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.