Somero Enterprises - FY22 results in line, a fairly flat year ahead

FY results were in line with the January trading update, with modest revenue growth and higher overheads resulting in a slight profit decline. Australia and Europe delivered record revenues, while US sales were marginally off last year’s record. The Houghton expansion was delivered on budget and is now operational, increasing capacity and capabilities for future growth. We reduce FY23 EPS by 4.8% with TP lowered from 760p to 705p. The shares remain at a significant discount to peers on a P/E of

Morning Note – 8 March 2023

FY22 Financials

Capital Limited (LSE: CAPD) released its full year results (YE Dec 2022) this morning. The company had already released the operational figures for the year including revenue so focus is on EBITDA and below as well guidance. Having said that it is impressive that this is the third consecutive year Capital has delivered material growth in revenue, with full year sales increasing 28%, following 68% YoY growth in 2021 and 18% YoY growth in 2020. Moreover the company is guiding to $320-340m for FY23

Hybridan Small Cap Feast - 21 Feb 23

21 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

Revised forecasts

LIBERUM: Costain Group* - Free cash more than 50% market cap

LIBERUM: Yü Group* - Strong momentum and cash flow

LIBERUM: Wincanton - Contract loss and closed book headwinds

Probability of strategic change increases - revising PT to 12p (from 20p) on a break-up basis

Supreme plc: disposal of T-Juice intellectual property

Supreme reports that it has entered into an agreement with an associated company of La Vape Professionelle Distribution (LVP), a leading French wholesaler of e-cigarettes and e-liquids, for the disposal of the intellectual property (IP) of T-Juice, inclusive of the Red Astaire brand. Supreme will receive an upfront payment of €4.5m (£3.97m) in respect of T-Juice brand IP, with the addition of income from consultancy services. The agreement ushers in a new strategic partnership in which Supreme

Cenkos: Smart Metering Systems Plc -- Strong results - FY23E & FY24E upgrades

Smart Metering Systems (SMS) has announced strong FY22 results in-line with January 2023 upgraded forecasts. The smart meter installation run-rate accelerated during FY22, with 480,000 meters installed, ahead of expectations. With the installation run-rate reaching 45,000 meters per month during H2/22, SMS is on track to install an expected 600,000 meters in FY23E. The battery storage portfolio increased to 760MW by FY22 and has grown further to 860MW as of 13 March 2023. The first 140MW of batt

ITM Power - Test Capacity To Remove Blocks

The increase in power capacity at Bessemer Park is a positive sign that action is being taken to address the causes of the historic production delays that ITM has faced. Improved testing from one to two 2MW stacks and the scope for this to increase further combined with increased power availability throughout Bessemer Park ought to help ITM in reducing their order backlog and scaling up production over the coming year.

LIBERUM: Kier Group - Strong H1 performance but some headwinds expected in H2

Hybridan Small Cap Feast 08/03/22

What’s cooking in the IPO kitchen?** Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world's leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech/gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023. Onward Opportunities Limited intends to join the AIM market. The Company'

ITM Power (ITM LN) - Bessemer Park power supply upgrade

Immediate higher power supply to increase module testing capacity. ITM has announced an agreement to significantly increase the power supply into its Bessemer Park manufacturing facility in the UK. Existing power supplies are now 7.5MVA, reflecting a recent increase from 5.0MVA. This will now allow testing of two 2MW modules at the same time.