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Open Orphan has released its H1 2021 results. The numbers represent a milestone for the Group, delivering both positive EBITDA and bottom line profits in its half year for the first time. While H2 looks slightly uneven, this remains a rapidly growing business in a market increasingly well understood by investors and with significant opportunity for high returns in 2022 and beyond, there remains lots to go for. Reiterate Buy.
Companies: Open Orphan Plc
Begbies has issued an AGM update that confirms the group has had a good Q1 with double-digit revenue and profit growth, benefiting from a contribution from recent acquisitions which management has confirmed are performing in line with expectations and a recovery in activity levels within the Property division. Management has also confirmed that the group is on track to meet market expectations for the full year. As we have said previously, a return to pre-pandemic insolvency volumes would offer
Companies: Begbies Traynor Group plc
Interim results showed a 240% (+£15.2m) increase in proforma revenues to £21.9m, with sequential half-yearly growth of 55% (+£7.8m), driven principally by non-COVID-related studies. The company has guided to revenues (including other income) of c.£40m in 2021 and is targeting c.£50m in non-COVID revenue in 2022, with any COVID-related revenue being in addition to this. The shortfall from our previous 2021 estimate of £46m is attributed predominantly to the ongoing completion of a COVID challenge
Accelerating platform change aims to diversify revenues, improve business mix and lower operating costs. The bulk of this transition should be complete by summer 2022 in time for the seasonally important fourth quarter for US sports betting. The changes wrought across the organisation will hike exceptional costs in our forecasts but tangible benefits should be felt from the H2 2022E onwards.
Companies: XLMedia Plc
Companies: Appreciate Group plc
Braemar has confirmed H1 trading (to August) has been strong. The new strategy, with its revitalised focus on Shipbroking, is driving growth supported by the recent investment to increase the strength and diversity of services. Shipbroking has benefited from investment in the Dry Cargo and Securities desks and the Sale and Purchase desk has also been very active. While the tankers market has remained subdued, there are indications that demand will strengthen as global demand for oil recovers. Th
Companies: Braemar Shipping Services plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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What’s new: Fintel’s interims are in line with its July trading update which (i.e. 10% revenue growth and 12% EBITDA growth) and provided colour on the impact of recent strategic disposals (i.e. Zest Technologies and Verbatim funds).
Companies: Fintel PLC
Today's results echo the messaging of June's detailed trading update, confirming a resilient FY21A result over a COVID-19 affected year. Whilst current market conditions remain challenging (given the large degree of government support provided to SMEs over the pandemic), we expect net origination growth to return over FY22E, as the economy rebounds, driving future revenues. While profit growth will be tempered by investment in FY22E, we expect a strong earnings delivery of +63% in FY23E, as retu
Companies: Time Finance plc
Mattioli Woods (“MW”) has posted solid final results showing a beat (+9% vs SCMe) at the key adj. EBITDA level. Momentum is building: revenue growth in H2 was +12% vs H1 with a positive quarterly progression. This is encouraging for FY22e, which has started strongly (+10% Q1). Recent acquisitions are being integrated and offer a material step up in scale and earnings. We leave forecasts unchanged at this early juncture, noting potential for upside if trends are sustained. Once a full contributio
Companies: Mattioli Woods plc
Joiners No joiners today. Leavers Plutus Powergen has left AIM. What’s cooking in the IPO kitchen? Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European
Companies: ALS APP BOD DXRX EDR EOG KOO RBBS TRP UOG
RBG’s interims offer no surprises, with performance strong across all divisions and progress on track against our FY21e forecasts (Revs: £45.5m, Adj. EBITDA: £11.8m). The Group’s diversified revenue model has proved resilient against a continued backdrop of uncertainty – driving revenues +53% YoY against a somewhat weak comparative, split +35% organic, +18% from Memery Crystal (despite only one month of contribution). Demand for services across all three businesses remains strong, and management
Companies: RBG Holdings Plc
Silverbullet is a fast-growing digital marketing transformation services and product company serving a blue-chip client base. Silverbullet’s “killer-app” is its recently launched 4D contextual advertising solution designed to help advertisers target consumers in a post-cookie world.
Companies: Silver Bullet Data Services Group plc
Trading during the first quarter (May to July 2021) was in line with expectations. BEG remains on track to achieve our revenue and adjusted profit forecasts, which are unchanged. As anticipated, the components of forecast double-digit percentage growth in revenue and profits this year are internally driven, rather than market related: specifically recent acquisitions and the bounce back from 2020’s lockdowns.
This morning's H1 announcement reflects a 6-month period during which VDTK faced a number of challenges, notably (1) economic uncertainty, (2) postponement of projects in the pipeline due to Covid restrictions, and (3) theft of stock from the Lainate plant leading to a £300k write off. Including the stock charge, the company has reported a post-tax loss of £1.2m, similar to or better than, on an underlying basis, the £0.9m loss recorded in H1-20A. All of this said, however, the period also saw
Companies: Verditek Plc
