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Today's trading update confirms a resilient profit delivery consistent with FY20A, despite challenging conditions over FY21E, which saw a notable reduction in originations and Time's lending book. With the UK economy reopening at the year-end, with strong GDP growth expected over 2021, we see a healthy rebound in SME demand for Time's credit products as likely. This should provide an inflection point for own-book originations, the lending book's size and profits, despite some reinvestment over F
Companies: Time Finance plc
Hot on the heels of yesterday's 20yr airport security contract in DRC, Westminster Group has announced the award of a 10yr port screening managed services contract at Monrovia Freeport in Liberia. The fact that this was a competitive tender and comes on top of the recently announced DRC deal suggests an increasing endorsement of Westminster Group's offering which investors should acknowledge and sharply re-rate the shares.
Companies: Westminster Group plc
Yesterday, Ergomed held its annual general meeting (AGM) and provided a high-level year to date trading update (four months to end-April 2021). The company guides to FY21e revenues in line with market expectations (Edison £119.6m; consensus £120.0m). Strong revenue growth has continued in its PrimeVigilance division, in line with prior trends (in FY20 revenues grew by 30%), and its CRO business has seen a further acceleration of growth from H220 (H220 service fee revenues up 13.5% vs H120). This
Companies: Ergomed PLC
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
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Anexo has released a trading statement ahead of its AGM on 16 June. The Group's activities continue to accelerate as the UK's lockdown measures ease and pent up case settlements in the UK courts system suggest increasing cash collections going forward for which the Group is well set up and for which the market is providing little value in our view. Reiterate buy
Companies: Anexo Group Plc
FireAngel has issued a brief AGM update, confirming it is trading in line with expectations. There is a note of caution around continued COVID restrictions in certain markets, alongside component shortages and occasional international shipping disruptions. However, FireAngel has been able to absorb the impact of these challenges to date, maintaining a strong overall performance. Management will continue to monitor the backdrop and mitigate against any challenges. We leave our forecasts unchanged
Companies: FireAngel Safety Technology Group plc
Westminster Group has been awarded a new 20yr 5-airport managed services contract in the Democratic Republic of Congo (DRC) in Africa which is a significant milestone for the Group, providing added geographical diversification, excellent validation of the Group's business model and management's acquisition of Euro Ops and future potential with a significant pipeline of opportunities. Buy.
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
Driver’s interims were well flagged in the 30th April update. Adj. PBT was £1.0m (H1’20: £1.3m, H2’20: £1.3m), reflecting the impact of COVID-19 and the loss of key staff in APAC. Despite this, Driver made strong strategic progress, expanding its geographic reach in the US and Spain. Activity levels in April/May were consistent with H1. Whilst the pipeline of opportunities is building, conversion remains slow as a result of COVID-19 and we therefore forecast a stable H2 performance, with FY21 PB
Companies: Driver Group Plc
FY results were in line with the post close trading statement. Q1 22 has shown continued strong momentum. For FY 22 we leave our earnings estimates unchanged, with higher revenues and more investment, but FY 23 PBT reduced. Mind Gym’s balance sheet is robust and cash at FY 21 was £16.8m precisely in line with our estimate. We leave our FY 22 net cash estimate unchanged at £8.0m on an IAS 17 basis. The business is pivoting to Digital, as Digitally enabled revenues increased 102% and represent 77%
Companies: Mind Gym Plc
Dillistone is a supplier of software solutions to the international recruitment industry. Today's update signals a “return towards normality in several key markets”, which is reflective of the confidence being exhibited by the recruitment industry as a whole, led by temps, but now also in exec / permanent markets. At the time of reporting its 2020 preliminary results in April, Dillistone indicated strengthening order intake, so it is pleasing to see that this is broad based. The nature of Dilli
Companies: Dillistone Group Plc
Having stepped back temporarily in March 2021 for health reasons, Andrew Day has now confirmed that he will take early retirement after 12 years as CEO of Keywords. Accordingly, the board has initiated the search for a full-time replacement. Jon Hauck (CFO, M&A) and Sonia Sedler (COO and operations) will continue to operate as interim CEOs until the search is complete. In parallel, Keywords provided a trading update, with the group reporting 25% l-f-l organic revenue growth and overall revenue g
Companies: Keywords Studios plc
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
WATR has delivered yet another set of impressive FY results this morning, with a 50%-plus lift to adj. PBT YoY; with margins ahead alongside strong sales growth. Supplying water leak detection and related services across the whole of the US, and also in notable international markets, WATR's combination of critical mass and advanced technology in its field is delivering strong revenue growth (double-digit CAGR for the past five years), coupled with even stronger profit progress. The company, clas
Companies: Water Intelligence plc
Live Company Group created a new sports and entertainment division called Live Company Sports and Entertainment (LCSE). This business is a complement to the existing BRICKLIVE edutainment division.
Companies: Live Company Group Plc