HCM UPDATE - 23.04.19 (HAS.L; PTY.L; RWA.L)

Hays plc (HAS.L, 159p/£2,320m) Q3 trading update to 31/03/19 (16.04.19) | Parity Group plc (PTY.L, 7.4p/£7.6m) Full year results to 31/12/18 (16.04.19) | Robert Walters plc (RWA.L, 580p/£440m) Q1 trading update to 31/03/19 (15.04.19)

HCM UPDATE - 04.03.19 (RTC.L; RWA.L)

RTC Group plc (RTC.L, 62p/£9m) Full year results to 31.12.18 (25.02.19) | Robert Walters plc (RWA.L, 589p/£445m) Full year results to 31.12.18 (01.03.19)

HCM UPDATE -14.01.19 (RWA.L; STAF.L)

Robert Walters plc (RWA.L, 561p/£424m) Q4 trading update to 31.12.18 (10.01.19) | Staffline Group plc (STAF.L, 990p/£277m) Full year trading update to 31.12.18 (08.01.19)

HCM UPDATE - 15.10.18 (HAS.L; PAGE.L; RWA.L)

Hays plc (HAS.L, 162p/£2,359m) Q1 trading update | PageGroup plc (PAGE.L, 526p/£1,690m) Q3 trading update | Robert Walters plc (RWA.L, 630p/£465m) Q3 trading update

HCM UPDATE - 30.07.18 (EMR.L, IPEL.L, RWA.L, STAF.L, STHR.L)

Empresaria Group plc (EMR.L, 82.5p/£40.4m) Half year trading update (25.07.18) | Impellam Group plc (IPEL.L, 467p/£235m) Half year results (26.07.18) | Robert Walters plc (RWA.L, 780p/£589m) Half year results (26.07.18) | Staffline Group plc (STAF.L, 1,092p/£305m) Half year results (25.07.18) | SThree plc (STHR.L, 344p/£454m) Half year results (23.07.18)

HCM UPDATE - 16.07.18 (CPS.L, HAS.L. NAK.L, PAGE.L, RWA.L)

CPL Resources plc (CPS.L, 530p/£144m) Trading update (12.07.18) | Hays plc (HAS.L, 208p/£3,013m) Q4 trading update (13.07.18) | Nakama Group plc (NAK.L, 0.9p/£1.1m) Trading update (11.07.18) | PageGroup plc (PAGE.L, 595p/£1,949m) Q2 trading update (11.07.18) | Robert Walters plc (RWA.L, 754p/£570m) Q2 trading update (10.07.18)

Allenby Capital HCM Update 16.04.18

Hays plc (HAS.L, 182p/£2,639m) Q3 trading update to March 2018 (12.04.18) | Hydrogen Group plc (HYDG.L, 36.5p/£12.2m) Final results to 31 December 2018 (10.04.18) | PageGroup plc (PAGE.L, 537p/£1,755m) Q1 trading update to 31 March 2018 (11.04.18) | Parity Group plc (PTY.L, 11.1p/£11.3m) Final results to 31 December 2018 (10.04.18) | Robert Walters plc (RWA.L, 699p/£528m) Q1 trading update to 31 March 2018 (10.04.18)

Allenby Capital HCM Update 05.03.18

Harvey Nash Group plc (HVN.L, 88.6p/£65.1m) Full year Trading Update to 31 January 2018 | RTC Group plc (RTC.L, 61.5p/£9.0m) Full year results to 31 December 2017 | Robert Walters plc (RWA.L, 650p/£489.5m) Full year results to 31 December 2017

Allenby Capital HCM Update 15.01.18

Hays plc (HAS.L, 198p/£2,874m) Q2 trading update to 31.12.17 | PageGroup plc (PAGE.L, 542p/£1,770m) Q4 trading update to 31.12.17 | Robert Walters plc (RWA.L, 648p/£488m) Trading update for year to 31.12.17

HCM Update 02.01.18 (EMR.L; PTY.L; RWA.L; SVCA.L; STHR.L) RM

Empresaria Group plc (EMR.L, 90p/£44.1m) Initiation of share buy backs (13.12.17) | Parity Group plc (PTY.L, 9.375p/£9.6m) Full year trading update to 31.12.17 (13.12.17) | Robert Walters plc (RWA.L, 592p/£446m) Trading update to 30.11.17 (12.12.17) | Servoca plc (SVCA.L, 23p/£28.3m) Preliminary results to 30.09.17 (12.12.17) | SThree plc (STHR.L, 368p/£479m) Full year trading update to 30.11.17 (15.12.17)

Leadership Through Experience

Robert Walters PLC (LON:RWA) shares have gained 79% in the last 12m, 219% in the last 5 years, strongly outperforming peers. We argue this is driven by growth in NFI (Net Fee Income), up 18% like-for-like in H1 2017, or 11.5% overall NFI CAGR in the last 15 years, with only one down year. In this report we examine some of the drivers which underpin this sustained organic growth trend.

HCM Update 16.10.17 (HAS.L, NBB.L, PAGE.L, PRP.L, RWA.L) RM

Hays plc (HAS.L, 190p/£2.8bn) Q1 Trading Update (12.10.17) | Norman Broadbent plc (NBB.L, 11p/£4.6m) Appointment of CFO and COO (05.10.17) | PageGroup plc (PAGE.L, 477p/£1.6bn) Q3 Trading Update (11.10.17) | Prime People plc (PRP.L, 97.5p/£11.9m) Acquisition (11.10.17) | Robert Walters plc (RWA.L, 589p/£443m) Q3 Trading Update (10.10.17) | Report on Jobs September 2017 (06/10/17)

HCM WEEKLY UPDATE - 24.07.17

Empresaria Group plc (EMR.L, 151p/£74m) H1 Trading Update to 30 June 2017 | FDM Group plc (FDM.L, 915p/£984m) H1 Results to 30 June 2017 | Gattaca plc (GATC.L, 303p/£94m) Full year Trading Update to 31 July | Impellam Group plc (IPEL.L, 648p/£326m) H1 Results to 30 June 2017 | Nakama Group plc (NAK.L, 1.5p/£1.8m) Full Year Results to 31 March 2017 | Parity Group plc (PTY.L, 10.25p/£10.4m) H1 Trading Update to 30 June 2017 | Robert Walters plc (RWA.L, 473p/£352m) H1 Results to 30 June 2017 | Sta

HCM UPDATE - 17.07.17 (PAGE.L, RWA.L, HAS.L)

PageGroup plc (PAGE.L, 475p/£1,551m) In line - Q2 Trading Update (11.07.17) | Robert Walters plc (RWA.L, 460p/£343m) Very encouraging - Q2 Trading Update (12.07.17) |

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

Morning Note – 25 April 2024

Vianet Group: FY24 trading update, strategic contract win

Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the

SP Angel Spec Sits: FY Trading Update (LTHM)

Vianet - FY24 ahead, strategic forecourt customer win

Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

Norcros (NXR LN) - Sale of Johnson Tiles UK streamlines the business and improves operating margin

Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Renewi - Solid trading and better cash generation

Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Hybridan Small Cap Feast - 24 April 24

24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: Ilika: CMD confirms operational progression

LIBERUM: Gattaca: Resilient contract performance, perm tough