Hybridan Small Cap Feast - 17 May 23

17th 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

Hardide interims

A positive first half - revenues 9% up y-o-y, 22% ahead of H2 22 – reflects improving oil & gas sector markets, new business flows and successful recovery of input cost inflation via higher selling prices. Significantly, HDD achieved EBITDA breakeven in the period and moved closer towards positive cash generation, a key financial milestone. Revenues are well diversified by industry and client, and visibility is underpinned by contractual relationships and potential for materially higher demand f

Morning Note – 17 May 2023

Hardide - Interims confirm on track to attain EBITDA breakeven for FY23

The group’s interim results were encouraging, reflecting improving market conditions and profit improvement actions. EBITDA breakeven was achieved in H1 earlier than our expectations. H2 is expected to see further growth and also achieve EBITDA breakeven for the year as a whole. Commercial progress was recently demonstrated with the further traction in coating Airbus wing components, with a partnership agreement with Gardner Aerospace for the A320. Demand has continued in the Energy sector, with

Hardide Update

The AGM statement reiterated the ‘cautious optimism’ that underpinned the group’s recent annual report (covered in our 9 February update). HDD is experiencing growth across all of its key markets; aerospace, energy and industrial products. First half revenues to end March 2023 are expected to come in around 7% ahead y-o-y. That will be sufficient to deliver forecast EBITDA breakeven in FY23 despite deferral of a c. £0.3m order into H1 FY24. That outcome underlines the success of initiatives to

Morning Note – 23 March 2023

Hardide Final Results

Positive FY22 results show momentum building. Hardide (HDD.L) confirmed orders for its high-performance coatings from all key industry sectors. As pandemic related issues ease progressively, demand is picking up and the underlying prospects and demand for HDD products appears broadly intact. The reactor capacity is in place to meet projected demand to the end of FY24, so revenue growth should flow quickly to margins, move HDD towards full profitability and positive cashflow. HDD also confirmed

Hybridan Small Cap Feast - 08 Feb 23

08 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

Morning Note – 8 February 2023

Hybridan Small Cap Feast 27/10/22

Dish of the day Joiners: Unicorn Mineral Resources (UMR) has joined the Standard Segment of the Main Market. Unicorn Mineral Resources plc is an Irish exploration company, incorporated on 25 March 2010. Unicorn’s focus is to explore for zinc in Ireland, and the Company has been working on several license blocks since 2010. It has targeted the highly prospective Limerick Basin. Unicorn raised £930k at 10 pence per share. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Ithaca Energ

Morning Note – 27 October 2022

Morning Note – 13 October 2022

Hardide - YE update flags some order slippage, stronger FY23

The group’s year-end update confirms that the market volatility previously flagged has resulted in some customer project orders delayed from Q4 into FY23. We therefore reduce FY22 forecasts, with a £0.3m reduction in revenue and a £0.4m wider pre-tax loss. With a strong order book, management expects to see a considerable improvement in financial performance in FY23, while cash proceeds from settling customer balances, Martinsville sale & leaseback and placing proceeds provide additional financi

Hybridan Small Cap Feast 09/09/22

Dish of the day Joiners: No joiners today. Leavers: ScotGems Plc has left the Main Market. 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 Rep

Hardide - Placing proceeds announced

Following the earlier announcement of an Accelerated Book Build this morning, the group has confirmed the process has successfully raised £0.55m in cash proceeds at a placing price of 19p. This will assist the group in its short-term working capital funding, as described below. Trading forecasts are unchanged in both FY22 and FY23, with the additional shares resulting in an LPS of 2.1p, a 5% change. The group continues to have good recovery prospects as well as strong growth opportunities with n

LIBERUM: Yü Group* - Yet more upgrades

Invinity Energy Systems - New Sale Could Build Familiarity

A sale of four VS3 Invinity flow batteries shows continued positive momentum for the company. This deal goes further as we see it building familiarity for the company’s storage technology with key members of the workforce in the North American electricity industry.

Invinity Energy Systems - Further US Sale

A further sale in the USA shows that Invinity is seeing growing momentum in the country. With the Inflation Reduction Act now creating storage specific tax credits for the coming decade while the Bipartisan Infrastructure Law offers significant incremental support for long duration energy storage, we see this market as a key opportunity for the company.

Initial Equity Trading Comments - 15 May 2023

ITM Power (ITM LN) - Trading update

ITM has released a trading update, refining guidance for the full year to April 2023, and reporting progress on the company’s ongoing project to refocus its business on manufacturing delivery and scale up

SDI Group - FY 2023 trading update in line with downgrades to FY 2024

SDI has issued a trading update for the year ending 30 April. Whilst revenues are expected to be c.£69m, up 39% on FY 2022 and some £2.5m or 4% higher than our forecast, higher investment into sales & marketing pegs back adjusted PBT to around £11.8m (no change to FC £11.9m est). Product mix changes in FY 2024 (lower higher-margin Atik sales, offset by higher lower-margin new business sales), coupled with sustained investment in opex will impact our forecasts for FY 2024. We leave revenues uncha

Morning Note – 11 May 2023

Hybridan Research: Sector Review: Critical minerals for UK - mining and battery recycling: 09-05-2023

Virgin mining: Energy security and decarbonisation are driving the race in the sourcing of critical minerals from the natural world. This has contributed to the revival of exploration activities in the US, Europe and to a lesser degree the UK. For example, the global identified lithium resources increased from 40m tonnes in 2015 (the Paris Agreement year) to 97m tonnes in 2023, at a CAGR of 12%, according to the U.S. Geological Survey data. For example, there was no identified lithium resources

Morning Note – 5 June 2023

Hybridan Small Cap Feast - 06 Jun 23

6th 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

Itaconix - FY22 results shows strong revenue increase

The FY22 results posted a significant increase in revenue and decent reduction in losses. Growth was strongest in the cleaning segment, with a marked increase in demand across all geographies, but particularly from North American customers. Results were in line at the revenue level, with the adjusted EBITDA loss circa $100k lower than our $1.3m forecast for FY22. Year-end cash of $0.6m has since been boosted by the $12.7m February placing, resulting in much stronger finances. No changes to FY23

Ultimate Products+ (UPGS, House Stock at 124p) - Trading in-line & showing at Exclusively Housewares

Webinar: “The Impact of US IRA on Clean Energy Companies”

The US Inflation Reduction Act will have sweeping impacts on the energy industry and its participants. We’ve invited four companies from the Active Net Zero Universe to share how they see the industry evolving, helping investors identify the major risks and opportunities. Companies presenting are EQTEC (EQT LN), Foresight Group (FSG LN), Invinity Energy Systems (IES LN) and Velocys (VLS LN). The Active Net Zero Universe uses the same selection methodology as the Solactive Active Net Zero Global

Powerhouse Energy - Northern Ireland Site Identified

Powerhouse has today announced an agreement with Noage Energy to establish a project in Northern Ireland using Powerhouse technology to convert waste to energy. Noage have identified a potential site and work is due to commence to negotiate access and to obtain the necessary permits for construction and operations. This follows the joint venture with Hydrogen Utopia International to develop a waste to hydrogen project in the Republic of Ireland announced earlier this year and displays a growing

Velocys - Feedstock Highlights FT Benefits

A new report on feedstock pressures for HEFA derived sustainable aviation fuel (SAF) highlights the relative attractiveness of Fischer Tropsch based SAF and especially the negative emission fuel Velocys has developed. With the US SAF Grand Challenge, REFuel EU and the UK’s Jet Zero policies all pushing airlines down a SAF based decarbonisation route, we see the Velocys solution as gaining attractiveness as one that can meet the long-term needs of the industry without putting pressure on feedstoc