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.

Idox:  Significantly upscaling the elections business

IDOX Plc | Published on 17/08/2017

Idox has announced the £5.0m acquisition of Halarose Holdings Ltd (“Halarose”), a supplier of Electoral back office Management Software and Services (“EMSS”) to UK local government.

StatPro Group: Major Singapore client migrating to Revolution

StatPro Group Plc | Published on 10/08/2017

StatPro has announced that a Singapore-based asset manager (and existing client) has signed a $1m, two and a half year contract extension and consulting agreement to migrate from StatPro Seven to the Revolution platform.

StatPro Group: Interims in line with a positive outlook

StatPro Group Plc | Published on 02/08/2017

StatPro’s FY 2017E interim results reflect solid growth and the expected currency tailwind.

Forterra: Solid H1 earnings and cash flow bode well for FY

Forterra plc | Published on 01/08/2017

Strong demand in the newbuild housing market helped towards a good first half result, in terms of meeting our FY 17 EBITDA and another strong cash performance.

Forterra: Bison deal concretes group growth ambitions

Forterra plc | Published on 28/07/2017

Brick and concrete products manufacturer Forterra has broadened its end markets and added to the group's growth prospects with what we see as the opportunistic £20m acquisition of the trade and assets of Bison Manufacturing…

Photo-Me: Instant service – long term delivery

Photo-Me International PLC | Published on 27/07/2017

Photo-Me is something of a paradox – although it is a £600m market cap business, it still operates as if it were a nascent entrepreneurial business. It is risk averse and yet highly innovative. This…

Crossrider: A solid, in-line first half

Crossrider Plc | Published on 24/07/2017

Crossrider’s update for the first half of FY 2017E says that trading has been in line with management expectations and strikes an upbeat tone on future performance.

AMINO: Strong H1 2017 delivery

Amino Technologies plc | Published on 11/07/2017

Amino has reported H1 17A results ahead of management’s expectations, and a closing net cash position (£13.1m) confirmed as having more than doubled over FY 16A.

SDX: Operations Update

SDX Energy | Published on 06/07/2017

SDX Energy released an operations update yesterday morning, containing two important elements.

GAMMA: H1 on track

Gamma Communications plc | Published on 04/07/2017

Gamma has this morning published a trading update covering H1 2017 (six months to June).

MONITISE: Fiserv offer

Monitise Plc | Published on 27/06/2017

On 13 June 2017, Fiserv, Inc. announced its firm intention to make a recommended cash offer for the entire issued and to be issued ordinary share capital of Monitise plc.

K3: Fundraising to support new strategic decisions

K3 Business Technology Group Plc | Published on 21/06/2017

K3 recently announced a Placing and Open Offer at 140p to raise £8.5 million before expenses.

EU SUPPLY: Encouraging contract gain

EU Supply plc | Published on 19/06/2017

EU Supply, the e-procurement software provider, has announced a 3-year single-source framework agreement with an existing customer, for support and maintenance renewals and customer-paid enhancements.

Sopheon: AGM statement notes further progress

Sopheon plc | Published on 08/06/2017

Sopheon’s AGM statement notes that, during 2017, it has continued to advance its Accolade software platform, launching version 11.1 in February.

DISTIL: A breakthrough year ...

Distil plc | Published on 07/06/2017

Distil has had another strong year of sales and volume progression, which has culminated in the company delivering a maiden profit from its owned brands.

BANGO: Making waves in Japan

Bango Plc | Published on 06/06/2017

Bango has announced what is, in our view, a significant Direct Carrier Billing (“DCB”) launch with Amazon in Japan.

AMINO: Solid H1 2017, on track for the full year

Amino Technologies plc | Published on 06/06/2017

Amino has this morning published a positive trading update for the six months to 31 May 2017.

Idox: In line interims

IDOX Plc | Published on 06/06/2017

Idox has reported H1 2017A results in line with the May trading update.

SDX Energy: Confirmation of significant discovery

SDX Energy | Published on 31/05/2017

SDX Energy has announced the initial results of the testing at the SD-1X gas discovery in the South Disouq licence where it has a 55% operated working interest.

EU SUPPLY: Revenue growth in line

EU Supply plc | Published on 30/05/2017

In its AGM update statement today, EU Supply, the e-procurement SaaS provider, has reported revenues for the first four months of 2017 up over 25% against the same period in 2016.

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.

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.

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…