LIBERUM: Building Materials & Housebuilders: Things to watch next week

LIBERUM: Housebuilders: Darkest before dawn

LIBERUM: Housebuilders: Rate peak nears & Gove less BANANAs

LIBERUM: Housebuilders: More confidence as rates stabilise

Modest profit upgrade despite cost pressures

Solid update

The Promised Land

Red Dwarf, the very British sci-fi comedy franchise, ran for 11 seasons – most recently in 2017; and The Promised Land is a feature-length TV movie – out this year. Yes, the programme is an acquired taste. Strangely, too, many episodes are impacted by a virus or three (physiological, not main-frame).

UK Housebuilding Sector: 2020 vision: Sharpness and clarity for industry prospects

For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t

UK Housebuilding Sector in 3Q 2019: ‘And then there were 17’

Dame Agatha Christie (née Miller) published more than 80 books and plays; and the Guinness Book of World Records lists her as the best-selling novelist of all time with roughly two billion copies sold. ‘And then there were none’ was originally published in 1939, with an un-politically correct title; and it is still the world’s best-selling mystery (with more than 100 million sold). It is also number six on the list of best-selling books of all-time.

UK Housebuilding Sector in 2Q 2019

Dwight Barkley PhD is a Professor of Mathematics at the University of Warwick. He studies waves in excitable media such as the Belousov-Zhabotinsky reaction, heart tissue and neurons. In 1997, Dr Barkley and Dr Laurette Tuckerman, a Paris-based mathematical physicist, developed ‘bifurcation analysis for time steppers’, which is a technique for modifying computer codes to perform bifurcation analysis. More lyrical, perhaps, Dwight is also known for formulating an equation to estimate how long it

UK Housebuilding Sector in 1Q 2019

Y2K is a numeronym and was the common abbreviation for the year 2000 software problem; and, for the benefit of millennial readers, the abbreviation combines the letter ‘Y’ for year and ‘K’ for the SI unit prefix kilo, meaning 1000. Hence, 2K signifies 2000.

UK Housebuilding Sector in 2018

‘From the deserts of East Ham to the gardens of Cottenham’, the UK Housebuilding Sector was whacked to the tune of 27% in 2018; and not one share price (out of 18) rose on the London Stock Exchange.

UK Housebuilding Sector in 3Q 2018…

“It’s like the cow that every single day during 10 years sees the train crossing in front of it at the same time. And if you ask the cow what time is the train going to come, it’s not going to have the right answer. In football it’s the same”.

LIBERUM: Ceres Power - Initiation - A Compellingly solid case

LIBERUM: New Energy Nuggets: Hydrogen - the future is green

Games Workshop Group - Leviathan

Games Workshop Group (GAW) enjoyed another record year of revenue and profit growth in FY23 despite the more challenging macroeconomic backdrop and economy-wide cost pressures. Underlying volume growth is testimony to the appeal of the IP to its hobbyists. GAW entered FY24 with strong revenue momentum, implying that the June 2023 release of Leviathan, the 10th edition of its most significant property, Warhammer 40K, has boosted growth in Q124. Easing cost pressures should be supportive of underl

PROGRESSIVE: Sanderson Design Group: H1 trading driven by US and Licensing

Sanderson Design Group (SDG) has reported on its H1 trading performance for the six months to 31 July. The continued strong performances of both the Licensing channel and the US market, echoing last year, have offset the previously anticipated tougher market conditions in the UK. Thus, while group revenues eased back by 2.1% on a reported basis, H1 FY24E’s adjusted underlying profit before tax, supported also by some UK cost savings, is expected to be marginally ahead of last year’s £6.3m, drive

Initial Equity Trading Comments - 1 December 2023

Solid State - Strong organic development in H124

Solid State has made an excellent start to FY24 with strong continuing organic growth in H124 enhanced by a full period contribution from Custom Power. As a result, management anticipates better-than-expected revenues and PBT for the full year with market consensus rising by c 5% to £155m and £12.5m, respectively.

Hybridan Small Cap Feast - 30 Oct 23

30th October 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 obje

Softer consumer sentiment weighs on current trading

Burberry published a slightly better-than-expected first half performance but warned that the slowdown in luxury demand across the globe has started to weigh on its business. The group said that it is unlikely to achieve its guidance for FY23/24 if the weaker demand persists.

New Sanderson licence with Habitat

Through its Sanderson brand, SDG has announced a new licensing agreement with Habitat which will launch a range of table/kitchenware based on Sanderson’s National Trust collection of fabrics (one of its best-selling collections since launch). The new products will launch in spr’25 and generate incremental royalty income for both SDG and the National Trust from FY26 onwards, in line with the group’s Live Beautiful strategy.

In-line H1, but a more challenging H2

The Group has delivered a first half performance that is in-line with management expectations. Despite softer market demand, underlying EBITDA emerged at £95.8m (H1 FY23 £100.1m) with the margin improving strongly to 14.9% from 13%, due in large part to productivity gains and increased operational efficiencies stemming from significant restructuring. The outlook through the second half is more challenging with lower demand affecting sales and inflation edging up raw material inputs. As a result,

Spectra Systems - Largest ever consumables order from central bank

Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication, brand protection technologies and gaming security software has, as anticipated, announced that one of its long-time central bank customers for banknote security materials has placed a new consumables order for the fiscal year ending 30 September 2024 as part of its five-year contract with Spectra (which was entered into in 2019).

SHORE CAPITAL - Portmeirion (PMP) - House Stock at 353p - Significantly undervalued

Initial Equity Trading Comments - 11 May 2023

Morning Note – 6 September 2023

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties