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Client Research

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Next Fifteen Communications Group Plc - Final Results

April 2019

Next Fifteen (“NFC”) has delivered another set of robust final results; in-line with our, and market, expectations. Consistent with prior years; revenue growth (14% headline and 6% organic) and margin expansion have been driven out of the UK.

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SThree PLC - Research Update

February 2019

The final results did not contain any surprises but did provide more colour around the trading outlook. The strong exit momentum was confirmed; especially in key overseas markets, which helps to underpin H1 visibility. However, despite positive momentum heading into 2019, SThree is having to contest with poor macro data coming out of the Eurozone, and Germany in particular. Past experience suggests SThree’s unique combination of STEM and Contract focus should hold it in relative good stead.

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Trading update and Acquisition of Planning-inc

February 2019

In what has felt a febrile market, the recent pre-close trading update was reassuringly brief and solid. Life continues largely as normal for Next Fifteen. Acquisitions made over the last few years are delivering strong growth; providing management with a good opportunity to actively manage the North American portfolio; where the Text100 and Bite agencies are being merged. 

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Communisis PLC - Acquisition

January 2019

Following the successful acquisiton of Communisis PLC by the US based OSG Group Holdings Inc, research coverage will cease. Communisis was acquired for £153.8m, or 71p a share in cash, a premium of approx 39.8%.

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SThree Plc - Q4 Update

December 2018

In amongst the gloom, the SThree Q4 trading update was a reassuring piece of good news with the company flagging a strong end to FY18 and an outcome above the top end of expectations.

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SThree Plc - Initiation of Coverage

November 2018

A cursory glance at the share price chart and the peer group valuation discount might suggest the wheels have come off the SThree story. The reality is much more interesting. Instead we find a specialist STEM business; with leading positions in specialist markets (mostly overseas with better growth prospects than the UK); focused on growing a Contract business displaying highly attractive and resilient economics.

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Next Fifteen Communications Group Plc - Acquisition and Placing

November 2018

The acquisition of Activate Marketing Services for an initial $9m (rising to a max $48m) is notable for a number of reasons. Activate is the first North American acquisition since FY15 and marks the first step into the B2B lead generation space. 

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Next Fifteen Communications Group Plc – Interim Results 2018

September 2018

Next Fifteen (“NFC”) has released good H1 results; delivering healthy 9% group organic revenue growth, 25% EBITA and EPS growth and a 20% hike in the interim dividend.

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Communisis Plc – Interim Results 2018

August 2018

Communisis PLC continues to win, retain and extend high value, multi-year contracts which speaks volumes for the credibility and the breadth of the proposition.

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Circle Property Plc – Total Returns Analysis

July 2018

Measured by Total Return (NAV growth plus dividends), the best performing UK real estate company over the last two years is a £65m market cap, regional office owner/developer that many investors will not have heard of. What marks Circle out from the crowd? Download link below.

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