LIBERUM: MPAC: Strong end to FY23, sets positive base for FY24

Mpac Group+ (Mpac, House Stock at 380p) - Strong FY23A - back on track!

Hybridan Small Cap Feast - 11 Jan 24

11th January 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

Strong performance in line with expectations

In a Trading Update for the year to 31 December 2023, Mpac Group reports that revenue and (adj.) profit before tax in H2 were substantially above the first half, whilst margins for the year returned towards normal levels. As a result the Group expects FY23 (adj.) PBT to be in line with market expectations and sees FY23 performance as providing a sound platform for continued growth in FY24. Whilst Mpac’s shares have recovered somewhat over recent weeks, they still trade on a 32% discount to the

Mpac Group+ (MPAC, House Stock at 298p) - Opportunity in automation

LIBERUM: MPAC: Trading update confirms the upside case

Mpac Group+ (MPAC, House Stock, 298p) - FY23F in line– positive FY24F outlook

LIBERUM: MPAC: Packaged for significant upside

Hybridan Small Cap Feast - 07 Sep 23

7th 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 obj

First half FY 23 results: orders continue to grow

For the six months to 30 June 2023, Mpac Group reported revenue of £52.8m (+4%YoY) and a closing order book of £77.5m, compared to £67.2m at FY22 year end, with order intake of £62.4m (H1 22: £32.8m). The net debt position at December 2022 of £4.7m reverted to H1 net cash of £2.2m; we estimate c£2.5m net cash for the full year. As the combination of order uptake cashflow progress demonstrates, the Group has re-established momentum; trading remains in line with management expectations. Reported

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

Trading update: H1 meets expectations

In a Trading Update for the first half to 30 June 2023, Mpac reports that trading was in line with management expectations, reiterating - as stated at the AGM in May - that performance remains second half weighted, supported by the strength of the order book and projects underway. The Group closed H1 with a strong balance sheet and positive net cash. Mpac notes that order intake for the year to date is significantly ahead at £62.4m compared to £32.8m a year earlier, with the H1 closing order bo

Mpac Group+ (MPAC, House Stock at 213p) - H1 trading update, strong order flow

Mpac Group+ (MPAC, House Stock, 230p) - AGM update; FY23F unchanged

AGM statement: momentum maintained

In a statement accompanying the AGM, Mpac Group reports that the positive momentum of Q4 22 has been maintained, with order intake and quotation activity significantly ahead year-on-year. As expected, pressure on working capital has eased - the completion of orders and shipment of equipment means that Q1 23 closed with a positive net cash position, which is expected to be maintained in H1. This is a clear validation of the steps undertaken in the latter part of FY22 and a strong positive indica

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!

Morning Note – 25 April 2024

Vianet Group: FY24 trading update, strategic contract win

Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the

SP Angel Spec Sits: FY Trading Update (LTHM)

Vianet - FY24 ahead, strategic forecourt customer win

Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr

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

Norcros (NXR LN) - Sale of Johnson Tiles UK streamlines the business and improves operating margin

Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.

Renewi - Solid trading and better cash generation

Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,

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: Ilika: CMD confirms operational progression

LIBERUM: Gattaca: Resilient contract performance, perm tough