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FY24 has been a tough one given the worldwide Telecoms sector slowdown, though good progress has been made in identifying and expanding into other market segments, notably Defence. Cloud computing and datacentre markets also continue to represent a substantial growth opportunity and all the long-term drivers within the Telecoms market remain intact. Revenue in the year of £16.3m was down 40.7% versus FY23, in-line with the April 2024 trading update, as Telecoms customers delayed projects. Import
Companies: Calnex Solutions Plc
Cavendish
Companies: SDI BBB HAYD IUG NEXN
Companies: IXI GETB ONC CLX
Today’s AGM trading update states that Gamma has made a strong start to the year in its UK businesses, while the challenging economic environment and some impact from foreign exchange have contributed to the European businesses making a slower start. Recent acquisitions are performing in line with expectations. Cash generation remains strong, with net cash of £140.4m as at 30 April (vs £101.3m last year). Management expects adjusted EBITDA and adjusted EPS to be in line with current market expec
Companies: Gamma Communications PLC
Progressive Equity Research
BBB has announced the disposal of the Nordic operations for an EV of £1.3m through a Management Buy Out (MBO), alongside the group’s FY23 results. Following a comprehensive review of the options for the Nordic operations, the MBO will be supported by Andrew Walwyn, who has resigned as BBB CEO to prevent any conflicts perceived or otherwise, and current BBB CFO, Frank Waters, will become group CEO to continue to focus on realising shareholder value from the Australian operations and the stake in
Companies: Bigblu Broadband plc
Companies: MTI Wireless Edge Ltd
Shore Capital
CyanConnode exceeded FY24 revenue expectations and has high visibility into FY25, supported by strong deliveries and a growing backlog respectively.
Companies: CyanConnode Holdings plc
Zeus Capital
Filtronic has signed a strategic partnership and commercial agreement with SpaceX which includes a production order worth £15.8m and warrants that could be exercised for up to 10% of existing share capital. Filtronic announced its first orders from SpaceX in January 2023, although the customer was unnamed at that point. Since then, SpaceX has placed orders totalling $43m (including yesterday’s order) for products to support the build out of its Starlink low Earth orbit (LEO) satellite constellat
Companies: Filtronic plc
Edison
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
Companies: CTL BEG WJG IXI SHOE CCS ONC KIBO CLX
Hybridan
Calnex has released a pre-close trading update for the year to March 2024, indicating that revenue would be £16.3m, c£0.7m below our forecast, partly due to the timing of orders at the end of the period. Group trading has been impacted by the well-documented, continuing challenges in the Telecoms sector which have seen delayed project timings leading to corresponding delays in customer spending. Administrative costs are being controlled and are focussed on maintaining R&D. Calnex remains confide
Gamma’s results for the year ended 31 December are in line with the expectations confirmed in the January trading update. Revenue of £521.7m is 8% ahead of FY22, with gross profit at £267.2m showing the same progress. Adjusted EBITDA grew by 9% and PBT by 10%, although the impact of higher tax rates was seen in the 5% increase in adjusted EPS. Cash generation was strong once again, with 108% adjusted cash conversion. Year-end cash of £134.8m is £42.3m above the year before, even after the £30.5m
Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: CPX CNC TRAK CLCO TERN MWE ELEG
Allenby Capital
Companies: NWT MWE ENET
Companies: PHC SRT DCTA
11th 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
Companies: MPAC UKOG CYAN KGH KIBO
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