Hybridan Small Cap Feast - 21 Feb 24

21st 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 obj

Hybridan Small Cap Feast - 02 Feb 24

2nd 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

FY24 - off to a good start

Dewhurst, the specialty supplier of equipment to the lift, transport and keypad sectors, reported FY23 results in-line with our expectations with sales of £58m (c.0.7% growth) and adj. EBIT of £7.8m (-12%) reflecting mixed end-markets and continued cost pressures. FY24 has got off to a good start with sales up slightly YoY and increased confidence in the ability to mitigate cost rises. Balance sheet strength remains a key feature of the investment case (FY23 net cash of £24.4m pre IFRS16, c.50%

Hybridan Small Cap Feast - 26 Jun 23

26th June 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 objecti

Robust first half, further challenges in H2

Against a challenging backdrop the Group has reported revenue and operating profit growth of 12% and 3.6% respectively in the first half. Lower sales margins reflect some difficulties in passing through the entire impact of cost increases and also the effects of the delay in achieving increased prices. Currency movements accounted for c4% of the improvement in revenue and profits. Whilst Lift Division sales grew in most regions, there was a modest recovery in Keypad sales and Transport sales rem

FY22 adjusted EBITDA in-line

Against a challenging macro backdrop the Group has reported FY22 sales ahead 2.3% (flat at CER) and in-line adjusted EBITDA that was c.12% below the prior year’s outturn. The Group also had to contend with severe disruption from a cyber-attack in May 2022 that affected operations for several weeks and resulted in exceptional costs of c.£1.5m. The statement notes however that there was no significant impact on FY22 sales. Group sales in Q1 FY23 have been similar overall to the prior year and mana

Hybridan Small Cap Feast 12-07-2022

*A corporate client of Hybridan LLP Dish of the day Joiners: Warehouse REIT (WHR.L) has transferred to AIM from the Main Market. Leavers: No leavers today. What’s cooking in the IPO kitchen? Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina

Interims; demonstrable resilience despite backdrop

Dewhurst has announced its interim results, which reflect an encouraging performance despite the challenging backdrop. Revenues in the period decreased by 6% to £27m, while reported PBT increased by 11% to £3.7m. Net cash at the period end was £20m. Divisionally, UK, Canada and Hong Kong Lift sales performed well offsetting the partial weakness in Australia. However, in May (H2’22), a cyber-security incident affected group admin systems; manufacturing facilities have remained operational, though

Consistency, profitability and delivery

We initiate coverage on Dewhurst, a well-established supplier of components to the lift, keypad and Transport/Rail industries. DWHT is known for its strong market position, consistent delivery, and stable profits, as well as its progressive dividend policy. FY21 was an encouraging year against an uncertain macroeconomic backdrop, and we believe FY22 will be a year to build on as DWHT looks to capture a growing share of the Lift market. We pitch our forecasts prudently over the forecast period be

Small Cap Breakfast

Pelatro—provider of proprietary software solutions to enterprise-level customers for various aspects of precision marketing for use in B2C applications. Offer TBC, expected 19 December 2017 Fusion Antibodies—Belfast based contract research organisation providing services to biopharmaceutical and diagnostics companies that are involved in the development of antibodies for both therapeutic drug and diagnostic applications. Offer TBA. Due Mid Dec. Sirius Petroleum—RTO. Becoming an operating compa

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

SP Angel Spec Sits: FY Trading Update (LTHM)

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

LIBERUM: Ilika: CMD confirms operational progression

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Hybridan Small Cap Feast - 24 April 24

24th 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: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: Gattaca: Resilient contract performance, perm tough

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

LIBERUM: Capex Cycle: Miners' spending continues to lift

Hybridan Small Cap Feast - 22 April 2024

22nd 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: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

VSA Morning Flow Test 19/04/24 (Quadrise)

Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$