SSP Group+ (SSPG, House Stock at 157p) - Momentum continues; FY24 update in line

SSP Group+ (SSPG, House Stock at 162p) - Full year update preview

PANMURE LIBERUM: The Panmure Liberum Leisure Digest: Lead indicators looking up

SSP Group+ (SSPG, House Stock at 156p) - Strong Q3 sales performance with FY24F EPS estimates maintained

SSP Group+ (SSPG, House Stock at 165p) - Setting out the H2 profit bridge

SSP Group+ (SSPG, House Stock at 209p) - Interim results demonstrate significant progress; forecasts maintained

SSP Group+ (SSPG, House Stock at 204p) - Interim results preview

SSP Group+ (SSPG, House Stock at 218p) - Further progress expected in H1

SSP Group+ (SSPG, House Stock at 217p) - Back to the future!

SSP Group+ (SSPG, House Stock at 224p) - Austrlaian acquistion: 3-4% EPS accretive and locking in faster growth

SSP Group+ (SSPG, House Stock at 225p) - Q1 FY24 update: A stress free performance

SSP Group+ (SSPG, House Stock at 226p) - Footprint expanded in growth markets of North America and Middle East

SSP Group+ (SSPG, House Stock at 234p) - Railway station catering market study: Decision to not make a Market Investigation

SSP Group+ (SSPG, House Stock at 213p) - Starting to fly, forecasts maintained

Initial Equity Trading Comments - 1 December 2023

Card Factory - Confident on FY25 outlook

Card Factory’s H125 revenue growth demonstrated it is delivering well against its multi-year growth strategy. While profitability was negatively affected by the (mostly) known inflation in operating costs, management is confident Card Factory will achieve its full-year estimates. This is due the momentum in the business and the mismatch in H125 between cost inflation and the efficiency and cost savings that have always been expected to come through in H225.

Morning Note – 30 September 2024

Hybridan Small Cap Feast - 4 October 2024

Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand announced that it is considering an £500m IPO onto the LSE Main Market. Across the four ranges, the Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers report

Zeus Building Products Round-up - 4 October 2024

September was a busy month of companies reporting interim results and providing commentary on the remainder of the year and into 2025. Trying to decipher clear trends proved challenging, with results being mixed across the board. That said, our analysis on the quarterly change in consensus estimates across the four subsectors was encouraging, shown in Exhibit 1. It was promising to see c. 60% of companies reporting inline full year expectations, with c. 15% see upgrades to FY1 expectations. The

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 - 16.09.24 - ENSI.L, BIRD.L, NWT.L, ENET.L, ELEG.L, FIN.L, LST.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.

Finseta+ (FIN, House Stock at 42p) - Positive interims & momentum into H2

Coats Group - Building Industrial momentum

FY17 results clearly demonstrate that Coats Group’s industrial operations have good momentum and a transformation plan is to enhance this further over the next couple of years. Group earnings and free cash generation were both up by double-digit percentages in FY17. While partly anticipated in the current rating, we believe that Coats is focusing on faster-growing segments and, having clarified group pension requirements, has the financial capacity to achieve this in a number of ways.

Diversification and scale for online success

The global online gaming market generated c £40bn of gross gaming revenues (GGR) in 2018 and newly regulating markets (the US) are expected to contribute to 7% CAGR to 2023 (according to H2 Gambling Capital (H2GC)). However, while regulated markets have provided significant opportunities for operators to date, government intervention remains a constant threat and legislation is tightening. Some mature markets (notably the UK) have been raising taxes and implementing regulatory burdens, which inc

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 (

PROGRESSIVE: Vertu Motors: Growth and value generation engine

The AGM trading update for the first three months of FY25 (to 31 May) confirms that Vertu has seen an encouraging start to the year and that management expects to report FY25 results in line with current market expectations. We maintain our forecasts. Vertu is seeing progress across its business, with used car values showing signs of a return to normal. Uncertainties remain, most notably regarding the Zero Emission Mandate, but the underlying story of growth-driven value remains firmly intact.

PROGRESSIVE: Vertu Motors: Robust market progress

Vertu Motors’ trading update for the five-month period to 31 July, released today, confirms that FY25 adjusted PBT is expected to be broadly in line with market consensus. Profits in H1 will have been lower than in FY24, as anticipated, and H2 is expected to be better than in FY24 because of the improved used vehicle market and stable used car pricing. Although the new retail car market is soft and the BEV (battery electric vehicle) segment remains particularly weak, the used vehicle market is m

React H1 Results Update

React Group has released 1H results that demonstrate EBITDA growth of 35% from a 13% advance in Group revenue. We have left our FY 2024E forecasts unchanged and they assume FY +9% revenue growth.

CHARGEURS: coverage dropped

We have dropped our coverage of Chargeurs owing to internal reorganisation. Our rating, target price and estimates are therefore no longer valid.

Global Artificial Intelligence Industry - Aug 2024

This report looks at the artificial intelligence (AI) industry worldwide. Artificial intelligence is an emerging industry whose applications are employed in a range of traditional industries, from industrial manufacturing, consumer goods, aviation, transportation, and healthcare. The report talks about the overall market size, expected growth rates as well current trends driving the growth in the industry.