Coral Products - Trading update – Some segments challenging

Coral Products has released a trading update for FY25E ahead of its half-year end on 30 October 2024. The company cites ongoing weakness in some of its higher-margin customer segments, leading to a weaker margin mix for the year, and no longer expects to report a net profit for FY25E. The company has retained key customer accounts and maintains a stable balance sheet positioning, benefitting from recently announced property transactions. We arrive at a new target price of 14.0p versus 25.2p prev

Morning Note – 14 October 2024

Zeus Industrials Round-Up - 11 October 2024

The UK industrial sector expanded for a fifth consecutive month in September per manufacturing PMI data, although activity was slightly softer MoM as employment levels, inventories and business confidence declined per the survey, primarily due to uncertainty regarding the Autumn Budget, US elections and subdued global market conditions. Global inflation data has been encouraging and we await next week’s UK payroll data to understand the BoE’s next decision, although it is widely anticipated that

IP Group - Record exit underpinning the NAV

IP Group’s realisation activity has picked up notably in the months leading up to the company’s interim results publication in September, encouraging the company to increase the current buyback programme by £10m to £30m. Subsequently, IP Group agreed to sell the AI-powered financial crime detection business Featurespace to Visa. The exit will result in £134m in realisation proceeds at a 70% uplift to end-2023 carrying value, part of which was recognised in the H124 results, translating in a broa

Hybridan Small Cap Feast - 14 October 2024

* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health

Morning Note – 30 September 2024

Hardman & Co Insight: Survival of the UK life sciences sector

For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises. However, the small- and mid-cap life sciences sector has alway

Morning Note – 24 July 2024

PANMURE LIBERUM: The Panmure Liberum Leisure Digest: Confidence should rebound and sustain footfall growth

Allenby Capital: Deltic Energy - Update

Deltic Energy is clearly having a challenging 2024 due to factors outside its control. Its UK North Sea exploration focus has been undermined by the pending introduction of an onerous oil and gas fiscal regime with changes to EPL (Energy Profits Levy) investment allowances a particular concern. Not surprisingly, finance has evaporated for UK North Sea oil and gas development. Deltic has been impacted, reflecting its forced exit from the SNS (Southern North Sea) Pensacola project. Deltic, however

Macfarlane Group+ (MACF, House Stock at 120p) - Resilient HY, modest forecast reduction

Morning Note – 17 September 2024

IXICO - AI powered neuroimaging platform

IXICO is an AI-driven medical imaging analytics company focused on supporting biopharmaceutical companies develop their neurological drug candidates. The key aim of IXICO’s platform is to support pharma in their efforts to develop targeted drugs (beyond the classical markers) and to develop partnerships with various stakeholders to enable post-marketing patient access, payor savings and large data monitoring. The company’s expanded focus is on Alzheimer's, Parkinson's and Huntington's diseases a

Morning Note – 25 April 2024

Morning Note – 2 October 2024