Small Cap Breakfast

Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20 million in the year ended 31 August 2015 to £33 million in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer and date TBA. AfriTin Mining—Demerger from Bushveld Minerals (BMN.L). Offer TBA. Due 6 Nov. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the l

Tough H1, but primed for a record H2

Predicting the exact moment when large contracts land is never easy, but made doubly difficult if customer purchasing decisions are impacted by outside forces. This has been the case for LRM in the first half, as several chunky orders have been pushed to the right ahead of new MiFID II rules being introduced on 3 Jan’18. Not least, one significant collateral deal, worth £3.25m in license fees alone, which is now anticipated to be signed in late Q3, or early Q4.

Positive market and encouraging pipeline

After such an outstanding close to FY17, it was almost inevitable that Q1’18 was going to be somewhat quieter for new license orders. This happens most years (see below) as the pipeline is naturally replenished following a strong Q4. Typically leading to a 35%- 45% vs 65%-55% revenue split across H1:H2. We suspect FY18 will be no different, albeit perhaps pitched towards the bottom of the range.

Record order book, sales and top line growth

‘You ain’t seen nothing yet’ was a phrase famously coined by US President Ronald Reagan back in 1984. 33 years on, it could equally apply to today’s hugely impressive FY17 prelims from Lombard Risk

Small Cap Breakfast

Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Ed

44% organic growth plus £7m of net cash

Many bank executives often complain about the reams of financial red-tape coming out of Brussels, London and New York. Not so Lombard Risk, which this morning delivered what can only be described as a ‘phenomenal’ set of results – reporting FY17 turnover, EBITDA and net cash all substantially above our estimates at £34.0m-£34.4m (vs ED at £31.8m), £2.4m-£2.8m (-£0.4m) and £7.0m (£1.4m) respectively.

Record year for collateral management

Investing in small caps always involves some degree of risk. Nonetheless, when it is possible to find a high tech software stock like LRM, that is expanding its top line at >2x the industry average (or >7x global GDP) – of which 40% of sales is recurring and 58% denominated in non £ currencies - yet is priced at less than a third of sector EV/revenue levels (see below), then investors should take note.

Riding the ‘RegTech’ revolution

Who would want to be a City trader? One minute risking £millions on the whims of the market, while the next worrying about whether you’ve inadvertently broken any rules. Well, the good news is that there’s help at hand. Enter specialist ‘RegTech’ provider Lombard Risk Management (LRM), whose cutting edge software takes the stress and legwork out of ‘Regulatory Reporting’ and ‘Collateral Management’.

The Monthly November 2016

Share prices are built on expectations - expectations about all sorts of things, such as a company’s future sales growth, the trend in margins and the profits it can return. Understanding those expectations and how they move is critical to share price formation. Listing rules require quoted companies to update investors on progress relative to expectations. What managements often fail to understand is that many of their key investors do not have access to brokers’ research and, thus, cannot put

AIM Breakfast

hallenger Acquisitions* (CHAL.L) | Milestone Group * (MSG.L) | Water Intelligence (WATR.L) | Action Hotels (AHCG.L) | IXICO (IXI.L) | Aggregated Micro (AMPH.L) | REDX Pharma (REDX.L) | Lombard Risk Management (LRM.L) | Quantum Pharma (QP.L) | Solid State (SOLI.L)

Initial Equity Trading Comments - 15 May 2023

Morning Note – 11 May 2023

FY22 full year results – and looking beyond

ENGAGE XR (formerly known as VR Education Holdings) has published its full year results for FY22, which were delayed following the successful and oversubscribed net equity raise of €9.9m in February 2023. ENGAGE XR has signed a rapidly growing number of strategic and commercial partnership agreements with companies invested in promoting the VR medium and the development of corporate metaverses.

Morning Note – 1 June 2023

SP Angel Spec Sits: 2022 Financial Results (TEK LN)

TEK reported 2022 Financial Results with a revised net asset value of US$57.8m at 30 Nov 2022, down from US$68.1m in 2021, down 15% y/y. This downward valuation reflects the market backdrop, where share prices of Innovative Eyewear (LUCY.NQ) and Belluscura (BELL.LN) declined significantly y/y. Notably, the valuation of MicroSalt Inc. nearly doubled over the year.

Engage XR Holdings - FY22 results as expected, momentum building in 2023

Following the +40% yoy Q1 23 revenue growth at April’s trading update, ENGAGE XR has reported in line FY22 results, growth to over 200 customers, and we reiterate our FY23 and FY24 forecasts. Today’s announcement confirms that FY22 saw new customer wins and renewals from blue-chip customers including Pfizer, MTN, HSBC, KIA, Pearson, Lenovo, Kuehne & Nagel, 3M, KPMG, Meta, HTC, BHP, Adtalem Global Education, University of Miami, and Stanford University; and the momentum has continued into Q1 with

Hybridan Small Cap Feast - 19 May 23

19th May 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

Morning Note – 31 May 2023

On track

LSE AIM - Market Screener (30 May 2023)

 The market capitalization of AIM stocks was £95.9bn as of 26 May 2023, down 3.7% since 14 April 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 216.6%), Vast Resources (+325% YTD), B90 Holdings (+212.4%), Verditek (209.1%, MktCap £7.5mn), Star Phoenix Group (+175%), Inspecs Group (+166.3%). Among the bottom movers, were companies canceling admission to AIM: Applied Graphene Materials (-88%,), Circle Property (-93%, MktCap £1.2mn), Purplebricks Group (-93.1% on a possi

Morning Note – 9 May 2023

Cordel Group (CRDL LN) - Building the platform

Cordel’s AI data analytics solutions for the global rail maintenance industry is an exciting opportunity. The Group is now well funded for the next phase of expansion.

Initial Equity Trading Comments - 10 May 2023

Hybridan Small Cap Feast - 22 Feb 23

22 February 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 objec

FireAngel Safety Technology Group + (FA, House Stock, 11p) - Trading update