Hybridan Small Cap Feast - 9 April 2024

9th 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: Helix Exploration (HEX.L) a helium exploration company with operations in Montana, USA announces admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange. An Oversubscribed placing with book of demand over £22m to raise gross proceeds of

Morning Note – 9 April 2024

Venture Life Group - Strong organic growth; focus on EBITDA

Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli

Hybridan Small Cap Feast - 01 Feb 24

1st February 2024 @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 obje

Morning Note – 1 February 2024

Venture Life Group - Delivering organically

Venture Life Group has released a positive trading update, with revenues expected to be in-line with our forecasts at £51m +16% YoY and a c2ppts uplift in EBITDA margin. FY23E revenue growth was delivered completely organically, a first since 2019, in-line with the company’s near-term focus on organic growth. Significantly, cash from operations increased over 70% to c£9.5m (in-line with expectations) supporting our analysis of free cash generation and yield. Cash generation also supported a redu

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Venture Life Group - Strong cash generation

Venture Life has published its interim results to the end of June 2023, reporting group revenue growth of 24.4% to £23.5m, supported by both VLG brands and Customer brands. Although gross margin was down in the period as anticipated, tight operational cost control delivered improved adjusted EBITDA margin of 18.9% (H1/22A: 17.6%). As in previous years, we expect H2/23E to deliver stronger adjusted EBITDA and maintain our £11.6m FY23 expectation. Significantly, cash flow generation was strong in

Hybridan Small Cap Feast 31/07/23

Dish of the day Joiners: Metals One (MET1.L) joins AIM. The Company focusing on acquiring natural resources projects with a focus on critical battery metals, including nickel, lithium, cobalt and copper has raised £2.2m at 5p per Ordinary Share. Leavers: Bonhill Group (BONH.L) has left AIM. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse se

Cenkos: Venture Life Group Plc -- De-levering on strong cash flows

Venture Life has provided a trading update for the six months to June 2023 expecting revenues of £23.5m for the period, up 24.4% YoY, supported by both Venture Life Brands (+27%) and Customer Brands (+20%). Revenue growth excluding the recently acquired HL Healthcare (HLH) was 11.4%. The company notes strong cash generation from operating activities of £4.6m, up 158% YoY and group leverage reduced to 1.4x from 1.6x at Dec-22. The board remains ‘cautiously optimistic' of achieving FY23E market ex

LSE AIM Market Screener - 22 June 2023

 The market capitalization of 806 AIM stocks was £89.3bn as of 20 June 2023. FTSE AIM All Share Index was down 5.55% YTD to 785.2 as of 21 June 2023. There were 32 companies delisted from AIM over the period December 2022-June 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 209%, MktCap £95m), Vast Resources (+211% YTD, Mkt Cap of £15m), B90 Holdings (+200%, MktCap £22mn), Verditek (154%, MktCap £6mn), Star Phoenix Group (+162%, MktCap $1.6mn), Inspecs Group (+162%, Mk

Cenkos: Venture Life Group Plc -- FY22 results

Venture Life Group has reported results for the 12-months to December 2022. As per the recent trading update revenues were £44.0m, up 34.2% YoY. Adjusted EBITDA was ahead of expectations at £9.0m (Cenkos est. £8.7m) and following three acquisitions in FY21A and FY22A, the group closed the year with net debt (ex-leases) of £16.6m. We anticipate continued strong growth for Venture Life, targeting £55.0m of revenues in FY24E, generating £13.2m of adjusted EBITDA. While we expect a period of consoli