reports
- Rachel Birkett
Shoe Zone plc (SHOE LN) - FY24 Results - Corporate
FY24 results (52 weeks ending 28 September) were flagged in a trading update in December. Revenue of £161.3m is 2.6% lower YOY, with strong growth in Digital sales, +13.9% to £35.2m (FY23: £30.9m) now representing 21.8% of revenue mix (FY23A: 18.7% mix), offset by a decline in store revenue, down 6.4% YOY to £126.1m (FY23A: £134.8m). H1 revenue was more stable (+1.4% YOY), with a weaker H2 (down 6.0% YOY) impacted by worsening consumer confidence and unseasonable weather, albeit key back to scho...
- Hybridan Team
Small Cap Feast
Abingdon Healthcare 7.75p £15.01m (ABDX.L) There are two announcements from this developer, manufacturer and distributor of high quality, rapid diagnostic tests. A contract worth $2m with US based, Find Out From Home LLC, for performance evaluation, regulatory services and clinical testing of four STDs (sexually transmitted disease) tests. It begins this month with an initial purchase order for $350,000. It will enable commercialisation of four lateral flow self-tests for HIV, hepatitis B, hepa...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Trading Update - Corporate
Challenging trading conditions over recent months, combined with increased operating costs resulting from the Government’s budget has resulted in plans to close a number of stores that are no longer considered viable. These pressures are expected to materially impact performance, with FY25E Adj. PBT now guided to be not less than £5.0m, a 50% downgrade versus previous guidance of £10.0m. As a result, the Company is not proposing to pay a final dividend for FY24. FY24 results will be published o...
Hybridan Small Cap Feast - 22 October 2024
22nd October 2024 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: Cambria Africa (CMB.L) has left AIM. What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - FY24 Trading Update
Shoe Zone’s FY24 Trading Update confirms performance broadly in line with expectations, with H2 trading impacted by unseasonal weather and ongoing cost headwinds (labour, energy, shipping etc.). The Group continues to invest in its store transformation strategy, whilst digital sales increased YOY, benefitting from the introduction of free delivery. On an ex-cash PE of 9.8x and yielding 4.1% we remain positive on the shares.
Hybridan Small Cap Feast - 2 July 2024
2nd July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to list on the Aquis Exchange on 3 July. Th...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Trading update
Ongoing elevated container freight costs due to a reduced supply of shipping vessels and the rerouting of trade to avoid conflict in the Suez Canal, combined with unseasonably poor weather conditions and weaker than anticipated Spring Summer sales, means Shoe Zone now expects to report adj. PBT of not less than £10m, against our prior forecast for £13.8m.
Hybridan Small Cap Feast - 21 May 24
21st May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Interim results
H1 trading in line with expectations and ZC forecasts: Group revenue of £76.5m is +1.5% YOY (H1 23: £75.4m), which we see as a strong performance in the context of ongoing consumer uncertainty; reflective of the appeal of the Group’s competitively priced product range. Gross margin of 19.3% is +120bps YOY (H1 23: 18.1%), driven by a higher product margin of 62.7%, +260bps YOY (H1 23: 60.1%) benefitting from lower container prices, partly offset by increased wage costs, and higher energy prices. ...
Hybridan Small Cap Feast - 16/04/2024
16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - AGM trading update
Shoe Zone’s AGM statement has said FY24E trading is expected to be marginally below previous expectations due to a higher cost environment, including elevated container prices resulting from the ongoing tensions in the Suez Canal, combined with the larger-than-envisaged 10% increase in the national living wage, effective from April. We take a prudent approach to our outlook for H2, with lower gross margin driving a 9.3% downgrade to FY24E adj. EPS. Despite today’s trim to forecasts, Shoe Zone’s ...
Hybridan Small Cap Feast - 09 Jan 24
9th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - FY23 Results
FY23 performance is in line with estimates and reflects solid trading and strong cost control. FY23E revenue +6.1% YOY and Adj. PBT +48% to £16.5m, almost double the £8.5m FY23E Adj. PBT we forecast a year ago following 4 consecutive upgrades over 2023. Net cash of £16.4m is after a total of £26.7m in capex, dividends and share buybacks, demonstrating the strongly cash generative nature of the Group. This is reflected in the announcement of a 6.0p special dividend, taking full year DPS to 17.4p,...
Hybridan Small Cap Feast - 17 Oct 23
17th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Strides ahead
Shoe Zone has announced FY23 adj. PBT will be no less than £16.0m, +43.3% YOY (FY22: £11.2m) and 18.7% ahead of Zeus’ est. despite previous upgrades in both June and July. Performance has benefitted from strong demand through the key ‘Back to School’ period as well an increase in product margin attributed to lower freight container rates and improved stock management. FY23E and FY24E EPS forecasts upgraded >20.0%. FY24E ex-cash PE of 7.1x, remains a compelling buy.
Hybridan Small Cap Feast - 12 Jul 23
12th July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Upgrade momentum
Strong trading momentum has continued through June and early July, driving a second material upgrade to our forecasts in as many months. Zeus forecast adjusted PBT for FY23E increases by 28.6% to £13.5m, in line with Management’s guidance of “not less than £13.5m”. We continue to think that Shoe Zone’s ex-cash PE of 9.0x FY23 is undemanding for a well-run business with a solid strategy, strong control over cost management, and consistent, high, cash generation.
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Strong demand drives upgrades
Strong consumer demand through May and early June, combined with lower container rates has driven a material upgrade to FY23 and FY24 earnings. FY23E Adj. PBT of £10.5m is +23.0% with FY23E EPS +25.0% versus our previous forecasts. Margin improvements are expected to be sustained, with FY24E Adj. EPS +30.0%. An ex-cash PE of 11.9x with a prospective dividend of 3.0% remains an undemanding valuation for a well-run business with a solid strategy, strong control over cost management and consistent,...
Hybridan Small Cap Feast - 16 May 23
16th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
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