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A multi-branded, leading fashion eCommerce business, set for at least 50% growth yet again
26 Apr 17
A year of upgrades has been topped by yet another sales and earnings beat. Full year sales of £295m are up 51%, with growth accelerating across all regions in H2. This impressive top line performance converted to a 90% increase in EBITDA to £35.6m and a 97% increase in PBT to £30.9m, driven by overhead efficiencies as the group grows. The complementary acquisitions of PrettyLittleThing and the Nasty Gal brand transform the business into a multi-branded proposition. This, alongside investment in range extension and impressive international expansion, underpins our expectations for continued strong growth of at least 50% top line throughout 2017. Active customers have risen 29% to 5.2m, with solid improvement continuing across all KPIs. Despite significant capital investment, totalling £30.7m in the year, boohoo’s balance sheet remains robust with net cash of £58.4m at the year end. We upgrade our FY18 expectations by c.12% and continue to see potential for significant profitable growth going forwards.
Ilika launches Stereax P180 solid-state battery platform for hostile environments
26 Apr 17
Ilika continues to make excellent progress on commercialising its solid-state battery platform, and today announced the launch of Stereax P180, a version of Ilika’s Stereax™ technology designed to operate in hostile environments, including across an extended temperature range from -40°C to +150°C. Incumbent lithium ion technology has both polymer and liquid in its core design, which limit the environment and temperature range where it can operate safely and effectively. Solid-state architecture obviates such limitations, and Stereax P180 is the first platform being made available to the market offering robust extended functionality. Stereax P180 comes at a time when the Industrial Internet of Things (‘IIoT’) is exploding, intensifying the market pull for battery technology stable in more extreme environments. Accenture forecast IIoT will boost global GDP by $15T by 2030. As well as the IIoT, Stereax P180 offers stable battery solutions in growth applications in the automotive, aerospace and infrastructure markets.
Ronez up year-on-year in Q1 ‘17
25 Apr 17
Reporting its 2016 results this morning, SigmaRoc flagged a solid start to 2017 from its Ronez vertically-integrated aggregates business on the Channel Islands, the acquisition of which post-dates the reporting period. Q1 2017 EBITDA is reportedly 12% higher compared with that achieved by Ronez in Q1 2016, suggesting tangible progress is being made by SigmaRoc on unlocking operational and trading efficiencies since taking control of the business at the start of the year. We remain confident the group can generate EBITDA at the Ronez-level of >£6m pa going forward (up from £4.9m in 2016). Having successfully integrated Ronez, management is now sharpening its focus on executing the next stage of its niche asset ‘buy-and-build’ strategy. Leveraging management’s vast experience in the construction materials industry and Ronez’ robust cash-flow base, we expect SigmaRoc to roll out more acquisition and/or organic investment opportunities as the year progresses, which should be a catalyst for further share price appreciation.
FY 16 update - Downgrade to forecasts
20 Apr 17
We note the full year trading update released this morning by Action Hotels ahead of full year results due on 2nd May 2017. The company has confirmed unforeseen delays in the development and operating dates of some of its hotels has negatively impacted performance for the full year. Clearly this is a disappointing update given the downgrade to forecasts from 2017E. However, the company has made good operational progress with room count +40% since IPO and KPI’s in the mature assets continue to show robust trends. We continue to believe this is a long term structural growth opportunity as well as having significant asset backing.
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