reports
- Hybridan Team
Hybridan Small Cap Feast: 21 October 2025
21st October 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: None What’s baking in the oven? Potential** Initial ...
- 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...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 19/06/2025
Dish of the day Admissions: None Delistings: Induction Healthcare Group (INHC.L) delisted from AIM. What’s baking in the oven? Potential** Initial Public Offerings: Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed. A routine thematic compliance insp...
- 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: 05/03/2025
Our daily digest of news from UK Small Caps @HybridanLLP 5th March 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: Merit Group (MRIT.L...
- Hybridan Team
- Jon Levinson
Friday Take Away: 31 January 2025
31 January 2025 Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Results are a company’s calendar highlight and the two below seem worth a second look LPA Renewed and Reinvigorated RDT Cloud Funded LPA Group 53p £7.2m (LPA.L) Financial Calander: Year End September, Report January, Interim June Three Largest Shareholders: Peter Gyllenhammer AB 29.11%, Peter Pollock 7.40%, Michael Ru...
Hybridan Small Cap Feast - 29 October 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? ITF announced:*** Potential** Initial Public Offerings: 17th October 2024: Selkirk Group, a newly incorporated company establ...
Hybridan Friday Takeaway - 11 October 2024
ABDX- Flowing downhill PRES- Streaming up RDT- Ai Transformer Abingdon Health 8.75p £16.58m (ABDX.L) Final’s to June 2024 reported revenue grew 52% to £6.1m, with gross margins improving to 60% from 51%. The adjusted EBITDA loss of £1.1m is a significant improvement from last year’s £2.9m loss. The report included a month of the £0.7m IVDeology acquisition made in May as well as the cost of a new commercial office /laboratory opening shortly in the US . ABDX is a lateral flow contract research (...
Hybridan Small Cap Feast - 9 October 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: Ascential (ASCL.L) delisted from AIM. What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutriti...
Hybridan Small Cap Feast - 25 Jan 24
25th January 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 obje...
Hybridan Small Cap Feast - 06 Apr 23
6 April 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 objective...
- Paul Hill
Final pieces of the jigsaw are falling into place
Rosslyn Data Tech is a Big Data Procurement, AI & Customs Management software specialist that is transitioning into a high growth, profitable & cash generative SaaS firm. Sure, it’s not quite there yet…but the stars are aligning. Particularly after the appointment of CEO Paul Watts in April, who has literally grabbed the business by the scruff of the neck. Clearly the pandemic hasn’t helped. Yet, equally one could argue that with the shares languishing on a 1.7x trailing EV/turnover multiple (...
- Paul Hill
Strong demand pushes pipeline up 18% in 6 months
Rosslyn is making good progress after its £6.8m (net) oversubscribed placing in May’20 and has cultivated a bumper crop of ‘ready-to-pick’ prospects. Indeed Rosslyn’s qualified ‘sales hopper’ climbed by 18% in H1’21 – or 39% annualised. Back to the present, the company reports no orders were cancelled in H1’21, and H2 has “begun well ”, after “a number of new customer wins as well as good levels of upsell ”. Including a host of bookings for the group’s leading 100% cloud-powered Customs softw...
- Paul Hill
In the right place at the right time
We think this ‘battle-hardened’, cash-rich (Est. April ’21 net funds of £6.1m) & now profitable SaaS firm is ideally placed to benefit from strong secular demand for its cutting-edge & fully integrated Big Data, AI, spend analytics, SMDM (Supplier Master Data Management) & customs/duty handling applications. Today the company posted record revenues (FY20 £7.1m +2.1% LY) & profits, aided by the £49k acquisition of Langdon (+£0.9m) in Sept’19, partly offset by the elimination of low margin pass-...
- Paul Hill
3 contract renewals worth £0.9m in ARR
A key takeaway from COVID-19 is that the pandemic has accelerated ‘cloud’ adoption, and focused executive’s attention on cost savings, productivity & supply chain optimisation: all of these secular trends are right in the sweet spot of Rosslyn’s Big Data & Spend Analytics SaaS platform, RAPid. The company today announcing that it had extended 3 contracts, worth a combined £0.9m of ARR (annualised recurring revenues) and £1.5m in total value. The extensions are with top quality clie...
- Paul Hill
Turbo-charging growth prospects
In recent years Rosslyn has meticulously built a leading Big Data & spend analytics SaaS platform (RAPid), supporting an illustrious roster of 100+ clients (many global multi-nationals). Topped off with the synergistic acquisition of Langdon in Sept’19, & becoming EBITDA positive in FY’20 for the 1st time ever - thanks to increasing ARR (+12% to >£6m) & favourable operational leverage (81% gross margins). Today shareholders approved the heavily oversubscribed £7.3m placing at 5p. How many...
- Paul Hill
Contracts coming in thick and fast
RDT saw a temporary dip in H1’20 sales (-11.7% lower to £3.12m), due primarily to macro uncertainties and delayed customer decision making. However C-suite confidence is returning, and Annual Recurring Revenues have now tipped £6.3m (+24.7% vs £5.05m Oct’18), with the orderbook mushrooming to £6.4m (+25.5% vs £5.1m Apr’19 Research forecasts: FY20 EBITDA (post SBPs) target of -£110k has been retained, along with the 12p/share valuation, equivalent to c. 3.1x FY20 EV/sales. Net debt...
- Paul Hill
On track to hit FY20 expectations
Success in business, investing and life in general revolves around seizing opportunities, whilst equally trying to neutralise any associated risks. As illustrated in yesterday’s trading update by Rosslyn. Here in September, the company acquired the IP, software, assets, client list, contracts and domain names of Langdon Systems Ltd for a mere £48,750 - directly from the administrator. So 11 weeks on, how are things progressing? Well the good news is the integration has gone smoothly, with t...
- Paul Hill
Mining big value from Big Data
How does a smart investor defuse some of today’s macro uncertainty? One way is to park more money in the bank - albeit interest rates are near zero, and cash doesn’t protect against either inflation and/or a currency devaluation. Another approach is to look for deeply undervalued software firms with overseas exposure, high recurring revenues and wide competitive moats. We think one such cloud enabled SaaS stock is ‘Big Data’ expert Rosslyn Data Tech. Indeed its cutting edge supply chain...
- Paul Hill
UK plc ‘going for a song’
Being a shareholder in a company that receives a juicy takeover offer is a marvellous feeling. Something that many fortunate investors have experienced over the past 3 years. Thanks to a spate of M&A bids by deep pocketed overseas buyers - partly triggered by the June 2016 Brexit result, which sent the £ tumbling and adversely affected the FTSE. Consequently today, given this trend is unlikely to end anytime soon, we’ve highlighted 30 possible acquisition ideas in the attached research pape...
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