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K3 Business Technology Group
Fundraising to support new strategic decisions
K3 recently announced a Placing and Open Offer at 140p to raise £8.5 million before expenses. The Placing is subject to shareholder approval. The proceeds will be used to strengthen the Group’s balance sheet and provide additional working capital to give the management team flexibility as it makes strategic decisions (a further review of Group resources and operations was announced in May). The fundraising is also key to securing certain amendments to the terms of the Group’s existing facility agreement with K3’s lenders. Several Board changes have been announced and K3 will recruit a new Chairman. The trading comment in the announcement anticipates an operating loss of between £0.4 million and £2.4 million. We reintroduce estimates for FY 2017E (a 17 month period) and 2018E which reflect the change to a November year end. Meanwhile, management again underlines the positive momentum in the profitable business units.
21 Jun 17
Encouraging contract gain
EU Supply, the e-procurement software provider, has announced a 3-year single-source framework agreement with an existing customer, for support and maintenance renewals and customer-paid enhancements. Revenues will depend on services being ordered by the customer over the life of the agreement. Although there are no committed orders at this stage, there are customer discussions for potential call-off orders for delivery over the next few years. This framework agreement is an encouraging development, lending confidence to and suggesting scope for upside potential in our maintained forecasts
19 Jun 17
Confidence in ‘continued positive development’
Sopheon’s AGM statement notes that, during 2017, it has continued to advance its Accolade software platform, launching version 11.1 in February. The Group has recently been included in Gartner’s Magic Quadrant for Project Portfolio Management, a strong validation of its unique position in the enterprise portfolio management, enterprise initiative management, and product development markets. Full year revenue visibility is up, despite a robust prior year comparator. That combines with a strong pipeline to produce a confident statement from the Board on future delivery. We expect that the benefits of Sopheon’s products will continue to drive customer wins as the requirement to manage innovation becomes more fully recognised.
08 Jun 17
A breakthrough year…… …..delivering maiden profit on owned brands
Distil has had another strong year of sales and volume progression, which has culminated in the company delivering a maiden profit from its owned brands. This has been driven once again primarily through the RedLeg Spiced Rum and Blackwoods Gin and Vodka brands, which have benefited from achieving further listing gains in both the supermarket and pub channels. These brands have capitalised on the continuing growth of premium spirits and the rise of the cocktail phenomenon across an ever broader spectrum of ontrade formats. Distil is well-positioned to benefit from these trends in the UK and export markets from its existing brand portfolio and potential new product development. On the basis of FY17’s forecast beat, we have raised our FY18 and FY19 PBT forecasts, and we also initiate on FY20.
07 Jun 17
In line interims
Idox has reported H1 2017A results in line with the May trading update. The three recent acquisitions were the key drivers of 19% revenue growth, with adjusted EBITDA 2% ahead of H1 2016A. Cash conversion remained robust, with cash generated from operating activities at 116% of adjusted EBITDA. The key Public Sector Software (“PSS”) business continues to report solid operational momentum. We make minor revisions to estimates following the announcement, and note the positive outlook statement and 10% DPS growth as further signs of management confidence.
06 Jun 17
Solid H1 2017, on track for the full year
Amino has this morning published a positive trading update for the six months to 31 May 2017. Trading in the first half “was at record levels” and this was accompanied with strong margins and an impressive cash generation – the net cash position improved by £6.9m versus the closing FY 2016A figure. Although changes in the product mix are expected to impact margins in the second half, we note management commentary that the business is on track to meet their FY 2017E expectations. We therefore leave forecasts unchanged following the announcement.
06 Jun 17
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