Symphony Environmental (SYM LN) - Solid H1, commercialisation progressing

Trading was positive with revenue up 20% to £3.6m. Gross profit increased 38% to £1.5m with the margin at 42% from 36% in H122a. The adjusted operating loss reduced by 57% to £0.6m. H1 performance was in-line with our expectations. The improved revenue performance was mainly due to increased d2w masterbatch revenue in the Middle East. Gross margin and losses were helped by lower raw material costs and managed efficiencies in the supply chain. Pleasingly, the reduction in distribution costs (3% o

Hybridan Small Cap Feast 01-08-2023

Joiners: No joiners today. Leavers: Cineworld Group (CINE.L) has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Announced ITF 6 July: Blackpoint Biotech plc, a me

Symphony Environmental (SYM LN) - Ready for the ramp-up

Symphony Environmental Technologies has issued a brief pre close update for H1. Trading has been positive with revenue up 20% to £3.6m.

Hybridan Small Cap Feast - 29 Jun 23

29th 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

Hybridan Research plc: 30-05-2023: Symphony Environmental Technologies plc (SYM): Aiming to deliver stronger result in H1-2023

Aiming to deliver stronger result in H1-2023 Symphony Environmental Technologies today announced its audited results for the year ended 31 December 2022. Revenue for FY-22 was £6.15m (FY21: £9.16m). Operating losses were £2.93m (FY21: £1.48m losses). Net borrowings (excluding lease liabilities) were £0.84m (FY21: net cash £0.20m). In March 2023, Symphony raised £1m by issuing unsecured convertible loan notes at a coupon rate of 7% to Sea Pearl Ventures (17.4% shareholder). Outlook: Managem

Symphony Environmental (SYM LN) - Solid foundations

Symphony has made good progress with operations, product development and customer sign-ups in the past year.

Hybridan Small Cap Feast - 21 Mar 23

21 March 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

Hybridan Small Cap Feast - 14 Mar 23

14 March 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

Hybridan Small Cap Feast - 09 Mar 23

9 March 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 objective

Hybridan Research: 25/01/2023: Symphony Environmental Technologies plc: Riding on the global demand momentum

Symphony Environmental Technologies plc announced a trading update on the 23rd December. We have published research on this which is attached and a snapshot of the research is below. Symphony Environmental Technologies expects its FY22 revenue to be approx. £6.5m (FY21: £9.2m), due to logistics and resource issues in 1H22 and delay in government certifications in 2H22 for the new partner factory in the UAE. The Board expects a loss after tax of c. £2.5m (FY21: £1.4m). (RNS dated 23 December 202

Symphony Environmental (SYM LN) - Growing pipeline but rapid product roll-out has its challenges

Symphony has made excellent progress with operations, product development and customer sign-ups in the past 12 months. But the trading update in December highlighted the difficulty in judging the phasing of revenue and profitability against the backdrop of global supply chain disruption and rapid ramp-up in supply of products to customers. The outlook for SYM is positive in our view but we suspend our estimates and valuation until we have better visibility on the timing of revenue generation and

Hybridan Small Cap Feast 31/10/22

Joiners: Bowen Fintech (BWN.L), a special purpose acquisition company to acquire technology companies in the financial services sector has joined the Standard Segment of the Main Market. £2m raised. Leavers: Vertu Capital has left the Main Market following a RTO. Vox Valor Capital (VOX.L), formerly Vertu Capital, has joined the Standard Segment of the Main Market. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea,

Hybridan Research: 11/10/2022: Symphony Environmental Technologies plc: Beneficiary of global demand momentum

Symphony Environmental Technologies announced on 29 September 2022 its guidance for a minimum annualised run-rate revenue of £14m between 4Q22 and 1H23. As the British pound now looks to be persistently weak, we are thus increasing our 2023 revenue forecasts by 6% to reflect the currency tailwind. We are also revising upward our margin assumption given pricing power of d2p and raw material cost decline from the high levels in 2021 and 1H22. Our revised 2023 forecasts yield a net profit of £1,155

Hybridan Research: 29/09/2022: Symphony Environmental Technologies plc: Near-term optimism

Symphony Environmental Technologies reports its interim results for the six months ended 30 June 2022. Revenue was £3.0m, down 39% year-on-year (1H21: £4.9m), as announced in the trading update on 1 August 2022. The gross margin was 36%, down from 40% in 1H21. The loss before tax was £1.4m, 124% higher than the loss of £0.6m in 1H21. As mentioned in the RNS dated 1 August 2022, the soft 1H was due to short-term logistics and resource issues, slow and complex regulatory approvals, temporary desto

PROGRESSIVE: Oxford Metrics: Drivers to growth and catalysts for rerating

Oxford Metrics’ results for the year to 30 September show a business that is growing strongly, driven by long-term technology, economic and demographic trends across the life sciences, entertainment and engineering markets. The results are in line with the trading update given on 25 October (see our note) that showed revenue and adjusted PBT ahead of our, and market, expectations. With a confident management commentary on the outlook, we raise our estimates for FY24E and introduce forecasts for

ITM Power (ITM LN) - Trading update

ITM has released a trading update, providing guidance on its upcoming H1 FY 2024 results, and reiterating full year FY 2024 guidance.

Water Intelligence 10m Trading Update

Water Intelligence has reported a strong 10m Trading Update that indicates it is on track to meet expectations and we increase our FY23 estimates by +2%.

Likewise (LIKE LN) - Strong revenue growth; on track to meet FY23 estimates

Likewise has confirmed that trading has remained in line with expectations underpinning Zeus estimates of 10.5% yoy growth (to £136.6m) for FY23. Q4 remains the single most important trading period of the year. November recorded record monthly revenue of £14.0m and Group revenue for the eleven months to the end of November is up 13.3% yoy. Within this, the Likewise Floor business has increased revenue by 29% underpinning the organic growth within the Group. It is very encouraging that the busine

Water Intelligence - 10-month update paints a strong picture, PTBA +14% YoY, inline for FY23E

WATR's 10-month update published this morning reflects continuing momentum in the business, in particular pushing margins ahead while also continuing to invest for growth. WATR is a supplier of in-demand water leak detection and related services across the whole of the US, with rarity / uniqueness in being a nationwide provider of these services, while also playing in international markets including the UK, Australia and Canada. The company has typically generated double-digit CAGR over the pa

Morning Note – 5 December 2023

Norcros - UK margins up materially, South Africa stabilising

Norcros’s compelling investment case was underpinned at the half year where underlying operating profit was down less than 3% despite material revenue pressure. Group operating margins rose 60bp, the UK business reported record underlying profits and Norcros continued to take market share in both the UK and South Africa. We believe that Norcros’s key strengths are underappreciated and that legacy issues, notably the pension deficit, have been resolved. We retain our estimates and value the share

discoverIE - Efficiencies driving margin, good forward visibility

discoverIE has reported an encouraging H1 2024 showing a resilient sales performance (flat in total, +4% CER) against strong comparators (+23% CER last year) in a difficult macro environment and an impressive increase in operating margins from 11.5% to 12.9%. Underlying EPS increased +8% and gearing of 1.6x is at the lower end of the target range. There remains significant opportunity for acquisitions, which – alongside targeting continued margin increases – provides upside potential to our fore

SIMEC Atlantis Energy (SAE LN) - Uskmouth BESS lease monetised

SAE has announced an agreement for monetisation of its lease payments from the 230MW Uskmouth BESS project, helping secure cash payments for the company and further demonstrate this element of its business model. Today’s statement also reports progress on further BESS projects, and a proposed extension to SAE’s Abundance bonds.

Quadrise+ (QED, House Stock at 2.4p) - Positive test results follow strong share price momentum

SP Angel Morning View: Gold powers through $2,100/oz on outlook for Fed rate cuts

Titon Holdings+ (TON, House Stock at 80p) - Trading update

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

Velocys - Recommended Offer at 0.25p

The recommended offer announced today for Velocys comes from a consortium consisting of Lightrock, Carbon Direct Capital, GenZero and Kibo Investments. At 0.25p this values Velocys at £4.1m on a fully diluted basis. Following the acquisition, the consortium will provide up to US$40m of funding to help Velocys achieve it’s medium-term growth plans as well as providing a £3.5m bridging loan until the acquisition is effective. We remain of the view that the offer is cheap relative to the long-term

PROGRESSIVE: SDI Group: Acquisition of Peak Sensors

SDI Group has announced the acquisition of Peak Sensors, a UK manufacturer of temperature sensors, for an estimated £2.4m (£2.3m less cash). The initial cash consideration is £1.58m, with a further c.£0.82m payment due shortly after completion. The deal will be funded from SDI’s revolving credit facility. As at 30 September, SDI had c.£1.78m cash, £15.1m bank debt and £9.9m undrawn bank facility excluding the accordion, providing considerable financial flexibility for the group. The acquisition