Trading well - as FOB signals strength ahead

All aboard for the 'super cycle'

Braemar - Diversification underpins resilience

Braemar’s FY24 results were in line with expectations with revenues flat, but operating profits down, having been hit by one-off costs and strong comparatives. The underlying operations continue to expand and diversify, which drove an 8% increase in FY24 fixtures, and the company remains well-positioned to drive its future growth strategy. The trading outlook for FY25 is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained o

Morning Note – 23 May 2024

Braemar - FY24 final results – Resilient performance

A resilient performance in FY24 by Braemar saw revenue maintained at £152.8m (FY23: £152.9m), a strong performance given the 51% increase in revenue the previous year. Overall fixtures were up 8% and the forward order book has increased by 47% to £65.3m ($82.6m). The focus on shipbroking and securities, having disposed of non-core activities and adding to shipbroking operations, is proving successful with increasingly diversified revenue across shipping segments. The initial objective of sustain

Braemar - Diversification paying dividends

Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower

Braemar - Interims in line, growth strategy developing

Braemar’s H124 results were in line with expectations with revenues up by 8%, but operating profits were down, having been hit by one-off costs. The underlying operations continue to expand and diversify, and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying revenue and operating profit estimates for FY24 and FY2

Morning Note – 29 November 2023

Braemar - H1/24 interim results update

Braemar’s interim results indicate the strong trading of FY23 has continued during H1/24 and in-line with expectations, benefiting from the focus on shipbroking activities and the increased breadth, depth, and scale of shipbroking operations. Braemar’s investments (acquisition of Southport Marine) and new teams have delivered a 7.9% increase in revenue to £74.9m for H1/24. Whilst robust Tanker freight rates have continued despite geopolitical challenges and OPEC cuts, Dry Cargo freight rates fel

Braemar - Suspension lifted; interims due 29 November

Following the release of the delayed, but in-line FY23 results covering the period to February 2023, trading in Braemar shares recommenced on 21 November. Now that the internal investigation into the accounting treatment of historical transactions has concluded, Braemar is due to release its H124 results on 29 November. The company remains well-positioned to drive its future growth strategy, as previously outlined. The trading outlook is promising and Braemar should be able to leverage its stron

Morning Note – 16 November 2023

Braemar - FY23 results – focussed strategy steering the right course

Braemar performed strongly in FY23, with revenue up over 50% and underlying operating profit up 100%, with all business segments performing well and helped by the strong dollar. The focus on shipbroking, disposing of non-core activities and adding to shipbroking operations, is proving successful and Braemar is becoming a stronger and more resilient business with increasingly diversified revenue across shipping segments. The target of achieving double the £8.9m underlying EBIT from FY21 by FY25E

Coral Products - Trading update – Some segments challenging

Coral Products has released a trading update for FY25E ahead of its half-year end on 30 October 2024. The company cites ongoing weakness in some of its higher-margin customer segments, leading to a weaker margin mix for the year, and no longer expects to report a net profit for FY25E. The company has retained key customer accounts and maintains a stable balance sheet positioning, benefitting from recently announced property transactions. We arrive at a new target price of 14.0p versus 25.2p prev

Morning Note – 14 October 2024

Zeus Industrials Round-Up - 11 October 2024

The UK industrial sector expanded for a fifth consecutive month in September per manufacturing PMI data, although activity was slightly softer MoM as employment levels, inventories and business confidence declined per the survey, primarily due to uncertainty regarding the Autumn Budget, US elections and subdued global market conditions. Global inflation data has been encouraging and we await next week’s UK payroll data to understand the BoE’s next decision, although it is widely anticipated that

IP Group - Record exit underpinning the NAV

IP Group’s realisation activity has picked up notably in the months leading up to the company’s interim results publication in September, encouraging the company to increase the current buyback programme by £10m to £30m. Subsequently, IP Group agreed to sell the AI-powered financial crime detection business Featurespace to Visa. The exit will result in £134m in realisation proceeds at a 70% uplift to end-2023 carrying value, part of which was recognised in the H124 results, translating in a broa

Hybridan Small Cap Feast - 14 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: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health

Morning Note – 30 September 2024

Hardman & Co Insight: Survival of the UK life sciences sector

For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises. However, the small- and mid-cap life sciences sector has alway

Morning Note – 24 July 2024

PANMURE LIBERUM: The Panmure Liberum Leisure Digest: Confidence should rebound and sustain footfall growth

Allenby Capital: Deltic Energy - Update

Deltic Energy is clearly having a challenging 2024 due to factors outside its control. Its UK North Sea exploration focus has been undermined by the pending introduction of an onerous oil and gas fiscal regime with changes to EPL (Energy Profits Levy) investment allowances a particular concern. Not surprisingly, finance has evaporated for UK North Sea oil and gas development. Deltic has been impacted, reflecting its forced exit from the SNS (Southern North Sea) Pensacola project. Deltic, however

Macfarlane Group+ (MACF, House Stock at 120p) - Resilient HY, modest forecast reduction

Morning Note – 17 September 2024

IXICO - AI powered neuroimaging platform

IXICO is an AI-driven medical imaging analytics company focused on supporting biopharmaceutical companies develop their neurological drug candidates. The key aim of IXICO’s platform is to support pharma in their efforts to develop targeted drugs (beyond the classical markers) and to develop partnerships with various stakeholders to enable post-marketing patient access, payor savings and large data monitoring. The company’s expanded focus is on Alzheimer's, Parkinson's and Huntington's diseases a

Morning Note – 25 April 2024

Morning Note – 2 October 2024