Shoe Zone plc (SHOE LN) - Kicking-off cash

Robust trading and strong cash generation resulting in a further special dividend distribution, equating to a FY22 yield of 8.2%.

Shoe Zone plc (SHOE LN) - Stepping up

Shoe Zone has confirmed a fifth consecutive earnings upgrade, with FY22E adj. PBT to be at least £11.0m, 4.5% ahead of Zeus estimate. FY22 net cash of £24.4m is +£9.8m YOY, after £10.3m outflow on capex, debt repayment and dividends paid in the year, reflecting the incredibly cash generative nature of SHOE’s model. Our FY22E dividend increases 18.2% to 8.0p equating to a yield of 4.4%. We upgrade FY23E Adj. PBT +20% to £8.5m, building on FY22E positive performance with further shareholder distri

Shoe Zone plc (SHOE LN) - Strides ahead

Our recent site visit has reaffirmed our conviction that SHOE is one of the most resilient and attractive consumer stocks on the market.

Shoe Zone plc (SHOE LN) - Strong August drives upgrades

Strong trading through August, driven by demand for summer products and a promising start to key ‘back to school’ trading, combined with ongoing margin improvement means Shoe Zone now expects adj. PBT to be “not less than £10.5m”, 11.0% ahead of previous guidance of “no less than £9.5m”.

Hybridan Small Cap Feast 26/07/22

Dish of the day Joiners: No joiners today. Leavers: Vivo Energy Plc has left the main market of the London Stock Exchange. What’s cooking in the IPO kitchen?** Inteliqo Limited, intends to join the Aquis Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners under long-term distribution agreements. The Company has agreed its first such agreement in respect of the Ipedia iQ product range. The iQ product is a smart translation earphone (ear

Shoe Zone plc (SHOE LN) - Another FY22 upgrade

Better than expected demand and further strong margin performance leads to an upgrade in FY22E adjusted PBT from “no less than £8.5m” to “no less than £9.5m”. Zeus revenue forecasts increase by £1.5m (1.0%) to £157.4m and adjusted PBT forecasts (adjusted to exclude profit on the sale of freehold property and foreign exchange revaluations) increase by 12.0% to £9.5m.

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.

Shoe Zone plc (SHOE LN) - H1 Results

H1 results confirm a strong recovery in store sales and a bounce back in profitability, benefitting from 26 weeks of uninterrupted trading. The Group is now debt free and has reinstated its dividend, with an interim distribution of 2.5p declared and scope for further special dividends and share buybacks.

Shoe Zone PLC (SHOE LN) - Debt free, transformation in motion

FY21A Results were well flagged in November’s trading update. Today’s announcement reveals the Group is now debt free and reiterates its intention to return to the dividend list in the current period. Shoe Zone has a clear and well-defined plan to transform its store portfolio and grow its digital offer through its shoehub platform, which we believe will deliver a well-balanced retail model that can win market share and drive profitable growth.

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

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.

Small Cap Feast

African Export-Import Bank a supranational financial institution w hose purpose is to facilitate, prom ote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE. DNEG Limited intends to apply for adm ission of its Sh

Small Cap Feast

SEC S.p.A. Adm ission is follow ing a reverse takeover under Rule 14 by SEC S.p.A of Porta Com m unications plc, another AIM quoted company. No funds being raised. Due 4 September. Mkt cap c £9.9m. The merger will create a business with global fee income of around €80m and a host of PR agencies, including Newgate, Publicasity and Newington.

CAP-XX Interims

Interims confirmed the recent trading update at CAP-XX Ltd (CPX.L), the leading designer and manufacturer of supercapacitors and energy management systems. Total revenue declined 34% to $1.6m with product sales down 40% to A$1.4m. This was attributed to supply chain bottlenecks and customer destocking. That said, management is confident that there will be a H2 rebound, given recent customer orders and design wins, and feedback from the market. The performance at the Seven Hills facility also con

AFC Energy (AFC LN) - H-Power Tower deployment accelerates

AFC has provided a useful update on the deployment of the H-Power Tower product range, following system validations in 2022. H-Power Towers have now been leased for more than 7,000 hours in the UK and European construction markets, providing valuable off-grid power solutions to customers. In addition, contracts have been signed for more than 8,000 hours of H-Power Tower lease hire in 2023 to date. AFC also reports that it has a growing order book supported by an increase in customer proposals. A

Cenkos: Seeing Machines Ltd -- Revenue upgrade on OEM momentum

Seeing Machines' released interim results showing the strong momentum it is experiencing in its OEM division with OEM revenues growing 268% YoY. This strong performance carried a weaker performance in Aftermarket (down 14% YoY) and enabled the company to report total revenues up 54% YoY and an EBITDA loss reduced by 58% to just $3.9m. Looking ahead we continue to view Seeing Machines as highly undervalued compared to its market position in DMS, with rapid adoption in both OEM and aftermarket dri

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

Finals

FY22 finals from Spectra Systems Corp (SPSY.L), a leader in machine-readable high-speed bank note authentication, brand protection technologies, and gaming software, comfortably exceeded forecasts that had been upgraded three times during the year. Revenue +18% to $19.6m (ACLe: $17.9m) and adj. EBITDA by 17% to $8.1m (ACLe: $7.6m). Net cash was a record $17.5m (ACLe: $16.9m) and a 11.5 cent DPS has been declared. Short and medium-term outlooks remain positive with Spectra’s key central bank cust

Hybridan Small Cap Feast - 06 Mar 23

6 March 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 objective

Morning Note – 21 March 2023

Hybridan Small Cap Feast - 27 Feb 23

27 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

Diversifying with a stronger base

Hybridan Small Cap Feast - 13 Mar 23

13 March 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

Hybridan Small Cap Feast - 16 Mar 23

16 March 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

LIBERUM: Galliford Try - Strong outlook & continued delivery

Hybridan Small Cap Feast - 20 Mar 23

20 March 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

Quixant - Record revenue and improved margins demand a rerating

Record FY22 results are in line with forecasts upgraded with the post-YE update, although a tax credit boosted Adj. EPS and the improved outlook and healthy cash position encouraged a higher-than-expected 3.0p dividend. Underlying markets remain robust and demand is high, while component shortages are easing to improve margins; diversification and new products (QMax-3, the turnkey cabinet solution and Broadcast products) drives growth and improves visibility. We therefore raise FY23 expectations

Signs of green shoots on the horizon

A pre-tax loss of £0.8m in H1 was slightly better than we expected. This included a small EBITDA loss before central costs at the acquired Innovaderma business, while BAR made a small positive contribution. Crucial to the restoration of value from current lows (c£1m EV) is the timing of the group’s return to profit and positive FCF. Today’s update suggests some green shoots on the horizon and an inflection point 1 year from now as the focus on higher margin brands, distribution gains and the ful