Small Cap Value Report (Tue 9 July 2024) - PULS

Good morning from Paul amp; Graham!

Explan notes

.Companies Reporting

.Summaries

Pulsar (LON:PULS) - down 5% to 81.5p y’day (£104m) - H1 Results - Paul - AMBER/RED

To follow shortly.Pulsar (LON:PULS)

Down 5% to 81.5p y’day (£104m) - H1 Results - Paul - AMBER/REDPulsar Group Plc (AIM: PULS), the technology innovator delivering Software-as-a-Service ("SaaS") solutions for the global marketing and communications industries, is pleased to announce its unaudited half year results for the six months ended 31 May 2024.

This is the new name for Access Intelligence. I last looked at it in Jan and Dec 2022, and wasn’t impressed - noting its continuing losses, weakish balance sheet, and wobbly outlook. I’ll take a look today with fresh eyes, let’s see if things have improved, as the share price has had a strong recent run up.

Nearly all (96%) of revenues are recurring.

H1 revenue £30.8m (up 1.3%)

Adj EBITDA £3.1m (up 55%) - but my previous notes point out that positive EBITDA turns into PBT losses, so it's a meaningless measure.

Outlook - trading in line, so we should be able to rely on this year’s forecast -“the Group continues to trade in line with the Board's...