reports
- Mark Thomas
- Yingheng Chen
Hardman & Co Monthly: November 2025
Feature article: Feeding the future The case for food system investment Megatrends, at a very basic level, dictate the “direction of travel” for economic, social and political activity; investments made on this basis will receive powerful trend support. Today, the transformation of the global food system represents one such structural force. As demographic expansion, rising income and growing climate pressure converge, food sustainability as a strategic, long-term investment theme is no longe...
- Brian Moretta
- Mark Thomas
Hardman & Co Monthly: October 2025
Feature article: Building tomorrow’s AI: How the UK will become the global architect of Trustworthy Intelligence In this month’s feature article, Professor Andy Pardoe, Professor of AI and Chair of the Deep Tech Innovation Centre at the University of Warwick, gives his perspective on the artificial intelligence (AI) industry and how it is advancing at an unprecedented pace, outstripping anything witnessed in previous decades. For researchers, industry leaders and investors, understanding the la...
- Hybridan Team
Hybridan Small Cap Feast: 24/09/2025
Our daily digest of news from UK Small Caps 24th 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: ...
SEE SEEING MACHINES
TIME TIME FINANCE
SSTY SAFESTAY
HVO HVIVO
CLP CLEAR LEISURE
PHAR PHAROS ENERGY
AXS ACCSYS TECHNOLOGIES
DCTA DIRECTA PLUS
N4P N4 PHARMA
MTEC THE ARTISANAL SPIRITS COMPANY
ART MADE TECH GROUP PLC
CDGP ARTISANAL SPIRITS COMPANY PLC(THE)
CRDL CHAPEL DOWN GROUP PLC
DNM CORDEL GROUP PLC
HEMO DIANOMI PLC
TAP HEMOGENYX PHARMACEUTICALS PLC
INT TAP GLOBAL GROUP
MAST INTELLEGO TECHNOLOGIES AB
SWT MAST ENERGY DEVELOPMENTS PLC
SWITCH METALS PLC
- Mark Thomas
- Nigel Hawkins
Hardman & Co Monthly: September 2025
Feature article: IICS/REIFS – NAV discounts and the ill wind from Denmark Since the start of 2024, the share prices of the eight Infrastructure Investment Companies (IICs) and of the 18 Renewable Energy Infrastructure Funds (REIFs) have been generally weak – and, conspicuously, have failed to recover the losses of 2023. Undoubtedly, high interest rates have undermined the sector – and there is no certainty that they will fall significantly. Not only has this situation adversely affected NAVs, b...
- Keith Hiscock
- Mark Thomas
Hardman & Co Monthly: August 2025
Feature article: Economic growth: Cry me a river The UK press and politicians are fixated on growth. The Labour Government came into office 12 months ago promising a new dawn. Its top priority was growth. Its manifesto, “Labour Party Manifesto 2024: Our plan to change Britain” devoted an entire chapter to “Kickstart economic growth”. In this article, we cover: ► Why growth is important ► The downside of growth ► What do politicians and markets mean by growth? ► Is growth in aggregate GDP th...
- Mark Thomas
Arbuthnot Banking Group: 1H’25 results: growing where it wants to
From ABG’s 1H’25 results, we note i) strong growth in low-capital-intensity businesses (deposits, wealth management) and high risk-adjusted-return specialist lending (most notably RAF and leasing businesses) ‒ ABG is not competing for business that does not meet its target returns and some loan books are shrinking (e.g. property lending), and ii) pre-tax profits halved on 1H’24 due to the well-flagged impact of the falling rate environment, less PE activity driving lower ACABL activity and low t...
- Mark Thomas
- Mike Foster
- Nigel Hawkins
The Hardman & Co Monthly: July 2025
The risk of power cuts in the UK, for a variety of reasons, remains real. Low plant margins (i.e. limited spare capacity at peak) in the UK are obvious enough. However, the events of 28 April 2025 ‒ when Spain, Portugal and parts of France were plunged into lengthy power outages ‒ were very disconcerting. A recent Spanish government report has now placed much of the blame on the national system operator, the Redeia-owned Red Electrica. There was some criticism, too, of unnamed private sector gen...
- Mark Thomas
- Mike Foster
- Richard Jeans
Hardman & Co Monthly: June 2025
Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their shareholders, and ‒ as a broad generalisation – consensus suggests little will change in the foreseeable future. So, are we now facing a real risk of the UK economy stagnating due to lack of funding? If that is the case, who is going to take the initiative and avert such a crisis? Business life must continue, despite the macro environment providing ...
- Brian Moretta
- Jason Streets
- Mark Thomas
Hardman & Co Monthly: May 2025
Feature article: Attractive asset managers - Radical derating presumes things only get worse The UK asset management sector has been significantly derated over the past couple of years. It has faced the dual problem of a shift towards passives and to private assets and away from traditional listed equities and bonds. However, the sector’s assets haven’t collapsed; its margins have proved relatively robust and its profits fairly stable, even against all the rising costs. The clear implication, ...
- Mark Thomas
Arbuthnot Banking Group - 2024 results: franchise growing through the ...
The core of any successful, long-term business lies in offering clients the products they want so that they give you more business and, in turn, you attract new customers. The 2024 results show how ABG has achieved this, with growth in i) specialist lending (now £828m, 35% of loans up 33% in 2023, 27% in 2022 and 21% in 2021), ii) deposit volumes (+10%), and iii) wealth management (FUMA +30%). 1,200 new banking clients were onboarded in 2024. Short-term profits reflected that ABG had optimised r...
Hardman & Co Research: Arbuthnot Banking Group - 2024 results: franchi...
Hardman & Co Research Hardman & Co Research: Arbuthnot Banking Group - 2024 results: franchise growing through the noise 04-Apr-2025 / 16:00 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Arbuthnot Banking Group (ARBB): 2024 results: franchise growing through the noise The core of any successful, long-term business lies in offering clients the products they want so that they give you more business and, in turn, you attract new customers. The 2024 results show how ABG has achieved this, with growth in i) specialist len...
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: April 2025
Feature article: 2024 pharma statistics An efficient reporting system has seen all the listed multinational pharmaceutical companies announce results for 2024, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of global pharmaceutical market growth plus the global and US company rankings for 2024. The year was characterised by 9.2% underlying (ex-COVID-19) growth. Much of the growth was driven by recently launched ant...
- Mark Thomas
- Nigel Hawkins
Hardman & Co Monthly: March 2025
In this month's feature article, we review the energy situation in the UK. On the domestic front, Ofgem has recently announced the new price cap figure of £1,849 for a typical household’s annual use of gas and electricity; this figure represents an increase of 6.4% over the January-March 2025 price cap. UK energy policy has changed of late, following the election of a Labour government last summer. The quest for Net Zero by 2030 – a hardly realistic target – is now a priority. Rightly or wrong...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 19/02/2025
Our daily digest of news from UK Small Caps @HybridanLLP 19th 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: Intelligent Ultrasou...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 12/02/2025
* 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: On the Main market Fintech Asia Limited (FINA.L) cancelled its admission to trading and was re-introduced following a reverse takeover after acquiring ICFG Pte. ...
- Keith Hiscock
- Mark Thomas
Hardman & Co Monthly: February 2025
Feature article: The October 2024 Budget - We got it wrong By Keith Hiscock, CEO at Hardman & Co In this month's feature article, we review the effects of the 2024 Budget and consider what might happen in the coming months. Our Hardman Monthly of October 2024 looked forward to the first Labour Budget for 14 years. The main theme was that, because the new Chancellor, Rachel Reeves, had ruled out increases in taxes on ‘working people’, investors would bear the brunt of any tax increases to fill ...
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: January 2025
Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from pro...
CLBX CELLBXHEALTH PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
ARBB ARBUTHNOT BANKING GROUP
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
ACSO ACCESSO TECHNOLOGY GROUP
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
VTAS VOLTA FINANCE (GBP)
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
SNG SYNAIRGEN PLC
IPO IP GROUP
HAT H&T GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
A0MXLB NB PRIVATE EQUITY PARTNERS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
TISSUE REGENIX GROUP PLC
- Hybridan Team
Hybridan Small Cap Feast
Adsure Services 20.50p £2.17m (AQSE:ADS) The specialist and diversified business assurance provider reports Interims to September. It operates across the Housing, Healthcare, Government, Education, Charities offering a wide range of services. There are two operational divisions, Risk & Assurance and the long-established Risk & Advisory. The Interims show a 19% increase in Revenue to £5.1m, its EBITDA jumped to £0.55m against £0.16m, with PBT of £0.33m from a £0.3m loss. This is evidence of th...
- Colin Smith
Duke Capital - 1H25 Results - On Track and Well Funded
Duke Capital has announced interim results for 1H25 which are on track to meet our FY25 forecasts with recurring cash revenue of £12.7m, up 4% YoY. The group deployed over £15m in new capital to its capital partners during the half. Post period end, Duke successfully completed an oversubscribed £23.5m equity raise, materially strengthening its balance sheet and intends future capital funding to be generated by way of a third-party capital model. Duke is trading at a c25% discount to book despite...
Arbuthnot Banking Group: 1 director
A director at Arbuthnot Banking Group bought 116,000 shares at 900p and the significance rating of the trade was 67/100. 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 c...
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