Hybridan Small Cap Feast 20/10/2023

20th October 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 obje

Return to positive EBITDA

Management’s success in achieving material price increases, contract changes and additional cost reductions have supported the anticipated return to positive EBITDA in H1 FY23. Whilst the automotive market is seeing recovery, management expect Autins’ growth to remain modest in the shorter term due to the limited release of new vehicle models by its key OEMs. Elsewhere, flooring sales were down 26% in H1 and are expected to continue at depressed levels due to current economic conditions affectin

Hybridan Small Cap Feast: 15/05/2023

Joiners: No joiners today Leavers: Ince Group has left AIM. What’s cooking in the IPO kitchen?** The kitchen is empty. Our daily digest of news from UK listed Small and Mid caps Banquet Buffet*** Arrow Exploration 19.75p £46.6m (AXL.L) The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, provides an update on the drilling of Carrizales Norte 1 (CN-1), an exploration well on the Tapir Block in the Llanos Basin of Colombia. The CN-1 well was spud on May 1, 2

Significantly strengthened position

Autins return to a small EBITDA profit in Q1 FY23 is the direct result of managements success in driving through restructuring actions and operational efficiencies alongside the building effect of some material price increases. These actions, mostly impacting after the year end, have already delivered over £2.5m of annualised benefit and a 7% improvement in gross margin. More is targeted and expected by management, placing the Group in a much stronger position to benefit from a market recovery a

FY Trading Update, challenging backdrop

Autins has issued its full year trading update highlighting an H2 FY22 EBITDA loss of c. £1m (H1 FY22 loss £0.35m). Whilst second half revenues have been broadly similar to H1 at c. £9.4m there has been a marked shortfall against expectations in the last quarter of the year. The Group’s major customer is noted to be experiencing production line disruption due to restricted availability of semi-conductors and this situation is not expected to improve until the end of H1 FY23. In addition, input c

Inflationary headwinds managed well; encouraging signs in H2

Autins has reported its interim results this morning, which reflect underlying market conditions. Positively, while the top line declined 32% or £4.3m, mgmt. have handled the headwinds well and undertaken offsetting actions to contain EBITDA losses to £0.35m, in line with H2’21. Despite the backdrop, AUTG has seen its enquiry pipeline increase by £17m to £31m since the turn of the year, of which £11m is for EV platforms. There are encouraging signs with customers holding record levels of order b

Hybridan Small Cap Feast 17/03/2022

Joiners: Cleantech Lithium (CTL.L) has joined AIM. The Group is intending to produce lithium using a sustainable direct lithium extraction method, which returns water to its source instead of depleting vital aquifers. Each of the Projects are based in Chile, one of the world's best regions for solar and other renewable energy. The intention is to utilise renewable energy for process power. The result being that the overall process will have a very low CO2 footprint potentially giving a critical

Recovery pending; headwinds persist

Autins has reported an AGM update, which highlights sales volumes thus far in H1’22 have been similar with that of H2’21. This can be attributed to the ongoing sectoral headwinds and the well documented global semi-conductor shortages. The ever changing backdrop, characterised by rising energy/commodity prices and reduced OEM output, means timing of recovery has been delayed. Despite this, AUTG’s medium term prospects remain positive; retail demand for cars is strong and the group is making head

Highly leveraged to automotive market recovery

Autins has reported 9% growth in sales and flat EBITDA for the year to Sep’21 despite substantial impacts from Covid and semiconductor shortages on automotive customer volumes. Sales of Neptune and Flooring insulation nevertheless grew by 64% and 161%, and German sales grew 69%. Management also delivered an underlying 0.4% improvement in gross margin following actions to contain costs and improve efficiencies. AUTG is highly leveraged to the automotive market recovery, which is expected during H

Challenges but also opportunity

Autins has reported full year results to the end of September that reflect a year of two distinct halves with H2 facing the unprecedented challenges of Covid and widespread disruption caused by OEM plant shutdowns, including at its largest customer. Full year revenues declined by 20% to £21.5m, split between H1 at £13.2m and H2 at £7.8m. Strong management action nevertheless saw gross margins maintained at c.28% through operational improvements, restructuring and tight cost control, and EBITDA (

Cost structure significantly improved

Autins has reported interim results consistent with its trading and COVID update at the end of March 2020. The first five months performance was ahead of management expectations and Q2 saw the Group achieve the majority of its targeted £2m p.a. cost savings, materially lowering the Group’s breakeven point. Automotive deliveries have restarted after a significant fall off in demand - all Autins’ sites were closed on 22nd March 2020 - and with PPE equipment orders building, 50% of the workforce ha

Trading & COVID-19 update

Autins has issued a trading update covering the first five months of the current financial year which is noted to have been ahead of management expectations and much improved on the comparable period in FY2019. This performance reflects important cost control and operational efficiencies as well as success winning significant new business. However, the impact of COVID-19 has now seen automotive OEM plant shutdowns and management expects significantly reduced demand for its products for the fores

In-line AGM Statement

Today’s AGM Statement confirms that the group is currently trading in-line with management expectations for FY2020E. Also, the Board is confident of delivering continued operational improvement, sales growth and new market development, centred on Autins’ core acoustic and thermal management expertise and, in particular, Neptune, the Group’s innovative high performance material that is opening up important new relationships and opportunities. We make no change to forecasts.

Small Cap Feast

Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.

AFC Energy (AFC LN) - First modular ammonia cracker system

AFC has unveiled a groundbreaking modular ammonia cracker system demonstrating viable and scaleable production of hydrogen in the UK using this method. The cracker system is designed to deliver 140 tonnes of fuel cell grade hydrogen each year. Hydrogen from the plant will initially be targeted for sale into AFC’s UK H-Power Generator deployments, including those with Speedy Hydrogen Solutions. Along with the recent purchase of the mobile storage and distribution assets of Octopus Hydrogen, AFC c

Spectra Systems - Today's deal powers polymer banknotes and provides a big earnings lift

This morning's announcement that SPSY is to acquire Cartor Holdings provides the company with significant new firepower as it embarks on lucrative central bank currency bids with its powerful and innovative polymer banknote technology. Cartor is a global market leader in security printing with manufacturing sites in the UK and France, supplying a range of printed security products which are highly complementary with SPSY's core portfolio, and offering significantly enhanced capabilities in rela

CAP-XX - Tax rebate received and JV signed

CAP-XX has announced the Australian Taxation Office has approved the FY23 R&D grant and associated rebate of A$2.1m. The net proceeds of A$1.0m, after repaying the principal and interest associated with the revolving line of credit drawdown, were received by CAP-XX last week.

Solid State - Strong interim results – trading in line with FY24 expectations

The group delivered a strong set of interims, boosted by a full contribution from Custom Power (CP) and its large military contract delivery. Organic growth was over 35%, with an improvement in underlying margins, albeit with the margin mix diluted by the military contract delivered. As flagged, H1 order intake saw some customer destocking, although there may be some early signs this could be abating. Even so trading remains resilient. The outlook points to trading in line with recently upgraded

Gooch & Housego - FY23 results in-line with expectations, better cash flow

FY23 results are in-line with expectations, showing growth from strong underlying demand, coupled with improved operational delivery. Growth was seen in all three divisions. Trading is in-line with the recent upgraded FY24 forecasts. Prospects are underwritten by a strong order book and boosted by the recent acquisitions of Artemis and GS Optics, albeit with some customer destocking by certain industrial customers, offset by robust demand in growth areas. Self-help measures and the new CEO’s str

Morning Note – 5 December 2023

Solid State - nterim results illustrate a strong trading performance; on track for the full year

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released interim results to 30 September 2023, illustrating strong growth at both the revenue and PBT levels, with the Board reaffirming confidence in meeting full year expectations. H1 2024 revenue increased by 48% to £88.1m, driven in part by a £23.4m contribution from specific contracts within defence and security, with adjusted PBT

Initial Equity Trading Comments - 1 December 2023

LIBERUM: Superdry*: Progress in resetting the business; tough year ahead

Hybridan Small Cap Feast - 05 Dec 23

5th December 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 obje

PROGRESSIVE: IG Design Group: Strong profit growth, key strategy initiatives and quantified aspirations

IG Design Group delivered a 27% increase in adjusted PBT to $34.8m for H1 FY24 (to 30 September) with a significant reduction in net debt to $15.1m, as signposted in last month’s trading update. The adjusted operating profit margin was some 270bps higher at 8.6% (vs 5.9% in H1 FY23), the highest achieved since H1 FY20 ahead of the CSS acquisition. Management has provided more details on the key attributes and initiatives for its new growth-focused strategy. The group is on track to return to pre

The Joy of Techs - Cavendish Technology quarterly sector note

£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

Games Workshop Group - Leviathan

Games Workshop Group (GAW) enjoyed another record year of revenue and profit growth in FY23 despite the more challenging macroeconomic backdrop and economy-wide cost pressures. Underlying volume growth is testimony to the appeal of the IP to its hobbyists. GAW entered FY24 with strong revenue momentum, implying that the June 2023 release of Leviathan, the 10th edition of its most significant property, Warhammer 40K, has boosted growth in Q124. Easing cost pressures should be supportive of underl

Hybridan Small Cap Feast - 4 Dec 2023

4th December 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 obje