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We are a rapidly growing, innovative corporate research & consultancy business, based in London, serving the needs of both public and private companies.

Our expert team of sector analysts and market professionals collectively have over 400 years of experience.  This depth of knowledge and a reputation for integrity have built trust with investors. With effective communication and precision distribution, we help companies disseminate their investment message to interested investors, as well as advise them on strategy.

Our smaller, boutique structure allows us to provide first-class customer service and to deliver a wide range of ad-hoc services for multiple clients with different needs.

Regulatory Information

  • Regulatory Status: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd which is authorised and regulated by the Financial Conduct Authority.

Brian Moretta
  • Brian Moretta

BR Review: The Seneca IHT Service - Seneca Partners Limited

The Seneca IHT Service is a non-AIM/unquoted BR product. It will invest in Seneca Secured Lending Limited and/or Seneca Secured Finance Limited, depending on the desired mix of capital and income returns. Both lend on a secured basis in a variety of areas. Both have a target return of 4% p.a., with Seneca Secured Finance paying its return as a dividend. The report goes into details of how the investment process works, sourcing and decision-making, exit strategies, post-investment governance and...

01/20/25 January 20, 2025 1 EN
Brian Moretta ... (+3)
  • Brian Moretta
  • Mark Thomas
  • Martin Hall
SN. SMITH & NEPHEW ...
AGL ANGLE PLC ... (+62)

Hardman & Co Monthly: January 2025

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from pro...

SN. SMITH & NEPHEW PLC
AGL ANGLE PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
ARBB ARBUTHNOT BANKING GROUP
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
ACSO ACCESSO TECHNOLOGY GROUP
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
VTAS VOLTA FINANCE (GBP)
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
SNG SYNAIRGEN PLC
IPO IP GROUP
HAT H&T GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
A0MXLB NB PRIVATE EQUITY PARTNERS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
TISSUE REGENIX GROUP PLC
01/10/25 January 10, 2025 1 EN
Martin Hall
  • Martin Hall
SN. SMITH & NEPHEW ...
AGL ANGLE PLC ... (+55)

Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector. The HHI fell 17.7% to 398.9, underperforming all its benchmarks – FTSE 100 (+5.7%), FTSE All-Share (5.6%) and the FTSE AIM All-Share Index (-5...

SN. SMITH & NEPHEW PLC
AGL ANGLE PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
SNG SYNAIRGEN PLC
IPO IP GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
TXG 10X GENOMICS INC CLASS A
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
Z29 TISSUE REGENIX GROUP PLC
029 GROUP SE
01/09/25 January 9, 2025 1 EN
Brian Moretta
  • Brian Moretta
CSN CHESNARA PLC

Chesnara plc: Happy new acquisition

After an interval of 18 months, Chesnara announced a new acquisition just before Christmas. Although relatively small, it is another positive step for the company. The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension business, consisting of ca.17,000 policies and £1.5bn of AUM. The portfolio will transfer into Chesnara’s UK business, Countrywide Assured. Expected completion is at the end of 2025, subject to the Part VII transfer get...

01/09/25 January 9, 2025 1 EN
Brian Moretta
  • Brian Moretta

Haatch SEIS Fund - Haatch Ventures LLP

The Haatch SEIS Fund is an alternative investment SEIS fund, which will provide a portfolio of investments in unquoted, early-stage companies. The target return is 5x the capital invested. Returns will be focused on capital gains, and investors are unlikely to receive any dividends. The fund is evergreen, although invests in tranches. The report goes into details of how the investment process works, sourcing and decision-making, exit strategies, post-investment governance and monitoring, fees a...

01/08/25 January 8, 2025 1 EN

Retail Bond Review No. 10 Feature Article: Bond Structuring

For many investors the coupon, term and rating is all they look at when they buy a bond. But each bond has a structure that affects the credit risk, and investors need to know what that is.â–º The recent Wasps Finance plc issue is one of the more complicated of the recent ORB issues. We use it as an example, highlighting some of the terms used and what investors need to look for when assessing bond structuresâ–º We also look at the different forms of security that investors may see, explaining t...

10/28/15 October 28, 2015 18 EN

UK Housebuilding Sector in Q3 2015

​On 31 October, the Final of the Rugby World Cup (RWC) will be contested at Twickenham. Will the New Zealand All Blacks prevail to become the first team to win it consecutively (and the first to win it three times)?If the listed UK Housebuilders were rugby teams, our guess is that Berkeley would be the All Blacks with Tony Pidgley as the record breaking captain, Richie McCaw. In turn, Persimmon would be the South African Springboks - both formidable and both named after wonderful creatures.For...

10/13/15 October 13, 2015 28 EN
Not applicable NOT APPLICABLE

Material World. “Experience has made me rich”

Summary - The UK Building Materials Sector is vital but ignored; and in terms of definition and analysis, really only exists here. - It comprises 18 companies with total revenue of £2.6 billion, net assets of £1.3 billion and more than 15,500 employees. - The London Stock Exchange value is £3.62 billion as of 5th June 2015.In the latest fiscal year it has grown revenue by 9.4% and gross profit by 12.3%. - Gross margins are a tidy 29.5%. - EBITDA has done even better with 21% annual growt...

06/11/15 June 11, 2015 25 EN
Not applicable NOT APPLICABLE

May 2015 Monthly / Feature Article: Why Should we be worries about unw...

May 2015 Monthly / Feature Article: Why Should we be worries about unwinding quantitative easing?

05/06/15 May 6, 2015 21 EN
04/13/15 April 13, 2015 24 EN

Hardman & Co. September 2015 Monthly. Featured article - MiFID II –...

​For most people Tuesday, 3rd January 2017 is likely to be the first day back at work after a long weekend celebrating the New Year. In London it will probably be overcast with occasional showers whilst commuters will be suffering the effects of 'over-running engineering works'. But for participants in the London stock market it could be a momentous day, on a par with the Big Bang of October 1986 when fixed commission rates and the distinction between brokers and jobbers were swept away. For o...

09/03/15 September 3, 2015 23 EN
Keith Hiscock ... (+2)
  • Keith Hiscock
  • Yingheng Chen

Punching above their weight? The contribution of small- and mid-cap qu...

Back in May 2019, Hardman & Co and the Quoted Companies Alliance jointly published a paper looking at the importance of small and mid-size quoted companies (SMQCs) to the markets, and their contribution to tax revenues and employment in the UK. This is a poorly researched area, and that paper helped frame the debate; it has been quoted from by bodies such as the City of London Corporation. Three years have passed since that note, and we felt it was time to update the work. Of course, the econom...

07/11/22 July 11, 2022 1 EN
Keith Hiscock
  • Keith Hiscock

Hardman & Co Insight: Share ownership: For the many, not the few - The...

We recently published a paper, 'Share ownership: For the many, not the few', based on a statistical survey of share ownership, produced jointly with Argus Vickers, the share analysis service. The Office for National Statistics (ONS) has now issued its equivalent survey. This paper compares its results with ours. Although there are, inevitably, differences in the detail, the two surveys reach the same conclusions. The two key themes from the surveys are that: i) investors from the Rest of the Wo...

02/04/20 February 4, 2020 16 EN

February 2016 Monthly

​The timing of being invited to write this article is perfect, coinciding as it does with a) the huge uncertainty which 2016 thus far has presented to investors (resulting in the frequently heard question ‘what do I do with my money?’) and b) last week’s sale of Swiftkey [https://swiftkey.com/en] for $250m to Microsoft. The company was founded in 2008 by two people in their 20s to develop predictive keyboards driven by artificial intelligence - its technology is embedded in over 300m dev...

02/10/16 February 10, 2016 23 EN

Feature Article: Oil Prices and Credit

The falling oil price has had many consequences, both politically and economically. In this article we look at the financial effects and, in particular at the shale oil industry. We give a brief history of its development and show how its combination of a high cost of production and higher debt funding, together with some technical failings, have led to the difficulties it now finds itself in. We also briefly consider the two ORB born oil and gas bonds, from Premier Oil...

02/03/16 February 3, 2016 19 EN
Paul Mylchreest
  • Paul Mylchreest

Hardman & Co Insight: Is silver the cheapest asset on the planet?

We’ve chosen a provocative title for this Insight piece, but it’s one we think is justified given the shortage of silver that we see emerging. This should translate into growing investor interest as silver’s attractive fundamentals become widely appreciated. In our opinion, they are currently not that well understood by most investors, both professional and retail. Why has silver’s long and illustrious history faded from people’s minds during the past century and why are more people not drawing...

05/07/24 May 7, 2024 1 EN
Paul Mylchreest
  • Paul Mylchreest

Hardman & Co Insight: Gold and a Chinese credit event

A western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested when they unwind. Maybe, you can’t put your finger on it. You don’t know where ...

09/18/23 September 18, 2023 1 EN
Martin Hall
  • Martin Hall
TRX Tissue Regenix ...
AVO Advanced Oncoth... ... (+5)

Hardman & Co Healthcare Index: 2020 – greater appreciation of science

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. 2020 was an exceptional year, with the index rising 19.9% to 590.6, broadly in line with the FTSE AIM All-Share Index (+20.7%), but in complete contrast to the performances of the FTSE 100 (-14.3%) and FTSE All-Share (-12.5%) indices. A number of our life sciences companies really stepped up to meet the challenges posed by the COV...

TRX TISSUE REGENIX GROUP
AVO ADVANCED ONCOTHERAPY
STX SHIELD THERAPEUTICS
DNL DIURNAL GROUP
ARIX ARIX BIOSCIENCE
01/14/21 January 14, 2021 1 EN

UK Housebuilding Sector: Q1 2016 “Eat My Shorts, Man!”

​The Simpsons, as if you didn’t know, is an American animated sitcom created by Matt Groening for the Fox Broadcasting Company. It is a satirical depiction of a working class lifestyle epitomised by the family members Homer, Marge, Bart (our hero), Lisa, and Maggie. The show is set in the fictional town of Springfield and parodies American culture, society, television and many aspects of the human condition. Since its debut on 17 December 1989, the series has broadcast 591 episodes over 27 ...

04/12/16 April 12, 2016 16 EN

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