Interims and earnings update

Promising second half

Cautious optimism for FY23

Full year results and additional debt finance

EAAS has announced its full year results (to June ’22) alongside news that it has secured further debt finance of £2.5m in order to support the growth of the business and strengthen the Group’s balance sheet. Last Friday’s update confirmed a strong start to the new year and reiterated expectations of material year on year revenue and EBITDA growth for FY23. We expect to update our valuation analysis following the upcoming AGM (20th Dec).

Launch of eSolar strengthens offering

eEnergy has announced the launch of eSolar, its in-house Solar PV System offering, helping organisations to rapidly deploy on-site energy generation, on a capital-free basis. The economics of the offering are compelling, with the implied costs of on-site solar energy now at more than more than 50% cheaper than the equivalent cost of buying from the grid after a greater than 300% increase in grid energy costs over the past year. The Group has seen strong appetite for the eSolar offering from new

Unleashing Net Zero

Record Q4 brings FY22 to positive conclusion

eEnergy has confirmed a very strong conclusion to FY22E, delivering a record Q4 performance (£2.0m EBITDA) to hit our full year forecast (£3.0m EBITDA). This reflects a busy period for Energy Efficiency and recent momentum has carried into the new year, supporting FY23 expectations. The Group will continue to invest in growth initiatives, particularly MY ZeERO and recently launched Solar and EV Charging solutions; we reflect this in our cashflow forecasts, supporting continued growth into FY24.

Trading update and Board change

eEnergy has confirmed a strong performance in Q3 in terms of new customer wins and contract signings, with continuing momentum into Q4. However, as a result of extended installation times and a longer sales cycle, a number of recently signed contracts are unlikely to be recognised in the current financial year. Whilst underlying progress is positive, this triggers a 13% reduction to our FY22 revenue forecast (EPS -37%). We prudently trim FY23 revenue by 6%, noting a more subdued recovery in Irel

Additional project funding agreement with SUSI

eEnergy has entered into a new €10m project funding facility with SUSI Partners AG. This extends the existing relationship with SUSI to include the UK market (previously Ireland only) and fund customers’ projects across metering, EV charging, solar and lighting. The past year has been a period of successful strategic execution for eEnergy, whilst navigating market volatility. Whilst we make no changes to forecasts this morning, this is clearly another positive step for the Group, which should su

EV charging extends UK education sector offering

eEnergy has announced a new agreement with EO Charging to create the UK’s largest public sector charging network. eEnergy’s new “eCharge” brand has the potential to install at least 50,000 EV chargers across the UK education sector (and wider public sector) by 2030, adding another leg to its existing energy efficiency services offering. Although we make no changes to forecasts at this stage, we consider this another attractive medium term growth driver, given the clear cross selling opportunity

Delivering on strategy through market volatility

eEnergy delivered another period of strong progress in H1’22, completing the acquisition of UtilityTeam to add scale to its Energy Management business, whilst launching the My ZeERO metering and data analytics business and completing its first solar project. Headline financials were pre-announced in January’s trading update (revenue of £9.6m, EBITDA £0.8m) and the focus now is on the outlook for H2 in the context of an extremely volatile energy market environment. Whilst this inevitably creates

Strong revenue growth, acquisitions performing well

eEnergy’s H1 update confirms a period of very strong growth, particularly within Energy Management, which is trading ahead of plan. The two acquisitions that formed this division are both performing well and Beond in particular has exceeded pre-acquisition expectations. Energy Efficiency, meanwhile, maintained its H2’21 revenue run rate and has started the new calendar year with a record pipeline. Group revenue forecasts are unchanged as a £1m uplift to Energy Management offsets a prudent £1m re

Trading in line, key role to play in Net Zero transition

eEnergy has released a very robust AGM update, reiterating full year expectations and confirming acquisition integration is well on track. After a period of share price weakness (with the shares now trading on <10x FY23 P/E), we expect the update to be well received by the market, which may have been pre-occupied with recent energy price volatility. We remain of the view that high energy prices only serve to increase the opportunity for eEnergy to help its customers in the transition to Net Zero

Increased ownership of eEnergy Insights (MY ZeERO)

eEnergy has increased its ownership of eEnergy Insights Ltd (EIL) from 37.5% to 51%. EIL is the entity holding the Group’s MY ZeERO smart metering and analytics platform, which we consider an important differentiator for the Group. EIL has completed the development of its next generation of intelligent smart meters, which are now ready for commercial launch. eEnergy has placed an order for a number of these meters, which are expected to be rolled out in the coming months. Management is said to b

Continued strong growth

Record result but rising costs

Strix (KETL LN) - Interim results & CMD

Strix has announced interim results for the six months to June showing revenue up 28.6% to £65.2m. The strong top line growth, driven by its 2022 acquisition of Billi, has resulted in gross profits rising 22.6% to £23.9m. Excluding Billi, revenue was down c. 14% yoy. Following updated guidance in today’s announcement, along with its Capital Markets Day, we adjust our forecasts to reflect the slower than anticipated economic recovery along with the impact rising interest rates have had on profita

Mpac Group+ (MPAC, House Stock at 210p) - HY results; recovery continues

Judges Scientific - Interim results – Excellent H1 underpins FY2023 with upside potential to FY2024E

Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. Judges has delivered an excellent first half with order books reaching a new mid-year record of 22.4 weeks. H1 revenue increased by 32% (organic +16.5%) to £61.3m (H1-22: £46.4m) which helped yield an adjusted pre-tax profit of £12.8m (H1-22 £9.6m), a 33% YoY increase (organic: +12%), with EBITA margin climbing to 23.2% (H1-22: 21.8%). Adjusted fully diluted EPS increased 22% to 150.3p

LIBERUM: Judges Scientific: Strong H1, FY23E well underpinned

Hybridan Small Cap Feast - 11 Sep 23

11th 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

LIBERUM: SThree: Q3 demonstrates further resilience

LIBERUM: Safestyle: Looking to strengthen balance sheet

Water Intelligence - Positive H1 results, adj. PBT up 18%, cash on the balance sheet

WATR has published a strong set of results this morning, featuring a c.9% lift in revenues, growing margins, double digit profit expansion and net cash on the balance sheet. WATR supplies in-demand water leak detection and related services across the whole of the US, and also in international markets including the UK, Australia and Canada. The company's operating model has generated double-digit CAGR consistently over the past decade, and this is another set of results which highlight WATR's ac

Interim results

Water Intelligence has reported interims that were slightly ahead of our expectations and we maintain our FY23 estimates.

Powerhouse Energy - Key Patent Protection Granted

Powerhouse has achieved important protection of the IP around its Distributed Modular Generation technology. This adds to additional protection from the complexity of all ATT processes which already gives the company a high degree of know-how protection. The move helps to consolidate the IP in our view and brings useful validation to the technology.

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

Wincanton (WIN LN) - Transformational pension agreement

Wincanton has announced a very positive outcome of the 2023 Triennial Valuation, agreed with the Trustees. The Group and the Trustees have decided that no further contributions are now payable into the Pension Scheme because of the 2023 valuation. Previously, contributions for the year ending 31 March 2024 would have been £23.6m, and £25m each year from April 2024 to March 2027, increasing in line with the Retail Prices Index. The free cash and balance sheet position of the Group is transformed,

Hybridan Small Cap Feast - 07 Sep 23

7th 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 obj