Redcentric: Bedding in the acquisitions (10 for 23 extract)

Redcentric is a mid-market managed services provider, gaining near-term scale through acquisitions. With >90% recurring revenue, the group has very strong visibility, delivering services across the spectrum of complexity. A return to a strategy of targeted acquisitions, funded by the group’s strong cash generation profile, has delivered momentum and scale to the top line. This will be complemented by the savings opportunity in the Sungard datacentres acquisition, which drives the bulk of the 48%

Redcentric - Interims in line; acquisitions shine

Interims to September are in line with the November trading update and expectations are unchanged. £11.7m EBITDA was delivered from £61.5m revenue, generating £-11.1m of free cash flow after a well flagged and discretionary inventory build-up, as well as the one-off effects of Sungard onboarding (which will unwind by March year-end). The July completion of the final elements of the acquisition (4D, Sungard Consulting and Sungard data centre) has contributed momentum to the top line which will be

Morning Note – 8 December 2022

Hybridan Small Cap Feast 15/11/22

Joiners: No joiners today. Leavers: Rosneft Oil Company GDR has left the Standard Segment of the Main Market. What’s cooking in the IPO kitchen?** Long Term Assets Limited (LTA), a Guernsey investment company, intends to join the Specialist Fund Segment of the Main Market of the London Stock Exchange. The initial portfolio is made up of a diversified range of assets, recently valued in the region of £160m, comprising a complete selection of the Disruptive Capital’s family office private asset po

Morning Note – 15 November 2022

Redcentric - Interim trading update

In a busy period that included the July acquisitions of Sungard and 4D, RCN reports revenue & EBITDA in line with expectations, and a positive outlook with a significant increase in sales orders in 2Q23. The Sungard integration is complete, with duplicated costs and transitional arrangements ceased, and phase one of staff restructuring complete (saving £3.2m salaries). Some temporary costs, formerly adjudged exceptionals and opex, are redefined as IFRS16 charges, leaving FY23 EBITDA expectations

Morning Note – 21 July 2022

Redcentric - FY22 results: game changed

Redcentric has delivered FY22 results in line with expectations and has executed on its stated scale and capability acquisitions and integration delivery plans, setting itself up to reach £150m revenue at 25% EBITDA in FY24, alongside characteristically strong cash generation. It delivered £23.7m EBITDA (+8.3% underlying growth) from £93.3m revenue (+3.2% underlying growth), leading to FCF of £10m. Since March, management has confirmed trading in line with expectations, with the benefit of acqui

Morning Note – 12 July 2022

Redcentric - Acquisitions! A datacentre estate & AWS consulting business

Redcentric has announced the exchange of conditional contracts for the acquisition of the business & assets relating to three datacentres (DCs) and relating to colocation, cloud and network services. The vendor – Sungard Datacentre/ Sungard Availability Services – entered administration, blaming energy inflation and challenging rental costs, and the completion and final consideration payable are conditional upon Sungard customers agreeing new terms with Redcentric. If all three DCs individually

Morning Note – 28 April 2022

Hybridan Small Cap Feast 27/04/22

According to Proactive Investors, Bridgepoint is said to preparing to list Burger King UK on the London Stock Exchange as early as this spring. A valuation of £600m is expected. Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other f

Morning Note – 27 April 2022

Morning Note – 15 March 2022

Morning Note – 18 November 2021

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

LIBERUM: Bango* - Transformational 2022

Morning Note – 26 January 2023

Upgrades on the horizon

Hybridan Small Cap Feast - 25 Jan 23

25 January 2023 @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 object

Encouraging signs

H1 numbers convince us that cons. numbers are likely to get gently nudged up over the coming 12 months. H1 revs growth of 9% compares to cons. FYJun23 forecasts of 8%. H1 adj. PBT is tracking in line at present but FCF looks ahead. DOTD expresses confidence in H2 demand and strategic direction. We suspect H222 was the nadir. Buy. PT 115p.

Trading Update

TPXimpact has announced a Q3 update which indicates that trading was below expectations and it has lowered its guidance for the full year.

Hybridan Small Cap Feast - 17 Jan 23

17 January 2023 @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 object

FY22 Trading Update

Cambridge Cognition has released a strong FY22 update which indicates that revenues were ahead of expectations and from this higher base we raise our FY23 revenue forecast by +6%.

Record FY22 revenues despite supply chain challenges

FireAngels year end update highlights record revenues of £57.4m (+32%, 2021: £43.5m), with an adj. LBT of £3.5m (2021: £3.5m), which is in line with our forecasts. The result would have been higher at £2.1m had the Group not incurred £1.4m of additional procurement costs due to supply chain challenges. Related to this, longer lead times resulted in a higher year end stock position, increasing net debt to £4.8m pre-leases (SCME: £3.6m). Encouragingly, there are early signs of supply chain challen

FY22 Trading Update

National World has reported a strong Trading Update, we increase our PBT/EPS estimates by +11% for FY22 and +7% in 2023, with higher interest income, digital revenue & cost estimates.

Hybridan Small Cap Feast - 23 Jan 23

23 January 2023 @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 object

Morning Note – 27 January 2023

Hybridan Small Cap Feast - 19 Jan 23

19 January 2023 @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 object

Hybridan Small Cap Feast - 26 Jan 23

26 January 2023 @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 object