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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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Next Fifteen Communications Group Plc – Final Results 2018

April 2018

NFC’s full year results did not contain any surprises following the January trading update. The key point was the continuation of the H2 high single digit organic revenue growth. Whilst this by no means guarantees the full year outcome; it is a good start and underpins current year expectations.

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Communisis Plc – Initiation of Coverage

March 2018

Like its peers, Communisis is managing a structural transition from the analogue to digital world. This process has not been without its challenges. However, the proof is in the pudding and the performance over the last four years has been impressive. Despite the headlines surrounding declines in traditional print marketing; revenue and profit have grown.

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Next Fifteen Communications Group Plc – Trading Update

February 2018

NFC has provided a full year trading update with FY18E expected to be in line with expectations. Beneath the surface this breaks down into a better than expected UK performance; a return to healthy 5% plus organic growth in the US; but softened by the recent strength of Sterling relative to the dollar.

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