reports
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 16 March 2026
16th March 2026 @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: On Frid...
- Charlie Cullen
Croma Security Solutions Group (CSSG LN) - Steady trading with healthy...
Croma Security, a leading UK provider of locksmith and security solutions, has released in-line interim results, reflecting a period of steady underlying performance and benefits coming through from ongoing acquisitions. Revenue for the year was reported to have grown 9% to £5.0m, on track for full year expectations, reflecting contributions from prior year locksmith acquisitions. As expected, EBITDA was down yoy at £0.44m (H1 2025: £0.57m), reflecting additional costs taken on to support long t...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 26 February 2026
26th February 2026 @HybridanLLP Status of this Note and Disclaimer This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor 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 contrac...
- Hybridan Team
- Jon Levinson
Friday Take Away: 6 February 2026
Friday Takeaway—delving a little deeper into 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 6th February 2026 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 ther...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 03 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: Winvia Entertainment (WVIA.L) the technology-led entertainment business focused on two discrete fast-growing channels, being the large and highly fragment...
- Charlie Cullen
Croma Security Solutions Group (CSSG LN) - FY25 results in-line; visib...
Croma Security, a leading UK provider of locksmith and security solutions, has released in-line results for the year ended 30 June 2025, reflecting a period of continued acquisition activity and positive organic growth. Revenue for the year was reported to have grown 10% to £9.6m, as guided in July, with contributions from two locksmith acquisitions in the period and 5% underlying organic growth in the existing business, leading to adj. PBT of £0.9m (+6% YoY). Future growth remains well underpin...
- Jon Levinson
Friday Take Away: 31 October 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 31st October 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 notifi...
- Jon Levinson
Friday Take Away: 24 October 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 24th October 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 noti...
- Hybridan Team
Hybridan Small Cap Feast: 09/07/2025
* 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 Closing Price on prior day to Publication. Dish of the day Admissions: None Delistings: Yesterday Ross Group (RGP.L) left the Main Market. What’s baking in the oven? Potential** Initial Public Offerings:*** Updated 10th June: iFOREX Financial Trading, the fintech busines...
- Charlie Cullen
Croma Security Solutions Group (CSSG LN) - FY25 trading update in line...
Croma Security, a leading UK provider of locksmith and security solutions, has provided an FY25 trading update this morning, reporting FY25 trading in line with expectations as it continues its site rollout strategy with proceeds from the sale of the Vigilant business. With net cash of £4.2m at the year end and £1.7m of deferred disposal proceeds due to be received over the next year, Croma reports that its pipeline of potential acquisitions has “expanded significantly” over the past 6 months, s...
- Hybridan Team
- Jon Levinson
Hybridan Research: Sector Piece: Undervalued, Under Researched Small C...
Welcome to the first in a new series of thematic reports We will be focusing on undervalued and under researched small caps across a range of sectors, reflecting the challenges and general market apathy. We start with a general small cap growth theme. Further editions may focus on other sectors, in the pipeline, potentially, recruitment, and engineering. Last year we tackled AI, which is becoming ubiquitous, as well as cyber security. Both sectors could feature in future editions. The thesis...
- 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...
- Hybridan Team
Hybridan Monthly, 3 March 2025
In the latest bid to revitalise the UK’s IPO pipeline, the Government has reaffirmed its commitment to the creation of an 'an innovative new stock market' coined the Private Intermittent Securities and Capital Exchange System or PISCES for short. PISCES plans to operate as a regulated platform for the intermittent trading of private company shares. It will kick off with a five-year stint in the “FCA sandbox” which allows the Government to modify the platform or disapply certain parts of the l...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 24/02/2025
Our daily digest of news from UK Small Caps @HybridanLLP 24th 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: Argo Group (ARG...
- Charlie Cullen
Croma Security Solutions Group (CSSG LN) - Interims in line; healthy a...
Interims results from Croma this morning illustrate a solid period of trading, with 8% revenue growth driven both by organic and acquisition-led expansion, leading to 26% growth at the PBT level YoY. Following the company’s divestment of Vigilant in 2023, proceeds of ca. £4m received to date contributed to a strong net cash position of £4.2m at the period end, with £2.5m of deferred payments remaining due, supporting the company’s ongoing retail locksmiths rollup strategy. On this score, we view...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 03/02/2025
* 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 Friday 31st January, Cardiogeni (AQSE: CGNI) announced its IPO onto AQSE. The Group’s platform technology is developing a new class of life-saving cellular...
- Charlie Cullen
Croma Security Solutions Group (CSSG LN) - Bolt-on acquisition affirms...
Croma Security’s (CSSG) announcement this morning that it has acquired Meridian Services System Ltd (Meridian) provides further affirmation of its acquisition strategy, following the disposal of its former subsidiary Vigilant for £6.5m in 2023. CSSG provides security services and products to businesses and individuals while also being a UK market leader in the fragmented UK locksmith market. Meridian is located close to CSSG’s Bury plant in the North of England and extends the company’s footprin...
- Hybridan Team
Small Cap Feast
Admissions: None Delistings: Britvic (BVIC.L) has left the Main Market following its takeover by Carlsberg. Potential** Initial Public Offerings: Cardiogeni PLC has announced its intention to IPO on the AQSE Growth Market. The Group’s platform technology is developing a new class of life-saving cellular medicines that enables the creation of unique (living) cells that are engineered with a therapeutic function. The Group’s lead product, CLXR-001, is a patented engineered cellular medicine to tre...
- Nick Spoliar
Croma Security Solutions Group (CSSG LN) - H1 / current trading well o...
Today’s H1 update from CSSG reflects good performance from the two sides of the business, with new orders continuing to build and revenues ahead by a healthy 8% YoY. CSSG is a UK market leader in the fragmented UK locksmiths market while also providing security services and products. Net cash of £4.1m at the half year reflects cash generation and success in receiving Vigilant proceeds, with £2.4m more of these to come over the next eighteen months. This positions CSSG strongly as it continues to...
Hybridan Small Cap Feast - 4 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: Greatland Gold (AIM:GGP) announced on 10 September 2024 that it had entered into a binding agreement with certain Newmont Corporation subsidiaries to acquire Newmont's 70% ow...
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