artec technologies - Termination of coverage

Edison Investment Research is terminating coverage on: • 2G Energy (2GB) • Apontis Pharma (APPH) • Artec technologies (A6T) • Beta Systems (BSSA) • Blue Cap (B7E) • Cyan (CYR) • Consus Real Estate (CC1) • Daldrup & Soehne (4DS) • DATAGROUP (D6H) • Datron (DAR) • Delignit (DLX) • Deutsche Börse (DB1) • Deutsche Grundstücksauktionen (DGR) • Deutsche Rohstoff (DR0) • DVS Technology (DIS) • Edel (EDL) • Ernst Russ (HXCK) • Exasol (EXL) • expert.ai (EXAI/EXSY) • Fashionette (FSNT) • Formycon (FYB)

artec technologies - Uncertain outlook persists for H221

artec’s H121 results showed a 12% y-o-y fall in net revenues to €1.14m, as the group continues to suffer from the economic impact of the pandemic. Global supply chains remain under stress, leading to difficulty in sourcing hardware and project delays. Although management remains positive for FY21, this increases the uncertainty for the FY21 outcome, with projects liable to slip into H122 from the seasonally busiest quarter, Q4. Good cost control with expenses restricted under COVID-19 offset the

artec technologies - A solid FY20, uncertainties persist for FY21

In FY20, artec increased sales by 53% to €3.1m despite the COVID-19 pandemic, with positive EBITDA of €0.33m. Recurring revenues rose to €0.75m, with the company targeting €1m by FY22. artec reported 11% l-f-l sales growth for Q121 but, with sales heavily skewed to Q4, the outlook for FY21 is far from clear due to the lingering effects of the pandemic and hardware supply issues from an industry-wide semiconductor shortage. At year end, artec had cash on the balance sheet of €0.47m. Management re

artec technologies - Positive FY20 progress, focus on MULTIEYE

In a post year-end trading update, artec reported strong sales growth, with FY20 revenues rising 50% y-o-y to €3.2m (FY19: €2.0m), marginally below consensus (€3.25m). Management expects a significantly improved FY20 profit figure y-o-y when it reports its FY20 results. 24% of FY20 revenues are recurring, with contract terms of up to four years giving increasing forward visibility. Two-thirds of sales came from the security side of the business, which continues to show good momentum, while the m

artec technologies - Resilient H1, flurry of H2 contracts

H120 sales of €1.3m (up 43% from H119) represented a resilient first-half performance for artec, given the impact of the COVID-19 pandemic. Management also announced a number of attractive multi-year contracts across both security and broadcast customers, with €0.25m of revenue secured in Q320 and €0.25–0.30m expected in Q420, typically the company’s strongest quarter. artec’s positive trading highlights the benefits of a flexible, diversified business and leaves the group well placed for FY20 d

artec technologies - Carrying sales momentum into FY20

FY19 revenues of €2.0m were weaker than management expected due to a small number of material contracts failing to materialise by year-end. However, those contracts did not disappear and investment in sales in FY19 led to a strong start to H120 (management estimates H120 revenues will exceed €1.5m) with momentum expected to continue in H220. Recent trading has highlighted the benefits of a flexible, diversified business, with the security segment (DACH-focused, government contracts) benefiting,

artec technologies - Prepped and ready to scale

After a strong FY18 with a number of reference orders, H119 was slower than anticipated. Management remains confident about FY19 (H2 should be stronger than H1 due to year-end budgetary cycles), with additional public service wins indicated in Q4. In media, with the exit of Verizon Volicon from the market management believes artec is well placed to win additional European clients. artec invested in capacity in H119 and raised c €1m of equity capital in July to target these accounts and is consid

artec technologies - Positioning for growth

artec recorded a strong 2018, with revenues doubling to €2.9m and the group returning to a small profit. It received a number of important reference orders over the year, which adds impetus to marketing and boosts the potential for future growth. In addition, early this year a major US competitor, Verizon Digital Media Services (VDMS), unexpectedly said it was exiting the market. This provides additional possibilities for artec if VDMS’s European customers (Volicon Observer product) are interest

artec technologies - New strategy is beginning to deliver

artec returned to the black in H118 as revenues more than doubled. The results reflect the impact of the three significant contract wins announced earlier this year. These wins came in the wake of the 2016/17 period that artec spent modernising its software platform and the strong momentum has been continuing, with further new business added in recent weeks in the public sector security segment. If management can sustain the momentum, we believe there is significant upside in the shares.

artec technologies - Positioning for growth

artec spent the 2016/17 period highly focused on modernising its software platform and, as a consequence, revenues dipped by 41% in FY17. However, in recent months, the company has won three prestigious new contracts with high-profile customers in Germany. These contracts provide a significant endorsement of the new platform, and the artec carried out a 10% capital increase to provide working capital to help deliver these contracts. If management can successfully scale the business, we believe t

artec technologies - Contract wins provide excellent references

artec has won three prestigious new contracts in recent months that provide a strong endorsement of the company’s new platform. The wins come in the wake of the 2016/17 period, which the company used to focus on modernising its software platform. artec has subsequently undertaken a 10% capital increase that will provide working capital to help it deliver the new contracts. During the upcoming FY17 results release in April, management intends to reveal a new business plan, which will outline how

- Anticipating a strong H2

The last 18 months has been a transitional period for artec, with the group repositioning itself as a provider of cloud-based data analysis systems. The new cloud platform is highly scalable and will enable artec to generate recurring revenues. While the group ran at a loss in H117, the cloud pipeline is growing and new cloud customers are expected to sign up in H2. The second stage of expansion is set to begin on a project in Qatar and the group has won a new MULTIEYE order with a betting compa

Patented logging and surveillance

artec technologies is a small company that specialises in the recording and storage of audiovisual information for a range of applications. The company can trace its roots back over 20 years, and has established an enviable customer base along with some excellent case studies. However, it has been challenging to drive profitable growth. Backed by targeted investment in FY16, artec is shifting to a cloud-based business model, which we believe will better enable management to scale the business.

Success in US market delivers strong H1

Bango has reported strong H1’23 results with 88% revenue growth (we estimate c.25%+ organic), ARR increasing 63% yoy, and a further $8m of annualised cost savings executed with Bango on track to deliver a transformational H2 profit performance. Bango’s Digital Vending Machine (‘DVM’) secured 2 new US wins, including 1 of the top 5 US operators (now working with 3 of the 5), providing access to 200m+ US consumers. Given these operators are currently on the bottom tier of license revenue (we estim

Journeo - Strong H1/23A Interim Results

Journeo has released a strong set of interim results in-line with the prior trading update and our recently upwardly revised expectations. Revenue increased 146% YoY to £21.8m and PBT similarly increased substantially to £1.7m driven by organic growth in all divisions and the new contribution from the Infotec acquisition. We leave forecasts unchanged following the two recent upgrades. Journeo looks compelling on an FY24E Adj P/E of 10.1x vs peers on 13.2x, and we reiterate our 1-year price targe

Record H1'23 with continued momentum into H2

Allenby Capital TMT Update - 25.09.23 - SPSY.L, BIRD.L, TRAK.L, ENET.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Hybridan Small Cap Feast - 26 Sep 23

26th September 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment ob

Acquisition of MNA and PCS

National World has announced the acquisitions of Midland News Association (MNA) and Press Computer Systems (PCS) for £11m in cash and we raise our 2024 EPS estimate by +16%.

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Artificial intelligence in UK biopharma and healthcare 11/09/2023

Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel

A cheap call option on landing whales

Morning Note – 27 September 2023

Fonix Mobile - Robust progress in FY23, EFCF and DPS +6% and +3% ahead

In today’s FY23 results, Fonix has announced gross profit and adjusted EBITDA in line with the +4-5% upgrades at the trading update in July, underlying EFCF +6% ahead of our previous forecast, FY23 DPS +3% ahead, and FY24 trading in line with expectations. FY23 TPV of £268.1m reflects robust double-digit yoy growth from commercial customers, and gross profit as a % of TPV has increased to 5.6% from 5.1% in FY22. New customer wins include Channel 4, Bauer Ireland, RTÉ and Wireless Radio Ireland,

Morning Note – 26 September 2023

Hybridan Small Cap Feast - 12 Sep 23

12th September 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment ob

tinyBuild (TBLD LN) - H1: Declining profits and cash

H1 revenue fell 19%, gross margin narrowed by 18 percentage points and Adj EBITDA fell to -$1.2m from $9.9m a year ago. The company impaired $27.2m of development costs and intangible assets.

IQGeo Group - H1 organic growth of +83%, 4-5% revenue & EBITDA upgrades

In today’s H1 results, IQGeo has announced H1 revenue growth of +124% yoy to £20.5m, adjusted EBITDA of £2.7m, and EFCF of +£0.3m. Excellent execution of the land and expand strategy scaled exit ARR +64% yoy to £16.9m, net recurring revenue retention increased to 114% from 108% in FY22, and recurring revenue grew +61% yoy to £7.2m. The +122% yoy growth in services revenue to £8.8m reflects vigorous demand from customers to implement and leverage the differentiated solutions, and as customers ext