Corero Network Security (CNS LN) - Initiation: Securing momentum

Corero provides best-of-breed DDoS protection software in the rapidly growing cyber security market. The company offers superior products with low total cost of ownership and flexible deployment options, in our view.

Big Technologies (BIG LN) - AGM statement: trading in line

Big Technologies’ AGM statement confirms that the Group continues to trade in line with management expectations for FY24. We believe our FY24 revenue forecast of £51m is very achievable given the high monthly recurring revenue (MRR) at the end of 2023, which we estimate implies that the company only needs modest new contract signings to outperform our conservative 2024 forecasts.

Ingenta - FY23A Results – Diversification strategy on track

Ingenta has released FY23A annual results in-line with our expectations and the year-end trading update. The Group made significant progress during the year, with the Content division having a near-record year as customers bought upgraded products, and wins being seen in the key growth market of North America. The Commercial division also saw strategic successes through geographical expansion and building its presence in adjacent royalty segments such as music. Revenue grew 3% whilst Adj EPS gre

PROGRESSIVE: tinyBuild: The big reBuild

tinyBuild has a newly strengthened balance sheet, support from games royalty Atari, a lower run-rate cost base and a slate of new titles featuring ‘bangers’ (says Steam). The new development model gives 1,000-hour games from an indie cost model. Evidence is building that it is time to draw a line under 2023, an ‘annus horribilis’ across the US$211.2bn video games industry when it buckled under the strain of weak demand as a soggy consumer environment led to a funding desert and cancelled game de

Intercede - Impressive capital markets day reiterates referenceability

Yesterday’s well attended CMD demonstrated Intercede’s position as a recognised global leader in business-critical authentication software for employee identity. Combined with an evaluation of the addressable market and Intercede’s positioning and the demonstrations of MyID CMS, MFA and PSM product capabilities through insightful case studies, the capital market day underscored the mutual benefits of the tight-knit relationships enjoyed with impressive and ambitious partners such as Guidehouse a

Morning Note – 28 May 2024

National World Trading Update

National World has reported a Trading Update for the 21wks to 25th May in which revenues advanced +18% driven by acquisitions; we maintain our FY24 estimates.

Morning Note – 24 May 2024

TPXimpact FY24 Trading Update

TPXimpact has released a very encouraging FY24 Trading Update that flags robust FY revenue growth and margin expansion this year and next, while net debt has reduced significantly more than expected.

Hybridan Small Cap Feast - 28 May 24

28th May 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, or it is a rumour Dish of the day Admissions: Delistings: Accrol Group Holdings (ACRL.L) has left AIM. China Nonferrous Gold Limited (CNG.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused o

Hybridan Small Cap Feast - 29 May 24

29th May 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, or it is a rumour Dish of the day Admissions: Time to Act (AQSE: TTA): an engineering business focused on technology for energy transition announces the admission of its Ordinary Shares to trading on the Aquis Stock Exchange Growth Market. The Company reported a revenue of £2.6m and a net income of

Pennant International - Proposed £1.51m

Yesterday's close of play announcement from PEN heralds gross proceeds to the tune of £1.51m (assuming among other things completion of a meaningful Directors' Intended Subscription of £0.2m, priced at 25p (a 16% discount to the closing mid-market price on May 22nd). The new shares will represent c.12.5% of the enlarged share capital (including 3.7m placing shares), delivering net proceeds of c.£1.4m

NCC Group (NCC LN) - Initiation: Transformation

We initiate coverage of NCC Group, a well-respected provider of cyber security and software escrow solutions. In FY23, the company experienced a significant market pullback that revealed operational deficiencies. The company appointed a new CEO, who introduced a turnaround strategy in January 2023. We believe the ongoing improvements are transformational and consensus expectations underestimate NCC’s revenue growth and margin potential. In addition, shares trade below historic multiples and thos

Morning Note – 31 January 2024

Morning Note – 20 May 2024