reports
Hybridan Small Cap Feast - 24 October 2024
24th 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: Applied Nutrition (APN.L), the sports nutrition, health and wellness brand has confirmed its first day of dealings on the main market. The Offer Price has b...
- David O'Brien
‘New’ Gattaca on track and well positioned
For Gattaca FY24 was predominantly about self-help, ensuring that the business was in good shape to take maximum advantage once the market turns and to improve market share in the short term. The good news is that the FY24 results were in-line with revised expectations and there are positive signs in terms of initial recovery in fee income. Progress was made during what was a challenging year to meet many of the Board’s strategic goals. Progress was made in focusing staff numbers to align with...
Hybridan Small Cap Feast - 15 August 2024
15th August 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: None Delistings: Tertre Rouge Assets Plc (TRA.L) has delisted from the Standard Segment of the Main Market. What’s baking in the oven? ** Reverse Takeovers: Earnz plc (EARN.L) is an AIM Rule 15 cash shell, which is required to make an acquisition or ...
- David O'Brien
Pleasing trading performance, despite unhelpful market
In an encouraging year-end trading update Gattaca said NFI improved c.5% on a sequential half-yearly basis during H2, achieved against a backdrop of a challenging market. The increase in fee income was driven by the first consistent rise in the contract book for 8 years, resulting in productivity levels rising +6% yoy. Net cash was a healthy £21m, ahead of expectations. Guidance is unchanged for FY25, albeit any improvement in the underlying market is likely to result in an upward revision to ...
Made Tech Group: 1 director
A director at Made Tech Group maiden bought 209,937 shares at 14p and the significance rating of the trade was 69/100. 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 cle...
Hybridan Small Cap Feast - 16/04/2024
16th April 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: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for...
- David O'Brien
Trading report in-line with sector peers
The results for the six-months to January are robust against a backdrop of declining confidence in both clients and candidates generally. With an improvement in the contract book during early Q3 we think this highlights that the tide is starting to turn and likely to feed through to demand for permanent hires ahead of the CY24 end. With net cash accounting for over 70% of the current market capitalisation, the operating business appears undervalued. H1 results were broadly in line with expectat...
- David O'Brien
Profit expectations maintained
We are encouraged by several aspects of the pre-close trading update covering H1, not least the outcome and movement in net cash. A renewed focus on the cost base should result in improving conversion rates, offsetting any further shortfall in fee income during H2. We also remain confident that a recovery in Gattaca’s markets should emerge during Q4 ‘24/early FY25 supporting a further re-rating of its shares. The yoy shortfall in NFI of 16% during H1 includes a large RPO contract which ended i...
- David O'Brien
Robust foundations in place
The implementation of the ‘four pillars’ of Gattaca’s new strategy resulted in adj. EBIT rising significantly, as did conversion rates too (up to 5.4% vs 0.2%). Impressively, this was achieved despite the Group’s markets turning more challenging during H2. NFI fell by 8.5% yoy, down by 1.8% in FY23, with a targeted exiting of lower margin contracts a factor. Progress has been driven by self-help: on cost control, marketing, an improved culture, exiting low margin contracts and improved producti...
- Paul Hill
EPS & cashflow beats, plus dividend reinstatement
Two of the most important qualities of any corporate are resilience & adaptability. Being able to rapidly respond to tougher macro-economic conditions in real time without damaging long term objectives: and Gattaca, a specialist STEM recruiter, fits the bill. Yesterday it reported encouraging progress, despite experiencing a -1.2% (H1 +5.2% vs H2 -7.4%) fall in FY’23 NFI to £43.6m (£44.1m LY) due to the industry’s well publicised slowdown & the conscious unwind from low margin business. Adjus...
- Sacha Morris
Hybridan Small Cap Feast 16/08/2023
Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footpr...
- Sanjay Vidyarthi
LIBERUM: CEO Video: Matt Wragg, Gattaca Plc*
In this video Matt Wragg, Gattaca’s CEO, discusses positive financial trends and strategic progress seen in the first half, against a market backdrop in the six months characterised by continued customer demand but extended hiring cycles. In particular, Matt discusses how progress against strategic initiatives are driving new business, operational efficiencies and customer satisfaction.
- Liberum Research Team
- Liberum Research Team
- Paul Hill
Well placed to weather even the harshest of storms
Gattaca today reported in line H1’23 results (6M ending Jan’23). Underlying NFI climbed +5.2% to £22.7m (£21.6m LY) thanks to two new client wins and strategic price initiatives (+9% contract & 6% perm). On top, there were standout performances (see note) from defence (+32%), energy (20%) and infrastructure (7%) - partly offset by the shedding of low margin business (2 large accounts) and a not surprisingly less buoyant TMT backdrop (-43.5%, tough YoY comps). We believe the group remains on t...
- Alex O’Hanlon
- Joe Brent
- Sanjay Vidyarthi
LIBERUM: Gattaca* - H1 in line, good progress on strategy
Gattaca has delivered H1 results in line with expectations, with no surprises in the numbers. After a difficult January/February, there are signs of recovery in the contract and perm markets. We make no change to our FY23E forecasts at this stage. Management is delivering on the strategic initiatives it set out last year, which should position the business well for longer-term growth. The shares remain cheap on a CY23E EV/EBIT (ex leases) of just 2.0x. Maintain 110p TP and Buy.
- Liberum Research Team
Hybridan Small Cap Feast - 15 Feb 23
15 February 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...
- Paul Hill
Strong cashflow coupled with solid top line growth
The UK recruitment industry is being buffeted by a number of macro crosswinds, but for the right skills, there is still robust demand. Particularly across Gattaca’s core verticals (65% of NFI) of Infrastructure (eg Lower Thames Barrier, HS2, etc), Defence, Energy (off shore wind & nuclear) and Mobility (aero, auto & marine). Indeed, the company reiterated today that it was well on track to achieve its medium & long term goals after posting solid H1’23 LFL NFI growth of 5.1% to £22.7m (£21.6m L...
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