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.

StatPro Group: A solid start to 2018

StatPro Group Plc | Published on 15/03/2018

StatPro has reported FY 2017 revenues and Adjusted EBITDA in line with expectations reflecting solid growth from Revolution and a positive EBITDA contribution from Delta.

AB Dynamics: A Dynamic Performance

AB Dynamics plc | Published on 13/03/2018

AB Dynamic’s (ABD) shares have risen tenfold since its 2013 AIM admission, fuelled by an impressive 19% organic revenue CAGR.

Bango: FY17A results: Growth and scalability

Bango Plc | Published on 13/03/2018

Bango has announced FY17A results ahead of our forecasts, with financial performance once again demonstrating strong growth and platform scalability.

Kape Technologies: FY 2017 results show solid growth

Kape Technologies plc | Published on 13/03/2018

Kape Technologies (formerly Crossrider) has reported revenue up 17.4% to U$66.4 million and Adjusted EBITDA of U$8.3 million (up 29%).

Forterra: Mind the gap

Forterra plc | Published on 09/03/2018

Next week’s FY 2017E results from Forterra, we envisage, are likely to feature the continuing sector theme of the gap between demand and supply for bricks – an issue highlighted in rival Ibstock’s figures.

Instem: Cloud platform delivering

Instem plc | Published on 08/03/2018

Instem has announced that an existing client - one of the world’s largest chemical companies - has adopted its SaaS delivery model for the group’s Provantis® suite.

APQ Global: 2017 milestones achieved, well set for 2018

APQ Global Ltd | Published on 23/02/2018

APQ Global (APQ) achieved an increase in its US Dollar book value of 4.6% in 2017 while making a total return of 9.9% in dollar terms during the year.

Photo-Me: Proposed Listing of Max Sight Ltd

Photo-Me International PLC | Published on 19/02/2018

Photo-Me has an 18.33% ownership holding in Max Sight ltd, a leading operator of ID photo booths in Hong Kong and Guangdong Province, China.

Hardide: Completion of the Deferred Subscription

Hardide plc | Published on 14/02/2018

On 13 February Hardide updated the market that it has received advanced assurances from Her Majesty’s Revenue and Customs that the Deferred Subscription of £0.82m, as announced on 27 October, is eligible for EIS relief.

PROACTIS: Doubling and Delivering

PROACTIS Plc | Published on 12/02/2018

PROACTIS’ interim trading statement provides the first opportunity to gauge performance since Perfect was consolidated.

Bango: Doubling Down on Platform Leadership Strategy

Bango Plc | Published on 07/02/2018

This note aims to summarise the information delivered at Bango’s recent Strategy Day, and to analyse the key messages.

AMINO: In line 2017 results

Amino Technologies plc | Published on 06/02/2018

Amino has reported FY 17A results in line with both market expectations and our own forecasts.

EU SUPPLY: Growing SaaS business with repeat revenues

EU Supply plc | Published on 29/01/2018

EU Supply (“EUSP”), the e-procurement software provider, has announced that it expects to report results for FY2017 in line with market expectations.

Sopheon: Significantly ahead of expectations

Sopheon plc | Published on 29/01/2018

In today’s more detailed trading update, Sopheon has confirmed its brief statement in early January that revenue and profit for FY 2017E will exceed market expectations.

Forterra: Pump up the volume

Forterra plc | Published on 25/01/2018

Chancellor Philip Hammond’s Budget pledged to add 300,000 homes a year, up from 185,000 in 2016.

StatPro Group: Full year reflects further progress

StatPro Group Plc | Published on 25/01/2018

StatPro’s trading update for FY 2017E says that it expects to report revenue around 1% ahead of our estimate and Adjusted EBITDA of approximately £6.9 million - in line with our expectation.

Greatland Gold: Well positioned for 2018

Greatland Gold plc | Published on 24/01/2018

Greatland is well financed to pursue several ambitious exploration campaigns across its exciting portfolio of 100% owned projects in 2018.

Elecosoft: Full year trading in line

Elecosoft plc | Published on 23/01/2018

Elecosoft has released a trading update for its financial year to the end of December 2017.

GAMMA: Full year slightly ahead of expectations

Gamma Communications plc | Published on 23/01/2018

Gamma’s trading update for FY 2017E reflects continued strong growth in all its non-traditional products.

A decade in perspective

Instem plc | Published on 22/01/2018

The past five years have seen a gradual but dramatic transformation of Instem’s position...the next five years appear to hold equal promise, with the added benefits that the group has a proven ability to deliver…

Company coverageSector coverage

AB Dynamics plc

Estimates | Research

AB Dynamics (ABD) is a leading provider of testing solutions to the Automotive industry. Specialising in suspension and track testing of ADAS (Advanced Driver Assistance Systems) all the top 20 car makers are its customers.

Amino Technologies plc

Estimates | Research

Amino is an IPTV innovator offering a range of devices, software, content and home monitoring solutions for the connected home. In 2015, it acquired a provider of broadcast hybrid TV and connected home solutions and a cloud TV platform provider. During 2016, Amino extended its portfolio to offer hybrid TV devices and cloud based service delivery solutions to a wider addressable market including cable TV and mobile operators.

APQ Global Ltd

Estimates | Research

APQ Global is a company which makes investments in emerging markets globally with a focus on Africa, Asia, emerging Europe, Latin America and the Middle East. It has a management team which has vast experience in investing in emerging markets and which is led by Bart Turtelboom, CEO, who has a 28% shareholding in the Company. Its aim is to steadily grow earnings to deliver attractive dividends and capital growth to its shareholders.

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.

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.

Echo Energy PLC

Estimates | Research

Echo Energy was relaunched in Q1 2017 as a vehicle to build up a significant Latin American upstream gas business. Echo Energy now has a new management team led by Fiona MacAuley who is the Chief Executive Officer (previously COO of Rockhopper Exploration). Will Holland is the CFO (previously at Halliburton and Macquarie Bank), Julian Bessa is VP Exploration (previously BG Group in Latin America) and James Parsons is Non-executive chairman of Echo Energy. Continental Investment Partners SA is the main cornerstone investor. The initial Latin American entry for Echo Energy was a technical evaluation agreement on exploration acreage in the highly prospective part of the Tarija Basin in Bolivia. However, the group has been transformed by a deal which saw the company farm into four licences in the Austral basin in southern Argentina.

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.

Hardide plc

Estimates | Research

Hardide plc is the world leader in low temperature chemical vapour disposition tungsten carbide coatings. Its characteristics display superior strength, toughness, wear, corrosion, fatigue and galling properties to other alloy coating technologies such as hard chrome plating or thermal spray techniques like high velocity oxyfuel or physical vapour disposition.


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.

IG Design plc

Estimates | Research

IG Design is a global operator with four main product categories: Celebrations (gift wrap, crackers, bags and cards), Stationery and Creative Play, including the Kid’s Create brand, Gifting and Not-for-resale consumables. Of its revenue, 39%, is manufactured and 61% is sourced. IG Design sells to over 200,000 retailers in over 80 countries. Its biggest market is the USA followed by the UK and Asia then Europe and, lastly, Australia. The Group produces own design and licensed product.

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.

Kape Technologies plc

Estimates | Research

Kape Technologies (formerly Crossrider plc) is a cybersecurity company focused on helping consumers around the world have a better digital experience with greater protection. In order to do this, Kape develops and distributes a variety of software products in the online security space, utilising its proprietary digital distribution technology to optimise its customer reach and create a superb user experience. The Company offers products which provide online security, privacy and optimal online experience. Kape has four main products; CyberGhost, Reimage PC, Driver Agent and Reimage for Mac.

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 Australia and New Zealand.

Photo-Me International PLC

Estimates | Research

Photo-Me operates around 50,000 instant-service vending machines, located in high-footfall retail sites (shopping centres, malls, sports venues and transport hubs). The group has a focus on three main areas – identification (photo booths), laundry and digital print kiosks. Innovation is rapid but tightly controlled and the group has a clear strategy for both product evolution and geographic expansion. Headquartered in the UK, revenues are currently concentrated in France, the UK and other Mainland Europe locations, with Asia Pacific (especially Japan) a major source of focus for expansion.


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.

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 cloud-based portfolio analysis and data solutions to the global investment management industry.

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…