Boohoo Group plc (BOO LN) - Controlling the controllables

• Trading update: Group revenue of £637.7m is 10.7% lower YOY (P3 FY22: £714.5m), in line with previous guidance and Zeus forecasts. Performance was softer across all markets and almost all Group brands and reflects the normalisation of the channel shift online over the last twelve months. UK revenue of £400.8m is down 11.1% YOY (P3 FY22: £451.0m) suggesting a softening in demand versus H1 FY23: (4.4)%, but against a strong prior year comp (P3 FY22 UK revenue growth: 26.4%) as the outbreak of Om

CAP-XX Update

The recent H1 trading update from CAP-XX Ltd (CPX.L), the leading designer and manufacturer of supercapacitors and energy management systems, reflected a disappointing slowing in business with H1 revenue down 34% to A$1.6m and product sales down 40%. This has been attributed to a combination of market influences that include: industry wide supply chain bottlenecks, especially in China; a global shortage of integrated circuits that is impacting customer order volumes; and general pessimism over t

Cenkos: Seeing Machines Ltd -- Aftermarket co-marketing with Mobileye

Seeing Machines has announced that it has signed a non-exclusive Distribution Agreement with Mobileye Vision Technologies Ltd incorporating Seeing Machines's Guardian product in the Mobileye suite of Aftermarket. Mobileye and Seeing Machines will jointly market these mission-critical products to provide holistic safety solutions to transport and logistics customers globally. Mobileye is the industry leader in the development of advanced driver assistance systems and autonomous driving technolog

LIBERUM: Accrol Group Holdings Plc* - A journey of growth, profitability and returns

Hybridan Small Cap Feast - 25 Jan 23

25 January 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 object

Hybridan Small Cap Feast - 23 Jan 23

23 January 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 object

In line full year update but for w/c unwind delay

Todays update signals profit will be in line with Board expectations. Sales were a smidge lower than we had forecast, largely due to 3rd party manufacturing which was annualising strong comps. This was offset by margin and cost control. Net cash is £2.3m below our forecast, due to the targeted inventory reduction taking longer than hoped. We are not unduly concerned about this timing difference given the high quality nature of the inventory and make no changes to existing prudent forecasts for J

Hybridan Small Cap Feast - 08 Feb 23

08 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

Cenkos: Tandem Group Plc -- In-line with expectations

-Tandem's FY22E trading update confirms revenue and PBT are in-line with expectations. This has been a challenging year for the business – demand for many of the group's categories surged during the pandemic (eg bicycles, e-scooters and various home and garden products), which when combined with the escalating cost-of-living pressures, resulted in a sharp drop in group revenue (-35% YoY). Nevertheless, Tandem has remained profitable (FY22E PBT of £0.9m) and has used the period to progress a seri

Morning Note – 25 January 2023

Hybridan Small Cap Feast - 03 Feb 23

03 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

Morning Note – 3 February 2023

FY22 successfully navigated; compelling valuation

Portmerions Y/E update signals a pleasing outturn to FY22. This is captured in a 4% sales beat led by a strong finish to the year and FX. Whilst our FY22 PBT expectations are unchanged, the update reinforces the growing significance of international, now representing 75% of sales, and the strategic pivot to online. We also make no FY23/FY24 PBT forecast changes but feel the shares offer an attractive entry point for mid-term investors. A lowly rating of 6x P/E, 4x EV/EBITDA and a 5% yield is in

Frontier Developments (FDEV LN) - Superior strategy

Frontier is a leading developer and publisher of simulation, management, strategy and non-linear games. These genres allow Frontier to continuously offer additional content, attract loyal fanbases and face less competition. Our analysis confirms Frontier’s games have higher player retention after twelve months (28% vs. average of 14% for peers) and engagement (162% higher average playtime), and that its chosen genres generate over 50% more revenue per game whilst facing half the competition of a

Character Group - FY22 Finals

The Character Group (Character) reported full year results in line with our forecasts, albeit revenues were stronger than anticipated. Adjusted PBT was in line but impacted by increases in input costs and a stronger US dollar creating margin pressures. We make no changes to forecasts but anticipate FY23 being H2 weighted. The Company is expected to remain comfortably profitable, cash generative with a strong balance sheet and is committed to maintaining a progressive dividend policy.