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) |

Eden Research - Fruitful year

Eden Research has reported its interim results for the 12 months to December 2023. The company generated revenues of £3.2m, slightly ahead of the January trading updated expectation of £3.1m and c15% ahead of our forecast. We note the company generated strong gross profits and an adjusted EBITA ahead of our forecast, both of which we believe were supported by the first commercial sale of Ecovelex. The company closed FY23 with cash slightly below our forecast, which we believe was impacted by the

Plant Health Care - Record start to the year, outperforming the sector

Plant Health Care has released a trading update noting that in the four months of 2024, revenue was approximately $4.3m, up 72% versus 2023 (2023: $2.5m). This is a record start to a year, with it substantially outperforming the wider agritech sector where larger peers are reporting Q1 revenue declines of 5-32%. We attribute this outperformance to the differentiated and highly attractive attributes of its biological solutions, which provide proven results to distributors and farmers. This start

Invinity Energy Systems - Funded to Cash Generation and More

Re-issued to correct for typographical errors.Invinity’s major equity fundraising is targeting a minimum of £56m with £25m already committed by the UK Infrastructure Bank (UKIB). A second strategic investment of £3m has been committed by Korean Investment Partners.  The raise will see Invinity to net cash generation, with over £30m of the raise supporting the company’s scale up ahead of this year’s launch of the next generation Mistral flow battery. The raise will boost the balance sheet, reduci

Morning Note – 7 May 2024

Zeus Building Products and Construction Round-Up - 3 May 2024

Market sentiment turned more cautious in the month of April, particularly regarding interest rates, with economic data producing mixed results. Despite housing transactions and net mortgage approvals continuing an upward trend, with the latter at an 18-month high and +20.1% YoY and +1.4% MoM to 61.3k (seasonally adjusted), Nationwide’s House Price Index dropped 0.4% MoM (seasonally adjusted) in April, below the +0.2% expected. This comes as mortgage lenders nudge rates up to factor in the potent

Morning Note – 8 May 2024

Invinity Energy Systems; Tansformative Strategic Investment

Invinity Energy Systems (IES LN) develops Vanadium Flow Batteries (VFBs) for utility-scale grid storage. The Group’s next-generation Mistral VFB technology, jointly developed with Gamesa Electric, launches in H2 2024 to provide grid-scale longer-duration energy storage (LDES) as renewable generation increases globally. To capture this opportunity, the Group has today announced that it has raised £56.0m through a placing at 23p per share. It is now undertaking an Open Offer to raise up to £6.6m a

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

Invinity Energy Systems - Funded to Cash Generation and More

Invinity’s major equity fundraising is targeting a minimum of £50m with half already committed by the UK Infrastructure Bank (UKIB). A second strategic investment of £3m has been committed by Korean Investment Partners.  The raise will see Invinity to net cash generation, with £30m of the raise supporting the company’s scale up ahead of this year’s launch of the next generation Mistral flow battery. The raise will boost the balance sheet, reducing counterparty risk and unlocking sales and bigger

SP Angel Morning View: Base metals rise ahead of US labour data

PROGRESSIVE: SDI Group: H1 24 – well-placed for the post-Covid normal

SDI has indicated that a slowdown in the life science / biotech market, and some resultant destocking, is likely to impact its expected FY24 revenue, leading the group to moderate current year guidance for both revenue and adjusted EBITDA. SDI notes that FY24 represents a short-term phenomenon, due to the over-ordering of the past three years caused by inflated Covid demand. However, we remain confident for the long term, given the strength of SDI’s ‘buy and build’ business model, with a number

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

ReFuels - April Station Data

ReFuels bio-CNG station dispensation data for April has continued on trend with steady growth in volumes dispensed both on a year-on-year and month-on-month basis. 4,494 tonnes of bio-CNG were distributed to a daily average of 1,705 trucks during the month, up significantly from 3,173 tonnes and an average 1,346 trucks in April 2023. This is positive growth that displays ongoing steady momentum in the bio-CNG trucking space.

Hybridan Research 08/05/24 - Northern Bear: Trading in line with market expectations

Northern Bear today provided a trading update on the financial year ended 31 March 2024 (FY24) for the Company and its subsidiaries (the Group). Further to the interim results reported on 29 November 2023, the Group has continued to trade well over the six months ended 31 March 2024 (H2 FY24). There has been significantly higher rainfall than normal during H2 FY24, with rainfall in the North East at 153% of the long term average according to Environment Agency statistics, with a total of nine na

SDI Group - Interims – Some destocking seen – FY24E EPS reduced by 19%

SDI released interim results showing mixed trading in challenging markets. As anticipated, the completion of the exceptional Covid-related camera orders resulted in a reduction at Digital Imaging, offset by Sensors & Controls revenue growth of 40%. Some customer destocking is being seen as well as softer markets in China and Germany. As a result, the outlook points to FY24E adj PBT of between £7.9m-8.4m. This leads us to downgrade our Adj PBT by 18% to £7.9m, with a reduction in adj EPS of 19% t