AGM statement affirms market momentum

In a statement to accompany today’s AGM, Supreme PLC Chairman Paul McDonald noted “record organic revenue and profit growth” for the year to 31 March 2024. The Group also closed the year debt-free. Subsequently, the Group has continued to build on positive trading momentum into H1 25, and, following a solid start, expects FY25 performance to be in line with market expectations. Inclusive of the acquisition of Clearly Drink, Supreme reports that annualised sales from non-vaping products are expe

Supreme Plc (SUP, House Stock at 165p) - Robust FY25F trading continues

Supreme (SUP LN) - AGM Statement

Positive momentum, trading in-line with expectations: Today’s update confirms Supreme’s strong FY24 trading momentum, reported in July, has continued in to the first half of the current financial year and the Group remains in-line with full year expectations. The Group continues to see strong demand for its products, with its value proposition remaining highly relevant at a time when household discretionary spend remains under pressure.

Hybridan Small Cap Feast - 2 July 2024

2nd July 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, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to list on the Aquis Exchange on 3 July. Th

FY24 results generate doubled profit, record cash

For the year to 31 March 2024 Supreme reported revenue of £221.2m, +42%YoY, (adj.) EBITDA of £38.1m, +97%YoY and (rptd). PBT of £30.1m, +109%YoY. Net cash from operations grew 40%YoY to £27.1m, with year-end net cash1 of £11.6m (FY23: £3.2m). (adj.) diluted EPS was 18.19p/share (ED E, 20.2p). We see strong performance at gross level, +55%YoY with margin improvement from 26.3% to 28.7%. The Group has made timely preparation for the transition to traditional refillable, rechargeable e-cigarettes

Supreme Plc+ (SUP, House Stock at 179p) - Strong FY24A results, confirming a record year and considerable progress

Supreme (SUP LN) - Record FY24 results

Supreme has delivered a record performance, underpinned by robust profitable growth across all divisions; revenue of £221.2m is +42% YOY with adj. PBT more than doubled to £32.3m. Supreme is now bank debt free, with £11.6m net cash (ex-leases) despite completing seven acquisitions and returning more than £16m to shareholders over the past four years. It has well invested operations, underpinned by its new 167k sq. ft. Ark facility, whilst the recent acquisition of Clearly Drinks adds a further h

Hybridan Small Cap Feast - 24 June 2024

24th June 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, or it is a rumour Dish of the day Admissions: Delistings: TUI AG (TUI.L) has left the Premium Segment of the Main Market. Bens Creek Group (BEN) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence co

Acquisition of Clearly Drinks

Supreme has announced the acquisition of Clearly Drinks Ltd., for a total net cash (debt free) consideration of £15m, funded from cash. Clearly Drinks is a manufacturer of specialised canned and bottled-at-source spring water and soft drinks with FY23 annual turnover of £22m and EBITDA of £3.0m. This is a significant diversification, which increases the FY25E contribution from non-vaping revenue streams from £85m (38% of total) to £100m (42%). The acquisition of Clearly creates a new Supreme Bu

Supreme+ (SUP, House Stock at 139p) - Acquisition of Clearly Drinks, adding another vertical

Supreme (SUP LN) - Acquisition of Clearly Drinks

Supreme has announced the acquisition Clearly Drinks Limited, a brand owner and manufacturer of canned and bottled soft drinks, introducing an additional and highly complementary FMGC category to Supreme’s portfolio. The transaction is immediately earnings enhancing, with total consideration of £15.0m paid in cash.

Supreme Plc+ (SUP, House Stock at 139p) - FY24F preview - entrepreneurial drive

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

Galliford Try - Trying and Succeeding

Galliford Try’s FY24 results demonstrated robust growth and strategic progress across all business segments towards the group’s 2030 targets. The company's order book grew by 2.7% YoY to £3.8bn, 93% from repeat customers and covering a substantial share of FY25 and FY26 budgeted revenue. In Infrastructure, the order book increased by 5.6% to £1.5bn, driven primarily by Water wins. The company's success in securing positions across all Water company frameworks for the AMP8 cycle highlights its gr

Morning Note – 14 October 2024

PROGRESSIVE: Oxford Metrics - Two steps forward

Oxford Metrics has announced the acquisition of Sempre Group Holdings, a specialist measurement solutions provider, for up to £5.5m. Management anticipates that the deal will be immediately earnings enhancing for the group. OM has also announced a £6m share buyback programme. At the half year, net cash was £54.8m. We have not adjusted our forecasts for now but look forward to the preliminary results on 3 December as an opportunity to find out more and revisit estimates.

Zeus Industrials Round-Up - 11 October 2024

The UK industrial sector expanded for a fifth consecutive month in September per manufacturing PMI data, although activity was slightly softer MoM as employment levels, inventories and business confidence declined per the survey, primarily due to uncertainty regarding the Autumn Budget, US elections and subdued global market conditions. Global inflation data has been encouraging and we await next week’s UK payroll data to understand the BoE’s next decision, although it is widely anticipated that

PROGRESSIVE: Thruvision - H1 trading update and board changes

Thruvision has issued an update on current trading for the first half of the year to 30 September and announced a number of changes to the board, including CEO Colin Evans leaving the company (with chairman Tom Black taking the reins until a successor is appointed). There is good momentum in demand from new and existing clients, and strong progress in expanding its reach through a broader set of sales partnerships, such as Sensormatic. Retail Distribution has performed well, accounting for 85% o

PANMURE LIBERUM: Research Reels: SigmaRoc - Solid as a rock:

Invinity Energy Systems - UK Supports Long Duration Storage

The government appears to be following the Lords’ Science and Technology Committee’s recommendation that they “get on with it” when it comes to supporting long duration energy storage. Confirmation of a cap and floor revenue support model that could be open to applications in 2025 should drive new demand for Invinity flow batteries. With a strong commitment to more intermittent renewables, yet also delays on new baseload capacity such as Sizewell C, demand for storage represents a growing and lo

Hybridan Small Cap Feast - 14 October 2024

* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health

Ocean Wilsons Holdings - Confirmation of interest in Wilson Sons holding

Ocean Wilsons Holdings’ (OCN’s) H124 results showed good growth, reflecting a strong performance from Wilson Sons and a positive performance from the investment portfolio (OWIL). While the strategic review remains ongoing, in August the company announced that it is in discussions with I Squared that may or may not lead to an offer for its holding in Wilson Sons (BOVESPA: PORT3). Despite the review and the potential for value realisation, OCN still trades at a c 40% discount to our valuation of

Norcros (NXR LN) - Stable trading in H1-25

Norcros, a market leader in the UK bathroom and kitchen products market along with strong market positions in South Africa, has provided an encouraging trading update for H1-25. Group revenue was flat yoy (cc, L4L) and adj. EBIT is expected to be at least £19.5m, meaning Zeus’ unchanged FY25 forecasts are now 51% covered at the revenue line and 45% at the operating level. The UK division performed well, seeing marginal improvement in Q2 as revenue (cc) rose 1% yoy in H1 following a flat Q1, whil

Morning Note – 30 September 2024

PANMURE LIBERUM: Yü Group: Estimates seem cautious

PANMURE LIBERUM: Galliford Try: Strong progress to 2030 targets

PROGRESSIVE: SDI Group: Strong FY23

SDI has announced FY23 results in line with the guidance given in its May trading update. Strong organic growth and outperforming acquisitions delivered revenue growth of 36% to £67.6m (FY22: £49.7m), with adjusted PBT at £11.8m (FY22: £11.8m). Despite increased global economic uncertainty, SDI’s niche businesses, operating in diverse end markets, delivered organic growth of 6.4% (constant currency). This excludes the ‘one-off’ Atik Cameras PCR contract, which was c.£8.5m in FY23 and c.£10.9m in

PROGRESSIVE: SDI Group: Resilient FY24 and strategy refresh

SDI’s FY24 results, released this morning, confirm that while markets have experienced headwinds from inflationary pressures, and customer destocking issues linger, overall performance has been resilient. We note improving cash generation, with £3.8m of free cash flow in H2. Net debt was flat at £13.2m (FY23: £13.3m) after acquisition spend of £3.4m. Despite the unwinding of inflated Covid demand, SDI has made strategic and operational progress, with a strong team in place to support the next ph