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Client research

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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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SThree Plc - Q4 Trading Update

December 2019

The reassuring Q4 trading update capped off a positive run for SThree. The share price has responded to a combination of a well-received Capital Markets Day and a post-election peer group rally.

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Next Fifteen Communications Group PLC - Interim Results

October 2019

The NFC rating has come under pressure due to a combination of macro concerns and a 1% organic revenue decline just reported for H1 FY2109. The organic decline is largely driven by two of the seventeen portfolio businesses with organic growth elsewhere in the portfolio improving from previous data points.

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SThree Plc - Q3 Trading Update

September 2019

The Q3 trading update was consistent with previous updates and results. SThree continues to perform well in its key growth markets and niche verticals.

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SThree Plc - H1 2019 Results

July 2019

The H1 results were well flagged post the Q2 trading update but they served to give a reassuring update on the current trading outlook as well as providing the new CEO, Mark Dorman, with a further opportunity to outline his take on the STEM opportunity and how SThree is likely to evolve to best capture that opportunity.

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