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With the majority of the Docomo integration now complete and a record Digital Vending Machine (‘DVM’) pipeline (that is converting, with a 20%+ yoy increase in Q1’24 revenues), we believe a new Bango is emerging with a highly cash generative DCB business and a fast growing, newly reported DVM revenue line that should support high incremental revenue growth. While the January 2024 trading update was disappointing, if we look at Bango’s H2’23 vs H2’22 performance, total revenues increased 46% yoy
Companies: Bango plc
Singer Capital Markets
18th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje
Companies: AVG BGO NTBR KMK CORO VAL ACRL AREC
Hybridan
Today's news and views, plus announcements from: SGE, HBR, CURY, CPI, CAU, CUSN, ATYM, IHC, BGO & ANIC.
Companies: ATYM BGO HBR IHC CUSN
Capital Access Group
Bango has reported an impressive 62% yoy growth in FY23 revenues to $46.1m, but this is 6% below our forecasts. Profits were a tale of two halves with -$0.2m adj EBITDA in H1’23 reversing to $5.2-6.2m in H2’23, however, a number of timing factors (detailed below) has resulted in a 56% miss vs our previous estimate with FY23 adj EBITDA expected to be c.$5-6m. Group ARR increased 76% yoy and DVM continues to win new customers, but this is likely to be lost this morning with the focus on the H2 per
Dish of the day Joiners: No joiners today. Leavers: Egdon Resources has left AIM. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed. Announced ITF 6 July: Blackpoint Biotech plc, a medical can
Companies: AXL FTC AMS DEMG ALBA BGO BPM CRCL ORCA
Today's news and views, plus announcements from: MNDI, PHNX, GRP, DEC, HICL, PSG, TRR, & BGO.
Companies: BGO TRR HICL
Bango has reported strong H1’23 results with 88% revenue growth (we estimate c.25%+ organic), ARR increasing 63% yoy, and a further $8m of annualised cost savings executed with Bango on track to deliver a transformational H2 profit performance. Bango’s Digital Vending Machine (‘DVM’) secured 2 new US wins, including 1 of the top 5 US operators (now working with 3 of the 5), providing access to 200m+ US consumers. Given these operators are currently on the bottom tier of license revenue (we estim
Today's news and views, plus announcements from: SPI, GFTU, TRN, IGG, HTWS, SONG, BGO, BRK, GHE, & THG.
Today's news and views, plus announcements from: INF, AAL, BARC, BEZ, BT., CNA, FRAS, RS1, SDR, SHEL, STJ, DRX, INCH, ITH, ITV, JUP, MAB, BGO, & DELT.
Companies: Bango plc (BGO:LON)Informa Plc (INF:LON)
Bango remains on track to deliver FY’23e revenue growth of ~70% y/y (organic: ~+25%), and to meet FY ARR guidance of $10m. Exit-ARR grew +64% y/y to $5.6m prior to inclusion of two new US telcos (inc one tier-1) signed but not yet live, and other opportunities in the pipeline. Group revenue grew +88% y/y inclusive of Docomo (~+15%-20% organic). Whilst optically H1 adj EBITDA of neg$0.4m creates a demanding H2 weighting (SCMe H2e: $13.0m), we note the strong progress on Docomo synergies ($19m of
Today's news and views, plus announcements from: GSK, TW., TEP, BGO, AXS, IHC, WISE & IPO of CAB Payments Holdings.
Companies: Bango plc (BGO:LON)Inspiration Healthcare Group PLC (IHC:LON)
Bango has announced that it has entered into a new unsecured 3 year loan agreement with NHN Corporation for c.$8m (c.10.4bn Korean Won), to provide additional liquidity and accelerate growth within DVM. This new loan further strengthens the balance sheet and will enable Bango to: (i) realise additional synergies thus producing greater EBITDA in FY24 and beyond, (ii) assist in closing further multi-year SaaS contract wins for DVM given the business is targeting and winning larger, longer contract
Research Tree provides access to ongoing research coverage, media content and regulatory news on Bango plc. We currently have 0 research reports from 10 professional analysts.
Audioboom’s FY23 results and Q1 trading update show Q1 24 revenue growth of +11% yoy, $6.7m of March 2024 revenue marking the platform’s highest revenue month since May 2022, and a confident outlook that leads us to reiterate our FY24E forecasts. Following the focus on new initiatives through FY23, the platform is now in its strongest ever operational position, with a record 1.1bn monthly ad impressions created in March 2024, record global audience reach of 38.6m unique global listeners in Janua
Companies: Audioboom Group PLC
Cavendish
Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H
Companies: Alphawave IP Group PLC
Crimson Tide has reported FY23 results to December in line with expectations, with additional operating leverage benefitting updated FY24 and maiden FY25 and FY26 forecasts. FY23 delivered +15% revenue growth to £6.2m at 86% GM, of which over 90% is recurring, and maintained £5.8m ARR even after unexpected customer churn in the year as we previously noted. Crucially, the Group achieved milestone adj EBITDA profitability of £0.4m at 7% EBITDA margin, and edges closer to adj PBT profitability expe
Companies: Crimson Tide Plc
Companies: BILN ELCO NXQ CUSN ATG
Devolver Digital encouragingly delivered 2023 results slightly ahead of expectations and provided a steady medium-term outlook that leads us to reiterate our 2024 Adjusted EBITDA estimates. Longer term, the company is now planning to further develop its two major planned titles, Human Fall Flat 2 and System Era's next major new release. We now expect those major titles to be released in 2026 rather than 2025, meaning we lower our 2025 Adjusted EBITDA forecast to $10.6m from $17.6m but introduce
Companies: Devolver Digital, Inc.
Zeus Capital
Companies: 88E RNO TRIN KRM EXR BOOM
Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.
Companies: Checkit plc
Edison
Companies: Kainos Group PLC
Canaccord Genuity
ATG’s H1/24 trading statement indicates revenue for the six-month period to 31 March 2024 was $86m, a 6% increase on H1/23 (1% organic growth), helped by the addition of the EstateSales.Net (ESN) marketplace last year, which performed well in the period. Total marketplace revenue increased 2% (organic), driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (mainly through lower asset prices).
Companies: Auction Technology Group PLC
Companies: Crimson Tide Plc (TIDE:LON)Plant Health Care PLC (PHC:LON)
GE Healthcare has announced the launch of the Voluson Signature 20 and 18 ultrasound systems, with the related press release noting these systems ‘comprehensively integrate artificial intelligence’ to improve the ultrasound procedure for clinicians and the women being scanned. These ultrasound systems include SonoLyst, the AI which incorporates Intelligent Ultrasound’s ScanNav Assist and ScanNav AutoCapture AI software. The launch of additional Voluson systems including the SonoLyst suite of AI
Companies: Intelligent Ultrasound Group Plc
Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning's full year results reflect the outcome of a multi-year strategy coming to fruition for the group, with recurring revenue growth of 8.7% delivering overall revenue growth of 7.1% and in turn a 60% increase in PBT to £0.7m. Over the past few years, Touchstar has focused on enhancing the returns from their product offering through a shift towards recurring software licen
Companies: Touchstar plc
WHIreland
This report is intended to help UK small- and mid-cap investors gain a better understanding of software companies’ routes to market, and to highlight how one of the most important facets of the way in which they grow and deliver value is routinely ignored. We examine sales processes for six UK-listed companies and one that has recently been taken over, and consider why they have followed their respective paths.
Companies: Idox plc
Progressive Equity Research
Companies: Cirata Plc
Liberum
ENGAGE XR’s FY23 results show revenue and net cash in line with the February trading update, EBITDA ahead at -€4.0m vs -€4.5m due to the split of cash outflow between opex and working capital, and a confident outlook that leads us to reiterate our FY24E forecasts. FY23 revenue for the core ENGAGE platform was unchanged vs FY22 at €3.3m, as H2 23 revenue was impacted by the record seven-figure contract announced in February shifting to 2024, and several enterprise customers scaling back renewals
Companies: Engage XR Holdings PLC
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