Octagonal (LON:OCT) – CORP: Q1 trading update
Market Cap: £10.2m; Current Price: 1.825p
Strong growth metrics from GIS
More than 12,000 transactions for the month of June, a record for Global Investment Strategy (GIS), Octagonal’s 100% owned UK-based settlements and global custody business. 50.3% increase in total settled transactions for Q1 over Q4 with total transactions >30,000. 120 new clients added in Q1.
Octagonal, as a result of the Reverse Takeover, became the 100% owner of GIS on 30th June – it had previously had a 9.97% holding.
NORTHLAND CAPITAL PARTNERS VIEW: Strong set of Q1 growth metrics for GIS that became a 100% subsidiary of Octagonal at the end of June. GIS is a financial services business offering a wide range of services to institutional, family office and high net worth clients. Its main business activity, accounting for approximately 80% of 2014 revenue, focuses on providing global settlement and safe custody services. It also offers a range of stockbroking services. The main focus this year will be on core activities and cash generation but it will look to further acquisitions in the medium term.
David Johnson +44 (0)20 7382 1130
djohnson@northlandcp.co.uk
Accesso Technology (LON:ACSO) – Contract wins
Market Cap: £119m; Current Price: 542p
Contract wins for ShoWare and accesso Siriusware
16 new contracts across the ShoWare ticketing platform (acquired last November) and accesso Siriusware (acquired December 2013) onsite ticketing, online e-commerce and point of sale technology.
ShoWare secured eight venues across the US and Mexico including Venue, Music Zirconia and TribalTix.com, The Tybee Post Theater, LA Waterfront Cruises, Waterfun, Radio Events Group Entertainment and Best Productions.
Siriusware also secured eight venues in the US including Brooklyn Museum of Art, The Skydeck, McWane Center Adventures in Science, Arizona Sonora Desert Museum, The Asian Art Museum, The Trustees of Reservations, Oakland Museum of California, and Black Ball Ferry Line.
NORTHLAND CAPITAL PARTNERS VIEW: Contract newsflow demonstrates how accesso’s acquisition strategy has broadened its product offering and also increased its addressable markets. These products have also raised the proportion of transaction-based revenue and ongoing revenue. More than 60 new clients have been added in H1. Current rating of 26.4x FY15 consensus estimates and 23.0x FY16 reflects the high level of growth anticipated for the business.