Hybridan Small Cap Feast - 04 Jul 23

4th July 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

Morning Note – 4 July 2023

Access Intelligence - Interims: proving the path to growth and positive FCF

Access Intelligence has reported interim results to 31 May in line with the recent trading update, with small changes to forecasts: revenue -2% (-3% in FY24), adj EBITDA and FCF unchanged, and adj EBIT +31%. Constant currency growth in the first half has proved that the group’s ARR growth expectations in APAC are realistic, and the developing profitability coupled with the positive swing in deferred revenue demonstrates that the expectation for sustainable positive free cash flow should be deliv

Morning Note – 22 June 2023

Morning Note – 17 April 2023

Access Intelligence - FY22 finals: Building reputation

Access Intelligence has delivered finals for the period to November 2022 in line with the December trading update and unchanged forecasts: EBITDA of £2.3m from revenue of £65.7m, with 97% revenue growth combining the September 2021 acquisition of Isentia and 15% organic growth despite the challenges of COVID. Stable revenue across 1H and 2H derived from movement in ARR (FY21: £58.9m; 1H22: £59.6m; 2H22: £60m) where growth in EMEA & North America was offset, partly by deliberate churn in low or n

Morning Note – 10 February 2023

Morning Note – 13 December 2022

Morning Note – 5 July 2022

Access Intelligence - Confidence restored

Access Intelligence has delivered interims to May 2022 in line with the June trading update and unchanged expectations. EBITDA of £0.3m was delivered from revenue of £32.7m, yielding a strong interim net cash balance of £9.3m after positive working capital movement despite a period of investment. The important elements to visibility are the regional ARR movements: within EMEA and North America, ARR grew £1.2m (+14% vs 1H21); while in the acquired APAC business, Isentia, ARR decline slowed to £0.

Hybridan Small Cap Feast 17/06/2022

*A corporate client of Hybridan LLP Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to 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). Due 30 June. LifeSafe Holdings, a fire safety

Morning Note – 17 June 2022

The Joy of Techs - finnCap Technology quarterly sector note

In previous quarterlies, we have focused on valuations, considering our tech indices for stocks below £1.5bn market cap and their performance as a herd. This time we focus on individual “zeitgeist” stocks: the stocks which confront a current theme – the indices over the period since the beginning of the year (finnCap Tech 40: -18%; finnCap Next 50: -17%) have shown unfortunate decline, therefore stock picking is more important now than ever. Median P/Es have declined 29x to 22x for the larger fC

Morning Note – 25 April 2022

Success in US market delivers strong H1

Bango has reported strong H1’23 results with 88% revenue growth (we estimate c.25%+ organic), ARR increasing 63% yoy, and a further $8m of annualised cost savings executed with Bango on track to deliver a transformational H2 profit performance. Bango’s Digital Vending Machine (‘DVM’) secured 2 new US wins, including 1 of the top 5 US operators (now working with 3 of the 5), providing access to 200m+ US consumers. Given these operators are currently on the bottom tier of license revenue (we estim

Record H1'23 with continued momentum into H2

Hybridan Small Cap Feast - 11 Sep 23

11th September 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 ob

Hybridan Small Cap Feast - 14 September 23

14th September 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 ob

Journeo - New Acquisition Gives MultiQle Growth Opportunities

Journeo has announced the acquisition of MultiQ, a leading Denmark-based provider of information systems and technical services to transport operators and local authorities. The Acquisition fits nicely with Journeo’s existing business and provides a number of benefits including a greater Scandinavian footprint, cross-selling opportunities and cost synergies. The €2.5m purchase is entirely cash-funded using existing balance sheet cash and therefore EPS-accretive. In FY24E we have upgraded our PAT

Morning Note – 20 September 2023

Cenkos: Rosslyn Data Technologies Plc -- Capital raise – accelerating growth strategy

Rosslyn Data Technologies, the procurement analytics solutions specialist, has announced a conditional placing to raise £3.3m (gross) which includes £0.6m of credit linked notes. The funding will be used to accelerate its growth strategy and expand its platform innovation, whilst also providing general working capital. The procurement analytics market is anticipated to grow rapidly, fuelled by pandemic related tailwinds, corporate governance requirements and the increasing awareness of cloud-bas

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Artificial intelligence in UK biopharma and healthcare 11/09/2023

Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel

Allenby Capital - Trakm8 Holdings (TRAK.L) - Update

The AGM trading update from Trakm8 (TRAK.L), the global telematics and data insight provider, indicates that whilst there has been growth in Fleet and Optimisation, Insurance is below last year - in line with the Annual Report’s outlook statement. As a result, H1 revenue is likely to be slightly below H1 FY23. The issues around capacity constraints in the insurance markets, first identified April’s update, have persisted and this market has also been hit by the large increases in insurance premi

Morning Note – 6 September 2023

Morning Note – 12 September 2023

Fonix Mobile - Robust progress in FY23, EFCF and DPS +6% and +3% ahead

In today’s FY23 results, Fonix has announced gross profit and adjusted EBITDA in line with the +4-5% upgrades at the trading update in July, underlying EFCF +6% ahead of our previous forecast, FY23 DPS +3% ahead, and FY24 trading in line with expectations. FY23 TPV of £268.1m reflects robust double-digit yoy growth from commercial customers, and gross profit as a % of TPV has increased to 5.6% from 5.1% in FY22. New customer wins include Channel 4, Bauer Ireland, RTÉ and Wireless Radio Ireland,

Hybridan Small Cap Feast - 12 Sep 23

12th September 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 ob

Ingenta - Firm interims –forecast upgrades

Ingenta, the provider of software technology and supporting services to content providers and publishers around the world, has released interim results for the period to 30 June 2023. Revenues were up 9% £5.7m (H1/22: £5.3m), 80% of revenues recurring in nature. Adjusted EBITDA of £1.6m was up 26% versus H1/22 (£1.3m). New contracts worth c£2m were won during H1/23, with further new business secured post period end and we have modestly upgraded revenue and adjusted EBITDA forecasts for FY23E and