Hybridan Small Cap Feast - 19 Sep 23

19th 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

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.

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

Water Intelligence - Additive franchise reacquisition follows on from positive results and update

This morning's reacquisition announcement reaffirms a key feature of WATR's growth strategy – which has generated double digit CAGR for a number of years - while also providing direct access to the substantial underlying market which feeds WATR's franchisees. By announcing the reacquisition of its West Covina, California, franchise, WATR links existing corporate stores and threads together an arc of corporate stores and franchises stretching from Los Angeles and San Diego to the West to San Bern

Hybridan Small Cap Feast - 21 Jun 23

21st June 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 objecti

WH Ireland: Water Intelligence (WATR) - Strong, inline results hand in hand with positive trading update

Like WATR's recent Q1 trading update, this morning's commentary on current trading highlights a strong start to the current year and excellent demand fundamentals, including multi-billion dollar commitments from governments and the urgent needs of the insurance sector. 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. It operates a highly effective model which has seen consiste

FY22 Audited Results update

Water Intelligence has released its Audited Results for FY22 which are consistent with the detailed Trading Update in February and reiterated the strong start to this year as highlighted at the May Q1 Trading Update.

Hybridan Small Cap Feast - 10 May 23

10th May 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 objectiv

Water Intelligence - Q1 update reflects continuing double digit progress and a good start to the year

WATR's Q1 update this morning reflects continuing strong demand for its water leak detection and related services, including particularly strong results from its insurance-related channel, a beneficiary of the company's positioning as the only national US player, present in the majority of US states, while also playing a role in international markets. The statement flags a good start to the year, and this is borne out by strong double digit revenue growth in the Corporate locations, both US-bas

Q1 Trading Update

Water Intelligence has released a strong Q1 Trading Update that states it has made a robust start to the year which firmly underpins our FY23 estimates.

Water Intelligence - FY update: continuing to make progress, organically and via acquisition

WATR's FY update this morning demonstrates that the company continues to see strong demand for its water leak detection and related services, continuing to benefit from being the only nationwide player, also present in international markets (UK, Australia, Canada). Hence the strong overall revenue growth, supported by Corporate Sales growth of 48% reported and 25% underlying, the latter just very marginally below 9-month numbers at +28%. The underlying market, represented by network sales – co

FY22 Trading Update & Franchise Reacquisition

Water Intelligence has released a trading update that indicates revenues were ahead of expectations and EBITDA was in line; it has also announced the reacquisition of the Nashville, Tennessee franchise.

WHI Support Services Sector Comment: Challenges and opportunities

Bleak expectations for the UK economy in 2023 anticipate underperformance against other G7 countries based on factors such as (a) the UK's higher than average mortgage rate sensitivity and (b) relative exposure to high gas and energy prices. Some measure of political / economic stability has returned, though this arguably remains a brittle quality, given the scope for dissent within the Conservative party and the unpredictable impacts of industrial action, among a range of factors. All of this s

Record next-generation award

Invinity Energy Systems - Mistral Funded For 84 MWh

Invinity has followed the first sale of its Mistral flow battery with the news that the US Department of Energy will make funding available for 84 MWh of these larger units at six sites. This is major potential business in its own right but will also create a portfolio of reference sites, effectively seeding the US market for Invinity. The move gives us confidence in our long-term forecasts. We have factored in a gross margin gain for FY 24 and FY 25 as Mistral gains relative to the older VS3 pr

LIBERUM: Yü Group: More upgrades - again

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

LIBERUM: Yü Group: Share price fails to reflect the growth

Focussing on light duty

LIBERUM: Yü Group: More upgrades - again

SP Angel Spec Sits: (YUG) H1 2023: Revised EBITDA Target of £33m+

YUG announced its finacial results for H1 2023 with revised Adj. EBITDA expectations for the year of over £33m, from ~£19m currently.

Interims and earnings update

LIBERUM: ATOME Energy : Poised for a re-rating

Ultimate Products+ (UPGS, House Stock at 117p) - European showroom opens in Paris

ATOME Energy - Progress on Projects

ATOME’s interims reflect the company making rapid progress in developing its green fertilizer projects in Paraguay with Phase I Villeta hoping to reach FID before the year end. The expansion of secured electricity now sees the company with power purchase agreements supporting 445MW of capacity in country.

Robust results, forecasts updated for acquisitions

Avingtrans has reported a robust set of FY23 results with EBITDA growth of 10.6%, marginally ahead of expectations. The Group entered the current year with good momentum and a strengthened order book that now provides over 90% visibility for FY24 and over 45% for FY25. Post year-end the Group acquired the assets of Slack & Parr, a specialist pump manufacturer, and also recently completed the acquisition of Adaptix, a manufacturer of compact 3D X-ray machines, as well as investing further in Magn

Strong 1H trading

LIBERUM: Safestyle: Looking to strengthen balance sheet