Hybridan Small Cap Feast - 28 Feb 24

28th 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

Image Scan Holdings - AGM Trading Update

Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets. Following on from a successful return to profit (PBTA £0.1m) and strong cash generation (net cash £1.0m) in FY2023, Image Scan reports that trading in the current financial year has begun more slowly in terms of sales and order intake. The order book, as at January 2024, stood at £611k. As a consequence, results are expected to be significantly second half weighted, likely meaning H1 (to

Hybridan Small Cap Feast

12th December 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 obj

image Scan Holdings - FY results – A return to profit with strengthening prospects in security

Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets. As detailed at the time of the FY trading update released in October, Image Scan has delivered results in-line with our £3.0m revenue expectation and PBTA of £0.1m (a +£0.45m swing), but with net cash significantly increasing to £0.96m (against our previous £0.6m estimate) aided by strong working capital / inventory management. Results were delivered against a period of strong order inta

Hybridan Small Cap Feast - 10 Oct 23

10th October 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 obje

Image Scan Holdings - Momentum continued into H2

Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets and has issued a pre-close trading update for the year ended 30 September 2023 which affirm our full year expectations and a return to profit off strong revenue growth. Revenue is expected to be c. £3m for FY2023 (FY2022: £2m), an increase of 50% YoY, and adjusted pre-tax profit of c.£0.1m (FY2022: £0.35m loss), both in line with our expectations. Net cash, however, is expected to be signi

Hybridan Small Cap Feast - 26 Apr 23

26th April 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

Image Scan Holdings Interim results – excellent H1, giving confidence in FY2023 expectations

Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets. As alluded to at the time of the company's AGM update on 28-Feb, trading in the six months to March 2023 has rebounded strongly. H1 order intake rose 81% to £1.89m (H1-22: £1.0m), H1 revenue increased 85% to £1.5m (H1-22: £0.79m) resulting in a first half adj. profit of £0.02m (H1-22: loss £0.34m). The period end orderbook stood at £1.12m (H1-22: £0.72m), much of which is slated for deliv

Hybridan Small Cap Feast - 28 Feb 23

28 February 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 objec

Image Scan Holdings (IGE) – Corporate – Upbeat AGM trading update… confidence returning

Management has reported an encouraging start to the year (half year to March 2023) with 'strong momentum with demonstrations, attendance and with interest at trade shows, events and conferences beginning to return to prepandemic levels'. Critically, Asian markets are also coming back onstream and interest in Image Scan recently released ThreatScan AS1 has experienced improved enquiry levels. As such, 'positive partner feedback, coupled with increasing visibility of government projects comin

WH Ireland: ImageScan Holdings (IGE) - FY Results. Opening orderbook adds confidence to 2023

Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets. Full year results to September 2022 are slightly better than our recently downgraded expectations that saw sales momentum impacted by supply chain difficulties and delays in some government tenders. More encouragingly, Image Scan starts the FY2023 financial year with a healthy orderbook and a positive outlook statement underpinned by new products gaining traction in global markets, and

Hybridan Small Cap Feast 06/10/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validati

WH Ireland: Image Scan Holdings (IGE) - Board changes – structured for the future

Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets. The company has announced that after 8 years of service, Bill Mawer, Executive Chairman, is to retire with effect from 30 June 2022. Mr Tim Jackson, currently Non-Executive Director, will be appointed Non-Executive Chairman and Mr Vincent Deery, currently Interim Chief Executive Officer (since January 2022) will be appointed Chief Executive Officer. Dr Richard Leaver, currently Non-Exec

WH Ireland: ImageScan Holdings (IGE) - Interim results – a weaker H1, but H2/FY confidence remains

Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets. As detailed at the time of the company's AGM update on 22-Feb, trading in the six months to March 2022 proved to be sluggish with COVID-19 continuing to influence international travel (trade fairs) and procurement decisions. Although order intake rose slightly to £1.0m (H1-21: £0.94m), H1 revenue decreased to £0.79m (H1-21: £0.87m) resulting in a first half loss of £0.34m (H1-21: loss £0.

Hybridan Small Cap Feast 03/03/2022

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Cordiant Global Agricultural Income plc intends to float on the Main Market (Premium). The Company's investment objective will be to seek to provide an attractive yield, with potential capital growth, by providing secured medium-term finance to the global agricultural sector. The Company will seek to promote more sustainable crop production and help address a capital solutions gap which exist

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme

Morning Note – 16 April 2024

Billington Holdings - Record result boosts dividend; forecasts upgraded

FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively

Plant Health Care - China distribution with AMVAC

Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car

Q1 Operating Results

Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k

Morning Note – 15 April 2024

Warns on brine supply costs

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

Severfield - Multiple positives should excite investors

Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear

PROGRESSIVE: Severfield: Targeted acquisition strategy aids growth path

Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.

Invinity Energy Systems - Update on Strategic Investment

Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

PROGRESSIVE: Severfield: Step change in European and Indian outlook

Severfield’s full-year results to March will be ‘slightly above’ the Board’s expectations, according to today’s trading update, with net debt significantly better. We maintain our PBT estimates for both forecast years, which are ahead of consensus, but reduce our net debt for FY24E. Record orders were boosted by the steel specialist’s European operations, after last year’s Voortman acquisition, while the Indian JV has seen ‘another step up in profitability’. The group has also launched its first

FY results: strong cash flow

Clean and competitive fertiliser