Updates

Equals - Scope for material outperformance

June 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares went over £1 after Equals’ AGM was told of strong progress in the year to date. Revenue in the first 90 days of the year (to 15 May) was £32.7m, +47%. Average revenue-per-day was £363k vs. £248k in the prior year. The investment in the platform and Solutions side has been extremely successful and delivered revenue of £8.8m, +102%. Gross profit margins have also increased to above 50%, which is three full percentage points higher than in the same period in 2022. Canaccord says that assuming no further acceleration (unlikely), the run rate means the full year revenue is £91.5m - 4% ahead of its present forecast of £88.1m. Its corresponding pretax profit forecast is £17.5m (eps 7p) and share price target is 164p. ...

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Renew Holdings

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Equals - Forecasts upgraded by 16% (April 2023)

Equals (May 2021)

Equals Group - Sales pivot to B2B - now 66% sales (November 2020)

Equals Group (March 2020)

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Equals Group - Placing and open offer to raise Â£16m (September 2019)

Equals Group - New name for FairFX (July 2019)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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