Hybridan Small Cap Feast - 14 September 23

14th September 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 ob

Hybridan Small Cap Feast - 07 Jun 23

7th June 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

Cenkos: LoopUp Group Plc -- Upgraded FY23E forecast

LoopUp, the premium hybrid communications cloud platform provider has released unaudited preliminary results to December 2022. Revenues were £16.5m (FY21A:£19.5m), a YoY decline of 15.4% driven by the structural decline in the meetings business coupled with a decline in the third-party resale services channel. Adjusted EBITDA of £(0.9)m was behind the prior year (FY21A: £1.2m), but ahead of our £(1.1)m forecast. We update our FY23E forecasts to reflect an uplift in the Meetings business, and rel

Hybridan Small Cap Feast 14/12/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resources exploration and development company principally seeking to explore and develop potential world-class copper-gold assets in the Philippines and a cobalt asset in Namibia. Amount planning to raise and anticipated market cap TBC. Expected late December 2022. Smarttech247 Group intends to join AIM. The c

Cenkos: LoopUp Group Plc -- Continued growth in customer base

LoopUp has released an encouraging trading update, underpinned by the successful transfer of c7,000 former PGi Connect conferencing service customers to the Group's Meetings and Event platforms. The acceleration in new customer and contract wins for the Group's Cloud Telephony solution is positively contributing to the strong performance of the Group. To reflect the uplift in performance we marginally increase FY22E revenue from £15.4m to £15.5m whilst also increasing administrative expenses by

Cenkos: LoopUp Group Plc -- PGi extends cash runway

The PGi book of business transfer goes live on 1 October 2022. This transaction will boost the Group's cash flow over the next two years, albeit on a slightly deferred basis in FY22E given monthly billing in arrears and normal collection cycles. LoopUp has raised £3.5m of new equity to help finance its working capital during the transition period and invest further in its growing Cloud Telephony division.

Hybridan Small Cap Feast 07/09/22

Dish of the day Joiners: No joiners today. Leavers: Stanley Gibbons Group has left AIM. What’s cooking in the IPO kitchen?** Critical Metals plc, a company established to acquire mining opportunities in the critical and strategic metals sector, is to be re-admitted onto the Main Market under the ticker “CRTM”, following the proposed acquisition of a 57% interest in Madini Occidental Limited, which holds an indirect 70% interest in the Molulu copper/cobalt project located in the Democratic Republ

Cenkos: LoopUp Group Plc -Transfer agreement brings strong cash flow

LoopUp has assumed a book of conference service contracts from a US competitor for no initial outlay. This book will yield operating cash flow of c£5m on an annual basis. Together with the renegotiated banking facilities secured earlier in the year, the Group's enhanced cash flow and headroom in its facilities will position the company well for FY23E and we upgrade the stock to Buy.

Cenkos: LoopUp Group Plc -- New business lag effect

New Cloud Telephony customer numbers expanded significantly last year but a lag in implementation timing is impacting the ramp up of revenues in the new year. If all customer geographies are rolled out there is upside to our earnings and cash flow forecasts but we revise our recommendation to Hold until we have greater visibility over the outcome of FY22E.

Small Cap Feast 16/11/2021

Banquet Buffet Blackbird 32.25p £109.3m (BIRD.L) The technology licensor, developer and seller of the market-leading cloud native video editing platform, Blackbird, announced today that Eurovision Sport has engaged with Blackbird to drive cloud native video production workflow efficiencies for its members in a multi-year deal. Eurovision Sport is utilising Blackbird for professional, collaborative and scalable cloud native video editing and publishing of sports content. Blackbird has been deplo

Cenkos: LoopUp Group Plc -- Major distribution agreement

LoopUp has signed a major reselling agreement with an international telco to distribute its Cloud Telephony platform into its business customer base. In our view, this validates both the commercial proposition and LoopUp's channel strategy. We have nothing in our forecasts for CT indirect sales meaning this agreement provides upside potential to forecasts once revenues flow.

Hybridan Small Cap Feast 1/11/2021

Joiners Quantum Exponential to join AQSE. The Company intends to identify investment opportunities in the quantum technology sector. The Company has identified over 175 start-ups which potentially meet their investment strategy with a focus on seed funding for start-ups with second stage funding plans in preparation. Due 1st Nov. Leavers No leavers today. What’s cooking in the IPO kitchen? Ashtead Tech, subsea equipment rental and solutions provider for the global offshore energy sector to join

Cenkos: LoopUp Group Plc -- Phoenix

LoopUp has raised £8.85m gross in a Placing and Primary Bid offer of new ordinary shares to support the expansion of its subscription cloud telephony platform, fund an acquisition and reduce gearing. While still materially cash generative, Remote Meetings is now a sunset business and the primary driver for earnings growth going forward is the platform-based Cloud Telephony division. LoopUp has a £117m pipeline to convert in this expanding marketplace and the share price is not discounting any re

A year of transition

LoopUp has managed its way through the challenges and opportunities brought about by COVID-19, and exits 2020 with a strong cash balance, a reinvigorated product line-up, and some promising pipeline opportunities. This year will be one of transition, as the group evolves and continues promoting its Cloud Telephony offering within Microsoft Teams, both selling directly to enterprise customers and indirectly via the large Microsoft partner ecosystem. The RNS strikes a cautious tone on near-term sa

Journeo - The Merry Journey Continues

Journeo has released a positive trading update following strong business activity in October and November. The company references strong trading in its core Fleet and Passenger Systems divisions, as well as the newly acquired Infotec and MultiQ divisions. We expect that the investment made in the Infotec factory to facilitate higher production speed has contributed to clearing the prior backlog and the ability to win new orders. We believe the positive trading momentum will continue into FY24E a

Ingenta - Firm interims –forecast upgrades

Ingenta, the provider of software technology and supporting services to content providers and publishers around the world, has released interim results for the period to 30 June 2023. Revenues were up 9% £5.7m (H1/22: £5.3m), 80% of revenues recurring in nature. Adjusted EBITDA of £1.6m was up 26% versus H1/22 (£1.3m). New contracts worth c£2m were won during H1/23, with further new business secured post period end and we have modestly upgraded revenue and adjusted EBITDA forecasts for FY23E and

New balance

Hybridan Small Cap Feast - 01/12/23

1st December 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 obje

Concurrent Technologies - FY23 trading update – revenue growth accelerating

Concurrent Technologies has released a FY23 trading update stating revenues in the current year are expected to be ahead of market expectations. Strong order intake has continued throughout the year and the significant investment in product development undertaken to target design-in wins has brought new customers (especially large Defence sector prime contractors), larger average single order sizes, and an increasing diversification of end markets. So far this year, Concurrent Technologies has w

Morning Note – 28 November 2023

LSE AIM Market Screener - 22 June 2023

 The market capitalization of 806 AIM stocks was £89.3bn as of 20 June 2023. FTSE AIM All Share Index was down 5.55% YTD to 785.2 as of 21 June 2023. There were 32 companies delisted from AIM over the period December 2022-June 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 209%, MktCap £95m), Vast Resources (+211% YTD, Mkt Cap of £15m), B90 Holdings (+200%, MktCap £22mn), Verditek (154%, MktCap £6mn), Star Phoenix Group (+162%, MktCap $1.6mn), Inspecs Group (+162%, Mk

Hybridan Research: 01/12/2023: DXS International Plc: Innovate UK grant to advance precision medicine AI solution

DXS International yesterday announced its success in securing £409,000 of grant funding jointly with Health Innovation East from Innovate UK – the UK’s national innovation agency - for further Research and Development (R&D) of its Artificial Intelligence (AI) medicines optimisation prescribing solution, ExpertCare. The Innovate UK grant will enable DXS to accelerate its efforts in advancing ExpertCare, a product promising to revolutionise medicine optimisation. The funds channelled into intensi

Growth on the dot plot

Morning Note – 1 November 2023

dotDigital - Delivering organic and acquired growth expectations

Finals to June 2023 detail performance in line with expectations, but outperforming by +6% for adj PBT and adj dil. EPS: revenue of £69.2m (£69.1mE); adj EBITDA of £22.0m (£22.3mE); adj EBIT £14.3mE (£14.3m); adj. PBT of £15.4m; (vs £14.5mE with the benefit of interest); and adj dil EPS also +6%. £52.7m cash at 30th June enabled the £25m September acquisition (incl £18.9m cash consideration) of personalisation functionality provider Fresh Relevance, in line with the acquisition strategy and acce

Celebrus Technologies - Encouraging interims, and name change

Celebrus (formerly D4t4) 1H24 interims to September are in line with the October trading update and unchanged forecasts. The typical 1H/2H revenue split eased a touch to 40/60 from 38/62, taking 1H EBITDA to breakeven (after £-1.2m in 1H23) and en route to £5.7m for the full year (FY23: £3.7m, including £4.9m in 2H23). The delivery of the larger of the two lower margin orders, together worth c£6m and postponed from 2H23, has boosted 1H24, with cash to follow in 2H24. Net cash (no debt) of £14.7m

Crimson Tide - FY23 update: FY23E adj EBITDA +136%, FY24E reiterated

Crimson Tide has reported an encouraging FY23 trading update highlighting operating efficiencies in FY23, and a strong pipeline of new business with increasing visibility to support profitable recurring revenue growth. As a result of more efficient operations, the company delivered reduced spend in FY23, reinvesting part of the savings in growth marketing activities, including partner acquisition in the US and UK. We upgrade our FY23E adj EBITDA to £0.4m (was £0.2m) to include the savings, upgra

Positive tailwinds

Cenkos: Journeo Plc -- A Smooth Journey Ahead

Journeo finds itself at the forefront of a transport revolution about to take place as the UK government focuses on their key ‘levelling-up' agenda and ‘green' initiatives to reduce reliance on fossil fuels. Journeo has gone from strength-to-strength over recent years, consistently growing revenues and profits whilst building the foundations of a high margin SaaS business model. Despite the positive track record and outlook, Journeo trades at a discount to the peer group median across EV/Sales,