LIBERUM: Babcock - Another disposal takes leverage below the target

LIBERUM: Babcock - Growth in Digital and International

LIBERUM: Babcock - Turn-around is on track

LIBERUM: Babcock - No update at the AGM but lots of interesting background

LIBERUM: Babcock - Frazer-Nash de-risks the balance sheet with minimal dilution

LIBERUM: Babcock - Strategy unfolding; cheap post dilution

LIBERUM: Babcock - 2022 is a transition year

LIBERUM: Babcock - No need for equity and cheap post disposals

LIBERUM: Babcock - £1.7bn of impairments and downgrades but no rights issue

LIBERUM: Babcock - A benign Defence Command Paper

LIBERUM: Babcock - FY 2021 FD EPS reduced by 19%

LIBERUM: Babcock - A new strategy is unfolding

LIBERUM: Babcock - Fireside chat: Cheap even after the re-set

LIBERUM: Babcock - Weak earnings, strong cash, but no downgrades

LIBERUM: Babcock - Re-assuring briefing on Type 31

Record next-generation award

Continued strong growth

Invinity Energy Systems - Mistral Funded For 84 MWh

Invinity has followed the first sale of its Mistral flow battery with the news that the US Department of Energy will make funding available for 84 MWh of these larger units at six sites. This is major potential business in its own right but will also create a portfolio of reference sites, effectively seeding the US market for Invinity. The move gives us confidence in our long-term forecasts. We have factored in a gross margin gain for FY 24 and FY 25 as Mistral gains relative to the older VS3 pr

Strix (KETL LN) - Interim results & CMD

Strix has announced interim results for the six months to June showing revenue up 28.6% to £65.2m. The strong top line growth, driven by its 2022 acquisition of Billi, has resulted in gross profits rising 22.6% to £23.9m. Excluding Billi, revenue was down c. 14% yoy. Following updated guidance in today’s announcement, along with its Capital Markets Day, we adjust our forecasts to reflect the slower than anticipated economic recovery along with the impact rising interest rates have had on profita

Mpac Group+ (MPAC, House Stock at 210p) - HY results; recovery continues

Ultimate Products+ (UPGS, House Stock at 117p) - European showroom opens in Paris

Judges Scientific - Interim results – Excellent H1 underpins FY2023 with upside potential to FY2024E

Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. Judges has delivered an excellent first half with order books reaching a new mid-year record of 22.4 weeks. H1 revenue increased by 32% (organic +16.5%) to £61.3m (H1-22: £46.4m) which helped yield an adjusted pre-tax profit of £12.8m (H1-22 £9.6m), a 33% YoY increase (organic: +12%), with EBITA margin climbing to 23.2% (H1-22: 21.8%). Adjusted fully diluted EPS increased 22% to 150.3p

LIBERUM: Judges Scientific: Strong H1, FY23E well underpinned

Hybridan Small Cap Feast - 11 Sep 23

11th September 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 ob

Focussing on light duty

Interims and earnings update

Ultimate Products Global Sourcing - Bonjour Paris

Ultimate Products has announced the opening a new showroom in Paris and appointed a new sales team, also based in the capital. UPGS generates c.30% of its revenue in Europe, with Germany accounting for 30% of European sales. These announcements should act as the springboard to achieve a similar level of penetration in France. A launch event was held on Thursday 21 September, where the ribbon was cut by Hajir Hajji, the CEO of Action. The stock is -29% YTD, driven by concerns over the cost-of-liv

LIBERUM: SThree: Q3 demonstrates further resilience

LIBERUM: Safestyle: Looking to strengthen balance sheet

Wincanton (WIN LN) - Transformational pension agreement

Wincanton has announced a very positive outcome of the 2023 Triennial Valuation, agreed with the Trustees. The Group and the Trustees have decided that no further contributions are now payable into the Pension Scheme because of the 2023 valuation. Previously, contributions for the year ending 31 March 2024 would have been £23.6m, and £25m each year from April 2024 to March 2027, increasing in line with the Retail Prices Index. The free cash and balance sheet position of the Group is transformed,