Hybridan Small Cap Feast - 18 Oct 23

18th 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

Allenby Capital: Update - Higher selling prices and cost control benefit FY23e

Hardide plc’s (HDD.L) year-end trading update confirmed FY23e EBITDA at around breakeven. That’s in line with our forecasts, on the back of c. £5.5m revenues, 10% up on the prior year. The latter came in below forecast (ACLe: £6.1m); EBITDA benefited from a combination of a disciplined approach to costs and higher selling prices rolled out during Q2 and Q4. The FY24 outlook is supported by both the leaner expense base and an anticipated higher full year contribution from Airbus for A320/A321 com

Morning Note – 18 October 2023

Hardide - Year-end update – FY23 close to EBITDA breakeven

The group has announced a reassuring year-end update that points to the group trading close to EBITDA breakeven in FY23. It has achieved this despite slightly lower revenue and some previously highlighted work in the gas turbine market being rescheduled to FY24. It gained £0.7m from profit and working capital initiatives, twice the original target. The momentum of Q4 has continued, with aerospace customer schedules showing growth and the anticipated gas turbine orders rescheduled from FY23 to FY

Hybridan Small Cap Feast - 17 May 23

17th May 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 objectiv

Hardide interims

A positive first half - revenues 9% up y-o-y, 22% ahead of H2 22 – reflects improving oil & gas sector markets, new business flows and successful recovery of input cost inflation via higher selling prices. Significantly, HDD achieved EBITDA breakeven in the period and moved closer towards positive cash generation, a key financial milestone. Revenues are well diversified by industry and client, and visibility is underpinned by contractual relationships and potential for materially higher demand f

Morning Note – 17 May 2023

Hardide - Interims confirm on track to attain EBITDA breakeven for FY23

The group’s interim results were encouraging, reflecting improving market conditions and profit improvement actions. EBITDA breakeven was achieved in H1 earlier than our expectations. H2 is expected to see further growth and also achieve EBITDA breakeven for the year as a whole. Commercial progress was recently demonstrated with the further traction in coating Airbus wing components, with a partnership agreement with Gardner Aerospace for the A320. Demand has continued in the Energy sector, with

Hardide Update

The AGM statement reiterated the ‘cautious optimism’ that underpinned the group’s recent annual report (covered in our 9 February update). HDD is experiencing growth across all of its key markets; aerospace, energy and industrial products. First half revenues to end March 2023 are expected to come in around 7% ahead y-o-y. That will be sufficient to deliver forecast EBITDA breakeven in FY23 despite deferral of a c. £0.3m order into H1 FY24. That outcome underlines the success of initiatives to

Morning Note – 23 March 2023

Hardide - AGM - some project delays but EBITDA forecasts maintained

The group’s AGM update continues to see good momentum in its key target markets of oil & gas, aerospace, and industrial products with the Board cautious optimistic in its outlook. Near term economic headwinds are causing some specific customer projects to be delayed into H1 FY24. As such, we trim our revenue expectations for FY23. With management having already taken measures to protect cash flow and improve profitability by £0.4m, existing expectations for EBITDA breakeven are maintained.

Hardide Final Results

Positive FY22 results show momentum building. Hardide (HDD.L) confirmed orders for its high-performance coatings from all key industry sectors. As pandemic related issues ease progressively, demand is picking up and the underlying prospects and demand for HDD products appears broadly intact. The reactor capacity is in place to meet projected demand to the end of FY24, so revenue growth should flow quickly to margins, move HDD towards full profitability and positive cashflow. HDD also confirmed

Hybridan Small Cap Feast - 08 Feb 23

08 February 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 objec

Morning Note – 8 February 2023

Hybridan Small Cap Feast 27/10/22

Dish of the day Joiners: Unicorn Mineral Resources (UMR) has joined the Standard Segment of the Main Market. Unicorn Mineral Resources plc is an Irish exploration company, incorporated on 25 March 2010. Unicorn’s focus is to explore for zinc in Ireland, and the Company has been working on several license blocks since 2010. It has targeted the highly prospective Limerick Basin. Unicorn raised £930k at 10 pence per share. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Ithaca Energ

LIBERUM: Flowtech Fluidpower: New CEO's growth plan now in motion

Treatt - Return to growth in FY23

Treatt’s FY23 results show a significantly improved y-o-y operating performance, delivering revenue and profit growth alongside record cash generation. Sales in H223 were affected by the destocking of inventory from clients, although management notes early signs of this reversing. Particularly strong growth came from Treatt’s new markets segment (Coffee, China and Treattzest), up 61% y-o-y. Record cash generation resulted in net debt more than halving to £10.4m. Management is focusing on volume

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

Hybridan Small Cap Feast - 01/12/23

1st 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

IO#9 within target production range

Renold - Strong interim results – FY24 EPS upgrade of 9.3%

The group has seen a very strong H1 performance, with decent momentum in Chain markets but driven by the strong increase in output in Cardiff in the TT division. Margins in particular saw a strong improvement with both divisions generating ROS of 16%. Order intake has continued to see some softer conditions, with ordering patterns normalising, although this results in a lower order book, particularly in Europe. On strong H1 results management expect FY24 to be ahead of expectations. We upgrade F

Brickability Group - A diversified and resilient model

Today’s interims are in line with the recent trading update (11th October) and as such we make no changes to forecasts. Revenue of £324.8m represents a LFL decline of 14%, with EBITDA of £25.6m (H123: £25.5m). This is a strong performance, against what is a challenging market backdrop and underlines the benefits of its diversified operating model and focused strategy. We therefore continue to be surprised at the weakness of the share price, especially in the context of a broader peer group. Putt

TClarke - £1.1bn order book and delivery protection measures

TClarke has confirmed it is on track to deliver its three-year growth-plan target of £500m of revenues in 2023E (up from £426m in 2022). It detailed a 99% increase in the order book to £1.1bn alongside a further £1bn in opportunities. Reflecting the current challenges in the construction sector, management has made a number of strategic decisions to preserve the business’s strong market and financial position. These include changing some supply-chain partners mid-contract to protect project comp