Morning Note – 19 March 2024

May the re-rating begin

Celebrus Technologies - Demonstrating predictability and outperformance

Proving that market anxiety over the 1H/2H split is misplaced, Celebrus management is demonstrating confidence in the visibility in the model with confirmation of revenue performance in line with expectations and adjusted PBT 5% ahead (and by consequence adj dil EPS +5%) close to two weeks before the March year end. £32.0m revenue (consensus £32.1m; Cav £32.3m). £32m achieves the punchy 50% target organic growth after some hardware focused contracts held over into FY24; while £5.5m adj PBT (cons

Morning Note – 8 January 2024

More wins improve visibility

Morning Note – 4 December 2023

New balance

Morning Note – 27 November 2023

Celebrus Technologies - Encouraging interims, and name change

Celebrus (formerly D4t4) 1H24 interims to September are in line with the October trading update and unchanged forecasts. The typical 1H/2H revenue split eased a touch to 40/60 from 38/62, taking 1H EBITDA to breakeven (after £-1.2m in 1H23) and en route to £5.7m for the full year (FY23: £3.7m, including £4.9m in 2H23). The delivery of the larger of the two lower margin orders, together worth c£6m and postponed from 2H23, has boosted 1H24, with cash to follow in 2H24. Net cash (no debt) of £14.7m

Hybridan Small Cap Feast 16-11-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** 9 November: Chapel Down Group ITF: England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital or providing a s

Hybridan Small Cap Feast - 30 Oct 23

30th October 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 obje

Morning Note – 30 October 2023

Starting off on the right foot

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

LSE AIM - Market Screener (31 August 2023)

 The market capitalization of 790 AIM companies was £81.6bn as of 30 August 2023. FTSE AIM All Share Index was down 10.74% YTD to 741.2 as of 30 August 2023. Among the top YTD winners, were Amur Minerals (up 360%, MktCap £1.4m), Plexus Holdings (+358% YTD on major contract value increase, Mkt Cap of £8.7m), Glantus Holdings (+249% on acquisition offer, £16.5mn MktCap), RTC Group (+215% on strong financials, £7.8mn), Empire Metals (+213% on a positive titanium grade update, £25.4mn). Among the

Morning Note – 24 April 2024

Cordel Group - Positive steps towards ambitious FY24 goals

Cordel’s Q324 update shows progress towards the group’s FY24 revenue expectation and other objectives, supporting our forecasts. Doubling the customer base by year-end is a key milestone, which encouragingly looks set to come in part from tier-one US railroads, offering the greatest scope for large seven-figure contracts from its target markets. Developments with Amtrak, as Cordel moves to the five-year service phase, and Angel Trains in the UK provide positive indicators for stable recurring re

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

Dillistone Group - FY2023 results in-line, solid start to 2024, earnings recovery set to gain momentum

Dillistone, a supplier of software to the international recruitment industry, has announced a solid set of full year results that, in our view, pave the way for rapid YoY earnings progression from FY2024. For FY2023, against a small, anticipated YoY decrease in sales, adjusted EBITDA exhibited substantial growth of 38.5% to £1.3m (FY2022: £0.9m), ahead of our £1.2m estimate, and with a welcome return to profitability, PBTA of £0.1m (FY2022: loss £0.3m) in-line with our expectation. Our cautious

Jo' grows

Morning Note – 2 April 2024