Altitude Group (ALT LN) - Delivering on high growth strategy

Altitude’s FY24 results, flagged in a trading update last week, confirmed strong growth in revenue, adjusted EBITDA and adjusted EPS. We remain confident in the Group continuing its fast growth, based on strong momentum seen in Merchanting in Q1 FY25. Reflective of the evolving business profile, we have updated our model assumptions, adjusting revenue slightly, improving margins and lowering tax charges, which leaves adjusted EBITDA unchanged and, importantly for investors, increases adjusted EP

Telematics and fleet management: Microlise vs. Quartix Technologies

The UK AIM market has three quoted commercial vehicle tracking businesses: Microlise Group (SAAS), Quartix Technologies (QTX); and Trakm8 Holdings (TRAK). This note focusses on the larger two, Microlise and Quartix, initiating research coverage on each and comparing respective business models, strategy, growth opportunities and valuation. Whilst the businesses generally target different parts of the market, our conclusion is that Quartix offers better near-term value, cash returns and ROCE, whil

Hardman & Co Monthly: October 2024

Feature article: Labour’s first Budget - Investors in their sights? Summary ► Budgets are always important for investors. ► The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base. That implies a lot of the pain will be felt by investors. ► This paper considers the impact of increases in rates for th

Morning Note – 30 September 2024

Pinewood Technologies (PINE LN) - Full speed ahead

Pinewood Technologies’ H1 results, its first as a standalone SaaS business, show that the Group is putting the building blocks in place for its accelerated growth plan. New UK Lithia sites are being added, product and sales team investment is being made, and the discovery and planning stages of the US rollout are underway. Management is confident in meeting full year market expectations (£7.8m underlying PBT for the 11 month FY24 period), so our underlying P&L estimates are unchanged. We reiter

Neuromorphic Computing Industry Research October 2024

This report looks at the neuromorphic computing industry. Neuromorphic Computing systems are designed to specifically mimic the human brain. The report talks about the overall market size, expected growth rates as well current trends driving the growth in the industry. Companies can also be categorized as core and non-core, the former being those that exclusively engage in neuromorphic computing solutions and those for which neuromorphic computing is just one part of their overall product or ser

Morning Note – 6 August 2024

Hybridan Research 12/03/2024 - Crossword Cybersecurity: Final deferred payment for Threat Status acquisition

Crossword Cybersecurity announced today that it is issuing 7,749,226 new ordinary shares in respect of the second anniversary deferred acquisition of £450k for the acquisition of Threat Status (announcement dated 14 March 2022). The consideration shares, which are subject to a 12 month lock-in, have been issued at the preceding three-month average price of 5.81 pence per share. In addition, £125k consideration is payable in cash. Total consideration payable on the second anniversary following co

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

Allenby Capital TMT Update - 30.09.24 - MWE.L, CHSS.L, MIRI.L, ENET.L, ELEG.L, MBT.L, PPS.L, ITIM.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Super sizing it

Hybridan Research: Crossword Cybersecurity plc: 15/07/22: On track to deliver 75% growth for 2022

Good Morning, Crossword Cybersecurity plc this week announced a trading update for the six months to 30 June 2022 and the extension and increase of several Convertible Loan Notes issued in December 2019. We have published research on this which is attached and a snapshot of the research is below. The cybersecurity solutions company has this week announced a trading update for the six months to 30 June 2022 and the extension and increase of several Convertible Loan Notes issued in December 2019

Hybridan Research: 23/09/22: Crossword Cybersecurity plc (CCS): £3.6m equity raise to fund topline growth to £6m in 2023

The cybersecurity solutions company focused on cyber strategy and risk, announces today that it has completed an oversubscribed fundraising of approximately £3.6m (gross) through a placing of 16,761,407 ordinary shares at a price of 21.7p per share. The placing price represents a 10% discount to the closing bid-price on 22 September 2022. Crossword intends to use the proceeds from new and existing institutional shareholders for sales and marketing, product development and support, geographical

Hybridan Research: 29/09/2022: Crossword Cybersecurity plc: On the cusp of a new growth phase

About one week after the closing of a successful equity raise for £3.6m, Crossword today announces its unaudited interim results for the six months ended 30 June 2022. 1H22 revenue totalled £1,525k, up 85% year-on-year and achieving 38% of its annual target. The loss before tax was £2,273k for the period. Management reiterates its guidance for growing revenues by circa 75% to £4m in 2022 and by a further 50% to £6m in 2023. Crossword indicates that its ARR (Annual Recurring Revenue) grew 48% s

Hybridan Research: 21/03/23: Crossword Cybersecurity plc: Bottom-up revenue forecasts upon launch of Ransomware Readiness Assessment Service

Good Morning, Crossword Cybersecurity plc, last week announced, the launch of its new Ransomware Readiness Assessment service. We have published research on this which is attached and a snapshot of the research is below. Crossword Cybersecurity announces the launch of its new Ransomware Readiness Assessment service, as part of its managed services Nightingale. The service helps organisations reduce exposure to ransomware attacks and is expected to attract business for Crossword’s Consulting pr