Hybridan Small Cap Feast - 28 May 24

28th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: Accrol Group Holdings (ACRL.L) has left AIM. China Nonferrous Gold Limited (CNG.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused o

PANMURE: ZOO Digital : Q1’FY25 tracking up 36% sequentially

An encouraging update and opportune entry point

ZOO Digital has provided an encouraging trading and debt facility renewal update with FY24 expected to be at least in-line with expectations. Following the significant industry disruptions to FY24, all eyes have been on a return to normality in FY25 and demand is returning with Q1’25 revenues expected to be 36% higher than Q4’24. This follows a strong exit to FY24 with March 2024 the highest invoicing month since April 2023 (pre-strikes). This rebound in Q1 revenues combined with recently implem

PROGRESSIVE: Zoo Digital: Recovery continues as pipeline accelerates

This morning’s trading statement from ZOO confirms that customer demand has continued to recover following the end to the industry-wide strikes of last year, with FY24 expected to be ‘at least’ in line with current market consensus. We maintain our FY24 estimates, which we increased slightly at the recent March update, with revenue at $39.9m and an adjusted EBITDA loss of $13.4m. New productions are translating into a healthy order pipeline, with market commentators forecasting a return to 2022

PROGRESSIVE: Zoo Digital: Recovery underway and a significant contract

Today’s trading statement from ZOO highlights a ramp-up in demand following the end to the industry-wide strikes of last year. ZOO struck a note of caution in its January update regarding the timing of orders. However new productions are starting to translate into a healthy order pipeline, with a good recovery in revenue anticipated in H1 FY25. The update guides to revenue of at least $40m for the year to March 2024, ahead of our estimate at $36.8m. We have improved our adjusted EBITDA loss marg

An encouraging trading update

ZOO Digital has provided an encouraging FY24 trading update which demonstrates a quarter-on-quarter improvement in trading and would appear to suggest that H2’24 is the nadir. January 2024 was the highest invoicing month since April 2023 and ZOO expects to beat revised FY24 market guidance with revenues c.$2.0m ahead of SCMe and Net Cash at least c.$1.5m higher. Following engagement with its customers, ZOO has secured improved visibility of work (with some extending until September 2024) with th

PANMURE: ZOO Digital : Inflection at last

PANMURE: ZOO Digital : Volatile demand

PROGRESSIVE: Zoo Digital: Update flags delays in production completions

This morning’s trading statement from ZOO confirms that production companies are taking longer than expected to complete projects. This follows the resumption of new production after the industry-wide strikes ended in November 2023. The anticipated January ramp-up has yet to fully materialise, with entertainment projects expected to complete in January now moving into February and beyond. However, ZOO has been notified by its largest customer of a pipeline of orders that provides good visibility

FY24 Trading Update

ZOO Digital has provided an FY24 trading update with previously anticipated Q4’24 projects now expected in Q1’25. FY24 results are expected to be significantly below expectations and ZOO will no longer be breakeven in Q4. While a return to profitability is expected in FY25, we downgrade FY24 Net Cash to $1.5m (from $6.6m) but highlight ZOO has c.$5.25m in unused debt facility available. The first double strike in 60+ years ended in September and November 2023, and ZOO has been notified of orders

Hybridan Small Cap Feast 30 Nov 23

30th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj

PROGRESSIVE: Zoo Digital: H1 24 – positive news, short and long term

ZOO has announced H1 24 results in line with guidance at the recent AGM. We welcome the news earlier this month that the US actors’ strike has ended. This suggests that revenues could return to historical levels in the relatively near term, and that ZOO was correct to maintain capacity and capability to deliver during the recent hiatus. Subdued workflows have led to a significant EBITDA loss in H1 on revenue of $21m; but given the sequential month-on-month improvement expected, we maintain reven

H1’24: Waiting for a return to normality

ZOO’s H1’24 reflects the impact of the first double strike (writers and actors) in 60+ years, however, the resolution of the writers’ and actors’ strikes in September and November 2023 points to the darkest hour being behind ZOO. Revenues declined 58% yoy while ZOO reported a $7.1m adj LBITDA (H1’23: EBITDA of $7.3m) as the Group entered the year with a cost base to support a c.$100m+ revenue business. Post-period end, ZOO has completed a cost cutting exercise that has removed 20% of UK/US headc

PANMURE: ZOO Digital : H2 seeing a pick-up

PANMURE: ZOO Digital : Catalyst – strikes end - BUY

Morning Note – 26 July 2024

VNCE: Snapping the Store: Pre-Fall Continues to Impress; Reiterate Buy, $3 PT

We are reiterating our Buy rating, projections and $3 price target for Vince after visiting stores in Long Island, Connecticut and New Jersey. We believe the company continues to roll out winning collections, with a focus on compelling hues (dark scarlet and blue waltz), new items (cargo pants, shrunken camisoles, silk hooded shirts and cardigan sweaters) and a deeper focus on key categories such as dresses. Further, we are also seeing continued newness and expansion in men's, driven by jackets

Hybridan Small Cap Feast 07/07/23

Joiners: No joiners today. Leavers: Medica Group plc has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join intends to join the Access Segment of the AQSE Growth Market. Expected Admission 20 July 2023. Metals One Plc, a company focusing on acquiring natural resou

Hybridan Small Cap Feast - 25 July 24

* A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make

Warpaint London+ (W7L, House Stock at 586p) - Strong momentum continues

Brighton Pier Group - Poor weather dampens trading

Adverse weather has continued since the group’s last update in May, leading to ride closures and reduced footfall on the Pier (-29% YoY in the 4 weeks to 21 July). Consequently, despite the successful introduction of entrance fees for non-residents, Pier revenue is expected to be below prior expectations. Although the group has yet to trade the remaining six weeks of the summer (which typically account for a significant proportion of group earnings), and notwithstanding the recent modest improve