Morning Note – 7 June 2022

SHORE CAPITAL - Begbies Traynor Group+ (BEG, House Stock, 143p)

SHORE CAPITAL - Begbies Traynor Group (BEG) - House Stock at 147p

Water Intelligence - Acquisition of Shanahan Plumbing

Water Intelligence has acquired Shanahan Plumbing which adds plumbing operations in the Connecticut and New York areas. The acquisition price is US$0.8m in cash representing a multiple of 4x PBT. The acquisition is consistent with the company's strategy of building out its ancillary adjacent service offering to leverage the customer base generated by its core non-invasive leak detection business as enhanced by its investment in technology to improve scheduling and dispatch efficiency. The transa

Confidence in FY22E, revenue shifting FY23E to FY24E

H1 FY2022 results reflect the expected timings of defence contract placements and milestones in Chesterfield Special Cylinders (‘CSC’) and difficult conditions in the oil and gas market served by Precision Machined Components (‘PMC’). The Group nevertheless remains confident of meeting market expectations for FY2022E with CSC expected to deliver against a strong order book, benefiting from defence contract milestones, integrity management deployments and hydrogen projects, and improving oil and

Hybridan Small Cap Feast 22/06/2022

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fire safety technology business with innovative fire safety p

Tracking for significant growth in FY23

FY22 headline numbers are in line with the mid-May trading update. Adjusting for the closure of the Support business, group organic revenues grew by approximately 5%, rising to c. 6% c/c. Adj. EBITDA of £6.8m (PY £6.4m) is 3% ahead of our pre-trading update forecasts and AOP of £5.2m (PY £4.7m) 6% ahead. The progression is much stronger than it looks given the closure of Support activities, which contributed £2m in the prior year and just £0.3m in FY22. Eckoh maintains its guidance for a strong

WH ireland: Anexo Group (ANX) - Housing Disrepair – White Paper highlights major opportunity for ANX

We view last week's White Paper as underlining again the significant opportunity for ANX's Housing Disrepair business, which started operations last year and has already enjoyed notable success, as reflected in last Thursday's AGM update. The White Paper is a harbinger of the much-touted Housing Reform Bill, announced in the May 2022 Queen's Speech, having been delayed by the pandemic. Given its well-established pedigree in litigating on behalf of the impecunious, ANX is extremely well positio

LIBERUM: Appreciate Group* - Strong momentum going into FY23E

SP Angel Morning View: Tin, lithium and nickel prices bounce despite equity fall on monetary tightening

AfriTin Mining (ATM LN) – Uis mine delivers record 13% quarter-on-quarter increase in Q1 tin output Altus Strategies* (ALS LN) – Share purchases by the management Ariana Resources (AAU LN) – Tavsan drilling results Cornish Metals* (CUSN LN) – Valuation 48p/s – Indonesia insists that value must be added to tin exports as Chinese tin smelters take break for maintenance BHP (BHP AU) – Thermal coal exit scrapped as prices sit around record highs KEFI Gold and Copper* (KEFI LN) – Saudi Arabia op

Hybridan Small Cap Feast 27/06/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their

Cenkos: Bidstack Group Plc -- Final results update

Bidstack FY21 results showed revenue in line with forecasts at £2.6m and LBT of £8.0m, vs forecast LBT £6.3m after increased staff costs to accelerate the build out of the commercial team and drive execution across sales and publisher business development as well as reinforce the product team. A net loss of £6.3m was in line with forecasts. Bidstack has made considerable commercial progress during the period, notably the December 2021 agreement with Azerion guaranteeing a minimum US$30m revenue

LIBERUM: RPS Group* - Unscheduled statement leads to upgrades

Alpha FMC - Still firing on all cylinders

Still firing on all cylinders

NAHL Group AGM Trading Update

In the first 5 months of 2022, the Group has continued to perform in line with market expectations. During this period, the Consumer Legal Services division generated 34% more personal injury (PI) enquiries than the comparative period and in line with the Group’s strategy, 26% of enquiries were placed into NAHL’s own law firm, National Accident Law (NAL). The Critical Care division also made encouraging progress in the period.