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Reach’s interims were strongly ahead of SCM estimates for H1 sales and EBITDA, by 5% and 4% respectively. Digital sales (23%/revs) grew 43% y/y to £69m supported by 150% y/y growth in unique registrations to 6.7m, whilst underlying Print decline decelerated to just -5% y/y (H2’20: -18%; H1’20: 20%) as weaker comparatives were lapped. The Group has posted positive sales growth for the first time in a number of years, rising +3% y/y (like-for-like) to £302.3m, and delivering AOP of £68.9m (Margins
Companies: Reach plc
CentralNic has followed up a strong Q1 with an even stronger Q2. Organic growth has accelerated from 16% to 25%, respectively, supported by all business lines. The company now expects full year revenue to be “well ahead of market expectations” and profits to be “comfortably in line with market expectations”.
Companies: CentralNic Group Plc
CentralNic has continued to trade strongly, both during lockdown and afterwards. Benefiting from its FY20 investment programme, the company delivered 9% organic growth in FY20, 16% in Q121 and now 25% organic growth in Q221, with contributions from all business lines. As a result, management expects to deliver revenue for the year ‘well ahead’ of market expectations, with profits ‘in line’ with consensus. As investment normalises, management expects future periods (we interpret this to mean FY22
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: AEMC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
S4 Capital has announced that it has secured a seven year €375m term loan and five year £100m revolving credit facility, providing total debt capacity of £420m. This replaces the existing facilities which total £109m and therefore provide a further £311m of headroom. We show a sensitivity analysis for FY22 which shows that the group could deploy £1bn on acquisitions at 10x EBITDA with consideration split half equity to vendors and half cash/debt. On a pro forma basis, this would add approaching
Companies: S4 Capital plc
Companies: ABDP IHC BIRD JWNG MACP RBD FARN MIND EQLS CHRT
Disney+ hits 22m mobile users, SoftBank backed firm downsizes IPO, German mobile carrier selects Huawei
Companies: ENET 7DIG NAPS ZOO AFRN BOOM MIRA MWE
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
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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
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
YouGov’s year-end trading update indicates that results will be in line with management expectations, with a strong sales pipeline giving confidence for further progress in FY22. Particularly encouraging is that the progress is described as across ‘all divisions and geographies’ (on an underlying basis). The group is broadening its sales resource to keep driving the strategic, longer-term deals that are building recurring revenues and it continues to build its presence in the important US market
Companies: YouGov plc
Pearson published satisfactory H1 results, with revenues and adjusted OP above expectations. However, as international markets are reopening more slowly than anticipated due to new COVID-19 variants, the group left its FY21e guidance unchanged. The strategic review of international courseware local publishing businesses launched in March is now largely complete.
Companies: Pearson PLC