Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
The management of Benchmark Holdings discussed revenue growth and improved profitability for the full year. They touched on the focus they've put into turning around the genetics business in Chile, alongside ameliorating the capital cost of running the CleanTreat boats and driving further take up of Ectosan. The team also provided a detailed financial update, commentary on the 2024 outlook, and answered a range of questions submitted by viewers.
Benchmark Holdings plc is an aquaculture biotechnology company and the presenters are Trond Williksen, CEO, and Septima Maguire, CFO.
The full video has been divided into chapters, as below:
0:00:42 Highlights of FY / Q4
0:08:44 Operational Update: Genetics
0:15:05 Operational Update: Advanced Nutrition
0:17:33 Operational Update: Health
0:21:31 Financial Update
0:33:00 Outlook 2024 & summary of Benchmark
0:39:39 Questions & Answers
Link to video: https://www.equitydevelopment.co.uk/research/benchmark-holdings-investor-presentation-fy-results-29-november-2023
The management discussed their 9% revenue growth, despite currencies headwinds for a large part of the first half, and strong visibility over second half revenue. The team talked about their expectation of H2 gross margin improvement, the new Aivlosin® claim approved in the US & Canada, and the exciting prospects for their R&D pipeline as highlighted in the recent Capital Markets Day. They also explored the topic of M&A and the opportunities for both product and regional bolt-ons. Management answered a wide range of questions asked by viewers.
ECO Animal Health Group (AIM: EAH) is a leader in the development, registration and marketing of pharmaceutical products for global animal health markets, Interim Results were for the period to 30th September 2023 and presented by David Hallas (CEO) and Chris Wilks (CFO).
The full video has been divided into chapters, as below:
0:00:00 Introduction and Strategy
0:01:30 Highlights
0:05:15 Revenues
0:10:06 Expenditures
0:12:36 Gross margin & EBITDA comments
0:19:10 ESG Summary
0:20:24 Balance sheet & cashflow
0:23:04 First approvals
0:26:05 Conclusion & Outlook
0:28:00 Questions & Answers
Link to video here: https://www.equitydevelopment.co.uk/research/eco-animal-health-investor-presentation-interim-results-29th-november-2023
ian simm (ceo) and karen ****burn (cfo) of impax am held an investor presentation covering full year results. they highlighted the growth in assets under management over the period (+4.8%) and high client retention despite challenging markets.
they provided a detailed financial update, discussed targeted investment to support growth, an increased product pipeline and strengthened distribution capabilities. the team also then answered a wide range of questions from viewers.
the full video is available below, divided into chapters:
0:00:03 introduction to impax am
0:02:01 fy23 highlights and business update
0:15:06 financial update
0:28:16 outlook
0:29:00 questions & answers
link to full video here: https://www.equitydevelopment.co.uk/research/impax-asset-management-investor-presentation-full-year-results-29-november-2023
Report link here: https://www.equitydevelopment.co.uk/research/fundraising-looks-well-supported
RUA have announced, subject to shareholder approval at a General Meeting, the intention to raise equity via the combination of an institutional placing of shares, a subscription by certain directors and a retail offer. While the minimum gross proceeds are expected to be at least £4.1m, the full amount raised will be fluid until after the retail offer and shareholder approval. The final proceeds raised should be known after the outcome of the Retail Offer is announced on 8 December, and shareholder vote then comes at the General Meeting on 18 December when we will update our financials and model.
As well as having revenue-generating divisions, RUA’s Structural Heart and Vascular divisions have products in late-stage development and its recent strategy update noted that these will be developed with partners. While partnering greatly reduces RUA’s cash burn in FY 2024 and beyond, the fundraising also eliminates a potential weakness in the size of the upfront payments, royalties and milestones for those deals. This is because before a successful fundraising, potential partners could attempt to offer less, and defer more. After a successful fundraising, RUA should be able to demand better terms from its potential partners.
For now, our valuation is unchanged at £120.3m or 542p per share, but we will update our financials and valuation after the completion of the fundraising and RUA’s interim results on the same day.
Link to note:
https://www.equitydevelopment.co.uk/research/fy-23-results-consolidation-and-cash-generation
For the year to 30 September 2023, Benchmark Holdings reported revenue FY23 of £169.6m, +7.5%YoY (currency adjusted +7%YoY) which was 0.7% below our outlook, and adjusted EBITDA of £35.5m, +9%YoY, 5% above our outlook. Net operating cash of £20.0m was almost double FY22 (£10.8m) with a notable improvement in working capital management from £(12.0)m to £(1.0)m underlining efforts to control costs and improve operational efficiency. Net debt was £45.6m, with year-end cash at £36.5m.
The Group reports Genetics operations at normalised levels, early signs of a recovery in shrimp markets positive for Advanced Nutrition, and in the Health segment improved Q1 24 demand visibility with Clean Treat® at improved capacity utilisation. Most significantly, in FY23 the Group exhibited discipline in cost and cash management which establishes a sound platform for growth in FY24.
We revise down our FY24 revenue outlook by -6% and for FY25 by -7% principally due to a 24% reduction in the outlook for Health. For (adj.) EBITDA the adjustments are -4% in FY24 but +3% in FY25, indicative of continued improvements expected in operational efficiency. We maintain our fair value at 63p/share.
Hercules' deal for Future Build Recruitment is both highly complementary and earnings enhancing.
Equity Development see HERC as materially undervalued and keep a 60p/share Fair Value, as you can hear/read in the new note out today. Free access here:
https://www.equitydevelopment.co.uk/research/building-for-the-future
Resilient FY results despite tough market conditions. AUM rose 4.8% to £37.4bn with several new institutional mandates won. Adj. diluted EPS fell to 35.2p, and FY total div held at 27.6p
Read detailed (20 page) analysis of results and outlook here, free access: https://www.equitydevelopment.co.uk/research/a-tough-year-but-clear-fundamental-value
Yes it is available now at the link: https://www.equitydevelopment.co.uk/research/supreme-plc-interim-results-investor-presentation-video-28-november-2023
Note out from Equity Development here: https://www.equitydevelopment.co.uk/research/trading-update-1
RUA released a trading update ahead of its December interim results announcement. In contrast to the previous year, revenues have been weighted to the second half and while this has suppressed first half revenue growth, October’s and November’s revenues have largely caught up to align with management’s budget expectations.
RUA’s recent strategy update and its trading update have several common themes. The reliance on partnerships to fund the development of RUA’s products in RUA Structural Heart and RUA Vascular should reduce R&D and Admin expenditure and conserve cash to provide a pathway for the Group to reach profitability. The continued emphasis on tight resource control is expected to help with this objective.
Our valuation is unchanged at £120.3m or 542p per share.
Just a reminder that we are hosting an Investor Presentation and Q&A at 2pm today with Supreme's CEO and CFO - you can sign up here to register: https://www.equitydevelopment.co.uk/news-and-events/supreme-investor-presentation-28november2023
Link here: https://www.equitydevelopment.co.uk/research/strong-h1-results-raise-full-year-outlook
The H1 outcome was as indicated in the recent (18 October) Trading Update. Group guidance for the full year is now raised: from revenue of £195m - 205m to £210m - £220m (ED estimate was £204.2m); (adj.) EBITDA from £28m - £30m to £32m - £35m (ED estimate was £29.0m). From incremental EBITDA of c.£4.5m, c.£1.5m arises from core operations and c.£3.5m from the Elf distribution agreement, which supplies retailers including Tesco, Morrisons, One Stop and WHSmith.
A series of initiatives – branding and pod vape developments in particular – mean that the Group can demonstrate a realistic strategy for the potential changes in the vaping market. Supreme also reports completion of its supply and distribution centre (the ‘Ark’), noting its capacity to support both organic growth and potential M&A opportunities, with £35.3m of borrowing facilities available.
Following the Group’s increased FY24 guidance (revenue raised 7%, and (adj.) EBITDA by 14% -17%), we have raised our outlook to revenue of £221.2m, +8%, and (adj.) EBITDA of £33.5m, +16%. We expect a FY24 total dividend of c.£5.1m, with £1.7m paid at the Interim. Our Fair Value is raised to 225p/share.
New research report here: https://www.equitydevelopment.co.uk/research/strong-h1-results-raise-full-year-outlook
The H1 outcome was as indicated in the recent (18 October) Trading Update. Group guidance for the full year is now raised: from revenue of £195m - 205m to £210m - £220m (ED estimate was £204.2m); (adj.) EBITDA from £28m - £30m to £32m - £35m (ED estimate was £29.0m). From incremental EBITDA of c.£4.5m, c.£1.5m arises from core operations and c.£3.5m from the Elf distribution agreement, which supplies retailers including Tesco, Morrisons, One Stop and WHSmith.
A series of initiatives – branding and pod vape developments in particular – mean that the Group can demonstrate a realistic strategy for the potential changes in the vaping market. Supreme also reports completion of its supply and distribution centre (the ‘Ark’), noting its capacity to support both organic growth and potential M&A opportunities, with £35.3m of borrowing facilities available.
Following the Group’s increased FY24 guidance (revenue raised 7%, and (adj.) EBITDA by 14% -17%), we have raised our outlook to revenue of £221.2m, +8%, and (adj.) EBITDA of £33.5m, +16%. We expect a FY24 total dividend of c.£5.1m, with £1.7m paid at the Interim. Our Fair Value is raised to 225p/share.
Link here: https://www.equitydevelopment.co.uk/research/delivering-growth-in-uncertain-markets
Vp’s interims confirm another solid performance and continued growth despite the challenging backdrop. Revenue increased by 2.4% to £190.9m and adjusted PBT by 1.9% to £21.9m. This is >50% of our full year forecast (trimmed by c.4% to bring us in line with consensus).
Infrastructure demand has driven a positive H1 performance for Vp’s Groundforce, Torrent and TPA businesses. Vp’s experience is consistent with the latest construction industry data, which showsinfrastructure demand offsetting weakness in general construction and housebuilding. Vp is well positioned to benefit when these softer markets return to growth.
The period was notable for the change in leadership with Anna Bielby succeeding Neil Stothard as Group Chief Executive. Keith Winstanley has been appointed Group CFO and joins the Group in January 2024. We expect the refreshed management team to build on the Group’s strong foundations, with Digital innovation and ESG commitment at the forefront of Group strategy.
Following recent share price moves, Vp still trades at a marked discount to its immediate peers and its historic average rating. Over the long term, Vp has traded on a P/E rating of c.12x and the valuation at today’s share price represents a 30% discount to this level. We maintain our Fair Value estimate of £10.90 per share.
Polar Capital Holdings (AIM: POLR) ran viewers through key details of Interim Results for the period to 30th September, which was a challenging macro environment for equities.
Gavin Rochussen (Chief Executive Officer) and Samir Ayub (Finance Director) highlighted the group's strong balance sheet, the decrease in outflows helped by inflows into a number of funds, and strong performance across their range relative to the Lipper peer groups. Management also answered a range of questions from viewers.
The video has been divided into chapters for ease of viewing, as below:
0:00:03 Overview & Highlights
0:01:43 Market Perspective
0:03:15 Fund Performance and Capacity
0:07:06 AuM and Fund Flows
0:09:36 Financial Review
0:20:36 Strategy & Outlook
0:26:36 Questions & Answers
Link to full video: https://www.equitydevelopment.co.uk/research/polar-capital-holdings-investor-presentation-interim-results-24-november-2023
ECO Animal Health Group plc (AIM: EAH), a leader in the development, registration and marketing of pharmaceutical products for global animal health markets, will be conducting a live presentation covering the company's Interim Results for the period to 30th September 2023.
The online event will take place at 3.00pm on Wednesday 29th November and will be hosted by David Hallas (CEO) and Chris Wilks (CFO) of ECO Animal Health.
Questions can be submitted during the presentation and will be addressed at the end.
Link to register: https://www.equitydevelopment.co.uk/news-and-events/eco-investor-presentation-29nov2023
Tatton Asset Management (AIM: TAM) ran viewers through highlights of the period to 30th September which included strong net inflows and growth in revenues & profits, with adjusted operating margin hitting 50.7% - far above any comparables.
Management provided a financial review and outlined the significant growth potential going forward. With strong tailwinds they detailed the opportunities and challenges around M&A with price expectations remaining high, while highlighting their organic growth in market share. An in-depth summary of investment performance was followed by questions from viewers.
Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer), and Lothar Mentel (Chief Investment Officer) presented from the company.
The presentation has been divided into chapters for ease of viewing:
0:00:03 Overview of Tatton AM
0:02:01 Key Highlights
0:05:20 Financial Performance
0:13:15 Strategic Update
0:27:46 Investment Management Update
0:37:45 Summary
0:37:53 Questions & Answers
Link to video: https://www.equitydevelopment.co.uk/research/tatton-asset-management-interim-results-investor-presentation-22-november-2023
thomas will****s (ceo) and james eyre (cfo) of norcros plc hosted an investor presentation covering interim results to the 30th september 2023.
management highlighted the robust performance over the period, particularly in the uk, and the positioning of their market leading brands. the team discussed their strong balance sheet and excellent cash conversion, progress on their strategic priorities and esg as a key source of competitive advantage. management then took part in a wide-ranging q&a session with the live audience.
the full video is available below, divided into chapters for ease of viewing:
0:00:03 highlights & overview
0:04:16 financial review
0:07:40 group strategy
0:17:44 summary & outlook
0:20:28 questions & answers
link to video: https://www.equitydevelopment.co.uk/research/norcros-plc-investor-presentation-interim-results-november-2023
Vp plc (LSE: Vp.), the equipment rental specialist, will be conducting a presentation covering its Interim Results for the six month period ended 30th September 2023.
The online event will take place at 11.00am on Thursday 30th November and will be hosted by Vp management.
The presentation is open to all existing and potential shareholders. Questions can be submitted during the presentation to be addressed at the end.
Link to register: https://www.equitydevelopment.co.uk/news-and-events/vp-interim-investor-presentation-30november2023
FY results out next Wed 29th , and you can hear from the CEO and CFO on the same day: Webinar open to all investors at 1.15pm, simply register here to attend:
https://www.equitydevelopment.co.uk/news-and-events/ipx-fyinvestor-presentation-29november2023
Marks Electrical Group, the fast-growing online electrical retailer, conducted an investor webinar following publication of their Interim Results.
Mark Smithson (founder & Chief Executive Officer) and Josh Egan (Chief Financial Officer) ran investors through key details of their HY24 numbers which included strong revenue growth and the impact of distribution & installations costs on margin.
Management discussed their expanded geographic presence and the roll-out of their next-day installation offering, as well as their strong balance sheet and cash generation. There was also a wide-ranging Q&A session following the presentation.
The full video has been divided into chapters, as below:
0:00:03 Key highlights from HY24
0:03:00 Financial overview
0:10:51 Strategic update
0:24:14 Summary & Outlook
0:24:50 Questions & Answers
Link to full video: https://www.equitydevelopment.co.uk/research/marks-electrial-investor-presentation-interimresults-nov2023