Staffline (STAF LN) - Resilient business model

Staffline’s H1 results show a good performance in challenging market conditions and the Group is on track to meet current market expectations for FY23, subject to its usual H2 weighting. Therefore, Zeus underlying EBIT forecasts are unchanged, but we factor in the newly announced £4m share buyback programme which boosts EPS estimates. We reiterate our investment case that Staffline has a uniquely diversified platform across recruitment services, longstanding blue-chip clients, a robust balance s

LIBERUM: Staffline Group: Strong cash performance and £4m buyback

Staffline (STAF LN) - AGM statement

Staffline has confirmed it remains on track to hit our FY23 estimates following a strong FY22 performance. Signs of stronger organic growth are coming through in both the UK and Ireland driven mainly by contract extensions in Recruitment GB and People Plus. We make no changes to our forecasts at this juncture and remain comfortable with our valuation per share of 62.2p illustrating compelling upside from current levels. We continue to believe that Staffline is well positioned to navigate current

LIBERUM: CEO Video: Albert Ellis, Staffline Group*

LIBERUM: Staffline Group* - Strategic progress offset by macro headwinds

LIBERUM: Staffline Group* - FY slightly ahead; no change to estimates

Staffline (STAF LN) - On track, small EBIT beat

Staffline has reported FY22 results with underlying EBIT of £12.0m up 16.5% year-on-year, beating our £11.6m forecast. Despite broadly flat revenue vs. FY21, the focus on its recruitment margins, tight cost control, and interest rate hedging has led to improved profits. As flagged on 24 January, the Group significantly outperformed our cash expectations, with net cash of £5.0m being £20.0m ahead of our estimates prior to the trading update. After resetting FY23 and FY24 forecasts in January, we

Hybridan Small Cap Feast - 24 Jan 23

24 January 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 object

LIBERUM: Staffline Group* - FY 22 earnings slightly ahead and cash much better but outer year EPS reduced

Staffline (STAF LN) - Resilient H2 performance, cautious approach to FY23

Staffline has released a trading update for the year to December showing a solid second half, exceeding our expectations for profitability and cash flow. FY22 underlying EBIT was £11.6m (Zeus: £11.4m) and net cash (ex. leases) was £5.0m (Zeus: net debt of £15.0m). Market conditions in FY23 are expected to be more challenging, with some softening of recruitment demand – as such, we trim our forecasts, reducing FY23 and FY24 underlying EBIT by 25.5% and 23.2%, respectively. That being said, with e

LIBERUM: Staffline Group* - H1 restrained by investment but expect stronger H2

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

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.

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.

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

Robust results, forecasts updated for acquisitions

Avingtrans has reported a robust set of FY23 results with EBITDA growth of 10.6%, marginally ahead of expectations. The Group entered the current year with good momentum and a strengthened order book that now provides over 90% visibility for FY24 and over 45% for FY25. Post year-end the Group acquired the assets of Slack & Parr, a specialist pump manufacturer, and also recently completed the acquisition of Adaptix, a manufacturer of compact 3D X-ray machines, as well as investing further in Magn