Hybridan Small Cap Feast - 26 September 2024

26th September 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, or it is a rumour Dish of the day Admissions: Optima Health (OPT.L) has listed on the AIM market. Following its spin-off from Marlowe PLC, Optima is a provider of technology enabled corporate health and wellbeing solutions in the occupational health sector. In the 12 months ended 31 March 202

Crimson Tide - Resilient 1H24 results; forecasts to FY26 reset

Crimson Tide reported resilient 1H24 with +3% revenue growth to £3.1m, positive adj EBITDA of £0.8m and £2.5m net cash. Following a year of transition in management and sales strategy, conversion of the growing validated pipeline was constrained by the extended sales cycles that are the nature of focusing on larger enterprise contracts, as well as by sales capacity at the conversion stage. Combined with the distraction of two takeover approaches during H1, we rebase revenue forecasts by -9%, -14

Morning Note – 26 September 2024

Hybridan Small Cap Feast - 22 May 24

22nd May 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, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t

Hybridan Research: Sector Review: Artificial intelligence in UK cybersecurity: the human uplift 17/04/2024

Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti

Hybridan Small Cap Feast - 17 April 24

17th 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: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Morning Note – 17 April 2024

Crimson Tide - FY23 reports +15% revenue; investment phase complete

Crimson Tide has reported FY23 results to December in line with expectations, with additional operating leverage benefitting updated FY24 and maiden FY25 and FY26 forecasts. FY23 delivered +15% revenue growth to £6.2m at 86% GM, of which over 90% is recurring, and maintained £5.8m ARR even after unexpected customer churn in the year as we previously noted. Crucially, the Group achieved milestone adj EBITDA profitability of £0.4m at 7% EBITDA margin, and edges closer to adj PBT profitability expe

Hybridan Small Cap Feast - 23 Jan 24

23nd January 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 obje

Morning Note – 23 January 2024

Hybridan Small Cap Feast - 28/11/2023

28th November 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 obj

Morning Note – 28 November 2023

Crimson Tide - FY23 update: FY23E adj EBITDA +136%, FY24E reiterated

Crimson Tide has reported an encouraging FY23 trading update highlighting operating efficiencies in FY23, and a strong pipeline of new business with increasing visibility to support profitable recurring revenue growth. As a result of more efficient operations, the company delivered reduced spend in FY23, reinvesting part of the savings in growth marketing activities, including partner acquisition in the US and UK. We upgrade our FY23E adj EBITDA to £0.4m (was £0.2m) to include the savings, upgra

Hybridan Small Cap Feast - 10 Oct 23

10th 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 – 10 October 2023

Zeus Industrials Round-Up - 11 October 2024

The UK industrial sector expanded for a fifth consecutive month in September per manufacturing PMI data, although activity was slightly softer MoM as employment levels, inventories and business confidence declined per the survey, primarily due to uncertainty regarding the Autumn Budget, US elections and subdued global market conditions. Global inflation data has been encouraging and we await next week’s UK payroll data to understand the BoE’s next decision, although it is widely anticipated that

Morning Note – 30 September 2024

Morning Note – 8 October 2024

PROGRESSIVE: Beeks Financial Cloud Group - Head in the cloud, prospects in the stars

Finals sparkle, with an ‘in-line’/beat set of results (adj. EPS 6.4p vs our 5.1p estimate). Looking ahead, FY25 estimates are covered by recurring revenue, a strong pipeline and a new FY that is off to a flying start. To wit, ACMRR already ticked by £0.5m to £28.5m to 31 August – 74% of our FY25 revenue estimate. CEO Gordon McArthur telegraphs further progress: ‘Demand for our product is stronger than ever, fuelling a regular flow of new contract wins and extensions that offer long-term, recurri

Morning Note – 24 July 2024

SP Angel Technology - Winking Studios (WKS): Dual Listing & AIM IPO

Winking Studios is the fourth largest art outsourcing company globally. As a service partner, Winking offers investors exposure to a recovering video games market with outsourcing services expected to grow even faster but with lower attached risk. Currently listed on the Catalist board of the Singapore Exchange, Winking intends to dual list in London on AIM. Its majority shareholder, Acer, will be participating in the IPO.

Smart Cities Industry Report Sep 2024

This report looks at the smart cities industry globally. A “smart city” is defined by the International Telecommunications Union as an innovative city that uses information and communications technologies (ICT) and other means to improve the quality of life, the efficiency of urban operations and services, and urban competitiveness, to ensure that it meets the needs of present and future generations with respect to economic, social and environmental aspects. The report talks about the overall ma

Crude Quarterly Q3'24: Lower oil price

Oil inventory draws for the rest of 2024. IEA is wrong – peak demand is not imminent. Both E&P and oil service shares look highly attractive.

Hybridan Small Cap Feast - 3 October 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, or it is a rumour Dish of the day Admissions: None Delistings: Base Resources (BSE.L) has delisted from the AIM market What’s baking in the oven? Potential**** Initial Public Offerings: ITF announced: 30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand announced that it is con

Superfly

Intercede - An exceptional year shows the potential

Intercede has delivered revenue to March FY24 of £20m (+65% vs FY23) as expected, with profit and cash generation comfortably in line with the April trading update. Adj EBIT of £5.9m (vs £5.5mE; +479% vs FY23), and free cash flow of £9.0m (vs £8.9mE; +277% vs FY23), again outperformed forecasts that have been upgraded eight times already since 2022: original expectations accommodated £12m revenue, £0.6m adj EBIT and FCF of £0.4m. With the CMD having demonstrated the expanded product trio of MyID

Morning Note – 19 August 2024

Morning Note – 2 October 2024

Rosslyn Data Technologies - Capital raise – Update to previous release

Rosslyn Data Technologies has announced a fundraising for a minimum of £3.1m via a conditional placing to raise £1.64m (gross) at 5p, the issue of £1.2m new 2024 Convertible Loan Notes (CLNs) and up to a further £0.25m via a retail offer at 5p. James Appleby, non-executive Chairman, will also subscribe for £0.264m via subscription shares at 5p after the release of the FY24 prelim results (post close). The funding will be used to deliver its growth strategy, enable the continued development of th

(Gen)AI-related bookings to be increasingly material

FY24 results on July 18th: focus on financial charges and FCF generation SESA will report FY24 results on July 18th. After pre-releasing sales in line with expectations but with a reassuring mix thanks to positive trends in the VAD division, we believe investors'' focus will be on the trends in financial costs and on FCF generation, which have been drags on results lately. SSI/BS - IT services bookings growing strongly Cloud computing optimisation is coming to an end at the same time as AI se