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Marlowe

Cenkos: Marlowe Plc - Firepower: Capital Raise

Marlowe plc has announced a Placing to raise approximately £20m. It is understood through management's well-communicated growth strategy that the new capital is intended for acquisitive purposes. By focusing on niche, complex markets with high barriers to entry and supported by regulatory frameworks, Marlowe can capitalise on consolidating fragmented industries and delivery double-digit growth to its shareholders. With an already impressive M&A track record, investors are clearly confident in management's ability to continue allocating capital effectively. We reiterate our Buy recommendation.

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  • 13 Jul 18
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Dods Group

Cenkos: Dods Group Plc - Shaping the future

With its turnaround phase now complete, and with a new management team in place the Group is well placed to focus on its strategy of achieving growth both organically and through acquisitions. The Group has been structured to accommodate for a significant increase in scale without requiring material increases in core fixed costs. This allows for a potentially rapid improvement in profitability. We maintain our BUY recommendation.

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  • 11 Jul 18
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Frontier Ip Group

Cenkos: Frontier IP Group Plc - PulsiV wins grant to complete microinverter

Frontier IP, the capital efficient IP commercialisation company, has announced that its 18.9% owned portfolio company PulsiV Solar has won an Innovate UK grant to help complete the development of a solar micro-inverter by April 2019. The total grant of £289k is being split 52% with specialist consultancy Eastmap and the target is to create a product ready for scale up and commercialisation that provides efficiency improvements of at least 5% over market leading products.

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  • 11 Jul 18
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Jaywing

Cenkos: Jaywing Plc - Getting back on track

Today's results reflect performance in-line with expectations, highlighting challenging market conditions, which are expected to persist during FY19E. Despite this, Jaywing is making improvements to the quality of its business through increasing cross-selling, the winning of larger and more repeatable projects, international expansion and measured cost savings. It is seeking to exit FY19E with a sustainable run-rate to restore profitability back to £5m+ in EBITDA in FY20E

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  • 10 Jul 18
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Collagen Solutions

Cenkos: Collagen Solutions Plc - Positive leading indicators

As indicated in its recent trading statement Collagen Solutions revenues for FY18A were below FY17A. While this is clearly a disappointing result we believe it masks a number of positive underlying trends which point to an improving performance in future years. Four customer issues affected FY18A revenues; offsetting these to some extent was a >200% increase in Development revenues which in conjunction with 16 new customers secured, points to improving future performance. We re-instate our Buy recommendation on the stock.

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  • 10 Jul 18
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Totally

Cenkos: Totally Plc - Strong progress

Totally has reported results to 31 March 2018, a year in which it made the transformational acquisition of Vocare. Underlying, we believe the 15-month period was largely in-line with our expectations, though are affected by the unusual reporting period and significant exceptional write back. Separately the group has invested heavily in its quality systems and processes which is reflected in the improvement in its CQC ratings. Work remains to be undertaken on integrating Vocare, although we believe the company has made significant progress and is set to win new contracts and assess M&A opportunities. We maintain our Buy recommendation.

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  • 10 Jul 18
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