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4th April 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 objecti
Companies: EAH PHC GETB KP2 REAT GELN
Hybridan
* 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: What’s baking in the oven? ** Potential**** Initial Public Offerings: 21 March 2024: Helix Exploration is pursuing the exploration, commercial development and monetisation of a non-hydrocarbon associated helium rich gas structure in the Ingomar Dome located in central Mont
Companies: EAH GETB KP2 REAT GELN
Companies: GHH PHC GETB DEC LORD GELN
Cavendish
Companies: FOG PEB KBT EMR TIME GETB JNEO
GetBusy’s FY23 results show organic revenue growth of +10% to £21.1m, FY23 adjusted EBITDA +£0.1m ahead of our +£0.3m upgrade at the January trading update, and a promising outlook that leads us to reiterate our FY24E forecasts. At constant currency, ARR grew +10% yoy to £20.5m, recurring revenue grew +12% to £20.3m, and net revenue retention of 100.0% per month reflects upselling and price increases, with gross monthly churn of 0.8% per month vs 0.9% in FY22. Within SmartVault, the July 2023 la
Companies: GetBusy Plc
Companies: AVG RBN GETB
GetBusy’s FY23 trading update shows revenue growth to £21.1m in line with market expectations, adjusted PBT ahead of expectations, and confidence in the FY24 outlook that leads us to reiterate our FY24 forecasts. At constant currency, ARR grew +10% yoy to £20.5m, recurring revenue grew +12% to £20.3m, and group revenue grew +10% to £21.1m. Within SmartVault, partners made a material contribution to new business, uptake of the integration into Thomson Reuters’ ULTRATAX product delivered encouragi
£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties
Companies: CPX FNX CLBS PEB TIDE CNC ELCO IGP FTC IOM PCIP KBT MAI SRT VNET TRCS ING IQG DOTD TIA RCN NXQ TIG BBB ARC BBSN KRM GETB ACC JNEO SWG RDT QTX CER EXR NEXN XLM BOOM CLX FADL LINV SND
Companies: ALU RNO MEN TRX ARC GETB
In today’s H1 results, GetBusy has announced organic revenue growth of +13% to £10.5m, organic ARR growth of +14% to £20.1m, and trading in line with our forecasts. We estimate that both divisions achieved +13% yoy organic revenue growth, and following a strategic focus on higher-value accounting and professional services customers, group ARPU increased by +14% yoy to £275pa, with the move to 73.1k paying users reflecting the rationalisation of some lower ARPU non-professional services customers
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Companies: FENDSGSTVGPCFTTIGVELGETBIHCW7LMANOREATATMNESFNSCI
Mello Events
Companies: GetBusy Plc (GETB:LON)Parkmead Group PLC (PMG:LON)
01 March 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 objectiv
Companies: ARV OHG NICL MBT GETB CRCL HAYD HARL
Companies: MEGP GETB HAYD
Research Tree provides access to ongoing research coverage, media content and regulatory news on GetBusy Plc. We currently have 0 research reports from 7 professional analysts.
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
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: SKL ENET CHSS
Allenby Capital
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
Companies: Pinewood Technologies Group PLC
Zeus Capital
Cordel has issued a short but positive update for the quarter to the end of March. The Group is making good progress with the contract pipeline and reiterated revenue guidance for the full year. Key relationships with Amtrak, Angel Trains and Network Rail are growing, and Cordel continues to ramp-up business development activity in new and existing markets. Selective hiring to complete the build-out of the team and platform has continued but is nearly complete; operational gearing is now high. T
Companies: Cordel Group PLC
Companies: CML Microsystems Plc
Shore Capital
Cordel’s Q324 update shows progress towards the group’s FY24 revenue expectation and other objectives, supporting our forecasts. Doubling the customer base by year-end is a key milestone, which encouragingly looks set to come in part from tier-one US railroads, offering the greatest scope for large seven-figure contracts from its target markets. Developments with Amtrak, as Cordel moves to the five-year service phase, and Angel Trains in the UK provide positive indicators for stable recurring re
Edison
The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and
Progressive Equity Research
Dillistone, a supplier of software to the international recruitment industry, has announced a solid set of full year results that, in our view, pave the way for rapid YoY earnings progression from FY2024. For FY2023, against a small, anticipated YoY decrease in sales, adjusted EBITDA exhibited substantial growth of 38.5% to £1.3m (FY2022: £0.9m), ahead of our £1.2m estimate, and with a welcome return to profitability, PBTA of £0.1m (FY2022: loss £0.3m) in-line with our expectation. Our cautious
Companies: Dillistone Group Plc
WHIreland
Companies: 1Spatial Plc
Liberum
Informa’s FY23 results were strong, slightly ahead of guidance at January’s update. Underlying revenues grew 30.4% and adjusted operating margin expanded from 21.9% to 26.8%, with all four operating segments posting underlying revenue progress. The momentum has continued into FY24, and formal guidance has been edged ahead. The group generates significant amounts of cash, and leverage at end FY23 of 1.4x was below the guided range of 1.5–2.5x. With modest investment requirements and M&A opportuni
Companies: Informa Plc
Pinewood’s transition to a pure-play automotive SaaS business is now largely complete. Today we introduce summary forecasts out to FY26 and reiterate the investment case. We see significant opportunity for Pinewood to grow its user base in the UK and internationally whilst generating high EBITDA margins and cash conversion. With a 24.5p special dividend embedded in the current price (payable Q1/Q2), the effective price today is 12.3p. Based on the Group’s FY27 target of £27m EBITDA, we estimate
Companies: Gaming Realms PLC
Canaccord Genuity
Companies: SWG DUKE LORD CLX
GE Healthcare has announced the launch of the Voluson Signature 20 and 18 ultrasound systems, with the related press release noting these systems ‘comprehensively integrate artificial intelligence’ to improve the ultrasound procedure for clinicians and the women being scanned. These ultrasound systems include SonoLyst, the AI which incorporates Intelligent Ultrasound’s ScanNav Assist and ScanNav AutoCapture AI software. The launch of additional Voluson systems including the SonoLyst suite of AI
Companies: Intelligent Ultrasound Group Plc
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
Companies: Fadel Partners, Inc.
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