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

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

Jersey Electricity - Decarbonisation fuelling growth

Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wh

Quadrise+ (QED, House Stock at 1.4p) - Drilling to commence in Utah project

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Strix (KETL LN) - FY23 results, forecasts rebased

Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth

Judges Scientific+ (JDG, House Stock at 8,900p) - HY; strong order book, FY23F unchanged

Invinity Energy Systems - Progress on Three Fronts

Invinity is making major progress commercially, technically and financially. A full manufacturing agreement has been signed with Taiwanese partner Everdura. This brings additional manufacturing capacity to serve the existing re-seller agreement without the need for new capital. Validation testing on the next-generation Mistral flow battery has verified performance targets, paving the way for commercial launch later in the year. Finally, discussions on one or more strategic partnerships are progr

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.

Morning Note – 4 April 2024