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Gateley has released a very positive trading update, highlighting a strong conclusion to the year to 30th April. Revenue and PBT are both expected to be materially ahead of expectations, reflecting a highly supportive backdrop and the careful management of costs during the pandemic. We will update forecasts alongside the pre-close later this month and tentatively anticipate a mid-teens PBT/EPS upgrade. An interim dividend of 2.5p has been declared with a final to follow (total dividend expected
Companies: Gateley (Holdings) Plc
PCI-Pal has performed exceptionally well through COVID in 2020 and looks set to deliver record results in FY21. On its current financial trajectory, we estimate it will break into a small (£0.4m) initial full-year profit in FY23 based on its existing UK/US oriented operations. However, management has identified an exciting land-grab opportunity in three large but underexploited regions – mainland Europe, Canada and Australia. We calculate that investing in sales and partner resources in these re
Companies: PCI-PAL 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
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Ultimate Products has issued a very positive set of H1 2021 results to us, with strong revenue growth of 11%, coupled with increasing productivity (EBITDA margin +90bp to 11.6%), leading to >20% underlying EBITDA, CPTP and EPS growth. UP’s balance sheet is more than robust, with leverage a very comfortable 0.1x. A four-pillar growth strategy has broadened the Group’s growth channels, increasingly evident despite the challenges of Covid and the temporary closure of some customer stores. We put th
Companies: Up Global Sourcing Holdings PLC
Driver’s H1 update highlights a resilient performance, with adj. PBT expected to be only slightly lower year on year despite the impact of COVID-19 (H1’20 adj. PBT of £1.25m - largely unaffected by COVID). The Group has maintained a strong balance sheet, with net cash at period end of £7.2m (Sep. ’20: £8.2m). A changing picture in terms of lockdown restrictions, alongside the loss of certain staff to a competitor in APAC, created a challenging environment. However, the statement indicates meanin
Companies: Driver Group Plc
Westminster Group has reported 2020 results albeit these have already been flagged at the trading update in early March. While COVID lockdowns have hampered efforts thus far in 2021 to secure new contracts, as restrictions ease, conversion of the pipeline should accelerate and support 2021 earnings. Reiterate Buy.
Companies: Westminster Group plc
Ahead of results for the year to 31 March 2021 (FY21) due in June, a trading update for Appreciate Group (APP) indicates underlying results in line with market expectations, supported by the continuing positive trend in billings and despite an increase in profit deferral. In this note we provide an update on our forecasts and a detailed review of our fair valuation (60p per share), which looks through the near-term suppression of earnings by the pandemic and the cash flow effects of business mix
Companies: Appreciate Group plc
The financial impact from the restructuring and repositioning of the business last year was only partly felt in 2020. The entry into the US sports betting market will be fully manifest in 2021. At the heart of recent changes to the operating model lies a move to create a flexible engagement model that will drive superior returns going forward. We await further data points before reinitiating forecasts.
Companies: XLMedia Plc
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
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Alphawave IP Group is considering an IPO on the standard listing segment of the London Stock Exchange. Alphawave IP is a leading semiconductor IP company focusing on the hardest-to-solve connectivity challenges created by the exponential growth of data. Funds and accounts managed by BlackRock, and Janus Henderson, have each entered into cornerstone agreements with the Company to subscribe for, subject to certain conditions, in aggregate, c. USD 510m of Offer Shares at an offer price representing
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UPGS’s success in online and supermarkets, combined with the ability of key brands to resonate with its end-customers’ desire for quality affordable homebased products, shows that the company is well positioned for further growth as the Covid19 pandemic eases. Moreover, the potential for more M&A and new geographies implies substantial headroom for future expansion. We upgrade our profit forecasts and fair value in this report.
Driver’s FY20 results were well flagged in the 26th October trading update. The Group achieved adj. PBT of £2.5m (FY19: £3.0m), which reflected the impact of COVID-19 in H2. The Group continues to be strongly cash generative, with net cash increasing to £8.2m at the year end (FY19: £5.4m). Whilst visibility remains limited, activity levels in FY21 to date have been encouraging and the Board has therefore declared a final dividend of 0.75p. The strategic review has concluded with a new target to
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intend
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