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Franchise Brands plc
Resilient 2020 & new ambitious growth strategy

Franchise Brands’ results for the full year can be characterised as resilience in adversity with adjusted EBITDA, profit before tax, EPS, dividend and net cash all comfortably ahead of forecasts, the latter boosted by a placing in 2020 raising £13.6m net. Faced by COVID restrictions, quick reactions by management resulted in a decline in B2B and B2C EBITDA of just 0.7%, against a fall in fee income of 15% while direct labour income increased by 71% reflecting a full year from Willow Pumps. Having achieved a CAGR in adjusted EBITDA and dividends of 47% and 59% respectively since listing, the Board has now set out a new growth strategy which seeks a run-rate in revenues of £100m and adjusted EBITDA of £15m by the end of 2023. Earnings enhancing acquisitions and a better outcome from existing activities, points to the prospect of another strong year ahead.

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  • 04 Mar 21
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TMT Investments (TMT:LON)MTI Wireless Edge Ltd (MWE:LON)
Strength of diversified model

Finals from MTI Wireless Edge Ltd, the technology group specialising in comprehensive radio frequency communication solutions across multiple sectors, were in line with forecast and demonstrate the advantages of geographic and sector diversification given the challenges posed by COVID-19. Each division can point to structural growth drivers (5G roll out, water scarcity and growth in the international defence market) but were impacted by the pandemic to varying degrees in FY20 although each remained profitable. Group revenue grew 2% to $40.9m (ACLe: $40.7m) and PBT by 19% to $4.1m (ACLe: $4.3m) reflecting operating gearing and travel and marketing cost savings. Cash collection remained strong and net cash comfortably beat forecasts up 23% to $9.4m (ACLe: $7.6m) and the final dividend increases 25% to 2.5 cents. P&L forecasts for FY21 and FY22 remain unchanged but we increase our cash forecasts and fair value per share to 95p from 63p, equivalent to an FY21 EV/EBITDA of 19.0x falling to 16.8x in FY22.

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  • 01 Mar 21
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MWE CPX BOOM
Allenby Capital TMT Update - 01.03.21 - MWE.L, CPX.L, BOOM.L

MTI Wireless Edge Ltd* (MWE.L, 83p/£71.7m) Finals: Strength of diversified model (01.03.21) | CAP-XX Ltd* (CPX.L, 8.75p/£48.6m) Interims: Strong growth in order book and sales enquiries (25.02.21) | Audioboom plc* (BOOM.L, 430p/£67.4m) Update: Ranked 5th biggest US podcast publisher (26.02.21)

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  • 01 Mar 21
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CAP-XX Limited
Strong growth in order book and sales enquiries

Interims from CAP-XX Ltd, the leading designer and manufacturer of prismatic and cylindrical supercapacitors, were in line with the recent trading statement. Group revenue increased 10% to A$2.1m with Product sales +26% at A$1.7m. Operating expenses fell and there was a A$0.8m positive swing in adj. EBITDA to a profit of A$0.3m. The Murata production lines have gone live at CAP-XX’s new facility. Commercial production has started and is being ramped up. The outlook is positive with a current order book double last year’s level that spans multiple markets. CAP-XX has also secured several new design wins in wearables, consumer, medical and automotive that should contribute to the order book going forward. The recently announced collaboration around energy harvesting modules with Epishine and ePeas offers an interesting showcase for the functional advantages of supercapacitors and specifically CAP-XX’s prismatic products over traditional batteries. No change to forecasts.

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  • 25 Feb 21
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CPX ECSC MWE
Allenby Capital TMT Update - 22.02.21 - CPX.L, ECSC.L, MWE.L

CAP-XX Ltd* (CPX.L, 11.0p/£48.6m) | ECSC Group plc* (ECSC.L, 75p/£7.5m) | MTI Wireless Edge Ltd* (MWE.L, 81p/£71.7m)

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  • 22 Feb 21
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Nightcap PLC
Building a portfolio of Premium Bar brands

Nightcap is building a portfolio of high-quality brands in the Premium Bars sector targeting millennials in the 25-40 age bracket. Nightcap’s first acquisition was the London Cocktail Club. Founded in 2010 The London Cocktail Club operates nine bars across London and one in Bristol. The New York style cocktail bars have their own individual themes ranging from ‘Downtown LA’ to ‘Saville Row’ making each unique. Customers are served sophisticated drinks, by world class bartenders in an unpretentious “party style” environment. The bars are typically basement located and so competition for sites is reduced and rents lower. Serving predominantly spirits based cocktails without a wide range of wines or beers creates a concentrated drinks list allowing greater purchasing synergies and high margins.

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  • 19 Feb 21
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Allenby Capital TMT Update 05.08.19 (BBSN.L, MBT.L)

Brave Bison Group plc* (BBSN.L, 1.45p/£8.8m) Interims: Swift response to Facebook content policy changes (31.07.19) | Mobile Tornado Group plc* (MBT.L, 5.2p/£18.1m) Subscription: Additional working capital to fund bundled PTT growth (31.07.19)

Brave Bison Group Plc Mobile Tornado Group Plc

  • 05 Aug 19
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Allenby Capital TMT Update 29.07.19 (TERN.L, GETB.L)

Tern plc* (TERN.L, 12p/£28.4m) Investee company update (25.07.19) | GetBusy plc (GETB.L, 43p/£21.8m) Meeting with management: Revenue visibility & growth opportunity (23.07.19)

Tern Plc GetBusy Plc

  • 29 Jul 19
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Allenby Capital TMT Update 15.07.19 (GFIN.L, MIRA.L, BOOM.L)

Gfinity plc* (GFIN.L, 5.25p/£23.6m) Proposed placing of £5.25m (15.07.19) | Mirada plc* (MIRA.L, 1.0p/£8.9m) Finals - Revenue growth & profitability; positive outlook (12.07.19) | Audioboom plc* (BOOM.L, 255p/£35.7m) New podcast studios in New York increases capacity (12.07.19)

GFIN BOOM MIRA

  • 15 Jul 19
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Allenby Capital TMT Update 08.07.19 (CPX.L, MIRA.L, BIRD.L, BOOM.L)

CAP-XX Ltd* (CPX.L, 4.5p/£14.9m) Court action settlement and licence agreement (02.07.19) | Mirada plc* (MIRA.L, 0.9p/£7.8m) Successful disposal of non-core business (05.07.19) | Blackbird plc* (BIRD.L, 7.375p/£21.8m) Contract win: Global Rapid Rugby highlights (03.07.19) | Audioboom plc* (BOOM.L, 242.5p/£34.0m) Notice of results (04.07.19)

CPX BIRD BOOM MIRA

  • 08 Jul 19
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Allenby Capital TMT Update 01.07.19 (TERN.L, ZOO.L, ACC.L)

Tern plc* (TERN.L, 11.25p/£26.6m) Capital Markets Event: Exposure to global IoT market (24.06.19) | ZOO Digital plc (ZOO.L, 63p/£46.9m) FY19 results: Development and disruption in OTT market (26.06.19) | Access Intelligence plc (ACC.L, 58.0p/£35.4m) Cessation of coverage (01.07.19)

TERN ZOO ACC

  • 01 Jul 19
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Allenby Capital TMT Update 24.06.19 (MWE.L, BIRD.L, ACC.L, BBSN.L, ECSC.L)

MTI Wireless Edge Ltd* (MWE.L, 23.0p/£20.0m) Acquisition: Capturing more of the value chain (24.06.19) | Blackbird plc* (BIRD.L, 7.75p/£22.9m) Contract win: Major US broadcaster secured (19.06.19) | Access Intelligence plc* (ACC.L, 58p/£35.4m) H1 trading update: Major US broadcaster secured (19.06.19) | Brave Bison Group plc* (BBSN.L, 1.65p/£10.0m) AGM statement: Planned diversification (19.06.19) | ECSC Group plc* (ECSC.L, 75p/£16.8m) AGM statement: Managed Services growth increases recurring revnue (19.06.19)

MWE ACC BBSN ECSC

  • 24 Jun 19
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