Boohoo Group plc (BOO LN) - Controlling the controllables

• Trading update: Group revenue of £637.7m is 10.7% lower YOY (P3 FY22: £714.5m), in line with previous guidance and Zeus forecasts. Performance was softer across all markets and almost all Group brands and reflects the normalisation of the channel shift online over the last twelve months. UK revenue of £400.8m is down 11.1% YOY (P3 FY22: £451.0m) suggesting a softening in demand versus H1 FY23: (4.4)%, but against a strong prior year comp (P3 FY22 UK revenue growth: 26.4%) as the outbreak of Om

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

CAP-XX Update

The recent H1 trading update from CAP-XX Ltd (CPX.L), the leading designer and manufacturer of supercapacitors and energy management systems, reflected a disappointing slowing in business with H1 revenue down 34% to A$1.6m and product sales down 40%. This has been attributed to a combination of market influences that include: industry wide supply chain bottlenecks, especially in China; a global shortage of integrated circuits that is impacting customer order volumes; and general pessimism over t

LIBERUM: Accrol Group Holdings Plc* - A journey of growth, profitability and returns

Cenkos: Seeing Machines Ltd -- Aftermarket co-marketing with Mobileye

Seeing Machines has announced that it has signed a non-exclusive Distribution Agreement with Mobileye Vision Technologies Ltd incorporating Seeing Machines's Guardian product in the Mobileye suite of Aftermarket. Mobileye and Seeing Machines will jointly market these mission-critical products to provide holistic safety solutions to transport and logistics customers globally. Mobileye is the industry leader in the development of advanced driver assistance systems and autonomous driving technolog

LIBERUM: Superdry* - Retail surging, progress made but work required to re-ignite wholesale

Hybridan Small Cap Feast - 25 Jan 23

25 January 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 object

Hybridan Small Cap Feast - 23 Jan 23

23 January 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 object

Morning Note – 25 January 2023

Hybridan Small Cap Feast - 03 Feb 23

03 February 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 objec

Watkin Jones: Rising rents attract investors back to market

Residential-for-rent developer and manager Watkin Jones on 25 January delivered FY22 results that were broadly in line with our expectations. Continuing strong demand for its core rental developments, as highlighted in October, was hampered by delays in investment decisions following the mini-budget. We believe recovery has begun, albeit on a slightly shallower trajectory, and current market conditions may offer the group opportunities. Surveys show continuing rental growth, attracting back inve

discoverIE Group - Better trading and acquisition drive upgrades

discoverIE’s Q323 trading update confirmed continued good momentum, with FY23 underlying earnings tracking ahead of board expectations. The company has completed the previously announced acquisition of Magnasphere, adding a high margin sensor business to the Sensing & Connectivity division. We have upgraded our forecasts to reflect better trading and the accretive acquisition and note that gearing remains below the company’s target range, providing headroom for further M&A.

Cenkos: Tandem Group Plc -- In-line with expectations

-Tandem's FY22E trading update confirms revenue and PBT are in-line with expectations. This has been a challenging year for the business – demand for many of the group's categories surged during the pandemic (eg bicycles, e-scooters and various home and garden products), which when combined with the escalating cost-of-living pressures, resulted in a sharp drop in group revenue (-35% YoY). Nevertheless, Tandem has remained profitable (FY22E PBT of £0.9m) and has used the period to progress a seri

Morning Note – 3 February 2023

Hybridan Small Cap Feast 27/04/22

According to Proactive Investors, Bridgepoint is said to preparing to list Burger King UK on the London Stock Exchange as early as this spring. A valuation of £600m is expected. Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other f