Morning Note – 27 July 2022

PCI Pal - Very positive YE update reveals FY22 beat market expectations

The global provider of cloud-based secure payment solutions for business communications has given a positive post-YE update for FY22. We had expected a good year after the strong interims, but sales rose a stunning +60% yoy, while TACV and ARR at YE both jumped c.40% yoy. The financials will beat current market expectations, leading us to upgrade our forecast revenue by 3% and reduce our forecast Adj. LBT by 7%. Cashflow seems to have been particularly positive, with YE net cash £0.7m ahead of e

Morning Note – 28 June 2022

Morning Note – 26 April 2022

PCI Pal - 3Q update sees forecast upgrades and profit in FY24

PCIP has issued a positive 3Q update, revealing that the strong trading performance in 1H22 continues through 2H with all KPIs ahead of management expectations and net cash growing to £6.4m in March (Dec21: £5.5m). In response, we lift our FY22 and FY23 revenue forecasts and expect a significantly reduced loss this year; in FY23, the higher contribution will likely be offset by some rising overheads (wages and insurance). We also firm-up our previously tentative FY24 forecasts with significantly

Hybridan Small Cap Feast 22/03/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? According to Proactive Investors, SpectrumX Holdings Ltd, which is tapping the healthcare and commercial potential of hypochlorous acid, is considering a London listing. It is understood the group has submitted its prospectus to the London Stock Exchange ahead of a float in late spring, targeting a valuation of around £50m. Sources suggest that a £10m pre-IPO round is largely complete, with the group looking

Morning Note – 22 March 2022

Hybridan Small Cap Feast 14/03/22

Joiners: CYBA (CYBA.L) has completed the reverse takeover of Narf Industries on the Main Market (Standard), a US based group with a track record of successful and advanced cyber security projects with the US Department of Defense and affiliated government agencies like the Defense Advanced Research Projects Agency. £6m raised. Leavers: No leavers today. What’s cooking in the IPO kitchen? Aquis Exchange (AQX.L) the exchange services group, announced its intention to apply for admission of the Gro

Morning Note – 15 March 2022

PCI Pal - PCI confirms a strong 1H performance

As revealed in the January trading update, the global cloud provider of secure payment solutions had an excellent first half to December with revenue growing 72% yoy – which led us to raise our FY22 and FY23 expectations. On the back of an expanding partner eco-system, channel sales of the leading-edge AWS cloud platform subscription model are the main driver of growth. With growing revenues on flat platform costs, the losses have been steadily reducing half on half. However, the second half wil

Morning Note – 1 March 2022

Hybridan Small Cap Feast 19/01/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Spinnaker Acquisitions plc, intends to join the Main Market (Standard). The Company have conditionally agreed to acquire the entire issued share capital of HomeServe Labs Ltd, a wholly owned subsidiary of FTSE250 quoted public company HomeServe Plc, by way of a reverse takeover conditional, inter alia on relisting and successful completion of fundraising activities to be undertaken by way of a placing and di

Morning Note – 19 January 2022

Morning Note – 10 November 2021

Hybridan Small Cap Feast 12/10/2021

Joiners No Joiners Today. Leavers Arrow Global has left the Main Market following a takeover. St Peter Port Capital has left AIM after entering a solvent members' voluntary liquidation of the Company. What’s cooking in the IPO kitchen? Light Science Tech Holdings, the controlled environment agriculture technology and contract electronics manufacturing Group to join AIM. Raising £5m. Expected mkt cap £17.4m. Due 15 Oct. Harmony Energy Income Trust to join the Specialist Fund Segment of the Main M

So far so good

The group posted a strong set of results showing faster and stronger-than-expected net interest margin expansion and no signs of a deterioration and above all anxiety on the asset quality front. It remains to be seen if the UK government will allow banks to hold on to the benefit of interest rate increases and if the UK economy proves as resilient as expected.

Sustainably robust results which we expect to trigger distributions

Legal & General disclosed strong HY 22 results, albeit in line with the consensus’ expectations. With most of the metrics improving on a yoy and sequential basis, we believe that the strong solvency position, in an environment with (sustainable?) higher yields, should trigger capital distributions to shareholders at the year-end.

Revolution Beauty (REVB LN) - Trading update, results delayed

Revolution Beauty has announced a downgrade to the outlook for FY23 driven by retailer challenges and the unprecedented macroeconomic backdrop. It has confirmed it will now report FY22 results on 30 August 2022.

Review of Electricity Market Arrangements - REMA Could Bring Benefits

Last week, the UK government published the consultation paper on its Review of Electricity Market Arrangements (REMA). Any change potentially represents uncertainty in a market that has been wary of changes with a number of shares falling after early details of possible reforms were flagged in the press. We review the possible changes and conclude that while there is some risk, from what we can see at present the likely outcomes could be either minimal or beneficial for investors in clean energy

Cenkos:Duke Royalty Ltd -Record revenues keep on rolling

Cenkos:Duke Royalty Ltd -Record revenues keep on rolling

SHORE CAPITAL - H&T Group (HAT) - House stock at 411p

LIBERUM: Alternatives Daily

Hybridan Small Cap Feast 21-07-2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export

Zeus: Technology Quarterly review - August 2022

This quarter’s key observations • Subsector performance: Marketplaces was by far the best performing subsector from an aggregate share price perspective (up 19.9%) vs. an average –5.2% for the other five subsectors. UK Digital Media was the worst performing subsector with a -12.4% aggregate share price move. • Valuation trends: UK Managed Services saw the largest EV/ EBITDA derating (-2.1x) and is now on the lowest EV/Sales multiple (1.5x FY1) and second lowest average EV/EBITDA (11.3x FY1

NextEnergy Solar Fund - Fund Secures CfD Wins

NESF has boosted its effective electricity price hedging with the winning of 86W under the UK’s CfD renewable support scheme. This provides an index-linked 15-year income stream providing a strong underpinning to the fund’s earnings.

Purplebricks (PURP LN) - New team: new strategy

Purplebricks full year results provides the detail behind its May pre-close update (i.e. 40,141 instructions; £70m revenue; £8.8m EBITDA loss and £43.2m cash) and details Purplebricks’ plan to return to operational cash generation.

H&T Group (HAT) - House Stock, 411p - Golden oldy … celebrating 125 years

Morning Note – 1 August 2022

Q2 2022 Activities Update

Trident Royalties Plc (AIM: TRR) has, this morning, provided an update on its activities undertaken during the quarter ended 30 June 2022. Most of the elements of the update had already been announced in another busy quarter for the company as management finessed existing contracts. Momentum remains powerful with a 155% QoQ (15x YoY) increase in net revenue to $5.7m. The contributory components of this were varied with Koolyanobbing comfortably ahead of our forecasts whilst the gold offtake port

Cenkos: The week that was -- Stocks in focus this week are Personal Group, Johnson Service Group, Empresaria and Impellam

Enclosed is our weekly round-up of news and updates from the professional services sector.