Spectra Systems Update

Spectra Systems Corp (SPSY.L), a global leader in machine readable high speed banknote authentication, brand protection and gaming security technologies, recently announced a further expansion of its sensor development phase contract with a central bank customer. The amendment, related to expanding the flexibility of use for the new generation of sensors, is worth an extra $2m and will be phased over the next three years and results in forecast upgrades at the top and bottom lines.

WH Ireland: Spectra Systems (SPSY) - Additional incremental sensor development – Upgrades to FY2022-24E

Spectra, a leader in machine-readable high speed banknote authentication, brand protection technologies and gaming security software, has announced the execution of an amendment to a contract with a central bank customer (previously announced on 2 February and 21 April 2021), increasing the sensor development phase revenues by an additional $2m to an estimated total of $10.8m (from $8.8m), this to be recognised across FY2022/FY2203E/FY2024E yielding EPS upgrades of +2.3%, +6.1% and 4.7% respecti

WH Ireland: Spectra Systems (SPSY) - Appointment of experienced Chief Financial Officer

We note this morning's announcement by Spectra Systems Corporation, a global leader in machine-readable high speed banknote authentication and brand protection technologies, and gaming security software. The company has appointed a new Finance Director highly experienced in finance, and notably in connection with leading technology companies.

Hybridan Small Cap Feast 20/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th

Spectra Systems Corp Final Results

Finals from Spectra Systems Corp (SPSY.L), a global leader in machine readable high speed banknote authentication, brand protection and gaming security technologies, comfortably beat forecasts on the P&L and cash flow and it has announced a DPS of 11 cents (FY20: 9.5 cents; ACLe 10.0 cents), a 6% yield.

Hybridan Small Cap Feast 24/02/2022

Dish of the day Joiners: No Joiners Today. Leavers: Arena Events has left AIM. What’s cooking in the IPO kitchen? URA Holdings, a London based mining exploration and development company, intends to list on the Main Market (Standard). URA, a former AIM-listed company, is refinanced and ready for listing as an African focused mineral exploration company. The Company’s purpose is to seek unique, value-enhancing opportunities in minerals as a project generator including to prove-up early-stage explo

WH Ireland: Spectra Systems (SPSY) - Fusion polymer banknotes launched at global banknote conference

Spectra is a leader in machine-readable high-speed banknote authentication and brand protection technologies, as well as gaming security software. Following a period of significant collaborative development, the company has formally launched Fusion, Spectra's print ready, machine-readable polymer banknote substrate at the international Banknote conference in Washington DC. Our presence on the ground at the conference has affirmed our view that 1) Spectra is well positioned to become one of just

Spectra Systems Update

Recent contract wins announced by Spectra Systems Corp (SPSY.L), a global leader in machine readable high speed banknote authentication, brand protection technologies and gaming security software, leads us to upgrade our FY22 revenue forecasts by $0.7m and profit by $0.4m.

Contract wins drive forecast upgrades

Recent contract wins announced by Spectra Systems Corp (SPSY.L), a global leader in machine readable high speed banknote authentication, brand protection technologies and gaming security software, leads us to upgrade our FY22 revenue forecasts by $0.7m and profit by $0.4m. Two contracts are with Spectra’s largest central bank customer and comprise an additional order for covert materials, increasing this year’s initial order by 20%, and the renewal of the sensor service contract at nearly double

WH Ireland: Spectra Systems (SPSY) - Three contracts, further underpinning and FY2022E EPS +5%

WHI Support Services Sector Comment: Shifting sands in Q4-21, green power, Omicron

The UK's significant economic bounce-back following the end of lockdown on July 19th '21 has been followed by a period of increasing hesitancy with issues such as supply chain disruption, cost and price inflation and shortages of key personnel becoming more prominent – and now, the uncertainties brought to the fore by the Omicron variant, and compounded by ‘Plan”B”' measures announced yesterday evening. Countervailing trends have been faithfully mirrored in the London Stock market, with profit

Spectra Systems (SPSY) - K-cup expansion continues | Full note published – FV 280p

Spectra Systems is a leading provider of advanced technology solutions for banknote and product authentication markets. Spectra's newest customer (announced September 2021), using its optical materials in K-cups for Keurig brewers, has already placed three orders totalling $394,000 since inception (three months sales) and thus evidences the traction Spectra is making in this niche but important growth market. Based on the order pattern to-date, Spectra estimates that this business stream (all cu

Spectra Systems (SPSY) - Strong new forecasts give 5-year visibility over >£35m of PBT

Strong progress from Spectra Systems Corporation (Spectra), combined with emerging opportunities that were highlighted in the company's recent H1 results, mean we are now able to provide firm forecasts on a five-year basis, a virtually unprecedented state of affairs not just for Spectra but for any quoted growth company. The new forecasts are progressive and substantial, suggesting Spectra will generate a £35m-plus aggregate PBT during 2021E-2025E. We do not view these forecasts as speculative,

Proven provider; multiple growth opportunities

Spectra Systems Corp (SPSY.L) is a leader in machine readable high speed banknote authentication, brand protection technologies and gaming security software. The investment case is underpinned by its banknote business. The importance of physical reserve currencies as a store of value is increasing, driving demand for larger denomination notes and advanced security features, and banknotes remain an important payment mechanism. The third generation of hardware sensors with its long time G7 custome

Hybridan Small Cap Feast 06/12/2021

Joiners Windward (WNWD.L) has joined AIM. Windward is a leading predictive intelligence company, fusing artificial intelligence (AI) and maritime expertise seeking to digitalise the global maritime industry. As at 30 September 2021, the Company had 120 permanent employees and had an annual contract value of US$19.7m, with 99 per cent. of the revenue being subscription based. The Placing raised gross proceeds of £26.3m (US$35m) of new capital for the Company and £8.2m (US$10.9m) for certain exist

Finals, ahead of expectations

Volex has delivered final results that are ahead of expectation. Organic revenue growth of 19% reflects growing customer demand, alongside a particularly strong performance in EV which saw sales almost double. The Group has demonstrated its ability to manage both supply chain challenges and inflationary cost increases, albeit with a short time lag. Recent acquisitions have integrated well, building exposure to attractive higher growth market segments. The Group’s global footprint has resonated w

AFC Energy (AFC LN) - Kier agreement

AFC has signed an agreement with another leading UK construction/infrastructure player, this time in Kier Group. We believe this further endorses our long term thesis that AFC will play an active role in encouraging the transition away from diesel-fuelled temporary power solutions. We believe its technology could help the sector make clear strides towards a net zero future, which has to commence now if they are to reach this target by 2045. The share price has been weak of late (in line with man

AFC Energy (AFC LN) - A year of deployment

Interim results from AFC contain few surprises and the group remains on track for the full year. The two main deltas versus our (unpublished) forecast were that the £2m stage payment from ABB were treated as deferred income rather than as revenue and that income from R&D tax credits was below our estimate. The first issue is an accounting issue which has no bearing on cash flow, while the second is likely a timing issue. On its own, the tax issue explains why period end cash, at £48.6m, was £1m

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

ITM Power - Trading update

Trading update

SHORE CAPITAL - Judges Scientific (JDG) - House Stock at 6860p

SIMEC Atlantis - A Clear Path Forward

SIMEC Atlantis’ full year statement and in particular its going concern statement show that financial risks remain following the decision not to proceed with the Uskmouth conversion. Yet the company has created a path through these risks with the creation of the 240MW Uskmouth battery project and further opportunities at the MeyGen tidal stream project. With MeyGen seeing the immediate benefit of an additional turbine in the water we see the current year as being a better one for the company.

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

Symphony Environmental (SYM LN) - Supply agreement with major customer

SYM has announced an exclusive supply agreement for its d2p (designed-to-protect) antimicrobial technology with a major customer. Grupo Bimbo (NASDAQ: BIMBOA) is one of the largest bread manufacturers globally. The company has conducted extensive trials of d2p for its plastic bread packaging, with the aim of extending the life of products, improving hygiene, and reducing waste. The company has asked SYM to supply d2p for its nominated bread packaging manufacturers across the American continent f

Powerhouse Energy - Full Year Results Reflect Progress

Powerhouse’s full-year results reinforce a picture of strong progress with considerable development of both the company and initial waste to hydrogen projects using the DMG technology. This is reflected financially, and cash burn is manageable with £9.8m of cash at the period end.

ATOME Energy - Capacity Expansion in Paraguay

ATOME’s trading update shows capacity expansion in Paraguay and good progress across the portfolio. The new capacity adds 50MW to take the Itaipu project to 300MW and increases our central case valuation to 183p from 173p.

Cenkos: Oil & Gas Sector -- Chariot, Wentworth Resources, Jadestone Energy, IOG, Reabold Resources, Union Jack Oil, Hartshead Resources, Southern Energy, Zephyr Energy, ADM Energy, Lamprell, Gulf Keystone Petroleum, TransGlobe Energy, Phoenix Global Resour

Oil posted its first back-to-back weekly loss since early April as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets to spur a broad sell-off. West Texas Intermediate fell 1.7% for the week to settle at $107.62. US Federal Reserve Chair Jerome Powell's hawkish testimony to Congress earlier in the week overshadowed a fundamentally tight market. Prices clawed back some of the week's losses Friday as the University of Michigan's final June

Judges Scientific (JDG) – Acquisition of minority shareholding in Bordeaux

The shares now trade on 24.3x FY2022E earnings, versus a peer group trading on a blended 24.9x. Judges' shares more than regained their composure in early 2022, before events in Ukraine and continued Covid concerns (notably China) weighed on sentiment. As a result, some treading of water is likely in our view. But given the strength of the business (we believe earnings risk is towards the upside) and balance sheet, the quality of earnings and the company's continued ability to execute deals on s

Hybridan Small Cap Feast 27/06/22

Joiners: No Joiners Today. Leavers: No Leavers Today. 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 request an overdraft from their

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