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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
  • 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

  • 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

  • 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

  • 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

  • 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
  • 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 EKT 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
  • 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

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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  • 16 Jul 19

Cenkos: CloudCall Group Plc - 30% Growth

CloudCall is expected to deliver revenue growth of +30% YoY in the six months to June. The company is making good headway into large enterprise accounts although sales cycles are somewhat elongated in this market segment. This growth performance continues the strong trajectory seen last year but is slightly below our run rate projections for 2019E and we are revising our forecasts accordingly.

Companies: Cloudcall Group
  • 16 Jul 19

H1’19 trading: Good progress, est. trim on timing

CloudCall published a trading update for H1’19, reporting strong commercial progress and reiterated management guidance on net user addition run-rate of >1,000/month for the year. A confluence of factors has led us to rebase our FY19E-FY20E nos for slight delays from: (1) a staggered rollout of the group’s recent enterprise contract win; and (2) time taken to implement SMS within MS Dynamics; alongside (3) additional headcount to smooth enterprise onboarding. However, with liquidity robust post the refinancing of the group’s revolving facility, we continue to view our thesis as intact. We reiterate our Buy rating on the shares as one of our top picks of 2019, seeing substantial upside potential to our revised 260p PT.

Companies: Cloudcall Group
  • 16 Jul 19

Small Cap Feast

Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raising EUR135m with market cap on admission of EUR309.6m, expected 17 July 2019. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

Companies: CALL BIRD ABC KDR EMAN BST SCE ZEG SAG FUL

  • 16 Jul 19

Facebook to use Libra to become utility, Slack not worried about Microsoft, Symantec ends talks with Broadcom

The Senate Banking Committee on Monday released the testimony of David Marcus, the head of Facebook's cryptocurrency projects ahead of his testimony Tuesday. In his prepared remarks, Marcus perfectly outlines the business model behind the social network’s upcoming Libra digital currency and its Calibra digital wallet. Microsoft might be the primary competitor for Slack, but the widespread adoption of Microsoft's software is not a major problem for Stewart Butterfield, co-founder and CEO of the messaging app. Last week, Microsoft said Teams had more daily active users than Slack. Cybersecurity company Symantec Corp has walked away from negotiations to sell itself to chipmaker Broadcom over price disagreements, people familiar with the matter said on Monday. Symantec's decision raises new questions over the future of the US antivirus software provider, which is looking for a new CEO and has been struggling to grow its business serving companies.

Companies: KAPE AVST CNS DFX ECSC FLX IGP NCC OSI SWG SOPH

  • 17 Jul 19

The growth benefits of Organic + Acquired + Process

Ideagen has reported prelims to April 2019 delivering, as ever, forecasts in line with the May trading update and unchanged expectations. Recurring revenue improved to 67% (FY17: 57%; FY18: 62%), en route to the target 74% by FY20, with a steady stream of well executed acquisitions to boost organic growth (currently 8%) in contributing to the grander ambitions in hand – to achieve the three-year objective of £100m (including c£30m acquired) revenue run rate by FY22. The Integrated Risk Management market is growing at 13% per annum (Gartner, measured by total contract value and not organic recurring revenue growth per IFRS15!), and the confident June Capital Markets Day demonstrated that the group has the depth in management and rigorous processes to accommodate momentum in growth. FY20 forecasts are unchanged, indicating headline 25% revenue growth (organic and acquired) and 32% EBITDA growth, and we issue maiden FY21 forecasts, knowing full well they will inevitably be boosted with the high probability of further acquisitions. Target 180p reiterated.

Companies: Ideagen
  • 16 Jul 19

GB Group - Letting the right one in

GB Group’s Identity capital markets day was a deep dive into the group’s largest business (36% of FY19 revenues). With electronic identity verification (eIDV) a structural growth market, GBG has invested heavily in the business over the last four years, expanding geographically and adding new capabilities and data sets. We forecast the identity business to be the fastest growing division over the next three years, underpinning the group’s targeted double-digit organic revenue growth target.

Companies: GB Group
  • 18 Jul 19

FY 2019 confirms step change from projects business

FY 2019 has been transformational. SRT Marine has pursued a strategy to expand its world-leading AIS hardware business into global provision of complete Maritime Domain Awareness (MDA) solutions; a step change in scale of operations, revenue and profitability. Such major infrastructure projects are naturally slow and suffer political and budgetary uncertainties; delays and disappointments have been frustrating for both management and investors. Finally, a large national contract has been signed and is being delivered, with revenues booked in FY 2019 generating significant profits. Cash payment has begun but the bulk is to be received in FY 2020 leaving £1m net debt but £18m trade debtors in March. £4m of that has already been received on schedule. That contract and these results demonstrate that SRT is now a credible MDA player with huge market opportunities ahead; several other large contracts are in discussion and are expected to be signed and delivered in the next few years. We reiterate FY 2020 expectations for further growth in revenue, profits and most importantly cash flow on the back of a visible pipeline of projects.

Companies: SRT Marine Systems
  • 16 Jul 19

WANdisco - WANdisco announces Databricks partnership

WANdisco has announced a partnership with Databricks, a rapidly growing supplier of cloud-based analytics. The partnership aims to help enterprise customers using on-premise Hadoop analytics solutions to migrate to Databricks’ Apache Spark-based platform. No financial details are provided but an analysis of the Hadoop market suggests it could be a significant opportunity for WANdisco.

Companies: Wandisco
  • 10 Jul 19

H1 update reveals Platform profitability from Q2

This trading update highlights the growing strength of Bango’s position. The payment processing platform continues to make excellent progress on the back of rapidly growing End User Spend (EUS), its revenues now covering the cash costs. The cash it generates will fund development of the new exciting data monetisation business, which has made an encouraging start; making early sales while its range of audiences offered expands. In turn, it should feed platform volumes in a virtuous circle to grow the whole group business. Overall, H1 revenue grew 64% YoY to £4.3m, assisted by a full half of Audiens. The full results are out in September.

Companies: Bango
  • 16 Jul 19

First Light

WANdisco (WAND) – Corporate – Databricks Partnership

Companies: Wandisco
  • 18 Jul 19

Netflix results readacross limited; Reiterate Buy

Netflix reported a disappointing set of Q2 results overnight (judging from the shares down ~10%) with limited readacross to Zoo Digital, in our view. Netflix’s lacklustre performance is not a major surprise to us, given its recent aggressive US price hike and mounting competitive pressure from Disney, Amazon and others, as their respective OTT services launch. We highlight that Disney is positioned to become the most active in the localisation space on a short term horizon. We reiterate our Buy rating on Zoo Digital given its strategic focus on diversifying its client base this year, with benefits likely to flow from its historical ties to Disney

Companies: Zoo Digital Group
  • 22 Jul 19

Transformational H1 will deliver long term benefits

Idox has reported interim results that reflect a transformational period for the group, with the new Board and management addressing historical contract issues and driving significant improvement in operational execution, financial management and strategic focus. While these initiatives have impacted trading in the short term, resulting in a small decline in revenue and profitability in H1 2019, we are confident that they will provide a strong foundation for improved operational and financial performance over the longer term. Reflecting this impact, guidance given in the results statement and other forecast adjustments, we have reduced our FY 2019 revenue, EBITDA and EPS estimates by 2%, 10% and 20% respectively. Our FY20 and FY21 EBITDA expectations remain unchanged. The current valuation – FY 2020 EV/EBITDA of 8.7x and P/E of 14.2x – suggests considerable scope for re-rating as growth accelerates, margins increase and cash generation improves.

Companies: IDOX
  • 12 Jun 19

CloudCall - Significant new CRM integration & partnership

CloudCall has announced a significant new integration this morning, with The Access Group’s CRM system called ‘Profile’. We believe this is a positive development and anticipate an upbeat response from the market in early trading. Leveraging the group’s ‘Unify’ architecture, the integration will both expand CloudCall’s potential market by the 500+ companies (with c.15,000 active users) that have deployed Profile and allow the group to benefit from marketing support from Access.

Companies: Cloudcall Group
  • 18 Jul 19

EMIS Group - Streamlined business on track

EMIS traded in line with management’s expectations during H119 and is on track for the full year. The outcome of the GP IT Futures procurement process is the main short-term catalyst, with a decision likely in September. Our underlying forecasts are unchanged and we have shifted the Specialist & Care disposal into discontinued operations.

Companies: Emis Group
  • 18 Jul 19

WANdisco - Neudesic partnership announcement

WANdisco has announced a partnership with Neudesic, a systems integrator (SI) specialising in enterprise cloud solutions. Like the Databricks tie-up announced earlier this week, this partnership will focus on accelerating the migration of on-premise Hadoop analytics platforms to the cloud. No financial details are provided but our previous analysis highlights the potential opportunity in Hadoop and data migration.

Companies: Wandisco