It's a growth thing

Morning Note – 25 July 2024

musicMagpie - Strategically positioning for profitability

musicMagpie’s (MMAG’s) H124 results reflected several strategic decisions taken by the management team to improve profitability and cash generation. The decision to make the US a sourcing-only geography to benefit margins had a notable impact on revenues, with US revenues declining by more than half. Despite the double-digit decline in group revenue, the adjusted EBITDA margin remained relatively stable at 4.4% (H123: 4.5%), reflecting the focus on profitability. The outlook remains challenging,

PROGRESSIVE: Beeks Financial Cloud Group: FY update: an in-line year featuring significant double-digit growth

Following significant double-digit growth, Beeks announces that FY24 results (to 30 June) are in line with expectations. Revenue soared 27% Y/Y. We note a beat to FCF, a beat to net cash (6.58m vs 4.41m in FY23) and a beat to profitability all illustrative of improving unit economics. CEO Gordon McArthur comments that the record results are a testament to Beeks growing reputation. That Beeks did not suffer outage, or break SLAs, on 19 July will copper bottom that reputation. After that global IT

Fonix Mobile - FY24 +5-6% ahead, conservative FY25 upgrades of +3%

Fonix’s FY24 trading update shows gross profit growth of +18% to £17.9m or +6% ahead of our previous forecast, adjusted EBITDA growth of +18% to £13.7m or +5% ahead, and a confident outlook leads us to conservatively upgrade our FY25E gross profit, adjusted EBITDA, and EFCF by +3%. Robust progress with new and existing customers has driven FY24 growth in both mobile payments and mobile messaging of at least +16%, and UK gross profit growth of at least +15% has been boosted by the successful expa

PANMURE: UK Equity Research : Our Key Picks for 2024

PANMURE: UK Equity Research : Our Key Picks for 2024 – Q2 Update

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 (

Hybridan Small Cap Feast 07/07/23

Joiners: No joiners today. Leavers: Medica Group plc has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join intends to join the Access Segment of the AQSE Growth Market. Expected Admission 20 July 2023. Metals One Plc, a company focusing on acquiring natural resou

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

National World Trading Update

National World has reported a Trading Update for the 21wks to 25th May in which revenues advanced +18% driven by acquisitions; we maintain our FY24 estimates.

The most exciting UK SMIDcap growth story?

Morning Note – 22 March 2024

Ingenta - FY23A Results – Diversification strategy on track

Ingenta has released FY23A annual results in-line with our expectations and the year-end trading update. The Group made significant progress during the year, with the Content division having a near-record year as customers bought upgraded products, and wins being seen in the key growth market of North America. The Commercial division also saw strategic successes through geographical expansion and building its presence in adjacent royalty segments such as music. Revenue grew 3% whilst Adj EPS gre

Intercede - An exceptional year shows the potential

Intercede has delivered revenue to March FY24 of £20m (+65% vs FY23) as expected, with profit and cash generation comfortably in line with the April trading update. Adj EBIT of £5.9m (vs £5.5mE; +479% vs FY23), and free cash flow of £9.0m (vs £8.9mE; +277% vs FY23), again outperformed forecasts that have been upgraded eight times already since 2022: original expectations accommodated £12m revenue, £0.6m adj EBIT and FCF of £0.4m. With the CMD having demonstrated the expanded product trio of MyID