Hybridan Small Cap Feast - 14 Mar 2024

Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024

LIBERUM: Eneraqua Technologies: Earnings in line, cash slightly better

Significant profit impact as projects deferred

We reflect Tuesday’s intra-day trading update in our forecasts, now anticipating revenues of £55m and an adj. loss before tax of £6.0m vs. a profit of £1.6m previously (£7.6m swing). This is in line with the guidance in the trading update. The primary impacts are: 1) £6.3m gross profit impact from deferral of two major projects, 2) £0.9m of provisions on one project, 3) £1.4m of redundancy costs, and 4) a positive £1.0m offset from other projects. Though the projects are delayed, not cancelled,

LIBERUM: Eneraqua Technologies: Estimates reduced for FY 24, but not FY 25

LIBERUM: Eneraqua Technologies: Customer delays impact EPS

Hybridan Small Cap Feast - 11 Oct 23

11th 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

LIBERUM: Eneraqua Technologies: Further customer delays

Further project rephasing materially impacts earnings

The H1 outturn was well flagged in the August update. However, a further downward revision to forecast guidance today is likely to impact investor confidence. Despite progress in H1 (positive EBITDA, return to net cash), continued pressure on Local Authority and social housing budgets has caused a further rephasing of projects since the end of September, which is expected to impact both FY24 and FY25. This leads us to reduce our EPS forecasts by 69%/66% in FY24/FY25, adding further pressure to e

LSE AIM - Market Screener (31 August 2023)

 The market capitalization of 790 AIM companies was £81.6bn as of 30 August 2023. FTSE AIM All Share Index was down 10.74% YTD to 741.2 as of 30 August 2023. Among the top YTD winners, were Amur Minerals (up 360%, MktCap £1.4m), Plexus Holdings (+358% YTD on major contract value increase, Mkt Cap of £8.7m), Glantus Holdings (+249% on acquisition offer, £16.5mn MktCap), RTC Group (+215% on strong financials, £7.8mn), Empire Metals (+213% on a positive titanium grade update, £25.4mn). Among the

Potential impact of gov’t. policy change on Water

Despite making progress in H1 (positive EBITDA, return to net cash, FY24 revenue forecasts fully covered by orders), Eneraqua’s half year update is dominated by the potential impact of the proposed changes to net nutrient neutrality rules announced by the UK Government yesterday. Whilst detail of the policy is currently vague, the net impact on PBT is expected to be c.£2m p.a. in the worst-case. The outcome could be more positive once detail of the policy is clarified but we take a prudent appro

LIBERUM: Eneraqua Technologies: Estimates reduced due to proposed government changes

LSE AIM - Market Screener (25 July 2023)

 The market capitalization of 806 AIM stocks was £88.1bn as of 21 July 2023. FTSE AIM All Share Index was down 8.06% YTD to 764.3 as of 21 July 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 202%, MktCap £94m), Vast Resources (+211% YTD, Mkt Cap of £11m), B90 Holdings (+178%, MktCap £20.6mn), Kooth (+167%, MktCap £135mn), Inspecs Group (+165%, MktCap £116mn). Among the bottom movers, were Itsarm Plc (-98%, shell company on winding-up petition), Bonhill (-93.9%), Aptame

Progressing in line with rebased expectations

Eneraqua’s AGM Statement highlights that the current year is progressing in line with rebased expectations, with a high level of activity in terms of both continuing contracts and new opportunities. Operating cash flow has also been positive during the first months of the year. The share price has come back further since we updated in June and looks increasingly attractive, trading on a Jan. ’24 P/E rating of only 7.9x, falling to 6.2x. Whilst confidence needs to rebuild, we believe the shares s

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

SP Angel Spec Sits: FY Trading Update (LTHM)

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

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

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

LIBERUM: Ilika: CMD confirms operational progression

Hybridan Small Cap Feast - 24 April 24

24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: Gattaca: Resilient contract performance, perm tough

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

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

LIBERUM: Capex Cycle: Miners' spending continues to lift

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

VSA Morning Flow Test 19/04/24 (Quadrise)

Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$