Hybridan Small Cap Feast - 28 Mar 23

28 March 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 objectiv

Hybridan Research: 28/03/2023: One Heritage Group plc: Continued execution to complete three development projects in 1H 2023

One Heritage Group (OHG) today announced its interim results for the six months ended 31 December 2022 (H1 FY23). Revenue was £5.8m, up 3,760% year-on-year as OHG continued with project development in its third year of operation. The gross loss was £0.28m, primarily due to an impairment of £1.1m (announced in RNS on 26 January 2023). Net debt at the period end was £17.7m (30 June 2022: £14.9m), reflecting an increase in working capital. The loan facility from the major shareholder One Heritage H

Hybridan Research: 02/03/2023: One Heritage Group plc: First completion of a development management project – County House in Oldham

One Heritage Group plc yesterday announced the practical completion of County House in Oldham. We have published research on this which is attached and a snapshot of the research is below. One Heritage Group (OHG) yesterday announced the practical completion of County House in Oldham, its first completion of a development management project. Acting as the Development Manager, One Heritage has overseen the transformation of the former Oldham County Court. The scheme marks the completion of OHG’s

Hybridan Small Cap Feast - 01 Mar 23

01 March 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 objectiv

Hybridan Small Cap Feast - 26 Jan 23

26 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

Hybridan Research: 26/01/2023: One Heritage Group plc: Continued execution for success

One Heritage Group plc today provides a trading update. We have published research on this which is attached and a snapshot of the research is below. One Heritage Group (OHG) today provides an update on the progress of its projects, changes to its senior leadership team, an extension to its shareholder loan facility and the acquisition of Seaton House, Stockport. Impairment of £0.75m-£1.25m expected in 1H-FY23: OHG recognised an impairment of £880k for Bank Street and £418k for St Petersgate

Hybridan Small Cap Feast 25/10/22

Dish of the day Joiners: Guanajuato Silver Company (AQSE: GSVR) has joined the AQSE Growth Market. Leavers: Eastinco Mining and Exploration left the AQSE Growth Market and joined the Standard List of the Main Market (yesterday we incorrectly said it had joined AIM.) Lamprell has left the Main Market. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca En

Hybridan Research: 25/10/2022: One Heritage Group plc: Annual results - Execution for success

One Heritage Group plc, today announces its audited results for the year ended 30 June 2022 (FY22). We have published research on this which is attached and a snapshot of the research is below. One Heritage Group plc (OHG) today announces its audited results for the year ended 30 June 2022 (FY22). Revenue increased by 276% from £464k to £1,747k, primarily with £665k from construction activities and £650k from the disposal of the Nicholas Street project. All revenues came from related parties. T

Hybridan Small Cap Feast 07/10/22

What’s cooking in the IPO kitchen?** Sondrel Holdings plc, a UK founded and headquartered fabless semiconductor business providing turnkey services in the design and delivery of complex, high end 'application specific integrated circuits' (ASICs) and 'system on chips' (SoCs) for leading global technology brand, intends to join AIM. Anticipated Mkt Cap £48.1m. £20m to be raised. Expected 21 October 2022. TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. ED

Hybridan Research: 01/08/22: One Heritage Group PLC: Chief Financial Officer appointment to support business growth and pipeline execution

Good afternoon, One Heritage Group PLC announces the appointment of Anthony Unsworth as CFO and Executive Director of the Board. We have published research on this which is attached and a snapshot of the research is below. The UK-based residential developer focused on the North of England today announces the appointment of Anthony Unsworth as CFO and Executive Director of the Board with immediate effect. Mr. Unsworth is to replace Mr. Luke Piggin (who is leaving as Finance Director at the end

Hybridan Research: 15/07/2022: One Heritage Group: Management revamp to support business growth amid supply chain pressures

Good Afternoon, One Heritage Group today announced a trading update. We have published research on this which is attached and a snapshot of the research is below. The UK-based residential developer focused on the North of England today provided an update on projects, its investment in its associate One Heritage Complete and changes to its senior management. Construction: The industry-wide cost pressures in respect of building materials and sub-contractor labour shortages has resulted in furth

Hybridan Small Cap Feast 15/07/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina Energy has two principal onshore interests. The first, the Mount Winter Prospect is located in the A

Hybridan Small Cap Feast 13/07/22

Dish of the day Joiners: Ming Yang Smart Energy Group Limited (MYSE.L), a leading wind turbine manufacturer in China, has admitted Global Depositary Receipts to the Shanghai-London Stock Connect segment of the Main Market of the LSE. Leavers: No leavers today. What’s cooking in the IPO kitchen? Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the

Hybridan Research: One Heritage Group plc: 12/07/2022: £1m West Yorks land purchase to boost Gross Development Value (GDV) by £6.5m

Good Morning, One Heritage Group plc has today announced the completion of the acquisition of development land on Victoria Road, Eccleshill, West Yorkshire for £1,000,000. We have published research on this which is attached and a snapshot of the research is below. The UK-based residential developer focused on the North of England, has today announced the completion of the acquisition of development land on Victoria Road, Eccleshill, West Yorkshire for £1,000,000. Victoria Road is located 3.5

Hybridan Small Cap Feast 29/06/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their

Uncertain outlook comes as no surprise

We take a positive view of Legal & General’s FY 22 results. Despite the tough environment, the Group managed to outperform expectations – something which was hardly a given for such a large asset manager. With L&G being widely exposed to the UK economy, it might be a call one does not want to make but the firm’s business remains one of spreads – as long as a default does not occur. We remain positive but concede that L&G embeds more risk than we had assumed.

Very strong CY22 - CY23 upgraded 10%

LIBERUM: Alpha Group International* - Highly attractive global growth opportunity

Ambitious winds of change

M&G’s FY 22 results were strong. It was also the opportunity for new CEO Andrea Rossi to depict clearly his strategy for the upcoming months. While the impetus is clear and the objectives are ambitious, we rather believe in a structural improvement of the business (driven by the higher rates environment) than a commercial one.

Hybridan Small Cap Feast - 06 Mar 23

6 March 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

Belvoir Group - Debt free, entrepreneurial and diverse

2022 followed on from the strongest year for property in recent history, but Belvoir has, nevertheless, reported a robust set of full-year results further evidencing the power of its franchised model and strategy. FY 2022 revenue was up +14% (+2% like-for-like), gross profit up +6% and adj. PBT down -1% as the resilient Lettings income and expanding Financial Services business continued to grow (both +4% LFL), while housing Sales fell (-15% LFL) as market conditions weakened and administrative c

LIBERUM: Real Estate Investors* - Profitable sales drive valuation increase and NTA outperformance

Morning Note – 27 March 2023

Hybridan Small Cap Feast - 14 Mar 23

14 March 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 objectiv

Critical Metals Plc - Initiating Coverage - 20th March 2023

Critical Metals is a British company that has acquired a 70% interest in a producing Molulu copper mine in the Katanga region of the DRC. The focus of the company is in the natural resources sector in Africa focused on the strategic or critical metals as defined by the United States Government Survey list in Open-File Report 2018-1021 and the Critical Raw Minerals as defined by the European Commission. The main catalysts for 2023 will be the announcement of the first sales of copper ore. This i

LIBERUM: Pollen Street * - Clear fundraising momentum

NAHL Group - Finals

NAHL generated growth in both its Personal Injury (PI) and Critical Care divisions, the former despite a continuation of subdued market conditions – hence market share gains. Results were in line with our forecasts but with a significant reduction in net debt which is especially welcome in the current high interest rate environment. Group strategy remains intact and in PI that means building the embedded value of future cash flows in NAL while flexing enquiry placements to maximise cash generati

Cenkos: Personal Group Holdings Plc -- Momentum building

Personal Group's FY22 results show good underlying growth in both API and ARR, with significant HoH EBITDA expansion also delivered in H2. The growth in its insurance book and increased levels of ARR provides high levels of visibility into 2023. Retention rates are high, the group has added 101 new clients and its expansion into the SME market is growing rapidly. Today's results demonstrate the clear benefits of the diversification of the model since 2019 and the ongoing relevance of its offerin

Positive update - EPS upgraded by 5% p.a.

Hybridan Research: 28/03/2023: TMT Investments plc: Cautious optimism and a disciplined approach in early/mid-stage tech investment

TMT Investments today announces its final results for the year ended 31 December 2022. Total NAV was US$201.7m (down 28.7% from US$283.1m as of 31 December 2021). This translates to NAV per share of US$6.41 (compared to US$9.00 as of 31 December 2021), mainly due to downward revaluations of Backblaze by 64% and Bolt by 33% as a result of stock markets sell-off leading to reduced valuations for some start-ups. Administrative expenses were US$1.4m, down 25% and reflecting a reduced level of invest