Full year PBT is 4% ahead of our expectations and strong trading momentum has continued into FY22 (14.4% LFL). The strength of the results reflects favourably on the strategy new management put in place in 2019 to focus on optimal patient care and to make CVS an employer of choice. Having shown remarkable resilience through the pandemic, CVS is emerging as a stronger business with excellent ongoing growth prospects. Its integrated veterinary model is ideally positioned to capitalise on sector ta
Companies: CVS Group plc
CVS has capped off an excellent FY21 with a full year outturn ahead of market expectations. It enters FY22 with good momentum, supported by sector tailwinds and further easing of lockdown restrictions. It continues to invest for growth and has balance sheet strength to pursue further targeted acquisitions. We upgrade our current year EPS by 4% and by 3-4% for the outer years, with the risk on the upside. We continue to see CVS as a multi-year growth story with market leadership attributes, opera
Further good trading news from CVS this morning. Momentum has strengthened since the March finals, supported by sector tailwinds and easing of lockdown restrictions. Management is increasingly confident this is likely continue into the final two months of the year and now expects both revenue and EBITDA to be ahead of expectations. We lift our current year EBITDA by £5.0m and this flows thorough to a 9% EPS upgrade. We raise FY22 and FY23 EPS by 8% and 7% respectively and see scope for further u
An excellent H1 performance from CVS, highlighting the defensive growth attributes of the model and the leadership team prioritising organic growth. This is best evidenced by H1 EBITDA/EPS growth of 19%/37% and average customer spend 6% higher. We welcome positive current trading commentary with Jan-Feb LFL’s rising to c10% vs 7.8% in H1. There are a number of sector tailwinds and organic LFL levers which should continue to drive growth. We formally reinstate our forecasts and these reflect the
Today’s H1 update is directionally positive, with the favourable trends seen at the AGM continuing in the final 2 months of the period. This is evidenced in a strong financial outcome, with LFL sales up 7.8% (6.5% adjusted) and clean EBITDA growth of 14% - an excellent outcome with limited CV19 impact. Cash generation in the period was also good and leverage continues to reduce. Going forward, underlying sector trends are expected to remain favourable and we see various levers to support 5-8% or
A positive AGM update from CVS this morning, illustrating a continuation of solid trading momentum since the Sept finals. LFL sales in the first four months were ahead by 5.1% vs a stiff 8% comp. This implies an acceleration to 6.3% over Sep-Oct - an excellent showing, reflecting resilience and ongoing self-help to optimise revenue generation. Significantly, this flows through to a healthy EBITDA margin back above 15%. Trading during the current lockdown has not been much impacted and this bodes
CVS had what we regard as a good FY20 – showing excellent progress during the first 8 months, highlighting a keen focus on the core business, and then recovering strongly as lockdown conditions eased. This reflects very favourably on the new exec team and the underlying resilience / attractions of the veterinary sector. Pleasingly positive momentum has continued into Q1-21 with LFL sales growth of 3.9% (8.0% comp) and an improved EBITDA margin. In the current climate the veterinary sector has at
The year-end update is positive. The key highlight is that management navigated the CV19 related period (4 months) successfully, with revenue recovering post the April hit and CVS exiting June with good overall momentum. This means that with a strong 8 months of pre CV19 trading already delivered, the full year revenue outturn is signalled as being “comfortably ahead of last year” vs consensus at -2.0% - a hugely positive outcome. There is favourable balance sheet de-leverage commentary but havi
CVS has evidenced another strong trading period, with H1 PBT up 29% and good cash generation supporting leverage 40bps lower at 1.7x. Jan-Feb trading was robust with 6% LFL growth. Until recently there had been limited Covid-19 impact but RCVS/BVA guidance that vet practices should only remain open for urgent/emergency cases and travel restrictions is beginning to impact non-urgent visits. To protect the P&L and conserve cash, it is reassuring to see management taking decisive action – cost/cape
A very pleasing H1 trading update from CVS this morning, illustrating that the positive momentum seen at the AGM stage continued for the remainder of the period. This resulted in a very impressive 8.4% LFL outcome vs a 4% comp. Margin and employment cost commentary is equally reassuring, and debt requirements lowered going forward as cash generation accelerates from focusing primarily on organic growth. Overall, sales in the period are reported to be up 15% and we estimate this flowed through to
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.
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Today’s AGM update makes reassuring reading. The renewed focus on organic growth, operational improvements and better cost/KPI management is proving effective. This is graphically illustrated by a strong 8% LFL sales growth print covering the first 4 months of the year, meaning the positive momentum seen in H2-19 has continued into FY20. Significantly, gross margins, employment costs and vacancy rates have remained stable since the Sept finals. LFL sales comps do become stiffer in H2 but with YT
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TMT Acquisition (TMTA.L) has joined the Main Market (Standard) pursue opportunities to acquire businesses in the technology, media and telecom sector. Raised £5m, mkt cap £5.5m.
NMCN Plc has left the Main Market (Premium) following the appointment of administrators.
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Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive
Companies: SEE FST ORCP DNL FDBK 8091 IGP
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Cambria Autos has left the AIM following a takeover.
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Light Science Tech Holdings, the controlled environment agriculture technology and contract electronics manufacturing Group to join AIM. Raising £5m. Expected mkt cap £17.4m. Due 15 Oct.
Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive and susta
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Conditional dealings begin in W.A.G. payment solutions (Eurowag: WPS.L) on the Main Market (Premium). Eurowag is a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry. It makes life simpler for commercial drivers and operators across Europe through its unique combination of payments solutions, seamless technology, a data-driven digital eco-system and high-quality customer service. The Offer Price has been set at 150 pence pe
Companies: TLY LTG JNEO ITM CLIN
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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Bens Creek Group to join Aim. Bens Creek, together with its subsidiaries, will, on Admission, own and operate a metallurgical coal mine located on 10,000 acres in the southern part of the state of West Virginia and eastern edge of the Commonwealth of Kentucky, in the central Appalachian Basin of the eastern United States of America. The Mine's operations are located primarily in Mingo County, West Virginia. The
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SEAL Advisors working in partnership with Oberon Capital is pleased to announce the publication of a briefing note on the MyHealthChecked plc.
The Future of Personal Health Care
Agile and responsive leadership has delivered a competitive array of MyHealthChecked branded COVID-19 testing products in a very short period of time
Over the past 12 months the company has been transformed from loss making and cash consumptive, to a high-growth, cash generative business
On the basis of repo
Companies: MyHealthChecked 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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Danakali has left the main market (Standard).
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Press reports that Law firm Mishcon de Reya has agreed a merger with life sciences specialist Taylor Vinters after recently confirming its plans to go public on the London Stock Exchange (LSE).
Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the C
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Petershill Partners (PHLL.L), has joined the Main Market (Premium), a leading investment group providing bespoke capital and strategic solutions to some of the world's best performing alternative asset management firms. Petershill Partners today comprises minority investments in 19 high-quality Partner-firms, previously held in private funds managed by Goldman Sachs Asset Management (GSAM). The Partner-firms have US$187 bn of aggregated assets under management. The Offer would comprise (
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ANGLE reported an adjusted net loss of £7.2m (+58% vs. -£3.2m), with establishment revenues increasing 26% to £0.3m and costs rising 48% to £8.9m, reflecting the costs of opening its pharma services business and clinical laboratories in the US and UK. Net cash at 30 June was £21.0m, with a further £18.9m (net) placing proceeds after period-end. Evidence of momentum building within pharma services, backed by confirmation of three contract wins and multiple ongoing discussions (some of which are w
Companies: ANGLE plc
ReNeuron has announced that the nine-patient Phase IIa (2m cell dose) extension study (halted in June after a presumed eye infection case) has fully restarted with five patients left to treat. Two patients are scheduled for treatment in October. The company expects to report some data by March 2022, which could potentially open the way to a crucial partnering deal. Full efficacy data at six months post-treatment should be available around the middle of 2022. Our valuation remains £190m.
Companies: ReNeuron Group plc
The current situation in the CDMO arena looks a bit like an arms race and Lonza seems to have firm plans to be part of it. The recently updated mid-term guidance is the explanation to do so, in our view. Management is strongly dedicated to staying with the extraordinary high EBITDA margin for the coming years.
Lonza’s hybrid investors day was well attended in Zurich, in which we participated.
Companies: Lonza Group (LONN:VTX)Lonza Group AG (LONN:SWX)
The positive market research results for Eroxon®, released this morning, provides further support for the company’s ongoing partnering efforts. We continue to believe that MED2002 is a differentiated product with significant potential in both prescription and OTC markets, and look forward to further PK data followed by Phase III start in H1 2018.
Companies: Futura Medical plc
ImmuPharma recently announced an update on the FDA meeting with Avion, ImmuPharma’s partner for Lupuzor™, on 4 December 2020 (Type ‘A’ meeting request). Based on the positive guidance and feedback from FDA, there is now a clear regulatory pathway to commence the Phase III trial in H2 2021, fully funded by Avion. As part of this feedback, Avion and ImmuPharma will develop and validate a bioanalytical assay in order to confirm the unique pharmacokinetic profile of Lupuzor™. This will be presente
Companies: ImmuPharma plc
Today’s prelims are in line with management’s expectations with losses before tax in the period of £30.3m (vs. £29.4m prior year). Post-merger, 4D pharma is clearly a different beast with access to the largest global capital market for Pharma/Biotech, and supported by £25.2m (net) proceeds from corporate activity. The company has cash runway until Q2 2022 and is well placed to successfully execute its clinical development strategy with multiple shots on goal. Primary focus is on MRx0518 with two
Companies: 4d Pharma PLC