Hybridan Small Cap Feast - 17 Oct 23

17th October 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 obje

Nearing inflexion point

Hybridan Small Cap Feast 08/08/2023

Dish of the day Joiners: No joiners today. Leavers: Non-standard Finance (NSF.L) has left the Standard Segment of the Main Market. CT Property Trust (CTPT.L) has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhan

Encouraging H1 momentum

A+K sale completes

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

Sondrel Holdings - Siemens Holding

Following the news on Friday 1 December that Siemens has, subject to completion, disposed of its 11.2% holding in Sondrel at 6p per share, we see a significant buying opportunity. We believe the sale was for Siemens AG organisational convenience rather than in relation to Sondrel’s fundamentals. We have summarised the history of the relationship, our view on the rationale for the sale and touch on the latest industry outlook. We reiterate our 1-year price target of 74p which is just shy of the h

Intercede - Record contract win

Intercede has secured a major contract win with a large US Federal Agency, $6.6m of which represents licence fee for immediate recognition, with a further $1.4m in maintenance and support. The contract win lifts FY24 forecasts substantially higher, on the back of a previous upgrade last month, by +31% in revenue and +186% in EBITDA, with further improvement in FY25 and FY26 from associated support and maintenance. The order for Intercede’s MyID Credential Management Solutions came after a rigoro

CML Microsystems+ (CML, House Stock at 388p) - Growth in new and existing markets

LIBERUM: Cerillion: Learnings from the CMD

PROGRESSIVE: CML Microsystems: The unusually reliable semis co delivers, again

CML’s interim results to 30 September show that, despite challenging markets, the group continues to make progress. Revenue improved by 5% to £10.6m, up from £10.1m in H1 FY23. Profit from operations was flat at £1.9m, prior to third-party acquisition related costs from the MwT transaction of £0.3m and share-based payments. Cash balances at the period-end were £20.95m (31 March: £22.26m), after significant expenditure on product development, share buybacks and the FY23 final dividend. With the M

Morning Note – 4 December 2023

iomart - Solid interims demonstrate stability

iomart has delivered interims to September in line with unchanged expectations, alongside a small vertical focused acquisition, demonstrating the benefit of organic and acquired growth. 18% group revenue growth included cloud services growth of 20%, which comprised modest organic growth, price adjustments after last year’s strong energy price movements, and some slowdown in organic non-recurring revenue, before the benefit of the Concepta (August 2022) and Extrinsica (June 2023) acquisitions, ad

Morning Note – 5 December 2023

TPXimpact 1H24 Interim Results

TPXimpact reported a strong 1H24 performance and maintains FY trading guidance; we make some small tweaks and overall retain our expectations.

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

Morning Note – 6 December 2023

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

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

CML Microsystems+ (CML, House Stock at 395p) - Board & Senior Management Appointments

Morning Note – 28 November 2023