Sector-leading growth and returns

XPF is a fast growing and exciting young company in the experiential leisure sweet spot. We like the structural themes and resilience driving this sub-sector and see XPF as uniquely positioned with two differentiated and growth orientated brands Boom Battle Bar and Escape Hunt. A low capex and opex model drives high returns and fast payback. XPF exited FY22 generating positive adj. EBITDA/FCF and Q1’23 trading is ahead of expectations. Expansion headroom is vast, backed by a favourable property

Launch of ZOO Spain

ZOO Digital has announced a strategic investment in an established dubbing and localisation company (AM Group) that adds new facilities in Spain. ZOO has acquired a 30% stake in AM Group for a total consideration of €825k (c.$900k) payable in cash on completion. AM was founded in 2004 and has been a partner to ZOO since 2021. AM’s website does not disclose any major customers but the company has provided recording and mixing services for hit shows such as Fleabag (A BBC and Amazon Studios co-pro

Hybridan Small Cap Feast - 23 Feb 23

23rd May 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

Marks & Spencer (MKS) - House Stock at 164p - FY23A preliminary results - smashing it...!

Sparks Flying

Full year beat and raise MandS delivered FY Mar-23 adjusted profit before tax c.11% ahead of consensus, driven by a strong second-half recovery in Food profits. Clothing and Home improvements continue and both divisions have carried this momentum into the new financial year. We lift our profit forecasts materially and our price target rises to GBp 190. Following today''s share price move, however, we see greater upside elsewhere in the sector and maintain our Neutral rating. Top Marks for the n

LIBERUM: Topps Tiles* - Record H1 revenue; raising forecasts

Encouraging progress despite the challenging environment

M&S has published its FY22/23 (ended on 1 April 2023) results, beating consensus and our expectations. Both the food and C&H businesses posted better-than-expected performances. The group expects to deliver modest growth for the year ahead despite ongoing cost inflation and the weaker consumer environment. The group plans to resume an annual dividend payment from November on the back of the improved shape of the business.

Hybridan Small Cap Feast - 25 May 23

25th May 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 - 22 Feb 23

22 February 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 objec

Hybridan Small Cap Feast - 26 Apr 23

26th April 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

Positive FY23 trading; revised FY22 guidance

A brief trading update from DPP today shows that the strong trading / LFL’s seen in Q1’23 has continued into April. We welcome this sustained momentum as well as further reference to inflationary costs around food and energy costs abating, albeit this is slightly tempered by no easing of labour cost pressures. Following the near end of the FY22 audit, management use today’s update to lower guidance for FY22 EBITDA. In absolute terms it amounts to a modest c.£0.6m as we lower our pre-IFRS16 EBITD

Initial Equity Trading Comments - 10 May 2023

Don''t believe the hype?

Just how good will the summer be? Ryanair is playing its usual coy game on summer pricing, and tempering enthusiasm around an exceptional peak period. This is despite industry capacity being indicated by the company down 5-10% against 2019 levels, average fares tracking 20% above pre-Covid in the last published quarter, and unit ancillaries reported 10% ahead. We acknowledge that the group is only 40% sold for the summer, but we have increased our expectations on fiscal Q224 pricing to +7% y/y (

Disinflation, deflation... whatever, we''re relaxed

Buying and selling food inflation on food prices misses far too much An investment strategy in food retail focused only on food price inflation is destined to fail we believe. We still frequently hear ''food inflation is good for food retail'', the logic being volume is inelastic, so as revenue rises so does profit. But that belief totally ignores the cost story, and we''ve debunked it before. As we contemplate the unwind of still high levels of food inflation, we''d urge investors to also park

No surprises in the FY performance

Kingfisher’s FY22 performance was a mixed bag. The Group’s lfl sales declined by 2.1% yoy, with no surprises in the UK and France businesses. The adjusted PBT of £758m (-20.2% yoy) was 2.3% ahead of the market expectations. The FCF softness was a one-off in our opinion. We expect kingfisher to continue to gain market share in the core segments. The strategy to roll out compact store formats and monetize retail media opportunities are steps in the right direction. No major changes expected in ou