Brightside Group Share Discussion Threads

[masurenguy] 07/6/2011 06:12

RNS Number : 9429H
Brightside Group PLC
07 June 2011

AGM Statement

At today's Annual General Meeting, Chairman, Dr Chris Fay, will make the following AGM Statement:
"Trading in 2011 to date has been strong with an aggregated performance of the business units ahead of initial expectations. The strong organic growth of our existing insurance broking businesses, the successful integration of the eCar and eBike policy books and the growth of our premium finance, medical reporting and lead generation businesses are continuing to deliver good results in 2011. Overall trading in the year to date is ahead of our expectations and we are optimistic for the remainder of the year."

Director's Responsibilities

"In the interests of good governance it has been decided that the roles of Chief Executive Officer (CEO) and Finance Director (FD) should be separated. Arron Banks will be appointed CEO while Paul Chase-Gardener will retain the role of FD."

[masurenguy] 06/6/2011 06:57

Quiet here since the final results were issued a couple of months ago. Meanwhile the stock has gradually fallen back by 35% since the RHPS induced spike to 40p in early January. Begining to look more like a value proposition now at an Offer price of around 27p which is just slightly above the institutional placing price of 25p a year ago to raise funds to acquire eCar & eBike. Still hovering but have not hit the Buy button yet !

[masurenguy] 18/5/2011 17:25

FWIW the NXD Chairman bought 50,000 @28.5p today

[masurenguy] 07/5/2011 07:41

It might be overall auto sector sentiment but I don't really see why lower new car sales, lower use due to petrol costs or fewer insurance claims due to less mileage driven should significantly im pact insurance sales. All existing vehicles have to be insured (unless there is a massive increase in uninsured drivers) and BRT should be taking market share from their competitors if they are as dynamic as they appear to be.

UK new car sales fall for tenth month in April


I'm just wondering whether there is something else, either in their recent year end accounts or in the pipeline which we don't know about yet, that triggered yesterdays fall. The trading volume was modest - circa 420K with a single transaction of 150K accounting for more than a third - so on that basis it might just be sector sentiment but a 14% drop is still rather excessive in that context !

[stegrego] 06/5/2011 11:28

Helphire saying volumes down on claims today, I wonder if thats a factor? Otherwise dont know.

[masurenguy] 06/5/2011 10:42

A sudden 13% fall on no news today or over the past 5 weeks and a comparatively small volume of 150,000 shares so far this morning. I wonder what is going on here !

[masurenguy] 31/3/2011 12:52

Progressive results and I think that they are right to postpone any dividend introduction until the eCar and eBike acquisitions become cash generative. Still sitting on the sidelines here looking for an entry point at around 30p. The share price has gradually fallen back from the spike to 44p in January following the RHPS tip so it might not be an unrealistic price target over the next couple of months.

RNS Number : 7665D
Brightside Group PLC
29 March 2011

Preliminary Results for the 12 months ended 31 December 2010

Financial highlights:

§ Revenue increased by 48.1% to £66.2m (2009: £44.7m)

§ EBITDA before exceptional other income and share based payments charge increased by 39.2% to £13.5m (2009 £9.7m)

§ Earnings per share increased by 5.0% to 1.48p (2009: 1.41p)

Operational highlights:

§ Strong growth in policy sales year on year, with:

- total policy sales increasing by 63.8% to 339,916 (2009: 07,509)

- van insurance policy sales increasing by 6.3% to 122,989 (2009: 115,728)

- existing personal lines, taxi and minibus policy sales increasing by 20.7% to 61,703 (2009: 51,119).

§ Post-acquisition policy sales recorded by eCar and eBike at 79,252 and 21,483 respectively

§ Premium finance loans processed increasing by 6.2% to 166,454 (2009: 156,808)

§ Lead generation business increasing the number of leads generated by 70.1% to 218,958 (2009: 128,736)

§ Medical reporting instructions received increasing by 30.6% to 35,918 (2009: 27,501)

§ Successful share placing in June 2010 raising £8.5m net of expenses. The funds were used to acquire the eCar and eBike policy books.

Commenting on the results, Paul Chase-Gardener, Chief Executive of Brightside, said: "In 2010 Brightside enjoyed another year of strong growth. The combination of strong organic growth of our existing insurance broking businesses, the successful acquisition and integration of the eCar and eBike policy books and the continued growth of our premium finance, medical reporting and lead generation businesses mean that 2010 was once again a record year for the Group. We have now built the opportunity to become a major distributor in the UK insurance market. Continued focus on development of our distribution channels in the hardening motor insurance market has resulted in an encouraging start to 2011. The Board of Brightside views the prospects for 2011 with confidence."

NB: The link to the complete full year report for 2010 has been inserted into the header.

[masurenguy] 14/3/2011 07:18

RNS Number : 7875C
Brightside Group PLC
14 March 2011

Notice of Preliminary Results announcement

Brightside Group plc, will announce its Preliminary Results to 31 December 2010 on Tuesday 29 March 2011. A briefing for Analysts will be held at 9.30am on 29 March 2011.

[masurenguy] 22/2/2011 12:21

Cheers MTNEss - here is a synopsis of their recommendation !

Insurance broker Brightside (BRT) has devised a technology called RedEye, that tracks whether customers change certain key facts when applying for insurance online. If suspicions are raised then details are checked and policies are rarely issued until after driving licence information has been confirmed. As a result Brightside's record is far better than many rivals so gets better rates from underwriters and offer cheaper insurance policies to customers. Brightside has a niche in vehicle insurance, insuring minibuses, taxis, and motorbikes as well as vans. It is moving increasingly into online insurance and believes its RedEye technology gives it a real edge.

Midas says: Brightside's share price was badly affected by the financial crisis, but they started to recover last summer. In recent weeks the price has dropped from 40p to 35.5p after admitting the life insurance arm was not growing as fast as hoped. Current weakness represents a good buying opportunity. The life insurance business should improve as economic conditions improve, but life assurance is in any case only a small part of the group. Brightside's white van insurance business should also pick up at the same time and its car, motorbike and other internet insurance products are expanding fast. Chase-Gardener and his colleagues own more than 40% of the shares so they are clearly motivated to make the company do well. Buy.

[mtness] 22/2/2011 12:11

BRT was tipped by Midas in the Daily Mail over the weekend

[masurenguy] 08/2/2011 17:39

Good spot Ikos78. I thought that the concluding comment on projected earnings was quite interesting.

"Analysts see profits exceeding £11.5 million pre-tax for 2010 and reaching more than £17 million this year. Recommended by Growth Company Investor at 21.5p in 2009 and more recently at 27.5p, the shares now trade at 36p, valuing the company at £164 million. Hold on."

[stegrego] 06/2/2011 22:49

Evo have a note out dated 31/1/11 - dont know what it says.

EPS are 'embargoed' on REFS at the moment but a bit of maths makes it look like they are saying 2.6p for 2010 (2.45p consensus) and 5p for 2011 (4p consensus)


14x and 9x

Id be looking for around 30p entry if poss, but doesnt usually work out like that.

[masurenguy] 06/2/2011 09:13

Some selling since Wednesdays positive TU has prompted a further slight drift in the price.

RNS Number : 3113A
Brightside Group PLC
31 January 2011

The Company traded very strongly during the second half of the year, with the general insurance businesses producing profits significantly ahead of the Board's initial expectations. Policy sales increased by 68 per cent. with all personal lines businesses growing ahead of plan and the Board is particularly pleased by the successful integration of eCar and eBike following their acquisition in July 2010. These businesses are expected to make a positive contribution for the financial year of approximately £1.0 million after the expected amortisation charge.

The amount of premium finance loans funded by Brightside increased by 125%. with an increasing margin in 2010 and deferred income at 31 December 2010 increased by £2m year on year. The overall value of loans increased 17%. Our medical reporting business reports instructions increased by 30% and leads generated internally from our marketing operation increased by 112%.

E-life continues to disappoint and experienced accelerated lapse rates in the second half of the year from leads purchased from internet based distributors. This practice in now discontinued and the result for the year will include a material provision against potential future lapses. The business is now being developed through affinity referrers from a significantly lower cost base. In spite of the provision against eLife and subject to audit we expect to report overall results in line with our expectations. The Board views the prospects for 2011 financial year with confidence.

Businesses Highlights

Insurance Distribution & Medical Reporting business

·Annual insurance policy sales rose from 197,059 to 330,800, an increase of 67.9%

·eCar and eBike successfully integrated and earnings enhancing

·Our lead generation business increased the number of leads it produces by 112%

·Self financed Premium Finance book grew by 125% with overall values financed 17% higher

·The medical reporting business expanded the number of instructions from 27,500 to 35,900 medical reports, without reducing the core margin within the business

·Life Insurance business re-aligned to discontinue loss making purchased lead model

·We have successfully launched the multi - insurer panel system for eCar Insurance with 3 insurers live and a pipeline of 5 further insurers

·Motor rates in 2010 rose by 35% and we expect a further hardening in 2011, which provides a positive backdrop for the broking business.

Due to their aquisitions of eCar and eBike and the amortisation costs associated with them plus the 'material provision' against eLife quote generation, it is difficult to project the eps for 2010 and no real indication was provided in this context within the TU. We may have to wait for the results in 7 weeks time before we can get a firm handle on this but my most optimistic guesstimate would be in the 1.8p - 2.00p range which would put them on an historic PER of circa 17 or 18. If they can increase profits by as much as 40% in 2011 that would put them on a current year PER of circa 13/14 which is probably fully valued in the current market. They may of course accelerate growth and earnings more rapidly than that although I would like to see indications of such a potential scenario in 2011 first.

Subject to sight of the actual y/e results I would still be looking for a lower entry point than the current mid-30's price. My target is in the 30p/32p range - do you have any particular target entry level Steg ?

[stegrego] 05/2/2011 20:06

Im keeping an eye on this one too Mas...

[masurenguy] 17/1/2011 08:57

Looking for the share price to continue slipping back toward the low 30's in order to obtain a good entry point.

[masurenguy] 14/1/2011 16:23

The Offer price, which shot up by 29% from 34p to 44p last Monday following the RHPS tip, has drifted back down over the past couple of days to 37.5p. Some 65% of the artificial RHPS premium has now dissipated and the shares are heading back to a more realistic valuation.

[masurenguy] 10/1/2011 08:24

A tip from RHPS has sent the price into orbit this morning on modest volumes - up 33% in the first 20 minutes on a volume of less than 50,000 shares ! Can't see this rise being sustainable on artificial demand as opposed to meaningful newsflow !

[masurenguy] 08/1/2011 18:25

New thread here.

[masurenguy] 08/1/2011 18:11

GCI issued a HOLD recommendation on the stock back in April 2010

Insurance broking and financial services concern Brightside Group is bullish on current prospects after lifting annual profits 8% to £6.7m pre-tax.

The Bristol-based company, a leader in van assurance and out to expand its life assurance and medical reporting operations, grew revenues 34% to £44.7m last year and, if 2008's acquisition goodwill and investment sale loss write-offs are taken into account, upped its profits nearly 25%. AIM-quoted Brightside achieved a 30% increase in overall policies sold to 197,000, with on-line van policies up 18% to 105,000 and on-line home insurance policy sales surging 127% to 25,000.

Steered by chief executive Paul Chase-Gardener, the company raised £20m at 22p in December. He says most of the money is initially going to expand Brightside's Panacea premium finance, which processed 157,000 loans last year, an increase of nearly 15%, but will later go, 'as required', into its life assurance business, which chalked up 'an annualised run rate' of 13,000 policies in 2009 and into medical reporting, which increased instructions 133% last year to 28,000.

Chase-Gardener says life insurance sales showed a 13% year-on-year increase for the first two months of this year and argues income per policy will rise as premium rates harden. Noting that medical reporting instructions rose another 133% over the same period, he argues the life assurance side should gain further momentum when its online offering goes live imminently.

Highlighted by Growth Company Investor at 21.5p last September, Brightside shares, which have fluctuated between 32p and 21p over the past 12 months, now trade at 27p. Hold on.

[masurenguy] 08/1/2011 18:10

Brightside Group Prepares for PCI Compliance Deadline with Tripwire Enterprise and Tripwire Log Center
Rapidly expanding insurance broker deploys change auditing and log management solutions from Tripwire to comply with PCI DSS

London, UK - September 29, 2010 - Brightside Group plc, one of the fastest growing insurance broking and financial services businesses in the UK, today announces that it has purchased Tripwire® Enterprise and Tripwire Log Center. The integrated implementation of the configuration control, change auditing and log management software solutions from Tripwire will help Brightside ensure compliance with the latest Payment Card Industry Data Security Standards (PCI DSS) in time for the 30th September deadline for compulsory compliance.

Brightside Group plc, began business in 2001 and has grown rapidly, currently employing nearly 650 people across its portfolio of insurance brands. As the company continues to grow, manual log management and change auditing have become an incredibly time consuming process for Brightside's IT department. As such, the company recognised that it needed a system that could intelligently control threats and streamline its business processes, saving time and enabling valuable staff resource to be better allocated to other parts of the business.

Julian D'Alberti, IT Support Manager at Brightside Group plc, comments, "When looking for systems to help us with our PCI requirements, we found that whilst a lot of log management tools can gather logs and track them, they don't provide enough intelligence or allow you to organise the information effectively. Tripwire Log Center does, and when you factor in the seamless integration with Tripwire Enterprise, linking suspicious events with log or file changes, you begin to understand why Tripwire has a reputation as a market leader for compliance automation solutions."

D'Alberti adds, "There seem to be a lot of systems out there that can help you to become compliant, but they don't effectively demonstrate when you fall out of compliance. Tripwire's solutions flag very quickly if a change makes us non-compliant and comes back with real world suggestions on how to remedy this immediately. Maintaining a continual compliant state is the key to PCI DSS, and by using the Tripwire product suite, we fully expect to achieve this."

Rob Warmack, Senior Director of International Marketing at Tripwire comments, "As the September 30th deadline arrives, an apparent lack of understanding of PCI requirements raises a real concern that many organisations will fail to address each aspect of the standard correctly. We are pleased to see that Brightside Group plc has recognised the importance of being PCI compliant and that the IT department is actively taking steps to ensure that sensitive customer data is continually protected."

About Tripwire, Inc.
Tripwire is a leading global provider of IT security and compliance automation solutions that help businesses and government agencies take control of their IT infrastructure. Thousands of customers rely on Tripwire's integrated solutions to help protect sensitive data, prove compliance and prevent outages. Tripwire VIA™, the comprehensive suite of industry-leading file integrity, policy compliance and log and event management solutions, is the way organizations proactively achieve continuous compliance, mitigate risk and ensure operational control through Visibility, Intelligence & Automation.

[masurenguy] 08/1/2011 18:08

I made an initial investment here at 29.4p in July 2011 and added at 19.2p in March 2012 to average down at 22.3p. Took profits and completely exited @ 26.3p in August 2013 so
I will not be updating this thread in future. Good luck to all remaining shareholders.

THREAD CLOSED

[this_is_me] 28/9/2010 08:23

Stelar growth at a reasonable price.