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Client research

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Wilmington PLC - Final results – In-line with upgraded expectations

September 2022

The July full year trading update showed that FY22 has been a good year for Wilmington with a full year outcome ahead of expectations. The final results did not disappoint with the added benefit of a final dividend well ahead of expectations (+37% YoY) as a clear signal of Board confidence in the outlook.

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SThree PLC - Q3 update – H1 momentum maintained, further upgrades

September 2022

SThree’s scheduled Q3 update has painted a reassuring picture of sustained, positive net fee momentum despite a challenging macro backdrop. The consistency of growth, from across the breadth of the group and against the context of tough, non-Covid impacted, comparatives is striking. 

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Wilmington PLC - Full year trading update - Ahead of expectations

August 2022

FY22 has been a good year for Wilmington. The recovery in the face-to-face business should not overshadow the solid organic performance from the information and data led core. Margins continue to be healthy with more to come as the heavy internal lift of the last three years as the group invested heavily in new platforms and commercial structure.

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SThree PLC - H1 Results - Strong H1 momentum, exceptional margins will revert in H2

July 2022

SThree’s H1 results had been flagged at the Q2 update; with +20% net fee growth delivered across all the group’s key regions. However, the H1 results were especially notable for the 22% EBIT margin, as the group benefits from heightened productivity.

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SThree PLC - Q2 Trading Update - Further upgrade to expectations

June 2022

SThree’s trading performance continues to stand at odds with the share price performance. +25% net fee growth in H1, combined with continued productivity growth driving short term margins have led to further earnings upgrades.
 

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Next Fifteen Communications Group PLC - Historically attractive valuation point

June 2022

Next Fifteen’s share price, in common with many of its peers, has come under significant short-term pressure. The shares are now down -34% from their recent record high and are down -28% YTD (compared to -5% YTD for the FTSE All Share and -26% YTD for the AIM All Share).

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Next Fifteen Communications Group PLC - Recommended Offer for M&C Saatchi – Trading update

May 2022

Next Fifteen has announced a Recommended Offer to acquire M&C Saatchi PLC. The Offer comprises 40p in cash and 207.2p in Next Fifteen equity and values M&C at an aggregate c.£310m. Based on current consensus estimates for M&C and guidance previously issued by M&C, we estimate the FY22 and FY23 exit PE multiples for M&C to be c.19x and 14x respectively pre post acquisition synergies. If we adjust for the cash component of the consideration, the acquisition, if completed, looks to be materially earnings enhancing for Next Fifteen. M&C shareholders will represent c.17% of the enlarged share register.

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Ocean Outdoor Limited - FY Results

May 2022

The final results have provided more colour to the FY21 recovery. Unsurprisingly, the results were in-line with expectations that had been upgraded back in September 2021 and more recently in February 2022.

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Active Net Zero Clean Energy Index

May 2022

Longspur Research and Radnor Capital Partners launched the Active Net Zero Clean Energy Index in June 2021 to allow investors to measure the performance of companies actively enabling climate solutions.

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Next Fifteen Communications Group PLC - Final Results

April 2022

Final results came in +6% ahead of our recently upgraded expectations, capping off a remarkable year of growth and progress for the group. On a purely organic basis, +26% revenue growth and continued margin expansion was hugely impressive.

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