Hybridan Small Cap Feast - 3 July 2024

3rd 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: IntelliAM AI plc (AQSE: INT) has joined the Aquis Stock Exchange Growth Market. IntelliAM, an artificial intelligence company focused on the consumer goods industry, acquired 53 Degrees North Engineering Limited, to become the Company’s Consultancy divi

Hybridan Small Cap Feast - 19 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: MC Mining (MCM.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: Media speculation: 17 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to lis

Morning Note – 19 June 2024

Hybridan Small Cap Feast - 01 May 2024

1st May 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: REDX Pharma (REDX.L) has delisted from the AIM Market 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

Morning Note – 1 May 2024

Maintel - Solid and sensible

Maintel’s finals to December 2023 demonstrate performance in line with expectations upgraded at the time of the January trading update: EBITDA of £9.1m (FY22: £4.4m) from revenue of £101m (FY22: £91m), led to year end net bank debt of £18.1m (£16.6m). Actions taken during the year generated £7m of exceptionals, of which £3.4m were cash, delivering cost and revenue focus for Maintel after the strategic review at the beginning of the 2023. The effects of the review should be twofold: costs (adjust

Zeus UK smallcap technology sector update - March 2024

Starting this month, we plan to provide monthly screens on the sector, in addition to observations on sector fundamentals and valuation. This month we screen for companies with the lowest EV/ EBIT multiples and identify five attractively valued companies. Among these, we highlight Nexteq and Maintel for their high quality and growth, respectively.

Hybridan Small Cap Feast - 27 Feb 24

27th February 2024 @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 obj

Morning Note – 22 January 2024

Maintel - Strong FY23 year-end TU continues trend of over-delivery

Maintel has reported a trading update for the year ending December 2023, indicating revenue in of at least £101m and adj EBITDA of “in excess of £9m”, compared with respective forecasts of £98m and £8.6m. Net debt of £18.1m also outperforms our expected year-end net debt of £18.6m. The group is continuing the trend established with the reintroduction of forecasts in April 2023, where growing confidence in delivery led to upgraded forecasts in both August and September, and still achieving outper

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Morning Note – 19 September 2023

Maintel - Interims: another upgrade

Interims to June 2023 describe the positive outcome of phase 1 of the turnaround plan, delivering 2.8% EBITDA improvement from 1.7% revenue growth. The progressive shift from generalist to specialist, and migration to higher margin revenue streams, continues to benefit the model, which is also enjoying easing of supply chain shortages and unwind of the pent-up order book. EBITDA of £3.7m was delivered from revenue of £47.5m, representing 48% (1H22: 51%) and 43% (1H22: 83%) of FY revenue and upgr

Morning Note – 3 August 2023

Morning Note – 25 July 2024

PANMURE LIBERUM: Cambridge Cognition: On track, profitability expected FY 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,

Hardman & Co Monthly: July 2024

Feature article: UK life sciences needs more local institutional support to survive. For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipa

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

Hybridan Small Cap Feast - 25 July 24

* 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: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make

Hybridan Small Cap Feast - 26 July 2024

26th 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: Rome Resources (RMR.L) formerly Pathfinder Minerals Plc has relisted on the AIM market following its reverse takeover. Delistings: None What’s baking in the oven? ** Our daily digest of news from UK Small Caps If you would like to unsubscribe, please e

Pennant International (PEN LN) - A solid start to the year

PEN’s H1-24E trading update this morning highlights progress during the first half, together with (a) a reminder of the major software launch impending in H2, and (b), “material” prospects which the company appears well-placed to convert in the second half, assuming that PEN can build on H1 operational delivery to capture the benefits of a buoyant bidding environment driven by the animated global defence sector. PEN provides software, integrated product support solutions and complex training sys

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

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

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