reports
- Hybridan Team
Hybridan Small Cap Feast: 21/05/2025
Our daily digest of news from UK Small Caps 21st May 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) or similar announcement has been made ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: None Delistings: On Tuesday 20th, Serinus Energy (SENX. L) left AIM What’s baking in the oven? Potential** Initial Public Offeri...
- Toby Thorrington
Tortilla Mexican Grill - Cracking on
Notwithstanding its sector ‘sweet spot’ (a healthy, customisable product at a competitive price), Tortilla Mexican Grill (Tortilla) has taken the opportunity of a change in management to refine its strategy to address challenges since its successful IPO in 2021 as well as expedite growth. Significant benefit is expected from a new delivery structure to mitigate commission charges in an important part of the business (c 30% of sales), from enhanced marketing to tackle surprisingly low brand aware...
Small Cap Feast 08 Mar 24
8th March 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Belvoir Group Plc (BLV.L) has left AIM What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Banquet Buffet*** Coinsilium Group 2.9p £3m (AQSE:COIN) An investor, advisor and venture builder at the forefront...
Hybridan Small Cap Feast - 22 Feb 24
22st February 2024 @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 obj...
- Emily Liu
Hybridan Small Cap Feast - 15 Feb 24
15th February 2024 @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 obj...
Hybridan Small Cap Feast - 03 Oct 23
3rd 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 objec...
Hybridan Small Cap Feast - 17 Jul 23
17th 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 objecti...
Hybridan Small Cap Feast - 27 Mar 23
27 March 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...
- Liberum Research Team
- Liberum Research Team
- Anna Barnfather
- Nishant Dahad
LIBERUM: Tortilla Mexican Grill* - Costs under control, rollout on tra...
Tortilla delivered FY22 EBITDA of £4m, in line with expectations, following a record year of 18 openings alongside a record year of inflation. The new financial year has started well, with YoY LFL sales growth of +4.0% against a tough comparison, which, combined with continued tight cost control, gives us confidence in current year forecasts. The organic roll out pace of 10pa is on track and the headroom for growth remains vast, with additional franchise opportunities being explored. Consumer tr...
- Toby Thorrington
Tortilla Mexican Grill - That’s a wrap!
Tortilla Mexican Grill’s (Tortilla’s) continued ‘massive’ outperformance of the UK restaurant market despite, and because of, COVID-19 is further endorsement of the company’s difference to most UK hospitality businesses. Tortilla’s ‘transformational’ 2021 saw 24% like-for-like sales growth versus 2019 (adj. pre-IFRS 16 EBITDA more than trebled) followed by similar momentum in Q122 and heightened optimism about growth opportunities accelerated by the pandemic, which echoes that of big brother Chi...
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