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.

K3: Trading on track; executing on strategy

K3 Business Technology Group Plc | Published on 12/12/2017

K3 has issued a trading update for the period to 30 November which confirms steady execution of its strategic plans, and outlines the changes that will result from its operational resource review.

Photo-Me: Laundry Becoming more Material

Photo-Me International PLC | Published on 11/12/2017

Interim results show the positive impact of Photo-Me’s targeted investment and strategic focus on expanding the Laundry business.

Hardide: 2017 Preliminary full year results

Hardide plc | Published on 11/12/2017

Hardide released its preliminary full year results today, in-line with market expectations and showing considerable year on year momentum both financially and operationally.

Contract gains encourage confidence

EU Supply plc | Published on 06/12/2017

EU Supply has been enjoying an encouraging flow of contract gains since late October. This encourages confidence and allows us to increase our revenue and cost forecasts (forecast profits unchanged) for both FY2017 and FY2018.

AMINO: Solid trading and share buybacks planned

Amino Technologies plc | Published on 05/12/2017

Amino has released a positive update on trading for the year to 30th November 2017.

SDX Energy: Q3 Results

SDX Energy | Published on 01/12/2017

SDX Energy reported its 2017 Q3 earnings on 21 November.

IG Design: Better by Design

IG Design plc | Published on 28/11/2017

IG Design Group plc. (“Design Group”), is an industry leading, global retail supplier. It operates in four main categories: Celebrations, which includes gift wrap, cards, crackers and bags; Stationery and Creative Play, Gifting and Not-For-Sale…

APQ Global:  Good progress, dividend on track

APQ Global Ltd | Published on 28/11/2017

APQ Global (APQ) remains on track to pay a 6% dividend for FY 2017E. Its Q3 comment and its outlook for Q4 2017 provided an informative update on the progress of APQ and its portfolios.

Bango: Further moves into Africa

Bango Plc | Published on 17/11/2017

Bango has announced what is, in our view, a significant new payment route in Nigeria, giving 9mobile’s 17.2m subscribers the ability to charge purchases of digital content from the Google Play store to their 9mobile…

Idox: Contract slippages impact FY17E performance

IDOX Plc | Published on 15/11/2017

Idox has announced that contract slippages in health and transport have impacted FY2017E profit expectations.

BANGO:  Two pieces of positive news

Bango Plc | Published on 01/11/2017

Bango has today released two pieces of positive news flow. The Bango Platform (BP) is being deployed in South Korea, increasing the number of payment opportunities for digital content, physical goods and Internet of Things…

Hardide: Preparing for a bright future

Hardide plc | Published on 30/10/2017

On 27 October, Hardide announced an oversubscribed fundraising of £2.54m, in two tranches, at 1.7p per share to fund additional capacity in anticipation of future demand, creating a solid platform for growth.

Photo-Me: In-line trading update

Photo-Me International PLC | Published on 25/10/2017

Ahead of its AGM, Photo-Me’s trading update confirms that performance is “consistent with expectations”.

DISTIL: Strong first half results

Distil plc | Published on 24/10/2017

Distil has delivered a strong set of results against last year’s pipeline fill from winning new listing contracts with major retailers.

STATPRO: Q3 trading in line

StatPro Group Plc | Published on 19/10/2017

StatPro’s Q3 trading update states that trading is in line with expectations for the nine months.

SDX Energy: Funding to further growth

SDX Energy | Published on 16/10/2017

SDX Energy has recently announced that it has raised US$10 million through an oversubscribed share placing.

PROACTIS: Setting the Stage

PROACTIS Plc | Published on 12/10/2017

Full year results confirm PROACTIS’ healthy financial performance continues.

K3: Numbers in line, refocusing continues

K3 Business Technology Group Plc | Published on 27/09/2017

K3 has reported its second interim results for the six month and twelve month periods to the end of June 2017 as it transitions to a November year end.

INSTEM: Strategic progress; strong underlying trading

Instem plc | Published on 26/09/2017

Instem reported double-digit revenue growth in the first half of 2017, although profitability was reduced by ongoing investment in the business.

ELECOSOFT: H1 well on track

Elecosoft plc | Published on 25/09/2017

The group has today published a robust set of H1 results, with many examples of products gaining traction in new markets, and with financial results seemingly well on track to reach our full year estimates.

Company coverageSector coverage

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.

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.

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.

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…