FIH Group - H1 sets scene for well-invested and seasonally strong H2, inline with views

This morning's results from FIH are aligned to the prior year and show that the company is continuing to hold its own notwithstanding challenges. The company's three businesses all boast certain unique positives while being leaders in their specialities and / or geographies. For the Falkland Islands Company (FIC), H1 results reported this morning reflect the traditional tilt towards the second half, while both the UK businesses performed in line with expectations, Momart in particular benefit

Hybridan Small Cap Feast 11/08/2023

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footpr

Hybridan Small Cap Feast 07/08/2023

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footpr

FIH Group (FIH) - Strong results, all divisions fired up, PBTA +39%, DPS lifted commensurately

Positive results from FIH this morning have once more exceeded expectations, and follow on from upgrades at the pre-close stage. FIH consists of three businesses which have unique aspects or are the No. 1 player in their markets / areas. In terms of the results, notably, the Falkland Islands Company (FIC) more than fulfilled expectations for the second half, with strong (+36%) sales growth, while both the UK businesses continued the encouraging progress which was a feature of H1, contributing

FIH Group (FIH) - Corporate – Strong FY update, positive H2, meaningful upgrades

FIH's intraday update on Friday highlighted a strong, ahead-of-expectation outturn to FY23E, with positive results from all three businesses in H2, traditionally the stronger period for the group. The company is diversified around its three constituent parts, the uniquely positioned Falkland Island Company (FIC) business, FIH's leading art distribution business in the UK, Momart, and the ferry it successfully runs on the South Coast, the Portsmouth Harbour Ferry Company (PHFC). The backdrop t

FIH Group (FIH) - Corporate – Strong FY update, positive H2, meaningful upgrades

FIH's update today highlights a strong, ahead-of-expectation outturn to FY23E, with positive results from all three businesses in H2, traditionally the stronger period for the group. The company is diversified around its three constituent parts, the uniquely positioned Falkland Island Company (FIC) business, FIH's leading art distribution business in the UK, Momart, and the ferry it successfully runs on the South Coast, the Portsmouth Harbour Ferry Company (PHFC). The backdrop to today's news

Hybridan Small Cap Feast 21/11/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** AT85 Global Mid-Market Infrastructure Income plc, a UK investment trust targeting an innovative, adjacent-space strategy in some of the most sought-after sectors in infrastructure, is proposing to undertake an IPO on the Premium Segment of the Main Market. The Company has access to an initial portfolio of assets of £98.5m and a total pipeline (including the Initial Assets) of £539.8m. Targe

WH Ireland: FIH Group (FIH) - H1 results – strong performance in UK; seasonal upside to come from Falklands

This morning's H1-23A results reported by FIH show a significant step up YoY as FIH continues its strong post-Covid recovery trend, with both revenues and profits well ahead of the prior year. The two UK businesses in particular made very strong progress in H1, and overall sales growth of 30%-plus is encouraging. Both museums and the art market continue to provide good support for Momart during its ongoing recovery/growth phase; and increased passenger numbers at the company's ferry business i

WH Ireland: FIH Group (FIH) - Consolidating on strong performance, H2 upside from tourism, art fairs

Following ahead of expectation FY22A results, which reflected a strong recovery in FIH's UK activities, this morning's AGM update highlights continuing progress, with both of these businesses trading ahead of the prior year. The Portsmouth Harbour Ferry Company (PHFC) in particular has made a significant jump towards pre-pandemic activity levels, notwithstanding a chunky price increase successfully implemented three months earlier than in previous years. FIH's Falkland Islands Company (FIC) sa

WH Ireland: FIH Group (FIH) - Strong results follow buoyant update, PBT increases tenfold, ahead of forecast

FY22A results from FIH this morning are everything and more that was promised in the strong update from the company published on May 10th – which triggered 73% upgrades. Revenues and profits are substantially ahead YoY, and results also represent a meaningful beat to forecasts, some £0.4m ahead of expectation at the adj. PBT level. All the businesses contributed to the strong FY22A outcome and as flagged back in May, the art business was the star performer, generating 52% revenue growth, and o

Hybridan Small Cap Feast 10/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No leavers Today. What’s cooking in the IPO kitchen? EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more

WH Ireland: FIH Group (FIH) - Buoyant update shows FIH bouncing back strongly; upgrading FY22E by 73%

This morning's update from FIH fulfils the promise of recovery seen in the half year results – and more. As before, the Falkland business performed well; however the UK businesses, and Momart in particular, have rebounded to powerful effect; hence the significant upgrades which we are putting through this morning. FIH combines its trading business on the Falkland Islands (a unique asset) with the cash-generative ferry company and leading art distribution and storage activity. With all three

Small Cap Feast 18/11/2021

Banquet Buffet Bivictrix 26.5p £17.5m (BVX.L) BiVictriX Therapeutics, an emerging biotechnology company applying a novel approach to develop next generation cancer therapies using insights derived from frontline clinical experience announced a collaboration to manufacture BiVictriX's antibody-drug conjugates with Abzena Limited, a partner research organisation for integrated discovery to cGMP manufacturing solutions for biologics. The collaboration will allow BiVictriX to cost-effectively manuf

FIH Group (FIH) - Strong Falklands business wins biggest ever contract

FIH Group (FIH) - Encouraging results, return to strength, resuming dividend

This morning's half year results from FIH show the company recovering manifestly after the Covid-related challenges of the previous 18 months, which impacted the company's two UK businesses in particular. Performance from all three businesses was encouraging, and overall the business returned to profitability, suggesting that FIH is well on track to meet forecasts, which we upgrade modestly for the current year. Cash on the balance sheet remained strong at £8m following the repayment of CBILS

Well positioned for future success

Strong performance against tough market conditions

LIBERUM: The Liberum Leisure Digest: NLW increase - pricing power is key

Initial Equity Trading Comments - 19 February 2024

Pinewood Technologies (PINE LN) - Driving growth in automotive software

Pinewood’s transition to a pure-play automotive SaaS business is now largely complete. Today we introduce summary forecasts out to FY26 and reiterate the investment case. We see significant opportunity for Pinewood to grow its user base in the UK and internationally whilst generating high EBITDA margins and cash conversion. With a 24.5p special dividend embedded in the current price (payable Q1/Q2), the effective price today is 12.3p. Based on the Group’s FY27 target of £27m EBITDA, we estimate

Domino's Pizza - Growing the base

Domino’s Pizza Group’s (DOM’s) new CEO has set an ambitious long-term growth target, including an acceleration in its net store opening programme. With better alignment between the company and its franchisees, management believes DOM should be capable of generating improved profit growth, versus that achieved in recent years, and potential higher returns.

Marks & Spencer+ (MKS, House Stock at 255p) - 7Y FS HSBC UK tie-up– another brick in the wall

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

PROGRESSIVE: Vertu Motors: Traction control

Vertu is the fourth largest automotive retailer in the UK, with 188 sales outlets and a track record of cross-cycle growth, principally through businesses it has acquired, funded by equity, debt and most importantly cash generation. Vertu operates across the entire vehicle lifecycle, including new and used vehicle sales, and vehicle servicing, repair and parts. Service and repair is a 40+% gross margin repeating business. With economic headwinds, the transition to electric vehicles, recent overs

LIBERUM: Safestay: First management contract opens up new revenue stream

Hybridan Small Cap Feast - 17 April 24

17th April 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: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

React Inititation of Coverage

React Group is a well-managed, growing UK services business with a high degree of recurring revenues (c87%).

SSP Group+ (SSPG, House Stock at 218p) - Further progress expected in H1

PROGRESSIVE: Zoo Digital: Recovery underway and a significant contract

Today’s trading statement from ZOO highlights a ramp-up in demand following the end to the industry-wide strikes of last year. ZOO struck a note of caution in its January update regarding the timing of orders. However new productions are starting to translate into a healthy order pipeline, with a good recovery in revenue anticipated in H1 FY25. The update guides to revenue of at least $40m for the year to March 2024, ahead of our estimate at $36.8m. We have improved our adjusted EBITDA loss marg

ME Group - Modernising and growing the estate driving growth

During 2023, ME Group commenced the deployment of its next generation photobooths, which are integrated with the group’s newly developed proprietary software, gained market leadership in the Japanese photobooth market with an acquisition, continued to roll out laundry units with existing and new location partners, commenced a share buyback programme and gained entry into the FTSE 250. 2023 was a year of significant strategic and financial progress, with sales up 15%, EPS up 31% and net cash main