Accsys Technologies - Stronger-than-expected revenue growth in Q3

Accsys showed strong revenue growth of 32% in 9M23, driven by higher sales prices (to mitigate input pressure) and a recovery in volumes in Q323 compared to H123. The company remains positive about its outlook for the remainder of the financial year, with continued good demand for both of its products. Accsys expects volumes to be c 50% higher in H223 versus H123 (or 36,000m³, with 17,000m³ in Q4) and a near doubling of underlying EBITDA for the full year (FY22 EBITDA was €10.4m). We have raised

Accsys Technologies - Stronger than expected H123 results

Accsys reported stronger than expected H123 results, with significantly increased sales prices offsetting the higher raw material costs. The fourth reactor in Arnhem is ramping up quickly and Accsys expects H2 volumes to be c 50% higher than in H1. The construction of the Accoya plant in the United States is on schedule, but the Tricoya plant in Hull will take at least six months for Accsys to consider all options and validate the exact costs and funding needed for completion. We have raised our

Accsys Technologies - Accsys now owns 100% of Tricoya but Hull on hold

Accsys has provided an update on the construction of the Tricoya plant in Hull, UK. After the restructuring of the consortium, Accsys now owns 100% of Tricoya, which we think is positive. However, project costs are anticipated to be up to €35m higher than previously expected and all activities at the site have been put on hold for at least six months to mitigate the negative impact on profitability of high acetyls input prices. Accsys will assess the exact costs before it commits capital to comp

Hybridan Small Cap Feast 02/11/22

Dish of the day Joiners: Cooks Coffee Company Limited (NZX:CCC) has joined the Access Segment of has dual listed joining the Access Segment of the AQSE Growth Market under the ticker COOK. Cooks Coffee has a total of 111 outlets in the UK, Ireland and across its international markets. It is the 4th largest coffee chain in the UK (behind Starbucks, Costa and Caffè Nero). The company currently owns the Esquires Coffee and Triple Two Coffee Brands. Esquires was founded nearly 30 years ago and Cooks

Accsys Technologies - Arnhem expansion completed but Hull delayed

Accsys’s trading update included positive news on the commercial start of the fourth reactor in Arnhem and good progress with construction of the Accoya plant in America for production in Q224. However, this was overshadowed by a larger than expected volume decline in the first five months of FY23 (due to previously reported shutdowns) and more delays and cost overruns in the construction of the Tricoya plant in Hull. We have lowered our estimates and increased the company’s risk profile, result

Accsys Technologies - Updating estimates for FY22 results

With its FY22 results at the end of June, Accsys provided guidance for FY23 to almost double EBITDA, mainly driven by new capacity. To fulfil the strong market demand for its high-performance wood products, Accsys aims to expand its capacity from 60,000m3 to 200,000m3 by 2025. However, the current two capacity expansions of 60,000m3 in total faced difficulties during commissioning, resulting in delays of a few months. We have lowered our estimates, incorporated prudent cost buffers for future pr

Accsys Technologies - Additional capacity comes at additional costs

To fulfil the ongoing strong market demand for its high-performance wood products, Accsys aims to expand its total processing capacity from 60,000m3 currently to 200,000m3 by 2025, with 60,000m3 coming on stream in the next three months. Construction delays in Arnhem and working capital needs were the main reasons for the €19m capital rise on 25 May 2022. We have updated our model and raised our revenue estimates, mainly to include the effect of higher pricing, but have lowered our profitability

Accsys Technologies - FY22 guidance reaffirmed, €19m net capital raise

Accsys continues to see strong demand for its high-performance wood products. With demand outstripping capacity, its stated strategy is to expand its total processing capacity from 60,000m3 currently to 200,000m3 by 2025. The group has reaffirmed guidance for FY22, consensus EBITDA is currently €10.4m and adjusted PBT is €1.2m. Driving this performance is price. With volumes flat due to capacity constraints and plant downtimes, which was covered in our March 2022 site visit note, Accoya revenues

Hybridan Small Cap Feast 25/05/22

Joiners: No Joiners Today. Leavers: Clipper Logistics has left the Main Market following a Cash takeover. What’s cooking in the IPO kitchen? According to news reports, The Very Group, is looking to float after calling off their plan for a £4bn IPO last year due to a volatile market. The ecommerce group is owned by the Barclays family. According to the Sunday Times, the retailer has offered incentives to senior leaders at the firm for pulling off a flotation, which the Barclays family now hope to

Hybridan Small Cap Feast 04/03/2022

Joiners: More Acquisitions (TMOR.L) has joined the Main Market (standard) raising £1.2m. The Company was formed to undertake one or more acquisitions of a majority interest in a company or business. Any such acquisition undertaken by the Company will be treated as a reverse takeover for the purposes of Chapter 5 of the Listing Rules. The directors intend to search initially for acquisition opportunities in the energy transition sector. Energy transition refers to the global energy sector's shift

Accsys Technologies - Capacity expansion on track

Accsys has a stated strategy to expand its total processing capacity from 60,000m3 currently to 200,000m3 by 2025. Reported progress at Arnhem – which we visited recently – and Hull with a new US facility also given the green light, represent significant waypoints on this plan which is very much on track. Given strong market demand, we see no reason to change our primary assumptions for FY22 or subsequent years at this stage.

Accsys Technologies - Growing and investing

Ongoing strong demand remains encouraging for Accsys and investment to support future growth is also an indicator of confidence in the outlook, in our view. The broader strategic plan – including well-flagged and material capacity expansion – is intact and our earnings expectations are materially as before. Accsys is at a key business development stage and poised to enter a significant earnings growth phase.

Small Cap Feast 05/10/2021

Joiners No joiners today. Leavers No leavers today What’s cooking in the IPO kitchen? Bens Creek Group to join Aim. Bens Creek, together with its subsidiaries, will, on Admission, own and operate a metallurgical coal mine located on 10,000 acres in the southern part of the state of West Virginia and eastern edge of the Commonwealth of Kentucky, in the central Appalachian Basin of the eastern United States of America. The Mine's operations are located primarily in Mingo County, West Virginia. The

Accsys Technologies - Building on strong foundations

A well-established and profitable market presence generated from the Arnhem Accoya facility represents a springboard for Accsys to bring new facilities and revenues on stream. In reinstating estimates, we also provide a framework for investors to appraise expected completion of the nascent Hull Tricoya operation and a prospective new US facility. These are both material developments and provide Accsys with the opportunity to generate significantly higher earnings.

Small Cap Feast: 23/08/21

While we were away…. ….Joiners 5 new ones over last 3 weeks: Yooma Wellness Inc (AQSE: YOOM), a global vertically integrated wellness platform that develops and markets a portfolio of CBD and wellness brands, announces it has joined the AQSE Growth Market. Yooma, together with its European deal coordinator, Chrystal Capital Partners LLP, have raised gross proceeds of GBP7.5m , at a price of C$0.90 (£0.5232) per share. Lorne Abony, Chairman of Yooma, said: "Yooma's listing on the AQSE provides

LIBERUM: Luceco* - Margin momentum coming into view

LIBERUM: Yü Group* - Strong momentum and cash flow

LIBERUM: SigmaRoc* - Critical mass demonstrated

Invinity Energy Systems - First Sale In Hungary

Invinity has followed the Hungarian reseller agreement announced on 10 March with a first sale of VS3 flow batteries for an EU funded solar plus storage project in the country. This is in line with the company’s other recent reseller agreements providing strategic access to new energy storage markets. We think it is good to see Invinity securing battery sales at the outset of new reseller agreements as this provides further confirmation of the company’s growing commercial momentum in our view.

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

LIBERUM: Judges Scientific* - FY22 ahead of expectations

Strix (KETL LN) - FY22 results in line; early signs of recovery in Controls

Strix has reported adjusted post tax profit in line with guidance, provided back in November, at £23.0m. Revenue of £106.9m is down 10.5% yoy and broadly in line with the Zeus estimate of £110.0m. The decline in revenue is a consequence of destocking across the supply chain in the Controls division. Both the Appliance (+1%) and Water (+8%) divisions showed organic growth yoy whilst benefitting from the addition of the Billi acquisition that completed at the end of November. Importantly, in terms

Judges Scientific FY Results – Outstanding results, Steady organic, M&A delivers in spades

Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base (offsetting Covid-induced earlier weaker order intake from China, although rebounding in December 2022), total revenue increased an impressive 24% to £113.2m (organic basis 8%), buoyed by Geotek, with adjusted PBT increasing a substantial 56.7% to £28.3m (FY2021: £18.1m), 4% ahead of our estimate of £27

Hybridan Small Cap Feast - 21 Mar 23

21 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 - 24 Mar 23

24 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

SHORE CAPITAL - Ultimate Products+ (UPGS, House Stock at 140p)

Promising second half

SHORE CAPITAL - Mpac Group (MPAC) - House Stock at 280p

Hybridan Small Cap Feast - 14 Mar 23

14 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