Hybridan Small Cap Feast - 25 Jan 23

25 January 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 object

Morning Note – 25 January 2023

Fonix Mobile - H1 23 gross profit and adjusted EBITDA growth of +12%

In today’s trading update, Fonix has announced H1 23 gross profit and adjusted EBITDA growth of +12% to £7.8m and £6.2m, and it is trading comfortably in line with our unchanged, conservative FY23 forecasts for +8% gross profit and adjusted EBITDA growth to £14.3m and £11.1m. The platform has demonstrated robust growth through the challenging economic environment and a temporary slowdown in trade following the passing of HM the Queen in September, with strong growth from the core payments and me

Morning Note – 22 November 2022

Morning Note – 22 September 2022

Fonix Mobile - Strong FY22 with 17% gross profit growth and EFCF 7% ahead

After reporting FY22 gross profit and adjusted EBITDA +2% ahead at the July trading update, Fonix has reported strong FY22 results, with underlying EFCF +7% ahead, net cash +8% ahead, and a proposed FY22 DPS +7% ahead at 6.5p. Through FY22, Fonix has continued to deliver against each of the five elements of its strategy, including launching into Ireland, where it has achieved a new customer win for the group. FY22 TPV growth of +11% drove gross profit growth of +17% to £13.2m, as management focu

Morning Note – 21 July 2022

Fonix Mobile - FY22 gross profit and EBITDA +2% ahead, launched in Ireland

In today’s trading update, Fonix has announced FY22 gross profit and adjusted EBITDA that are +2% ahead of our previous forecasts, and highlighted that it has launched in Ireland in the final weeks of FY22, with more clients due to go live in FY23. FY22 organic gross profit growth of +16% to £13.2m has been driven by at least +14% growth across each of its divisions, and as management has focused on scaling more profitable verticals, gross profit as a % of TPV has increased to 5.1% from 4.9% in

Morning Note – 5 May 2022

Morning Note – 14 March 2022

Fonix Mobile - Strong H1 22 highlights a robust, resilient platform

Fonix has reported strong H1 results, with financials that are in line with the January trading update, where we upgraded our FY22 and FY23 adjusted EBITDA by +5%. Its H1 22 TPV grew by +12% to £138m, with record levels of business in November and December. Its land and expand strategy has continued to deliver excellent results, and early traction from its partnership with Venntro, which operates over 2,500 dating websites, highlights that its platform is a payment method and an important custom

Morning Note – 25 January 2022

Fonix Mobile - Strong H1 drives FY22 & FY23 EBITDA upgrades of +5%

In today’s trading update, Fonix has announced that its H1 22 gross profit and adjusted EBITDA are ahead of management’s expectations, with H1 gross profit growth of +20% yoy to £7.0m, and H1 adjusted EBITDA growth of +20% to £5.5m. Its strong performance has been driven by continued success across the business, with H1 TPV growing +12% to £138m, active customers increasing to 116 from 111 at FY21, and H1 gross profit as a % of TPV increasing to 5.1% from 4.7% in H1 21, as management has focused

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

LIBERUM: Bango* - Transformational 2022

Morning Note – 26 January 2023

Upgrades on the horizon

Encouraging signs

H1 numbers convince us that cons. numbers are likely to get gently nudged up over the coming 12 months. H1 revs growth of 9% compares to cons. FYJun23 forecasts of 8%. H1 adj. PBT is tracking in line at present but FCF looks ahead. DOTD expresses confidence in H2 demand and strategic direction. We suspect H222 was the nadir. Buy. PT 115p.

Hybridan Small Cap Feast - 17 Jan 23

17 January 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 object

Trading Update

TPXimpact has announced a Q3 update which indicates that trading was below expectations and it has lowered its guidance for the full year.

FY22 Trading Update

Cambridge Cognition has released a strong FY22 update which indicates that revenues were ahead of expectations and from this higher base we raise our FY23 revenue forecast by +6%.

Record FY22 revenues despite supply chain challenges

FireAngels year end update highlights record revenues of £57.4m (+32%, 2021: £43.5m), with an adj. LBT of £3.5m (2021: £3.5m), which is in line with our forecasts. The result would have been higher at £2.1m had the Group not incurred £1.4m of additional procurement costs due to supply chain challenges. Related to this, longer lead times resulted in a higher year end stock position, increasing net debt to £4.8m pre-leases (SCME: £3.6m). Encouragingly, there are early signs of supply chain challen

FY22 Trading Update

National World has reported a strong Trading Update, we increase our PBT/EPS estimates by +11% for FY22 and +7% in 2023, with higher interest income, digital revenue & cost estimates.

Morning Note – 27 January 2023

Hybridan Small Cap Feast - 23 Jan 23

23 January 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 object

Hybridan Small Cap Feast - 19 Jan 23

19 January 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 object

Hybridan Small Cap Feast - 26 Jan 23

26 January 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 object

Hybridan Small Cap Feast - 30 Jan 23

30 January 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 object