Concurrent Technologies - FY23 results – strategy delivering

Concurrent Technologies delivered a record £31.7m revenue and a substantial increase in profitability in FY23. Management has successfully navigated through the challenging period of worldwide component supply problems that characterised FY22 and delivered a strong recovery in FY23. The business has been completely transformed since the new management team started in 2021 and the focused strategy is delivering. With revenue from the increased number of design-in wins secured in FY23 starting to

Altitude Group (ALT LN) - Trading update confirms rapid growth in FY24 - Correction

Altitude has released a trading update for the year to 31 March 2024 confirming Management expects FY24 results to at least meet market expectations. Our unchanged forecasts show annual revenue growth of 38.9% in FY24 as the Group’s Merchanting division expanded significantly, driven by increased numbers of sales Affiliates and by the US Gear Shops. This translates to adjusted PBT growth of 29.4% to £1.2m on our FY24 estimates. In line results also means that over the last two years both revenue

Morning Note – 1 May 2024

Intelligent Ultrasound Group - FY23: A year of important progress

Intelligent Ultrasound has reported its results for the 12 months to December 2023. In line with the January trading update, the company has reported group revenues of £11.2m, up 11% reported or c36% adjusting for one-off sales in FY22. Importantly, the company generated £2.0m from its Clinical AI product portfolio versus £0.7m in FY22 and we note GE HealthCare has expanded the range of Voluson ultrasound machines that include SonoLyst, powered by Intelligent Ultrasound’s ScanNav software. The c

Morning Note – 30 April 2024

Maintel - Solid and sensible

Maintel’s finals to December 2023 demonstrate performance in line with expectations upgraded at the time of the January trading update: EBITDA of £9.1m (FY22: £4.4m) from revenue of £101m (FY22: £91m), led to year end net bank debt of £18.1m (£16.6m). Actions taken during the year generated £7m of exceptionals, of which £3.4m were cash, delivering cost and revenue focus for Maintel after the strategic review at the beginning of the 2023. The effects of the review should be twofold: costs (adjust

Cambridge Cognition FY23 Results

Cambridge Cognition has released FY23 preliminary results in line with the positive January trading update (and after which we reduced the forecast loss).

FADEL - Promising progress through FY23, focus on SaaS revenue

FADEL’s FY23 results show revenue growth of +10% to $14.5m, including recurring revenue growth of +31% to 79% of group revenue, net cash of $3.0m in line with the January trading update, and a promising start to FY24 with the overall sales pipeline now as large and diverse as at any point in the company’s history. As the management team is now fully focused on scaling SaaS revenue alongside selectively scaling the operations, we revise our FY24E and FY25E revenue, upgrade our FY24E net cash, and

Pinewood Technologies (PINE LN) - Strong results, growth ahead

Pinewood Technologies’ results for the 13 months to 31 January 2024 confirmed good growth in user numbers, revenue and operating profit for the continuing automotive software business. Our unchanged forecasts (see 6 March research) show strong revenue growth, high margins, and good cash generation over the period to FY26 as the Group executes its accelerated growth plan. As of Tuesday this week, Pinewood’s shares are ex-dividend and a 1-for-20 share consolidation is effective, meaning our discou

1Spatial - Investing in the transformational SaaS opportunity

1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth suppressing margin and cash generation. This investment phase will continue in FY25 to lay the foundation for transformational growth from 1Streetworks and in the US in the coming years. Our scenario analysis indicates the upside from successful execution is significant, with further wins for 1Streetworks and in the US being the key catalysts for m

Hybridan Small Cap Feast - 01 May 2024

1st 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: REDX Pharma (REDX.L) has delisted from the AIM Market 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

Morning Note – 24 April 2024

Allenby Capital TMT Update - 29.04.24 - SKL.L, ENET.L, CHSS.L

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.

CML Microsystems+ (CML, House Stock at 373p) - Inventory correction holds back core business

Alphawave Semi: FY23 trading update, amended forward guidance

Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H