Hybridan Small Cap Feast - 19 Feb 24`

19th February 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 obj

Alenby Capital - Transense Technologies - Interims

Transense posted a positive H1 with PBT up 146% on revenues up by just 10% as a consequence of a temporarily lower cost base. Going forward the Company has invested in strengthening the sales team to stimulate future revenue growth and this increase in the cost base, coupled with some limited visibility to revenue streams has resulted in a reduction in the expected growth rate for FY24 and FY25. We see this is a modest reset to expectations but also expect a continuation of the growth path set i

Alenby Capital - Transense Technologies - Update

In its AGM trading update today, Transense Technologies plc announced 13% yoy revenue growth in the first four months of the year to June 2024 and a threefold increase in PBT. Although showing encouraging yoy growth, revenue in the period was somewhat below management expectations, however, an improving outlook suggests an acceleration of revenue growth for the remainder of the financial year. Consequently, the Board expects to meet full year market expectations. The cash position is also robust

Hybridan Small Cap Feast - 25 Sep 23

25th 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

Alenby Capital - Transense Technologies FY finals

Transense Technologies plc, the developer, manufacturer and licensor of sensor technology and equipment, announced full year results to June 2023 in line with our forecasts, delivering growth across all three revenue generating streams. We believe the Company is fast approaching an inflection point whereby the growth potential within its two active business segments, Translogik and SAW, will be sufficient to drive revenues and cash over and past the period when royalty income from iTrack reaches

Transense Technologies FY update

Transense Technologies plc, the developer, manufacturer and licensor of sensor technology and equipment, published a trading update for the year ended 30 June 2023. Results were in line with market expectations with strong year-on-year (yoy) momentum from SAWsense and Translogik. Royalty income from iTrack increased by 30% yoy, somewhat below management’s initial expectations as indicated at the half year. However, growth in installed units was consistent with previous years, but Q4 weighted. Ca

Hybridan Small Cap Feast - 22 Feb 23

22 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

Transense Technologies Interims

Transense Technologies plc, the developer, manufacturer and licensor of sensor technology and equipment, published positive interim results which highlighted encouraging progress in both the SAW business and Translogik probes. iTrack royalty income also grew in the period. Importantly, all three revenue streams enjoy strong sales pipelines which will help drive second half growth. The Board expects full year results will be in line with market expectations, consequently, our forecasts remain unc

Transense Technologies Update

Transense Technologies’ encouraging AGM statement indicates that revenues in the first five months of the financial year were in line with the Board’s expectations and are ahead by approximately 33% against the same period last year. The Board adds that trading in the period has continued to be profitable with net cash at 30 November of c.£0.8m. We make no changes to forecasts.

Transense Technologies Final Results

Transense Technologies plc, the developer, manufacturer and licensor of sensor technology and equipment, has announced full year results in line with our forecasts with iTrack royalties moving up to £1.56m, an 88% yoy increase. iTrack revenues will continue to underpin cash generation for the Company for the next 8 years and we have estimated that the discounted future cash flows from iTrack are equivalent to a net present value of 95p per share. This, in our opinion, emphasises the significant

Hybridan Small Cap Feast 13/09/2022

Dish of the day Joiners: No joiners today. Leavers: Avast Plc has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Fintech Asia, an investment company established to acquire businesses in the Fintech sector, primarily targeting the Asia-Pacific region, intends to join the Standard Segment of the Main Market. The Company has raised £1.455m through the placing of 3,010,000 ordinary shares of no par value, with net proceeds of £841,845. Expected 15 September. Ikigai

Hybridan Small Cap Feast 05/07/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overd

Hybridan Small Cap Feast 11/05/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more secure and can provid

Transense Technologies Interims

Transense Technologies plc, the developer, manufacturer and licensor of sensor technology and equipment, has announced H1 results which confirm the definitive transition from perennial losses to sustainable and significant future profit growth.

A very successful year with much more still to come

Transense Technologies plc, the developer, manufacturer and licensor of sensor technology and equipment, has reported full-year results in line with our forecasts (upgraded in February 2021) with a positive EBITDA and profit after tax. Net cash was in line at c.£1m but did not include iTrack royalties for Q4 end July. We are optimistic that progress will continue in each of the Company’s three divisions and have upgraded revenue and gross profit expectations for 2022 and 2023. This additional in

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme

Q1 Operating Results

Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k

Morning Note – 16 April 2024

Billington Holdings - Record result boosts dividend; forecasts upgraded

FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively

Plant Health Care - China distribution with AMVAC

Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car

Morning Note – 15 April 2024

discoverIE - Back to organic growth

discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli

Severfield - Multiple positives should excite investors

Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear

Warns on brine supply costs

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

PROGRESSIVE: Severfield: Targeted acquisition strategy aids growth path

Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

Invinity Energy Systems - Update on Strategic Investment

Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.

Clean and competitive fertiliser