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The Kellan Group

HCM Update 25.09.17 (KLN.L) RM

The Kellan Group plc* (KLN.L, 0.65p/£2.2m) Interim results to 30.06.17 (11.09.17)

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  • 25 Sep 17
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GFIN CCT BGO EYE

TMT Update 25.09.17 (GFIN.L, CCT.L, BGO.L, EYE.L) RM

Gfinity plc (GFIN.L, 27.6p/£52.1m) Placing (25.09.17); Season II of Elite Series announced - (20.09.17) | The Character Group plc (CCT.L, 477p/£91.9m) Update note published: FY17 PBT in line but clouds around Toys R Us (20.09.17) | Bango plc (BGO.L, 273p/£181.0m) Interims: Reasons for optimism (19.09.17) | Eagle Eye plc (EYE.L, 255p/£64.8m) Prelims: Sainsbury's and Loblaws should drive volumes (19.09.17)

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  • 25 Sep 17
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Cluff Natural Resources

Grounds for optimism concerning a farm-in

Over the past year CLNR has significantly de-risked it’s two 100% owned licences, P2248 and P2252, in the Southern North Sea (SNS) gas basin. By junior standards the company now has a substantial prospective gas resource base of 2.4 tcf. Over recent months an intensive farm-out process has been undertaken as a prelude to drilling. According to CLNR, there has been an ‘encouraging response to the farm-out process’ and a ‘dialogue is ongoing with a number of major oil and gas companies’. We continue to believe there are grounds for optimism that a free-carry farm-in deal can be achieved in the coming months. This reflects not only the prospectivity of the Carboniferous play zone in the SNS, but also multiple prospects and hence drilling opportunities, the scale of the resource, favourable scoping study economics and significant farm-in interest.

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  • 20 Sep 17
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Character Group

FY17 PBT in line but clouds around Toys R Us

FY17 (August) underlying PBT is expected to be in line with forecasts but the outlook for FY18 is more mixed for the UK’s leading independent toy company. The consumer market remains challenging in general and there are specific problems at Toys R Us, a significant customer, that has filed for Chapter 11 voluntary bankruptcy protection in the US with similar protection expected for Canada – the company’s other operations are not part of the proceedings. The North American subsidiaries represent a small proportion of CCT revenue (<3%) but in aggregate Toys R Us accounts for c. 8% of group revenue. Toys R Us has said that it will continue to operate as usual as it looks to renegotiate its $4.9bn debt. That said, credit insurers have reduced available limits since reports of a potential Chapter 11 first emerged last week and suppliers have become more cautious, looking to place stock with other retailers in the run up to the crucial Xmas selling period. This is likely to impact pricing and gross margins. Although the situation is uncertain and it is still very early in CCT’s FY18, we believe it is prudent to reduce our FY18 and FY19 revenue and PBT forecasts. We reduce our fair value to 680p (from 700p), equivalent to a FY18 PER of 12.4x and 3.4% yield.

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  • 20 Sep 17
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Reach4Entertainment Enterprises

A quieter 2017, but growth to resume in 2018

A quieter 2017, but growth to resume in 2018 Interim results for FY 2017 were lower than the comparative period. In mixed trading for the first six months, the Group reported stronger EBITDA at Dewynters and a very positive breakeven position for Dewynters Germany in its first year of trading. However, SpotCo, the Group’s US subsidiary, had a quieter half year compared to the exceptionally strong results achieved in 2016 while Newmans suffered from tougher market conditions in the UK. As a consequence, and in line with the trading update issued in August, our original expectations for 2017 are unlikely to be met and we are therefore downgrading adjusted EBITDA and EPS by 33% and 63% respectively. Pleasingly, the trading outlook for 2018 is more positive, particularly for SpotCo which has won the engagement for several new shows opening in 2018, and together with the expected benefits to be derived from strategic initiatives put in place over the past twelve months, should see a return to strong growth. We remain comfortable with our fair value of 2.5p.

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  • 20 Sep 17
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EMR HVN HYDG KLN NAK PTY STHR

HCM UPDATE - (EMR.L, HVN.L, HYDG.L,KLN.L, NAK.L, PTY.L)

Empresaria Group plc (EMR.L, 134p/£65.7m) Appointment of COO | Harvey Nash Group plc (HVN.L, 87.125p/£64m) Acquisition of Crimson Limited | Hydrogen Group plc (HYDG.L, 31.5p/£10.4m) Interim results to 30 June 2017 | The Kellan Group plc (KLN.L, 0.65p/£2.2m) Purchase of Secured Fixed Rate Loan Notes | Nakama Group plc (NAK.L, 1.675p/£2.0m) Resignation of CEO | Parity Group plc (PTY.L, 10.25p/£10.5m) Interim Results | SThree plc (STHR.L, 337p/£437m) Q3 Trading Update

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  • 18 Sep 17
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GFIN CCT BGO EYE

TMT Update 25.09.17 (GFIN.L, CCT.L, BGO.L, EYE.L) RM

Gfinity plc (GFIN.L, 27.6p/£52.1m) Placing (25.09.17); Season II of Elite Series announced - (20.09.17) | The Character Group plc (CCT.L, 477p/£91.9m) Update note published: FY17 PBT in line but clouds around Toys R Us (20.09.17) | Bango plc (BGO.L, 273p/£181.0m) Interims: Reasons for optimism (19.09.17) | Eagle Eye plc (EYE.L, 255p/£64.8m) Prelims: Sainsbury's and Loblaws should drive volumes (19.09.17)

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  • 25 Sep 17
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FBT NWT PEN TEK

TMT UPDATE - (FBT.L, NWT.L, PEN.L, TEK.L)

Forbidden Technologies plc (FBT.L, 5.75p/£10.4m) Interims - New CEO and Sales Director key to growth | Newmark Security plc (NWT.L, 0.875p/£4.1m) Prelims: A difficult year | Pennant International plc (PEN.L, 82p/£27.0m) Interims: Building recurring revenue streams | Tekcapital plc (TEK.L, 25.5p/£10.9m) Update note published: Solving the innovation dilemma

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  • 18 Sep 17
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BOOM CCT CNIC MWE

TMT UPDATE - (BOOM.L, CCT.L, CNIC.L, MWE.L)

Audioboom plc (BOOM.L, 2.075p/£19.3m) Q3 Update - Continued substantial growth | The Character Group plc (CCT.L, 532p/£112.6m) Pokemon broadens portfolio | CentralNic plc (CNIC.L, 68p/£64.7m) Interims: Building recurring revenue streams | MTI Wireless Edge plc (MWE.L, 31.75p/£17.0m) Distribution agreement broadens Mottech's reach

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  • 11 Sep 17
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Forbidden Technologies

TMT UPDATE - 04.09.17 (FBT.L)

Forbidden Technologies plc (FBT.L, 6.375p/£11.5m) CEO appointment: senior media executive secured

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  • 04 Sep 17
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MIRA ACC CNIC

TMT Update 29.08.17 (MIRA.L, ACC.L, CNIC.L) RM

Mirada plc (MIRA.L, 1.375p/£1.9m) Contract win: Second large deployment secured (29.08.17) | Access Intelligence plc (ACC.L, 4.1p/£14.4m) Interim results: encouraging signs of growth (25.08.17) | CentralNic plc (CNIC.L, 68p/£65.2m) H1 trading update and acquisition: In line, .sk adds scale and growth opportunity (25.08.17)

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  • 30 Aug 17
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Gfinity Forbidden Technologies

TMT Update 21.08.17 (GFIN.L, FBT.L)

Gfinity plc (GFIN.L, 21.75p/£40.8m) Contract win: Significant win with Formula 1 (21.08.17) | Forbidden Technologies plc (FBT.L, 6.25p/£11.3m) Contract extension with New York venue (18.08.17) Migration to JavaScript (21.08.17)

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  • 21 Aug 17
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