On track for FY25 but greater H2 weighting expected

Eneraqua’s AGM Statement confirms a busy start to FY25. A hiatus around the General Election has caused a deferral of certain contract awards into H2. However, whilst this will lead to a greater H2 weighting, good visibility of contract awards in H2 leads management to reiterate guidance. Our revenue forecast is 100% covered by orders and a return to profit is still expected in H2 and for FY25. We leave our earnings forecasts and recommendation unchanged. Eneraqua’s shares are attractively value

Hybridan Small Cap Feast - 23 May 24

23rd May 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, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t

Cautiously optimistic with strong order book

FY24 results were well flagged in the March update, with the adj. loss before tax bang in line with our forecast at £6.0m (2023: £10.1m PBT). As previously flagged, the YoY decrease reflects delays to project delivery timelines on some higher margin projects which are now progressing. Looking to FY25, management is cautiously optimistic. The order book provides 100%+ cover over our revenue forecast and, combined with an improving margin profile, this is expected to lead to a return to profitabil

LIBERUM: Eneraqua Technologies: In line earnings and strong cash as promised

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

PANMURE LIBERUM: Commodity redEYE: Peak conviction, instantly restored

SP Angel Morning View: Iron ore limit up as China stimulates further over the weekend, boosting sentiment

SP Angel Morning View: Gold edges higher as Russian Ministry of Finance plans to boost precious metals purchases in 2025

American West Metals (AW1 AU) – Suspension Anglo Asian Mining* (AAZ LN) – Agitation leaching plant production resumed Barrick Gold (GOLD US) – Agreement reached with Mali government Caledonia Mining* (CMCL LN) – Solar power plant at the Blanket mine, Zimbabwe Cobra Resources (COBR LN) – Bench scale test results from Boland project, South Australia Ionic Rare Earths (IXR AU) – UK funding for REE recycling business Orosur Mining* (OMI LN) –Annual results and share placing Power Nickel (PNPN

Global Unmanned Aerial Vehicles (UAV) Industry Report October 2024

This report looks at the unmanned aerial vehicles industry globally. Unmanned Aerial Vehicles (UAVs), Unmanned Aerial Systems (UAS) or Remotely Piloted Aircraft (RPA) — the official International Civil Aviation Organization (ICAO) term for such aircraft — are multi-rotor helicopters or planes with no human pilots that are controlled by onboard computers by the remote control of a pilot on the ground. They are also most commonly known as drones. The report talks about the overall market size, mar

Morning Note – 30 September 2024

Hybridan Small Cap Feast - 4 October 2024

Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand announced that it is considering an £500m IPO onto the LSE Main Market. Across the four ranges, the Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers report

Morning Note – 3 October 2024

Galliford Try | FY24 results – top end results, distributions hiked

Another set of results, another beat to expectations. After a particularly strong 2HFY24 performance, Galliford Try beat the top end of consensus expectations for revenue and nearly did the same for adjusted profit before tax, notwithstanding hefty upgrades following the positive FY24 trading update. The strength of the performance was underscored by a 48% hike in the dividend for the year to 15.5p, more than 20% above the top end of consensus, together with the announcement of a further £10m sh

Zeus Building Products Round-up - 4 October 2024

September was a busy month of companies reporting interim results and providing commentary on the remainder of the year and into 2025. Trying to decipher clear trends proved challenging, with results being mixed across the board. That said, our analysis on the quarterly change in consensus estimates across the four subsectors was encouraging, shown in Exhibit 1. It was promising to see c. 60% of companies reporting inline full year expectations, with c. 15% see upgrades to FY1 expectations. The

Getech Group - Interim results

Following a year of transition in which the Company has refocused the business on its core strength of data led sub-surface exploration, Getech’s interim results show that the business is moving in the right direction. During the period, Getech delivered an uplift in revenue, Annualised Recurring Revenue (ARR) and orderbook. Following a recent £1.7m fundraise, the business is well placed to increase its customer base and convert an expanded £9.6m sales pipeline. Getech looks compelling on an FY2

SP Angel Morning View: Base metals continue to rise following China stimulus

Mpac Group+ (MPAC, House Stock at 415p) - Sweet on the“pallet” – transformational!

Earnings inflection ahead, very encouraging order intake

We expect to see an inflection in group earnings from Q324. Recent commercial momentum has been encouraging with the gain of two significant orders including a EUR60m drone order in July. H1 EBITDA margin down on high tendering activity, solid operating cash on WC improvement Exail delivered mixed H124 results, with revenue up +5% but EBITDA down -9%. This resulted in an EBITDA margin of 19%, down -300bps and primarily reflecting the high level of tendering activity and related costs. Operat

Galliford Try - Initiation Note

After the significant (and timely) sale of its housebuilding businesses in January 2020, Galliford Try is an old name with a newly focused business model, no debt, no pension liabilities, and significant cash on its balance sheet. It is a pure-play construction business with a large order book and highly visible revenue (90% of FY21 revenue was already secured by 30th June 2020), which is set to be profitable and cashflow positive this year. As a result, it will re-instate its dividend at the

Morning Note – 20 June 2024