Hybridan Small Cap Feast - 07 June 24

7th June 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: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 22nd May: Raspberry Pi announces an intention to float onto the Premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high

Morning Note – 7 June 2024

SRT Marine Systems - Continued Systems progress despite timing uncertainty

SRT Marine Systems has announced Systems project revenue milestones for two coastguard contracts are now unlikely to be recognised by June YE. The SEA ($180m) and phase 2 of the ME (£40m) CG contracts are subject to final contract completion administrative processes that are steadily progressing but which must be completed prior to commencement of first deliveries. At this stage, SRT is an observer to these frustratingly slow processes until completion. In the event of minimal Systems milestone

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

Small Cap Feast 08 Mar 24

8th March 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: Belvoir Group Plc (BLV.L) has left AIM What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Banquet Buffet*** Coinsilium Group 2.9p £3m (AQSE:COIN) An investor, advisor and venture builder at the forefront

SRT Marine Systems - FY24 update: revenue forecasts pushed out for new June YE

SRT Marine Systems has reported a change of year end from 12-months to March 2024 to 15-months to June 2024, with revenue forecasts extended by three months for both new year ends, and an encouraging operational update. The company is concerned that government related paperwork on two existing CG projects (SEA and ME) may not be completed in time for a March invoice and risks falling into the next quarter. In one jurisdiction where there a number of new project prospects, the company must meet s

Morning Note – 21 December 2023

SRT Marine Systems - Working capital boost with opportunity for subsea capabilit

SRT Marine Systems is raising up to £10.5m (gross) at 35p for working capital purposes comprising a £7m subscription underpinned by strategic investment from Ocean Infinity Group Limited, a £3m placing, and up to £0.5m retail offer. The impact is twofold: to substantially strengthen SRT’s balance sheet to support current and future system contracts in its £380m pipeline; and a strategic investment by a market leader operating in the marine subsea domain with a shared vision of the MDA market. As

Morning Note – 20 November 2023

SRT Marine Systems - 1H24 results: preparing for all Systems go

As expected from the 1H24 trading update, SRT Marine Systems has reported £5.5m revenue derived entirely from the Transceivers division, but with substantial levels of critical preparation activity in the Systems division in advance of equipment delivery revenue milestones expected in H2. Progress on the £160m Systems order book continues in line with unchanged FY24 revenue expectations, underpinned by the expected completion of revenue milestones from scheduled deliveries during H2. Importantly

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Morning Note – 6 October 2023

Morning Note – 27 July 2023

SRT Marine Systems - FY23 results unleash FY24/25 earnings post-COVID

SRT Marine Systems reports performance in line with updated expectations, driven by the return of Systems revenue post-COVID and growth in the Transceivers division. With lockdown restrictions eased in FY23, Systems deployment has accelerated and achievement of revenue milestones led to +273% yoy revenue to £30.5m (£30.0mE, FY22: £8.2m), generating -£0.2m adj PBT (FY22: -£6.4m). Systems booked £18.4m revenue while Transceivers sales grew 60% to £12.1m despite the global component shortages affec

Morning Note – 5 July 2023

Zeus UK smallcap technology sector update - 28 June 2024

The companies in the Zeus smallcap technology universe with the highest earnings growth potential are Seeing Machines, ZOO Digital, CyanConnode and Ensilica. Their surprisingly low earnings multiples indicate to us that investors are sceptical of their anticipated growth. The companies that are well positioned to meet earnings expectations may offer potential price upside. We review their growth prospects below and highlight CyanConnode. The median stock in the Zeus UK smallcap technology index

CyanConnode (CYAN LN) - The smart choice

CyanConnode provides end-to-end communications platforms that connect Internet of Things (IoT) devices such as smart meters to a utility's billing system. The company is a global player and a market leader in India, where a new government scheme, as set out below, has mandated the procurement of 250m meters by March 2025, a significant market opportunity for CyanConnode.

Allenby Capital TMT Update - 01.07.24 - PPS.L, MIRI.L, ENET.L, MWE.L, CPX.L, TRAK.L, CLCO.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Filtronic - FY24 ahead of expectations

Filtronic’s year-end trading update confirmed that it expects to report FY24 revenue and adjusted EBITDA ahead of our forecasts. Trading in H2 benefited from strong demand from the space market, which we expect to continue into FY25. The company confirmed that it has ramped its production capability to meet this higher level of demand and continues to invest in further capacity expansion to provide flexibility and support for future growth.

Hybridan Small Cap Feast - 20 June 2024

20th June 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: Polar Capital Global Healthcare Trust ZDP (PGHZ.L) has left the Standard segment of the Main market. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence co

Morning Note – 20 June 2024

Hybridan Small Cap Feast 09/08/2023

9th August 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 - 18 Mar 24

18th 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

Hybridan Small Cap Feast: 2 April 2024

2nd April 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

Filtronic - LEO liftoff: SpaceX strategic agreement and $20m order

Just 15 months after winning its first order in the Low Earth Orbit (LEO) satellite communications market, Filtronic has announced a 5-year strategic partnership with SpaceX which includes an initial $19.7m (£15.8m) E-band amplifier production order for delivery in FY25. As a result, we upgrade our FY24/FY25 forecasts and lift our target price to 57.4p (was 37.5p), equivalent to 74% upside. Although this is the first time SpaceX’s Starlink has been named as a Filtronic customer, this is now the