Our daily digest of news from UK Small Caps @HybridanLLP 9th April 2025 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: Delistings: Synairgen (SNG.L) del...
A director at Flowtech Fluidpower maiden bought 69,854 shares at 98p and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
We hosted Flowtech on an investor roadshow post their FY22 results presentation. Key issues raised by investors include: a) new CEO’s priorities, b) outlook for Bal. sheet deleveraging c) new Digital platform’s impact on organic growth, c) further spend on organisational capacity d) M&A and other capital allocation priorities. We believe the group is now adequately equipped and well-positioned for the new CEO, Mike England, to make progress on each of the above issues raised by investors over th...
Flowtech confirmed FY22 Sales/Underlying EBIT (£114.8m/£8.6m) as per their Jan pre-close trading update.YE22 net debt (excl. leases) AT £16m also in line with previous update. FY22 dividend of 2.1p/share declared (+5% vs FY21’s 2p/share). We leave our FY23 op profit unchanged at £9.9m, with PBT slightly lower as we lift our net interest expense forecast. Unexpected change of CEO announced as group looks to accelerate restoration of double-digit group margin helped by monetisation of its enhanced...
Interim results to 30th June are in line with the comprehensive trading update (8th August) showing a good recovery in underlying demand from pandemic hit H1 ‘20. Revenue in the first half was down 7.2% on the same period in 2019 at £55.3m (H119: £59.6m) and up 18.7% on HY20. Gross margin has remained strong at 35.4% (HY19: 35.7%) despite the headwinds of cost inflation and supply chain issues. Whilst both factors remain a concern for at least the remainder of FY21, and most likely into Q1 FY22,...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Revenue in the first half was down 7.2% on the same period in 2019 at £55.3m (H119: £59.6m). A good performance as many industrial markets, particularly OEM, have lagged the recovery in consumer and MRO markets. Headwinds of cost inflation and supply chain issues continue to build and are a concern for H2 but FY21 ZC estimates assume a flat performance yoy. This equates to an 8% reduction on the revenue achieved in H2 2019. In terms of profitability, the recovery this year could come through mor...
Revenue of £95.1m (FY19: £112.4m) was down 15.4% yoy reflecting the impact of the pandemic. Trading materially improved throughout the year, H1 revenue was down 21.8%, reflecting the severity of the first lockdown in the Spring, whilst H2 was down just 8%. The run rate in Q4 appears to have been c. -5%, a material improvement on the 15% decline in Q3, and trading in the new financial year has started brightly, albeit below FY19 levels. Adj operating profit of £1.1m was impacted by specific issue...
Today’s trading update indicates that revenue continued to recover during the second half of FY20. For the year it declined 15%, to £95.1m, but H2 saw an improvement with it declining 8% yoy. This indicates that trading in the final quarter improved materially and is likely to have been low single digit down yoy. Net debt of £11.7m is significantly better than the £14.5m reported at the end of June and shows a continuation of the improvement seen over the previous 18 months. The Company has alre...
Today’s interim results provide detail to the comprehensive update released in late July (28th). The business traded profitably in each month of H1 apart from April, despite lockdown, reporting adj. operating profit of £0.9m (HY19: £6.1m). Importantly, cash generation remained resilient and net debt declined to £14.5m (HY19: £18.8m), a £2.1m reduction over the six-month period. The resilience of Flowtech’s model is highlighted by revenue declining to c. 60% of normalised levels during A...
The strength and resilience of Flowtech’s operating model is increasingly apparent. HY20 revenue is down c. 22%, at this level the business will have remained profitable, albeit modestly. Even in Q2, when revenue was down c. 33%, the business should have been broadly breakeven. This is a very strong performance relative to other industrial distributors. Net debt continues to fall and is expected to be lower this year. £14.6m was reported at the end of June, a £1.0m reduction since March, des...
This morning’s trading update highlights that Flowtech has traded well during lockdown having been breakeven across April and May. This highlights the strength of the model and the inherent resilience of the MRO market. The business is seeing an improving trading performance as lockdown restrictions have begun to ease and it should be hoped that the positive trend in profitability will continue through the Summer. Having navigated lockdown better than most and with further cost initiatives to ...
Flowtech has released its FY19 results, originally scheduled for mid-April but delayed due to guidance following the impact of COVID-19. The headline numbers have been well flagged since the trading update in mid-January and the Q1 FY20 update (21st April) provided up to date information regarding current trading through the initial phase of the lockdown. The results do, however, provide more detail on the restructuring programme underway and the progress made to date in terms of working capital...
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