Hybridan Small Cap Feast - 18 July 2024

18th July 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: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to co

Hybridan Research 18/07/2024 - Northern Bear: Investing in new ventures for growth in FY26

Northern Bear today announced its unaudited preliminary results for the year ended 31 March 2024 (FY24). Revenue was £68.7m (FY23: £69.7m), The gross margin increased to 23.1% (FY23: 20.0%) and as a result, reported operating profit was £2.4m, up 13% (FY23: £2.1m). Basic earnings per share were 9.5p (FY23: 8.5p) and net bank debt at 31 March 2024 was £2.2m (31 March 2023: net cash of £3.2m). During the period, the Company returned capital of £3.1m by way of tender offer for 5 million of its ordi

Hybridan Small Cap Feast - 17 July 2024

17th July 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: None Delistings: FireAngel Safety Technology (FA.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announce

Hybridan Research 08/05/24 - Northern Bear: Trading in line with market expectations

Northern Bear today provided a trading update on the financial year ended 31 March 2024 (FY24) for the Company and its subsidiaries (the Group). Further to the interim results reported on 29 November 2023, the Group has continued to trade well over the six months ended 31 March 2024 (H2 FY24). There has been significantly higher rainfall than normal during H2 FY24, with rainfall in the North East at 153% of the long term average according to Environment Agency statistics, with a total of nine na

Hybridan Small Cap Feast - 07 May 2024

7th 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 Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Dual Listing: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hyb

Hybridan Small Cap Feast - 22 Mar 24

22nd March 2024 @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 object

Hybridan Small Cap Feast - 18 Jan 24

18th January 2024 @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

Hybridan Small Cap Feast - 05 Dec 23

5th December 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

Hybridan Research: 29/11/2023: Northern Bear Plc: Trading in line with market expectations

Northern Bear today announced its unaudited interim results for the six-month period ended 30 September 2023 (H1 FY24). Revenue was £36.9m, up 8.5% year-on-year (H1 FY23: £34.0m) and the gross margin increased to 22.2% (H1 FY23: 20.7%) through both greater economies of scale from higher revenues and continued careful contract selection and execution. The profit for the period was £1.3m (H1 FY23: £1.1m), translating into a diluted earnings per share of 6.7p (H1 FY22: 6.0p). The net cash was £0.4m

Hybridan Small Cap Feast - 29/11/2023

29th November 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 obj

Hybridan Small Cap Feast 16-11-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** 9 November: Chapel Down Group ITF: England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital or providing a s

Hybridan Small Cap Feast - 30 Oct 23

30th 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

Hybridan Research: 30/10/2023: Northern Bear plc: Adjusted EBIT increased 13-20% in 1H FY24

Northern Bear today provided an update on trading for the six-month period ended 30 September 2023 (H1 FY24). The Group expects to report operating profit, stated prior to amortisation and one-off costs (in the format used in its last full year results), in the range of £1.7m to £1.8m for H1 FY24, up by 13%-20% from £1.5m for H1 23. The order book remains strong and should support trading performance in the coming months. Following the trading update on 12 September 2023, Northern Bear reiterat

Hybridan Research: 24/10/2023: Northern Bear Plc: Returning up to £3.1m to shareholders

Northern Bear yesterday proposed a return of capital of up to £3.1m by way of Tender Offer for up to 5m ordinary shares at 62p per share, a premium of 26% to the volume weighted average price over the prior month. The Tender Offer will be funded with the existing cash resources and an increase of £1.0m to its existing debt facilities of £4.5m. The Company currently has no bank debt. Since 1 April 2023, the Company’s average month-end balance was £1.3m of net cash and the low point was £0.6m of n

Hybridan Small Cap Feast 23-10-2023

Dish of the day Joiners: No joiners today. Leavers: Brandshield Systems Plc (BRSD.L) has left AIM. What’s cooking in the IPO kitchen?** Announced ITF 11 October: Cykel AI, the Company developing artificial intelligence AI software designed and trained to execute commands in response to natural language directives, specifically within the realm of computer interfaces, intends to join the Access Segment of the AQSE Growth Market. Admission on or around 25 October. Announced ITF 2 October: Adsure S

Renewi - Trading supports unchanged full-year guidance

Renewi has made a solid start to the year with no change to guidance. It is clearly well placed in the growing circular economy and exiting the UK Municipal business provides a simpler investment proposition. We believe the key for the shares will be progress towards management’s medium-term financial targets, in particular at least 5% organic growth and operating margins of 8–10% (FY24: 6.2%).

PROGRESSIVE: SDI Group: Resilient FY24 and strategy refresh

SDI’s FY24 results, released this morning, confirm that while markets have experienced headwinds from inflationary pressures, and customer destocking issues linger, overall performance has been resilient. We note improving cash generation, with £3.8m of free cash flow in H2. Net debt was flat at £13.2m (FY23: £13.3m) after acquisition spend of £3.4m. Despite the unwinding of inflated Covid demand, SDI has made strategic and operational progress, with a strong team in place to support the next ph

PANMURE LIBERUM: Costain Group: Strong momentum

Water Intelligence Credit Expansion for Growth Plan

Water Intelligence has announced a refinancing and expansion of its credit facilities with its existing lender M&T Bank which provides additional non-dilutive funding to execute its strategic growth plan.

Drax Group - Ofgem Investigation Closed

Poor reporting relating to the newly acquired Pinnacle Renewable Energy during FY 22 has resulted in a £25m redress payment for Drax by Ofgem but the regulator has found no evidence that ROCs were issued incorrectly. More importantly, Drax is now compliant with the reporting requirements and will additionally add an external audit process on biomass profiling. We see this as drawing a line under historic issues and should give comfort that the company now has the process in place to comply with

LIBERUM: Eneraqua Technologies* - Initiation - Saving money... and the planet

PANMURE LIBERUM: Yü Group: Growth in revenue, meter points and smart meters

Hybridan Small Cap Feast 16/12/2021

Joiners DSW Capital plc (DSW.L) a profitable, fast growing, mid-market, challenger professional services network joins AIM. DSW operates a licencing model and licences the DSW and associated brand names in return for a royalty based on a percentage of fee income. Public Policy Holding Company (PPHC.L) leading bi-partisan, full-service US government affairs business joins AIM. Through its wholly-owned companies, PPHC operates a portfolio of independent firms that offer public affairs, crisis mana

Hybridan Small Cap Feast - 21 Feb 23

21 February 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 objec

Hybridan Small Cap Feast - 14 Jul 23

14th July 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

Judges Scientific (JDG LN) - Magsputter deal & Geotek contract

Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. Following Judges’ H1 business update back in July, it’s pleasing to see that Judges’ ability to execute outstanding and earnings enhancing deals is unhindered (Magsputter acquisition on 15/8). Further, an announcement today confirms Geotek has signed the anticipated coring contract that will be recognised in FY2025, providing a significant underpinning to the coming year. Back on the

New direct awards secured

Morning Note – 27 June 2024

Somero Enterprises - Interims: looking for a stronger H2, guidance unchanged

With FY24 guidance reiterated, we maintain our existing forecasts. Interims show the weaker trading experienced, as recently flagged at its pre-close update. Poor weather conditions in N. America and Australia have impacted performance, with other known issues such as concrete availability and elevated interest rates also affecting customer demand for new equipment. Management cost action should help mitigate the effect of revenue weakness. Somero remains a high-quality business with attractive

Secular Growth Trends

Morgan Sindall (LON:MGNS) operates in construction and regeneration, with activities in partnership housing, UK infrastructure, office fit out, and general construction. Morgan Sindall (LON:MGNS) operates through six divisions:  Construction & Infrastructure, Fit Out, Property Services, Partnership Housing, Urban Regeneration, and Investments.