Duyuru • Apr 16
Xaar plc, Annual General Meeting, May 27, 2026 Xaar plc, Annual General Meeting, May 27, 2026. Location: 1 hurricane close, ermine business park, huntingdon, cambridgeshire, pe29 6xx, United Kingdom Reported Earnings • Mar 26
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: UK£0.038 loss per share (improved from UK£0.14 loss in FY 2024). Revenue: UK£60.1m (down 2.2% from FY 2024). Net loss: UK£3.02m (loss narrowed 72% from FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Tech industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Price Target Changed • Jan 15
Price target decreased by 8.6% to UK£1.60 Down from UK£1.75, the current price target is an average from 3 analysts. New target price is 47% above last closing price of UK£1.09. Stock is up 47% over the past year. The company is forecast to post earnings per share of UK£0.003 next year compared to a net loss per share of UK£0.14 last year. New Risk • Jan 14
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change). Price Target Changed • Oct 10
Price target decreased by 9.5% to UK£1.83 Down from UK£2.03, the current price target is an average from 3 analysts. New target price is 52% above last closing price of UK£1.21. Stock is up 21% over the past year. The company is forecast to post earnings per share of UK£0.0015 next year compared to a net loss per share of UK£0.14 last year. Duyuru • Oct 01
Xaar plc to Report Fiscal Year 2025 Results on Mar 24, 2026 Xaar plc announced that they will report fiscal year 2025 results on Mar 24, 2026 Reported Earnings • Aug 13
First half 2025 earnings released: UK£0.033 loss per share (vs UK£0.023 loss in 1H 2024) First half 2025 results: UK£0.033 loss per share (further deteriorated from UK£0.023 loss in 1H 2024). Revenue: UK£27.2m (up 6.6% from 1H 2024). Net loss: UK£2.63m (loss widened 49% from 1H 2024). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Tech industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Duyuru • Aug 13
Xaar plc reaffirms Earnings Guidance for the Year 2025 Xaar plc reaffirmed earnings guidance for the year 2025. The expectations for 2025 remain unchanged despite the additional uncertainty brought by the introduction of tariffs and the continuation of challenging trading conditions reported in March 2025. The company continue to anticipate that revenue will be second half weighted with order volumes expected to grow steadily throughout the year and into fiscal year 2026. Printhead revenue is expected to be strong in the second half, whilst in EPS, the tariff induced end market slowdown is expected to continue to impact revenue and profit whilst the pipeline is being rebuilt. Duyuru • Jul 14
Xaar plc to Report First Half, 2025 Results on Aug 12, 2025 Xaar plc announced that they will report first half, 2025 results on Aug 12, 2025 Buy Or Sell Opportunity • Jun 04
Now 21% undervalued Over the last 90 days, the stock has risen 74% to UK£1.19. The fair value is estimated to be UK£1.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 9.5% in a year. Earnings are forecast to grow by 100% in the next year. Buy Or Sell Opportunity • May 13
Now 21% undervalued Over the last 90 days, the stock has risen 32% to UK£1.02. The fair value is estimated to be UK£1.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 7.9% in a year. Earnings are forecast to grow by 100% in the next year. Buy Or Sell Opportunity • Apr 28
Now 22% undervalued Over the last 90 days, the stock has risen 26% to UK£1.02. The fair value is estimated to be UK£1.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 7.9% in a year. Earnings are forecast to grow by 100% in the next year. Duyuru • Apr 16
Xaar plc, Annual General Meeting, May 28, 2025 Xaar plc, Annual General Meeting, May 28, 2025. Location: xaar plc, 1 hurricane close, ermine business park, cambridgeshire, pe29 6xx, huntingdon United Kingdom Major Estimate Revision • Apr 01
Consensus EPS estimates fall by 93% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from UK£71.3m to UK£66.3m. EPS estimate also fell from UK£0.021 per share to UK£0.0015 per share. Net income forecast to grow 100% next year vs 45% growth forecast for Tech industry in the United Kingdom. Consensus price target down from UK£2.03 to UK£1.95. Share price rose 47% to UK£0.93 over the past week. Reported Earnings • Mar 25
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: UK£0.14 loss per share (further deteriorated from UK£0.028 loss in FY 2023). Revenue: UK£61.4m (down 13% from FY 2023). Net loss: UK£10.7m (loss widened 392% from FY 2023). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Tech industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. New Risk • Mar 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (UK£50.7m market cap, or US$63.8m). Buy Or Sell Opportunity • Feb 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to UK£0.75. The fair value is estimated to be UK£0.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 52%. Buy Or Sell Opportunity • Jan 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to UK£0.81. The fair value is estimated to be UK£1.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 52%. New Risk • Jan 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (UK£65.9m market cap, or US$81.5m). Buy Or Sell Opportunity • Dec 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to UK£0.71. The fair value is estimated to be UK£0.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 52%. Buy Or Sell Opportunity • Dec 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 33% to UK£0.71. The fair value is estimated to be UK£0.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 52%. Buy Or Sell Opportunity • Nov 27
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 39% to UK£0.68. The fair value is estimated to be UK£0.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 52%. Board Change • Nov 25
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Jacqueline Sutton was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Duyuru • Nov 21
Xaar plc Announces CFO Changes Xaar plc announced that Ian Tichias has resigned as Chief Financial Officer to pursue other opportunities. Until a permanent CFO is appointed, Paul James has been appointed as Interim CFO. He has extensive experience having been Group CFO of Biffa from September 2023 until October 2024 and Group CFO of Genuit Group plc from March 2018 to September 2023. Mr. James has held senior financial roles with Dixons Carphone plc, Inchcape plc, British American Tobacco plc and Ernst and Young. Duyuru • Nov 20
Xaar plc Announces Board Changes Xaar plc announced that Ian Tichias has resigned as Executive Director to pursue other opportunities. Paul James has been appointed as Executive Director. He has extensive experience having been Group CFO of Biffa from September 2023 until October 2024 and Group CFO of Genuit Group plc from March 2018 to September 2023. Mr. James has held senior financial roles with Dixons Carphone plc, Inchcape plc, British American Tobacco plc and Ernst and Young. New Risk • Oct 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£76.8m (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Board Change • Jul 07
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Jacqueline Sutton was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Jul 01
Xaar plc Announces Resignation of Alison Littley as Non-Executive Director Xaar plc announced that Alison Littley, a Non-Executive Director of the Company, resigned from her role as a non-executive director of the company with effect from 30 June 2024. Buy Or Sell Opportunity • Jun 15
Now 21% undervalued Over the last 90 days, the stock has risen 22% to UK£1.37. The fair value is estimated to be UK£1.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 5.2% in a year. Earnings are forecast to grow by 75% in the next year. Buy Or Sell Opportunity • Jun 10
Now 21% undervalued Over the last 90 days, the stock has risen 24% to UK£1.37. The fair value is estimated to be UK£1.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 5.2% in a year. Earnings are forecast to grow by 75% in the next year. Duyuru • Jun 02
Xaar plc Appoints Inken Braunschmidt as Non-Executive Director, Effective June 1, 2024 Xaar plc appointed Inken Braunschmidt as Non-Executive Director with effect from June 1, 2024. Duyuru • Apr 24
Xaar plc, Annual General Meeting, May 29, 2024 Xaar plc, Annual General Meeting, May 29, 2024, at 08:30 Coordinated Universal Time. Reported Earnings • Mar 26
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: UK£0.028 loss per share (down from UK£0.023 profit in FY 2022). Revenue: UK£70.6m (down 3.0% from FY 2022). Net loss: UK£2.17m (down 221% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Tech industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Duyuru • Feb 23
Xaar plc Appoints Stuart Widdowson as Non-Executive Director, Effective from 27 February 2024 Xaar plc announced the appointment of Stuart Widdowson to the Board as a Non-Executive Director effective from 27 February 2024. Mr. Widdowson is appointed as a representative of Odyssean Capital LLP ("Odyssean"), pursuant to a relationship agreement between the Company and Odyssean. Mr. Widdowson is the Managing Partner of Odyssean Capital, which he founded in 2017. From 2009 until 2017, he was lead fund manager of Strategic Equity Capital plc, which experienced a turnaround in its performance and rating during his tenure. He began his career as a strategy consultant undertaking commercial due diligence and strategy projects for private equity and corporate clients, before working for HgCapital, a leading private equity investor. New Risk • Jan 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£78.9m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (UK£78.9m market cap, or US$99.8m). Duyuru • Jan 12
Xaar plc to Report Second Half, 2023 Results on Mar 26, 2024 Xaar plc announced that they will report second half, 2023 results on Mar 26, 2024 New Risk • Jan 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). New Risk • Dec 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£79.2m (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (UK£79.2m market cap, or US$99.6m). New Risk • Nov 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Board Change • Nov 02
Less than half of directors are independent Following Non-Executive Director Jacqueline Sutton's arrival on 01 November 2023, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Senior Independent Non-Executive Director Alison Littley was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Oct 31
Xaar plc Announces Board Changes Xaar plc announced the appointment of Jacqueline Sutton MBE as non-executive director. Jacqueline joins the board with effect from 1 November 2023 and on appointment, will serve as a member of the Audit, Remuneration and Nomination Committees. In accordance with the Board's succession plan disclosed in the 2022 Annual Report, Chris Morgan will step down as a non-executive director of the company on 30 November 2023. Jacqueline is a very accomplished senior executive having held, from 2008 to 2021, several senior leadership roles in Rolls-Royce plc's largest division (Civil Aerospace). Most recently, Jacqueline was chief customer officer of Civil Aerospace, Rolls-Royce Group, where she was responsible for the global customer base, including airline operators, leasing companies and aircraft manufacturers across the world. Leading a multinational global team, she was accountable for the order book, revenue, and cash, as well as marketing and customer support. Prior to joining Rolls-Royce, Jacqueline held senior management roles with GE Aviation Systems (formerly Smiths Aerospace). Jacqueline is currently a non-executive director of Farnborough International, the Women in Aviation & Aerospace Charter and a Trustee on the Council of St John's College, Durham University. In 2022, Jacqueline was awarded an MBE in the late Queen's Platinum Jubilee Birthday Honours List for services to the economy. Price Target Changed • Oct 26
Price target decreased by 12% to UK£2.45 Down from UK£2.78, the current price target is an average from 3 analysts. New target price is 40% above last closing price of UK£1.75. Stock is up 10% over the past year. The company is forecast to post earnings per share of UK£0.013 for next year compared to UK£0.023 last year. Reported Earnings • Sep 20
First half 2023 earnings released: UK£0.017 loss per share (vs UK£0.009 profit in 1H 2022) First half 2023 results: UK£0.017 loss per share (down from UK£0.009 profit in 1H 2022). Revenue: UK£34.5m (down 5.7% from 1H 2022). Net loss: UK£1.35m (down 296% from profit in 1H 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Tech industry in Europe. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. New Risk • Sep 19
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 13% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (2.5% net profit margin). Duyuru • Sep 07
Xaar plc to Report First Half, 2023 Results on Sep 19, 2023 Xaar plc announced that they will report first half, 2023 results on Sep 19, 2023 Duyuru • Aug 03
Xaar plc Provides Earnings Guidance for the Six Months Ended 30 June 2023 Xaar plc provided earnings guidance for the six months ended 30 June 2023. For the period,Revenue for the period anticipated to be £34.7 million (first half of 2022: £36.6 million). Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Senior Independent Non-Executive Director Alison Littley was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Jun 01
Xaar plc Announces Board Changes Xaar plc announced the appointment of Richard Amos as Non-Executive Director. Richard joins the Board with effect from 1 June 2023 and on appointment will replace Chris Morgan as Chair of the Audit Committee and be a member of the Remuneration and Nomination Committees. In accordance with the Board's succession plan disclosed in the 2022 Annual Report, Chris Morgan intends to stand down as a Non-Executive Director of the Company by the end of 2023. Richard is a qualified Chartered Accountant with over 30 years' experience, having started his career at EY in 1988. From 2000 to 2020, he served as an executive on the boards of five companies listed on the London Stock Exchange, most recently as Chief Financial Officer of Wilmington plc, Chief Financial Officer of Plant Impact plc and Group Finance Director of Anite plc. He is currently a Non-Executive Director at Thruvision Group plc (AIM: THRU), where he serves as the Senior Independent Director, Chair of the Audit and Nomination Committees and is a member of the Remuneration Committee. Richard is also the Non-Executive Chairman of Skillcast Group plc (AIM: SKL). In 2022 the Board reviewed its succession plan and revised its policy on board diversity, reinforcing the intention to recruit and maintain a diverse board with a strong skills mix. The Board plans to recruit a further Non-Executive Director during 2023 and remains committed to building a diverse board. Reported Earnings • Mar 29
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: UK£0.023 (down from UK£0.035 in FY 2021). Revenue: UK£72.8m (up 23% from FY 2021). Net income: UK£1.79m (down 33% from FY 2021). Profit margin: 2.5% (down from 4.5% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 140%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Tech industry in Europe. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 105% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to UK£1.75, the stock trades at a forward P/E ratio of 153x. Average forward P/E is 22x in the Tech industry in Europe. Total returns to shareholders of 280% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£1.90 per share. Duyuru • Jan 12
Xaar plc Provides Revenue Guidance for the Full Year Ending December 31, 2022 Xaar plc provided revenue guidance for the full year ending December 31, 2022. Revenue for the period is expected to be approximately £74 million (2021: £59.3 million), representing year on year growth of 24% driven by a combination of organic growth (9%) and acquisitions. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 15% share price gain to UK£1.83, the stock trades at a forward P/E ratio of 161x. Average forward P/E is 19x in the Tech industry in Europe. Total returns to shareholders of 287% over the past three years. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 16% share price decline to UK£1.45, the stock trades at a forward P/E ratio of 127x. Average forward P/E is 18x in the Tech industry in Europe. Total returns to shareholders of 182% over the past three years. Major Estimate Revision • Sep 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. Expected to report loss instead of UK£0 instead of UK£0.01 per share profit previously forecast. . Revenue forecast unchanged at UK£73.3m Tech industry in the United Kingdom expected to see average net income growth of 24% next year. Consensus price target of UK£2.93 unchanged from last update. Share price fell 3.9% to UK£1.99 over the past week. Reported Earnings • Sep 21
First half 2022 earnings released: EPS: UK£0.01 (vs UK£0.004 loss in 1H 2021) First half 2022 results: EPS: UK£0.01 (up from UK£0.004 loss in 1H 2021). Revenue: UK£36.6m (up 39% from 1H 2021). Net income: UK£689.0k (up UK£969.0k from 1H 2021). Profit margin: 1.9% (up from net loss in 1H 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Tech industry in Europe. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 15% share price gain to UK£2.34, the stock trades at a forward P/E ratio of 359x. Average forward P/E is 25x in the Tech industry in Europe. Total returns to shareholders of 161% over the past three years. Price Target Changed • Apr 27
Price target increased to UK£2.93 Up from UK£2.48, the current price target is an average from 2 analysts. New target price is 23% above last closing price of UK£2.37. Stock is up 43% over the past year. The company is forecast to post earnings per share of UK£0.002 for next year compared to UK£0.035 last year. Major Estimate Revision • Apr 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from UK£65.3m to UK£72.2m. EPS estimate unchanged from UK£0.002 at last update. Tech industry in the United Kingdom expected to see average net income growth of 13% next year. Consensus price target up from UK£2.48 to UK£2.93. Share price rose 9.2% to UK£2.73 over the past week. Reported Earnings • Mar 30
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: UK£0.035 (up from UK£0.018 loss in FY 2020). Revenue: UK£59.3m (up 24% from FY 2020). Net income: UK£2.69m (up UK£4.08m from FY 2020). Profit margin: 4.5% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Over the next year, revenue is forecast to grow 22%, compared to a 4.3% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Price Target Changed • Mar 29
Price target increased to UK£2.93 Up from UK£2.65, the current price target is an average from 2 analysts. New target price is 17% above last closing price of UK£2.50. Stock is up 74% over the past year. The company is forecast to post a net loss per share of UK£0.013 next year compared to a net loss per share of UK£0.018 last year. Major Estimate Revision • Jan 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from UK£53.4m to UK£59.0m. Tech industry in the United Kingdom expected to see average net income growth of 47% next year. Consensus price target up from UK£2.56 to UK£2.65. Share price rose 7.4% to UK£2.00 over the past week. Reported Earnings • Sep 16
First half 2021 earnings released: UK£0.004 loss per share (vs UK£0.029 profit in 1H 2020) The company reported a soft first half result with weaker earnings and weaker control over costs, although revenues improved. First half 2021 results: Revenue: UK£26.3m (up 11% from 1H 2020). Net loss: UK£280.0k (down 112% from profit in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Price Target Changed • Jul 22
Price target increased to UK£2.21 Up from UK£1.83, the current price target is an average from 2 analysts. New target price is 13% above last closing price of UK£1.95. Stock is up 147% over the past year. Major Estimate Revision • May 04
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 losses forecast to reduce from -UK£0.086 to -UK£0.024 per share. Revenue forecast steady at UK£51.1m. Tech industry in the United Kingdom expected to see average net income growth of 81% next year. Consensus price target up from UK£1.83 to UK£1.93. Share price rose 22% to UK£1.79 over the past week. Reported Earnings • Apr 29
Full year 2020 earnings released: UK£0.018 loss per share (vs UK£0.19 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: UK£48.0m (down 2.9% from FY 2019). Net loss: UK£1.39m (loss narrowed 91% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 19
New 90-day low: UK£1.25 The company is down 14% from its price of UK£1.46 on 21 October 2020. The British market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£7.01 per share. Major Estimate Revision • Jan 15
Analysts increase EPS estimates to -UK£0.069 The 2020 consensus revenue estimate increased from UK£47.2m to UK£47.8m. Analysts raised their EPS forecasts from -UK£0.11 to -UK£0.069 in 2020. The Tech industry in the United Kingdom is expected to see an average net income growth of 26% next year. The consensus price target of UK£1.50 was unchanged from the last update. Share price is down by 19% to UK£1.39 over the past week. Is New 90 Day High Low • Dec 29
New 90-day high: UK£1.78 The company is up 83% from its price of UK£0.97 on 30 September 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£7.68 per share. Is New 90 Day High Low • Nov 07
New 90-day high: UK£1.49 The company is up 79% from its price of UK£0.83 on 07 August 2020. The British market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£5.96 per share. Is New 90 Day High Low • Oct 20
New 90-day high: UK£1.35 The company is up 69% from its price of UK£0.80 on 22 July 2020. The British market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£2.80 per share. Is New 90 Day High Low • Oct 01
New 90-day high: UK£1.10 The company is up 93% from its price of UK£0.57 on 03 July 2020. The British market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£2.84 per share. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total losses of UK£12.8m, with earnings decreasing by UK£13.9m from the prior year. Total revenue was UK£47.7m over the last 12 months, down 5.8% from the prior year. 