Morning Note – 20 May 2024

Morning Note – 21 May 2024

Intelligent Ultrasound Group - Defining the range

With the recent FY23 results, Intelligent Ultrasound stated the ‘business continues to expect revenue in 2024 to be between £14m to £17m’ and, importantly, that the company can ‘reach profitability with its current cash reserves’. In this note, we provide a scenario analysis of how Intelligent Ultrasound’s P&L statement could look if the company generated revenues of either £14m or £17m, compared to our current forecast of £15.6m. Most significantly, we believe that at the low end of the revenue

Morning Note – 22 May 2024

Growth vadis?

PROGRESSIVE: Idox: Strong growth, again

The trading update for the half year ended 30 April is confident. First-half growth in revenues was over 20% year on year. The Emapsite acquisition has performed well. Cash generation has been impressive, with H1 net debt at c.£6.6m versus £14.7m at the FY23 year-end. The M&A pipeline is very healthy too. This strong performance is in line with management’s expectations, and the group expects to deliver to plan across the remainder of the year.

Plain sailing

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 (

Made Tech Group PLC

Made Tech is a leading provider of digital, data, and technology services to the UK public sector. The Group was founded in 2008 by Rory MacDonald (CEO), who remains its main shareholder with 28% of the equity, and IPO’d in 2021. The Group is entirely exposed to the UK public sector and we believe this represents a large structural growth opportunity as the shift to digital services is likely to accelerate. Moreover, we believe Made Tech will continue to benefit from the transition away from UK

Hybridan Small Cap Feast - 17 May 24

17th 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 Dish of the day Admissions: Delistings: Scirocco Energy (SCIR.L) has left AIM. UK Commercial Property REIT (UKCM.L) has left the Premium Segment of the Main Market. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on tech

Morning Note – 31 January 2024

KRM22 - Positive focus on ARR, cautious eye on cash

Results for FY23 are in line with expectations, defined, in absence of forecasts, at the February trading update. Constant currency ARR growth of 17% led to revenue growth of 23%, leading to a reduced EBITDA loss of £1.4m (FY22: £-1.7m), also reducing free cash consumption from £-3.5m to £-2.5m. With 12 new ARR contracts, including 7 new customers, in FY23, taking ARR at year-end to £5.4m, momentum gained pace in 1H24 as Limits Manager, launched in FY22, gains traction. The current £6.0m ARR is

Hybridan Small Cap Feast - 21 May 24

21st 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: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t

NCC Group (NCC LN) - Initiation: Transformation

We initiate coverage of NCC Group, a well-respected provider of cyber security and software escrow solutions. In FY23, the company experienced a significant market pullback that revealed operational deficiencies. The company appointed a new CEO, who introduced a turnaround strategy in January 2023. We believe the ongoing improvements are transformational and consensus expectations underestimate NCC’s revenue growth and margin potential. In addition, shares trade below historic multiples and thos

LSE AIM Market Screener - 22 June 2023

 The market capitalization of 806 AIM stocks was £89.3bn as of 20 June 2023. FTSE AIM All Share Index was down 5.55% YTD to 785.2 as of 21 June 2023. There were 32 companies delisted from AIM over the period December 2022-June 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 209%, MktCap £95m), Vast Resources (+211% YTD, Mkt Cap of £15m), B90 Holdings (+200%, MktCap £22mn), Verditek (154%, MktCap £6mn), Star Phoenix Group (+162%, MktCap $1.6mn), Inspecs Group (+162%, Mk