Solid State - Record customer demand

Solid State’s H123 results show strong revenue growth (51% y-o-y) and order intake (up 32% vs end-FY22) reflecting 31% organic growth in constant currency, as well as the acquisition of United States-based Custom Power and currency tailwinds. Trading since the period end has been ahead of management expectations, so consensus EPS estimates have been raised by 9% and 3% for FY23 and FY24, respectively.

WH Ireland: Solid State (SOLI) - Interims – continuing positive momentum; 2-year EPS estimates +8.1% and +2.8%

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released interim results to 30 September 2022, illustrating another positive period of trading, reporting both strong demand and operating margin expansion. Importantly, the integration of Custom Power, which was acquired in early August and has provided a step change in the geographic diversification of the business, is proceeding to

Morning Note – 6 December 2022

Solid State - Interim results – upgrades to FY expectations

Solid State has reported a strong set of H1 results reflecting a solid performance against a harsh backdrop of challenges affecting the global supply chain, with revenue growth of 51% and adj. PBT growth of 60%. The period included the transformational acquisition of Custom Power alongside an oversubscribed placing. Strong trading post-period end alongside a contract win and significant follow-on order announced last month, show good momentum into H2 and lead us to upgrade forecasts for FY23 and

WH Ireland: Solid State (SOLI) - Follow on £9.8m NATO Defence Contract provides further order coverage for FY 2024E

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Following on from last week's announcement of a £7.3m contract through the NATO Support and Procurement Agency to supply communications equipment to a defence customer (expected to be delivered in the current financial year), this morning, the group has announced a follow on contract worth £9.8m due for delivery in the year to 31 March 2024.

Morning Note – 22 November 2022

WH Ireland: Solid State (SOLI) - £7.3m NATO contract win highly supportive of full year expectations

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has announced via RNS Reach a contract to supply communications equipment by the NATO Support and Procurement Agency (NSPA) through its Systems division, with the contract value of £7.3m expected to be delivered within the current financial year (to 31 March 2023).

Morning Note – 14 November 2022

Solid State - Exceptionally strong start to year

FY23 has started extremely well for Solid State with strong revenue growth and order intake supported by the acquisition of US-based Custom Power, which completed in August. Following management guidance that FY23 PBT should be marginally ahead of market expectations, consensus PBT estimates have been nudged up by 2% for FY23 and 3% for FY24.

Hybridan Small Cap Feast 26/10/22

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. The offer will initially comprise new ordinary shares and the proceeds will be used to repay existing shareholder debt, includ

Solid State (SOLI) – Positive H1 trading update; 2-year EPS expectations raised 4.4% and 2.6%

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released a positive H1 update for the six months to 30 September 2022, pointing to a very strong start to the year both for the underlying business and for Custom Power during the two months of ownership. While revenue has benefitted from the increase in the US$, strength in underlying demand has continued, with H1 2023E constant curre

Morning Note – 26 October 2022

Solid State - Half year update – flags FY PBT slightly ahead of expectations

The half year update is encouraging, with strong revenue growth (CER growth of ~30%) and order intake assisted by the accretive acquisition of Custom Power, which is trading well. The 13% stronger dollar boosts revenues, although partly offset by higher dollar input costs, resulting in a 6.1% increase to EBITDA. Higher H2 interest costs are expected, giving a £0.1m increase to FY23 adj. PBT to £9.4m. The shares continue to trade at a 21% discount to its peers, with our 1535p price target offerin

Hybridan Small Cap Feast 07/09/22

Dish of the day Joiners: No joiners today. Leavers: Stanley Gibbons Group has left AIM. What’s cooking in the IPO kitchen?** Critical Metals plc, a company established to acquire mining opportunities in the critical and strategic metals sector, is to be re-admitted onto the Main Market under the ticker “CRTM”, following the proposed acquisition of a 57% interest in Madini Occidental Limited, which holds an indirect 70% interest in the Molulu copper/cobalt project located in the Democratic Republ

Boohoo Group plc (BOO LN) - Controlling the controllables

• Trading update: Group revenue of £637.7m is 10.7% lower YOY (P3 FY22: £714.5m), in line with previous guidance and Zeus forecasts. Performance was softer across all markets and almost all Group brands and reflects the normalisation of the channel shift online over the last twelve months. UK revenue of £400.8m is down 11.1% YOY (P3 FY22: £451.0m) suggesting a softening in demand versus H1 FY23: (4.4)%, but against a strong prior year comp (P3 FY22 UK revenue growth: 26.4%) as the outbreak of Om

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

CAP-XX Update

The recent H1 trading update from CAP-XX Ltd (CPX.L), the leading designer and manufacturer of supercapacitors and energy management systems, reflected a disappointing slowing in business with H1 revenue down 34% to A$1.6m and product sales down 40%. This has been attributed to a combination of market influences that include: industry wide supply chain bottlenecks, especially in China; a global shortage of integrated circuits that is impacting customer order volumes; and general pessimism over t

LIBERUM: Accrol Group Holdings Plc* - A journey of growth, profitability and returns

LIBERUM: Superdry* - Retail surging, progress made but work required to re-ignite wholesale

Hybridan Small Cap Feast - 25 Jan 23

25 January 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

Accrol Group Holdings (ACRL LN) - Growth in every area

Accrol has delivered strong H1 results, reflecting impressive market share gains with strong growth in volume, revenue, and profit. Cost recovery and margin control has been impressive in what remains a challenging inflationary backdrop. We are upgrading our forecasts in anticipation of a strong H2 performance. The outcome of the Strategic Review sets out a clear roadmap to Accrol emerging as a £250m+ business over time in our view, including confirmation of plans to construct of its own paper m

Hybridan Small Cap Feast - 23 Jan 23

23 January 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

WHI Support Services Sector Comment: Challenges and opportunities

Bleak expectations for the UK economy in 2023 anticipate underperformance against other G7 countries based on factors such as (a) the UK's higher than average mortgage rate sensitivity and (b) relative exposure to high gas and energy prices. Some measure of political / economic stability has returned, though this arguably remains a brittle quality, given the scope for dissent within the Conservative party and the unpredictable impacts of industrial action, among a range of factors. All of this s

discoverIE - Positive Q3, strong order book, EPS upgraded

In a positive trading update, discoverIE has detailed positive trading momentum continued through Q3 with, a strong order book providing good visibility of demand. Q3 Group sales were up +11% on last year (+5% organic, +3% acquisitions, +3% foreign exchange). Gross margins continued to be robust and the semiconductor issues that have impacted two of the Group’s 21 businesses (as flagged last year) are continuing to improve. Consequently, the Group is on track to deliver adj. earnings ahead of th

Watkin Jones: Rising rents attract investors back to market

Residential-for-rent developer and manager Watkin Jones on 25 January delivered FY22 results that were broadly in line with our expectations. Continuing strong demand for its core rental developments, as highlighted in October, was hampered by delays in investment decisions following the mini-budget. We believe recovery has begun, albeit on a slightly shallower trajectory, and current market conditions may offer the group opportunities. Surveys show continuing rental growth, attracting back inve

Auctus on Friday - 20/01/2023

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C: Target price of A$0.60 per share: Activity programme to unlock the value of the Montney – Calima will start the re-testing of two wells in the Montney in late January. The testing of these two wells started late during the 2019 winter and had to be terminated early due to unseasonably warm weather which melted the ice road access. With the COVID-19 pandemic impacting activities in 2020 and the subsequent acquis

discoverIE Group - Better trading and acquisition drive upgrades

discoverIE’s Q323 trading update confirmed continued good momentum, with FY23 underlying earnings tracking ahead of board expectations. The company has completed the previously announced acquisition of Magnasphere, adding a high margin sensor business to the Sensing & Connectivity division. We have upgraded our forecasts to reflect better trading and the accretive acquisition and note that gearing remains below the company’s target range, providing headroom for further M&A.

Morning Note – 25 January 2023

Cenkos: Tandem Group Plc -- In-line with expectations

-Tandem's FY22E trading update confirms revenue and PBT are in-line with expectations. This has been a challenging year for the business – demand for many of the group's categories surged during the pandemic (eg bicycles, e-scooters and various home and garden products), which when combined with the escalating cost-of-living pressures, resulted in a sharp drop in group revenue (-35% YoY). Nevertheless, Tandem has remained profitable (FY22E PBT of £0.9m) and has used the period to progress a seri