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Resilient growth in core markets: Revenue of £67.5m is +7.5% YOY (FY22: £62.8m) and +0.7% vs. Zeus estimate of £67.0m, with growth across Direct and Indirect divisions benefitting from increased activity with new and existing clients.
Companies: LBG Media Plc
Zeus Capital
Next 15 Group's net revenues grew 2.5% in the year to January, despite difficult markets. Adjusted operating margin rose from 20.2% to 21.0%, helped by head office cost savings. In common with much of the sector, spending by tech clients was soft, down 17% like-for-like. The group did well, though, in growing spend from non-tech clients, up 11%, making for a strong overall performance in a market beset by ongoing macro uncertainty. Next 15 has been building its AI capabilities for some time and
Companies: Next 15 Group plc
Edison
Companies: M&C Saatchi plc
Liberum
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Team Internet’s FY23 results exceeded our forecasts and consensus on revenue and EBITDA. Online Marketing was driven by increased consumer engagement, reflecting investment in delivering more targeted ads across a wider array of channels. The group’s latest acquisition, Shinez, strengthens Online Marketing via diversification of publishers and is earnings accretive with scope for further synergies. Online Presence returned to strong revenue growth, driven by demand for exotic domains, pricing op
Companies: Team Internet Group plc
S4 Capital had a difficult FY23, as flagged, with reduced client confidence and spend, particularly from those clients in the tech sector, and on larger transformation projects. Management is cautious in the short term, with no substantive changes likely in H124, but sees conditions likely to improve in H224 as economic pressures ease. The group’s longer-term prospects should be buoyed by its positioning across data and digital marketing and, in particular, in incorporating AI into hyper-persona
Companies: S4 Capital plc
Nexxen has announced Q4 net revenue +2% ahead of consensus, Q4 adjusted EBITDA +4% ahead of consensus, and FY24 guidance that leads our FY24E revenue and EBITDA to be +3% and +4% ahead of consensus. Q4 net revenue of $90.5m is +2% ahead of Q4 consensus of $88.5m, with the Programmatic division’s $86.0m of net revenue delivering 95% of group net revenue. After successfully realising $65m of annualised synergies from the Amobee acquisition at Q2 23 results, strong cost control has driven Q4 adjust
Companies: Nexxen International Ltd.
Cavendish
Companies: EBQ NFG SAA SFOR
Companies: Time Out Group PLC
Team Internet’s FY23 results confirmed another strong year of trading from its Online Marketing and Online Presence businesses. Both revenue and EBITDA growth remained in double digits, margins on net revenue continued to improve, and cash conversion remained strong. We continue to believe that the Group has substantial long-term growth opportunities including international expansion, new partner development, and vertical integration. In our view, Team Internet’s strong track record, cash genera
Following the record FY23 results announced yesterday, Team Internet announced an accretive bolt-on acquisition for an initial consideration of $42m. The Group is continuing its strategy of making accretive bolt-on acquisitions, aiming to diversify its revenue model and expand its traffic monetisation options and capabilities. The deal is expected to complete in late May 2024, at which point we will incorporate the impact into our forecasts. We continue to believe that Team Internet’s strong tra
Companies: STV Group plc
Shore Capital
If one focused solely on the share price chart, it would appear Next 15 had experienced a near death experience in 2023 with multiple, and extensive downgrades. The reality has been somewhat different. Next 15 will exit FY24 delivering both top line growth and year on year margin progression.
H2 Radnor
A first commission for Netflix and a material extension of an existing commission for Warner Bros. Discovery highlight continuing strong momentum in 2024 for STV’s Studios division. As well as underpinning current estimates, they point to a continuing broadening out of the client base and scope of work at STV Studios, as the group continues its long-term migration from a traditional broadcaster to a digital streaming and content provider.
Progressive Equity Research
Companies: RNWH QED GRG PEBB FDM OTB LAND BOO
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