Morning Note – 11 July 2022

Morning Note – 2 March 2022

Byotrol - Interims

Interim results to 30 September reflect a tough comparator period of overstocked markets post the peak of pandemic demand. Sales reported at £3.2m (vs exceptional COVID driven £6.7m to 30 September 2020) were below management expectations. However, sales were substantially higher than the respective pre-pandemic period (£2.2m in the period ending 30 September 2019). Statutory adjusted EBITDA reported at £0.17m vs £2.91m. Despite a soft start to H1 FY 2022, particularly in hand hygiene products

Morning Note – 1 October 2021

Morning Note – 19 August 2021

Byotrol - FY 2021 results

FY 2021 full-year results were slightly ahead of the company’s 22 April trading update, with revenues and finnCap adjusted EBITDA up 85% and 322% to £11.2m and £1.7m, respectively. Despite a soft start to Q1 FY 2022 (prolonged COVID-19 restrictions and Brexit), demand remains above pre-pandemic levels and evidence that customers are clearing over-stocked pipelines points to a stronger H2. Confident that Byotrol will once again deliver >£1m of IP-related income, given its ongoing range of discuss

Morning Note – 22 April 2021

Byotrol - FY 2021 trading update and positive outlook

Byotrol released a positive trading update for the year to March 2021, indicating adjusted EBITDA of over £1.7m, which was in line with our forecasts, based on revenues of more than £11.0m (FC est. £11.5m). After a volatile FY 2021, both in terms of revenue and input prices, a degree of normality has returned to monthly trading patterns. The secular shift towards the increased importance of infection prevention in its market, however, is expected to drive sustained demand for its products. Havin

Morning Note – 26 February 2021

Morning Note – 7 December 2020

Byotrol - Strong interim results and exciting times ahead

Interim results to 30 September were characterised by a tripling of revenues to £6.7m, £1.2m of adjusted EBITDA, operating cashflow (£0.5m, despite £0.9m increase in inventory levels) and period-end cash of £1.7m. The outlook remains very positive, driven by: (i) sustainably higher-than-pre-pandemic order books; (ii) the prospect of first sales-based royalties from Actizone in FY 2022, which Solvay describes as being a potential blockbuster technology; and (iii) further monetisation events, whic

Morning Note – 24 September 2020

Byotrol (BYOT): Corp FY 2020 results – positive outlook drives upgrades | Eleco (ELCO): Corp New name and management but recurring revenue

Byotrol - FY 2020 results – positive outlook drives upgrades

Byotrol’s FY 2020 full-year results are inconsequential, given the dramatic and positive impact that the COVID-19 pandemic has had to product sales since the year-end. However, year-end cash was £0.1m above forecast at £1.7m and when combined with positive cashflow since year-end, Byotrol is well-resourced to finance its ongoing operations and steady growth. With the order-book remaining strong (c.£1.1m at 31 August), despite summer lull, and demand likely to persist for some time, given the eme

Morning Note – 7 September 2020

Avacta (AVCT): Corp | Belvoir Group (BLV): Corp | Byotrol (BYOT): Corp | Chariot Oil & Gas (CHAR): Corp | Destiny Pharma (DEST): Corp | Omega Diagnostics (ODX): Corp | SRT Marine Systems (SRT): Corp | Telit (TCM): Corp

Morning Note – 3 August 2020

Byotrol (BYOT): Corp | K3 Capital (K3C): Corp

Cenkos: Seeing Machines Ltd -- FY22 Trading in line with expectations

Seeing Machines has released a trading update for year-end 30 June 2022. Revenues are expected to be in line with market expectations (as per 23 February 2022 announcement A$55.6m) and cash position ahead of market expectations (FactSet A$40.4m). It notes that High margin Automotive royalty revenues are up 139% on the prior year with production vehicles on road now at 447,000. As a leading indicator it notes Non-Recurring Engineering (NRE) revenue is up 61% on prior year and that the cumulative

Frontier Developments - Board Reshuffle, Positive signs ahead

Board Reshuffle, Positive signs ahead

LIBERUM: Accrol Group Holdings Plc* - Well-positioned to benefit from the changing consumer landscape

Morning Note – 17 August 2022

LIBERUM: Joules* - Positive changes having an impact

Hybridan Small Cap Feast 17/08/2022

Dish of the day Joiners: No joiners today. Leavers: Altus Strategies Plc has left AIM. 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. T

Hybridan Small Cap Feast 10/08/22

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 objectives, financial situation or

LIBERUM: Science in Sport* - Lowering forecasts on tougher outlook

LIBERUM: CT Automotive* - Weak H1 but schedules improving

Accrol Group Holdings (ACRL LN) - Resilient trading despite clear headwinds

Accrol has delivered a robust trading update despite clear inflationary pressures on the business during the period. As a result, we are increasing our FY23 and FY24 revenue forecasts to reflect higher levels of activity and product inflation. Our headline earnings numbers remain unchanged following this update, albeit with growing confidence in FY23. We believe the shares look undervalued in what remains a strategically important player in the industry.

Strengthening position in home fragrance

Portmeirion has strengthened its position in the home fragrance market by acquiring smaller rival AromaWorks out of administration. AromaWorks is a well-established brand in the UK, having also very recently broken into the USA market. Historical sales last year amounted to £4.1m (c.35% of PMP’s Wax Lyrical’s FY21 outturn) and a PBT of £0.3m in what was a Covid impacted year. The total consideration is a modest £0.44m and we anticipate a short payback period. Strategically, this is a low risk de

LIBERUM: New Energy Monthly - Meetings with 3 UK New Energy stocks

LIBERUM: Superdry* - Solid FY22 highlights recovery potential

Hybridan Small Cap Feast 27/04/22

According to Proactive Investors, Bridgepoint is said to preparing to list Burger King UK on the London Stock Exchange as early as this spring. A valuation of £600m is expected. Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other f

Hybridan Small Cap Feast 28/06/2022

Joiners: No Joiners Today. Leavers: Raven Property Group has left the Main Market. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req