Hybridan Small Cap Feast - 12/04/2024

12th April 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 Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

Hybridan Small Cap Feast - 14 Mar 2024

Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024

H1’24: A 50%+ discount to NAV

H1’24 was another period of commercial and technical progress for Frontier IP’s portfolio. The Group has several exciting portfolio companies either at/ or approaching key inflection points which could generate near/medium-term exits for Frontier IP. The most obvious is Alusid which concluded a funding round raising £1.13m and is exploring options for an initial public offering. Frontier IP has continued to bolster the balance sheet through a £0.8m partial disposal of the Exscientia stake and so

Hybridan Small Cap Feast - 22 Jan 24

22nd January 2024 @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 obje

Hybridan Small Cap Feast

13th December 2023 Small Cap Team will take a break until Monday 8 January 2024 after this Friday 15th December. Merry Christmas to all our readers. @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

Hybridan Small Cap Feast - 31 Oct 23

31st October 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 obje

A year of technical progress

Fronter IP’s FY23 results reflect a period of significant industrial and technical progress but has not benefited from an exit among its private holdings. The 8% decline in NAV per share reflects the wider market environment, while negative other operating income is the result of cautiousness on private company valuations as FIPP’s management has lowered the implied valuation of a number of holdings (e.g. The Vaccine Group). For FIPP, several companies are now generating revenues and fast approa

Hybridan Small Cap Feast - 09 May 23

9th May 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 objective

Frontier IP Group plc: 1H23 Interim Results

Frontier IP Group (FIPP) recently reported Interim results to December 31st 2022 (1H23). FIPP earns equity stakes in early-stage, IP-rich, technology companies by providing technical expertise, access to external funding, and commercialisation services. In 1H22, the Group produced a pre-tax profit of £10.3m, after operating costs, supported by an unrealised profit on investments of £11.9m as Exscientia (NASDAQ EXAI) underwent IPO. In 1H23, in the absence of such an event, FIPP produced a pre-tax

A maturing portfolio

Frontier IP has reported interim results (H123) that reflect a period of strong technical progress but without the large revaluations of previous periods. Net assets per share decreased to 88.2p (FY22: 88.5p) while Net Cash increased to £5.8m providing the Group with a multi-year cash runway. H123 saw a number of important commercial and technical developments with FIPPs management highlighting Pulsiv and Alusid as moving beyond inflection points. A £0.5m pre-tax loss reflects no major net reval

Marlowe - FY24E in line with expectations; GRC disposal update

A positive FY24E update from Marlowe confirms it is trading in line with expectations (£403m revenue, £49m adj. EBITDA), with a better-than-expected year-end net debt position (£177m vs £180m forecast) owing to strong cash generation and working capital improvements. Marlowe also announces that it has now received all necessary regulatory approvals for its disposal of certain Governance, Risk and Compliance (GRC) assets to Inflexion Private Equity, with the transaction expected to complete on 31

Morning Note – 21 May 2024

Morning Note – 22 May 2024

IXICO - Tangible traction

IXICO has reported interim results for the 6-months to March 2024. The company generated revenues of £2.5m, down 21% YoY reflecting the challenging market conditions which IXICO has previously discussed. Given the market conditions, the period saw IXICO’s order book decrease. However, the company expects a stronger H2/24 noting turn in market conditions and progress on contracting new business, which should support revenues in H2/24 and beyond. The company has also completed cost reduction progr

Update extends long record of growth

A positive FY24 update reiterates the inherent reliability of its business. Both revenues (up 12% at c £136m) and EBITDA are expected to come in ahead of market expectations, adj. PBT in line. The latter reflects relatively subdued corporate finance M&A volumes and expenses related to investment in its teams and IT support. According to the update both divisions grew materially y-o-y on the back of acquisitions and organic growth. Business recovery and advisory was c 7% up, property advisory an

Begbies Traynor Group+ (BEG, House Stock at 105p) - Upbeat full year trading update

Samarkand Group PLC: Trading Update

Samarkand Group plc (SMK ASE) has today reported a trading update for the 12 months ending March 31st 2024 (FY 2024). SMK, a cross-border eCommerce technology, services, and consumer brand group is undergoing turnaround. It is expanding revenue outside China, which had been impacted by COVID and now consumer price pressure and competition, through selling higher margin wholly owned skincare and wellness brands in Europe. SMK has reduced internal costs and today reports FY 2024 EBITDA losses redu

Northcoders - A seat at the counter: superior business proposition, top tech entrepreneur joins

This morning's announcement from CODE marks a new stage in the development of its Business Solutions activity, which is now launched into the market under a fresh brand, Counter. In this new personification, the company is marketing a highly focused, stand-alone activity which will enable its clients to incubate talent with senior leadership, with the option to retain the Northcoders team once a specific project is completed. Counter will sit alongside CODE's successful and profitable Bootcamps

UK Equities: Overlooked, oversold, and over here

In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.

FY24 another strong year of growth

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

FRP Advisory Group - Superb FY24E results; upgrading FY25E forecasts

FRP has released a stunning trading update for FY24E, with revenues up 23% YoY to £128m and adj. EBITDA of £37m, materially ahead of our £32m forecast. Net cash of c£30m was nearly double our forecast, aided by strong working capital management. With the number of industry administrations up 22% YoY, it has been a busy year for FRP, which also completed two acquisitions (and another post-period-end) and grew its team by c.20% YoY, as it continues to strengthen its multi-service offering. With ma

Allenby Capital - Biome Technologies Finals

Full year results were in line with our revised expectations with strong revenue growth being driven by significant progress within the Bioplastics division but tempered by a reduction in sales within the RF Technologies division. The current year is expected to see a further increase in revenues, this time being delivered principally by a recovery in RF and a more modest increase in Bioplastic sales. We expect the Company to trade on a cash neutral basis and hence see gross cash levels remainin

Mining Monthly: March Edition

What you need to know: • Following a long period of consolidation, gold broke out in March, hitting record highs, and continuing to push higher as we enter April. • Silver and copper also had strong months up 10% and 4%, respectively. • More notably, we are finally seeing the equities outperform their underlying metal price with the GDX, SIL, and COPX up 22.7%, 21.1% and 19.4%, respectively, significantly outperforming broader markets. • With precious metals taking the limelight, the rest of the