SpaceandPeople (SAL LN) - Solid H1, encouraging outlook

For well reported reasons, the UK and European retail consumer backdrop remains challenging. That said, Space is trading well, offering flexible and low entry risk promotional services for retailers, and utilising vacant retail space for property owners and managers

Hybridan Small Cap Feast - 19 Sep 23

19th 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 ob

SpaceandPeople (SAL LN) - Focus turns to growth

UK and European consumer demand is weak for well reported reasons, and the outlook for the sector is quite negative.

Hybridan Small Cap Feast - 21 Mar 23

21 March 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 objectiv

SpaceandPeople PLC (SAL LN) - Positive trading update

SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The macro context remains challenging for everyone. UK and European retail demand is weak for well reported reasons, and the outlook for the sector is generally negative. That said, SpaceandPeople is trading well, offering flexible and low risk services for retail customers, and utilising vac

SpaceandPeople (SAL LN) - Solid H1s, full year estimates re-affirmed

SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The macro context remains challenging for everyone. UK and European retail demand is weak for well reported reasons, and the outlook for the sector is generally negative. However, SpaceandPeople’s activity - offering flexible and low risk services for retail customers, utilising vacant retail

SpaceandPeople (SAL LN) - Encouraging update, ’22 estimate restored

SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The Group has issued a positive pre-close update for the half year and upbeat guidance on the outlook. Full year sales will exceed £5.5m and we forecast the business will be profitable; indeed, significantly ahead of 2021a once one-off COVID-related support payments are stripped out. Trading

SpaceandPeople (SAL LN) - Gradual recovery

SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The Group has issued full year results to 31 December 2021; these are positive. Despite restrictions on trading during parts of the year due to COVID, revenue was up 43% (£4m), a small operating profit was recorded (£0.2m), cash from operations was positive (£0.8m) and net debt more than halv

Hybridan Small Cap Feast 07/02/2022

Joiners: Artemis Resources ltd, (ARV.L) an ASX listed mining exploration and development company has joined AIM. The Company owns projects based in the Pilbara region of Western Australia, the Greater Carlow Gold-Copper-Cobalt Project in the West Pilbara and the Paterson Central exploration project in the East Pilbara. The Company also owns the Radio Hill processing plant that is currently on care and maintenance. This plant is strategically located only 35km from the Greater Carlow Project. Mkt

SpaceandPeople plc (SAL LN) - Trading update

SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The Group has issued a brief but encouraging pre-close trading update for the year to 31 December 2021. Note that our estimates and valuation for SpaceandPeople are currently suspended pending further updates with management, and as the business continues to recover.

SpaceandPeople plc (SAL LN) - On the road to recovery

SAL secures, sells, and manages flexible space for promotions and marketing in high footfall venues for its customers, including in shopping centres and travel hubs. As expected, trading through H121a was challenging due to continuing lockdowns and restrictions, but revenue improved slightly, and losses reduced with cost savings. SAL is trading at about operating cash break-even. Stability does not appear to be threatened, particularly with further CIBLS finance secured, and good backing from th

On a MISSION to grow

Hybridan Small Cap Feast - 26 Sep 23

26th 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 ob

Hybridan Small Cap Feast - 07 Sep 23

7th 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

Efficiency, Returns and Alignment

At its recent results, S4 Capital indicated its key focus will be to improve efficiency and drive shareholder returns.

XLMedia - Healthy H1/23A Interim Results

XLMedia continue to make good progress in refocusing the business, and the outlook remains positive for state openings and the new NFL season. We maintain our FY23 forecasts for Adj EBITDA and Adj PAT targets at $16m and $7.9m respectively. We expect them to be achieved with lower revenue and lower costs given a higher margin revenue mix and lower OpEx. XLM looks compelling on an FY1 EV/EBITDA multiple of 1.4x vs peers on 5.4x, and we iterate a 1-year price target of 29p.

Morning Note – 28 September 2023

Hybridan Small Cap Feast 15-09-2023

Dish of the day 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. Admission delayed. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids co

Next 15 Group PLC

The H1 results will have come as a surprise to those expecting Next 15 to deliver the earnings shock we have seen from others in the sector and which the share price has been clearly discounting. Whilst the trading environment in H1 has been tough; Next 15 has navigated this period well. The trading outlook for H2 is not without its challenges but the breadth of the Next 15 portfolio is holding it in good stead, with three of the group’s four segments still delivering positive organic grow

Cenkos: Jaywing Plc -- Full year results

This morning, Jaywing reported full-year results. The macro backdrop continues to place pressure on clients budgets and consequently, revenue declined (5.4)% YoY but marginally ahead of our revised forecast (+0.3%). Despite the YoY reduction in revenue, Adj EBITDA rose by 9.2% and 3.7% ahead of our forecast, underpinned by cost management and efficiency improvements. In our view the current rating (3.3x FY24E PE and 4.5x FY24E EV/Adj EBITDA) does not reflect the progress made in rationalising Ja

Headwinds persist, yet green-shoots emerge

Headline trading to 23rd April was in-line with expectations and highlights continuation of existing trends, with weak industry-wide digital advertising spend partially offset by resilient performance in Print. Group revenues fell 6% y/y, with Digital down -15%. In Digital, alongside the weaker advertising spend backdrop, a shift by Facebook towards short-form video/ reels and away from digital news has impacted traffic referrals to Reach we continue to see some muted structural risk to traffic

LIBERUM: SAS UK SMID Monthly: Should we expect a rally in retail stocks?

Hybridan Small Cap Feast - 18 Jul 23

18th July 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 objecti

Hybridan Small Cap Feast 11/08/2023

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footpr

FY'22: Controlling the controllable

Reachs prelims are consistent with the January update, with revenues of £601m (-2% y/y) and AOP of £106m (-27% y/y). Positive underlying progress was offset by programmatic headwinds in 2022; a trend reflected across global ad leaders where growth decelerated by 15-40pps y/y. This, coupled with anomalous energy/Print material costs and wage inflation put pressure on the content industry as a whole. In this context, a stable top-line and profit margins of 18% (FY21: 24%; FY18: 20%) look resilient

Initial Equity Trading Comments - 16 May 2023