Hybridan Small Cap Feast - 1 July 2024

1 July 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: San Leon Energy (SLE.L) has delisted from AIM Gensource Potash Corporation (GSP.L) has delisted from AIM What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence c

Hybridan Small Cap Feast 11-June-2024

10th June 2024 @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 objecti

PROGRESSIVE: Oxford Metrics: Ahead at half-time

Oxford Metrics’ interim results for the six months ended 31 March 2024, released today, show healthy growth and good execution. H1 FY24 revenue of £23.5m is 10.5% ahead of last year. Anticipated increases in operating costs have led to a 9.4% reduction in the adjusted PBT versus prior year. But with >90% visibility on full-year revenues, OM is well set to meet expectations for FY24. We maintain our forecasts. Recently acquired Industrial Vision Systems (IVS) is performing in line with expectatio

PROGRESSIVE: Oxford Metrics: Tracking nicely

Oxford Metrics held a capital markets day on 18 April at its recently opened office in Oxford. The event was well attended by investors who saw demonstrations of Vicon’s markerless technology within a 3D virtual reality entertainment environment and within an industrial environment in conjunction with Industrial Vision Systems (IVS), acquired in late 2023. The potential of markerless technologies, smart manufacturing inspection and the ongoing application of the £52m funds from Yotta’s disposal

Hybridan Small Cap Feast - 19 Mar 24

19th March 2024 @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

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

PROGRESSIVE: Oxford Metrics: Drivers to growth and catalysts for rerating

Oxford Metrics’ results for the year to 30 September show a business that is growing strongly, driven by long-term technology, economic and demographic trends across the life sciences, entertainment and engineering markets. The results are in line with the trading update given on 25 October (see our note) that showed revenue and adjusted PBT ahead of our, and market, expectations. With a confident management commentary on the outlook, we raise our estimates for FY24E and introduce forecasts for

Hybridan Small Cap Feast - 01 Nov 23

1st November 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 obje

PROGRESSIVE: Oxford Metrics: Technology, strategy and EPS enhancing

Oxford Metrics (OM) today announced the acquisition of Industrial Vision Systems Ltd (IVS) for £8.1m, funded from cash and 1m new shares. IVS operates in industrial applications of smart sensing, with machine learning technology for quality control in the manufacturing environment. The deal is immediately earnings enhancing and we are raising our forecasts for FY24. This is an exciting first M&A application of the funds from the Yotta disposal. The deal appears technologically and strategically

PROGRESSIVE: Oxford Metrics: Strong growth ahead of expectations

Today’s trading update for the financial year to 30 September discloses that Oxford Metrics expects to report record revenue of £44.0m, with adjusted profit before tax of £6.3m – above our estimates of £38.9m and £6.1m. The impressive revenue line reflects the strength in H2 of both the Engineering and Life Sciences segments. Although margins are lower than we forecast, we note that at the interim results management reported lower gross margins that were likely to prevail in this financial year.

PROGRESSIVE: Oxford Metrics: Changing of the guard

Oxford Metrics has today announced a planned transition of the CEO role, with the twin luxuries of a three-month handover period and an incoming CEO, Imogen Moorhouse, who has been over 22 years in the business. We wish Nick Bolton well in his new role heading up Ordnance Survey, and take comfort that the business will be in safe hands led by Imogen while continuing to benefit from a broad and deep management team.

Hybridan Small Cap Feast - 06 Jun 23

6th June 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 objectiv

PROGRESSIVE: Oxford Metrics: Excitement builds

Oxford Metrics’ interim results, published today, show strong performance with a very encouraging outlook. Revenue of £21.3m is an increase of 69.6% on H1 FY22, 62.5% on a constant currency basis, while adjusted PBT of £4.1m is a significant advance on the £0.3m reported in H1 FY22 and the £2.3m in H2 FY22. It is clear from the results and statement that supply chain issues have receded. These results include the £3.5m of output that could not be delivered in FY22 due to component shortages. The

SIMEC Atlantis Energy (SAE LN) - Simply the BESS(t)

SAE is a UK renewable energy company, pursuing development of numerous projects in the UK. The company has a stotal portfolio of 1.3GW of Battery Energy Storage Systems (BESS) projects across sites in Wales and Scotland, with one 230MW project already sold and being progressed, and the opportunity to participate in construction and operation of a wider portfolio over the coming years.

Supreme (SUP LN) - Record FY24 results

Supreme has delivered a record performance, underpinned by robust profitable growth across all divisions; revenue of £221.2m is +42% YOY with adj. PBT more than doubled to £32.3m. Supreme is now bank debt free, with £11.6m net cash (ex-leases) despite completing seven acquisitions and returning more than £16m to shareholders over the past four years. It has well invested operations, underpinned by its new 167k sq. ft. Ark facility, whilst the recent acquisition of Clearly Drinks adds a further h

Luceco - An Electrifying Future

Luceco has a leading position in the UK as a manufacturer and distributor of electrical accessories and LED lighting products. We see the company as being positioned to benefit from structural tailwinds from the transition to net zero through its low carbon offering and see this as a growth engine for the company moving forwards. The company has a strong cash generation profile and a history of accretive acquisitions, both of which we expect to continue in the medium term. We initiate with a cen

PANMURE LIBERUM: Commodity snapSHOT: Gold’s rate sensitivity, re-emerges

Zeus Building Products and Construction Round-Up - 2 July 2024

As we close off the first half of 2024, economic data has provided mixed signals with signs of improvements, albeit from a low base. GDP grew 0.7% in Q1 (QoQ), however, a timelier monthly estimate for April indicated no growth due to a rise in Services being offset by a fall in Production and Construction. This slightly contradicts what Construction PMI is reporting however, which saw activity rise at fastest pace in 2 years, with the index at 54.7 (April: 53.0). Residential projects grew only m

SIMEC Atlantis Energy - Renaissance

SIMEC Atlantis (SAE) has pulled off a major turnaround, transforming itself into a major energy storage opportunity with a pipeline of over 1GW of battery energy storage systems (BESS). The company has stabilised its balance sheet and monetised its first BESS project at the Uskmouth site in Wales. We have valued the opportunity based on capacity with grid connections and depending on funding opportunities we see value between 3.8p and 25.0p with a central case of 12.7p.

Supreme Plc+ (SUP, House Stock at 179p) - Strong FY24A results, confirming a record year and considerable progress

Judges Scientific+ (JDG, House Stock at 10,350p) - Refinancing to 2028

FY24 results generate doubled profit, record cash

For the year to 31 March 2024 Supreme reported revenue of £221.2m, +42%YoY, (adj.) EBITDA of £38.1m, +97%YoY and (rptd). PBT of £30.1m, +109%YoY. Net cash from operations grew 40%YoY to £27.1m, with year-end net cash1 of £11.6m (FY23: £3.2m). (adj.) diluted EPS was 18.19p/share (ED E, 20.2p). We see strong performance at gross level, +55%YoY with margin improvement from 26.3% to 28.7%. The Group has made timely preparation for the transition to traditional refillable, rechargeable e-cigarettes

Windar Photonics - FY23A progress; multiple opportunities and in advanced stage on new orders

Following WPHO's successful £4m April fund-raise, the company has delivered a positive set of FY23A numbers aligned to our forecasts. WPHO is a leading innovator in the field of wind turbine optimisation and continues to grow as orders come through based on its unique IP. Good momentum in the business is reflected in revenues up by more than 150% YoY and an order book for the current year which is already substantially ahead of last year's FY revenue number. The scale of the opportunity is sig

Invinity Energy Systems: FY 2023 Results

Invinity Energy Systems (IES LN), which develops Vanadium Flow Batteries (VFBs) for utility scale grid storage, recently announced full year results for the period ending December 31st 2023 (FY 2023). Revenue rose by 511% to £22.0m (FY 2022:£3.6m) from sales of 32.5MWh of battery sales across 15 projects. The PBT loss increased to £23.2m (FY 2022: £18.5m) and end cash closed at £5.1m as the Group invested for growth. IES’ next-generation Mistral VFB technology will be commercially launched in H2

PROGRESSIVE: SDI Group: Solid update reflects strong second half

SDI Group’s trading update for the year ended 30 April 2024 is in line with current guidance for FY24, with good momentum heading into FY25. This reflects the hands-on approach under the new CEO, addressing short-term issues that had led to underperformance in some businesses. The underlying portfolio performed well in terms of profitability and cash generation, with improved trading in a number of businesses. The increased cashflow in H2 and significant headroom within its banking facilities le

Hardman & Co Insight: Survival of the UK life sciences sector

For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises. However, the small- and mid-cap life sciences sector has alway

Hybridan Small Cap Feast - 3 July 2024

3rd July 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: IntelliAM AI plc (AQSE: INT) has joined the Aquis Stock Exchange Growth Market. IntelliAM, an artificial intelligence company focused on the consumer goods industry, acquired 53 Degrees North Engineering Limited, to become the Company’s Consultancy divi

Invinity Energy Systems - Sales Jump Shows Traction

Invinity’s full year results show total income up 511% in line with earlier guidance and confirming that the company is gaining real traction for its flow batteries. With significant funding in place following the post period £57.4m equity raise cornerstoned by the UK Infrastructure Bank, Invinity is well placed for further growth and moving towards positive gross margins and profitability.