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 – 9 August 2023

LSE AIM - Market Screener (25 July 2023)

 The market capitalization of 806 AIM stocks was £88.1bn as of 21 July 2023. FTSE AIM All Share Index was down 8.06% YTD to 764.3 as of 21 July 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 202%, MktCap £94m), Vast Resources (+211% YTD, Mkt Cap of £11m), B90 Holdings (+178%, MktCap £20.6mn), Kooth (+167%, MktCap £135mn), Inspecs Group (+165%, MktCap £116mn). Among the bottom movers, were Itsarm Plc (-98%, shell company on winding-up petition), Bonhill (-93.9%), Aptame

Back on track - correction

Morning Note – 11 July 2023

D4T4 Solutions - Prelims – focus on software

D4t4 has delivered adjusted PBT of £3.7m (£3.8m in company reporting style) from revenue of £21.4m, with year-end net cash of £17.2m in line with expectations amended at the April trading update. Two large contracts worth £6.5m deferred from FY23 support FY24 forecasts, in addition to £16.7m ARR, and before new contract wins from a strong order pipeline. £19.1m software & services revenue demonstrated 10% growth, including 34% growth in licences (now predominantly sold on an annually recurring b

Hybridan Small Cap Feast - 03 Apr 23

3 April 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 objective

Morning Note – 3 April 2023

D4T4 Solutions - YE update reveals strong core growth despite contract delays

Today’s post YE update reveals D4t4’s core business continues to grow strongly. Ignoring third-party sales, underlying growth in the own products and services is impressive; revenue rising c11% yoy to £19.4m while the total sales pipeline jumped 27% yoy. At headline revenue level, two large contracts totalling £6.5m have been delayed into 1H24. One is a multi-year Celebrus deal awaiting final signoff from the client, but the second is a low-margin third-party hardware refresh (delayed on the cus

Hardware slippage spoils an otherwise solid 2H

Morning Note – 27 January 2023

Morning Note – 30 November 2022

D4T4 Solutions - On track to meet FY expectations as ARR continues to grow

As flagged in the Interim update, D4t4 had a good first half, leaving it confident of meeting FY23 expectations. The financials remain 2H-weighted; revenue is expected to exhibit 30/70 seasonality as in FY22, an improvement on the 22/78 split in FY21. An increased element of 3rd-Party sales in the mix lowered the GM and GP and, together with the planned investment in direct sales, marketing and infrastructure, it led to an expected 1H loss, compared with a small 1H profit LY. With the bulk of th

Solid momentum into 2H

Morning Note – 18 November 2022

Success in US market delivers strong H1

Bango has reported strong H1’23 results with 88% revenue growth (we estimate c.25%+ organic), ARR increasing 63% yoy, and a further $8m of annualised cost savings executed with Bango on track to deliver a transformational H2 profit performance. Bango’s Digital Vending Machine (‘DVM’) secured 2 new US wins, including 1 of the top 5 US operators (now working with 3 of the 5), providing access to 200m+ US consumers. Given these operators are currently on the bottom tier of license revenue (we estim

Journeo - Strong H1/23A Interim Results

Journeo has released a strong set of interim results in-line with the prior trading update and our recently upwardly revised expectations. Revenue increased 146% YoY to £21.8m and PBT similarly increased substantially to £1.7m driven by organic growth in all divisions and the new contribution from the Infotec acquisition. We leave forecasts unchanged following the two recent upgrades. Journeo looks compelling on an FY24E Adj P/E of 10.1x vs peers on 13.2x, and we reiterate our 1-year price targe

Record H1'23 with continued momentum into H2

Allenby Capital TMT Update - 25.09.23 - SPSY.L, BIRD.L, TRAK.L, ENET.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Hybridan Small Cap Feast - 26 Sep 23

26th September 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 ob

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Artificial intelligence in UK biopharma and healthcare 11/09/2023

Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel

Acquisition of MNA and PCS

National World has announced the acquisitions of Midland News Association (MNA) and Press Computer Systems (PCS) for £11m in cash and we raise our 2024 EPS estimate by +16%.

Morning Note – 27 September 2023

Fonix Mobile - Robust progress in FY23, EFCF and DPS +6% and +3% ahead

In today’s FY23 results, Fonix has announced gross profit and adjusted EBITDA in line with the +4-5% upgrades at the trading update in July, underlying EFCF +6% ahead of our previous forecast, FY23 DPS +3% ahead, and FY24 trading in line with expectations. FY23 TPV of £268.1m reflects robust double-digit yoy growth from commercial customers, and gross profit as a % of TPV has increased to 5.6% from 5.1% in FY22. New customer wins include Channel 4, Bauer Ireland, RTÉ and Wireless Radio Ireland,

Morning Note – 26 September 2023

Hybridan Small Cap Feast - 12 Sep 23

12th September 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 ob

tinyBuild (TBLD LN) - H1: Declining profits and cash

H1 revenue fell 19%, gross margin narrowed by 18 percentage points and Adj EBITDA fell to -$1.2m from $9.9m a year ago. The company impaired $27.2m of development costs and intangible assets.

Pennant International - Benefitting from complexity; positive H1's and growth / margin agenda

H1 results from PEN today reflect further progress with its agenda of growing the business across a range of activities, with software a key component and complex work for global OEM's continuing to contribute meaningfully, given the technical nature and complexity of assets and the requirement to manage through-life costs. PEN provides software / integrated product support solutions to an extensive client list of OEM's and governments, while also supplying complex training products to a prestig

IQGeo Group - H1 organic growth of +83%, 4-5% revenue & EBITDA upgrades

In today’s H1 results, IQGeo has announced H1 revenue growth of +124% yoy to £20.5m, adjusted EBITDA of £2.7m, and EFCF of +£0.3m. Excellent execution of the land and expand strategy scaled exit ARR +64% yoy to £16.9m, net recurring revenue retention increased to 114% from 108% in FY22, and recurring revenue grew +61% yoy to £7.2m. The +122% yoy growth in services revenue to £8.8m reflects vigorous demand from customers to implement and leverage the differentiated solutions, and as customers ext