Morning Note – 20 September 2022

KRM22 - 1H22: new sales channels successfully help KRM22 grow

Interims to June 2022 delivered performance indicating accelerated traction from customer expansions, new direct sales opportunities and indirect sales from multiple channels which are led by the Trading Technologies (TT) sales channel, alongside controlled operational spend, to build the foundation of future growth. £4.1m ARR (1H21: £3.7m; FY21: £3.8m) has subsequently risen to £4.4m post period end, comprising 16 contract wins (8 new customers/8 existing), importantly with limited churn (1 Bel

Morning Note – 23 March 2022

KRM22 - ARR stabilised in H2

Finals for FY to December 2021 are in line with unchanged forecasts as amended at the January trading update. New contracted ARR in FY21 of £0.7m (FY20: £0.8m), of which new and existing customers account for £0.3m and £0.4m respectively, was offset by £0.9m of churn to end the year with ARR of £3.8m. Recognised revenue reduced 10% to £4.1m (FY20: £4.6m), in part due to customer churn. Despite these partially COVID-related headwinds, KRM22 demonstrated the opportunity for future growth, as evide

Morning Note – 15 March 2022

Hybridan Small Cap Feast 31/01/22

Joiners: SuperSeed Capital Limited, has joined the AQSE Growth Market. The Company will invest in technology-led innovation primarily through unquoted funds managed by SuperSeed Ventures, the Company’s Investment Manager, with the objective of maximising the investors’ long term total returns – principally through capital appreciation. Raised £2m. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Rumours in the press suggest that Nvidia’s proposed $40bn acquisition of Arm may not pro

Morning Note – 1 November 2021

Morning Note – 1 September 2021

KRM22 - Interims: focus on retention and growth

Interims are in line with unchanged forecasts as per the July trading update. As already reported, ARR of £3.7m declined from £4.0m at 1H20 (£4.1m FY20) after £0.5m ARR from customer losses from specific situations (customer’s business model transition, and customer non-payment). This was partially offset by new customer wins of £0.4m (current ARR: £3.9m), further supported by a visible £0.6m pipeline of contracts agreed and not yet signed, or in advanced stages of negotiation. Post COVID disrup

Morning Note – 22 July 2021

Small Cap Feast: 22/07/21

Joiners: Sivota (SIV.L), an investment vehicle focused on later-stage, reputable Israeli technology-related sectors has joined the Main Market (Standard). Raising £1m at £1. Mkt Cap £1.1m. GENinCode (GENI.L) has joined AIM a UK-incorporated company engaged in the risk assessment, prediction and prevention of cardiovascular disease (CVD), the leading cause of death worldwide accounting for approximately 18m deaths annually. Raised £17m. Mkt Cap £42m. Zenova (ZED.L) has joined AIM. The Company,

Morning Note – 24 June 2021

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

Hybridan Small Cap Feast - 11 Jan 23

11 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

On the dot

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 - 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

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

Exciting new wholesale agreement with Sainsbury

SOS has agreed a wholesale partnership with Sainsburys. As well as launching initially online, it will then become a key fashion partner in stores too. This elevates Sosandars strategy from pureplay to multi-channel, which will accelerate brand awareness, market penetration and growth. It may also broaden appeal for potential overseas partners. More good news. Buy.

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.

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

Hybridan Small Cap Feast - 12 Jan 23

12 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 - 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

Morning Note – 27 January 2023