Hybridan Small Cap Feast - 19 April 24

19th 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

Hybridan Small Cap Feast - 12 Mar 24

12th March 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: Change of Market: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs

Fonix Mobile - Robust H1 with +18% gross profit growth, forecasts reiterated

Fonix’s H1 results show gross profit growth of +18% yoy to £9.2m, adjusted EBITDA growth of +18% yoy to £7.3m, and a confident outlook that leads us to conservatively reiterate our FY24E and FY25E forecasts, after we upgraded by +3-4% at the January trading update. A record month of commercial trading in both the UK and International operations in December drove H1 TPV +15% yoy to £158m, with the growth rate partially reflecting the lower H1 23 following HM The Queen’s death in September 2022. G

Morning Note – 12 March 2024

Morning Note – 24 January 2024

Fonix Mobile - H1 gross profit & EBITDA +18%, FY24-25E upgrades of +3-4%

Fonix’s H1 trading update highlights gross profit growth of +18% yoy to £9.2m, adjusted EBITDA growth of +18% yoy to £7.3m, and a confident outlook that leads us to conservatively upgrade our FY24E and FY25E forecasts by +3-4%. A record month of commercial trading in both the UK and International operations in December drove H1 TPV +15% yoy to £158m, with the growth rate also partially reflecting the lower H1 23 following HM The Queen’s death in September 2022. Gross profit growth of +18% yoy ha

Morning Note – 14 November 2023

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

Morning Note – 21 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,

Hybridan Small Cap Feast: 20/07/2023

Dish of the day Joiners: Ora Technology has joined the Access Segment of the AQSE Growth Market. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Blackpoint Biotech plc, a medical cannabinoids company esta

Morning Note – 20 July 2023

Fonix Mobile - Strong trading drives FY23 upgrades of +4-5%

In today’s trading update, Fonix has announced FY23 gross profit +5% ahead at £15.1m, adjusted EBITDA +4% ahead at £11.6m, and confirmed confidence in the group’s prospects for FY24 and beyond. FY23 TPV of £268.1m is +1% ahead of our previous forecast, the platform engaged with a record 19m customers in FY23, and customer retention has continued at 100%. Both the payments and messaging segments delivered over +16% yoy gross profit growth, and scaled gross profit as a % of TPV to 5.6% from 5.1% i

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

It’s not what you sell, it’s the way that you sell it

This report is intended to help UK small- and mid-cap investors gain a better understanding of software companies’ routes to market, and to highlight how one of the most important facets of the way in which they grow and deliver value is routinely ignored.  We examine sales processes for six UK-listed companies and one that has recently been taken over, and consider why they have followed their respective paths.

Eleco - FY23E EBITDA +3% ahead, FY24-26E EBITDA & EFCF reiterated

Eleco’s FY23 trading update highlights record recurring revenue growth of +22% to £20.7m, strong profitability that leads us to expect FY23E adjusted EBITDA +3% ahead of our previous forecast, and a confident outlook that leads us to reiterate our FY24-26E EBITDA and EFCF. Across the group, excellent execution of the SaaS transition has driven recurring revenue to 74% of group revenue from 64% in FY22, and ARR is +24% yoy to £22.6m (£19.7m at H1), including c£2m of ARR from the successful acquis

LIBERUM: Cirata plc: Cirata from the flames

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

Morning Note – 4 April 2024

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).

Intelligent Ultrasound Group - GE Healthcare launches new Voluson Signature with

GE Healthcare has announced the launch of the Voluson Signature 20 and 18 ultrasound systems, with the related press release noting these systems ‘comprehensively integrate artificial intelligence’ to improve the ultrasound procedure for clinicians and the women being scanned. These ultrasound systems include SonoLyst, the AI which incorporates Intelligent Ultrasound’s ScanNav Assist and ScanNav AutoCapture AI software. The launch of additional Voluson systems including the SonoLyst suite of AI