LIBERUM: CEO Video: Albert Ellis, Staffline Group*

LIBERUM: Staffline Group* - Strategic progress offset by macro headwinds

LIBERUM: Staffline Group* - FY slightly ahead; no change to estimates

Staffline (STAF LN) - On track, small EBIT beat

Staffline has reported FY22 results with underlying EBIT of £12.0m up 16.5% year-on-year, beating our £11.6m forecast. Despite broadly flat revenue vs. FY21, the focus on its recruitment margins, tight cost control, and interest rate hedging has led to improved profits. As flagged on 24 January, the Group significantly outperformed our cash expectations, with net cash of £5.0m being £20.0m ahead of our estimates prior to the trading update. After resetting FY23 and FY24 forecasts in January, we

Hybridan Small Cap Feast - 24 Jan 23

24 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

LIBERUM: Staffline Group* - FY 22 earnings slightly ahead and cash much better but outer year EPS reduced

Staffline (STAF LN) - Resilient H2 performance, cautious approach to FY23

Staffline has released a trading update for the year to December showing a solid second half, exceeding our expectations for profitability and cash flow. FY22 underlying EBIT was £11.6m (Zeus: £11.4m) and net cash (ex. leases) was £5.0m (Zeus: net debt of £15.0m). Market conditions in FY23 are expected to be more challenging, with some softening of recruitment demand – as such, we trim our forecasts, reducing FY23 and FY24 underlying EBIT by 25.5% and 23.2%, respectively. That being said, with e

LIBERUM: Staffline Group* - H1 restrained by investment but expect stronger H2

LIBERUM: Staffline Group* - H1 restrained by investment but expect stronger H2

Staffline (STAF LN) - Solid H1 results, more to come

Staffline’s H1 results for the six months to 30 June show a solid performance despite a challenging macro backdrop. With lower activity levels in certain industries (food, online distribution) versus last year, total revenue is marginally down (-2.8%) at £438.0m. However, a 113% increase in Permanent recruitment fees, strong performance from Recruitment Ireland (25% EBIT growth), and improving mix means that Group gross profit is up 2.3% to £39.9m. FY22 results are expected to be in-line with ex

LIBERUM: Staffline Group* - Solid start to 2022 and EPS unchanged

Staffline (STAF LN) - AGM Trading Update – Cautious Confidence

Staffline has released a trading statement ahead of its AGM confirming YTD trading is in line with expectations. Whilst current macroeconomic trends create some lack of visibility over the labour market in the near term, Staffline’s strong market position in defensive industries alongside momentum in new initiatives, including Perm, means we remain confident in its ability to hit our medium-term targets. The benefits of recent new contracts are yet to be recognised and Staffline is well placed t

LIBERUM: Staffline Group* - Positive momentum across the group

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