1Spatial - Investing in the transformational SaaS opportunity

1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth suppressing margin and cash generation. This investment phase will continue in FY25 to lay the foundation for transformational growth from 1Streetworks and in the US in the coming years. Our scenario analysis indicates the upside from successful execution is significant, with further wins for 1Streetworks and in the US being the key catalysts for m

Hybridan Small Cap Feast - 17 April 24

17th 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

Altitude Group (ALT LN) - Trading update confirms rapid growth in FY24 - Correction

Altitude has released a trading update for the year to 31 March 2024 confirming Management expects FY24 results to at least meet market expectations. Our unchanged forecasts show annual revenue growth of 38.9% in FY24 as the Group’s Merchanting division expanded significantly, driven by increased numbers of sales Affiliates and by the US Gear Shops. This translates to adjusted PBT growth of 29.4% to £1.2m on our FY24 estimates. In line results also means that over the last two years both revenue

Concurrent Technologies - FY23 results – strategy delivering

Concurrent Technologies delivered a record £31.7m revenue and a substantial increase in profitability in FY23. Management has successfully navigated through the challenging period of worldwide component supply problems that characterised FY22 and delivered a strong recovery in FY23. The business has been completely transformed since the new management team started in 2021 and the focused strategy is delivering. With revenue from the increased number of design-in wins secured in FY23 starting to

Auto Trader (AUTO LN) - Strong growth from core business

Auto Trader’s FY23 results last week showed continued strong performance from its core marketplace business despite constrained supply in new and used vehicles.

Arcontech - Encouraging 1H24 builds platform for robust growth

Arcontech has reported encouraging H1 24 results to December, with revenue £1.45m, adj EBIT £0.4m and net cash £5.7m, in line with our conservatively unchanged £2.8m FY24 revenue estimate. Revenue growth (+7% yoy) reflects the multi-year contract won in October and the strengthening relationships with core Tier-1 customers, with signs of improvements in challenging market conditions. Our prudent forecasts reflect the impact of unexpected growth in floating user terminal numbers in H1, with plent

Cenkos: Shearwater Group Plc -- More beats

The prescient demand for cyber security protection is shown in these results, with double-digit organic revenue and EBITDA growth. Major contracts wins are reinforcing revenue visibility and the re-platforming of the Software division bodes well for new sales once completed.

Intercede - Interims: Persistent momentum leads to upgrades

A punchy 1H24 is especially impressive when compared with a very strong prior year. 1H24 EBITDA of £1.5m (21% EBITDA margin) was delivered from revenue of £7.0m, delivering EBITDA growth of 92% from rev growth of 15% (10% at constant currency). With no capitalised R&D, resulting free cashflow of £1.4m demonstrated impressive cash conversion, and an increase in net cash (no debt) to £9.7m, which provides assurance for the typically very large customers and partners. Given such strong performance,

Morning Note – 30 April 2024

Morning Note – 1 May 2024

WANdisco - Starting 2023 with $6.6m telecom IoT win

WANdisco started 2023 on a strong note, announcing a $6.6m data-migration contract with a global telecom service provider. This is the third telecom provider to choose WANdisco for data migration, highlighting how it is becoming a ‘go-to’ supplier for large-scale Internet of Things (IoT) deployment. It is encouraging to see a deal this early in the year; historically, deal flow has been strongly weighted to the second half. This win supports our estimates, particularly revenues, given the up-fro

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 (

Team17 - Step Change at TM17

Step Change at TM17

PROGRESSIVE: Idox: FY23 delivered – preparing for the next phase

Idox’s results for the year to 31 October are in line with the November trading update. Revenue grew 11% to £73.3m (FY22: £66.2m), with the principal driver being growth in the LP&PP division. Adjusted EBITDA improved 9% to £24.5m with a margin of 33%, vs £22.5m and 34% for FY22, respectively. With free cashflow generation of £9.1m (FY22: £7.2m), net debt at the year-end was £14.7m (FY22: £6.7m). The outlook statement is confident, but we have revised our forecasts to reflect increased spending

Fonix Mobile - Robust H1 with +18% gross profit growth, forecasts reiterated

Fonix’s H1 results show gross profit growth of +18% yoy to £9.2m, adjusted EBITDA growth of +18% yoy to £7.3m, and a confident outlook that leads us to conservatively reiterate our FY24E and FY25E forecasts, after we upgraded by +3-4% at the January trading update. A record month of commercial trading in both the UK and International operations in December drove H1 TPV +15% yoy to £158m, with the growth rate partially reflecting the lower H1 23 following HM The Queen’s death in September 2022. G