LIBERUM: Virgin Wines UK: Several reasons to be optimistic for FY24

LIBERUM: Virgin Wines UK: FY23 delivered in line with expectations

LIBERUM: Virgin Wines UK* - Tough trading backdrop but initiatives are starting to deliver green shoots

LIBERUM: CEO Video: Jay Wright, Virgin Wines*

LIBERUM: Virgin Wines UK* - Onwards and upwards after a tough H1

LIBERUM: Virgin Wines UK* - Challenging H1 but improved outlook

LIBERUM: Virgin Wines UK* - A corker of a stock: A top pick for 2023

LIBERUM: Virgin Wines UK* - A mighty impressive set of results

LIBERUM: Virgin Wines UK* - Strong recruitment, WineBank growth lend momentum going into FY’23E

LIBERUM: Virgin Wines UK* - The better way to play the online wine market

LIBERUM: Virgin Wines UK* - Quality shines through - BUY

LIBERUM: Virgin Wines UK* - A highly predictable, high retention model with high quality metrics

LIBERUM: Virgin Wines UK* - Weak customer recruitment offsets solid repeat sales

LIBERUM: Virgin Wines UK* - Strong FY’21; momentum continues into FY’22

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

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

Altitude Group (ALT LN) - Continued rapid growth

Altitude’s interim results show continued strong trading and operational progress, with a positive outlook for the remainder of the year. FY24 revenue and adjusted EBITDA is expected to be in line with market expectations. The Group’s pipeline for university campus stores (Gear Shops) remains healthy and growing, with further contract announcements expected between March and June next year. Our average valuation estimate is now 57.8p per share (previously 57.6p), but material Gear Shop contract

Celebrus Technologies - Encouraging interims, and name change

Celebrus (formerly D4t4) 1H24 interims to September are in line with the October trading update and unchanged forecasts. The typical 1H/2H revenue split eased a touch to 40/60 from 38/62, taking 1H EBITDA to breakeven (after £-1.2m in 1H23) and en route to £5.7m for the full year (FY23: £3.7m, including £4.9m in 2H23). The delivery of the larger of the two lower margin orders, together worth c£6m and postponed from 2H23, has boosted 1H24, with cash to follow in 2H24. Net cash (no debt) of £14.7m

Morning Note – 28 November 2023

Morning Note – 29 November 2023

Crimson Tide - FY23 update: FY23E adj EBITDA +136%, FY24E reiterated

Crimson Tide has reported an encouraging FY23 trading update highlighting operating efficiencies in FY23, and a strong pipeline of new business with increasing visibility to support profitable recurring revenue growth. As a result of more efficient operations, the company delivered reduced spend in FY23, reinvesting part of the savings in growth marketing activities, including partner acquisition in the US and UK. We upgrade our FY23E adj EBITDA to £0.4m (was £0.2m) to include the savings, upgra

New balance

Morning Note – 27 November 2023

Morning Note – 1 December 2023

Auction Technology Group - FY23 prelim results – revenue resilience

ATG’s prelim results for the year to September 2023 were broadly in line with our forecasts, with a modest outperformance on profitability, thanks to a higher gross margin and adjusted EBITDA and EBIT margins slightly ahead of our expectations. Revenue showed continued organic growth and a strong contribution from EstateSales.Net. Revenue growth in Value Added Services (VAS) was 27%, with good adoption of digital marketing solutions and increased penetration of atgPay across LiveAuctioneers and

Morning Note – 30 November 2023

Initial Equity Trading Comments - 1 December 2023

GENinCode - Transition to De Novo

Following discussions with the FDA, GENinCode has agreed to transition the FDA approval pathway for CARDIO inCode-Score (CIC-Score) to a De Novo submission from the previous 510(k) application. This transition will create a new regulatory class for polygenic risk score medical device tests and, assuming approval, could see CIC-Score established as the ‘predicate’ device against which future polygenic risk score tests are assessed, potentially creating a barrier to future competition given the cl

Synectics+ (SNX, House Stock at 103p) - UK contract win