Morning Note – 27 March 2024

LPA Group - Revised customer schedules result in FY24E at breakeven

The group has announced that three of its end customers in the rail sector have recently reduced their ordering profile. This is a frustration for management particularly as significant internal improvements and strategic rebalancing to foster more non-rail and a greater proportion of standardised non-project revenues. In the short-term, this results in a 5.7% reduction to revenue and adj PBT reducing from £0.8m to breakeven. Until the group gains greater clarity on future customer delivery prof

Morning Note – 25 January 2024

LPA Group - FY results in-line with expectations, profit recovery continues

Results were in-line with expectations and highlight a recovery in the group’s trading and profitability. H2 moved into profit after a H1 loss. Growth has also been accelerated by the acquisition of the Amphenol product line, increasing aftercare sales. The order book stands at a record £31.6m and provides good ongoing visibility, with several train projects moving into delivery this year, but with significant order opportunities remaining. No change to FY24 forecasts, with new FY25 forecasts sh

Morning Note – 4 January 2024

Hybridan Small Cap Feast 24-10-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. 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 Services, the holding company

LPA Group - Strong H2 with projects coming through to boost FY24E EPS

The group’s year-end update confirms a recovery and return to profitability in H2 after a challenging and loss making H1, giving an underlying breakeven/small profit for FY23E. Order intake has increased 30% and the order book continues to be a healthy £31.6m. An exceptional positive fair value adjustment on the recent product line acquisition is expected to result in a reported profit for FY23E of £1.1m. With further progress expected in FY24, the Board reiterated its intention to pay a final d

Morning Note – 24 October 2023

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

Solid State - Anticipating record adjusted PBT in FY24

Solid State’s trading update affirms the sustained strength in demand throughout H224, resulting in record FY24 revenue and adjusted PBT ahead of prior consensus of £155m and £12.5m, respectively. This is attributable to the earlier-than-expected delivery of a NATO contract. As a result, consensus FY24 revenue and adjusted PBT estimates have been raised by c 6% and c 20%, with respective FY25 estimates declining commensurately.

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

Gooch & Housego (GHH LN) - A chink of light

Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on

Surface Transforms (SCE LN) - Obstacles removed for higher production

Surface has issued a brief Q1 update. Production will ramp-up this year as final new equipment is installed, and manufacturing teething problems recede.

Surface Transforms plc (SCE LN) - Forecasts and valuation withdrawn

We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.

Morning Note – 4 April 2024

Surface Transforms - New guidance – forecasts under review

Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.