reports
Space and People: 4 directors
Four Directors at Space and People sold/bought 74,000 shares at 102p. 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 two years cle...
- Hybridan Team
- Jon Levinson
Friday Take Away: 25 April 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 25th April 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 web...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 14/04/2025
Our daily digest of news from UK Small Caps @HybridanLLP 14th 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: None Delistings: None What’s ba...
- Robin Byde
SpaceandPeople (SAL LN) - Strong outturn, focus on growth - Corporate
SpaceandPeople traded strongly last year and is now focused on accelerating sustainable growth. We introduce 2025E forecasts, which highlight further expansion. We also reiterate our 220p target price, significant potential upside to the current share price. For 2024A, the Group reported revenue of £6.7m against Zeus’ forecast for £6.5m, an outperformance of c.3%. Growth was healthy across all business units, although notably strong in UK Brand Experience. Operating profit, at £319k, was 16% ahe...
- Robin Byde
SpaceandPeople PLC (SAL LN) - Strong H2 trading, proving resilience of...
The strong momentum reported at H1 has continued to the year-end. In a brief pre-close update for the full year, SpaceandPeople has reported revenue of c.£6.8m against Zeus’ forecast for c.£6.5m, an outperformance of c.5%. Growth has been maintained across all business units, although notably bookings in UK Brand Experience, and for the flexible Rock Up and Pop Up kiosks, have been strong. Hiring of new employees to service recently won multi-year contracts, and bonus payments, means that profit...
- Robin Byde
SpaceandPeople (SAL LN) - Positive H1, FY estimates maintained
Growth returned across all operating units and the fundamentals have improved. Revenue was up 35% to £2.9m with increased sales in all divisions. Gross profit was up 41% to £2.35m and losses reduced sharply with loss after tax down 47% to £185k. Performance was driven by strong UK promotional sales with a significant increase in Brand Experience bookings. Successful roll-out of Rock Up and Pop Up kiosks continued in the UK. The fundamentals improved with preleases net debt down 47% to £402k. The...
- Robin Byde
SpaceandPeople PLC (SAL LN) - Five-year Network Rail and Southeastern ...
Network Rail and Southeastern Trains have awarded a five-year contract to SpaceandPeople for exhibitions, events, promotions, and product sampling at their managed stations. This is a continuation of SpaceandPeople’s partnership with Network Rail but is a new relationship with Southeastern Trains. No financials are disclosed but this contract will be material to the Group and provide better revenue visibility and stability for the medium term. It removes a significant risk to the investment case...
- Robin Byde
SpaceandPeople (SAL LN) - 2023a: return to profitability and growth
SpaceandPeople has reported a strong recovery with growing revenue, a return to profit and a healthy net cash position. Revenue was up 24% y-o-y to £5.8m, just ahead of our forecast for £5.7m. PBT, at £103k, was also ahead of our expectation for about break-even. Net cash improved to c. £700k vs. c. £400k in 2022a. Growth returned across all units with the UK reporting sales up 16% in promotions and 28% in retail, and German retail recorded revenue up an impressive 43%. New products such as the ...
Hybridan Small Cap Feast - 19 Feb 24`
19th February 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 obj...
- Robin Byde
Hybridan Small Cap Feast - 19 Sep 23
19th September 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 ob...
- Robin Byde
Hybridan Small Cap Feast - 21 Mar 23
21 March 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 objectiv...
- Robin Byde
SpaceandPeople PLC (SAL LN) - Positive trading update
SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The macro context remains challenging for everyone. UK and European retail demand is weak for well reported reasons, and the outlook for the sector is generally negative. That said, SpaceandPeople is trading well, offering flexible and low risk services for retail customers, and utilising vac...
- Robin Byde
SpaceandPeople (SAL LN) - Solid H1s, full year estimates re-affirmed
SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The macro context remains challenging for everyone. UK and European retail demand is weak for well reported reasons, and the outlook for the sector is generally negative. However, SpaceandPeople’s activity - offering flexible and low risk services for retail customers, utilising vacant retail...
- Robin Byde
SpaceandPeople (SAL LN) - Encouraging update, ’22 estimate restored
SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The Group has issued a positive pre-close update for the half year and upbeat guidance on the outlook. Full year sales will exceed £5.5m and we forecast the business will be profitable; indeed, significantly ahead of 2021a once one-off COVID-related support payments are stripped out. Trading ...
- Robin Byde
SpaceandPeople (SAL LN) - Gradual recovery
SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The Group has issued full year results to 31 December 2021; these are positive. Despite restrictions on trading during parts of the year due to COVID, revenue was up 43% (£4m), a small operating profit was recorded (£0.2m), cash from operations was positive (£0.8m) and net debt more than halv...
- Robin Byde
SpaceandPeople plc (SAL LN) - Trading update
SpaceandPeople secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The Group has issued a brief but encouraging pre-close trading update for the year to 31 December 2021. Note that our estimates and valuation for SpaceandPeople are currently suspended pending further updates with management, and as the business continues to recover.
- Robin Savage
FIG Fortnightly: Rising Bank Rate & Spreads
Talking points MPC judges “increase in Bank Rate of 0.25 percentage points is warranted”. Policy rates are rising across UK, US, and even Europe (chart of the moment). QT signalled. The Bank will “initiate a programme of corporate bond sales to be completed no earlier than towards the end of 2023 that should unwind fully the stock of corporate bond purchases.” Spreads over gilts should rise (page 2). MPC expect impact on net incomes to be “somewhat smaller”. (page 3: extracts from Moneta...
- Robin Byde
SpaceandPeople plc (SAL LN) - On the road to recovery
SAL secures, sells, and manages flexible space for promotions and marketing in high footfall venues for its customers, including in shopping centres and travel hubs. As expected, trading through H121a was challenging due to continuing lockdowns and restrictions, but revenue improved slightly, and losses reduced with cost savings. SAL is trading at about operating cash break-even. Stability does not appear to be threatened, particularly with further CIBLS finance secured, and good backing from th...
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