Terminating coverage

Hybridan Small Cap Feast - 31 Mar 23

31 March 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 objectiv

This Week's AIM Highlights 10th February 2023

Business update & financing

FLASH: FY22 results - further strategic progress

This Week's AIM Highlights 18th November 2022

Placing rating and target price Under Review

Small FY21 beat and well positioned for FY22

Hybridan Small Cap Feast 29/09/2021

Joiners Peel Hunt (PEEL.L) has joined AIM, a leading UK mid and small-cap specialist investment bank operating across three divisions: Investment Banking, Research & Distribution and Execution & Trading. The main country of operation of the group is the UK. In FY21 the Group continued its strong performance momentum, generating revenues of £196.8m, up from £95.5m in the previous year. Size of offer £112m, of which £40m was new shares and the balance was selling shareholders. Market cap on listin

Acquisitions Transform Growth Trajectory

Hybridan Small Cap Feast 08-09-2021

Joiners No joiners today. Leavers No leavers today. What’s cooking in the IPO kitchen? Petershill Partners, Expected Intention to Float on the London Stock Exchange. Petershill Partners, a leading investment group providing bespoke capital and strategic solutions to some of the world's best performing alternative asset management firms. Petershill Partners today comprises minority investments in 19 high-quality Partner-firms, previously held in private funds managed by Goldman Sachs Asset M

Concurrent Technologies - FY23 trading update – revenue growth accelerating

Concurrent Technologies has released a FY23 trading update stating revenues in the current year are expected to be ahead of market expectations. Strong order intake has continued throughout the year and the significant investment in product development undertaken to target design-in wins has brought new customers (especially large Defence sector prime contractors), larger average single order sizes, and an increasing diversification of end markets. So far this year, Concurrent Technologies has w

Journeo - The Merry Journey Continues

Journeo has released a positive trading update following strong business activity in October and November. The company references strong trading in its core Fleet and Passenger Systems divisions, as well as the newly acquired Infotec and MultiQ divisions. We expect that the investment made in the Infotec factory to facilitate higher production speed has contributed to clearing the prior backlog and the ability to win new orders. We believe the positive trading momentum will continue into FY24E a

Altitude Group (ALT LN) - Continued rapid growth

Altitude’s interim results show continued strong trading and operational progress, with a positive outlook for the remainder of the year. FY24 revenue and adjusted EBITDA is expected to be in line with market expectations. The Group’s pipeline for university campus stores (Gear Shops) remains healthy and growing, with further contract announcements expected between March and June next year. Our average valuation estimate is now 57.8p per share (previously 57.6p), but material Gear Shop contract

Celebrus Technologies - Encouraging interims, and name change

Celebrus (formerly D4t4) 1H24 interims to September are in line with the October trading update and unchanged forecasts. The typical 1H/2H revenue split eased a touch to 40/60 from 38/62, taking 1H EBITDA to breakeven (after £-1.2m in 1H23) and en route to £5.7m for the full year (FY23: £3.7m, including £4.9m in 2H23). The delivery of the larger of the two lower margin orders, together worth c£6m and postponed from 2H23, has boosted 1H24, with cash to follow in 2H24. Net cash (no debt) of £14.7m

Morning Note – 29 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

Morning Note – 28 November 2023

New balance

Morning Note – 27 November 2023

GENinCode - Transition to De Novo

Following discussions with the FDA, GENinCode has agreed to transition the FDA approval pathway for CARDIO inCode-Score (CIC-Score) to a De Novo submission from the previous 510(k) application. This transition will create a new regulatory class for polygenic risk score medical device tests and, assuming approval, could see CIC-Score established as the ‘predicate’ device against which future polygenic risk score tests are assessed, potentially creating a barrier to future competition given the cl

Morning Note – 30 November 2023

Auction Technology Group - FY23 prelim results – revenue resilience

ATG’s prelim results for the year to September 2023 were broadly in line with our forecasts, with a modest outperformance on profitability, thanks to a higher gross margin and adjusted EBITDA and EBIT margins slightly ahead of our expectations. Revenue showed continued organic growth and a strong contribution from EstateSales.Net. Revenue growth in Value Added Services (VAS) was 27%, with good adoption of digital marketing solutions and increased penetration of atgPay across LiveAuctioneers and

Synectics+ (SNX, House Stock at 103p) - UK contract win

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

Genincode - CARDIO in Code-Score move to De Novo market approval pathway

GENinCode's (GENI's) portfolio of clinical genomic tests provides information to enhance standard risk assessment and diagnosis of cardiovascular disease (CVD), which is the highest cause of death globally (over 18 million deaths per annum).