reports
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 2 December 2025
* 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 and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: None Delistings: Belluscura (BELL.L) has left AIM What’s baking in the oven? Potential** Initial Public Offerings:*** 27th November: Power Pr...
- Charlie Cullen
- Robin Byde
Image Scan Holdings (IGE LN) - FY25 results reflect H2 turnaround - Co...
This morning’s full year results from Image Scan, as expected, reflect a mixed year for the group, with challenging conditions in H1 followed by an encouraging turnaround in the second half. As a result, revenue for the year was heavily H2-weighted, with £1.3m of sales in H2 compared to £1.6m for the full year, albeit the full year result remained well below more typical performances in recent years. While uncertainties remain, particularly around the timing of the group’s significant £3m+ UK de...
- Hybridan Team
Hybridan Small Cap Feast: 18 November 2025
18th November 2025 @HybridanLLP Our daily digest of news from UK Small Caps * 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 and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: None Delistings: ...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 11 November 2025
* 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 and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: None Delistings: None What’s baking in the oven? Potential** Initial Public Offerings:*** 24th October: Sterling Digital, the bitcoin min...
- Charlie Cullen
Image Scan Holdings (IGE LN) - Major new contract award - Corporate
Image Scan’s announcement this morning of a major £0.5m new contract award from a Southeast Asian customer marks a continuation of encouraging newsflow from the group, following a positive update last week on an improvement in trading in H2 2025/post-year end. The contract is for the supply of the group’s ThreatScan portable X-ray systems and is expected to be delivered within the current financial year (12m to 30 September 2026). While the contract does improve visibility considerably, adding ...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 04 November 2025
4th November 2025 @HybridanLLP Our daily digest of news from UK Small Caps * 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 and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: Shawbrook Group (SHAW....
- Charlie Cullen
Image Scan Holdings (IGE LN) - Significantly improved H2; strong order...
Image Scan’s trading update this morning reflects a positive end to the year for the group, reporting a significant improvement in financial performance in the six months to 30 September 2025 and encouraging trading post-period end. Following a highly challenging H1, which saw major contract delays and limited contract conversions leading to a £0.4m LBT, H2 saw a “substantial operational rebound”, with materially improved revenue and robust cost control. In FY25, this led to revenue of c. £1.6m,...
- Charlie Cullen
Image Scan Holdings (IGE LN) - Revenue shifts sideways amid supply cha...
Image Scan’s trading update this morning reflects a mixed year for the group, with encouraging news of two significant contract awards from new customers and a robust cash position set against further delays to IGE’s major Defence contract and supply chain delays. As guided at the time of the group’s interim results in May, IGE were expecting a significantly H2-weighted performance in FY25E (y/e Sept 25). However; with the group now facing extended lead times for a number of key components, the ...
- Charlie Cullen
Image Scan Holdings (IGE LN) - Interim results: challenging period fol...
Image Scan, a specialist in real-time X-ray imaging for the security and industrial inspection markets, has released interim results for the period to 31 March 2025 this morning, indicating a challenging period for the group following delays to its major UK defence contract and slow contract conversion across the board. As flagged earlier in the year, full year results are expected to be significantly second half weighted, with the group reporting revenues of £0.35m in H1 (H1 24: £1.1m), leading...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 26/02/2025
Hybridan Small Cap Feast: 26/02/2025 Hybridan Research Hybridan Research Our daily digest of news from UK Small Caps @HybridanLLP 26th February 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...
- Charlie Cullen
ImageScan Holdings (IGE LN) - AGM statement points to H2 weighting - ...
ImageScan, a specialist in real-time X-ray imaging for the security and industrial inspection markets, has provided a trading update this morning, indicating a slow start to the year following delays to a specific UK defence contract which was expected to contribute in H1 2025. Despite this, with a £4.5m order book and expectations to deliver on the delayed order in H2, management maintain unchanged expectations for the full year, anticipating a significant H2 weighting. While risks remain that ...
Hybridan Small Cap Feast - 3 December 2024
* 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: None Delistings: None What’s baking in the oven? Transferring markets: 8 November: Zentra Group plc (ZNT.L)* will delist from the Equity Transition Segment of the Main Market...
- Matthew Davis
Image Scan Holdings (IGE LN) - FY Results - Corporate
Image Scan, a provider of X-ray screening systems, has announced a strong set of results for the year ended 30 September 2024, nearly 10% ahead of our pre-tax profit expectations (at £0.2m) and with an exceptionally strong opening order book underpinning future years. The launch of new products has been a significant factor in the group’s improved trading performance, and with recent contract awards giving confidence that Image Scan is on a growth footing again. The strength of the balance sheet...
Hybridan Small Cap Feast - 23 October 2024
23rd October 2024 * 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: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports ...
- Matthew Davis
Image Scan Holdings (IGE LN) - Positive trading update
Image Scan, a provider of X-ray screening systems, has announced a positive FY24 pre-close trading update for the year ended 30 September 2024, with a stronger second half helping to underpin our published full year profit and earnings estimates, and with a recent contract award resulting in a significantly improved forward order book. Reflecting the strength of the balance sheet and order book, which gives confidence in our FY25 estimates, our fair value estimate is upwardly revised to 3.8p (fr...
Hybridan Small Cap Feast - 4 July 2024
4th July 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, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 24th June 2024: Rosebank Industries: The Company aims to repeat the successful 'Buy, Improve, Sell' business model which the Rosebank Co-Founders implemente...
Hybridan Small Cap Feast - 28 Feb 24
28th 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
12th December 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 obj...
Hybridan Small Cap Feast - 10 Oct 23
10th 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...
Hybridan Small Cap Feast - 26 Apr 23
26th April 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 object...
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