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Client research

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Wilmington PLC - FY 20 final results

September 2020

These were impressive FY 20 results that came in at the top end of guidance given back in March. The Data & Information core has proven resilient whilst the swift digital transition with Training and Networking has mitigated the worst revenue impacts from lockdown. Underlying cash generation was healthy, and management have been able to materially de-risk the balance sheet without needing to raise dilutive, new equity capital.

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Next Fifteen Communications Group PLC - H1 Trading Update

September 2020

Heading into the pandemic, we had argued that Next Fifteen’s broad spread of digital capabilities and heavy exposure to technology led clients should be a source of relative strength. The H1 trading update has underscored just how resilient the group has been.

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SThree Plc - H1 Results

July 2020

SThree’s H1 results have provided more colour on the net fee performance already announced to the market at the Q2 update earlier in June. With the rest of the peer group now reporting their quarter to June trading; the extent of SThree’s net fee outperformance is now clear to see. 

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Wilmington PLC - Trading Update

July 2020

Wilmington has provided a further update on both trading and the balance sheet / liquidity position. Key headline was a better than previously anticipated revenue and profit performance through the worst of the pandemic. 

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SThree Plc - H1 Trading Update

June 2020

SThree’s H1 update has underlined, in equal measure, both the extent of the Coronavirus impacts but also the resilience of the SThree business model. 

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Next Fifteen Communications Group PLC - Final Results

May 2020

Next Fifteen’s FY20 final results did not contain any material surprises, following the detailed trading update in March. Headline revenue growth was 11% and adjusted PBT grew 10%. Beneath the surface; we saw a small decline in organic revenue growth (well flagged) more than offset by positive contributions from recent acquisitions. Critically, Next Fifteen exited FY20 with a strong balance sheet (net debt less than 0.2x EBITDA) and significant financial headroom (we estimate c.£35m).

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SThree Plc - Q1 Trading Update

April 2020

Following the Q1 trading update on 16th March, which referenced the early impacts of Covid-19, SThree has now provided a more specific update outlining immediate management actions. Heading into this crisis, SThree was very much in front-foot mode, unlike many of its peers, with 2019 having been a year of investment (headcount and capabilities).

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Wilmington PLC - Initiation of Coverage

April 2020

For many years, Wilmington has been a steady performer, driven largely by M&A. However, more recently the new management team has unveiled a significant shift in strategy and a focus on unlocking the underlying organic growth potential of an information business deeply embedded in its underlying professional markets. 

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SThree Plc - FY 2019 Final Results

February 2020

There were few surprises in the FY19 final results as the net fee; adjusted PBT and net cash headlines had been announced at the Q4 trading update. The detail in the results confirmed that FY19 was a strong year with net fee income and profit all coming in at all-time highs.

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Next Fifteen Communications Group PLC - Full Year Trading Update

January 2020

The trading update for the year ended Jan 2020, did not contain any new news as such. Both Beyond and Archetype had been well flagged to the market as likely net detractors to the group in the current year. However, it is clear that the initial client losses at Beyond have not been recovered enough by new client wins to protect the group bottom line and we are adjusting our estimates accordingly.

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