This Week's AIM Highlights 11th November 2022

Westminster Group* - Trading update – making progress but guidance cut

Westminster Group has announced that it expects FY22 revenue to come in approximately a third lower than expected and has indicated a loss of ~£0.9m for the year. The reduction in guidance mainly reflects the delay to a MENA Technology project which the group still expects to be awarded this year, but not soon enough to enable revenue recognition sufficient to meet prior guidance. We amend our forecasts to reflect guidance. We note that implies a significant improvement in performance in 2H22 ov

Westminster Group* - Further ‘Protect Duty' contract

Westminster Group has announced a contract award for its Technology Division for the provision of a mass entry screening solution for a significant theatre and exhibition complex in Northern England which receives hundreds of thousands of visitors a year. This award follows a similar announcement last week with an award value pegged at a similar size to the over £100k disclosed for that contract. Similarly, this new award is in response to the upcoming Protect Duty legislation that is expected t

Westminster Group* - Technology Division contract

Westminster Group has announced a contract award for its Technology Division for the provision of a mass entry screening solution to an iconic building in the UK. The contract is valued at over £100k. While the award is not especially large it could prove a precursor to many as other venues have to respond to the obligations created by the Protect Duty legislation expected to come into force in the UK later this year. The award may also be indicative of a pick-up in activity in the Technology Di

Hybridan Small Cap Feast 18/08/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports

Westminster Group* - 1H22 results – making progress, 2H22 weighted

Westminster Group reported a 13% increase in revenue YoY and raised gross margins to 51%, cutting the net loss by 15% YoY to £0.8m. Results are expected to be weighted to 2H22 with a number of large scale projects in the offing to add to the £3.5m in new orders already secured this year. Consequently, we maintain our current forecasts including a full year profit of £1.1m. We would expect the announcement of large scale orders to boost confidence in the equity story where the rating currently la

Hybridan Small Cap Feast 10/08/22

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 objectives, financial situation or

Hybridan Small Cap Feast 06/05/22

Joiners: Kendrick Resources (KEN.L), a mineral exploration and development company, with projects in Scandinavia has joined the Main Market (standard) raising £3.25m. With effect from Admission, Kendrick will have vanadium exploration projects in Finland, and Sweden with an option over 3 further nickel projects in Norway under the EMX Option Agreement. The Projects have three defined Mineral Resources. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? GS Chain, a company established

Westminster Group* - FY21 results – Positive outlook rebased

Westminster Group reported results in line with our forecast, with the Technology Division taking a hard hit from Covid. The Services Division actually increased profit by 75% YoY and is powering ahead. Further contract wins as the strategy delivers, the potential implementation of the DRC airport contract and a likely recovery in performance from the Technology Division could see our prior forecasts for FY22 met. However, we have decided to put our forecasts onto a much more conservative footin

Hybridan Small Cap Feast 21/01/2022

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Hercules Site Services a technology enabled labour supply company for the UK infrastructure sector, intends to float on AIM. Hercules is seeking to raise approximately £5.5m to rapidly deliver on the significant demand it is experiencing for its diverse range of services across the UK infrastructure sector, including to scale up its operations to supply labour to the northern section of the HS2 rail project

Westminster Group* - New Contract Award

Westminster Group has announced that its Technology division has been awarded a new contract to design, supply and install screening equipment at two airports in Southeast Africa. The $1.7m contract was won in a competitive international tender and provides a basis to add additional services to this relationship over time in what is a new region in Africa.

Westminster Group* - Trading Update

Westminster Group has released a trading update highlighting positive news on potential new business, offset by timing related challenges regarding implementation of current projects. While the reduction in expectations for the current year is frustrating, we believe the shares had started to price in some delays and right shifting of projects. With these issues largely timing related around year end, we continue to see 2022 as an important year for earnings and substantial upside for the shares

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme

Morning Note – 16 April 2024

Q1 Operating Results

Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k

Billington Holdings - Record result boosts dividend; forecasts upgraded

FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively

Plant Health Care - China distribution with AMVAC

Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car

Morning Note – 15 April 2024

discoverIE - Back to organic growth

discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli

Severfield - Multiple positives should excite investors

Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear

Warns on brine supply costs

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

PROGRESSIVE: Severfield: Targeted acquisition strategy aids growth path

Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

Invinity Energy Systems - Update on Strategic Investment

Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.

PROGRESSIVE: Severfield: Step change in European and Indian outlook

Severfield’s full-year results to March will be ‘slightly above’ the Board’s expectations, according to today’s trading update, with net debt significantly better. We maintain our PBT estimates for both forecast years, which are ahead of consensus, but reduce our net debt for FY24E. Record orders were boosted by the steel specialist’s European operations, after last year’s Voortman acquisition, while the Indian JV has seen ‘another step up in profitability’. The group has also launched its first

Clean and competitive fertiliser