Osirium Technologies update

Osirium Technologies plc (OSI.L), a leading vendor of cloud-based cybersecurity and IT automation software, has conditionally raised £1.5m, as the company has flagged the need for extra funds throughout 2022. Osirium has made considerable commercial progress since February’s placing. Total bookings in the first 9 months of £2.5m is a 57% increase on the whole of 2021 and annualised recurring revenue (ARR) as at end September was £1.7m, up from £1.6m at H1. There has also been growth in annual co

Allenby Capital TMT Update

Allenby Capital TMT Update

Allenby Capital TMT Update

Hybridan Small Cap Feast 21-07-2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export

Allenby Capital TMT Update

Osirium Technologies - Termination of coverage

Edison Investment Research is terminating coverage on Avon Protection (AVON), Osirium Technologies (OSI), IQE (IQE), Kopy Goldfields (KOBY) and RhoVac (ROHVAC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

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

Osirium Technologies - Accelerating bookings

Osirium reported a relatively flat year for bookings and revenue in FY21, although this masks the doubling of the customer base over the year. As customer decision-making returns to pre-pandemic norms, we expect accelerating growth in bookings. The company has made a strong start to the year with record order intake in Q122. We maintain our FY22 forecasts.

Osirium Technologies - Positive Q1 update

Following on from its positive early-March update, Osirium confirms that strong order momentum continued to the end of Q122, resulting in a record bookings quarter. The company is seeing growth in contract values as customers expand usage and increasingly adopt Osirium’s wider privileged access security suite. Order intake year to date gives the board confidence in the full year outlook. We maintain our forecasts.

Hybridan Small Cap Feast 24/03/22

Joiners: No Joiners Today. Leavers: Filta Group shares have ceased trading on AIM following a takeover by AIM quoted peer Franchise Brands (FRAN.L) What’s cooking in the IPO kitchen? According to Proactive Investors, SpectrumX Holdings Ltd, which is tapping the healthcare and commercial potential of hypochlorous acid, is considering a London listing. It is understood the group has submitted its prospectus to the London Stock Exchange ahead of a float in late spring, targeting a valuation of arou

Osirium Technologies - Improving bookings outlook

Osirium’s update on trading year to date confirms that it is seeing a return to pre-COVID levels of ordering. Nine new customers so far in Q1 at higher average contract values than a year ago mean that order intake is ahead of this period a year ago. We have upgraded our bookings and revenue forecasts for FY22 and incorporate the recent conditional £1m fund-raise.

Osirium Technologies Initiation

Osirium Technologies plc (OSI.L), a leading vendor of cloud-based SaaS cyber security software focused on Privileged Access Management (PAM) and automation, has conditionally raised £1m at 6p/share to fund further investment in sales and marketing and product development.

Osirium Technologies - FY21 in line

Osirium’s year-end trading update was in line with its announcement in November; FY21 revenue is likely to be at least £1.45m and bookings at least £1.6m. While customer numbers more than doubled in the year, lower average contract values mean that bookings were essentially flat year-on-year. As customer decision making returns to more normal levels, we forecast stronger bookings growth in FY22. This is supported by a higher level of the contract base due for renewal and the potential to sell mo

LIBERUM: Bango* - The value add platform

dotDigital - Building the platforms for growth

Finals for the year to June 2022 are in line with the July trading update, which had described EBITDA and PBT “comfortably ahead” of consensus expectations. Accordingly, the group has delivered £62.8m revenue as expected, adj. EBITDA of £21.9m (+6% vs £20.6mE) and adj EBIT of £14.5m (+7% vs £13.6mE), leading to free cash flow of £14.2m, a 5.6% free cash flow yield at the current price. Combining revenue growth of 8% and the EBITDA margin of 35%, the group maintains the rule of 40 discipline (sal

Expansion into China

Cambridge Cognition yesterday announced its expansion into China, the World's second largest clinical trial market. The Chinese foray is through a strategic partnership with Shanghai based Luca Healthcare, a leading player in digital screening, treatment, and management tools.

Hybridan Small Cap Feast 23/11/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr

Interims: Consistent solid cash generation

AdEPT has delivered a resilient H1 with Managed Services seeing 3% organic growth and supply chain delays reducing EBITDA margins by just 1%. H1 FCF of £4.4m amply covered cash interest paid of £1.1m and residual lease payments of £0.3m. Macro headwinds cause us to pull back FY23 EBITDA by 7% but the company will remain solidly cash generative and comfortably able to deal with forecast interest rate rises. As such the 17% FCF yield offers great value.

FY23 profit beat could be silly

FY22 results are comfortably in line with October’s update, as CER delivered +26% y/y sales growth to £32.7m (PY: +25%) whilst maintaining its class-leading PBT margins at 35%, such that u/l PBT grew +28% to £11.6m. This translated to £9.9m FCF, after 100% cash conversion. Somewhat bizarrely the most interesting data point in all these stellar numbers is that CER materially beat consensus notwithstanding an unusual £1.8m bad-debt provision (i.e. without, CER would have beaten estimates by even m

LIBERUM: Cerillion* - The future is bright

Altitude Group plc (ALT LN) - Record breaking EBITDA expected

Altitude has released a trading update showing continued robust trading and execution, with full year results anticipated to be materially ahead of market expectations (£13.9m revenue, £1.2m adjusted EBITDA). We increase FY23 revenue by 18.8% to £16.5m, with underlying PBT increasing 98.1% from £0.27m to £0.54m. This demonstrates how Altitude’s asset-light and scalable business model facilitates a strong drop-through of revenue growth to profit. Management expect revenue and EBITDA growth to con

This Week's AIM Highlights 18th November 2022

Hybridan Small Cap Feast 16/11/22

Dish of the day Joiners: BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio

Morning Note – 16 November 2022

Hybridan Small Cap Feast 14-11-2022

Dish of the day Joiners: Looking Glass Labs (NFTX) joins the Access Segment of the AQSE Growth Market. The company is engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams. Looking Glass Labs is currently listed on the NEO Exchange (Canada). Market Cap £18.8m. EDX Medical Group joins the Access Segment of AQSE Growth Market. (Formerly TECC Capital plc) EDX operates a molecular biology and diagnostics laboratory

Hybridan Small Cap Feast 22/11/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr

Zeus Technology Quarterly review - November 2022

This quarter’s key observations • Subsector performance: UK Software was the only saving grace in the technology sector during the three months to 10 November, with an aggregate share price movement of +8.1% vs. an average of -12.0% for the other five subsectors. This was largely driven by strong performances from Microfocus International (+70%, following an announced $6bn takeover by Canadian software provider OpenText) and WANdisco (+52%, after strong interim results in September and a po

Upgrades on contract wins

Gresham announces contract wins today that cause it to expect FY22 revenues and earnings to be ahead of expectations. The first is a £1m over 5 years Clareti deal to replace a legacy incumbent solution for one of Europe’s largest privately owned banking and financial services groups (new logo). The second comprises renewals and extensions across a broad array of products and services with Gresham's largest customer, ANZ. Furthermore, management expects to close further subscription business in Q