Gresham House in agreed offer
UK Company News
Gresham House has agreed to a £470m cash offer at 1105p from Searchlight Capital Partners. Searchlight is a private investment firm with over $11.6bn of assets under management dedicated to investment opportunities in Europe and North America.
Concurrent Technologies, who almost missed the deadline to produce its FY 22 results last month, issued a more timely H1 update. It expects to report H1 revenue of approximately £12m (H1 FY22: £7.4m) and profit before tax of around £1m (H1 FY22: £0.1m). It had an H1 FY23 intake of £14.5M and an order backlog of approximately £29m. Whilst supply chains have not returned to historical norms, they are much more favourable and continue to improve. It expects to deliver FY revenues slightly ahead of current market expectations and profit before tax materially ahead of market expectations.
DFS has reported a softer upholstery market (geddit?) with volumes down by c.15%-20%. But margins continue to improve, supported by freight costs returning to pre-pandemic levels. It expects underlying profit in FY24 to be slightly above FY23, supported by the Group’s leading brands, scale and well-invested integrated retail proposition.
Dianomi warned that H1 revenue will show a c.18% decrease. It now expects revenue for the year ended 31 December 2023 to be lower than market expectations.
East Imperial is issuing a 10% convertible loan note to its Chinese distribution partner to raise £2.2m.
James Fisher provided a solid trading update and said it is looking for a new CFO.
IQGeo H1 update showed half-on-half growth of over 117% through organic and acquisitive growth and an exit ARR increasing by c.64% to approximately £16.9 million. Its recurring revenue for the period was c.114%. All this meant the company remains confident it is trading in line with FY expectations.
Oxford Nanopore, which is delivering a new generation of molecular sensing technology based on nanopores, reported that revenue growth, excluding revenue from the Emirati Genome Program (EGP) and COVID-19 sequencing, is expected to be approximately up 46% on a constant currency basis. It continues to target adjusted EBITDA breakeven by the end of 2026.
TrustPilot has a new CEO.
Unbound Group enters administration.
This communication is provided for information purposes only, and is not a solicitation or inducement to buy, sell, subscribe, or underwrite securities or units. Investors should seek advice from an Independent Financial Adviser or regulated stockbroker before making any investment decisions. Progressive Equity Research Ltd (“PERL”) does not make investment recommendations.
Opinions contained in this communication represent those of PERL and/or our affiliates at the time of publication and PERL does not undertake to provide updates to any opinions or views expressed. PERL does not hold any positions in the securities mentioned in this communication, however, PERL’s directors, officers, employees, contractors and affiliates may hold a position, and/or may perform services or solicit business from, any of the companies or related securities mentioned.
Any prices quoted in our research are as at the previous day’s close.