Hybridan Small Cap Feast - 16 May 23

16th May 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

Taking the next step

Entering FY24 with good momentum

Hybridan Small Cap Feast 11-10-2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Cooks Coffee Company ltd, an international coffee focused café chain which currently owns the Esquires Coffee and Triple Two Coffee Brands, intends to join the AQSE Growth Market. The Company is the 4th largest coffee focused café chain in the UK. Cooks Coffee is currently listed on the New Zealand Stock Exchange. Raising £1.5m through a rights issue in New Zealand and a private placeme

SaaS metrics keep improving

Hybridan Small Cap Feast 16/08/22

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 exports to over 40 count

H1 ARR up 32% yoy - FY23 revs/profits on track

End July ARR has grown 32% c/c yoy to £5.2m (£4.5m for SwipedOn [SO] and £0.6m for Space Connect [SC]). H1 revenues for SO and SC are tracking in line, while A+K is tracking ahead. H1 net cash of £2.0m is slightly ahead. We make no changes to forecast revenues or profits, though note ARR has been impacted by a change in calculation methodology and some headwinds at SC. Overall, forecasts continue to be underpinned by upwards pricing reviews at SO, ramping sales of SwipedOn Desks, larger customer

AGM: trading in line with strong growth expectations

SmartSpace reports that trading since May has continued in line with its expectations. Highlights include continued progress at SwipedOn, a pick-up in momentum for Space Connect and a strong start to the year for A+K, the latter seeing revenues significantly higher yoy. Recall that Smartspace indicated that group ARR reached £5.5m at end April and that it expected “further strong growth in FYJan23”. We forecast group ARR of £6.8m at end FY23 with the stock trading on a modest 2.5x this number, w

FLASH: Making positive progress

FY22 in line, further strong growth expected in FY23

Despite lingering lockdown headwinds, FYJan22 saw continued strong growth for Smartspace’s two SaaS businesses, SwipedOn (visitor, employee and desk management) and Space Connect (meeting room and desk management), driving combined ARR up 64% organic to £4.9m. SwipedOn ARR grew 57% yoy (>85% of total ARR) with Space Connect ARR up almost threefold. Encouraging trading through to end April (ARR rose to £5.5m) underpins Smartspace’s continued expectations for “further strong growth in FY23”. Key d

ARR expansion on track

Hybridan Small Cap Feast 29/04/22

Joiners: Lift Global Ventures plc (AQSE:LFT) has joined AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketing agencies, Production studios and visual content providers and Te

The tide is turning

FYJan22’s trading update reveals that sales and EBITDA are both slightly better than expected at £5.3m and £-2.5m respectively, with the top-line equivalent to +15% y/y growth. While positive, this actually significantly underplays SMRT’s underlying progress (as it transitions to become a SaaS led business) with this instead better reflected by +64% ARR growth to £4.9m, well ahead of our £4.5m estimate. Driving this, Space Connect grew strongly – ending the year with £0.6m of ARR (PY: £0.2m) as

Strong SaaS momentum drives FY beat

Initial Equity Trading Comments - 15 May 2023

Morning Note – 11 May 2023

FY22 full year results – and looking beyond

ENGAGE XR (formerly known as VR Education Holdings) has published its full year results for FY22, which were delayed following the successful and oversubscribed net equity raise of €9.9m in February 2023. ENGAGE XR has signed a rapidly growing number of strategic and commercial partnership agreements with companies invested in promoting the VR medium and the development of corporate metaverses.

Second half promises

No growth in sight, we cut top-line forecasts for 23/24e We have updated our forecasts for the seven European online retailers under our coverage, following the Q1 reporting season. At the start of the year, growth for online pure-plays was scarce. Current trading comments suggest this hadn''t changed in April/May. The outlook message across the sub-sector was consistent as almost all the retailers push top-line growth and profit expectations out to the second half of 23/24e. This report aligns

Reassuringly expensive

In the Flow

Industry flows - bond funds remain preferred over equities Risk appetite for equity funds remained subdued with last week seeing $4bn net outflows (negative in 8 of the last 9 weeks). Flows worsened sequentially for Asia/EM categories, but improved for US and European equities. Bond funds saw inflows for a 10th straight week (c.$8bn) with broad based inflows across US government, IG and HY funds. Listed asset managers flows - inflows into ETFs, outflows from mutual funds ETFs net inflows contin

SP Angel Spec Sits: 2022 Financial Results (TEK LN)

TEK reported 2022 Financial Results with a revised net asset value of US$57.8m at 30 Nov 2022, down from US$68.1m in 2021, down 15% y/y. This downward valuation reflects the market backdrop, where share prices of Innovative Eyewear (LUCY.NQ) and Belluscura (BELL.LN) declined significantly y/y. Notably, the valuation of MicroSalt Inc. nearly doubled over the year.

Engage XR Holdings - FY22 results as expected, momentum building in 2023

Following the +40% yoy Q1 23 revenue growth at April’s trading update, ENGAGE XR has reported in line FY22 results, growth to over 200 customers, and we reiterate our FY23 and FY24 forecasts. Today’s announcement confirms that FY22 saw new customer wins and renewals from blue-chip customers including Pfizer, MTN, HSBC, KIA, Pearson, Lenovo, Kuehne & Nagel, 3M, KPMG, Meta, HTC, BHP, Adtalem Global Education, University of Miami, and Stanford University; and the momentum has continued into Q1 with

Hybridan Small Cap Feast - 19 May 23

19th May 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

Allenby Capital TMT Update - 22.05.23 - MWE.L, SEEN.L, NWT.L, MIRA.L

Please find a link to our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

On track

This Week's AIM Highlights 19th May

Morning Note – 31 May 2023

Key takeaways from Microlise transport conference

Microlise hosted its annual Transport Conference on Wednesday which was well-attended, and included a number of product demonstrations and customer presentations. The key themes of the conference were digital transformation (more data than ever before), regulatory compliance, and decarbonisation. Our key takeaway from the conference was the stickiness of Microlise’s software (churn was 0.4% in FY22) and the upsell potential within the existing customer base. We see opportunities for outperforman

LSE AIM - Market Screener (30 May 2023)

 The market capitalization of AIM stocks was £95.9bn as of 26 May 2023, down 3.7% since 14 April 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 216.6%), Vast Resources (+325% YTD), B90 Holdings (+212.4%), Verditek (209.1%, MktCap £7.5mn), Star Phoenix Group (+175%), Inspecs Group (+166.3%). Among the bottom movers, were companies canceling admission to AIM: Applied Graphene Materials (-88%,), Circle Property (-93%, MktCap £1.2mn), Purplebricks Group (-93.1% on a possi