reports
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 29/07/2025
Our daily digest of news from UK Small Caps 29th July 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 Closing Price on prior day to Publication. Dish of the day Admissions: First Development Resources (FDR.L) a UK based, Australian focused exploration Company w...
- Carl Smith
Staffline (STAF LN) - Strong H1 profit performance - Corporate
Staffline’s H1 2025 results show continued strong growth and positive momentum. During a period where larger, UK-listed peers have again reported decreasing net fee income (NFI), Staffline increased its NFI (or gross profit) by 6.1% and underlying EBIT by 54.2% in H1 2025 (on a continuing operations basis). The strong H1 results and the contract win with Culina Group positions Staffline well to meet our unchanged underlying FY25 estimates that show 15.8% underlying EBIT growth. Staffline shares ...
- Hybridan Team
- Jon Levinson
Friday Take Away: 23 May 2025
Digging through these companies’ recent announcements, we may have unearthed hidden value. DNM: Fair Chance KRM: Managing Risk RTC: Recruitment Drive Dianomi 27.5p £8.26m (DNM.L) Financial Calendar: Year End December, Finals reported 19 May, Interim results to June expected before end September Top Three Shareholders: Scobie Dickinson Ward 16%, BGF Nominees Limited 14.9%, Raphael Queisser 12.1% Key Investment Points: Losses narrowing, Cash increased to £8.8m, Media Platform reboot T...
- 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...
- Carl Smith
Staffline (STAF LN) - Strong momentum, still undervalued - Corporate
Staffline, one of the UK and Ireland’s leading recruitment groups, has released a positive AGM statement confirming strong trading momentum. Temporary worker hours from Recruitment GB in the first four months of FY25 are comfortably ahead (+6.6%) of the prior comparator, driving a 6.2% increase in Group gross profit over the same period. We expect strong gross profit growth to continue through FY25, in part driven by the new contract win announced last week that is expected to mobilise across Q2...
- Carl Smith
Audio Note: Staffline - Major contract win, upgrades to forecasts
In this audio note, Zeus’ Carl Smith summarises the investment case for Staffline. Staffline, one of the UK’s leading recruitment groups, has announced a significant strategic partnership with a leading food and drink supply chain management and logistics provider.
- Carl Smith
Staffline (STAF LN) - Major contract win, upgrades to forecasts - Corp...
Staffline, one of the UK’s leading recruitment groups, has announced a significant strategic partnership with a leading food and drink supply chain management and logistics provider. The agreement will mobilise c. 3,000 temporary workers and demonstrates Staffline’s ability to quickly deliver at scale as a trusted partner. As a result of this win, we increase FY25 underlying PBT by 12% to £5.9m, FY26 by 47% to £8.3m and FY27 by 45% to £8.7m. This follows on from a material outperformance of its ...
Staffline Group: 1 director
A director at Staffline Group bought 1,000,000 shares at 30p and the significance rating of the trade was 58/100. 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 clearly ...
- Carl Smith
Staffline (STAF LN) - Strong market outperformance - Corporate
Staffline, one of the UK’s leading recruitment groups, has announced FY24 results showing an excellent trading and cashflow performance against a challenging macroeconomic backdrop. Our analysis of UK-quoted peers’ CY24 results suggests a material outperformance by Staffline. With the disposal of PeoplePlus in February 2025, the Group is now a pure-play UK recruitment business with, in our view, attractive organic growth prospects. At a FY25 EV/EBIT multiple of only 3.6x, believe Staffline’s sha...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 02/04/2025
Our daily digest of news from UK Small Caps @HybridanLLP 2nd 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: Yesterday, Learning Te...
- David O'Brien
On track for FY and quietly confident
Gattaca’s results for the six months to January were encouraging on several levels: productivity improved, costs fell, and the conversion ratio rose. The investment in strategic growth sectors was rewarded, with improving NFI within energy and infrastructure. Despite challenging markets, NFI declined just 3%, outperforming much of the staffing sector as the Group benefitted from the change in strategy and a 71% exposure to contract fees. Growth in adj. EBIT and the conversion rate reflected a ...
- Hybridan Team
- Jon Levinson
Friday Take Away: 6 March 2025
Friday Takeaway—delving a little deeper into UK small caps 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 7th March 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 we...
- Carl Smith
Staffline (STAF LN) - PeoplePlus disposal and £7.5m share buyback - Co...
Staffline has announced the disposal of its workplace training and employability business, PeoplePlus, for net cash proceeds of up to £6.9m. In our view, PeoplePlus was a non-core asset and this deal simplifies Staffline’s platform, allowing it to focus on the faster-growing and strong performing recruitment businesses across the UK and Ireland. The cash proceeds add to Staffline’s already strong net cash position (£9.7m at 31 December 2024, ex. leases), providing the funds for a new £7.5m share...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 13/02/2025
Our daily digest of news from UK Small Caps @HybridanLLP 13th 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 day Admissions: Delistings: Brand Architekts (BA...
- David O'Brien
A resilient update that stands out from the crowd
The key takeaway from the trading update for H1 ’25 was a solid trading performance, despite a challenging market environment. We remain encouraged by the static guidance at the adj. PBT level of £3m for FY25, highlighting an improvement in operational efficiency, combined with higher average fee rates. Contract NFI declined 1% yoy, with increased summer holidays and a late return to work in January modestly offsetting the growth in contractor numbers and higher salaries. Although permanent NFI...
- Carl Smith
Staffline (STAF LN) - Strong net cash position and market outperforman...
Staffline’s FY24 trading update showed a strong performance that beat Zeus’ expectations and demonstrates the resilience of its business model. The Group has made market share gains in its blue-collar sectors and recorded robust growth in permanent recruitment fees, offsetting the expected weakness in PeoplePlus. Underlying EBIT of £11.1m was 10.5% ahead of our estimate and net cash (ex. leases) of £9.7m was significantly ahead of our £2.9m net debt estimate. We have rebased FY25 and FY26 estima...
Harvey Norman Holdings Limited: 1 director
A director at Harvey Norman Holdings Limited sold 685,567 shares at 4.737AUD and the significance rating of the trade was 68/100. 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 tw...
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 ...
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