Equity Research, Broker Reports, and media content on RHYTHMONE PLC

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Market Cap
52 Week
Date Source Announcement
12Apr17 07:00 RNS Trading Statement
03Apr17 18:19 RNS Holding(s) in Company
03Apr17 07:00 RNS Total Voting Rights
31Mar17 17:09 RNS Rhythmone plc Announces Sale of Prime Visibility
15Mar17 14:09 RNS Holding(s) in Company
10Mar17 07:56 RNS Block Listing Six Monthly Return
03Mar17 09:43 RNS Director's Dealing
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N+1 Singer - RhythmOne - Trading update – profit and cash ahead

  • 12 Apr 17

RhythmOne has finished FY17 with EBITDA and cash ahead of expectations. Last year RTHM lost over $10m, this year it has made a profit ($1.2m), and is on track to achieve our FY18 estimate of $15m of EBITDA. The H2 profit was $3.8m with only a small contribution from the acquired profitable Perk business. This provides a very reassuring base for our FY18 expectation. The Company recently confirmed that it had completed the exit from non-core activities. It has also reviewed the Perk business and made further adjustments to product range without affecting profitability. With these actions in mind we expect consensus revenues to settle around $220m for FY18. This equates to c15% organic growth (we estimate FY17 organic growth was 20%). Cash was c$75m at year end, materially higher than our $70.5m estimate. Even allowing for some step up in CAPEX investment to support the international expansion (we previously noted it was going well and understand it is now “meaningful”) we expect to at least maintain our cash estimates. We put our forecasts under review pending formal adjustment. Overall this is a very positive update underlining the turnaround has been completed and that profits will soar in FY18 as margins begin to normalise. We believe there is scope for earnings to be further boosted by Perk synergies, deployment of capital through acquisitions and potential to take part in industry consolidation. We reiterate our Buy rating.