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Benchmark

Sustainability and profitability

Benchmark reported a confident message on FY18 trading to the end of September 2018 across all divisions, taking adjusted EBITDA earnings for the period ahead of our estimates due to the higher margin mix of revenues from Advanced Nutrition. Headline financials for the period included c. 7% revenue growth vs FY17 to over £150m and adjusted EBITDA of over £16.5m, up 65% compared to FY17. The outlook is positive across the Group and with strategic progress on key projects positioning BMK for sustained earnings growth driven by increasing recognition of the value of specialist aquaculture products.

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  • 09 Nov 18
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Gattaca

Getting its ‘Mojo’ back

As with any walk of life, the occasional setback is inevitable when tackling complex new challenges. The key is recognising when difficulties arise, responding quickly, learning from the experience and ultimately reaching one’s goals - perhaps via a different route. It’s no different in the corporate world.

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  • 08 Nov 18
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Up Global Sourcing

Feeling good about FY2019

After an unquestionably challenging year, UPGS delivered FY2018 preliminary earnings results in line with consensus as underlying EPS was 5.4p. Sales revenue of £88m and £6.5m adjusted EBITDA reconfirmed an earlier announcement. UPGS’s international business continued to gain ground as a portion of sales due to a strong H2. Moreover, FY2019 appears to have started well and we raise our EBITDA estimate from £6.9m to £7.1m, largely due to better than expected sales revenue: the future feels good.

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  • 06 Nov 18
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Elecosoft

€3.45m acqn of VR/AR visualisation expert

Enter Active Online GmbH based in Wesel, NW Germany and employing 29 staff. Its “cutting-edge” software allows consumers & homeowners to do exactly this. Swapping out the furniture, curtains & flooring, alongside changing the décor, wall colours, light fittings, fabrics & windows. All at the touch of a button in rich HD/3D graphics. Providing a fully immersive 360-degree view, Virtual & Augmented Reality (see next page), cloud data management and advanced apps to enable an almost limitless range of homeware products to be imported via standard QR codes. The technology is deployed by c.700 organisations (see later) in order to enhance their sales processes and end-user engagement.

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  • 06 Nov 18
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Elektron Technology

Elektron knocks it out the park

Deciding how to react during a FTSE rout is never easy, especially for smallcaps where price swings can often be extreme. Nonetheless smart investors prepare for such eventualities, hold their nerve and importantly have a shopping list of high quality names to buy amid any indiscriminate selling.

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  • 01 Nov 18
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Watkin Jones

Another cracking year

After nearly a decade of ‘bull market’ gains, investors suffered an abrupt wake-up call in October due to fears of rising US interest rates, tightening monetary policy, trade tariffs, slower global growth, valuations and Italian nationalism. However despite these worries, spreads on US corporate BBB (at 1.5%) & junk (3.7%) bonds vs Treasuries have remained relatively stable, indicating to us that the turbulence is probably little more than a ‘healthy correction’

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  • 31 Oct 18
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Equity Development Research and Daily Commentaries

Research Tree offers Equity Development research, providing ongoing coverage of 56 shares. We offer 345 reports from Equity Development on Research Tree.

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Fastforward Innovations

Firing on all cylinders

Being able to consistently deliver out-sized investment returns, is all about managing risk and finding high quality, growth stocks at the right price. We’ve seen this already in 2016 with many such smallcaps, like Keywords Studios, Fevertree Drinks, Boohoo, GW Pharmaceuticals and Tristel. Another stock we think that in due course could join this select band, is FastForward (up 100% since mid Oct’15) which invests exclusively in rapidly expanding technology firms. Today FFWD holds non-controlling positions in nine such privately owned businesses, which we understand are all either meeting or exceeding their internal plans. Here, progress was said to be “incredibly positive and very encouraging” yesterday, with updates being released in relation to three of them.

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  • 30 Nov 16
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