Tracking for significant growth in FY23

FY22 headline numbers are in line with the mid-May trading update. Adjusting for the closure of the Support business, group organic revenues grew by approximately 5%, rising to c. 6% c/c. Adj. EBITDA of £6.8m (PY £6.4m) is 3% ahead of our pre-trading update forecasts and AOP of £5.2m (PY £4.7m) 6% ahead. The progression is much stronger than it looks given the closure of Support activities, which contributed £2m in the prior year and just £0.3m in FY22. Eckoh maintains its guidance for a strong

Hybridan Small Cap Feast 17/05/22

e client of Hybridan LLP Dish of the day Joiners: BSF Enterprise. Following the successful reverse takeover of 3D Bio-Tissues Limited, a tissue engineering business based in Newcastle, UK, the Company announces admission of the enlarged group to the standard segment of the Official List and initiation of trading on the Main Market under the ticker ' BSFA '. The Admission follows a placing which raised £1.75m at a placing price of 7.37 pence per share. Leavers: No Leavers Today. What’s cooking in

FY22 AOP ahead of expectations

Having updated in April that FY22 revenues and operating profits were expected to be in line with consensus, Eckoh today updates that operating profits grew strongly in the period and will now be ahead of consensus. Revenues are expected to be in line. We suspect this means operating profits will be slightly above £5.0m compared to our forecasts of £4.9m. This de-risks our FY23 forecasts, where we are looking for AOP of £7.7m. We are forecasting FY23 AOP of £5.9m from the existing business, up f

Hybridan Small Cap Feast 20/04/22

What’s cooking in the IPO kitchen? Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketing agencies, Production studios and visual content prov

Hybridan Small Cap Feast 04/04/22

Joiners: Asimilar Group plc (ASLR.L), currently listed on AIM, has joined the Aquis Stock Exchange Growth Market (Access Segment). The Group invests in the technology and software sectors and aims to focus primarily on opportunities in the Big Data, Machine Learning, Telematics and Internet of Things areas. Whilst the Directors are principally focused on making investments in private businesses, they do not rule out investments in listed businesses if this presents, in their judgment, the best o

Trading in line – seriously oversold

FYMar22 has come in in line with guidance set back in May 2021. Organic revenue and AOP is therefore comparable to FY21 as the lingering effects of lockdowns and some headwinds from SecPay contracts that including deferred hardware and implementation revenues revert to pure software revenues. We make no changes to our FY23 forecasts which are driven by Eckoh’s May guidance of “material growth” in the in the core business and the consolidation and synergies from the Syntec acquisition. The upshot

Product enhancements capture new market opportunities

Acquisition of Syntec

Significantly accretive strategic acquisition

Eckoh is acquiring Syntec for £31m, a provider of Secure Payments solutions that bolsters its leading position in US Secure Payments whilst complementing its UK operations. Syntec has a long track record of growth, profitability and FCF generation. It generated revenues of £5.8m in the 12 months to June 2021, up 26% organic yoy, driven especially by strong progress in the US, and an operating profit of £1m. We model synergies of £0.8m in FY23, leading us to upgrade earnings by 15%. We upgrade ou

Increasing confidence in estimates

Interims in line. Continued signs of recovery.

An in line H1 coupled with continued UK recovery since period end, improving activity levels in SecPay, increasing global opportunity and cost savings going forward give Eckoh “significant confidence” in achieving guided flat revenues and profits growth in FYMar22. Guidance for double digit revenues and profits remains for FY23 (no changes to our forecasts). While H1 continued to suffer from CV19-related drag it is encouraging that the UK business was back at pre-pandemic levels by September. In

SHORE CAPITAL - Begbies Traynor Group (BEG) - House Stock at 147p

Cenkos: Rosslyn Data Technologies Plc -- Upgraded platform foundation for growth

Rosslyn Data Technologies has released a trading update for FY22 indicating that customer onboarding of the rebranded launch of the new Rosslyn platform is progressing well and benefitting from a refocussed partner-led sales model. FY22E revenue is expected to be £5.9m, though EBITDA loss is expected to be slightly higher due to longer than anticipated platform upgrade development time. Significant progress has been made working through the substantial organisational changes and upgrading the no

Confidence in FY22E, revenue shifting FY23E to FY24E

H1 FY2022 results reflect the expected timings of defence contract placements and milestones in Chesterfield Special Cylinders (‘CSC’) and difficult conditions in the oil and gas market served by Precision Machined Components (‘PMC’). The Group nevertheless remains confident of meeting market expectations for FY2022E with CSC expected to deliver against a strong order book, benefiting from defence contract milestones, integrity management deployments and hydrogen projects, and improving oil and

Hybridan Small Cap Feast 01/07/22

1 July 2022 @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 objectives

LIBERUM: Appreciate Group* - Strong momentum going into FY23E

A long-term objective is not the market’s mood

Wise’s FY 22 release would have been satisfying under different market and macro conditions. The firm continues recording strong revenue and volume growth and aims at replicating this performance next year. However, margins are tightening under the pressure of higher costs. Although these are expected to stabilise, the multiplication of competitors impeding trust in the business’s resilience do not bode well with the market’s short-term requirements while Wise defines itself as a long-term pla

Morning Note – 30 June 2022

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

Hybridan Small Cap Feast 27/06/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their

Alpha FMC - Still firing on all cylinders

Still firing on all cylinders

Hybridan Small Cap Feast 04/07/2022

Joiners: Re-admission of 888 Holdings to the Main Market following the reverse takeover of William Hill. Leavers: Umuthi Healthcare Solutions has left the Main Market. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide custo

Hybridan Small Cap Feast 20/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th

SP Angel Morning View: Copper prices pull back as US consumer confidence sinks to 16-month low

Ariana Resources (AAU LN) – Annual results 20 years on Asiamet Resources (ARS LN) – Completion of Phase 1 due diligence on the BKM copper project, Kalimantan Eurasia Mining* (EUA LN) – Annual report highlights strong performance at West Kyltim PGM mine in Russia Goldstone Resources* (GRL LN) – Restoration of trading Tertiary Minerals* (TYM LN) – Drilling results from the Jacks copper project, Zambia

Hybridan Small Cap Feast 19/05/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe.

Strong FY’21 results – successful execution of strategy

RBG has reported an excellent set of results for FY’21, in line with recently upgraded forecasts. After a period of strong growth and significant strategic progress, RBG entered the current year with momentum. The outlook statement strikes a confident tone, both in terms of current trading (despite the less certain economic backdrop) and the Group’s medium term growth plans. Convex has made a positive start to the year and FY’22 will benefit from a first 12 month contribution from Memery Crystal