Solid close to FY24

Upbeat H1 drives upgrades

Successful restructuring merits attention

FLASH: Lease exit to drive material cost savings

Resetting forecasts for MET disposal

Recovery on track, investing for growth

Unlocking value through B2B data and intelligence

Small Cap Feast

Caribbean Investment Holdings. Incorporated in Belize . CIHL primarily operates financial services businesses through its subsidiaries The Belize Bank Limited and Belize Bank International Limited, both located in Belize and international corporate services through Belize Corporate Services Limited. CIHL shares are also traded on the Bermuda Stock Exchange. Lord Ashcroft holds 75%. No capital raise. Due 28 April. £36m . 2019 net profit US$ 10.7m

Small Cap Feast

ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Voyager AIR The Com pany w ill focus on the acquisition, leasing and m anagement of prim arily widebody aircraft, w ith asset management services to be provided by Amedeo Limited he IPO will comprise a Placing and Offer for Subsc

Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019 Argentex a UK-based forex servic

Small Cap Feast

Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. £28m raised. Half primary, half shareholder sell down expected 29 May 2019. Mkt cap £72.6m. Issue price 151p. Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 201

Small Cap Breakfast

RA International is a leading provider of services to remote locations in Africa and the Middle East looking to join AIM raising £18.8m and 56p, market cap of £97.2m. Expected 29 June Cake Box Holdings—franchise retailer of cakes with a growing store base across the UK looking to join AIM, Sell down of £16.5m, Mkt Cap £43.2m. Mar18 FY rev £12.8m, underlying earnings £3.7m. Due 27 June. Mind Gym. Behavioural science business that uses scalable proprietary products to deliver human capital and b

Small Cap Breakfast

Belluscura— Provider of premium medical devices at value prices to address part of the global unmet need for affordable, premium quality medical devices. Raising £7.5m to £10m. Offer TBA. Due early Dec | Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native invideo advertising . 2016 rev £0.7m and £7.3m operating loss. Offer TBA | Keystone Law Group— full service law firm with over 250 self-employed lawyers . Due late Nov. Offer TBA

AIM Breakfast

Karelian Diamond Resources (KDR.L) | DODS Group (DODS.L) | Stellar Diamonds (STEL.L) | SCISYS (SSY.L) | Prime People (PRP.L) | Taptica International (TAP.L) | Oxford Pharmasciences (OXP.L) | Providence Resources (PVR.L)| ECR Minerals (ECR.L) | Pacific Industrial & Logistics REIT (PILR.L)

hVIVO - Introducing 2025E; HSD sales grth/margin expansion expected

Post further analysis of the FY 2023 results on 9 April 2024, we are establishing FY 2025 forecasts, as well as modifying our forecast adjusted net profit/EPS figures for 2024 and 2025 to reflect the accounting of the deferred tax asset. Our 2025 forecast calls for 9% growth in customer revenues, stable other operating income (largely R&D tax credits) vs 2024, EBITDA margins going back to the 23% level (after a slight contraction in 2024 to reflect 3 facilities being run in parallel for part of

Bioventix - Laying out the longer-term opportunity in Alzheimer’s Disease

The clinical diagnosis of Alzheimer’s Disease (AD) continues to be a highly challenging endeavour and existing gold standard diagnostic techniques (PET scans, CSF analysis) are limited by their cost, lack of access and perceived invasiveness. As the therapeutic landscape of AD evolves so too are the tools being developed to diagnose and monitor AD in clinical practice and blood-based AD tests represent potentially more sustainable, scalable and economically viable approaches to future AD managem

Elixirr - Outperforming competitors and the global Consulting market

Elixirr offers investors exposure to the long-term growth trends in the global Consulting market (including digitisation and the ongoing technology revolution, demand for innovation, efficiency and specialised expertise) all turbo charged by the group’s ‘challenger’ strategy driving market share gain from a low base. FY 2023 results showed the power of Elixirr’s differentiated model with revenue up +20% and adj. EPS up +22% in a market subdued by global uncertainty. With net cash of £18m, a posi

Morning Note – 22 April 2024

City of London Investment Group (CLIG LN) - 3Q IMS: return to growth

CLIG’s 3Q IMS reveals 5.5% rise in FuM in the first three months to March 2024 to US$10.1 billion. In the quarter performance added US$302m and group net inflows were US$224m.

Morning Note – 25 April 2024

LIBERUM: Science Group: The Science of shareholder value

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

LIBERUM: MindGym: Delivering on the controllables

hVIVO - FY 2023 results, revenue in-line, margin better, future is bright

hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in

LIBERUM: The Liberum Leisure Digest: NLW increase - pricing power is key

Hybridan Small Cap Feast - 25 April 2024

25th 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: Smart Metering Systems (SMS.L) has delisted from the AIM market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar

UK Equities: Overlooked, oversold, and over here

In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.

Malvern International - Positive results confirm turnaround on track; cash-generative and a strong bid pipeline

A positive trading trajectory for MLVN has continued to emerge strongly in this morning's results, with FY23A revenues standing at £12.2m (FY22A: £6.3m / +79%) and £0.2m PBT profit as against a £1.1m PBT loss the year before (excluding a £94k fair value movement / loan write back). MLVN provides education services including (1) a range of university-related courses for overseas students, (2) adult ELT and (3) summer schools for juniors. MLVN's contract with the University of East London (UEL) st

Allenby Capital: Skillcast Group - Finals

Skillcast Group plc (SKIL.L) has reported strong FY 2023 results essentially in line with prior guidance, albeit slightly better than expected at the EBITDA level. The solid top line yoy growth of 15% was driven by the 28% growth in the recurring revenues Subscription business which now accounts for 76% of Group revenues. This growth more than offset the expected 12% contraction in non-core Professional Services revenues. After an EBITDA loss of £0.75m in H1, a move to EBITDA profitability of £0