Morning Note – 22 June 2023

LPA Group - Interim results: on track for FY23 expectations

The first-half results were broadly in line with management’s expectations, showing resilience in the face of inflationary pressures and ongoing rail sector delays. The order book was up 13% to £34.9m, having gained from some significant project wins, and a greater proportion of expected aftercare revenues. With a strong order book and the business expected to return to profit in H2, we expect FY23 to be in line with our existing expectations. The shares have progressively responded to good news

Hybridan Small Cap Feast - 25 May 23

25th May 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

Morning Note – 27 March 2023

Morning Note – 23 March 2023

Hybridan Small Cap Feast - 15 Feb 23

15 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

Morning Note – 15 February 2023

Hybridan Small Cap Feast - 03 Feb 23

03 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

Morning Note – 3 February 2023

LPA Group - FY results – returning to profit, resuming forecasts

Results show modest growth in a difficult environment, with a good improvement in gross margin and investment in divisional management resulting in a slight reduction in operating loss. With a strong order book and ongoing internal improvements, the outlook statement points to the expectation of a return to operational profitability in FY23. The land sale proceeds have strengthened cash and management is looking to the strategic expansion of the business. We resume forecasts, also a sign of thin

Hybridan Small Cap Feast 25/11/22

Dish of the day Joiners: No joiners today. Leavers: Euromoney Institutional Investor has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Au

Morning Note – 25 November 2022

Morning Note – 28 June 2022

LPA Group - H1 loss-making as expected, but anticipate a profit in H2

The group has continued to experience customer-driven delays on some significant projects in the half. As anticipated, this resulted in a loss in the period. The drop though is almost entirely a volume effect on overhead recovery rate and not a reflection of sales mix or inflationary pressures. An improved flow of order scheduling prospects in the aviation and rail markets, backed by a strong order book should provide a better performance in H2. Supply chain issues continue but are considered ma

Machinations - finnCap Industrial Technology quarterly sector note

Company results surprisingly resilient in the face of multi-faceted challenges. The Industrial Technology Sector share prices have been badly affected over recent months, despite underlying company trading statements and recent annual results in March being mostly in line with expectations. The Ukraine invasion is the latest in a line of challenges that managements have had to overcome over the past two years. The greatest challenges for the sector and the wider economy have centred around the w

LIBERUM: Housebuilders: Darkest before dawn

LIBERUM: Housebuilders: Rate peak nears & Gove less BANANAs

Hybridan Small Cap Feast - 14 September 23

14th September 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 ob

Frontier Developments (FDEV LN) - FY23 results

Frontier Developments’ results for the year to 31 May 2023 showed a year-on-year decline in revenue of 8.3% and wider than expected operating losses due to non-cash impairment charges and accelerated amortisation of underperforming titles. The Group has tidied its balance sheet and is taking a more prudent approach to game amortisation, which lowers our near-term underlying EBIT forecasts. The company is now refocused on selecting games that better align to its previously successful strategy, wi

Margins climbing, cash building

Morning Note – 20 September 2023

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Morning Note – 6 September 2023

Interims – FY expectations unchanged; value emerging

Soft interims as anticipated with no change to FY guidance. North America retailer de-stocking issues had been well flagged, but set against this there is good evidence of resilient trading across UK, South Korea and ROW. We welcome current trading being in line and note encouraging Christmas orderbook/shipment commentary. Overall, we sense expectations have bottomed out. Given this the shares merit a closer look on recovery grounds for the medium term. They trade c.40% below NAV/share of 462p,

LIBERUM: MJ Gleeson: More resilience & more growth

Hybridan Small Cap Feast - 12 Sep 23

12th September 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 ob

Nexteq - Strong strategic progress through H1, forecasts reiterated

In today’s H1 results, Nexteq has reported H1 revenue growth of +6% yoy to $56.3m, adjusted EBITDA +52% yoy to $7.2m, and net cash of $18.5m following EFCF of +$5.2m. Within the divisions, Quixant achieved +9% yoy growth to $34.3m, as it delivered against a strong order book with gaming shipments +13% yoy to 25.9k, and began delivery of the first mass production order of the turnkey gaming cabinets. Within Densitron, Broadcast delivered +10% yoy growth to $3.4m as existing and new customers cont

Reassuring outlook, with return to growth anticipated

FY23 results confirm an in line outturn, as well as reassuring on the outlook. Whilst the sales rate reduced over the summer months (0.43 in the 9 weeks to 1st Sep. vs. 0.54 in 2022), in line with peers, management anticipates a recovery during the autumn selling season. This is supported by a steadying mortgage market, its sales and marketing initiatives, and continued interest in multi-unit transactions. Gleeson Land started FY24 in a strong position with six consented sites and it has already

Portmeirion+ (PMP, House Stock, 293p) - No changes to profit forecasts after interims

Morning Note – 15 September 2023