Diaceutics - Trading Update - July 22

Diaceutics has released a strong trading update, including a 15pp increase in the proportion of sales coming from the DXRX platform, to 75%: this is hugely positive for earnings & cash flow visibility as platform revenue tends to be multi-year and recurring in nature. Revenue was +25% organically and the order book reached £10m, becoming material for the first time. Management is delivering on its goal to contract more multi-year, predictable revenue streams. We expect further material growth

UK Healthcare IT at a premium

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from BA., BDEV, HIK, NXT, DLN, HSX, MGAM, RAT, TRN, VMUK, COST, & DXRX.

Diaceutics - FY Results - March 22

Following on from a strong FY trading update, Diaceutics has released its FY21 results. These are indicative of a business that's adapted to its new model with exceptional pace, and which is ready to grow its top line while enjoying significant operating leverage and good cash conversion. With the majority of revenue now coming from the platform, which only launched in October 2020, we look forward to more recurring revenue and higher quality earnings than ever before.

Diaceutics - Quick Take - FY Trading Update

A positive FY Trading Update that came in slightly ahead of our, and the market's expectations, with revenue of £13.9m vs. our £13.7m estimate. US Dollar (representing the majority of revenue) performance reflected the true operational growth, up some 17% YoY before the FX impact reduced that to 10% growth in GBP (reported) terms. EBITDA (adjusted for share-based payments) was up 294% to £2.1m, and the DXRX platform has grown to provide 57% of group revenue. The company has also announced a ne

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from RTO, OCDO, TPK, PHP, SUR, DXRX & BEG.

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from RR., HIK, CTEC, HBR, DOCS, GFRD, PCA, SUS, BGO, OTMP, DXRX & LINV.

Hybridan Small Cap Feast 21-09-2021

Joiners No joiners today. Leavers Plutus Powergen has left AIM. What’s cooking in the IPO kitchen? Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European

Diaceutics - Initiation Note

Diaceutics has developed the world's first all-parties marketplace platform (“DXRX”) that allows its clients, pharmaceutical companies, to review and connect with the laboratories and diagnostic companies needed to aid in the development, roll out, & uptake of the diagnostics which enable patient selection for the Pharmas' Precision Medicines. Key to the investment case is that DXRX is now a fully invested and scalable platform, with 70%-80% incremental gross margins and a relatively fixed cost

Hybridan Small Cap Feast 08-09-2021

Joiners No joiners today. Leavers No leavers today. What’s cooking in the IPO kitchen? Petershill Partners, Expected Intention to Float on the London Stock Exchange. Petershill Partners, a leading investment group providing bespoke capital and strategic solutions to some of the world's best performing alternative asset management firms. Petershill Partners today comprises minority investments in 19 high-quality Partner-firms, previously held in private funds managed by Goldman Sachs Asset M

Small Cap Feast: 13/05/21

Pioneer Media Holdings Inc to join the Access Segment AQSE Growth Market. The Company is an investment company focused on the eSports and mobile gaming industries, and all business sectors related thereto. No funds being raised. Due 25 May. Pharma C Investments to list as a SPAC on the Access Segment of the AQSE Growth Market. It is specifically seeking to take advantage of the dynamic regulatory environment surrounding legal Medicinal Cannabis. Due 26 May. No shares being issued on admission.

Small Cap Feast: 09/07/21

Joiners: LungLife (LLAI.L), a developer of clinical diagnostic solutions for lung cancer enhanced by artificial intelligence (AI), has joined AIM. The Company's technology is a combination of the recovery of rare cells and blood-based biomarkers shown to be altered in lung cancer. The Company employs machine learning to improve upon existing computer software to identify informative cells from blood, and intends to build a deep, novel pool of lung cancer-related data for AI-enabled applications

Strong growth in core underpins FY expectations

EKF has reported a strong H1, with revenues of £37.5m and double-digit growth in underlying non-Covid related business. Management reports it is trading in line with expectations for the full year and we make no change to our profit forecasts at this stage. New growth initiatives are proceeding to plan and should lead to accelerated core growth from FY23 onwards. We continue to see substantial upside on successful execution with the shares trading on an FY23 P/E of 13.1x and an EV/EBITDA of just

Kromek - FY 2022 results

Kromek reported full-year results to 30 April that were in line with the trading update of 16 May. Record visibility over our FY 2023 revenue forecast of £18m (c.53% of which is already contracted and 37% “Awarded not Contracted”, with the balance from its normal monthly run rate) is a great start for FY 2023 on which the company can build further. We are leaving forecasts unchanged for the moment, despite additional contract wins, and expect to introduce FY 2024 forecasts at the time of its int

Kromek - Fundraise – £1.7m convertible loan note

Kromek announced a £1.7m fundraise by way of the issue of convertible loan notes (8% coupon, 18-month conversion period at 15p per share), which will allow the company to minimise any potential supply-chain disruption to the delivery of contracts during the year. We make only minor changes to forecasts to reflect the additional interest (c.£0.1m) accrued, with adjusted pre-tax loss increasing to £5.0m. We leave our target valuation of £118m (27p) unchanged, with near-term catalysts (e.g. a secon

Morning Note – 3 August 2022

Hybridan Small Cap Feast 21-07-2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export

Morning Note – 2 August 2022

Q2 21: Internal problems amplify the external headwinds

Smith & Nephew reported mostly in-line Q2 22 numbers, missing the top-line estimates (-0.6%) but beating on the trading profit (+0.5%), albeit marginally. The Q2 performance was overshadowed by a 100bp margin downgrade for FY22 (-50bps Y-o-Y vs +50bps previously), which sent the stock ~9% lower in the session following the update. The reiteration of the top-line growth outlook of 4-5% was no help either. We will cut our estimates, largely to reflect the soft margin guidance.

Strong top-line drives another decent quarter

In Q2, Astra sustained its solid top-line momentum. Like in the past few quarters, this outperformance was again driven by higher COVID-19 business sales and solid growth in Diabetes drug Farxiga. Moreover, the recovering Oncology and much-needed green shoots in Rare Diseases were the icing on the cake. Although, profitability again came under the scanner but should improve in the coming quarters/years as the company completes its ‘growth phase’. Overall, a decent set of results and our positive

LIBERUM: SourceBio International* - Update shows evolution to core

Hybridan Small Cap Feast 01-08-2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Inteliqo Limited, intends to join the Aquis Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners under long-term distribution agreements. The Company has agreed its first such agreement in respect of the Ipedia iQ product range. The iQ product is a smart translation earphone (earbuds) system which offers integrated real time speech

Supply agreement with VGM Group

Belluscura has announced that it has entered into a Group Purchasing Organisation Product Supply Agreement with VGM Group which further expands its distribution network across the US.

Morning Note – 5 August 2022

FY22 results and a highly visible outlook

For the year to 30 April 2022 Kromek reported results in line with the Trading Update of 16 May: revenue of £12.1m, +16.5%YoY, and an EBITDA (adj.) loss of £1.2m. We estimate revenue in the Advanced Imaging division grew 28% YoY to £4.6m, whilst the CBRN segment grew 1.5x to £5.4m. Kromek reports that it expects growth to accelerate in both its core segments – security-related CBRN and advanced imaging – with the prospect of “a substantial year-on-year increase in revenue”. The CBRN segment in

Update ahead of results

Ahead of its upcoming results, ECO has issued an update flagging an issue around a sales tax liability and the treatment of certain items of capitalised development, offset by a foreign exchange gain will result in it reporting FY22 Adj EBITDA of ~£6.5m vs SCMe £7.1m. It has also indicated trading in China has been difficult in Q1 FY23, particularly with the large producers, but margins have improved on mix. Trading in the Rest of the World has been strong YTD. Given the proximity to the results

The Hardman & Co Monthly: August 2022

Feature article: Utility regulation – Changes afoot - Patching up a tainted model While the gas supply crisis – and its price implications – have dominated the UK price regulated sectors in recent months, other issues have arisen that have seriously tainted the price regulation system itself. Indeed, it is fair to ask whether it is ‘’fit for purpose’’. Back in 1984, price regulation, via an unsophisticated RPI-x formula, was introduced to prevent the privatised British Telecom (BT) from abusin