Hill & Smith

COVID-19 update

The Industrial Revelation

US & German manufacturing PMI hits lowest readings since 2009, UK manufacturing PMI heads below 50, BorgWarner expects material financial impact from customer production halts

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

New York Empire State Manufacturing Index falls to lowest reading since 2009, Boeing reports need for short-term funding as S&P downgrades rating to BBB

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

UK GDP flat in Jan missing estimates, Japan's machine tool orders fall 30% y/y in Feb, Boeing falls 18% yesterday as draws down loan

The Industrial Revelation

German industrial production rose above expectations in Jan, Taiwan's exports rise in Feb but expect March decline, US machine tool orders fall 34% in Jan

The Industrial Revelation

Oil price falls 30%, Chinese exports fall 17% in Jan-Feb, Japan's Q4 GDP revised down to 7% fall, Continental forecasts 2020 decline in global car production

Hill & Smith

FY19 prelims – first take

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

UK & German PMI beats estimates for Feb while US misses, John Deere sees "early signs stabilization in US farm sector" as it beats Q1 FY20 rev. estimates

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

US housing starts & building permits beat estimates, Spectris sees challenging H1, GE reportedly in talks with Airbus on new A330 engine as 737 Max hurts cashflow

SHORE CAPITAL - Begbies Traynor Group (BEG) - House Stock at 147p

Cenkos: Rosslyn Data Technologies Plc -- Upgraded platform foundation for growth

Rosslyn Data Technologies has released a trading update for FY22 indicating that customer onboarding of the rebranded launch of the new Rosslyn platform is progressing well and benefitting from a refocussed partner-led sales model. FY22E revenue is expected to be £5.9m, though EBITDA loss is expected to be slightly higher due to longer than anticipated platform upgrade development time. Significant progress has been made working through the substantial organisational changes and upgrading the no

Confidence in FY22E, revenue shifting FY23E to FY24E

H1 FY2022 results reflect the expected timings of defence contract placements and milestones in Chesterfield Special Cylinders (‘CSC’) and difficult conditions in the oil and gas market served by Precision Machined Components (‘PMC’). The Group nevertheless remains confident of meeting market expectations for FY2022E with CSC expected to deliver against a strong order book, benefiting from defence contract milestones, integrity management deployments and hydrogen projects, and improving oil and

Water Intelligence - Acquisition of Shanahan Plumbing

Water Intelligence has acquired Shanahan Plumbing which adds plumbing operations in the Connecticut and New York areas. The acquisition price is US$0.8m in cash representing a multiple of 4x PBT. The acquisition is consistent with the company's strategy of building out its ancillary adjacent service offering to leverage the customer base generated by its core non-invasive leak detection business as enhanced by its investment in technology to improve scheduling and dispatch efficiency. The transa

LIBERUM: Appreciate Group* - Strong momentum going into FY23E

Hybridan Small Cap Feast 01/07/22

1 July 2022 @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 objectives

A long-term objective is not the market’s mood

Wise’s FY 22 release would have been satisfying under different market and macro conditions. The firm continues recording strong revenue and volume growth and aims at replicating this performance next year. However, margins are tightening under the pressure of higher costs. Although these are expected to stabilise, the multiplication of competitors impeding trust in the business’s resilience do not bode well with the market’s short-term requirements while Wise defines itself as a long-term pla

Morning Note – 30 June 2022

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

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). 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 Compan

Alpha FMC - Still firing on all cylinders

Still firing on all cylinders

Cenkos: Bidstack Group Plc -- Final results update

Bidstack FY21 results showed revenue in line with forecasts at £2.6m and LBT of £8.0m, vs forecast LBT £6.3m after increased staff costs to accelerate the build out of the commercial team and drive execution across sales and publisher business development as well as reinforce the product team. A net loss of £6.3m was in line with forecasts. Bidstack has made considerable commercial progress during the period, notably the December 2021 agreement with Azerion guaranteeing a minimum US$30m revenue

LIBERUM: RPS Group* - Unscheduled statement leads to upgrades

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

Strong FY’21 results – successful execution of strategy

RBG has reported an excellent set of results for FY’21, in line with recently upgraded forecasts. After a period of strong growth and significant strategic progress, RBG entered the current year with momentum. The outlook statement strikes a confident tone, both in terms of current trading (despite the less certain economic backdrop) and the Group’s medium term growth plans. Convex has made a positive start to the year and FY’22 will benefit from a first 12 month contribution from Memery Crystal