Morning Note – 4 March 2024

Rosslyn Data Technologies - Trading update - Pipeline growing but timeframes ext

Rosslyn Data Technologies has released a trading update for the year to April 2024 indicating its total sales pipeline has continued to expand and discussions with larger new partners have continued to progress. Partnering with major BPO (Business Process Outsourcing) organisations and Consultants undertaking procurement transformation projects is the primary sales model adopted by Rosslyn and, in the interim results to end-October 2023 announced in January, Rosslyn reported a strong increase in

Hybridan Small Cap Feast - 25 Jan 24

25th January 2024 @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 obje

Morning Note – 25 January 2024

Rosslyn Data Technologies - H1/24 interim results

Rosslyn Data Technologies has released interim results for the period to 31 October 2023, with revenue flat at £1.4m, ARR of £2.5m, gross margin improved to 35.5% and adjusted EBITDA loss of £1.7m. Partnering with major BPO (Business Process Outsourcing) organisations is primary sales model, with two new contracts won in the period, with a blue-chip European med-tech company and international transport consultancy - worth £422k in aggregate over a multi-year period, adding £120k in ARR. A strong

Morning Note – 31 October 2023

Rosslyn Data Technologies - FY23 final results – a focussed SaaS platform strate

Rosslyn Data Technologies has released final results for the year to April 2023, in-line with forecasts. Having won six new contracts (total value £1.9m) during the period revenues increased by 10.3% to £3.0m and improvements were made in its core financial KPIs versus FY22A. Central to Rosslyn’s growth strategy is its BPO (Business Process Outsourcing) partnership sales model. Two of these BPO partners are Genpact (over 320 global clients and managing spend of $78bn) and Chain IQ (over 60 clien

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Cenkos: Rosslyn Data Technologies Plc -- Capital raise – accelerating growth strategy

Rosslyn Data Technologies, the procurement analytics solutions specialist, has announced a conditional placing to raise £3.3m (gross) which includes £0.6m of credit linked notes. The funding will be used to accelerate its growth strategy and expand its platform innovation, whilst also providing general working capital. The procurement analytics market is anticipated to grow rapidly, fuelled by pandemic related tailwinds, corporate governance requirements and the increasing awareness of cloud-bas

Hybridan Small Cap Feast - 06 Apr 23

6 April 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 objective

Cenkos: Rosslyn Data Technologies Plc -- Trading update

This morning Rosslyn Data Technologies released a trading update, highlighting that it had entered H2/23 with increased revenue momentum, with six new contracts (total value £1.9m) signed in the current year and expects to report improvements in all recently introduced KPIs for the year to end-April 2023. Rosslyn completed the restructuring of the business following the disposals of both Langdon and Integritie, (announced on 3 October and 1 November 2022 respectively) and has maintained a focus

Hybridan Small Cap Feast - 30 Jan 23

30 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

Cenkos: Rosslyn Data Technologies Plc -- Focused on building sales momentum

Rosslyn Data Technologies released interim results for the six-months to 31 October 2022 highlighting the completed restructuring of the business following the disposals of both Langdon and Integritie, announced on 3 October and 1 November respectively. Following new customer wins, ARR grew 11% to £2.5m. Rosslyn highlighted growing interest in its new SaaS platform and services from global blue-chip customers and via its partner network. Whilst still early days into the new strategy, the partner

Hybridan Small Cap Feast 07-11-2022

What’s cooking in the IPO kitchen?** Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company's initial public offering on AIM, the board has determined to apply for the Company's existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company's admission to trading on AIM will be cancelled with effect from Admissio

Cenkos: Rosslyn Data Technologies Plc -SaaS model reset complete

Rosslyn Data Technologies released FY22 results on 31 October and completed the disposals of both Langdon and Integritie, announced on 3 October and 1 November respectively, for a total maximum consideration of £3.1m. Significant progress was made during FY22 working through substantial organisational changes and upgrading the now rebranded core Rosslyn spend analytics platform around a SaaS model. The sales strategy has been refocussed on a more partner led approach and Rosslyn has established

Eleco - FY23 recurring revenue growth of +22%, EBITDA +2% ahead

Eleco’s FY23 results show robust organic recurring revenue growth of +17% with recurring revenue +22% to £20.7m, adj EBITDA +2% ahead of the January update, and a confident outlook with Q1 ARR already at £24.5m vs £22.6m at FY23. At this point, the excellent start to FY24 leads us to reiterate our FY24-26E revenue, adj EBITDA, EFCF, and DPS, and we include the April 2024 acquisition of Vertical Digital in our FY24-26E net cash, as we explain below. As Eleco builds upon the successful acquisition

An excellent win, momentum rebuilding

Made Tech has won a material expansion (worth up to £19.5m/2yrs) with a long-standing customer, The Department for Levelling Up, Housing and Communities (“DLUHC”). Coming off the back of a soft H1 bookings performance, we expect this win to materially boost investor sentiment and reassure how notwithstanding a tough backdrop (given an impending general election) MTEC continues to outcompete legacy providers and in-so-doing, grow its share of wallet with large/strategic customers. Landing near FY

LIBERUM: Cerillion: Continued strong trading in 1H

Morning Note – 23 April 2024

To infinity…

Cerillion has announced a very solid update, as H1 sales and EBITDA are both up 10% y/y to £22.5m and £10.9m respectively, notwithstanding the exceptionally strong base period (sales and EBITDA +27% and +38% resp.). Results therefore point to continued strong customer demand, reflecting how Cerillion’s out-of-the-box product continues to resonate and gain adoption, particularly in a ‘budget conscious’ environment, by offering faster time to market, greater configurability and at a lower cost. Me

In-line H1, strategic initiatives advancing at pace

As reported in March, underlying EBITDA profitability improved to record levels despite FX headwinds. Further platform and proposition developments were completed, key steps on its digital roadmap, and it has already won 7 contracts YTD. Alongside planned growth in private membership, this will at least offset the loss of one contract. Forecasts are left unchanged today and, as member engagement throttles back up, FX headwinds ease, and proof points of digital efficiency emerge, markets should b

itim - Further professional services contract secured with The Entertainer

itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has announced an additional professional services contract with its long-standing client, The Entertainer. Following a year-long trial, The Entertainer is opening in over 800 Tesco stores across the UK & Ireland, alongside a supplier agreement for Tesco stores across Central Europe. Under the contract, The Entertainer will extend its use of itim's Unify

Intelligent Ultrasound Group - GE Healthcare launches new Voluson Signature with

GE Healthcare has announced the launch of the Voluson Signature 20 and 18 ultrasound systems, with the related press release noting these systems ‘comprehensively integrate artificial intelligence’ to improve the ultrasound procedure for clinicians and the women being scanned. These ultrasound systems include SonoLyst, the AI which incorporates Intelligent Ultrasound’s ScanNav Assist and ScanNav AutoCapture AI software. The launch of additional Voluson systems including the SonoLyst suite of AI

Hybridan Small Cap Feast - 22 April 2024

22nd 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: 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 is proposing to acquire the entire issued share capital of 3radi

Alphawave Semi: FY23 trading update, amended forward guidance

Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H

Morning Note – 26 March 2024

Devolver Digital (DEVO LN) - Rebuild year

Devolver Digital encouragingly delivered 2023 results slightly ahead of expectations and provided a steady medium-term outlook that leads us to reiterate our 2024 Adjusted EBITDA estimates. Longer term, the company is now planning to further develop its two major planned titles, Human Fall Flat 2 and System Era's next major new release. We now expect those major titles to be released in 2026 rather than 2025, meaning we lower our 2025 Adjusted EBITDA forecast to $10.6m from $17.6m but introduce

It’s not what you sell, it’s the way that you sell it

This report is intended to help UK small- and mid-cap investors gain a better understanding of software companies’ routes to market, and to highlight how one of the most important facets of the way in which they grow and deliver value is routinely ignored.  We examine sales processes for six UK-listed companies and one that has recently been taken over, and consider why they have followed their respective paths.

Hybridan Small Cap Feast - 14 Mar 2024

Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024

Morning Note – 8 April 2024