Synectics + (SNX, House Stock at 105p) - Investor site visit

Hybridan Small Cap Feast 23-10-2023

Dish of the day Joiners: No joiners today. Leavers: Brandshield Systems Plc (BRSD.L) has left AIM. What’s cooking in the IPO kitchen?** Announced ITF 11 October: Cykel AI, the Company developing artificial intelligence AI software designed and trained to execute commands in response to natural language directives, specifically within the realm of computer interfaces, intends to join the Access Segment of the AQSE Growth Market. Admission on or around 25 October. Announced ITF 2 October: Adsure S

Hybridan Small Cap Feast - 16 Oct 23

16th October 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 obje

Initial Equity Trading Comments - 16 October 2023

Synectics + (SNX, House Stock at 113p) - Latest version of Synergy released

Synectics + (SNX, House Stock at 113p) - WMP - enhanced reference client

Synectics + (SNX, House Stock at 106p) - Good progress in H1, on track for FY23F

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

Synectics + (SNX, House Stock at 105p) - Further

Synectics + (SNX, House Stock at 108p) - H1 trading in line, strong order book

Hybridan Small Cap Feast - 02 May 23

2nd 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 objective

Synectics+ (SNX, House Stock, 106p) - Gaming contract win grows to c.$3m

Growth Companies - Share & share alike Sell in May?

Synectics+ (SNX, House Stock, 118p) - AGM statement no changes to forecasts

Synectics+ (SNX, House Stock at 118p) - Significant contract win

Concurrent Technologies - FY23 trading update – revenue growth accelerating

Concurrent Technologies has released a FY23 trading update stating revenues in the current year are expected to be ahead of market expectations. Strong order intake has continued throughout the year and the significant investment in product development undertaken to target design-in wins has brought new customers (especially large Defence sector prime contractors), larger average single order sizes, and an increasing diversification of end markets. So far this year, Concurrent Technologies has w

Journeo - The Merry Journey Continues

Journeo has released a positive trading update following strong business activity in October and November. The company references strong trading in its core Fleet and Passenger Systems divisions, as well as the newly acquired Infotec and MultiQ divisions. We expect that the investment made in the Infotec factory to facilitate higher production speed has contributed to clearing the prior backlog and the ability to win new orders. We believe the positive trading momentum will continue into FY24E a

Altitude Group (ALT LN) - Continued rapid growth

Altitude’s interim results show continued strong trading and operational progress, with a positive outlook for the remainder of the year. FY24 revenue and adjusted EBITDA is expected to be in line with market expectations. The Group’s pipeline for university campus stores (Gear Shops) remains healthy and growing, with further contract announcements expected between March and June next year. Our average valuation estimate is now 57.8p per share (previously 57.6p), but material Gear Shop contract

Celebrus Technologies - Encouraging interims, and name change

Celebrus (formerly D4t4) 1H24 interims to September are in line with the October trading update and unchanged forecasts. The typical 1H/2H revenue split eased a touch to 40/60 from 38/62, taking 1H EBITDA to breakeven (after £-1.2m in 1H23) and en route to £5.7m for the full year (FY23: £3.7m, including £4.9m in 2H23). The delivery of the larger of the two lower margin orders, together worth c£6m and postponed from 2H23, has boosted 1H24, with cash to follow in 2H24. Net cash (no debt) of £14.7m

Crimson Tide - FY23 update: FY23E adj EBITDA +136%, FY24E reiterated

Crimson Tide has reported an encouraging FY23 trading update highlighting operating efficiencies in FY23, and a strong pipeline of new business with increasing visibility to support profitable recurring revenue growth. As a result of more efficient operations, the company delivered reduced spend in FY23, reinvesting part of the savings in growth marketing activities, including partner acquisition in the US and UK. We upgrade our FY23E adj EBITDA to £0.4m (was £0.2m) to include the savings, upgra

Morning Note – 28 November 2023

New balance

Morning Note – 27 November 2023

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Free shares in a new company

At last week’s investor briefing, GHT lifted the lid on Floe – a new product which materially extends Gresham’s value proposition beyond Clareti (regulatory and operational FS software) to front-end banking software as well, specifically corporate banking account management – a large (but poorly served) market. This attitude is seemingly shared by ANZ - which has been key to Floe’s development and will be first to commercialise the software. And - subject to a successful rollout – its deal

Tracsis - Delivering growth now and investing in the future

Tracsis’s FY23 results demonstrate that it is reaping the benefits of organic and acquired growth as the March 2022 acquisition of Railcomm adds US growth to existing UK and Ireland strength and growth. 19% group revenue growth (10% organic) was delivered from 26.5% growth in Rail Technology & Services (RT&S), including 8% organic; and 14% growth in Data, Analytics, Consulting & Surveys (DACE), all organic. £82m revenue (vs £81.5mE) yielded EBITDA of £16m as expected, with £15.3m cash, no debt,

Journeo - Strong H1/23A Interim Results

Journeo has released a strong set of interim results in-line with the prior trading update and our recently upwardly revised expectations. Revenue increased 146% YoY to £21.8m and PBT similarly increased substantially to £1.7m driven by organic growth in all divisions and the new contribution from the Infotec acquisition. We leave forecasts unchanged following the two recent upgrades. Journeo looks compelling on an FY24E Adj P/E of 10.1x vs peers on 13.2x, and we reiterate our 1-year price targe

Shearwater Group - Interim results – steady recovery, strong balance sheet

Shearwater Group has reported interim results for the period ended Sep 2023. The results show stable progress following the challenges of the prior 6-month period and the company maintains a comfortable net cash position. The company states that it remains on track for FY March 2024E in spite of a still-challenging market. We maintain our forecasts and our 105p price target.

In the comfort zone

Eleco - Robust progress with H1 recurring revenue +18% yoy

In today’s H1 results, Eleco has reported organic revenue growth of +5% yoy to £13.5m, recurring revenue growth of +18% yoy to £9.7m, and confidence that it is trading in line with market expectations. The UK is driving the group with +8% organic growth yoy to £5.8m, as it was the first market to begin the SaaS transition, and is now experiencing an acceleration in growth as SaaS revenue builds and new modules are being upsold. Across the group, excellent execution of the SaaS transition has dri