Hybridan Small Cap Feast - 12 Sep 23

12th 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

LIBERUM: hVIVO plc: H1 weighting translates into upgrades

Morning Note – 12 September 2023

hVIVO - Interims – 22% upgrade to 2023 EBITDA; more in 2024

Interim results were in line with the trading update of 26 July, with revenues rising 52% to £27.3m and adjusted EBITDA of £5.4m, implying 19.9% EBITDA margins; this was underpinned by the operational efficiencies gained through higher occupancy levels and strong demand for challenge studies. However, with (i) a record order backlog at 30 June of £78m (and subsequent £13.1m contract), (ii) recent MHRA trial approvals, and (iii) some revenue recognition from the relocation to its new Canary Wharf

Artificial intelligence in UK biopharma and healthcare 11/09/2023

Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel

Expansion to sustain growth with boosted capacity

hVIVO is establishing a new facility in the Canary Wharf life sciences hub, London. This will increase its quarantine bed capacity and provide greater flexibility to meet anticipated higher demand for its human challenge clinical trial services. The new site, which management notes is mostly funded

Morning Note – 29 August 2023

LIBERUM: hVIVO plc: New facility to drive growth

hVIVO plc

Morning Note – 26 July 2023

Small Cap Feast 25 07 2023

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. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in

Morning Note – 25 July 2023

Marlowe - Interim Results

Despite the challenging economic environment, demand for Marlowe’s compliance software and services remained resilient, with the group achieving 6% organic revenue growth in H1. Adj EPS fell 15% YoY to 18.9p, however, due to slight margin compression in TIC (largely on account of dilutive M&A), higher interest rates on a greater debt balance, and a rise in the UK’s corporation tax rate. Given weak economic conditions persist, we take a more cautious approach to our forecasts, reducing adj dilute

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

Morning Note – 29 November 2023

Morning Note – 28 November 2023

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

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

Hardman & Co Insight: Higher interest rates overshadow IIC/REIF prospects

Hardman & Co Research’s focus is on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our Quoted UK Infrastructure and Renewable Energy – Prospects for 2023 publication, we have addressed the three key issues of recent months: higher inflation, extremely volatile power prices and rising interest rates.

Allenby Capital - Aeorema Communications plc - Finals

A 66% y-o-y increase in FY23 (June) revenue is built on recent strategic investment in capacity and profile in key global markets. Aeorema Communications plc (AEO.L) now has strong back-end operations, accounts and strategic growth teams, and initial critical mass in the US. This provides a strong platform for growth, a key component of its overarching strategy for future success. Momentum is building on the back of consistently high retention rates and demand from new clients. The full impact o

LIBERUM: MindGym: In-line update, BUY reintroduced

Morning Note – 13 September 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

Macfarlane Group+ (MACF, House Stock, 111p) - Resilient update– FY23F profit unchanged

Cenkos: Coral Products Plc -- Strong FY23 results, good outlook

Coral Products has reported strong results for the year-end April 2023, with revenues in-line with our forecast and adjusted EBITDA ahead of our forecast. The company has made good progress on the integration of the four businesses acquired during the year and reports a “strong start” to the current financial year. We maintain a BUY rating.

SHORE CAPITAL - Begbies Traynor Group (BEG) - House Stock at 147p

Winter sunshine, value in summer 2024 caution