 23 Nov 17
N+1 Singer - blur Group - Trading update – making progress

Blur issued a positive trading update indicating revenue and gross profit making quarter on quarter progress. The group also talked about an increasing rate of repeat business and the addition of significant new customers though usage of the platform builds up over time. With cash balances at 22 Nov 2017 of £2.7m, the group has sufficient working capital to fund its strategy over the next coming years. We continue to believe there is a strong opportunity to provide enterprises with a technology platform that brings efficiency and transparency in the procurement of business services.

Companies: Maistro
  • 23 Nov 17
Small Cap Breakfast

Belluscura— Provider of premium medical devices at value prices to address part of the global unmet need for affordable, premium quality medical devices. Raising £7.5m to £10m. Offer TBA. Due early Dec Ten Lifestyle Hldgs - Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20m in the year ended 31 August 2015 to £33m in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer TBA, expected 27 Nov 2017. Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native invideo advertising . 2016 rev £0.7m and £7.3m operating loss. Offer TBA Keystone Law Group— full service law firm with over 250 self-employed lawyers . Due 27 Nov. Raising £10m at 160p. Mkt Cap £50m. Revenue of £25.6 million and EBITDA of £2.1 million. In FYJan17. Beeks Financial Cloud -niche cloud computing and connectivity provider for automated (algorithmic) trading in Forex and Futures financial products . Raising £7m. Mkt Cap c.£24.5m. Due 27 Nov. FYJun17 rev £4m. Profitable at operating level. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected mid November.

Companies: RGL IDEA MAIS MED TILS YGEN MOGP NTOG CALL ANR

  • 23 Nov 17
Small Cap Breakfast

Belluscura— Provider of premium medical devices at value prices to address part of the global unmet need for affordable, premium quality medical devices. Raising £7.5m to £10m. Offer TBA. Due early Dec Ten Lifestyle Hldgs - Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20m in the year ended 31 August 2015 to £33m in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer TBA, expected 27 Nov 2017. Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native invideo advertising . 2016 rev £0.7m and £7.3m operating loss. Offer TBA Keystone Law Group— full service law firm with over 250 self-employed lawyers . Due 27 Nov. Raising £10m at 160p. Mkt Cap £50m. Revenue of £25.6 million and EBITDA of £2.1 million. In FYJan17. Beeks Financial Cloud -niche cloud computing and connectivity provider for automated (algorithmic) trading in Forex and Futures financial products . Raising £7m. Mkt Cap c.£24.5m. Due 27 Nov. FYJun17 rev £4m. Profitable at operating level. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected mid November.

Companies: RGL IDEA MAIS MED TILS YGEN MOGP NTOG CALL ANR

  • 01 Aug 17
N+1 Singer - blur Group - FY results, awaiting update from the new Board

blur reported FY 2016 results showing revenue of $0.83m, adjusted LBITDA of $3.6m and year end cash of $2.5m. The group’s transition to an enterprise-only strategy ceased direct marketing activities at the SME market whilst long sales cycles in the enterprise space meant revenues developed slowly. Significant reductions in cost helped to keep the loss in line with expectations and reduce cash burn. On July 7 2017, the group announced a successful placing raising £1.75m (before expenses) and with it, a refresh of the Board. The new Board is currently conducting a review of the business and during this period, we are suspending our forecasts and will re-publish them in due course. We continue to believe there is a highly attractive opportunity for a platform providing automation for the enterprise procurement process, particularly in services. There group continued to make positive progress in 2017 and we await the update from the new Board as to its strategy to best convert the opportunity.

Companies: Maistro
  • 01 Aug 17
N+1 Singer - blur Group - FY results, awaiting update from the new Board

blur reported FY 2016 results showing revenue of $0.83m, adjusted LBITDA of $3.6m and year end cash of $2.5m. The group’s transition to an enterprise-only strategy ceased direct marketing activities at the SME market whilst long sales cycles in the enterprise space meant revenues developed slowly. Significant reductions in cost helped to keep the loss in line with expectations and reduce cash burn. On July 7 2017, the group announced a successful placing raising £1.75m (before expenses) and with it, a refresh of the Board. The new Board is currently conducting a review of the business and during this period, we are suspending our forecasts and will re-publish them in due course. We continue to believe there is a highly attractive opportunity for a platform providing automation for the enterprise procurement process, particularly in services. There group continued to make positive progress in 2017 and we await the update from the new Board as to its strategy to best convert the opportunity.

Companies: Maistro
  • 07 Jul 17
Small Cap Breakfast

Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 July NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission. Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.

Companies: FUTR UKOG THR NSCI DX/ MAIS PHD LWLG COS

  • 07 Jul 17
Small Cap Breakfast

Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 July NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission. Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.

Companies: FUTR UKOG THR NSCI DX/ MAIS PHD LWLG COS

  • 23 Jun 17
N+1 Singer - Morning Song 23-06-2017

ABZA (ABZA) Supported by capacity shortage and CDMO M&A | blur Group (BLUR LN) Update on financing, business plan and current trading | Marston’s (MARS LN) Updated forecasts & view

Companies: MARS MAIS ABZA

  • 23 Jun 17
N+1 Singer - Morning Song 23-06-2017

ABZA (ABZA) Supported by capacity shortage and CDMO M&A | blur Group (BLUR LN) Update on financing, business plan and current trading | Marston’s (MARS LN) Updated forecasts & view

Companies: MARS MAIS ABZA

  • 23 Jun 17
N+1 Singer - blur Group - Update on financing, business plan and current trading

With blur’s cash at 31 May 2017 standing at $1.14m, the group conducted market soundings with new and existing potential cornerstone investors to see if it can secure additional funding. On conclusion of some of these initial discussions, the proposed investment terms included a number of onerous conditions which the board considered to be not in the best interest of shareholders. As such, it is currently evaluating alternative sources of near-term funding, which may or may not be forthcoming within four to six weeks. blur is continuing to execute on its enterprise customer strategy, remains engaged with a number of customers, continues to control costs with Q1 performance in line with expectations; however, it is clear that protecting/shoring up the equity value can only be achieved by securing additional funding.

Companies: Maistro
  • 23 Jun 17
N+1 Singer - blur Group - Update on financing, business plan and current trading

With blur’s cash at 31 May 2017 standing at $1.14m, the group conducted market soundings with new and existing potential cornerstone investors to see if it can secure additional funding. On conclusion of some of these initial discussions, the proposed investment terms included a number of onerous conditions which the board considered to be not in the best interest of shareholders. As such, it is currently evaluating alternative sources of near-term funding, which may or may not be forthcoming within four to six weeks. blur is continuing to execute on its enterprise customer strategy, remains engaged with a number of customers, continues to control costs with Q1 performance in line with expectations; however, it is clear that protecting/shoring up the equity value can only be achieved by securing additional funding.

Companies: Maistro
  • 08 Feb 17
Small Cap Breakfast

Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.

Companies: KWS CKT DPP RRL DSG AURA MAIS FLOW TLY KOD

  • 08 Feb 17
Small Cap Breakfast

Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.

Companies: KWS CKT DPP RRL DSG AURA MAIS FLOW TLY KOD

  • 10 Oct 16
blur Group - Expansion of Global Spend Management Platform
blur-group-expansion-of-global-spend-management-platform-10-10-2016
  • 10 Oct 16
blur Group - Expansion of Global Spend Management Platform
blur-group-expansion-of-global-spend-management-platform-10-10-2016
  • 11 Aug 16
blur Group - Interim Results
blur-group-interim-results-11-08-2016
  • 11 Aug 16
blur Group - Interim Results
blur-group-interim-results-11-08-2016
  • 11 Aug 16
AIM Breakfast

AKERS BIOSCIENCES INC (AKER US) | ASA RESOURCE GROUP PLC (ASA LN) | BLUR GROUP PLC (BLUR LN) | GRIFFIN MINING (GFM LN) | LIDCO GROUP (LID LN) | NORICUM GOLD LIMITED (NMG LN) | PREMIER TECHNICAL SERVICES GRP LTD (PTSG LN) | PROACTIS HLDGS (PHD LN) | VALIRX PLC (VAL LN)

Companies: VAL ASA GFM MAIS NMG PTSG LID PHD AKR

  • 11 Aug 16
AIM Breakfast

AKERS BIOSCIENCES INC (AKER US) | ASA RESOURCE GROUP PLC (ASA LN) | BLUR GROUP PLC (BLUR LN) | GRIFFIN MINING (GFM LN) | LIDCO GROUP (LID LN) | NORICUM GOLD LIMITED (NMG LN) | PREMIER TECHNICAL SERVICES GRP LTD (PTSG LN) | PROACTIS HLDGS (PHD LN) | VALIRX PLC (VAL LN)

Companies: VAL ASA GFM MAIS NMG PTSG LID PHD AKR

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Maistro. We currently have 30 research reports from 2 professional analysts.

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Date Source Announcement
27Jun19 07:00 RNS Secondary Trading following Cancellation
25Jun19 17:30 RNS Maistro
21Jun19 12:31 RNS Holding(s) in Company
13Jun19 14:17 RNS Result of General Meeting & Notice of Cancellation
03Jun19 13:56 RNS Holding(s) in Company
31May19 14:36 RNS Holding(s) in Company
21May19 10:24 RNS Holding(s) in Company
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  • 17 Feb 20
CloudCall

New CRM partnership with Vincere

Companies: Cloudcall Group
  • 18 Feb 20
Crimson Tide*

Commercial momentum continues with Rail win

Companies: Crimson Tide
  • 20 Feb 20
BBB to lead £6m project with government funding

Bigblu Broadband (BBB) has announced that its subsidiary Quickline will lead a £6m project to boost rural connectivity in North Yorkshire. The project is a continuation of Quickline’s previous work as part of the 5G Rural Integrated Testbed project, and is focused on bringing mobile connectivity to the 35% of the county without 4G mobile coverage and testing how superfast mobile connectivity can benefit the county. To fund the project, Quickline and its partners (2 universities and 4 businesses) have secured £4.5m of government funding, which is roughly double the size of the previous grant, and this will support Quickline’s investment in R&D and infrastructure to complete the project and improve its rural coverage. Quickline’s lead in this project consequently reinforces BBB’s reputation as an innovative provider in delivering superfast rural broadband, and demonstrates the strength of the relationship Quickline has developed with the UK government after several successful projects. Overall, we believe that BBB is excellently positioned to deliver strong and sustained growth as it benefits from transformative developments to its core technologies and greater government investment in rural broadband, and we look forward to initiating with FY results towards the end of March.

Companies: Bigblu Broadband
  • 17 Feb 20
Nanoco Group - Patent infringement lawsuit filed against Samsung

Nanoco has announced that it has filed a patent infringement lawsuit against Samsung. The lawsuit alleges that Samsung has wilfully infringed the patents relating to Nanoco’s unique synthesis and resin capabilities for quantum dots. Nanoco is seeking a permanent injunction from further acts of infringement and unspecified but significant monetary damages.

Companies: Nanoco Group
  • 19 Feb 20
WHI Morning Comment: Pennant International (PEN)

New £5m contract win heralded – expected to convert in 2020 News from PEN this morning that it has received a Statement of Intent for a contract to supply training aids to a long-standing client in the Middle East adds yet another piece to the 2020 jigsaw, assuming conversion. With £20m revenues forecast for the current year, and the company “optimistic” about conversion FY20E, the extra £3m anticipated for 2020 looks like taking estimated revenue cover in the current year from 70%-plus to more like c.85%. We see this as a very healthy figure at this stage in proceedings. This is the second Middle East win announced in so many weeks, once again involving a long-standing client. It also follows in the footsteps of the Australian Defence Force (ADF) contract announced earlier in the month and the £3.4m helicopter training aid contract with a major UK OEM which emerged at the end of October. No guarantees re this specific contract, but PEN is continuing to throw off plenty of signs of ongoing progress.

Companies: Pennant International Group
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 19 Nov 19
Strong interims and exciting long term prospects

Interims reveal a particularly strong trading period for the group, with underlying organic sales growth accelerating to +20% c/c (previously mid-single digit), underpinned by both strong trading in the US (+c.50% u/l) and the UK (+11%). Additionally, Eckoh benefitted from a large perpetual Coral licence deal, bringing reported sales growth to +37%. In our view, these results speak to the strong proposition, opportunity and momentum Eckoh across its markets. We leave FY u/l forecasts unchanged but acknowledge they look more than achievable. Currently trading on a 5% FCF yield, rising to 6% in FY21E, we think Eckoh offers a unique investment opportunity.

Companies: Eckoh
  • 06 Dec 19
Bigblu Broadband - H219 trading in line, confident in FY20

Bigblu’s trading statement confirmed an H2 performance in line with expectations. Actions to cleanse the customer base should yield operational benefits over time and the above consensus year-end net debt figure (£14m vs £9m) primarily reflected a Brexit-driven inventory build that should reverse in the next few months. Bigblu remains confident in FY20 consensus (see below), which implies an acceleration in revenue growth.

Companies: Bigblu Broadband
  • 12 Dec 19
Arden Tech SoundBytes

Disney+ hits 22m mobile users, SoftBank backed firm downsizes IPO, German mobile carrier selects Huawei

Companies: ENET 7DIG EVRH ZOO ZOO AMO BOOM MIRA MWE

  • 12 Dec 19
EPS enhancing purchases of minority stakes

Corporate life is full of tricky decisions, often having to weigh up various scenarios, each perhaps involving numerous competing forces and associated risks. Therefore it is nice when occasionally a ‘no-brainer’ comes along. Earlier today, Blancco announced that it had lifted its stake in its Japanese JV (FY19 PAT +£1.2m) from 51% to 80% by issuing 813,253 new shares at 132.8p (or £1.08m) to its local ‘mobile reseller / ITAD’ partner Aucnet (Ticker: 3964, Tokyo Stock Exchange, £271m market cap). Here Aucnet is 44.3% owned by Flex Corporation (Singapore based contract electronics manufacturer), and will continue to act as an important route to market in Japan, Asia and other parts of the world, retaining its 20% stake in the JV.

Companies: Blancco Technology Group
  • 05 Feb 20
Updating forecasts

CentralnNic have released a positive trading update this morning, confirming trading for 2019 to be in line with expectations. We update forecasts to reflect the successful completion of the acquisition of Team Internet. We reduce our assumptions regarding the contribution of Team Internet to the forecast period compared to November reflecting a lower EBITDA run rate reported in Matomy Media’s Q3 update in December. We also review our FX assumptions, taking a slightly more conservative view. We now expect adj. EBITDA in 2020E of $31.5m, growing to $33.1m in 2021E, this represents a 37.3% earnings accretion in 2020E and 28.1% in 2021E compared to pre-acquisition EPS forecasts. 2019 was a very active year for the group from an M&A perspective and clearly, they have made significant progress scaling and diversifying the business. The shares have responded well to this, reaching an all-time high of 91p in December 2019. We see potential for a further rerating as the acquisitions are integrated and potential synergies are realised.

Companies: Centralnic Group
  • 06 Feb 20
Expanding the ecosystem to drive growth

This note aims to summarise the information delivered at Bango’s recent Strategy Day, and to analyse the key messages. Our analysis focuses on three areas: the ongoing delivery of the virtuous circle strategy; the growing importance of data to the group - monetising the Bango “Data Mountain”; and platform expansion as a driver of future growth. Overall, in our view the Strategy Day reassures on the group’s ability to achieve its goals, and we re-iterate our forecasts following the event.

Companies: Bango
  • 29 Apr 19
Interims and strategic update

Interims indicate performance in line with the February trading update. Review of operations since February has given a clearer picture, leading to revised but broadly unchanged FY19 revenue & EBITDA expectations; changes to FY20 (delivering stabilisation and improved margins); and maiden FY21 (restoring growth). Following the departure of former CEO Hamp Wall (January) and awareness of weak trading (February), the Board has identified changes to enable replication of successful operations (UK, NL) across weaker territories (US, FR, DE). As the fifth-largest procurement solutions business globally, PHD remains undervalued due to a series of challenges which have the opportunity to be corrected with significant valuation benefit – and if not, then private equity or trade buyers will be interested., Given the current share price, we trim our 12-month target price to 100p, with further upside available on proof of execution.

Companies: Proactis
  • 22 Aug 19
Strong FY19 results, strong structural position

Arcontech has reported a strong set of FY19 results that have driven large but still conservative upgrades to our existing 2020 estimates. In this report, we also present an in-depth review of the Arcontech investment case, which we split into two parts. For Arcontech’s organic business, we expect that the company’s robust structural position can continue to deliver at least 6% revenue growth (FY19 +12%) and at least 7% EPS growth (FY19 +26%) in 2020-21. Meanwhile, we believe that Arcontech’s strong balance sheet creates a range of options for Arcontech as an acquirer or target, or could alternatively facilitate greater shareholder returns. We upgrade our price target to 200p based on 25x 2020 EPS, and Arcontech trades on 12m fwd multiples of 19x P/E, an EFCF yield of 3.8%, and a dividend yield of 1.4%.

Companies: Arcontech Group
  • 23 Oct 19
Texas Instruments tanks semis; Lyft forecasts FY21 profit; TransferWise expands to Middle East

The recent run-up in semiconductor stocks hit a speed bump Tuesday afternoon that could turn into much more. Texas Instruments gave a forecast that was much worse than expected in a Tuesday earnings report, raising questions over whether the cycle is anywhere near the trough as was widely expected.

Companies: ENET TRAK BGO BOKU CAPX CML EQLS IQE SEE TCM TRCS QTX XPP FIN NETW