HCM UPDATE - 23.04.19 (HAS.L; PTY.L; RWA.L)

Hays plc (HAS.L, 159p/£2,320m) Q3 trading update to 31/03/19 (16.04.19) | Parity Group plc (PTY.L, 7.4p/£7.6m) Full year results to 31/12/18 (16.04.19) | Robert Walters plc (RWA.L, 580p/£440m) Q1 trading update to 31/03/19 (15.04.19)

HCM UPDATE - 04.03.19 (RTC.L; RWA.L)

RTC Group plc (RTC.L, 62p/£9m) Full year results to 31.12.18 (25.02.19) | Robert Walters plc (RWA.L, 589p/£445m) Full year results to 31.12.18 (01.03.19)

HCM UPDATE -14.01.19 (RWA.L; STAF.L)

Robert Walters plc (RWA.L, 561p/£424m) Q4 trading update to 31.12.18 (10.01.19) | Staffline Group plc (STAF.L, 990p/£277m) Full year trading update to 31.12.18 (08.01.19)

HCM UPDATE - 15.10.18 (HAS.L; PAGE.L; RWA.L)

Hays plc (HAS.L, 162p/£2,359m) Q1 trading update | PageGroup plc (PAGE.L, 526p/£1,690m) Q3 trading update | Robert Walters plc (RWA.L, 630p/£465m) Q3 trading update

HCM UPDATE - 30.07.18 (EMR.L, IPEL.L, RWA.L, STAF.L, STHR.L)

Empresaria Group plc (EMR.L, 82.5p/£40.4m) Half year trading update (25.07.18) | Impellam Group plc (IPEL.L, 467p/£235m) Half year results (26.07.18) | Robert Walters plc (RWA.L, 780p/£589m) Half year results (26.07.18) | Staffline Group plc (STAF.L, 1,092p/£305m) Half year results (25.07.18) | SThree plc (STHR.L, 344p/£454m) Half year results (23.07.18)

HCM UPDATE - 16.07.18 (CPS.L, HAS.L. NAK.L, PAGE.L, RWA.L)

CPL Resources plc (CPS.L, 530p/£144m) Trading update (12.07.18) | Hays plc (HAS.L, 208p/£3,013m) Q4 trading update (13.07.18) | Nakama Group plc (NAK.L, 0.9p/£1.1m) Trading update (11.07.18) | PageGroup plc (PAGE.L, 595p/£1,949m) Q2 trading update (11.07.18) | Robert Walters plc (RWA.L, 754p/£570m) Q2 trading update (10.07.18)

Allenby Capital HCM Update 16.04.18

Hays plc (HAS.L, 182p/£2,639m) Q3 trading update to March 2018 (12.04.18) | Hydrogen Group plc (HYDG.L, 36.5p/£12.2m) Final results to 31 December 2018 (10.04.18) | PageGroup plc (PAGE.L, 537p/£1,755m) Q1 trading update to 31 March 2018 (11.04.18) | Parity Group plc (PTY.L, 11.1p/£11.3m) Final results to 31 December 2018 (10.04.18) | Robert Walters plc (RWA.L, 699p/£528m) Q1 trading update to 31 March 2018 (10.04.18)

Allenby Capital HCM Update 05.03.18

Harvey Nash Group plc (HVN.L, 88.6p/£65.1m) Full year Trading Update to 31 January 2018 | RTC Group plc (RTC.L, 61.5p/£9.0m) Full year results to 31 December 2017 | Robert Walters plc (RWA.L, 650p/£489.5m) Full year results to 31 December 2017

Allenby Capital HCM Update 15.01.18

Hays plc (HAS.L, 198p/£2,874m) Q2 trading update to 31.12.17 | PageGroup plc (PAGE.L, 542p/£1,770m) Q4 trading update to 31.12.17 | Robert Walters plc (RWA.L, 648p/£488m) Trading update for year to 31.12.17

HCM Update 02.01.18 (EMR.L; PTY.L; RWA.L; SVCA.L; STHR.L) RM

Empresaria Group plc (EMR.L, 90p/£44.1m) Initiation of share buy backs (13.12.17) | Parity Group plc (PTY.L, 9.375p/£9.6m) Full year trading update to 31.12.17 (13.12.17) | Robert Walters plc (RWA.L, 592p/£446m) Trading update to 30.11.17 (12.12.17) | Servoca plc (SVCA.L, 23p/£28.3m) Preliminary results to 30.09.17 (12.12.17) | SThree plc (STHR.L, 368p/£479m) Full year trading update to 30.11.17 (15.12.17)

Leadership Through Experience

Robert Walters PLC (LON:RWA) shares have gained 79% in the last 12m, 219% in the last 5 years, strongly outperforming peers. We argue this is driven by growth in NFI (Net Fee Income), up 18% like-for-like in H1 2017, or 11.5% overall NFI CAGR in the last 15 years, with only one down year. In this report we examine some of the drivers which underpin this sustained organic growth trend.

HCM Update 16.10.17 (HAS.L, NBB.L, PAGE.L, PRP.L, RWA.L) RM

Hays plc (HAS.L, 190p/£2.8bn) Q1 Trading Update (12.10.17) | Norman Broadbent plc (NBB.L, 11p/£4.6m) Appointment of CFO and COO (05.10.17) | PageGroup plc (PAGE.L, 477p/£1.6bn) Q3 Trading Update (11.10.17) | Prime People plc (PRP.L, 97.5p/£11.9m) Acquisition (11.10.17) | Robert Walters plc (RWA.L, 589p/£443m) Q3 Trading Update (10.10.17) | Report on Jobs September 2017 (06/10/17)

HCM WEEKLY UPDATE - 24.07.17

Empresaria Group plc (EMR.L, 151p/£74m) H1 Trading Update to 30 June 2017 | FDM Group plc (FDM.L, 915p/£984m) H1 Results to 30 June 2017 | Gattaca plc (GATC.L, 303p/£94m) Full year Trading Update to 31 July | Impellam Group plc (IPEL.L, 648p/£326m) H1 Results to 30 June 2017 | Nakama Group plc (NAK.L, 1.5p/£1.8m) Full Year Results to 31 March 2017 | Parity Group plc (PTY.L, 10.25p/£10.4m) H1 Trading Update to 30 June 2017 | Robert Walters plc (RWA.L, 473p/£352m) H1 Results to 30 June 2017 | Sta

HCM UPDATE - 17.07.17 (PAGE.L, RWA.L, HAS.L)

PageGroup plc (PAGE.L, 475p/£1,551m) In line - Q2 Trading Update (11.07.17) | Robert Walters plc (RWA.L, 460p/£343m) Very encouraging - Q2 Trading Update (12.07.17) |

ITM Power (ITM LN) - Trading update

ITM has released a trading update, providing guidance on its upcoming H1 FY 2024 results, and reiterating full year FY 2024 guidance.

Norcros - UK margins up materially, South Africa stabilising

Norcros’s compelling investment case was underpinned at the half year where underlying operating profit was down less than 3% despite material revenue pressure. Group operating margins rose 60bp, the UK business reported record underlying profits and Norcros continued to take market share in both the UK and South Africa. We believe that Norcros’s key strengths are underappreciated and that legacy issues, notably the pension deficit, have been resolved. We retain our estimates and value the share

Titon Holdings+ (TON, House Stock at 80p) - Trading update

SP Angel Morning View: Gold powers through $2,100/oz on outlook for Fed rate cuts

PROGRESSIVE: Oxford Metrics: Technology, strategy and EPS enhancing

Oxford Metrics (OM) today announced the acquisition of Industrial Vision Systems Ltd (IVS) for £8.1m, funded from cash and 1m new shares. IVS operates in industrial applications of smart sensing, with machine learning technology for quality control in the manufacturing environment. The deal is immediately earnings enhancing and we are raising our forecasts for FY24. This is an exciting first M&A application of the funds from the Yotta disposal. The deal appears technologically and strategically

PROGRESSIVE: SDI Group: Acquisition of Peak Sensors

SDI Group has announced the acquisition of Peak Sensors, a UK manufacturer of temperature sensors, for an estimated £2.4m (£2.3m less cash). The initial cash consideration is £1.58m, with a further c.£0.82m payment due shortly after completion. The deal will be funded from SDI’s revolving credit facility. As at 30 September, SDI had c.£1.78m cash, £15.1m bank debt and £9.9m undrawn bank facility excluding the accordion, providing considerable financial flexibility for the group. The acquisition

Van Elle Holdings plc (VANL LN) - Trading in line with FY24 expectations, completion of Rock & Alluvium acquisition

Van Elle has released a pre close trading update for HY24 confirming it is trading in line with expectations. Revenue is down 16% yoy to £68.0m which is broadly in line with Zeus expectations for FY24 of 12.1% decline in revenue, pre the addition of Rock & Alluvium. Estimates are updated on the back of the completion of the deal increasing revenue by 6% in the current year to £138m and 11% to £155m in FY25. Zeus leave profit before tax estimates unchanged at £5.0m in FY24 due to integration cost

Morning Note – 28 November 2023

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

SP Angel Spec Sits: (YUG) H1 2023: Revised EBITDA Target of £33m+

YUG announced its finacial results for H1 2023 with revised Adj. EBITDA expectations for the year of over £33m, from ~£19m currently.

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

Hybridan Small Cap Feast - 4 Dec 2023

4th 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

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

Itaconix - Interim results – on track for FY23 forecasts

Half-year results show good revenue progress, especially in the cleaning segment. Formulation Solutions was up 80% with Performance Ingredients up 20%. Management comment that half-year results place the company in a strong position to achieve FY forecasts. Post the $11.5m net placing proceeds, it has the balance sheet to expand and invest as it scales up activities over the next few years. With significant potential to develop a strong position in plant-based polymers across a range of customer