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Fulham Shore

2019 interims - LfL growth, net debt reduction

Against a back-drop of the casual dining sector being under intense pressure, The Fulham Shore Plc (“FUL”) has issued a solid set of interims for the six-month period to the end of September 2018. Revenues of £33.0m and underlying EBITDA of £4.6m were up 19.8% and 1.4% year on year respectively. Margins remain under pressure but cash generation continues with net debt at £8.9m at period end, down from £9.7m a year earlier and down from £12.0m at the end of March 2018. Current trading remains upbeat and the Company now expects to open more restaurants in the year to March 2020 than the forecast four openings in the current financial year to March 2019. We have increased our March 2019 revenue forecast (+6.2%) but our 2019 underlying EBITDA forecast remains essentially unchanged at £7.5m.

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  • 12 Dec 18
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ACC BBSN MIRA BOOM

TMT Update 10.12.18 (ACC.L, BBSN.L, MIRA.L, BOOM.L)

Access Intelligence* (ACC.L, 65p/£35.3m) Pre-close FY18 trading update: Positive performance (10.12.18) | Brave Bison plc* (BBSN.L, 1.8p/£9.8m) FY trading update: Performance ahead of management expectations (05.12.18) | Mirada* (MIRA.L, 0.75p/£6.9m) Interim results: Acceleration in izzi deployment (07.12.18) | Audioboom* (BOOM.L, 1.15p/£13.5m) Network update: Expanding its content (05.12.18)

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  • 10 Dec 18
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Plastics Capital

Interim results

Plastics Capital plc (shortly to be renamed Synnovia plc) reported excellent results for the half year to September 2018. Strong organic growth in the operationally geared bearings business, continued progress in the creasing matrix activities and another period of encouraging growth in films, led to revenue growth for the Group of 12.1%. Investment in all business streams utilised the cash generated in the half year as well as additional borrowings, resulting in a modest increase in net debt from £15m to £15.7m. The Group also benefitted from the depreciation of sterling post the Brexit referendum leading, in part, to an increase in adjusted EBITDA of 42.8%. Trading in H2 has started well and we believe that the group is on track to meet our full-year earnings expectations and therefore we retain our fair value of 130p.

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  • 03 Dec 18
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CCT GFIN MIRA

TMT Update 03.12.18 (CCT.L, GFIN.L, MIRA.L)

(The) Character Group plc* (CCT.L, 515p/£109.1m) Prelims: Return to growth in H2 (29.11.18) | Gfinity plc* (GFIN.L, 8.6p/£31.2m) Prelims: Heavy investment bearing fruit (27.11.18) | Mirada* (MIRA.L, 0.75p/£6.9m) Partnership agreement: Increased sales and marketing reach (27.11.18)

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  • 03 Dec 18
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Cluff Natural Resources

Farm out negotiations at an advanced stage

CLNR has announced some encouraging news concerning farm-out negotiations for its 100% owned licences P2252 and P2248 in the SNS (Southern North Sea) Gas Basin. An exclusivity agreement has been signed with a ‘major international oil and gas company’ in the case of P2252 while for P2248 non-exclusive negotiations with a ‘preferred bidder’ are at an advanced stage. Significantly, progress on negotiations has been sufficient for the OGA (Oil and Gas Authority), the UK regulatory body, to conditionally extend the two licences by six months to May 31, 2019. The conditions in terms of drilling commitments and the acquisition of 3-D seismic for P2252 will necessitate farm-out agreements being concluded by February 28, 2019. Assuming this is the case, we believe that drilling is possible on P2248 by end 2019 and on P2252 by end 2020.

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  • 30 Nov 18
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Character Group

Prelims: Return to growth in H2

H2 saw a return to the previous growth pattern at The Character Group (CCT.L), the UK’s leading independent toy company, as flagged in September’s trading update. FY18 revenue of £106.2m (ACLe: £106.7m) represented a 7.9% decline on FY17 but there was a 3.6% increase H2 over H2 and a 10.4% increase on a sequential basis - CCT’s domestic business delivered record sales. Underlying PBT was £11.6m (ACLe: £11.1m; FY17; £13.4m). H2 represents a creditable performance compared with CCT’s larger competitors – e.g. Hasbro’s revenue fell 12% and Mattel by 8% in Q3 – as the industry suffered from the fall out of the liquidation of Toys R Us and the generally difficult retail backdrop. As previously argued, we believe CCT is benefiting from the strength of its portfolio. CCT has seen good demand for its key product ranges throughout the year (Peppa Pig, Little Live Pets, Teletubbies and Stretch) complemented by its impulse purchase trend or ‘craze’ lines e.g. Soft ‘n Slo Squishies, Cakepop Cuties and Cra.Z.Slimy. FY19 has started in line with expectation and the outlook is positive for the upcoming Xmas season. FY19 forecasts and 596p fair value, equivalent to a FY19 PER of 11.6x and representing a 20% upside, remain unchanged. CCT remains well capitalised and offers a 5.5% yield.

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  • 29 Nov 18
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ACC BBSN MIRA BOOM

TMT Update 10.12.18 (ACC.L, BBSN.L, MIRA.L, BOOM.L)

Access Intelligence* (ACC.L, 65p/£35.3m) Pre-close FY18 trading update: Positive performance (10.12.18) | Brave Bison plc* (BBSN.L, 1.8p/£9.8m) FY trading update: Performance ahead of management expectations (05.12.18) | Mirada* (MIRA.L, 0.75p/£6.9m) Interim results: Acceleration in izzi deployment (07.12.18) | Audioboom* (BOOM.L, 1.15p/£13.5m) Network update: Expanding its content (05.12.18)

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  • 10 Dec 18
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CCT GFIN MIRA

TMT Update 03.12.18 (CCT.L, GFIN.L, MIRA.L)

(The) Character Group plc* (CCT.L, 515p/£109.1m) Prelims: Return to growth in H2 (29.11.18) | Gfinity plc* (GFIN.L, 8.6p/£31.2m) Prelims: Heavy investment bearing fruit (27.11.18) | Mirada* (MIRA.L, 0.75p/£6.9m) Partnership agreement: Increased sales and marketing reach (27.11.18)

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  • 03 Dec 18
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BOOM TERN CPX

TMT Update 26.11.18 (BOOM.L, TERN.L, CPX.L)

Audioboom plc* (BOOM.L, 1.05p/£12.3m) Trading update: Growth in Audioboom Original Network portfolio (26.11.18) | Tern plc* (TERN.L, 15.25p/£36.1m) Portfolio update (22.11.18) | CAP-XX Ltd* (CPX.L, 8.55p/£27.7m) AGM statement: record levels of enquiries (20.11.18)

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  • 26 Nov 18
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MTI Wireless Edge Character Group

TMT Update 19.11.18 (MWE.L, CCT.L)

MTI Wireless Edge Ltd* (MWE.L, 17p/£14.8m) Q3 results - Enlarged group on track (19.11.18) | The Character Group plc* (CCT.L, 496p/£104.9m) Products feature again in influential Xmas guide (15.11.18)

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  • 19 Nov 18
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CPX BBSN SYS1

TMT Update 05.11.18 (CPX.L, BBSN.L, SYS1.L)

CAP-XX plc* (CPX.L, 9.25p/£28.0m) Additional funds provides increased flexibility (05.11.18) | Brave Bison plc* (BBSN.L, 1.6p/£9.8m) Snapchat agreement: extends content distribution (30.10.18) | System1 Group plc* (SYS1.L, 195p/£24.5m) Interims: Ad Ratings offers potential for growth (02.11.18)

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  • 05 Nov 18
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GFIN CPX CCT NET

TMT Update 22.10.18 (GFIN.L, CPX.L, CCT.L, NET.L)

Gfinity plc* (GFIN.L, 8.15p/£23.5m) Proposed placing and trading update: further strong growth | CAP-XX plc* (CPX.L, 11.15p/£33.5m) Finals: Positive outlook for licensing and own product sales | The Character Group plc* (CCT.L, 508p/£107.4m) Investment extends European reach | Netcall plc* (NET.L, 61p/£87.2m) Prelims - Low-code investment programme |

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  • 22 Oct 18
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