SP Angel Spec Sits: FY Trading Update (LTHM)

SP Angel Spec Sits: James Latham Plc (LTHM LN): Other side of the hump

Other side of the hump

SP Angel Spec Sits: Return to Normal Cond'ns(LTHM)

LTHM provided a trading update following its AGM yesterday. Revenue for the first 4 months of the fiscal year is £128m, a reduction to sales per working day by 12% y/y. Margins are reverting to long-term average levels as predicted. However overheads and profit remains in line with expectations. Cash balances remain strong to navigate continued uncertainty in the market.

SP Angel Spec Sits: Excellent Perforamnce Again (LTHM)

LTHM delivered excellent results for the F2023 financial year with revenue up 6% y/y to £408.4m. Gross profit was £80m or a margin of 19.6%, down from the highs of F2022. Profit before tax was £44.5m, a decline of 23% from F2022 but a very strong performance in normalised markets. Cash was £62.6m, up from £37m at the end of F2022. A divided of 20.8p plus a special dividend of 8p has again been announced by the Board.

SP Angel Spec Sits: H1F23 Another Solid Set of Results (LTHM)

LTHM reported results for H1 F2023 with top line growth of 9.7% and gross margins of 19.4%. Cash balances remained in line with fiscal year-end 2022 at £36.9m. The Board declared a 7.25p dividend payable on 27 Jan 2023. Performance in the first half remained strong with stable volume and strong product pricing. With performance starting to normalise we have reinstated forecasts for F2023E and F2024E.

SP Angel Spec Sits: F2022 Unaudited Results - An Exceptional Year (LTHM)

LTHM released unaudited financial results for F2022 for the year-ended March 31.

SP Angel Spec Sits: Trading Update in Unique Markets (LTHM)

LTHMs provided a trading update with record revenue expectations of over £370m for the year, vs. £250m in F2021. However, as costs continue to rise volumes and gross margin are starting to normalise. Overheads are facing inflationary pressures but management is known for its close monitoring and controls. We still expect EBITDA to be unusually high for F2022E given the early boost to the year with H1F22 EBITDA of £36.1m

SP Angel Spec Sits: Unprecedented Markets & Results (LTHM)

LTHM announced exceptional results for H1F22 ended 30 September 2021. H1F22 revenue reached £193.9m, +81.2% over H1F21 of £107m. This is notably a stellar first half driven by demand-supply imbalances in global markets that have resulted following the pandemic. Resulting PAT of £26.6m translates to EPS of £1.335 vs. £0.256 in H1F21.

SP Angel Spec Sits: Strategic Acquisition in Ireland (LTHM)

LTHM announced the acquisition of the entire share capital of Sarcon (No 155) Ltd (“Sarcon”) and its subsidiary companies for ~£4.0m +/- a net asset adjustment.

SP Angel Spec Sits: Trading Update: Exceptional Results (LTHM)

Management provided a trading update noting that from 1 April to 31 July 2021 revenue was £127m with daily volume increases of 11% and increase in sales per working day of 34% from the quarter ended 31 March 2021.

SP Angel Spec Sits: A Solid Year Despite Market Challenges (LTHM)

F2021 revenue was £250.2m, up 1.3% y/y (F20: £247.1m) with like for like volumes increasing by 6.6%. F2021 GP was £45.1m or an 18% margin, up slightly from 17.6% in F2020.This reflects strong improvement in H2F21 gross profit of £27.1m or margin of 18.9%.

Small Cap Feast

PensionBee, the online pensions provider, with a mission to make pensions simple, so that everyone can look forward to a happy retirement, considering an IPO on the High Growth Segment of the Main Market of the London Stock Exchange. PensionBee is a leading online pensions provider in the UK, with approximately 130,000 Active Customers and £1.5 billion of assets under administration , in each case as at 28 February 2020. Cornerstone FS to join AIM, an SME focused, cloud-based provider of inter

SP Angel Spec Sits: F2021 Trading Update (LTHM)

LTHM released a trading update ahead of its year-end March 31, 2021

SP Angel Spec Sits: Half Year Results (LTHM)

H1F21 revenue was £107m, down 14.8% y/y (H1F20: £125.6m) and down 11.9% sequentially (H2F20: £121.5m). Q2F21 revenue was up 5.3% y/y, indicating a trend to recovery in the post-lockdown period across both, Ireland and the UK. The strength of LTHM's business model is supported by the diversity of its customer base and the expanse of its product offering, allowing it to withstand fluctuations in demand across market sectors. We believe LTHM stock is a relatively low risk investment given the stron

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!

Trading update highlights scale of growth

In a Trading Update for the twelve months to 31 March 2024 Supreme expects to report revenue of c.£225m, and (adj.) EBITDA of at least £38.0m, in line with market expectations, which had been revised upwards during the course of the year and represents almost double the FY23 level. The Group closed the year debt free. Our outlook highlights the extent to which Supreme has expanded, through both acquisition and organic growth during the period. From 2020 to 2024E the Group will have grown sales

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

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

LIBERUM: Ilika: CMD confirms operational progression

LIBERUM: Gattaca: Resilient contract performance, perm tough

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

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

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$

AUCTUS ON FRIDAY - 19/04/2024

AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te

LIBERUM: Capex Cycle: Miners' spending continues to lift