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30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
N+1 Singer - Morning Song 03-11-2016
03 Nov 16
Overall trading for the year appears to have started slightly slowly overall but with underlying revenues making progress and profits flat for the period. Slow profit progress was already expected due to the previously signalled growth orientated investment being made. A material timing change on a Compliance unit contract, strong growth in AXCO and buoyant Health performance bode well for revenue performance looking forward. Visibility levels are said to be good underpinning managements confidence that the group is on track for the year. Wilmington remains a good play on the growth in global regulation and compliance. BUY
Reduced H1 loss and strong H2 flagged
30 Aug 16
H1 shows a continuing move towards Bio-Medical, with that division now delivering 57% of group revenue. Overall, a challenging first half year was as expected, but improved margins and tight cost control reduced the loss and a much stronger second half is flagged in the outlook. There is thus no change to FY 2016 guidance or forecasts. Following its $3.8m acquisition of Green Lab in January, but before receipt of the $3.0m Egens investment in Adaltis, BATM ended June with a healthy $14.0m net cash. Reviewing the financials, H1 revenue was down 5% YoY to $45.1m, with sales falling in both divisions; Networking & Cyber (down 9%) continues to transition away from legacy products, while Bio-Medical (down 3%) suffered a slowdown in the Sterilization business as it focused on new opportunities in bio-pharma and agriculture markets which should deliver in H2. However, both divisions achieved breakeven at operating profit level in H1 thanks to higher margins; notably from cyber security solutions and from better products in Medical Distribution, and improving sales of high-margin machines and reagents in Diagnostics. This left a small $0.6m operating loss from unallocated group overheads, but $0.3m profit at the EBITDA level. The outlook is positive, with growth and contributions anticipated from both divisions in H2, generating a solid c$2m FY operating profit.
Strategic focus at interims
30 Nov 16
KCOM’s interims show a focus on the continuing transformation of the business in cost and investment, under a single brand. The benefit of the cash injection from the network sale has led to the opportunity for significant investment both in the Hull & East Yorkshire division and the nationwide Enterprise division, to create a platform for growth. With a reiterated commitment to a minimum 6p dividend for FY17 and FY18, ongoing cost-saving initiatives, and proof of customer enthusiasm for the integrated platform which investment will further support, KCOM continues to deliver an attractive dividend in anticipation of its return to headline growth. Target 130p reiterated.