Journeo - The Merry Journey Continues

Journeo has released a positive trading update following strong business activity in October and November. The company references strong trading in its core Fleet and Passenger Systems divisions, as well as the newly acquired Infotec and MultiQ divisions. We expect that the investment made in the Infotec factory to facilitate higher production speed has contributed to clearing the prior backlog and the ability to win new orders. We believe the positive trading momentum will continue into FY24E a

Ingenta - Firm interims –forecast upgrades

Ingenta, the provider of software technology and supporting services to content providers and publishers around the world, has released interim results for the period to 30 June 2023. Revenues were up 9% £5.7m (H1/22: £5.3m), 80% of revenues recurring in nature. Adjusted EBITDA of £1.6m was up 26% versus H1/22 (£1.3m). New contracts worth c£2m were won during H1/23, with further new business secured post period end and we have modestly upgraded revenue and adjusted EBITDA forecasts for FY23E and

New balance

Hybridan Small Cap Feast - 01/12/23

1st December 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

Hybridan Research: 01/12/2023: DXS International Plc: Innovate UK grant to advance precision medicine AI solution

DXS International yesterday announced its success in securing £409,000 of grant funding jointly with Health Innovation East from Innovate UK – the UK’s national innovation agency - for further Research and Development (R&D) of its Artificial Intelligence (AI) medicines optimisation prescribing solution, ExpertCare. The Innovate UK grant will enable DXS to accelerate its efforts in advancing ExpertCare, a product promising to revolutionise medicine optimisation. The funds channelled into intensi

Growth on the dot plot

dotDigital - Delivering organic and acquired growth expectations

Finals to June 2023 detail performance in line with expectations, but outperforming by +6% for adj PBT and adj dil. EPS: revenue of £69.2m (£69.1mE); adj EBITDA of £22.0m (£22.3mE); adj EBIT £14.3mE (£14.3m); adj. PBT of £15.4m; (vs £14.5mE with the benefit of interest); and adj dil EPS also +6%. £52.7m cash at 30th June enabled the £25m September acquisition (incl £18.9m cash consideration) of personalisation functionality provider Fresh Relevance, in line with the acquisition strategy and acce

Concurrent Technologies - FY23 trading update – revenue growth accelerating

Concurrent Technologies has released a FY23 trading update stating revenues in the current year are expected to be ahead of market expectations. Strong order intake has continued throughout the year and the significant investment in product development undertaken to target design-in wins has brought new customers (especially large Defence sector prime contractors), larger average single order sizes, and an increasing diversification of end markets. So far this year, Concurrent Technologies has w

Crimson Tide - FY23 update: FY23E adj EBITDA +136%, FY24E reiterated

Crimson Tide has reported an encouraging FY23 trading update highlighting operating efficiencies in FY23, and a strong pipeline of new business with increasing visibility to support profitable recurring revenue growth. As a result of more efficient operations, the company delivered reduced spend in FY23, reinvesting part of the savings in growth marketing activities, including partner acquisition in the US and UK. We upgrade our FY23E adj EBITDA to £0.4m (was £0.2m) to include the savings, upgra

Morning Note – 28 November 2023

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

Team17 - Step Change at TM17

Step Change at TM17

In the comfort zone

Morning Note – 1 November 2023

Celebrus Technologies - Encouraging interims, and name change

Celebrus (formerly D4t4) 1H24 interims to September are in line with the October trading update and unchanged forecasts. The typical 1H/2H revenue split eased a touch to 40/60 from 38/62, taking 1H EBITDA to breakeven (after £-1.2m in 1H23) and en route to £5.7m for the full year (FY23: £3.7m, including £4.9m in 2H23). The delivery of the larger of the two lower margin orders, together worth c£6m and postponed from 2H23, has boosted 1H24, with cash to follow in 2H24. Net cash (no debt) of £14.7m