Morning Note – 22 April 2024

Elixirr - Outperforming competitors and the global Consulting market

Elixirr offers investors exposure to the long-term growth trends in the global Consulting market (including digitisation and the ongoing technology revolution, demand for innovation, efficiency and specialised expertise) all turbo charged by the group’s ‘challenger’ strategy driving market share gain from a low base. FY 2023 results showed the power of Elixirr’s differentiated model with revenue up +20% and adj. EPS up +22% in a market subdued by global uncertainty. With net cash of £18m, a posi

Morning Note – 8 January 2024

Morning Note – 11 December 2023

Elixirr - Expanding capability, opening up new industries

Elixirr has acquired Insigniam, a US consultancy specialising in helping clients define and navigate large-scale change and transformation for an initial $13.1m ($11.6m cash, $1.5m shares) representing an initial 5.7x EV/EBITDA. Insigniam was founded 35 years ago, employs 50+ staff and provides a range of services including leadership alignment, organisational transformation, cultural change and executive coaching supported by unique methodologies and IP. There is significant opportunity to cros

Morning Note – 18 September 2023

Elixirr - Digital + data + AI = significant growth potential

Elixirr’s ambition is to become the best digital, data, AI and strategy consultancy in the world and H1 results evidence strong progress towards this aim. H1 sales grew +23% (+14% organic), adj. EBITDA +19%, margins strong at 30%, adj. EPS +23% and net cash £20m. Revenue per partner grew by +24%, supported by a broadening range of capabilities that have been further strengthened by the acquisition of Responsum, a US-headquartered AI specialist. Elixirr also continues to attract highly experience

Morning Note – 3 April 2023

Elixirr - Broadening capability underpins strong growth and resilience

Elixirr has reported a strong set of 2022 results with revenue up +40% (+18% organic) and adj. diluted EPS up +26% (+3% ahead of our forecast). EBITDA margins remained strong and significantly ahead of peers at 29% (2021: 31%) as travel and business development activities returned to normal. Average revenue per Partner increased by +13%, a metric that has progressed every year since listing, supported by a +20% increase from established Partners which bodes well for continued growth. Elixirr’s a

Morning Note – 27 February 2023

Elixirr - Margins and outlook ahead of expectations

In a positive trading update, Elixirr has detailed FY 2022E EBITDA in line with expectations and up +30% on 2021. This was supported by EBITDA margins of 29%, ahead of our previous forecast of 28.3%. Sales were up +40% on 2021, inclusive of management’s decision to exit lower margin work in the acquisitions and the takeover of two clients affecting sales in those accounts. Excluding these factors, organic sales growth was +18%. January 2023 has started strongly with total sales up +76% and FY 20

Elixirr: High growth, high margin, building a world leader (10 for 23 extract)

Elixirr was founded 13 years ago to provide clients with an alternative to the traditional, stagnant consulting models that the large consulting firms provide. The entrepreneurial culture and focus on helping clients build businesses, new products and customer experiences are key differentiators and have supported revenue growth of +31% CAGR since 2012, driven by increasing partner productivity (supported by significant equity incentives), rising staff numbers and, in recent years, cross-selling

Morning Note – 20 September 2022

Elixirr - Adapt, change and deliver

Elixirr has reported a strong set of H1 results achieved against a range of increasing macro pressures. The Group’s expanding capabilities, supported by acquisitions, growing profile and reputation in the market and its bespoke and personalised approach have ensured that shifting client needs can be catered for and capitalised on. This has enabled a 39% increase in H1 sales (+8% organic) alongside strong margins (H1 2022 EBITDA margin: 31.1%). Backed by a continued positive outlook, we have upgr

Morning Note – 4 April 2022

hVIVO - Introducing 2025E; HSD sales grth/margin expansion expected

Post further analysis of the FY 2023 results on 9 April 2024, we are establishing FY 2025 forecasts, as well as modifying our forecast adjusted net profit/EPS figures for 2024 and 2025 to reflect the accounting of the deferred tax asset. Our 2025 forecast calls for 9% growth in customer revenues, stable other operating income (largely R&D tax credits) vs 2024, EBITDA margins going back to the 23% level (after a slight contraction in 2024 to reflect 3 facilities being run in parallel for part of

Bioventix - Laying out the longer-term opportunity in Alzheimer’s Disease

The clinical diagnosis of Alzheimer’s Disease (AD) continues to be a highly challenging endeavour and existing gold standard diagnostic techniques (PET scans, CSF analysis) are limited by their cost, lack of access and perceived invasiveness. As the therapeutic landscape of AD evolves so too are the tools being developed to diagnose and monitor AD in clinical practice and blood-based AD tests represent potentially more sustainable, scalable and economically viable approaches to future AD managem

City of London Investment Group (CLIG LN) - 3Q IMS: return to growth

CLIG’s 3Q IMS reveals 5.5% rise in FuM in the first three months to March 2024 to US$10.1 billion. In the quarter performance added US$302m and group net inflows were US$224m.

Morning Note – 25 April 2024

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Solid close to FY24

LIBERUM: Science Group: The Science of shareholder value

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

LIBERUM: MindGym: Delivering on the controllables

hVIVO - FY 2023 results, revenue in-line, margin better, future is bright

hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in

Malvern International - Positive results confirm turnaround on track; cash-generative and a strong bid pipeline

A positive trading trajectory for MLVN has continued to emerge strongly in this morning's results, with FY23A revenues standing at £12.2m (FY22A: £6.3m / +79%) and £0.2m PBT profit as against a £1.1m PBT loss the year before (excluding a £94k fair value movement / loan write back). MLVN provides education services including (1) a range of university-related courses for overseas students, (2) adult ELT and (3) summer schools for juniors. MLVN's contract with the University of East London (UEL) st

LIBERUM: The Liberum Leisure Digest: NLW increase - pricing power is key

Hybridan Small Cap Feast - 25 April 2024

25th 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: Smart Metering Systems (SMS.L) has delisted from the AIM market 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

Allenby Capital: Skillcast Group - Finals

Skillcast Group plc (SKIL.L) has reported strong FY 2023 results essentially in line with prior guidance, albeit slightly better than expected at the EBITDA level. The solid top line yoy growth of 15% was driven by the 28% growth in the recurring revenues Subscription business which now accounts for 76% of Group revenues. This growth more than offset the expected 12% contraction in non-core Professional Services revenues. After an EBITDA loss of £0.75m in H1, a move to EBITDA profitability of £0

Morning Note – 26 March 2024