Hybridan Small Cap Feast 14/11/2023

Dish of the day Joiners: No joiners today. Leavers: Ergomed has left AIM. What’s cooking in the IPO kitchen?** 9 November: Chapel Down Group ITF: England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital or providing

Morning Note – 14 November 2023

Byotrol - Byotrol Trading Update

Byotrol has provided a trading update for the six-months to September 2023, expecting product sales of £2m and an EBITDA loss of $0.45m. Cash in the bank at the period-end was £0.5m. Excluding discontinued items, product sales were up c£0.3m like-for-like basis. The company now expects FY24E product sales to be c£3.9m, modest growth versus £3.7m for FY23A, on a like-for-like basis. We have updated our forecasts in-line with the trading update, forecasting FY24E product sales of £3.9m and total r

Morning Note – 7 September 2023

Byotrol - Trading update

Byotrol has issued a trading update, outlining that revenues will fall behind earlier expectations for two principal reasons: delays in achieving registrations of Anigene/Chemgene in Germany and a greater impact from the discontinuation of some low margin legacy products, as well as lower IP income. We reduce FY24E revenues by £1.7m (-24%), with EBITDA reduced to breakeven (vs. +£0.8m). The long-term strategic objective and investment thesis, however, remains unchanged: for the trading business

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

Morning Note – 31 July 2023

Byotrol - FY 2023 results

FY 2023 results were in line with the company’s 27 April trading update, with revenues of £4.6m and a non-GAAP adjusted EBITDA of -£0.7m. Improved product gross margin, driven by SKU rationalisation, together with control over operational expenses, resulted in a £0.9m EBITDA loss, in line with expectations, despite a c.£0.8m reduction in IP income/royalties. We expect further gross margin improvements in product sales to turn the product business EBITDA-positive in FY 2025, with royalty/IP incom

Morning Note – 27 April 2023

Morning Note – 12 December 2022

Byotrol - Interims and forecasts reinstated

Interim results to 30 September reflect lower one-off IP income. However, the trading outlook now appears more predictable, allowing for the reinstatement of forecasts. Revenues reported at £2.2m (vs £3.2m) with adjusted EBITDA £0.5m lower at -£0.35m, entirely driven by lower (£0.5m) IP income in the period, but illustrating a strong recovery (+490bps) in product gross margins. Evidence of market stabilisation post-pandemic and continued market share gains for Byotrol as companies exit the marke

Rude Health - finnCap Life Sciences quarterly sector note

Probably worse before it gets better. As the bear market in biotech and healthcare generally continues to be deeper and more prolonged than any cycle before – and this has occurred in the US, Europe and the UK and for the first time also in Asia – unfortunately it is possible that it could get worse before it gets better. So close to the year-end, it is unlikely that the outlook for raising funds will improve in the very short term. Further, as companies report end-of-year results in early 2023,

Morning Note – 30 August 2022

Byotrol - FY 2022 results

FY 2022 full-year results were in line with the company’s 11 July trading update, with revenues of £6.3m and a positive non-GAAP adjusted EBITDA of £39k reflecting the normalisation of trading post-COVID pandemic. Investment in sales & marketing, a reduction in SKUs, focus on only four technology platforms, and launch of next-generation regulatory-compliant surface sanitiser in Q4 into the animal health and facilities management sectors, position the company very favourably to demonstrate sustai

Morning Note – 11 July 2022

AFC Energy (AFC LN) - First modular ammonia cracker system

AFC has unveiled a groundbreaking modular ammonia cracker system demonstrating viable and scaleable production of hydrogen in the UK using this method. The cracker system is designed to deliver 140 tonnes of fuel cell grade hydrogen each year. Hydrogen from the plant will initially be targeted for sale into AFC’s UK H-Power Generator deployments, including those with Speedy Hydrogen Solutions. Along with the recent purchase of the mobile storage and distribution assets of Octopus Hydrogen, AFC c

Spectra Systems - Today's deal powers polymer banknotes and provides a big earnings lift

This morning's announcement that SPSY is to acquire Cartor Holdings provides the company with significant new firepower as it embarks on lucrative central bank currency bids with its powerful and innovative polymer banknote technology. Cartor is a global market leader in security printing with manufacturing sites in the UK and France, supplying a range of printed security products which are highly complementary with SPSY's core portfolio, and offering significantly enhanced capabilities in rela

CAP-XX - Tax rebate received and JV signed

CAP-XX has announced the Australian Taxation Office has approved the FY23 R&D grant and associated rebate of A$2.1m. The net proceeds of A$1.0m, after repaying the principal and interest associated with the revolving line of credit drawdown, were received by CAP-XX last week.

Solid State - Strong interim results – trading in line with FY24 expectations

The group delivered a strong set of interims, boosted by a full contribution from Custom Power (CP) and its large military contract delivery. Organic growth was over 35%, with an improvement in underlying margins, albeit with the margin mix diluted by the military contract delivered. As flagged, H1 order intake saw some customer destocking, although there may be some early signs this could be abating. Even so trading remains resilient. The outlook points to trading in line with recently upgraded

Gooch & Housego - FY23 results in-line with expectations, better cash flow

FY23 results are in-line with expectations, showing growth from strong underlying demand, coupled with improved operational delivery. Growth was seen in all three divisions. Trading is in-line with the recent upgraded FY24 forecasts. Prospects are underwritten by a strong order book and boosted by the recent acquisitions of Artemis and GS Optics, albeit with some customer destocking by certain industrial customers, offset by robust demand in growth areas. Self-help measures and the new CEO’s str

Morning Note – 5 December 2023

Solid State - nterim results illustrate a strong trading performance; on track for the full year

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released interim results to 30 September 2023, illustrating strong growth at both the revenue and PBT levels, with the Board reaffirming confidence in meeting full year expectations. H1 2024 revenue increased by 48% to £88.1m, driven in part by a £23.4m contribution from specific contracts within defence and security, with adjusted PBT

Solid State - Returning to trend growth

Solid State has confirmed the strong H124 performance, boosted by a full period contribution from Custom Power combined with the benefit of delivering the NATO contract. Despite the continuing challenges we expect organic growth to resume from the lower trend level of profit excluding the NATO uplift from H224. Following the recent 5% uplift for both revenue and PBT, FY24 guidance and market consensus estimates are unchanged.

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

Initial Equity Trading Comments - 1 December 2023

Hybridan Small Cap Feast - 05 Dec 23

5th December 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

LIBERUM: Superdry*: Progress in resetting the business; tough year ahead

Hybridan Small Cap Feast - 4 Dec 2023

4th December 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

PROGRESSIVE: IG Design Group: Strong profit growth, key strategy initiatives and quantified aspirations

IG Design Group delivered a 27% increase in adjusted PBT to $34.8m for H1 FY24 (to 30 September) with a significant reduction in net debt to $15.1m, as signposted in last month’s trading update. The adjusted operating profit margin was some 270bps higher at 8.6% (vs 5.9% in H1 FY23), the highest achieved since H1 FY20 ahead of the CSS acquisition. Management has provided more details on the key attributes and initiatives for its new growth-focused strategy. The group is on track to return to pre

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