Hybridan Small Cap Feast - 05 Apr 24

5th April 2024 @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 objecti

Jo' grows

Hybridan Daily Feast - 05 Mar 24

5th March 2024 @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 objecti

PROGRESSIVE: Beeks Financial Cloud Group: H1 sparkles as Beeks secures secular growth

Beeks interim results sparkle with: (i) 25% Y/Y growth in Annualised Committed Monthly Recurring Revenue, (ii) PBT +121% Y/Y, and (iii) operating cash flow +27% Y/Y, marking a decisive turn in cash generation. The strength of the business is reflected in 87% recurring revenue (H1 FY23: 93%), the low 0.5% attrition rate (H1 FY23: 0.8%), and improving operational leverage (underlying EBITDA 35.6% margin, +110bps Y/Y). The print is ‘significantly ahead of prior expectations’ and Exchange Cloud is a

The most exciting UK SMIDcap growth story?

PROGRESSIVE: Beeks Financial Cloud Group: This year good, next year better

Beeks has this morning provided a robust (in-line) update for H1 FY24 (six months to 31 December 2023) and outlook for the full year. There is also news of two significant contracts and guidance to upgraded estimates for FY25E based on recent competitive tender wins. We see this combination as a major move forward for the business, both in terms of near-term financials and the scale and style of future client wins. The business is clearly enjoying rude health against a challenging global backdro

Glasg(r)ower

Key comp in challenging times

A cheap call option on landing whales

PROGRESSIVE: Beeks Financial Cloud Group: FY23: Double-digit growth, record ACMRR

Beeks Financial Cloud Group, the cloud computing, connectivity and analytics provider for financial markets, has delivered FY23 results in line with the September trading update. Revenue (+22% YoY) and profit (underlying EBITDA +33% YoY) both grew strongly, which we view as a highly respectable performance given ongoing investment being made in the platform and new product development. The group made strong operational progress during the year, and commentary on the outlook is positive. We leave

PROGRESSIVE: Beeks Financial Cloud Group: Growth in FY23, strong start to FY24

Beeks’ FY23 trading update (12 months to 30 June) confirms that the group delivered impressive growth in revenue and profits during the year (revenue +20% YoY, underlying EBITDA +35%). Although this outcome is ahead of our forecast at the EBITDA level, we understand revenue progression was impacted by the shifting of certain Exchange Cloud revenues into FY24. The release signals a ‘strong’ start to FY24, with record ACMRR of over £25m and good visibility on FY24 revenue. Cash performance during

Small speed bump but the road ahead remains clear

More contract wins

PROGRESSIVE: Beeks Financial Cloud Group: Reference client signed in South Africa

Beeks has today announced the signing of a contract with the Johannesburg Stock Exchange (JSE) for the deployment of an advanced managed Infrastructure-as-a-Service (IaaS) solution. The announcement contains no detail on the potential contract size, and we make no changes to forecasts at this stage. Nevertheless, we believe the JSE is a useful reference client win and being the second (blue-chip) Exchange customer for the Exchange Cloud suite, the deal further highlights the momentum building in

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

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Synectics + (SNX, House Stock at 185p) - Strong FY23A profit growth to continue

Maintel - Strong FY23 year-end TU continues trend of over-delivery

Maintel has reported a trading update for the year ending December 2023, indicating revenue in of at least £101m and adj EBITDA of “in excess of £9m”, compared with respective forecasts of £98m and £8.6m. Net debt of £18.1m also outperforms our expected year-end net debt of £18.6m. The group is continuing the trend established with the reintroduction of forecasts in April 2023, where growing confidence in delivery led to upgraded forecasts in both August and September, and still achieving outper

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).