Hybridan Small Cap Feast 01/02/2022

Joiners: Unbound Group PLC has joined AIM, (currently called Electra Private Equity PLC on the Main Market). Unbound Group, will be the parent company for a range of brands focused on the 55 plus demographic. Initially focused on Hotter Shoes, Unbound's curated, multi-brand retail platform will offer additional products and services that will enhance the enjoyment and wellbeing of its targeted customer community. This online platform will be based on the foundations of Hotter Shoes as a trusted

WH Ireland: James Halstead (JHD) - H1 update illustrates another robust performance against challenges; forecasts unchanged

James Halstead is a manufacturer and international distributor of commercial floor coverings. This morning, the group has provided a short H1 2022E update, pointing to the fact that demand since its AGM update in November has been robust, particularly in the UK, and across a diverse range of projects. As a result, H1 revenue in the six months to 31 December 2021 is expected to be ahead of the comparative period.

James Halstead (JHD) - AGM update illustrates continued robust progress; forecasts unchanged

James Halstead is a manufacturer and international distributor of commercial floor coverings. This morning, the group has provided a brief update to coincide with its AGM, pointing to the fact that while challenges remain, revenue in the first four months of the current financial year has been ahead of the comparative period. In terms of sectors, of note is that after a very difficult 18-month period in leisure and hospitality, a more normalised level of replacement expenditure is now starting

James Halstead (JHD) - Full year results ahead of expectations; FY 2022E EPS raised 2.6%

James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning released very strong full year results to 30th June 2021 with an EPS beat of 4.9% to our recently upgraded expectations. This reflected another record performance for the group, with the Board successfully steering the business to achieve profitable market share gains in what was a particularly challenging 12-month period brought about by the COVID-19 pandemic and its knock-on

James Halstead (JHD) - Full year trading update – a record performance in a challenging year

James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning released a highly creditable full year trading update to 30th June 2021, reflecting another record revenue and PBT performance, notwithstanding the various challenges faced in the last 12 months. While H2 2021E demand remained strong, input pricing, stock availability and self-isolation of employees all had to be extremely carefully managed in order to achieve this outcome. On

WHI Morning Comment: James Halstead (JHD) - Interim results ahead; solid trading performance continues into H2

James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning released an encouraging set of interim results to 31 December 2020, slightly ahead of February's trading update, with a 3.3% increase in PBT to £26.0m and a net cash position of £74.4m at period end. A record interim dividend of 4.25p has been declared, putting the group on track to deliver yet another record year of dividend growth in FY 2021E. Whilst the current backdrop con

WHI Morning Comment: James Halstead (JHD) - H1 update – robust trading performance continues

James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning released a robust H1 2021E update to 31 December 2020, reflecting a continued strong relative trading performance in the first six months of the current financial year against the present backdrop, which remains challenging, not least as a result of the various national lockdowns. Whilst margin pressures have been seen due to increases in raw material, manufacturing and distri

WHI First Light: James Halstead (JHD) - AGM update – robust trading performance – acquisition of distributor in Malaysia illustrates growth ambitions across the region

James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning released an update to coincide with its AGM, covering the first four months of its current financial year. This demonstrates both a continued robust performance against the present backdrop, alongside the acquisition of a distribution business in Malaysia. The previously declared final dividend 10.0p will be paid on 11 December, resulting in another record full year dividend

WHI Equity Research: James Halstead (JHD) - Full year results – inherent strengths shine through - record dividend

James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has a particularly strong track record in delivering for shareholders over many decades and FY 2020A results again demonstrated another highly creditable performance against the current challenging backdrop. The group's strong focus on product design and innovation, in combination with highly rated customer service, has resulted in an enviable reputation for excellence in its expanding geograp

WHI First Light: James Halstead & Dillistone Group

James Halstead is a manufacturer and international distributor of commercial floor coverings. This morning, the group has provided a full year trading update for the twelve months to 30 June 2020, which illustrates stronger demand than anticipated at the time of the interims in March. A second interim dividend has been declared, whilst the year-end cash figure is reported to be ahead of the interim position. Furthermore, since the year-end, UK sales are reported to be less than 10% down against

James Halstead*

Solid interims – near term outlook uncertain

The Industrial Revelation

US & German manufacturing PMI hits lowest readings since 2009, UK manufacturing PMI heads below 50, BorgWarner expects material financial impact from customer production halts

The Industrial Revelation

Japanese PMI falls to lowest level since 2009, GE Aviation cuts 10% of workforce, Kone downgrades 2020 outlook

The Industrial Revelation

US building permits fall in Feb missing estimates, Scania to temporarily stop European production from next week, JCB halts production across 9 UK plants

Surface Transforms (SCE LN) - Positive AGM update

In an AGM trading statement today, Surface reiterated previous guidance1 that, with good progress being made in all departments, profitability should be achieved in 2022e. Further, following communication from the Group’s largest customer, OEM 8, on production and delivery schedules, Surface has now commenced high volume series production of its carbon ceramic brake discs. We expect deliveries to OEM 8 to ramp up over the next two months. Deliveries to other significant customers are also contin

Hybridan Small Cap Feast 28/06/2022

Joiners: No Joiners Today. Leavers: Raven Property Group has left the Main Market. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req

Cenkos: Seeing Machines Ltd -- RFQ win and increased market share target

Seeing Machines has announced that it has been appointed by an existing global automotive Tier-1 customer to deliver its FOVIO Driver Monitoring System (DMS) for an existing global automotive group. This programme is to be delivered via Seeing Machines' embedded Driver Monitoring Engine software, is led out of North America and covers a broad array of vehicle models for safe level 2-3 semi-autonomous driving and meeting anticipated regulatory requirements. The appointment comes with minimum volu

Shoe Zone plc (SHOE LN) - 30% upgrade to FY22 Adj. PBT

Moderating freight costs, rental cost savings and selective price increases have driven a 30% upgrade to our FY22E adjusted PBT forecast.

Hybridan Small Cap Feast 20/06/2022

Joiners: No Joiners Today. Leavers: Tungsten Corp and Sensyne Health have both left AIM. Hibernia REIT has left the Main Market. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fi

Cenkos: CAP-XX Ltd - New Lithium Ion Capacitors

CAP-XX has announced that it has expended its product offering to include Lithium-ion Capacitors (LICs). LICs are also called hybrid supercapacitors as they blend two different technologies; the positive electrode is like a supercapacitor, and the negative electrode is similar to a Li-ion battery. CAP-XX hybrid supercapacitors maintain key benefits of batteries, including higher operating voltage (3.8V) and increased energy density, while maintaining traditional characteristics of supercapacitor

WH Ireland: Solid State (SOLI) - Trading update – strong finish to the year results in further earnings upgrades

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Following the group's trading update in February, when we raised our 2-year earnings expectations by c.10%, Solid State this morning reports an exceptionally strong end for the year to 31 March 2022 as positive trends in trading continued and well-publicised semi-conductor supply chain challenges were controlled. As a result, FY 2022E group revenue is now anticip

Shoe Zone PLC (SHOE LN) - Initiation: Best foot forward

Shoe Zone’s accelerated digital strategy and defined store rationalisation programme, alongside decisive action on cost control and cash preservation, means the Group is emerging from the pandemic as a leaner, stronger and more resilient business. Robust cash generation means we expect the Group to be debt free and able to reinstate its dividend in the current year.

2,000 Home Milestone Achieved

A brief year end update this morning confirms that Gleeson has hit its 2,000 home strategic target during FY22, as planned. This is a considerable achievement, representing a doubling of home sold over the past five years, a period which included the COVID pandemic. We make no changes to forecasts this morning, with a more detailed update due on 11th July. Against a sector that has de-rated materially, we note that Gleeson has particularly underperformed peers over the past month and its previou

LIBERUM: MJ Gleeson* - More clad tidings

Solid State - Strong finish to FY22 to deliver record profit

Solid State’s trading update this morning notes that, following an exceptionally strong finish to FY22, it expects the group to announce a 28% increase in revenues year-on-year to a record c £85m and a 33% jump in adjusted profit before tax to c £7.2m, also a record. Consensus FY22 and FY23 adjusted PBT estimates, which were upgraded in February, have been raised by 11% and 12% respectively.

Morning Note – 21 April 2022

Small Cap Feast

Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this spring. Target valuation £20m raising c. £8m “to finalise the development and launch

Shoe Zone PLC (SHOE LN) - FY21 expectations upgraded

Shoe Zone is upgrading FY21E Adjusted PBT expectations to £8.0m, a 22.7% upgrade to our previously published forecast of £6.5m, following initial work done as part of the ongoing yearend review process. The benefit of this upgrade also flows through to FY23E where we increase our forecasts by the same quantum. Despite the recent share price rally, we continue to believe Shoe Zone trades at a deep discount to its fair value, with a return to the dividend list anticipated in the current financial

Solid State (SOLI) - Interims – record period despite supply chain challenges; EPS estimates unchanged

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Interim results this morning read well, illustrating both a record six-month period, including very strong performances from both Willow Technologies and Active Silicon acquisitions, and an order book as at 30 November standing at a record £70.3m. While global supply chain challenges will continue to need to be successfully managed, the Board remains confident of