Zoopla acquires Yourkeys as it bolsters software offering for housebuilders

Liam Roche
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Zoopla acquires Yourkeys as it bolsters software offering for housebuilders

The acquisition will see 25 experts join from Yourkeys

Zoopla confirmed on Monday that it has acquired Yourkeys, a property software company.

The acquisition will see 25 experts from Yourkeys, including CEO Riccardo Iannucci-Dawson, join Zoopla and see Yourkeys join Zoopla’s suite of software products including its next generation Alto product.

Yourkeys has been a disruptive proptech company and was one of the first to take the entire property sales process online.

The company’s aim is to “provide buyer/seller onboarding and sales progression tools for housebuilders to help them sell new homes in an efficient way”.

Commenting on the acquisition Zoopla CEO Charlie Bryant said: “When we recently announced our vision we made a commitment to providing our customers with the very best software and services. With the acquisition of Yourkeys we’ve absolutely done that. Their technology and the service they offer are truly best in class, providing a smoother, better and more comprehensive experience for housebuilders.”

“Alongside the systems and software, more importantly we’ve acquired a true team of superstars, led by CEO and founder Riccardo Iannucci-Dawson. We are thrilled that such a talented, customer-centric team has chosen to join the team here at Zoopla and I’m confident that they will help drive everyone at Zoopla to even greater heights in the years to come.”

Yourkeys CEO Riccardo Iannucci-Dawson addled: “This is an incredibly exciting next step for the entire Yourkeys team who are as passionate as I am about delivering tech transformation within the property industry. We’ve now found a home inside the most innovative property marketplace in the country and, together, we can fulfil our ambitions to transform the way properties are bought and sold. We could not be happier to join the Zoopla family and are looking forward to sharing the benefits of this alliance with our customers and partners.”

Yourkeys launched in 2018, has 25 housebuilder and estate agent clients including Bewley, Davidsons, JLL, London Square and Hill.

Darktrace to cut float valuation to avoid Deliveroo scenario

Liam Roche
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Darktrace to cut float valuation to avoid Deliveroo scenario

The cybersecurity company is set to confirm that it will seek a valuation of between £2.4bn and £2.7bn

Darktrace, the cybersecurity company, has lowered its valuation in the lead up to its debut on the London Stock Exchange as investors are looking to avoid a repeat of the Deliveroo debacle.

Initially, Darktrace was hoping to be valued at over £3.5bn ahead of its listing next month.

However, it is now being reported that its valuation will be somewhere between £2.4bn and £2.7bn.

Sources told Sky News that the finer details will be outlined in a statement to the London Stock Exchange that could happen any day now.

It has also been said that Darktrace is choosing to be more cautious in its approach because of the controversy surrounding its links to Mike Lynch, the company’s first investor.

Lynch is battling against being extradited to the US on multiple accounts of wire fraud regarding the sale of Hewlett Packard over ten years ago.

Lynch, along with his wife owns nearly 20% of Darktrace, is being sued for $5bn by Hewlett Packard, as the company is accusing him of committing accounting fraud.

Lynch denies any wrongdoing as a decision is expected in the next couple of months.

Darktrace is eager to avoid a repeat of Deliveroo’s disastrous market debut when it way overpriced its offering. Shares in the online food delivery company have plummeted by 40% since it lasted last month.

Darktrace helps companies to detect suspicious activity and was founded in 2013 with seed funding from Invoke Capital, Lynch’s venture capital fund.

Novacyt Share Price: what now after NHS contract goes?

Liam Roche
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Novacyt Share Price: what now after NHS contract goes?

Novacyt Share Price

On Monday morning the Novacyt share price (LON:NCYT) was up by over 10%, one of the highest risers on the AIM. Having continued where it left off last week, Novacyt could soon get back to 500p. This is having fallen from 695p earlier this month following a dispute with the UK Department of Health and Social Care (DHSC). It was a further come down from 25 January when Novacyt shares were at 1,190p after massive growth throughout 2020. With signs of further gains over the past week, investors will be paying attention to what could prove to be a low valued stock.

End of NHS Contract

Novacyt said a couple of weeks ago that it was concerned about its revenues due to a dispute with the UK Department of Health and Social Care (DHSC) over the termination of the contract between the pair. The firm has said that its revenues and profit levels for 2021 could be lower than market expectations without the contract.

The situation is compounded by Novacyt’s lack of clarity regarding sales as a result of the “ever-changing nature of the COVID-19 pandemic and diagnostic testing demands”. A high portion of the company’s sales, which has been driving up the price of the company’s share price, came from the contract. Novacyt delivered revenue for the first quarter of 2021 of GBP72.6 million, with 50% of this attributable to sales to the DHSC.

A statement released by the company said: “Whilst the directors are confident new contract wins will continue as Novacyt expands international sales and into private sector testing, they believe revenue and profit for 2021 may be lower than current market expectations due to the absence of the DHSC contract extension.” The AIM-listed company also said “it has strong grounds to assert its contractual rights” by taking legal action as the DHSC said it would not extend a supply contract for Covid-19 tests.

Not All Bad

However, it is not all doom and gloom for Novacyt, as the company is set to launch several new rapid testing kits for variants of the coronavirus later this year. The company has also accumulated money on its balance sheet to the amount of £91.8m. While its value has dramatically fallen during 2021, there are many unknowns factors, which makes the Novacyt share price a difficult one to assess.

FTSE trades flat as pound advances against dollar and euro

Liam Roche
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FTSE trades flat as pound advances against dollar and euro

A strong pound set the tone for an important week on the UK stock market as the banks start reporting their first quarter results. NatWest and Barclays will be in focus later in the week, with investors keen to hear about future dividends.

The pound advanced 0.4% against both the US dollar at $1.3922 and the euro at €1.1515. “The flipside of a strong UK currency is that it provides a headwind for the FTSE 100 and its army of overseas earners,” said Russ Mould, investment director at AJ Bell.

Miners did their best to lift the index, but there was too much opposition from oil stocks, consumer non-cyclicals and financials which were in negative territory. The FTSE traded flat at 6,942.

BP reports first quarter results on Tuesday and investors will want to get its view on the direction of the oil price and an update on its planned strategic shift and preparations for a net zero carbon future.

“US tech firms will also be front of mind for investors this week, with updates from Tesla, Microsoft, Facebook, Google-parent Alphabet, Apple and Amazon. There are high expectations for these companies and any disappointment could hurt their share prices hard,” Mould added.

FTSE 100 Top Movers

Rolls-Royce (4.19%), IAG (3.78%) and Evraz (2.72%) headed up the FTSE 100 during the morning session on Monday.

While at the other end, Ocado Group (-1.39%), Pershing Square Holdings (-1.38%) and London Stock Exchange, are the day’s biggest fallers so far.

Banks lead the way as shareholder dividends look set to make a return

Liam Roche
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Banks lead the way as shareholder dividends look set to make a return

Dividends fell at their slowest rate since the onset of the pandemic during Q1

Investors will be expecting to receive raised dividends, in addition to share buybacks, as companies which secured their profits during the past year look set to divide it up.

Payouts have fallen at their slowest rate since the pandemic first came into effect, as the UK emerges from lockdown, hinting at a more positive outlook for shareholders, after boardrooms slashed dividends across the board last spring.

The UK’s major banks, which are set to release their quarterly results this week, are now able to pay investors aster the regulatory ban on dividends and buybacks has now come to an end

Dividends fell at their slowest rate since the onset of the pandemic during Q1, dropping by 26.7% to £12.7bn, according to research by fund managers, which raises the prospect of a return to growth, according to The Times.

Link Group, which monitors dividend payouts, has indicated that half of UK companies either increased, restarted or held their dividends steady in the first three months of 2021. This is up from one third at the end of last year.

The group now estimates that total underlying dividends – aside from one-off payments – is set to increase by 5.6% over 2021, reaching up to £66.4bn in total.

BP is set to report on Tuesday and has said it will give further information about anticipated share buybacks.

The UK’s major banks – HSBC, Lloyds Banking Group, NatWest and Barclays – are expected to al deliver dividend increases in the FTSE 100‘s top ten. All are publishing their results in the coming days while their payouts are expected to increase further into 2022.

“After the year-long pandemic winter for dividends, the buds of spring are about to burst into bloom,” Ian Stokes, Link Group’s managing director of corporate markets for Europe, the Middle East and Africa, said. “It’s hard to characterise the big drop in the first quarter as anything but bad news, but look closer and the green shoots are already sprouting.”

Oil prices fall as India’s battle with Covid-19 weighs on demand

Liam Roche
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0
Oil prices fall as India’s battle with Covid-19 weighs on demand

Brent crude futures fell to $64.78

The price of oil fell on Monday as Covid-19 cases surged India, one of the world’s biggest oil importers.

Ahead of a planned increase in OPEC+ oil output in May, investors have now adjusted their positions.

Brent crude futures fell to $64.78, down 2.01%, by 0900 GMT on Friday, while West Texas intermediate (WTI) crude futures was down by 0.92% to $61.51 a barrel.

Both benchmarks fell by around 1% the previous week.

“Market sentiment was dented on worries that surging number of COVID-19 cases in some countries, especially in India, will slash fuel demand,” Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.

India’s prime minister Narendra Modi encouraged citizens to get vaccinated and to be cautious as the nation set a new record for the most Covid-19 infections in a day.

The Organization of the Petroleum Exporting Countries and allies led by Russia (OPEC+), surprised the market at its April 1 meeting by agreeing to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and a further 400,000 bpd or so in July. 

The producer group will hold a largely technical meeting this week, with major changes to policy unlikely, Russian Deputy Prime Minister and OPEC+ sources said last week.

United Oil and Gas prevails despite pandemic

Liam Roche
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0
United Oil and Gas prevails despite pandemic

United Oil and Gas expecting production levels to rise again in 2021

United Oil and Gas reflected on the year gone on Monday following a period of chaos caused by the coronavirus pandemic.

The AIM-listed company announced that it has seen its production levels rise by nearly 25% for the year. This is despite a drop in demand for fuel due to the impact of lockdowns.

United Oil and Gas put it down to its acquisition of Rockhopper Egypt, along with other assets the company took into its control over the past year.

The group also gained ownership rights of licenses in Jamaica and in the continental basin in the UK’s North Sea.

For the year ahead, United Oil and Gas is expecting its production levels to rise again, with output expected at 2,500 to 2,700 barrels a day.

The group is expecting to double its spending, with most of its $6m investment set for a number of new wells in Egypt.

Chief executive Brian Larkin said: “2020 was a landmark year for United Oil and Gas, building on strong foundations to position ourselves as a full-cycle oil and gas company with strong production, diverse assets, an exceptional board and clearly defined avenues to deliver further material growth.”

“These were significant achievements despite one of the toughest years for our sector and wider markets caused by the COVID-19 pandemic.”

“Building on this success is key for all at United Oil and Gas and we look forward to driving further activity and material growth in 2021 and beyond.”

Demand for online courses boosts Pearson sales

Liam Roche
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0
Demand for online courses boosts Pearson sales

Pearson sees 25% surge in demand for programmes in its Global Online Learning division

Pearson, the education company, announced that robust demand for online learning courses enabled a 5% increase in its underlying revenue growth for the three months up to 31 March.

The FTSE 100 company also said via a trading update that it expects its revenue and profits to grow in 2021.

Pearson has adapted its marketing strategy by defining itself as a consumer-facing group, providing skills and training beyond its schools and college remit.

There was a 25% surge in demand for programmes in its Global Online Learning division, as people from across the world signed up for courses at virtual schools.

Only last week, Sidney Taurel, chair of Pearson, said he would step down after a row with shareholders ensued over the decision to pay chief executive Andy Bird a £7.2m sign on bonus.

Andy Bird, commented on the group’s start to the year: “It’s been a good start to the year for Pearson, delivering 5% sales growth in the quarter. This is despite a longer period of disruption from COVID-19 in the quarter compared to last year. I’d like to thank colleagues for their ongoing dedication and hard work,” Bird.

“We are building pace and momentum. We are making good strategic progress in our ongoing shift to digital, we are in the advanced stages of preparation for the forthcoming launch of our new college app and our organisational redesign is on track.”

“We continue to expect to deliver revenue and profit growth in 2021 and for our performance to be in line with our 2021 outlook as we benefit from improving trading conditions as COVID-19 restrictions ease. We are focused on executing our new strategy and believe that it will create sustainable and significant value for all of Pearson’s stakeholders.” 

Pearson was initially badly impacted by the pandemic as restrictions forced schools to close, while exams were also cancelled, causing its profit to fall by 40%.

New Main Market listing: PensionBee

Andrew Hore
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New Main Market listing: PensionBee

PensionBee is the third company to join the High Growth Segment and the only one currently traded on this segment. The flotation will help to further raise the profile of the company and it enabled its customers to buy shares.
PensionBee was highlighted in a UK Investor Magazine article back in August 2016 as one of the ten UK start-ups to watch in 2016. (The list also included AI firm Darktrace, which will be gaining a premium listing in May.)
The FCA-regulated PensionBee has little more than a 0.1% share of its addressable market. Customer satisfaction ratings are high with 92% willing to re...

Alphawave chooses London for listing

Andrew Hore
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Alphawave chooses London for listing

Alphawave IP has published its registration document ahead of a potential £3.2bn flotation on the Main Market. The Canada-based connectivity company has chosen the London market rather than a US stockmarket and it is moving its research and development headquarters to Cambridge in the UK.
Alphawave designs digital signal processing-based connectivity IP that enables data to travel faster, and the technology is included in network systems that process zettabytes of data. Management believes that Alphawave is the only non-US company offering the technology to global customers.
Alphawave has a si...

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