Recent Research

In late 2012, Progressive Equity Research assumed coverage of a number of companies which were previously clients of IS Research. Documents published prior to this date carry the IS Research branding.

Greatland Gold: Agreement with Newmont on Ernest Giles

Greatland Gold plc | Published on 22/05/2017

An agreement with Newmont Exploration, a subsidiary of NYSE listed Newmont Mining Corporation – one of the world's largest gold producers - provides a significant endorsement of Greatland Gold’s exploration strategy and underlines the potential…

SDX Energy: Q1 2017 Earnings

SDX Energy | Published on 19/05/2017

SDX Energy has reported its Q1 2017 earnings.

Idox: FY 17E on track

IDOX Plc | Published on 18/05/2017

Idox’s trading statement for the six months to April 2017 confirms that the group is on track to deliver its expectations for FY17E.

K3: Contract disappointment but encouragement elsewhere

K3 Business Technology Group Plc | Published on 17/05/2017

Following the half year results which were in line with reduced guidance (reflecting contract slippage) K3 has announced that certain large Enterprise contracts ‘have not been secured as expected’ so far during the second half…

SDX Energy: Completes drilling SD-1X

SDX Energy | Published on 08/05/2017

SDX Energy has announced that it has now completed the drilling of the SD-1X exploration well in the South Disouq licence where it has a 55% operated working interest.

Elecosoft: Better by design

Elecosoft plc | Published on 04/05/2017

Elecosoft is a long-established and increasingly international group, focused on the provision of software tools in the digital construction sector.

PROACTIS: Execution Engine

PROACTIS Plc | Published on 26/04/2017

Interim results confirmed PROACTIS is executing strongly.

EU SUPPLY: Building on run-rate profitability

EU Supply plc | Published on 25/04/2017

EU Supply, the e-procurement software provider, has reported results for FY2016 in line with its previous trading updates (and our forecasts).

FORTERRA: Happy returns

Forterra plc | Published on 21/04/2017

A year to the day after the IPO, Forterra's US private equity owner has placed its entire remaining c. 53% holding at 195p – a 5% discount to yesterday's closing price.

SDX Energy: Looking Good on SD-1X Well

SDX Energy | Published on 19/04/2017

SDX Energy has provided an update on its SD-1X exploration well in the South Disouq licence where it has a 55% operated working interest.

INSTEM: FY 16A results: Solid performance ex-Clinical

Instem plc | Published on 13/04/2017

Instem’s FY 16A results were line with the Jan-17 trading update and our forecasts.

StatPro Group: UBS Delta acquisition

StatPro Group Plc | Published on 10/04/2017

StatPro has announced the acquisition of UBS Delta, the investment bank’s portfolio analysis and risk management cloud-based system that enables clients to measure risk and performance across fixed income, commodities, equities and FX. It is…

StatPro Group: Contract extension for StatPro Seven client

StatPro Group Plc | Published on 03/04/2017

With its focus on migrating clients from StatPro Seven to the StatPro Revolution platform, most recent contract announcements from the Group have tended to reflect that process.

SDX: FY2016 Final Results

SDX Energy | Published on 27/03/2017

SDX Energy has reported its final results with the company reporting a loss after tax of US$28.00 million due to an impairment charge and the write down of its assets in Cameroon.

K3: Results in line but longer term is the key focus

K3 Business Technology Group Plc | Published on 27/03/2017

K3’s H1 2017E results are in line with January’s trading update and reflect the sales slippage in December and continued investment.

Sopheon: Enterprise Innovation Management

Sopheon plc | Published on 24/03/2017

Sopheon has spent many years evolving a state-of-the-art platform allowing Enterprise customers to manage and monitor their pipelines of innovation.

GAMMA: FY2016 results confirm further strong delivery

Gamma Communications plc | Published on 21/03/2017

Gamma’s FY 2016 revenues, Adjusted EBITDA and Adjusted EPS numbers were a touch ahead of our estimates. We make small upward adjustments to forecasts for all three years of our forecast horizon reflecting that performance.

SDX Energy: South Disouq well spuds

SDX Energy | Published on 20/03/2017

SDX Energy has this morning announced that it has started drilling its first exploration well, SDX-1, on the South Disouq licence which is located onshore Egypt just to the North of Cairo.

Forterra: Glass (at least first) half full

Forterra plc | Published on 16/03/2017

The top three brickmaker’s FY 2016 results announcement gave an upbeat outlook, for at least the first half of the current financial year, driven by “strong” house-building levels and a reduction in the stock overhang…

StatPro Group: FY 2016 results show continuing momentum

StatPro Group Plc | Published on 15/03/2017

StatPro’s FY 2016 revenues and costs were ahead of our expectations by 9% and 6% respectively reflecting more of a currency impact than we had allowed for. Net, though, Adjusted EBITDA was 2% ahead of…

Company coverageSector coverage

Amino Technologies plc

Estimates | Research

Amino is an IPTV innovator offering a range of devices, content and home monitoring solutions for the connected home. In 2015, Amino acquired a provider of broadcast hybrid TV and connected home solutions and a cloud TV platform provider.

Bango Plc

Estimates | Research

Bango’s key product is the Bango Payment Platform (BPP). This is a unique software architecture that allows mobile users to make one-click payments to app stores via their mobile phone bill. The suite is enhanced with the Bango Boost, Bango Dashboard and Bango Grid analytics applications and the Bango 24/7 and Bango Care monitoring and customer service products.

Crossrider Plc

Estimates | Research

Crossrider utilises its proprietary marketing technology platforms to prospect, optimise and monetise mobile and web media. It has a new management team and a new strategy which is evolving Crossrider’s business model from that of an ad-tech business to one of an online distribution and product hub.

Distil plc

Estimates | Research

Based in London, Distil plc is the owner of a number of premium spirit brands including the award-winning RedLeg Spiced Rum. Distil markets and sells its brands in a number of international markets including the UK, USA, Germany, Spain, Australia and Russia.

eg solutions plc

Estimates | Research

eg solutions provides Back Office optimisation software to a number of sectors including Financial Services, Infrastructure, Utilities and Local Government. Headquartered in the UK, the group is active on a multinational basis.

Elecosoft plc

Estimates | Research

Elecosoft has evolved (organically and through acquisition) a comprehensive range of software products targeting those involved in building projects (architects, designers and contractors) and now migrating to also include the owners of the completed buildings. The product suite encompasses all relevant disciplines. It is based on core software for 3D visualisation of designs for the management of project stages and for cost estimation, as well as providing the common repository of information for other platforms which forms the basis of the digital asset.

EU Supply plc

Estimates | Research

EU-Supply is one of Europe's leading suppliers of electronic tender management and contract management solutions. The company is focused on procurement and contract management and related services.

Forbidden Technologies plc

Estimates | Research

Forbidden Technologies plc develops and sells cloud-based video services.

Forterra plc

Estimates | Research

Forterra is the former UK operation, Hanson Building Products, part of the UK-US conglomerate. It is the UK’s second largest brick producer, selling principally to the UK new build housing and residential repair, maintenance & improvement (RMI) markets. It also manufactures concrete blocks and specialist clay and concrete products. It returned to the stock market in April 2016.

Gamma Communications plc

Estimates | Research

Gamma is a technology based provider of communications services to the UK business market. Its services include Cloud PBX, Inbound Call Control Services and SIP Trunking which are designed to meet the voice, data and mobility requirements of businesses. It also provides services such as business-grade broadband, Ethernet and mobile and data services and has a substantial voice service capability.

Greatland Gold plc

Estimates | Research

Greatland Gold plc is an exploration and development group with exploration licences in mainland Australia and Tasmania with a focus on gold.


Estimates | Research

Idox plc is a supplier of specialist document management collaboration solutions and services to the public sector and to highly regulated asset intensive industries around the world in the wider corporate sector.

Instem plc

Estimates | Research

Instem sells software products to a variety of customer types involved in the early drug development segment of the healthcare market, and to other life sciences R&D organizations.

K3 Business Technology Group Plc

Estimates | Research

K3 is a leading global supplier of integrated business systems to retailers, manufacturers and distributors. It is a leading supplier of Microsoft’s business solutions. K3 develops its own tailored software for companies within the food, retail and manufacturing industries.

Monitise Plc

Estimates | Research

Monitise provides consumer-focussed mobile banking and payments services.

Mosman Oil and Gas

Estimates | Research

Mosman Oil and Gas is an oil exploration business focused on the Australasian region.


Estimates | Research

PROACTIS is the UK’s leading independent spend control software provider with over 800 customers. Its off-the-shelf software and managed services automate supplier interactions including procurement, purchasing and spend analysis.

Redcentric plc

Estimates | Research

Redcentric is a leading UK managed data and IT services player.

SDX Energy

Estimates | Research

SDX Energy was recently formed through the merger of Sea Dragon and Madison Petrogas and is an Egyptian management focused E & P player. The company has a strong balance sheet with net cash which the management will use to build up the business organically and through acquisition.

Sopheon plc

Estimates | Research

Sopheon is an international provider of software and services for product life cycle management. Its Accolade solution supports strategic roadmapping, idea development, product portfolio management and the creation, commercialisation and replacement of products. It enables users to synchronise product ideation, planning and innovation process execution.

StatPro Group Plc

Estimates | Research

StatPro provides portfolio analysis, asset valuation, reporting and research tools to asset managers on a global basis.

Thor Mining plc

Estimates | Research

Thor Mining plc currently holds three distinctly different sets of exploration and mining tenements, two in the Northern Territory and one in Western Australia: the flagship Molyhil tungsten-molybdenum project, the Spring Hill gold deposit south of Darwin and the more speculative Dundas project.

Tribal Group

Estimates | Research

Tribal is a leading provider of software and related services to the education management market, supplying performance improvement and quality assurance solutions across universities, colleges and schools in the UK and internationally.

WANdisco plc

Estimates | Research

WANdisco provides enterprise-ready software solutions that enable globally distributed organisations to meet the challenges of secure storage, scalability and continuous availability. WANdisco's products are differentiated by the company's patented, active data replication technology, serving continuous availability requirements. The Company's products include Subversion & GIT Client and server software, and Enterprise Hadoop server software.


Following our previous publication “Exciting technology with considerable promise”, this note looks at some of the buzz surrounding the investment and development of both blockchain technology and bitcoin currency.


Blockchain technology is evolving the way that information can be stored, monitored and accessed securely.

The EU e-tendering software marketplace

This report describes the current state of the European e-tendering software marketplace. Electronic tendering (or e-tendering) is a process in which procurement administration is managed through a dedicated software system or online platform. Advantages are…

Growth: large lenders under pressure while nimble players take advantage

Mainstream banks have been berated for not lending enough but must juggle that demand with higher capital requirements and fluctuating funding costs. Bank of Ireland’s move to raise the differential over base rates for its…