Small Cap Feast

Small Cap Feast

SulNOx Group - The Group has developed a methodology and process capable of emulsifying hydrocarbon fuels such as diesel and heavy fuel oil . By January 2014, following preliminary laboratory testing, SulNOx was in a position to suggest that its products resulted in up to a 50% reduction of Nitrogen Oxide (NOx) and a 90% reduction in particulate matter Due 17 Dec, mkt cap £42.3m.

Trading update

Be Heard released an encouraging Trading Update for the year to December 2019. It indicated that the FY outlook for 2019 remains unchanged and EBITDA will be in line with market expectations. As reported at the interims results in September, the Group's digital and insight businesses continue to perform well which has offset the decline in its traditional and creative businesses. Further, the group notes it has made strong progress during the year, particularly in new business (most notably Carl

Further progress

Be Heard made further operational, strategic and financial progress in the first half. Group revenues rose +5%, with further strong growth at MMT Digital (+16%) and Freemavens (+82%) partially offset by challenging trading at agenda21 (-19%) and The Corner (-23%). Tight cost control led to pre-IFRS16 EBITDA more than doubling to £1.6m while the operating margin increased to creditable 10.9%. Cash generation was encouraging and the group has made good progress in fixing its earnouts. The share el

Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Great start to the year

Be Heard has issued a positive AGM trading update for Q1 citing good YoY revenue and EBITDA growth. Both results are ahead of budget. The strong start, business wins, pipeline strength and activity levels have made the Company more confident of its overall 2019 performance outlook. It is therefore perhaps no surprise that in summary the Company is confident about achieving a satisfactory result in 2019 but one that is “comfortably in line with expectations”. Investment, consistent with meeting E

Encouraging AGM statement

Be Heard has released an encouraging AGM statement for Q1 indicating that revenues and EBITDA are both ahead of budget and last year, which underpins performance for the balance of 2019. The five partner companies are performing well and in line with expectations and we retain our FY19 PBT/EPS estimates for £3.1m/0.21p. At the FY18 results in March the group indicated that MMT Digital and Freemavens continue to demonstrate robust growth while the other businesses are stable and performing in lin

Full year results in line and 2019 trading on track

After some significant reorganisation work EBITDA leapt in H2 to £2.4m driving full year EBITDA up to £3.0m from £1.6m in the prior year and in line with our forecast. With trading on track (Q1 ahead of budget) based on a robust macro-aware budget we are encouraged at this early stage in the year. The new CEO has delivered a huge turnaround leaving the shares looking fundamentally undervalued.

A marked improvement

Be Heard had a challenging H1 but under the new management team of Simon Pyper (CEO) and Ben Rudman (COO) the group delivered a markedly improved H2 outcome. Performance last year was mixed, with very robust growth at MMT Digital, Freemavens and Kameleon offset by disappointing results at The Corner and agenda21. However, The Corner and agenda21 are now showing evidence of stabilisation while the group has focused on operational effectiveness, profitability and cash generation. Crucially, the ea

Small Cap Feast

Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%. Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to orig

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.

Trading in-line

The Company has issued an update today signalling a good trading performance for full year 2018. In combination with strong cost controls this has boosted EBITDA and results will be in line with market expectations and we maintain our revenue and profit forecasts. We maintain profit expectations for 2019 and 2020 given current trading and the cost control measures put in place. New management has tackled historic issues decisively and is responding to conditions. This should help continue re-bui

Trading Update.

Be Heard Group, the digital marketing services group, issued a trading update for the year ending 31 December 2018. The Group has reported a good trading performance alongside strong cost control in H2 resulting in Adjusted EBITDA trading in-line with market expectations for FY18. We anticipate continued margin improvement in FY19E.

Focus on execution improving

Interim results have met expectations. Headline results show strong growth with revenues up 18% on a LFL basis. Profitability has leapt, with group EBITDA up over 400%. Net debt was better than expected with a significant improvement in working capital. In addition to the £2.0m of cost savings now in place, progress is being made with regard to the centralisation of business support functions. The centralisation of the business development teams targeting winning and growing larger clients is al

Morning Song

Advanced Medical Solutions (AMS LN) OEM woundcare a millstone on Branded surgical division | Augean (AUG LN) Strong H1 profit growth; EPS upgraded by 10% pa | Be Heard (BHRD LN) Focus on execution improving | Frontier Smart Technologies Group (FST LN) Value in both divisions despite tough period | Northgate (NTG LN) In line AGM Statement, with the business on an improving trajectory | Springfield Properties (SPR LN) Sector leading growth; outperformance in cash

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

Meet, beat, repeat

Trinity Delta Lighthouse: Avacta

Trinity Delta view: The proprietary pre|CISION platform is key to Avacta’s investment case, hence updated data that continue to support key hypotheses for AVA6000 are reassuring. Future efficacy data from studies planned to start in H224 will be key, and could also help to more broadly validate pre|CISION. The recent £31.1m fundraise (March 2024 Lighthouse), which provides a cash runway of c 24 months ie into early 2026, will be used to advance the therapeutics pipeline, in particular AVA6000, a

LIBERUM: Agents of change: Evolving for modern demands

Braemar - Diversification paying dividends

Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower

hVIVO - FY 2023 results, revenue in-line, margin better, future is bright

hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in

Hybridan Small Cap Feast - 10 April 2024

10th 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: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

UK Equities: Overlooked, oversold, and over here

In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.

Avacta Group - AACR update

As pre-announced, Avacta has presented the results of the 3-weekly P1 Arm 1 study of its AVA6000 lead clinical asset, based on the pre|CISION™ drug development platform at the American Association for Cancer Research's annual general meeting. The update does not cover progress on the ongoing 2-weekly dosing study which is underway, and Avacta confirmed current guidance on timing including being on track to begin the dose expansion study in 2H24. There are compelling updates on the progress repor

Significant hidden value in core RM division

LIBERUM: The Liberum Leisure Digest: NLW increase - pricing power is key

SP Angel Morning View: Gold pushes on again despite rising Treasury yields as focus turns to Powell today

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