FY23 trading update, FY24 estimates reduced

The Group has issued a post-close trading update that highlights an expected EBITDA outturn for FY23 of approximately £2m, a substantial improvement on FY22’s EBITDA loss of £0.9m. This EBITDA outturn, benefiting from a 72% increase in order intake, compares to guidance of £2.2m to £2.5m issued with the interim results in June 2023. The shortfall is the result of revenue on a small number of projects slipping into the first quarter of FY24. In terms of the outlook, management now expect revenue

Execution of Convex deals key to forecast delivery

RBG delivered H1 adj. EBITDA of £2.9m (H1’22: £7.0m) and adj. PBT of £0.8m (H1’22: £5.0m). FY23 adj. EBITDA guidance of £10m-£12m (SCMe: £10m) is unchanged, supported by continued robust trading in Legal Services, as well as a strengthened deal pipeline in Convex, where management is confident of several transactions completing during Q4. Delivery of these is key to forecast delivery. With year end leverage expected to be 3.0x and the facility expiring in April ‘24, management has commenced a re

Begbies Traynor Group+ (BEG, House Stock at 114p) - Strong trading update, a good start to FY24F

Feedback from Digital Disruption Conference

On 12th September, Dowgate Capital and FTI Consulting held the third annual Digital Transformation Conference. Franchise Brands' Executive Chairman Stephen Hemsley and CIO Colin Rees detailed how the group is using tools to drive operational gearing and the way it is rolling out systems across the group following the recent acquisitions of Filta and Pirtek.

Artificial intelligence in UK biopharma and healthcare 11/09/2023

Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel

Morning Note – 26 September 2023

Hybridan Small Cap Feast - 27 Sep 23

27th September 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 ob

Hybridan Small Cap Feast - 29 Sep 23

29th September 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 ob

Macfarlane Group+ (MACF, House Stock at 109p) - Protective solutions acquisition – upgrades

Hybridan Small Cap Feast - 28 Sep 23

28th September 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 ob

Interim Results – Continuing to add diversity

DORE delivered a positive H1’23 (NAV TR +1.6%, 6 months 30 June) return driven by limited asset repricing (the fund’s discount rates were already fairly conservative) and attractively priced incremental acquisitions in Sweden (Hydro plants) and in the UK. During the half, the fund progressed plans to exploit the optionality in its Hydro portfolio and has highlighted the potential to add an estimated 290bps (range 135-445bps) onto the core 8% Hydro return. In addition, the fund agreed two Grid Se

Records Management priced at 50% discount

Morning Note – 28 September 2023

LIBERUM: Ricardo: Progressing well towards the targets

Time Finance - Timed to Perfection

Time has released a positive set of FY23A annual results and a Q1/24A quarterly statement. They both show the business continues to perform well with strong loan book expansion, profit growth and falling arrears. FY23A revenue was up 17% to £27.6m, PBT was up 281% to £4.2m which was slightly ahead of prior guidance of £4.1m. In Q1/24A, the gross book hit a new record high of £175.8m. Time looks extremely cheap given it is trading on an FY25E PE of just 5.6x. We derive our 1-year price target of