reports
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 07/08/2025
Our daily digest of news from UK Small Caps 7th August 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: Delistings: What’s baking in the oven? Potential** Initial Public Offerin...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - FY25 results, renewed priorities - Corporate
Altitude has announced FY25 results showing another period of strong revenue and adjusted EBITDA growth, both exceeding 20% YoY. The Group has changed its presentational currency from Pounds Sterling to US Dollars, better aligning to where the majority of its revenue is generated. The FY25 results were slightly ahead of Zeus expectations, lowered in March, when translated to USD. The new leadership of Altitude is focused on margin accretion, cash generative growth and risk-adjusted returns. As a...
- Hybridan Team
- Jon Levinson
Friday Take Away: 4 July 2025
4th July 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 notification RNS announcement. Cautious expectations may prove the best policy for growth in the longer term ALT University Challenge WPHO Revenue Tacking Altitude Group 24.5p £17.9...
- Hybridan Team
Hybridan Monthly, 1 July 2025
From the Coalface For another fund manager special edition of Hybridan’s “view from the broker’s desk”, we are delighted to be joined by Andy Brough, Head of the Pan European Small and Mid-Cap team at Schroders. Andy is responsible for managing the Schroder UK Mid 250 Fund since its launch in 1999 and the Schroder UK Smaller Companies Fund. He became sole head of the team in 2016, having co-led since 2002. He joined Schroders in 1987 and is based in London. Hi Andy, thank you for you very mu...
- Andy Hanson
- Carl Smith
Altitude (ALT LN) - FY25 update and Gear Shop contract awards - Corpor...
Altitude has released a FY25 trading update advising of softer-than-expected market demand across the wider promotional products industry and of headwinds from a weaker US dollar. As a result, we reduce our forecast revenue by 20% to £27.0m and adjusted EBITDA by 15.7% to £2.7m, both cautiously at the bottom end of the guided ranges. We also rebase FY26 and FY27 estimates. Positively, the Group has announced several new contract awards for its Collegiate Gear Shop (GS) business, significantly ex...
Hybridan Small Cap Feast - 3 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: None Delistings: None What’s baking in the oven? Transferring markets: 8 November: Zentra Group plc (ZNT.L)* will delist from the Equity Transition Segment of the Main Market...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - Strong Merchanting division growth - Corpora...
Altitude Group, the technology-enabled platform delivering end-to-end solutions in the promotional products industry, has reported continued strong organic revenue growth in its H1 2025 results and has made further investments in its platform. Growth comes despite weaker market conditions in the US promotional products industry, which are now expected to improve. The Group has announced another University Gear Shop contract win (now up to 21 contracts) and has confirmed FY25 is expected to be in...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - Strong Merchanting growth in H1 underpins fu...
Altitude Group has released an in-line trading update for the six months to 30 September ahead of its H1 2025 results expected on 3 December 2024. Revenue and adjusted EBITDA continue to record strong organic growth despite challenging market conditions in the promotional products industry. The Group has signed a new contract for its University Gear Shops (UGS) business, taking it to 20 contracts across 23 locations with expected annualised average revenues of c. $9.5m. We believe the growth pro...
Hybridan Small Cap Feast - 30 July 24
30th July 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: Mining, Minerals & Metals Plc (MMM.L) has completed the acquisition of Georgina Energy Plc and will now be trading on the London Stock Exchange under the name Georgina Energy plc (GEX.L). Georgina is an early-stage well redevelopment company which has ...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN)
Altitude’s FY24 results, flagged in a trading update last week, confirmed strong growth in revenue, adjusted EBITDA and adjusted EPS. We remain confident in the Group continuing its fast growth, based on strong momentum seen in Merchanting in Q1 FY25. Reflective of the evolving business profile, we have updated our model assumptions, adjusting revenue slightly, improving margins and lowering tax charges, which leaves adjusted EBITDA unchanged and, importantly for investors, increases adjusted EP...
Hybridan Small Cap Feast - 23 July 2024
23rd July 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: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to co...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - FY24 adjusted EBITDA ahead
Altitude has released a further trading update for the year to 31 March 2024 with adjusted EBITDA now expected to be £2.4m, ahead of the previous Zeus forecast of £2.2m. Revenue is expected to be £24.0m versus £26.1m previously, implying higher adjusted EBITDA margins. The Group has made remarkable operational progress over the last two years, translating into a more than doubling of revenue and a 225% increase in adjusted EBITDA since FY22. Following on from the positive update on 1 May, Altitu...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - Trading update confirms rapid growth in FY24
Altitude has released a trading update for the year to 31 March 2024 confirming Management expects FY24 results to at least meet market expectations. Our unchanged forecasts show annual revenue growth of 38.9% in FY24 as the Group’s Merchanting division expanded significantly, driven by increased numbers of sales Affiliates and by the US Gear Shops. This translates to adjusted PBT growth of 29.4% to £1.2m on our FY24 estimates. In line results also means that over the last two years both revenue...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - Continued rapid growth
Altitude’s interim results show continued strong trading and operational progress, with a positive outlook for the remainder of the year. FY24 revenue and adjusted EBITDA is expected to be in line with market expectations. The Group’s pipeline for university campus stores (Gear Shops) remains healthy and growing, with further contract announcements expected between March and June next year. Our average valuation estimate is now 57.8p per share (previously 57.6p), but material Gear Shop contract ...
- Emily Liu
Hybridan Small Cap Feast 27/10/2023
Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 30 October. Tekcapital announced intention to spin off and IPO on 2 October: MicroS...
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - On track for strong growth
Ahead of its interim results on 28 November, Altitude has released a brief trading update confirming that trading was in line with Management expectations for the six months to 30 September. Management is highly confident in the short-term and long-term outlook for the company.
- Andy Hanson
- Carl Smith
Altitude Group (ALT LN) - Lift off
Altitude’s strong FY23 results came in ahead of Zeus expectations for revenue (+5.4%), adjusted EBITDA (+5.8%), and adjusted EPS (+10.4%). The Group gained scale throughout the year and announced several contact wins, resulting in adjusted EBITDA increasing 83% and three upgrades to our estimates. Altitude has a growing track record of meeting and beating expectations and we expect strong momentum to continue into FY24. Our valuation is 57.6p per share, indicating 44.0% upside to last night’s cl...
- Andy Hanson
Audio Note: Altitude Group - Trading update highlights strong start to...
In this audio note, Zeus’ Andy Hanson summarises the investment case for Altitude Group. Altitude has released a trading statement confirming FY23 results will be at least in line with Zeus’ recently upgraded forecasts and trading in the first few weeks of FY24 has been strong. Listen to the audio note below, and read the full research here.
- Andy Hanson
Altitude Group (ALT LN) - Trading update highlights strong start to FY...
Altitude has released a trading statement this morning confirming FY23 results will be at least in line with Zeus’ recently upgraded forecasts and trading in the first few weeks of FY24 has been strong. The upgrades put through at the time of the last update (28th March) were predicated on new contract wins in the Adjacent Markets Programmes (AMPs) leading to an increase in EBITDA expectations of 11.9% in FY24 and 24.2% in FY25. The contracts underpin the strong start to the new financial year b...
- Andy Hanson
Audio Note: Altitude Group - New major contracts and FY23 ahead of exp...
In this audio note, Zeus’ Andy Hanson summarises the investment case for Altitude Group. Altitude has announced multiple new contracts in its Adjacent Markets Programmes (AMP) that are expected to have a significant impact on Group revenue. Listen to the audio note below, and read the full research here.
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