Hill & Smith

COVID-19 update

The Industrial Revelation

US & German manufacturing PMI hits lowest readings since 2009, UK manufacturing PMI heads below 50, BorgWarner expects material financial impact from customer production halts

The Industrial Revelation

Japanese PMI falls to lowest level since 2009, GE Aviation cuts 10% of workforce, Kone downgrades 2020 outlook

The Industrial Revelation

US building permits fall in Feb missing estimates, Scania to temporarily stop European production from next week, JCB halts production across 9 UK plants

The Industrial Revelation

New York Empire State Manufacturing Index falls to lowest reading since 2009, Boeing reports need for short-term funding as S&P downgrades rating to BBB

The Industrial Revelation

India's industrial production rises ahead of estimates in Jan but autos production falls 18% y/y in Feb, Caterpillar dealer stats show 11% y/y fall in sales for Feb

Hill & Smith

FY19 prelims – first take

The Industrial Revelation

US ISM manufacturing falls to 50.1 in Feb missing estimates, India's manufacturing PMI falls in Feb to 54.5, US construction spend rises ahead of expectations in Jan

The Industrial Revelation

US durable goods falls less than expected in Jan, Japan and South Korean industrial production beat Jan estimates, CRH sees growth in US construction markets

The Industrial Revelation

UK CBI manufacturing orders beat estimates for Feb; Taiwan revises down export growth in Feb due to coronavirus; Japan manufacturing PMI falls

The Industrial Revelation

US housing starts & building permits beat estimates, Spectris sees challenging H1, GE reportedly in talks with Airbus on new A330 engine as 737 Max hurts cashflow

The Industrial Revelation

UK GDP in line with Dec construction beat but manufacturing miss, Japanese machine tool orders fall 36% y/y in Jan, Boeing nets no orders in Jan

The Industrial Revelation

German industrial production falls in Dec missing expectations, Skanska expects strong outlook for US construction

Hybridan Small Cap Feast - 23 Mar 23

23 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

Morning Note – 27 March 2023

Audioboom Group - Robust FY22 results, maiden 8p dividend planned for FY23

In today’s FY22 results, Audioboom has reported adjusted EBITDA and net cash in line with the January trading update, highlighted an encouraging start to FY23, and announced plans to pay a maiden FY23 dividend. FY22 revenue growth of +24% yoy to $74.9m has been driven by +16% growth from core premium sales, +70% growth from Showcase, and +37% yoy growth from Sonic, and enabled Audioboom to outperform the wider podcast industry for the sixth consecutive year. A tight control on cost drove adjuste

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

Bioventix - Interims – a strong start to the year underpins FY forecast

Bioventix delivered a strong set of interims, with revenues up 25% to £5.9m, adjusted EBITDA +24% to £4.7m and adjusted pre-tax profit up 26% to £4.6m. Due to a weaker GBP, translation of overseas revenues boosted revenues by c.9% (c.£0.4m), implying a still strong 16% CER growth rate. In line with its policy of maintaining c.£5m cash on the balance sheet, an interim dividend of 62p was declared (+19%), with net cash at period end of £5.15m. Revenue growth was well balanced, with troponin revenu

Hybridan Small Cap Feast - 24 Mar 23

24 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

Cenkos: Braemar Plc -- Record revenue and profitability

In a trading update for the year to 28 February 2023, Braemar highlighted record revenue and profitability for the period. Braemar expects to report revenue not less than £150m, up at least 48.1% on FY22A, and underlying operating profit of not less than £20m, c100% ahead of FY22A, with all parts of the business performing well and further helped by a positive dollar FX tailwind. Braemar has increased its investment in the business during H2/23 and with trading in the current year staring well,

Hybridan Small Cap Feast - 16 Mar 23

16 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

Fintel plc (FNTL LN) - Growth driven by FinTech

Fintel’s 2022 results provides details behind its January pre-close, which revealed: • 8% core revenue growth to £56.4m (FY21: £52.2m) • 7% core SaaS & Subscription revenue growth to £36.8m (FY21: £34.3m) • 4% total revenue growth to £66.5m (FY21: £63.9m), including surveying & panel management • Adjusted EBITDA growing.6% to £19.4m, in line with Board expectations (FY21: 6%), while adjusted core EBITDA grew 9% to £18.6m (Zeus forecast: £18.0m) • 118% (FY21: 116%) operating cash conversion,

SP Angel Morning View:Copper prices tick higher on improving fundamentals as Trafigura expects $12,000/t

FY22 update – Performance in-line & board changes

RBGP has published its FY22 pre-close trading update this morning. Unaudited FY22 revenue, adj. EBITDA and adj. operating profit are expected to be in-line with our estimates. Professional Services, saw good performances across both, the legal services and sell-side corporate finance offering. Whilst there is no resolution on decreasing exposure to LionFish, the Group is encouraged by accelerating developments. RBGP also announced a number of changes to the board, with Nicola Foulston, CEO, havi

Hybridan Small Cap Feast - 27 Mar 23

27 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

LIBERUM: Inspired Plc* - Initiation - A technology-enabled services provider

Strong CY22 results - EPS a 4% beat - correction

Hybridan Small Cap Feast - 28 Mar 23

28 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