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Games Workshop Group: Edison

Games Workshop Group has reported record interim results, yet again. The performance is impressive given the launch of the fourth edition of Age of Sigmar (AoS) in the period was up against a strong comparative from H124 when the company launched the latest (10th) edition of its largest intellectual property (IP), Warhammer 40K.

Henderson International Income Trust: Edison

20 hours ago

Henderson International Income Trust (HINT) has consistently met its income objective since inception, delivering dividend growth every year since 2011. However, a lag in relative performance in recent years due to the outperformance of low and zero dividend-paying growth stocks prompted a recent investment review by HINT’s board, including extensive consultations with shareholders.

Boku: Edison

20 hours ago

Boku’s FY24 trading update confirmed that revenue and adjusted EBITDA were ahead of our forecasts, helped by strong growth in total payment volume (TPV) of c 18% (c 23% in constant currency, cc). Revenue was c 20% higher y-o-y (c 24% cc) and the adjusted EBITDA margin of c 31.7% was above the 30% minimum the company has committed to as it invests in scaling the business.

Edinburgh Worldwide Inv Trust: Edison

20 hours ago

Edinburgh Worldwide Investment Trust (EWI) is under fire from activist US hedge fund Saba Capital. It is time for EWI’s shareholders to make their feelings known following Saba’s approach to seven UK investment trusts.

ANGLE: Trinity Delta

20 hours ago

ANGLE has proactively refocused the Parsortix commercial strategy to prioritise large pharma deals within the Pharma Services business. This follows growing momentum in 2024, with three large pharma deals signed that are progressing well.

Forterra: Progressive

20 hours ago

Forterra’s FY24E EBITDA will be in line with guidance, with significantly better cashflow, benefiting from ‘a modest improvement’ in trading in the final months of the year, according to this morning's trading update.

Watkin Jones: Progressive

21 hours ago

A resilient performance in the face of multiple sector headwinds has resulted in profits and net cash for FY24 beating our expectations. Looking forward, the residential rental group is seeing signs of recovery in the investment market and has built a significant pipeline of potential new rental properties. These should translate into revenue and profit once there is clearer visibility on rate cuts, and we believe greater clarity on timing should emerge at the half-year results.

Beeks Financial Cloud: Progressive

2 days ago

Nasdaq Stock Market, the world’s second largest stock exchange, is the unnamed ‘major Exchange Cloud customer’ first announced by Beeks on 6 February 2024. The service is now live. The contract underpins FY25 estimates and has scope to grow further. For us, referenceability at Nasdaq will help to convert the ‘substantial pipeline of opportunities’ that CEO Gordon McArthur identifies, with Beeks in ‘advanced discussions with other major Exchanges across the globe’.

Gear4music: Progressive

3 days ago

G4M has achieved a very strong performance over its peak seasonal Q3 trading period to end-December 2024. Group revenues increased by 6% to £49.0m (vs £46.4m) despite the challenging consumer backdrop in many markets. This was achieved with a gross margin of 28.1% (28.2% Q3 FY24), an increase of 140bps over the margin achieved in H1 FY25. These results underline the good progress being made under the group’s refreshed strategy focusing on profitable growth. On the back of this robust trading performance, the group says FY25E EBITDA remains in line with consensus expectations of £11.7m, with our forecasts therefore unchanged.

Intuitive Investments Group: Progressive

3 days ago

Hui10, IIG’s largest investment, has inked a landmark agreement for unique rights to promote Team China merchandise through its dedicated lottery shops and HongBao Sports Lottery. According to Sir Nigel Rudd, Chairman of IIG, the partnership demonstrates how Hui10 can connect communities, improve the retail experience and contribute to the growth of national sports.

4imprint Group: Edison

3 days ago

4imprint’s year-end trading update shows FY24 revenues up 3%, in line with our model and slightly ahead of forecast US GDP growth. A improved margin uplift means a PBT figure of $153m, against our previous $150m forecast.

Van Elle: Progressive

4 days ago

Van Elle has signed an eight-year partnering agreement with energy group Wood Transmission & Distribution to deliver piling and foundations across transmission schemes in Scotland, potentially worth over £30m, as part of Ofgem’s multi-billion-pound programme to connect up to 50GW of offshore generation to the electricity grid by 2030.

Grainger: Progressive

4 days ago

Grainger, the UK’s largest quoted landlord, is at an ‘inflexion point’ in its nine-year transformation strategy to focus on build-to-rent (BTR), we believe, just as the new government is actively supporting measures to boost the undersupplied private rental market.

IG Design: Progressive

7 days ago

IG Design has continued to face tough trading conditions in competitive retail markets, most notably in – though not confined to – its DG Americas (DGA) division. This has been compounded by the group’s fourth largest customer in the US filing a second time for Chapter 11 (going into administration) with adverse implications for the group’s current year results, arising from weaker sales combined with likely stock write-offs and provisions

Intuitive Investments Group: Progressive

7 days ago

We initiate coverage on Intuitive Investments Group plc (IIG), a closed-end investment fund. IIG’s largest investment is Hui10, which is digitising the US$72bn Chinese national lottery (the second largest in the world). Success would see Hui10 generate c.£1bn EBIT by 2030E from its two divisions: Huishi Dehua has developed the software platform to digitise the lottery, while Lucky World transforms retail for 200k lottery shops and their 100m customers.

Petro Matad: Progressive

8 days ago

Petro Matad has released a positive operational update this morning. The company has seen solid production from its Heron-1 well, which continues to flow to surface without the need for pumping. The negotiations on cooperation, which covers the processing and sale of crude produced at the Heron field, are now complete and awaiting sign-off.

MPAC Group: Equity Development

8 days ago

In a Trading Update (unaudited) for the year to 31 December 2024, Mpac Group reports performance in line with market expectations, with FY24 (adj.) PBT of £10.5m, and a substantial H2 uplift above H1, backed by improved project margins and operational efficiency. The Group expects to report record levels of revenue in FY24 with (adj.) PBT above the £10.0m mark for the first time. Our estimates indicate H2 (adj.) PBIT of £6.2m compared to £4.0m recorded in H1.

Tern: Progressive

10 days ago

Tern hosted an investor presentation and Q&A session on 9 January2025.Presentations were given by the portfolio companies, which reinforced that all three businesses have made significant progress with major key accounts and important strategic partnerships.

Hunting: Equity Development

10 days ago

Hunting has reaffirmed that FY24 EBITDA will be in line with October’s revised US$123m-126m guidance, the midpoint of which represents c.22% y-o-y progress. As previously noted, the OCTG and Subsea product groups have delivered strong performances while Hunting Titan/Perforating Systems (PS) has had to contend with depressed North American onshore activity levels

Orosur Mining: Turner Pope

11 days ago

Assay results from three further holes in the central zone of the Pepas Prospect (‘Pepas’ or ‘the Prospect’) continue to build-out an exceptionally exciting geological picture. Adding to the list of outstanding gold intersections delivered in the six weeks since Orosur regained control of the Anzá Project (‘the Project’) in Colombia, holes PEP016, PEP017 were drilled with the objective of increasing understanding of the litho-structural framework of the deposit, while PEP018 was drilled up dip and on section of holes PEP013 and PEP017 and, as expected, produced more highly impressive numbers.

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