Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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FY21 results are broadly in line with our expectations and on a par with the June trading update. Group revenues increased by 39.1% to £696.2m. On an underlying basis Group EBIT increased by 52.4% to £31.4m, Underlying profit after tax increased by 61.9% to £21.7m and Underlying EPS increased by 62.6% to 21.3p. A full year dividend of 11.1p has been proposed up 14.4%. Notably, 70% of revenues in its value-added logistics segment is generated from its e-commerce activities. E-commerce related rev
Companies: Clipper Logistics PLC
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
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Clipper has issued a year end trading update covering FY2021. The Group has continued to benefit from itsleading capability position in-e-fulfilment and returns management, incorporating new contract wins , with online retail accounting for 70% of Group revenues. Its Non-e-fulfilment activities also continue to perform well too as retailers look to outsource and harnessthe Group’s ‘shared-user’ capabilities. Clipper has also secured an extension to its European contract with ASOS. The Group has
The Budget offered a clear picture of the state of the economy. Put simply, the economy will be 3% smaller in three years’ time than it would have been without the impact of the pandemic. However, it is forecast to return to pre-pandemic levels by mid-2022, six months earlier than previously thought. The OBR forecasts that the UK economy will grow by 4.1% in 2021, (lower than the 5.5% outlined in November 2020). It has set its GDP forecasts in 2022, 2023 and 2024 at 7.3%, 1.7% and 1.6%. Positive
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In the last fortnight, we have surrendered some of the notable progress made over the last three months. That said, the optimism displayed by markets, driven by progress with vaccines and their rollout, persists. The recent direction of markets has been set by volatility in US markets, driven by specific retail market developments. Domestically, we have seen a broadly upbeat procession of results and trading updates/outlooks have, generally, been at least in line. The share price reactions have
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We highlighted last month the (first) Santa Rally arrived early (unlike some other festive gifts). The second Claus(e) relief rally was prompted by the agreement between the European Commission and the UK on its future cooperation with the EU. Markets also reacted positively to the $900bn stimulus package agreed in the US. While the FTSE 100 and FTSE 250 indices rose by 1.6% and 1.7% respectively on the first trading day after the holiday and the FTSE 100 has recovered 28% from its low point in
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Interims to 31 October demonstrate strong trading across the group, in particular from Clipper’s e-fulfilment and returns management services. Revenues increased by 20% to £305.2m, with e-fulfilment and returns management reporting growth of 38% yoy. Reported Group EBIT, a key measure, increased 22% to £20.2m, (excluding nonunderlying items in the prior period), EBIT rose by 54%. On an IAS 17 basis underlying EBIT was ahead by 78%. Group PBT increased by 38% to £14.3m. Net debt has fallen sharpl
Clipper has issued a post-close trading update covering the period to 31 October 2020, ahead of the interim results due to be announced in early December. The group has reported a continuation of the high demand for its e-fulfilment and returns management services, continuing the momentum from the FY2020 results back in August. The group continues to benefit from the structural changes underway in retail with significant growth in e-commerce. The update highlights that during the period, these t
FY results to 30 April 2020 show record revenues of £500.7m (+8.8%), driven by strong organic growth, particularly in e-fulfilment and returns management. Group EBIT, (on an IAS 17 basis), a KPI, increased by 19% to £24.1m. Group EBIT (inclusive of IFRS 16 basis) effective this year amounts to £32.5m. Basic EPS increased by 20.5% to 15.9p. A final dividend of 6.2p has been proposed, making an unchanged total payout of 9.7p. Recent contract wins, a strong pipeline of new business and further deve
Clipper Logistics is well placed to benefit from the structural changes underway in retailing with the significant growth in online shopping. The group works with both online and high street retailers, offering its specialist services such as warehousing, delivery, efulfilment, Click & Collect, returns management, handling high-value items and other related activities. The need for collaboration and shared-user capacity among retailers and outsourcing logistics plays to the group’s strengths. Th
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
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Softline, the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, has issued GDRs to the Standard Listing Segment of the Official List, and on the Moscow Exchange. The Group had a turnover of US$1.8bn for the year ended 31 March 2021, employs c.6,000 people globally, and operates in more than 50 countries across emerging markets. Primary proceeds from the Offer are expected to be around US$400m. At the $7.5 offer price. Mkt
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We believe Keywords has a very strong business model, as it provides solutions throughout the development cycle. Keywords is an infrastructure play, benefitting from gaming industry tailwinds. 2021 is a step-change year. Thereafter we believe KWS EPS will continue to compound at attractive double-digit % rates.Buy
Companies: Keywords Studios plc
Tungsten West (TUN.L) has joined AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m.
Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined AIM
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Sareum Holdings PLC have published Final Year Results. We have published research on this which is attached and a snapshot of the research is below.
The specialist drug development company delivering targeted small molecule therapeutics to improve the treatment of autoimmune diseases and cancer, announced its results for the year ended 30 June 2021. It has been a period of significant progress for its selective TYK2/JAK1 Inhibitors, which have reported further strong pre-clinical results, attra
Companies: Sareum Holdings plc
Arrow Exploration Corp. (AIM:AXL; TSXV:AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has joined AIM, alongside a fundraise of approximately £8.8m.
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ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas com
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Today’s trading update from Driver Group is optimistic, highlighting a material improvement in activity levels during Q4 and a positive start to Q1 ’22. The rise in demand for the highermargin expert services, combined with a decline in the impact of the pandemic on decision making, a restructuring of the Middle East / APAC regions, and new offices, have resulted in renewed positive momentum. We have introduced estimates for FY21 and FY22, with the latter reflecting these strong growth drivers.
Companies: Driver Group Plc
Water Intelligence has released a very strong Q3 update and at the 9m stage has now already achieved our FY21 Normalised PBT forecast. Group revenues advanced +43% for the 9m, led by US Corporate-Owned Locations (+79%) and International Corporate-Owned Locations (+47%), supported by Franchise Royalty Income and Franchise-Related Sales, which both grew +4%. Normalised PBT for 9m was $6.5m, equal to our FY21 estimate. The group was very active in Q3, with a Midwest Home Builder contract win develo
Companies: Water Intelligence plc
Franchise Brands has released a positive trading update for the three months to 30 September 2021, the Group’s third quarter. Highlights include excellent growth from the Metro Rod franchisees who have increased system sales by 32% year-on-year (yoy) in the quarter and the recruitment of 52 new franchisees in the B2C division to date. Work on optimising the new integrated technology platform continues, improving the Metro Rod and Metro Plumb customer experience and enhancing the efficiency and p
Companies: Franchise Brands plc
Franchise Brands has released a very encouraging Q3 update which states that it has delivered record Q3 results that firmly underpin FY expectations. This robust performance was driven by Metro Rod, where systems sales grew +32%. As expected, Willow Pumps has seen a more muted recovery in its supply & installation operations due to its reliance on the housebuilding sector. Recruitment in the B2C sector has returned to pre-CV19 levels. Digital transformation at Metro Rod and Metro Plumb continues
RELX shares reached a new all-time high this morning following the publication of the group’s 9-month trading update. Investors welcomed the – long-awaited – bounce back in Exhibitions as well as the improved FY21e guidance.
Companies: RELX PLC
Companies: System1 Group PLC
Driver Group’s year end update confirms it expects to report adj. PBT in line with expectations and net cash a touch below at £6.5m (SCM previous forecast: £7.3m). It has seen a material improvement in activity levels during Q4, giving management confidence in the current year outlook. Our FY22 forecasts are therefore unchanged, continuing to show a material improvement in earnings. We see the current valuation (11.1x Sep. ’22 P/E and 5.7x EV/EBITDA) as undemanding against an improving outlook a
WATR continues to exceed expectations, as reflected in this morning's Q3-2021 announcement, showing 9-month revenue at $39.7m (up 43% YoY), EBITDA at $8.5m (up 48%) and adj. PBT at $6.5m (up 42%) – surpassing full year 2020 results on all counts. Consistently impressive revenue and profit growth rates over a number of years evidence the strength of the operating model and the value of the company's national presence as well as growing demand for their services arising from well-publicised and hi