AIM Breakfast

ANGLE PLC | GLOBAL INVACOM GROUP LTD | MATCHTECH GROUP PLC | METMINCO LTD | MYTRAH ENERGY LTD | PORTMEIRION GROUP PLC | RENEURON GROUP PLC | SERVICEPOWER TECHNOLOGIES

AIM Breakfast

Magnolia Petroleum (MAGP.L) | Metal Tiger (MTR.L) | Metminco ( MNC.L) | ReNeuron Group (RENE.L) | Global Invacom Group (GINV.L) | Matchtech Group (MTEC.L) | ServicePower Tech (SVR.L) | Mytrah Energy (MYT) | Portmeirion Group (PMP.L) | ANGLE (AGL.L)

Growth set to accelerate in 2016

Turnarounds are notoriously tricky even at the best of times. Inevitably once one problem is fixed, another crops up – which is what has happened this year at ServicePower. H1 revenues at £6.8m showed impressive growth of 12.8%, after a series of blue chip contract wins. Since then, like many small caps, the going has got progressively tougher – characterised by longer sales cycles as clients have become increasingly nervous due to slower global growth, emerging market instability, terrorism, la

Conviviality across the Universe, Pivotal moment for ProMetic, OptiBiotix going up scale

7DIG Half Yearly Reports, AVG Final Results, BMR Potential, COS Agreement, IKA Patent grant, MGR Half Yearly Report, MXO* Half Yearly Report and Update, OBT Half Yearly Report, OPTI* Completion of Study, ORM Half Yearly Report, PLI* Meeting with US FDA, SVR Interim Results, VLG Interim Results, UNG New Contract Win .

Double digit top line growth

Microcap software is a stock-pickers paradise par excellence. Not only is the sector poorly covered by the City, but also the returns can reach nosebleed levels. Here the technology is often niche and difficult to copy – hence creating predictable revenues, healthy margins and positive cashflows. But the really exciting bit comes when growth is added; effectively turbo-charging profits as incremental sales largely drop down to the bottom line.

Small Cap Wrap - Another deal in the Potash, Shifting up a Gear4music. A quantum leap for ServicePower

AFPO Memorandum of Understanding, AAU Quarterly Newsletter, ATQT Directorate Change, COS Participation, FITB* Board Changes and Appointment of CEO, G4M Trading Update, MARL* Exercise of Warrants, Termination and CPR, MDZ* Final Results, MXO* Nigerian Update, OPTI* Half Yearly Report, PEG* Directorate Change and Half yearly Report, PLI* Expansion of Phase II, SVR Award and Patents, STEL Licence Application, ZEG Intention to Move to Official List

What we do in life Eckoh's in eternity, Avanti reaches for the sky, Platform change for Hornby, Mariana glitters

AVN Financing, BLU Timeline and Results, ECK Contract Wins, FITB Placing, Subscription and Convertible Loan Note, HRN Admission to AIM, MARL Estimate, MMH Interim Results, MXO Mexico Update, NET Contract Win, PLI Q2 Results and Highlights, SVR Contract Win, TRCS Trading Update, UNG Launch, VENN Trading Update

ServicePowers into the black, Sareum powers towards Phase 1 and MX Oil power drills for oil

BOOM Half Yearly Report, COG New Research, CRU Preliminary Results, FEVR Interim Results, HCM Innovation Patent, IVO Investments, JRIC Half Yearly Report, MJW Launch of Naked Wines, MARL* Resource Estimation, MXO* Drilling Commences and Director Dealing, NAK Final Results, PEG* Trading Update, SAR* CHK1 Update, SDI Final Results, SVR Trading Statement, STAF Interim Results, SNX Interim Results

Upgrade cycle now underway

Earnings upgrade cycles are like gold-dust. Get on board early, and the returns, especially for off-the-beaten track stocks like ServicePower, can lead to very rich-pickings for investors.

Possible beneficiary of $3.5 trillion M&A boom

Ultra-low interest rates and improving corporate balance sheets have helped drive M&A activity to record highs – climbing 47% in 2014 to $3.5 trillion in terms of announced deals, and up another 38% to $2.2 trillion in H1’15 (source: Reuters).

Small Cap Wrap

C21 Contract Win, ABDP Interim Results, AFHP Acquisition, AVCT Interim Results, CDOG Final Results, CRE Trading Update and Acquisition, ECK Trading Update, FDBK Trading Update, FITB* Partnership, MARL* Trading Update, MSG* Trading Update, MPAY Preliminary Results, MXO* Update, PTSG Final Results, SVR Contract Wins, THAL New Contracts

Audioboom Group - Q1 24 revenue growth of +11%, FY24E forecasts reiterated

Audioboom’s FY23 results and Q1 trading update show Q1 24 revenue growth of +11% yoy, $6.7m of March 2024 revenue marking the platform’s highest revenue month since May 2022, and a confident outlook that leads us to reiterate our FY24E forecasts. Following the focus on new initiatives through FY23, the platform is now in its strongest ever operational position, with a record 1.1bn monthly ad impressions created in March 2024, record global audience reach of 38.6m unique global listeners in Janua

Morning Note – 16 April 2024

Soft growth patch

Morning Note – 15 April 2024

Checkit - New product launch and contract wins

Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.

Auction Technology Group - H1/24 Trading update

ATG’s H1/24 trading statement indicates revenue for the six-month period to 31 March 2024 was $86m, a 6% increase on H1/23 (1% organic growth), helped by the addition of the EstateSales.Net (ESN) marketplace last year, which performed well in the period. Total marketplace revenue increased 2% (organic), driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (mainly through lower asset prices).

Alphawave Semi: FY23 trading update, amended forward guidance

Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H

Engage XR Holdings - Expanding from FY23, FY24E forecasts reiterated

ENGAGE XR’s FY23 results show revenue and net cash in line with the February trading update, EBITDA ahead at -€4.0m vs -€4.5m due to the split of cash outflow between opex and working capital, and a confident outlook that leads us to reiterate our FY24E forecasts. FY23 revenue for the core ENGAGE platform was unchanged vs FY22 at €3.3m, as H2 23 revenue was impacted by the record seven-figure contract announced in February shifting to 2024, and several enterprise customers scaling back renewals

FY23 results in line – and a flying start to FY24

ENGAGE XR has published its FY23 full year results, the headlines of which reflect the details provided in February’s post close trading update in terms of revenue, EBITDA loss and net cash. 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.

It’s not what you sell, it’s the way that you sell it

This report is intended to help UK small- and mid-cap investors gain a better understanding of software companies’ routes to market, and to highlight how one of the most important facets of the way in which they grow and deliver value is routinely ignored.  We examine sales processes for six UK-listed companies and one that has recently been taken over, and consider why they have followed their respective paths.

Hybridan Small Cap Feast - 15 April 24

15th 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: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

CML Microsystems+ (CML, House Stock at 395p) - Board & Senior Management Appointments

PROGRESSIVE: CML Microsystems: Ripples not waves – still on growth course

The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and

iomart - FY24 trading update

The March FY24 trading update reports revenue broadly in line, and adj EBITDA in-line, with consensus. Revenue of £127m at +10% yoy (Cav: £129mE; consensus range £128.4m- £130.7mE) delivered adj EBITDA of £37.5m (Cav: £38.7mE, cons £37.4m-£38.7mE) and adj PBT of £15.0m (Cav: £16.0m, cons £14.3m-£16.0m). £25m net debt (Cav est after excluding IFRS16) was slightly better than our £26.2mE, with typically strong cash generation a feature of the model but consensus mangled by IFRS16 inclusion/exclusi

Trustpilot - FY23 trading update – Another beat, £20m SBB

Trustpilot has announced another beat to expectations and the implementation of a £20m share buyback programme. The company has guided to full year revenue of US$176m, with annual recurring revenue of US$197m and total bookings of US$195m. Trustpilot expects to report adjusted EBITDA above the US$14.1m top end of the range of market expectations. This was another strong performance from Trustpilot with revenue growth coming in a little better than guidance at the interims and further operational