Open Orphan: Booming orders show market leadership

Open Orphan (which will be rebranded hVIVO starting 26 October) is a growing specialist contract research organisation (CRO) with a high-growth London-based clinical trial business (hVIVO) supported by a European clinical services subsidiary (Venn). It has reported in the H1FY22 results revenues of

Hybridan Small Cap Feast 08/09/22

Dish of the day Joiners: No joiners today. Leavers: GYG plc has left AIM. What’s cooking in the IPO kitchen?** Critical Metals plc, a company established to acquire mining opportunities in the critical and strategic metals sector, is to be re-admitted onto the Main Market under the ticker “CRTM”, following the proposed acquisition of a 57% interest in Madini Occidental Limited, which holds an indirect 70% interest in the Molulu copper/cobalt project located in the Democratic Republic of Congo. C

Morning Note – 8 September 2022

Open Orphan - 2022 interims - FY 23/24 forecasts introduced

Interim results reflected the different scheduling of challenge studies during the period. Revenues declined 18% to £18.0m, but despite this, adjusted EBITDA increased 10% to £2.3m with margins up 330bps to 12.7%; illustrating the sustainably profitable nature of the business. With an order backlog at 1 September standing at c.£80m and a very strong start to H2 (£9m revenues and £4.1m of cash in July and August), the company maintains its FY guidance for revenues and other income of c.£50m for F

LIBERUM: Open Orphan* - Interims in line; H2 set for sales growth

LIBERUM: Open Orphan* - Initiation - Challenging the norm

Morning Note – 22 August 2022

Morning Note – 4 August 2022

Morning Note – 30 June 2022

Open Orphan delivering on growth expectations

Open Orphan is a growing specialist contract research organisation (CRO) with a high-growth London-based clinical trial business (hVIVO) supported by a European clinical services subsidiary (Venn). High demand for hVIVO's challenge studies in respiratory infections and infectious diseases, helped t

Hybridan Small Cap Feast 14/06/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? LifeSafe Holdings, a fire safety technology business with innovative fire safety products, intends to join AIM. LifeSafe has developed what the Directors believe to be market disrupting, eco-friendly fire safety protection products to both protect (via fire extinguishers) and detect (via carbon monoxide, smoke and heat alarms) fires. At the centre of the Group's product range is the FER1000 e

Morning Note – 14 June 2022

Morning Note – 7 June 2022

Open Orphan - FY 2021 results – a year of delivery with more to come

Open Orphan delivered on FY 2021 forecasts, with revenues rising 76% to £36.9m (FC est. £38.1m; shortfall due to regulatory delay), and adjusted EBITDA and pre-tax profit ahead of forecasts at £2.9m (FC £2.5m) and £37k (FC -£0.9m). Year-end cash of £15.7m (net debt £15.4m) was consequently better than expected. The year-end order backlog increased 11% to a record £46.0m, which stood at £64.25m (+40%) on 31 May 2022, due to five contract wins in 2022, the most recent of which was a landmark £14.7

Hybridan Small Cap Feast 01/06/22

Dish of the day Joiners: No Joiners Today. Leavers: Innovaderma has left the Main Market. What’s cooking in the IPO kitchen? AssetCo plc, intends to join re-join AIM. The Company's strategy is to develop an agile asset and wealth management company that meets the needs of investors in the 21st century by acquiring, managing and operating asset and wealth management activities and interests, together with other related services. The Company is in the process of acquiring the entire issued share c

SHORE CAPITAL - Macfarlane Group+ (MACF, House Stock at 108p)

SHORE CAPITAL - Begbies Traynor Group+ (BEG, HouseStock at 141p) - Encouraging trading update, good start to FY23

Hybridan Small Cap Feast 28/09/22

Joiners: No joiners today. Leavers: Brewin Dolphin Holdings has left the Main Market. Caretech Holdings has left AIM. What’s cooking in the IPO kitchen?** Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming company. Raising between £5-10m. Independent Living

WH Ireland: Anexo Group (ANX) - Record results demonstrate strength of model; cash-generative in FY, huge markets

Strong H1 results from ANX this morning reflect the strength of its model, with excellent H1 growth driven by the expansion in vehicle numbers in the latter part of FY21 and momentum continuing to build in the Housing Disrepair business stream (revenues up 113%). ANX is the UK market-leader in credit hire and legal services for impecunious no-fault motorists, including litigation on their behalf as required to extract payment from at-fault motorist's insurer; and this remains a strong revenue s

Return to profitability now expected in FY23

The Group has issued a trading update for FY22E highlighting a second half performance significantly below that anticipated at the time of the interim results. Customer delays, supply chain disruption and unplanned outage of key equipment have combined to defer significant revenue into FY23E, alongside the impact from higher input costs that could not be recovered within the period. We forecast an adjusted operating loss of £1.4m in FY22E (previously £1.2m profit) that means the Group will not n

Hybridan Small Cap Feast 21/09/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company's investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150

Hybridan Small Cap Feast 27/09/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming company. Raising between £5-10m. Independent Living REIT plc, intends to float on the Premium Segme

Pressure Technologies: Trading Update

Pressure Technologies (PRES LN) has published a trading update for the period ending October 1st 2022 (FY 2022). PRES, a UK-based precision produces high pressure steel cylinders through its Chesterfield Special Cylinders (CSC) division, and its Precision Machined Components (PMC) division provides specialised machining services. 1H 2022 (reported on June 28th 2022) revenue was £9.5m with an operating loss of £2.1m. According to the latest trading update, the strong turnaround expected at the ti

Morning Note – 21 September 2022

NAHL Group Interims

Interim results from NAHL demonstrated substantial progress in building a successful cash generative and profitable platform for sustainable growth. Targeted investment in both divisions has resulted in market share gains in markets that otherwise remain subdued. The Board’s strategy continues to be focused on medium and long-term profitability, cash generation and debt reduction and remains on track to deliver against these aspirations. Results for the year are expected by the Board to be in li

LIBERUM: Ricardo* - On track to double profits in five years

Hybridan Small Cap Feast 22/09/2022

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming co

Hybridan Small Cap Feast 29/09/2022

Dish of the day Joiners: Rockwood Strategic plc has transferred from AIM to 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 establis

Cenkos: Coral Products Plc - Finding more space

Coral Products recently announced the acquisition of Manplas holdings Ltd. Although the size of the deal is relatively small, we believe this to be another positive strategic step, and we maintain our BUY rating with fair value of 20.8p.

FLASH: FY22 results review