Cenkos: Jaywing Plc -- Trading statement

Whilst the current macro headwinds present challenging trading conditions, today's update should provide reassurance that the Group continues its long-term trajectory of profitability, underpinned by the uplift in Adj EBITDA margin and the continued winning of substantial contracts. To account for the macro headwinds and the subsequent deferral of contracts by clients in the short-term, we have revised our forecast. We reduce FY23E and FY24E net revenue by £2.3m and £2.0m respectively and reduce

Cenkos: Jaywing Plc - Continued growth in profitability

Today's interims should reassure on the direction of profitability and the Group's control of the underlying cost base. Adj EBITDA is up 33% at £1.4m, Jaywing returned to pre-tax profit and the new business pipeline remains strong. Whilst the economic uncertainty has negatively impacted revenues, the Group has made progress with the integration of Midisi (four new Decision clients already added with several additional opportunities in the pipeline) and the actions on costs as well as a strong ne

Cenkos: Consumer Q3/22 Review

Third Quarter Key Observations  Escalating inflation continued to cut further into consumers' discretionary income, impacting demand across the consumer sector. The systemic rise in input costs significantly impacted companies' bottom lines, testing the resilience of even the strongest in the sector, as businesses balanced the long-term need to maintain relevance to their customer base (in terms of pricing & quality) whilst also seeking to navigate immediate economic challenges. The Gf

Cenkos: The week that was -- Stocks in focus this week are Jaywing, Galliford Try, Northcoders, SThree, Crestchic

Enclosed is our weekly round-up of news and updates from the professional services & construction sector.

Cenkos: Jaywing Plc -- A Good Decision

The full year results demonstrate the progress the group is making after two challenging years. 16% YoY revenue growth and an improving EBITDA picture are testament to the work management has done in resolving legacy issues and the group now looks well positioned going forward. The recent acquisition of Midisi adds to the positive growth outlook and gives the strength of group's data science centric model, there looks to be a good opportunity to expand and capture further market share. Based on

Hybridan Small Cap Feast 11/08/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports

Cenkos: Jaywing Plc -- A good start to a year of growth

Jaywing has produced a positive set of interims, which we consider in-line with our FY22E forecasts given the traditional H2 weighting to results. A highlight is the +24% YoY net revenue growth, with both the UK, and in particular, Australian businesses contributing strongly. This translated to underlying adj EBITDA growth of +£1.0m YoY yet is masked by Covid-19 related one-offs in the comp. Jaywing's current rating (FY22E EV/EBITDA of 8.4x) is undemanding given its current momentum of new clien

Cenkos: Jaywing Plc -- Flying high on a rebound in marketing spend

Jaywing is an independent, data science-focused marketing services group, operating across Integrated Marketing (c80% of net revenue) and Credit Risk (c20%). Following recent challenging years (from Brexit and COVID-19), the company has rebounded and returned to profitable trading via a recent restructure and a resurgence in corporate marketing spend post H1/20, particularly in digital. We re-issue forecasts today, initially for FY22E, expecting +£1.6m (+229%) of YoY growth in underlying adj EBI

Small Cap Feast: 16/07/21

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Central Copper Resources, a company focused on delivering a high grade copper project into production and exploration of assets in the Democratic Republic of the Congo (DRC) and in the Republic of Zambia to join AIM. By 2022, CCR intends to be ready to commence the project financing of its Mbamba Kilenda copper project. Timing and offer TBA Spinnaker Acquisitions to join the Main Market (Standard). A com

Small Cap Feast

Small Cap Feast

SEC S.p.A. Adm ission is follow ing a reverse takeover under Rule 14 by SEC S.p.A of Porta Com m unications plc, another AIM quoted company. No funds being raised. Due 4 September. Mkt cap c £9.9m. The merger will create a business with global fee income of around €80m and a host of PR agencies, including Newgate, Publicasity and Newington.

Small Cap Feast

SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segme

Cenkos: Jaywing Plc - Divestment of the group's contact centre

The most notable event in today's interim results is the announcement of the sale of the group's non-core contact centre for £0.5m. The divestment should provide the group with a greater focus on stronger growth/higher margin services, whilst also providing valuable funds to strengthen the balance sheet. Elsewhere in today's update, there are signs of positive YoY trading in both the Epiphany and Australian businesses; however, those more project-based offerings continue to be hindered by weak s

Hybridan Small Cap Feast - 21 Mar 23

21 March 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 objectiv

Hybridan Small Cap Feast - 14 Mar 23

14 March 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 objectiv

4imprint - Dazzling results, plus €90m distribution to shareholders

Excellent FY results this morning saw $US350m (+45%) added to the revenue line during FY22A while holding the margin, resulting in very strong profit generation, with profits, up 246% (PBT), again coming in ahead of our forecasts. With revenue per marketing dollar now standing at $8.86 (+44% YoY), sales have soared on the back of marketing spend practically unchanged YoY, reflecting the company's proactive actions in recent years in developing further the already successful marketing model. FO

SHORE CAPITAL - The Mission Group+ (TMG, House Stock at 53p)

LIBERUM: 4imprint Group* - 1% increase in marketing costs and 45% revenue growth

Morning Note – 15 March 2023

SHORE CAPITAL - Pebble Group^ (PEBB, Buy at 109p)

SpaceandPeople PLC (SAL LN) - Positive trading update

SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The macro context remains challenging for everyone. UK and European retail demand is weak for well reported reasons, and the outlook for the sector is generally negative. That said, SpaceandPeople is trading well, offering flexible and low risk services for retail customers, and utilising vac

Cenkos: XLMedia Plc -- Hitting Expectations

XLMedia released a full-year trading update to 31 December 2022 in-line with our expectations. FY22E revenues came in at $73.7m and Adj EBITDA c$16.1-16.6m. The Group has continued to successfully pivot its focus from European Gaming to US sports to take advantage of the significant expansion opportunities. European Gaming revenues have notably stabilised in H2/22E and could once again provide a source of growth. XLMedia trades on an FY2 Adj EV/EBITDA multiple of 2.7x, which is a significant dis

CentralNic (CNIC LN) - Growth opportunities ahead

CentralNic delivered 2022 results slightly ahead of our upgraded estimates and expects to surpass expectations for the year ahead. Strong gross margins indicate that signs of increased competition or pricing pressure in the Online Marketing division are limited. Indeed, the division’s organic growth accelerated to 86% from 65% in 2021. The company’s strong growth appears set to continue, particularly with a new management team that is more focused on developing new growth opportunities. We belie

LIBERUM: Time Out* - Breaking through

Pebble Group - FY22 ‘at least’ in line

The Pebble Group’s end-FY22 trading update discloses that both of its operations, Facilisgroup and Brand Addition, have traded well and that the group results will be ‘at least’ in line with market expectations. Facilisgroup is growing its Partner base and increasing spend per Partner, with its new Commercio all-in-one e-commerce solution ramping up to over 100 customers by the year-end. Brand Addition’s revenues were up 12%, on increased gross margin, despite supply chain disruption. Group year

Halloween heralds trick or treat season?

All Hallows’ Eve could well herald both trick and treat. We have the likelihood of an increase in interest rates for the first time in more than a decade, a scary thought for some. In the last few weeks, we have also seen two sides to the market, with both a significant increase in secondary fund raisings across a range of sectors, as well as the market’s unforgiving nature to any downbeat news. Most indices have retained their progress year to date in the last fortnight. In Share News & Views,

Hybridan Small Cap Feast 20/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th

Hybridan Small Cap Feast - 12 Jan 23

12 January 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 object