reports
- 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...
Hybridan Friday Takeaway - 8 November 2024
COG- Brain Expansion CSSG- Secure Brand INHC- Doctors Orders Cambridge Cognition 29p £12.1m (COG.L) Source: Alpha Terminal This neuroscience digital technology provider for academic research and drug development, is improving its own wellbeing. Particularly, since raising £2.6m at 40p, in May 24, in which most of the Directors took part and taking cash to around £3.4m. After a testing 2023 the consequent actions show progress in the interims to June 2024. The gross margin increased to 81% (79%) ...
- Nick Spoliar
Audio Note: Croma Security Solutions Group - FY24: good progress and l...
In this audio note, Zeus’ Nick Spoliar summarises the investment case for Croma Security Solutions Group. CSSG’s FY24 results this week show good progress on the prior year with double digit growth in EBITDA and a big jump in PBT. CSSG is a UK market leader in the fragmented UK locksmiths market while also providing security services and products.
Hybridan Small Cap Feast - 4 November 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: None Delistings on Friday 1 Nov. I3 Energy Plc (I3E.L) delisted from the AIM market. Boussard & Gavaudan Holding Limited (BGHL.L) delisted from the Main mark...
- Nick Spoliar
Croma Security Solutions Group (CSSG LN) - FY24: good progress and loc...
CSSG’s FY24 results this morning show good progress on the prior year with double digit growth in EBITDA and a big jump in PBT. CSSG is a UK market leader in the fragmented UK locksmiths market while also providing security services and products. With £3.6m received so far on the back of the 2023 Vigilant sale and forecast net cash of £5.1m at the year end, CSSG is exceptionally well positioned to follow through on its plan to consolidate the UK market in its sector and we expect 3-5 acquisition...
- Charlie Cullen
Croma Security Solutions Group (CSSG LN) - Strong cash position for ro...
This morning’s update from CSSG highlights positive trading in FY24E (year to June) together with a healthy cash position following the payment earlier this month of a £1.76m tranche in respect of the Vigilant disposal. CSSG has leading market positions and is increasingly a national player in the fragmented UK locksmiths market / security services / products. Having disposed of its former low-margin manned guarding business for a good price, the company has a real opportunity in our view to mo...
Hybridan Small Cap Feast - 03 Apr 24
3rd April 2024 @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 objecti...
Hybridan Small Cap Feast - 08 Jan 24
8th January 2024 Happy New Year to all our Readers! @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 regar...
Hybridan Small Cap Feast - 07 Nov 23
7th November 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 obje...
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