The Advent Calendar countdown continues

Festive cheer abounds – Honest! Some overseas markets continue to attain new highs. but our own markets have retreated over the last fortnight due, in part, to the downbeat portrayal of the outlook for UK growth set out in the Budget. News that sufficient progress has been made in the first phase of the Brexit is positive, though there is little sign of the Santa rally yet. We have seen a number of fundraisings as the year end approaches. In Share News & Views, we comment on recent news from APC

Counting down the days. Excitement mounts!

Hard to believe but we are only days away from the big event. As the nation awaits the Chancellor’s Autumn Budget and the delights of the Red (Magic) Box, the smaller companies community view this as just a preamble to the headline act - The Growth Companies Seminar - due on 30 November. With only 25 share buying days left to Christmas what better excuse to escape to the West End to pick up some (share) bargains. In Share News & Views, we comment on recent news from AdEPT Telecom, Cropper (James

Nudge, nudge, Nobel prize for a small cap fan!

Further evidence that the shrewder investor prefers a smaller company, the Nobel Prize in Economics was awarded to Professor Thaler, an avowed fan of the smaller brethren. Back down to earth, all markets continue to make headway, with the smaller company indices continuing to lead the way. Despite the apparent deadlock in the Brexit process, life appears to carry on. The MPC meeting on 2 November and the Budget on 22 November may offer greater insight. In Share News & Views, we comment on recent

From the beaches to the breaches

The summer is now well and truly behind us, with the days getting shorter and the weather getting colder. Pleasant summer days spent on warm sunny beaches, seem to have given way to mega cyber security breaches: Equifax being the most high profile of the lot. Accounting giant Deloitte also fell victim to hackers, with confidential emails and plans of some of its blue-chip clients compromised. While Yahoo announced that its 2013 record breaking hack, had affected all its 3bn accounts rather than

Remember, remember the 30th † of November

Without wanting the year to pass any quicker than it is, November may well turn out to be a key month. The next Bank of England Monetary Policy Committee meets on 2 November when base rates may increase for the first time in a decade; three weeks later the Chancellor of the Exchequer gives his Autumn Budget. While both these events could represent key developments for markets, not to be overlooked, is our Growth Companies Seminar on 30 November. In Share News & Views, we comment on recent result

H1 demonstrates continuation of trends

SQS H1 results were in line with the July update. Revenues were down c.4% in Euro terms, but margins improved, and profitability was slightly ahead of last year - adjusted EBIT margins of 7.5% compared to the prior year’s 6.9%. We trim our full-year revenue estimate by 2.6%, but maintain PBT estimates. We continue to welcome the new medium-term EBIT margin target of 9%, c.150 bps above current levels. We reiterate our Buy and 650p Target Price.

Back to (back) results

The ongoing results season is giving investors a better idea of how companies are faring as well as an indication of the prospects for the rest of the year. So far, the majority of announcements have been as anticipated, with some surprises. The various market indices have regained their positive momentum over the last fortnight. Brexit negotiations continue (to progress?). Add to this, the major party conferences are only three-four weeks away! In Share News & Views, we comment on recent result

It was a very good summer

The London listed technology sector has had a very good summer. Two companies were promoted to the FTSE 250 index: FDM* and more recently Alfa, boosting the number of technology companies in the FTSE 250 by 40% since the start of the summer. Three new tech companies were listed during the course of the summer: Alfa, Ethernity and GetBusy*. All three have performed robustly, with an average gain of 33%, by far outperforming the AIM All Share Index, which was the best performing major index, posti

The results season rolls on, gathering pace

As the nation’s youth await the outcome of their studious efforts, investors also hang on the delivery of results. We are in that quiet spell, ahead of the welter of interim results due in September. So far, the majority have been in line with expectations, though some share prices have given back prior gains. As the table shows, most major markets have slipped back in the last fortnight, largely reflecting macro uncertainties. As the results season gathers pace, this will set near term directio

All roads lead to Asia

The last edition of our 2017 summer biweekly has an unmistakably Asian flavour. The recently published Fortune Global 500 rankings for 2017 showed that of the 47 tech companies that made the grade, a little over half (24) were from Asia. The sector was far more dominant in profitability, with a number of tech companies outdoing Exxon Mobil. Chinese tech giants Alibaba and Tencent’s forecast beating quarterly results, added to their robust share price performance since the start of the year, cata

Summertime, and the livin’ is easy?

In the middle of the holiday season, when in theory the livin’ is easy, far from taking a breather, markets have continued to rise. All major indices are close to all-time highs. Although the Brexit picture is no clearer, share prices continue to make headway. Both M&A and new issue activity remains to the fore. In contrast, the latest snapshot of the economy shows increasing signs of a slowdown. The reporting season continues apace which will set the near term direction. In Share News & Views,

Hybridan Small Cap Feast - 21 Feb 23

21 February 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 objec

New Forecasts: breaking through

With FY22 in line and no changes to our existing FY23 forecasts, our focus is on the introduction of new forecasts for FY24 and FY25. We model Clareti recurring revenue growth of 17% and 18% resp. With Clareti having broken through to positive cash EBITDA for the first time in its history in FY22, we expect operating leverage to drive significant margin expansion over the next three years and beyond (Gresham guides to 40% of ARR dropping through to cash EBITDA). We model cash EBITDA margins of 1

Hybridan Small Cap Feast - 06 Mar 23

6 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 objective

Hybridan Small Cap Feast - 23 Mar 23

23 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

Sopheon - Results: Introducing InnovationOps

FY results to December 2022 are in line with the January trading update indicating exciting prospects. The significant strategic shift to SaaS for all new customers will lead to greater visibility and quality of earnings, and forecasts are unchanged save for changes to US tax assumptions in FY24. $24.3m of ARR at FY22 (+17% vs FY21 ) represents 64% of FY23 revenue expectations; total visibility of FY23 revenue stands at $28.4m, equivalent to 75% of FY expectations (this time last year was $25.1m

NTU update and change of reporting date

We learn today that Tribal has received notification that NTU has terminated its contract and reserved its rights to claim damages. Tribal meanwhile rejects this right to terminate and is considering its next steps. Furthermore - to accommodate this update, the company now expects to report results on 24th March. We therefore consider it is most appropriate to temporarily withdraw forecasts until we regain clarity over this situation and the most likely financial impact.

Hybridan Small Cap Feast - 21 Mar 23

21 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

Looking through the fog

Tribal has provided a useful NTU update, suggesting that the two parties are working towards winding the contract down, albeit negotiations are still ongoing. While this is clearly not an optimal outcome, it nevertheless reduces uncertainty surrounding the stock and so should enable investors to focus on the core business, which continues to perform strongly – delivering +10% u/l ARR growth (despite the NTU loss). With a strong and sticky core market position and an increasingly international pr

Hybridan Small Cap Feast - 16 Mar 23

16 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

Hybridan Small Cap Feast - 24 Mar 23

24 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

Blackbird plc - Finals

Blackbird plc has reported strong full-year results, with record revenue growth driven by its first ‘Powered by Blackbird’ (PBB) licencing deal with EVS, a €300m market-cap media group. EVS launched IPD-VIA Create in December 2022, its new web application developed in collaboration with Blackbird, which has already been deployed by a US broadcaster on a major global sporting event. This, and the continued roll-out by EVS, will translate into additional revenue for Blackbird through its revenue-s

Hybridan Small Cap Feast - 13 Mar 23

13 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

Hybridan Small Cap Feast - 20 Mar 23

20 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

SHORE CAPITAL - FireAngel Safety Technology Group (FA, House Stock at 10p)

Buy the dip