LIBERUM: Gateley: H1 in line, inserting some caution into H2

LIBERUM: Gateley: Allaying investor fears about cyclicality

LIBERUM: Gateley: Underappreciated track record of delivery

Hybridan Small Cap Feast: 20/07/2023

Dish of the day Joiners: Ora Technology has joined the Access Segment of the AQSE Growth Market. Leavers: No leavers today. What’s cooking in the IPO kitchen?** 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. Blackpoint Biotech plc, a medical cannabinoids company esta

LIBERUM: Gateley* - FY 23 in line, strong balance sheet remains a differentiator

Hybridan Small Cap Feast - 18 Jan 23

18 January 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

LIBERUM: Gateley* - Delivering in uncertain times

Hybridan Small Cap Feast 04/10/22

Dish of the day Joiners: Milton Capital plc (MII.L) has joined the Main Market. 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

Hybridan Small Cap Feast 14/09/22

Dish of the day Joiners: No joiners today. Leavers: Meggitt Plc has left the Main Market. What’s cooking in the IPO kitchen?** Fintech Asia, an investment company established to acquire businesses in the Fintech sector, primarily targeting the Asia-Pacific region, intends to join the Standard Segment of the Main Market. The Company has raised £1.455m through the placing of 3,010,000 ordinary shares of no par value, with net proceeds of £841,845. Expected 15 September. Ikigai Ventures, an investm

LIBERUM: Gateley* - Diversification strategy being vindicated

LIBERUM: UK Small & Mid Cap Dispatches

LIBERUM: Morning Comment

LIBERUM: Gateley* - Strategy continues to drive outperformance

Hybridan Small Cap Feast 20/04/22

What’s cooking in the IPO kitchen? Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketing agencies, Production studios and visual content prov

LIBERUM: Gateley* - Biggest acquisition since IPO builds out another high-quality service line

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 – 22 April 2024

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.

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

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

LIBERUM: Science Group: The Science of shareholder value

Morning Note – 25 April 2024

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

LIBERUM: MindGym: Delivering on the controllables

Solid close to FY24

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

Morning Note – 26 March 2024