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

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme

Q1 Operating Results

Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k

Billington Holdings - Record result boosts dividend; forecasts upgraded

FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively

Morning Note – 16 April 2024

Plant Health Care - China distribution with AMVAC

Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car

Morning Note – 15 April 2024

discoverIE - Back to organic growth

discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli

Severfield - Multiple positives should excite investors

Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear

Warns on brine supply costs

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

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

PROGRESSIVE: Severfield: Targeted acquisition strategy aids growth path

Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.

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

Invinity Energy Systems - Update on Strategic Investment

Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.

Clean and competitive fertiliser