Northland Capital Partners Limited Morning Report

MOTIF BIO (MTFB.L) | THOR MINING (THR.L) | SUNRISE RESOURCES (SRES.L) | PHOTONSTAR LED GROUP (PSL.L)

Northland Capital Partners Limited Morning Report

HEMOGENYX PLC (HEMO.L) | PHOTONSTAR LED GROUP (PSL.L)

Northland Capital Partners Limited Morning Report

HEMOGENYX PLC (HEMO.L) | PHOTONSTAR (PSL.L) | ALEXANDER MINING (AXM.L)

Northland Capital Partners Limited Morning Report

MOTIF BIO (MTFB.L) | SAVANNAH RESOURCES (SAV.L) | EVGEN PHARMA (EVG.L) | PHOTONSTAR (PSL.L)

Northland Capital Partners Limited Morning Report

SAVANNAH RESOURCES (SAV.L) | ACTIVE ENERGY GROUP (AEG.L) | ALTONA ENERGY (ANR.L) | EDENVILLE ENERGY (EDL.L) | PHOTONSTAR (PSL.L)

Northland Capital Partners Limited Morning Report

VENTURE LIFE GROUP (VLG.L) | KERAS RESOURCES (KRS.L) | STARCOM (STAR.L) EDENVILLE ENERGY (EDL.L) | PHOTONSTAR (PSL.L)

Northland Capital Partners Morning Report

ADEPT TELECOM (ADT.L) | PHOTONSTAR LED GROUP (PSL.L)

Small Cap Breakfast

I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May. Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expe

Northland Capital Partners Morning Report

VENTURE LIFE GROUP (VLG.L) | PhotonStar LED Group (PSL.L) | SUNRISE RESOURCES (SRES.L)

Small Cap Breakfast

Shearwater Group—Schedule 1. Acquiring SecureEnvoy for £20m in cash and shares—a provider of multifactor authentication enterprise software solutions. RTO under the AIM rules. ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017. Global Ports Holding—Intention to float on Standard List of the Main Market. Inte

Northland Capital Partners Morning Report

Keras Resources (KRS.L) | Photonstar LED (PSL.L)

Small Cap Breakfast

Ergomed ( ERGO. L ) | PipeHawk (PIP.L) | CAP-XX (CPX.L) | Focusrite (TUNE.L) | Maintel Holdings (MAI.L) | Learning Technologies Group (LTG.L) | SalvaRx Group (SALV.L) | Tiso Blackstar Group (TBGR.L) | Photonstar LED Group (PSL.L) | Michelmersh Brick Holdings (MBH.L)

Northland Capital Partners Morning Report

Ascent Resources plc (AST.L) – CORPORATE*: Result of Pg-10 Flow Test | PhotonStar (PSL.L) – CORPORATE*: Trading Update

Small Cap Breakfast

INNOVADERMA | ATTRAQT GROUP PLC| FALANX GROUP LTD| HYDRODEC GROUP| MI-PAY GROUP PLC| PHOTONSTAR LED GROUP PLC| REDCENTRIC PLC| SCANCELL HLDGS PLC| SOPHEON| YU GROUP PLC

Northland Capital Partners Morning Report

PhotonStar (PSL.L) | Edenville Energy (EDL.L) | Clontarf Energy (CLON.L)

Surface Transforms - New guidance – forecasts under review

Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.

Surface Transforms plc (SCE LN) - Forecasts and valuation withdrawn

We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.

Morning Note – 16 April 2024

Robust margin and cash performance

Surface Transforms (SCE LN) - Obstacles removed for higher production

Surface has issued a brief Q1 update. Production will ramp-up this year as final new equipment is installed, and manufacturing teething problems recede.

Initial Equity Trading Comments - 19 February 2024

Hybridan Small Cap Feast - 16/04/2024

16th 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: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

Dowlais Group - Motoring forward

Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to our implied generic peer-based valuation.

Morning Note – 9 April 2024

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Morning Note – 4 April 2024

LIBERUM: New Energy Nuggets: Hydrogen - the future is green

Hybridan Small Cap Feast - 17 April 24

17th 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: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Gooch & Housego (GHH LN) - A chink of light

Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on

Nexteq - FY23 adj EBITDA +4% ahead, FY24E upgrades of +1-10%

Nexteq’s FY23 results show adjusted EBITDA +4% ahead of the +6% upgrade at the January trading update, record FY23 EFCF of $17.4m, and a confident outlook that leads us to reiterate our FY24E revenue and upgrade FY24E gross profit, adj EBITDA, and EFCF by +1-10%. The strategic focus on higher-margin products and customers reducing elevated inventory levels led FY23 group revenue -5% yoy to $114.3m, with Quixant 6% lower at $69.3m and Densitron 2% lower at $45.1m. Effective supply-chain managemen