Trading update

Pelatro's trading statement shows that a stronger USD in 2022E, combined with delays in certain projects, will impact current year revenue and profitability. An increase in the Group's exposure to the Indian Rupee (INR), due to major Indian contracts being priced in local currency, has led to a lower USD revenue, as the INR weakened by over 8% YTD versus the USD. The company expects the FX headwinds combined with certain mainly change request revenue, to reduce Group revenue by $0.7m to $0.8m in

LIBERUM: Bango* - The value add platform

LIBERUM: Cerillion* - The future is bright

FY23 profit beat could be silly

FY22 results are comfortably in line with October’s update, as CER delivered +26% y/y sales growth to £32.7m (PY: +25%) whilst maintaining its class-leading PBT margins at 35%, such that u/l PBT grew +28% to £11.6m. This translated to £9.9m FCF, after 100% cash conversion. Somewhat bizarrely the most interesting data point in all these stellar numbers is that CER materially beat consensus notwithstanding an unusual £1.8m bad-debt provision (i.e. without, CER would have beaten estimates by even m

Expansion into China

Cambridge Cognition yesterday announced its expansion into China, the World's second largest clinical trial market. The Chinese foray is through a strategic partnership with Shanghai based Luca Healthcare, a leading player in digital screening, treatment, and management tools.

Hybridan Small Cap Feast 23/11/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr

Interims: Consistent solid cash generation

AdEPT has delivered a resilient H1 with Managed Services seeing 3% organic growth and supply chain delays reducing EBITDA margins by just 1%. H1 FCF of £4.4m amply covered cash interest paid of £1.1m and residual lease payments of £0.3m. Macro headwinds cause us to pull back FY23 EBITDA by 7% but the company will remain solidly cash generative and comfortably able to deal with forecast interest rate rises. As such the 17% FCF yield offers great value.

Hybridan Small Cap Feast 16/11/22

Dish of the day Joiners: BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio

Morning Note – 16 November 2022

Upgrades on contract wins

Gresham announces contract wins today that cause it to expect FY22 revenues and earnings to be ahead of expectations. The first is a £1m over 5 years Clareti deal to replace a legacy incumbent solution for one of Europe’s largest privately owned banking and financial services groups (new logo). The second comprises renewals and extensions across a broad array of products and services with Gresham's largest customer, ANZ. Furthermore, management expects to close further subscription business in Q

TPXimpact Interim Results

TPXimpact has announced interims that are reassuring following the September AGM and confirmed guidance for FY23 and 2024.

Hybridan Small Cap Feast 22/11/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr

Altitude Group plc (ALT LN) - Soaring higher

Altitude has released H1 results for the period to 30 September 2022 showing a robust expansion of its Services and Merchanting programmes. The Group has grown its global AIM Smarter membership, increased average revenue per member, and expanded Merchanting by recruiting more high-quality sales affiliates. Last week’s revenue and profit upgrades highlight strong ongoing momentum from Altitude. We continue to believe the Group is well placed for accelerated future revenue growth, with operational

Cenkos: Shearwater Group Plc -- FX Charge

The interim accounts bear an unrealised FX charge which has led us to review our forecasts. This liability is now largely hedged and the recent strengthening of GBP/USD has reversed some of this loss. Net cash is lower due to the payment profile associated with a material contract won last year but this will unwind over the next two years. We see these items are speed humps and do not change our valuation of the stock.

Hybridan Small Cap Feast 15/11/22

Joiners: No joiners today. Leavers: Rosneft Oil Company GDR has left the Standard Segment of the Main Market. What’s cooking in the IPO kitchen?** Long Term Assets Limited (LTA), a Guernsey investment company, intends to join the Specialist Fund Segment of the Main Market of the London Stock Exchange. The initial portfolio is made up of a diversified range of assets, recently valued in the region of £160m, comprising a complete selection of the Disruptive Capital’s family office private asset po