reports
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 3 December 2025
3rd December 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: Yes...
- Hybridan Team
Hybridan Small Cap Feast: 06 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...
- Hybridan Team
- Jon Levinson
Hybridan Monthly: November 2025
It’s been a fantastic past few weeks in the market and the message from the conversations at the coal face is clear – sentiment is starting to pick up with a surge in primary placings and the welcoming of IPOs such as Beauty Tech Group (£300m market capitalisation), Shawbrook Group (£1.92bn market capitalisation) and Princes Group (£1.1bn market capitalisation). Wearing my unashamedly biased small-cap hat, I fear that those in power politically will look upon the success of these IPOs and wonder...
- Hybridan Team
Hybridan Small Cap Feast: 15/10/2025
15th October 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 and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the day Admissions: Richmond Hill Resources (RHR.L) has moved from AQSE to AIM. The Placing and WR...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 02/10/2025
2nd October 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 and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the day Admissions: Fermi Inc (FRMI.L) joined the Main Market today. The Texas-based Company focused...
- Hybridan Team
- Jon Levinson
Hybridan Monthly, 1 October 2025
Hybridan Monthly, 1 October 2025 Market Comment: View from the Broker’s Desk Why you can’t compare a Defender to a Lamborghini I would always choose a Defender (90 version of course, not the Chelsea tractor new style) over a Lamborghini. Whilst many will always be taken in by the allure of brighter colours, louder engines, and slender appearance, there are some that will stay loyal to the homegrown juggernaut. It’s becoming an unfortunate common occurrence when you pick up the paper and r...
- Hybridan Team
- Jon Levinson
Friday Take Away: 19 September 2025
19th September 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication. Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement. Providing services to large clients has risk and rewards; it could be a rewarding time for these two companies HERC Energy boost PEN Operationally Ready
- Hybridan Team
Hybridan Small Cap Feast: 17/09/2025
17th September 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 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** In...
- Hybridan Team
- Jon Levinson
Friday Take Away: 20 June 2025
Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 20th June 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication. Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notific...
- Hybridan Team
Hybridan Small Cap Feast: 07/05/2025
Our daily digest of news from UK Small Caps 7th May 2025 @HybridanLLP * 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 Dish of the day Admissions: None Delistings: Samarkand Group (SMK.PM) has withdrawn from the Aquis Stock Exchange What’s baking in the oven? None ...
- James Tetley
Divestment complete, refocused to enhance growth
Hercules has completed the transformational divestment of its Suction Excavators business. This transaction was trailed in January as management made the strategic decision to focus on high growth opportunities within the Labour Supply business, particularly across the UK infrastructure sector. The Suction Excavators business has been sold to SNC Holdings (NW) limited for a total cash consideration of £2.4m. The transaction will materially reduce the Company’s debt and lease liabilities by c. £...
- James Tetley
Strong FY24 results, earnings momentum building
Hercules’ FY24 results confirm another record year, with revenue now over £100m as the impressive growth trajectory continues. The results are ahead of expectations, particularly at the PBT and earnings level. The planned divestment of the Suction Excavators business will allow the Group to focus on its core, capital light businesses, which have significant organic growth potential, demonstrated by our upgraded forecasts for FY25 and FY26. With earnings momentum building, Hercules’ valuation l...
- James Tetley
Strategic update – focusing on core activities
Ahead of full year results next week, Hercules has provided a strategic update. The Group plans to divest its suction excavator business, which is now deemed a non-core activity. The proposed divestment, when completed, will materially reduce Hercules’ debt levels and improve free cash flow. It is also expected to contribute to higher profit before tax and EPS, plus enhanced returns for shareholders. In the 12 months to 30th September 2024, the suction excavator business accounted for less tha...
- James Tetley
Trading well ahead of expectations
A strong year end update from Hercules this morning confirms another period of impressive organic revenue growth, well ahead of expectations. This prompts 11% upgrades to our revenue and adjusted EBITDA forecasts, sustaining recent momentum into the new financial year. Hercules is led by an entrepreneurial and ambitious management team with additional firepower - following last month’s £8m fundraise - to take advantage of opportunities as they arise. Hercules expects to report another record...
Hybridan Small Cap Feast - 9 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: Ascential (ASCL.L) delisted from AIM. What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutriti...
- James Tetley
Fundraising to support growth ambitions
Hercules has announced a placing and subscription to raise gross proceeds of £8m, strengthening the balance sheet and supporting future growth ambitions. The funds have been raised from two successful entrepreneurs and existing institutional investors. The fundraising has been supported by two successful entrepreneurs, Martin Tedham, majority shareholder of Wasdell Packaging Limited (a £75m revenue business) and Ged Mason OBE, who has decades of experience in the recruitment sector as CEO of M...
- James Tetley
Q3 update highlights continuing momentum
Hercules’ Q3 update follows upbeat interim results in June and gives us further confidence in our forecasts for the current year (we make no changes to estimates). Further contract successes have been achieved across the Group and Hercules looks to be well positioned to benefit from the new government’s infrastructure and housebuilding commitments over the coming years. Labour supply, the Group’s largest division, delivered strong growth in H1 (revenue +25%), and has reported continued success ...
- James Tetley
Excellent H1 performance, well on track for full year
Hercules’ H1 results confirm another excellent performance culminating in record revenues, EBITDA and PBT. The Group is on track to meet market expectations for the full year. All three businesses reported double-digit growth for H1, benefiting from underlying market demand, Hercules’ investment in new service lines and technology, as well as a maiden contribution from the Future Build acquisition. Contract momentum continues, with over £5m in civil projects and new framework agreements signed ...
- James Tetley
Further good growth in H1, in line with expectations
Hercules’ H1 trading update confirms another period of strong growth, in line with expectations. Revenue in H1’24 is expected to be over £47m, an increase of c.27% over H1’23. This represents c.50% of our FY’24 forecast (£94.7m), suggesting the Group is well on track at the half year stage. All income streams grew, underpinned by substantial demand from the infrastructure sector, as well as the Group’s own growth initiatives. Contract momentum remains positive, and we note an encouraging trend ...
- James Tetley
AGM reflects on a year of substantial progress
Today’s update reiterates management’s confidence in the outlook for the current financial year, whilst reflecting on the substantial progress of the past 12 months. Having delivered c.70% revenue growth and c.80% EBITDA growth in FY’23, Hercules has made further strategic progress in the early months of FY’24 through the acquisition of Future Build Recruitment and the launch of its Construction Academy. It reflects on the successes of FY’23, the Group’s first full year as a listed company. T...
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