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

The Industrial Revelation

German sentiment posts largest fall since 1991, US non-residential construction backlog rose in Jan, Daimler suspends European production for (initial) 2 weeks

The Industrial Revelation

India's industrial production rises ahead of estimates in Jan but autos production falls 18% y/y in Feb, Caterpillar dealer stats show 11% y/y fall in sales for Feb

The Industrial Revelation

US ISM manufacturing falls to 50.1 in Feb missing estimates, India's manufacturing PMI falls in Feb to 54.5, US construction spend rises ahead of expectations in Jan

The Industrial Revelation

US durable goods falls less than expected in Jan, Japan and South Korean industrial production beat Jan estimates, CRH sees growth in US construction markets

The Industrial Revelation

The Industrial Revelation

UK CBI manufacturing orders beat estimates for Feb; Taiwan revises down export growth in Feb due to coronavirus; Japan manufacturing PMI falls

The Industrial Revelation

German GDP stagnates in Q4, BorgWarner expects weak 2020, IPG Photonic cuts Q1 numbers on Coronavirus disruption

The Industrial Revelation

India's industrial production misses estimates in Dec, Taiwan Q4 GDP misses as it cuts 2020 growth, Airbus expects record 2020 deliveries

The Industrial Revelation

UK GDP in line with Dec construction beat but manufacturing miss, Japanese machine tool orders fall 36% y/y in Jan, Boeing nets no orders in Jan

The Industrial Revelation

US machine tool orders rose 24% m/m in Dec, Daimler cuts dividend seeing "slight decrease" in FY20 sales, II-VI saw beginning of Asia industrial recovery in Q4 19

The Industrial Revelation

German factory orders fall in Dec missing estimates; Assa Abloy reports slower organic growth; SKF guides to lower demand in Industrial & Automotive

The Industrial Revelation

Japanese industrial output beats estimates in Dec, BofE cuts growth forecast, VW to buy remaining stake in American truckmaker Navistar

The Industrial Revelation

3M sees early signs of electronics recovery, Paccar expects strong truck demand in Europe, MKS Instruments reports 22% q/q semis growth in Q4, Kone sees stable 2020

LIBERUM: Luceco* - Margin momentum coming into view

LIBERUM: Yü Group* - Strong momentum and cash flow

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

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: SigmaRoc* - Critical mass demonstrated

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

LIBERUM: Judges Scientific* - FY22 ahead of expectations

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

Hardide Update

The AGM statement reiterated the ‘cautious optimism’ that underpinned the group’s recent annual report (covered in our 9 February update). HDD is experiencing growth across all of its key markets; aerospace, energy and industrial products. First half revenues to end March 2023 are expected to come in around 7% ahead y-o-y. That will be sufficient to deliver forecast EBITDA breakeven in FY23 despite deferral of a c. £0.3m order into H1 FY24. That outcome underlines the success of initiatives to

LIBERUM: SThree* - Resilient Q1

SHORE CAPITAL - Judges Scientific+ (JDG, House Stock at 8,920p)

SP Angel Spec Sits: (YUG) Stellar 2022 Results + New Dividend Policy

YUG announced its full year 2022 financial results, which exceeded recently revised market expectations.

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

EQTEC (EQT LN) - Italia MDC project operational

Italia MDC project now operational. EQTEC has announced that its Italia MDC project is now operational. The gasification and biochar facilities were commissioned in January, with the Jenbacher engine commissioned in March and first electricity export recently achieved. EQTEC expects full handover of operations before the end of March.