Surface Transforms (SCE): Open Offer

Surface Transforms (SCE) has announced the raising of £6.5m new equity and is launching an Open Offer to shareholders. It is raising capacity and quarterly revenue but has needed to address the two sets of production constraints it faced: scrappage and process-line pinch points. Pinch points have been much reduced through capital expenditure and expert maintenance teams. Major capital expenditure is ongoing and unaffected by the fund raise. The scrappage from the fast ramping up of volumes is re

Allenby Capital TMT Update - 13.05.24 - MIRI.L, MBT.L, PPS.L, CSFS.L, LST.L, DNM.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Morning Note – 10 May 2024

Ceres Power Holdings - Strategic partnerships powering growth

Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across sol

Hybridan Small Cap Feast - 16/04/2024

16th 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: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

Hybridan Small Cap Feast - 09 May 2024

9th May 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: E-Therapeutics (ETX.L) has left AIM. Advanced Oncotherapy (AVO.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has a

boohoo Group (BOO LN) - Clear strategy to drive profitable growth

FY24 performance reflects decisive action in a challenging market: Gross merchandise value (GMV) of £1,809m is down 13% YOY, driven by lower sales in brands, partly offset by growth in the Debenhams marketplace.

Re-run of the value screen and 10 focus stocks

We have completed another periodic refresh of our value screen, first established in our inaugural quant/screening note of 26 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics (based on 2016 consensus P/E and latest price to tangible book ratio) from our universe, and we have chosen 10 stocks to focus on. Since inception last year the screen has outperformed the main small-cap and micro-cap indices (by about 8pp and 3pp respectively) and has p

Allenby Capital - Character Group - Interims

Character Group traded satisfactorily in the first half, even though pressure on consumer expenditure continued to create challenging trading conditions. The Group was able to deliver a robust performance while enjoying a solid balance sheet and strong cash generation. Given the encouraging first half performance and the Group’s continued resilience, the Board expects that adjusted PBT will exceed market expectations. Consequently, we have increased our PBT forecast by 10% and continue to view t

Specta Systems - Another first from SPSY … polymer banknotes which guarantee a recycled supply chain, thereby meeting clients' needs

This morning's announcement from SPSY highlights the company's innovative technology in the interest of “meet[ing] clients' needs”. A global first from SPSY, today's news heralds the first polymer banknote substrate which will be certified as sourced and manufactured through an accredited circular supply chain, commencing with Toray Plastics America, SPSY's partner. This new development follows on from SPSY's invention of the Fusion substrate, a transformative technology which we expect to mak

Initial Equity Trading Comments - 11 May 2023

Initial Equity Trading Comments - 19 February 2024

FY24E margin, profit and cash beat, FY25E on track

Surface Transforms - Fund raise for the profitable growth phase

SCE is raising £16m through a placing (and up to a further £3m through open offer) to fund substantial expansion and additional working capital. This will enable the Group to grow to £75m revenue capacity in the near term, commence the build and equipping of a new factory and then (with internally generated free cash flow) scale to £150m revenue capacity and beyond. With a contracted order book of £190m and a prospective pipeline of £400m, this is clearly the time to seize the opportunity. The e

Morning Note – 4 April 2024