Hybridan Small Cap Feast - 21 October 2024

21st October 2024 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: Pulsar Helium (PLSR.L) announced its First Day of Dealings on AIM on Friday 18th October. The Admission follows the completion of the fundraising of £3.875m

Tristel - FY24 results

Tristel has published its results for the 12 months to June 2024, reporting revenues of £41.9m, up 16% YoY and adjusted EBITDA of £10.8m at a margin of 26%. Revenues were driven by the Tristel brands, which generated revenues of £36.4m, up 18% YoY and representing c87% of group sales. The board has proposed a final dividend that takes the full-year DPS to 13.52p, up 29% YoY. Tristel closed FY24 with cash and equivalents of £11.8m and no debt. We have upgraded our FY25 forecasts, driven by an inc

Morning Note – 22 July 2024

Tristel - Strong FY24 trading performance

Tristel has published a trading update for its FY24 reporting period to the end of June 2024. The company notes strong trading through the period, generating growth ahead of both our forecasts and the company’s own performance targets. FY24 revenues grew 16.4% to £41.9m versus the Cavendish estimate of £40.0m and Tristel’s performance target of annual average revenue growth of 10-15% over three years. Adjusted profit before tax (PBT) will be no less than £8.0m versus our estimated £7.6m, indicat

Morning Note – 26 February 2024

Tristel - Interims – Record performance

Tristel has reported results for the 6-months to December 2023, noting ‘record performance on all levels’. Revenue for the period grew 20% YoY to £20.9m supported by both volume and price. Gross margin improved to c84% for H1/24A from 81% in H1/23A, and though investment in employees (including new hires) saw increased SG&A expenses, adjusted EBITDA grew 18% YoY to £5.4m at a margin of 26%. Tristel is proposing a dividend of 5.24p, doubling the previous interim dividend and reflecting the compan

Hybridan Small Cap Feast - 23 Jan 24

23nd January 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 obje

Morning Note – 23 January 2024

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 (

Morning Note – 19 December 2023

Morning Note – 16 October 2023

Tristel - FY2023 results – upgrade to FY2024 and new FY2025 forecasts

Tristel’s FY 2023 results were in-line with the July trading update, with revenues of £36.0m (+16% or 22% for continuing operations) and adjusted pre-tax profit of £6.2m (+36%, vs. Cav £6.0m), resulting in 41% adj. EPS growth (helped by lower tax charge). We leave adj. PBT for FY 2024E unchanged at £7.6m (+24%), although increase adj. EPS by 11%, due to a lower tax charge, and introduce FY 2025 forecasts, calling for adj. PBT and adj. EPS of £10.0m (+31%) and 16.5p (+20%), respectively; driven i

Hybridan Small Cap Feast - 04 Sep 23

4th September 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

Morning Note – 4 September 2023

Small Cap Feast 25 07 2023

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in