Morning Song

CVS Group (CVSG LN) FY18 – Progress on various fronts but some temporary growth pains | Spirent Communications (SPT LN) Interims in-line; FY second half weighted as expected | Vp (VP/ LN) AGM statement confirms strong start to FY19

Morning Song

Avon Rubber (AVON LN) Interims in line | boohoo.com (BOO LN) Leading e-commerce fashion brands undervalued | Oxford BioMedica (OXB LN) Kymriah® gains FDA approval in second indication | Photo-Me International (PHTM LN) CGT strikes could be taxing for French Photo-ID, but not materially so | Realm Therapeutics (RLM LN) FY results in line, lead programmes on track | Spirent Communications (SPT LN) Q1 update highlights expected H2 weighting

Top-line growth set to drive margin expansion

Spirent’s results last week showed good traction from the group’s strategic growth areas (Lifecycle Service Assurance and Application Security), which combined with effective cost control, resulted in strong earnings growth and excellent cash generation. The group remains heavily H2 weighted, but we believe it is well placed to deliver a long awaited return to top-line growth going forwards. With gross margins remaining strong and management maintaining a tight grip on costs, we expect the growt

Morning Song

Applied Graphene Materials (AGM LN) Collaboration on W Motors Fenyr SuperSport car | ATTRAQT Group (ATQT LN) Opportunities intact, focus on execution | Domino’s Pizza Group (DOM LN) Good set of finals and strong start to FY18 | Frontier Smart Technologies Group (FST LN) Strong results with more to come | Spirent Communications (SPT LN) Good progress in FY’17 | Summit Therapeutics (SUMM LN) Enrolment opened for an additional group in PhaseOut DMD trial

Good progress in FY’17

Spirent has reported its results for the year to December 2017. Group revenue and adj, EBIT are both slightly ahead of expectations, with a strong performance in Lifecycle Service Assurance and good cost control in Connected Devices offsetting some weakness in Networks & Security. Effective tax management in FY’17 has resulted in 43% adj. EPS growth to 7.55 cents, well ahead of our 6.3 cents estimate. Cash generation was also strong, with net cash at the period end of $128.4m. This has resulted

Smarter Connectivity

Spirent Communications is a world leader in providing products and services for test and measurement of communications systems across fixed and mobile voice, data and video applications and networks. In this report we argue that the company is positioned for increased earnings growth in the coming years, based on the success of the recent cost-base reduction program, and the company’s strategic alignment to the major growth drivers in the market place.

N+1 Singer - Spirent Communications - Full year outlook unchanged

Spirent has released its Q3 trading update showing a number of key contract wins and a continued focus on cost management. Revenue for the 9 months to September ’17 was $326.1m versus $324.4m at the same point last year, with adjusted EBIT significantly higher at $33.4m (2016: $20.6m). Net cash at the end of Q3 was $115.6m. We leave our forecasts and target price methodology unchanged meaning our DCF derived TP remains 116p. After the recent share price weakness this results in our recommendatio

N+1 Singer - Morning Song 09-11-2017

N+1 Singer - Spirent Communications - Revenue downgrades offset by cost cutting

Spirent’s H1’17 interim results showed increased operating margins and good cash generation, but a return to top line growth remains illusive. Networks & Security was the star performer in H1 (+11%) but the transition to 400G Ethernet is causing project delays that will result in a weaker H2 than expected from the division. With Lifecycle Service Assurance expected to be significantly second half weighted and Connected Devices still in decline, the group has a lot to do in H2’17. We have reduced

N+1 Singer - Morning Song 03-08-2017

Bioquell (BQE LN) Positive trading continues | Earthport (EPO LN) Partnership with Kotak Mahindra Bank | Ground Rents Income Fund (GRIO LN) Further clarification on doubling assets | Oxford Metrics (OMG LN) Further product innovation at Vicon | Porta Communications (PTCM LN) Strategic investment and debt reorganisation | Spirent Communications (SPT LN) Still waiting on return to top line growth | StatPro Group (SOG LN) Scale and sales hires should drive organic growth | UDG Healthcare (UDG LN) S

N+1 Singer - Morning Song 02-08-2016

A G Barr (BAG LN) Weak H1 update. We move to Sell | BBA Aviation (BBA LN) Signature outperforming; ERO still challenging | Dialight (DIA LN) Sales decline and high non u/l costs, but strong cash-flow | Elementis (ELM LN) Challenging H1, well positioned for future recovery | Greggs (GRG LN) A successful first half and a reassuring start to H2 | RhythmOne (RTHM LN) Another positive step | SDL (SDL LN) Building confidence in strategy execution | Spirent Communications (SPT LN) Headwinds mask underl

Morning Song

Avon Rubber (AVON LN) Solid progress in subdued markets | Futura Medical (FUM LN) Recruitment closed in Eroxon® trial | Spirent Communications (SPT LN) Solid Q1 trading update

Record next-generation award

Invinity Energy Systems - Mistral Funded For 84 MWh

Invinity has followed the first sale of its Mistral flow battery with the news that the US Department of Energy will make funding available for 84 MWh of these larger units at six sites. This is major potential business in its own right but will also create a portfolio of reference sites, effectively seeding the US market for Invinity. The move gives us confidence in our long-term forecasts. We have factored in a gross margin gain for FY 24 and FY 25 as Mistral gains relative to the older VS3 pr

LIBERUM: Yü Group: Share price fails to reflect the growth

Strix (KETL LN) - Interim results & CMD

Strix has announced interim results for the six months to June showing revenue up 28.6% to £65.2m. The strong top line growth, driven by its 2022 acquisition of Billi, has resulted in gross profits rising 22.6% to £23.9m. Excluding Billi, revenue was down c. 14% yoy. Following updated guidance in today’s announcement, along with its Capital Markets Day, we adjust our forecasts to reflect the slower than anticipated economic recovery along with the impact rising interest rates have had on profita

LIBERUM: Yü Group: More upgrades - again

Invinity Energy Systems - More Progress In Taiwan

Invinity’s 1.1MWh sale to NARLabs adds to existing progress in Taiwan and by providing a verification facility augments the company’s development in a country moving fast to support a large renewable energy roll out.

Focussing on light duty

LIBERUM: Yü Group: More upgrades - again

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.

Interims and earnings update

LIBERUM: ATOME Energy : Poised for a re-rating

Ultimate Products+ (UPGS, House Stock at 117p) - European showroom opens in Paris

ATOME Energy - Progress on Projects

ATOME’s interims reflect the company making rapid progress in developing its green fertilizer projects in Paraguay with Phase I Villeta hoping to reach FID before the year end. The expansion of secured electricity now sees the company with power purchase agreements supporting 445MW of capacity in country.

Hybridan Small Cap Feast - 26 Sep 23

26th 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 ob

Ultimate Products+ (UPGS, House Stock, 119p) - Ultimate Products - Paris Homexpo showroom opening - September 2023