reports
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 19/03/2025
Our daily digest of news from UK Small Caps @HybridanLLP 19th 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: Today Gusbourne (...
- 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: 20/02/2025
Our daily digest of news from UK Small Caps @HybridanLLP 20th 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: What’s ...
- Jon Levinson
Hybridan Research: Petards Group (PEG)
Petards Group PLC (PEG) recently released a trading update. We have published research on this which is attached and a snapshot of the research is below. The Trading Update for December 2024 included June’s £2.85m acquisition of Affini. Its contribution to the results were affected by a customer delaying a significant project that led to lower-than-expected revenues in December. Its mix of revenues was also different from that expected, with higher margin engineering services work being delayed...
- Charlie Cullen
Petards (PEG LN) - FY24 trading update – challenges persist; order boo...
Petards has provided a full year trading update this morning for the year ended 31 December 2024, reflecting a continuation of challenging market conditions, albeit showing an improved performance on H1 following the acquisition of Affini in June 2024. With contract delays and subdued demand in certain markets, revenues are expected to be below expectations at £12.1m (Zeus est. £12.7m), leading to adj. EBITDA of £0.4m (Zeus est. £0.8m). With market conditions remaining mixed, we adjust our FY25E...
Hybridan Small Cap Feast - 19 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: Heiq (HEIQ.L) has delisted from the Main Market of the London Stock Exchange. What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerin...
Hybridan Small Cap Feast - 2 October 2024
2nd October 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: GenIP (GNIP.L) listed today on the AIM market raising £1.75m at 39 pence per share at a £6.8m market cap. GenIP is a portfolio company of London-based intellectual property investor Tekcapital PLC (TEK.L) who still own 63% of GEN. Its platforms provi...
Hybridan Research 01/10/2024 - Petards Group: Growth Train Leaving the...
Interims to June 2024 report unchanged revenue at £4.4m which was at the lowest end of expectations. The operating loss before the exceptional cost of the Affini Technology acquisition, was little changed at £466k compared to £489k, the acquisition made in June will be fully reflected in H2. PEG’s business has developed through several acquisitions to supply, and maintain technologies used in advanced security, communications, surveillance and now ruggedised electronic applications. The combined...
Hybridan Small Cap Feast - 30 September 2024
30th September 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: Libertine Holdings (LIB.L) has delisted from AIM What’s baking in the oven? Potential**** Initial Public Offerings: ITF announced: 18th September 2024: GenIP aims to list on the AIM market on 2 October 2024. It is targeting to raise...
- Charlie Cullen
Petards (PEG LN) - Interim results: Difficult conditions; improving in...
Petards have provided interim results this morning for the period ended 30 June 2024, reflecting a continuation of challenging market conditions, albeit with positive signs of momentum on order intake leading into H2 2024/FY2025. Consisting of a diversified group of businesses in the security, communication and transport markets, Petards saw a mixed period in which it’s ANPR traffic business QRO delivered continued growth, while rail and defence orders were lower than expected against a difficul...
Hybridan Small Cap Feast - 25 September 2024
25th September 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 Whats baking in the oven? Potential**** Initial Public Offerings: ITF announced: GenIP aims to list on the AIM market on 2 October 2024. It is targeting to raise £1.5m and anticipating a £6.5m market cap. GenIP is a portfolio...
Hybridan Small Cap Feast - 3 September 2024
3rd September 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: Trident Royalties (TRR.L) has delisted from AIM What’s baking in the oven ? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet*** Alum...
- Emily Liu
Hybridan Research 29/08/2024 - Petards Group:£0.5m orders for eyeTrain...
Petards announced on 23 August that its subsidiary, Petards Joyce-Loebl (PJL), has received orders worth in excess of £0.5m to supply a UK train builder with Petards eyeTrain systems. The orders are for the supply of Petards eyeTrain forward facing and track debris camera systems to enhance the video and data collection capability of additional trains within an existing fleet. This forms part of an extension to a significant upgrade programme undertaken by one of the UK's leading rolling stock o...
- Emily Liu
Hybridan Research 08/08/2024 - Petards Group: Fifth contract win in 20...
Petards announces on 6 August that its subsidiary, QRO Solutions (QRO), has been recently awarded a further order worth over £0.25m for Artificial Intelligence (AI) enabled ANPR (Automatic Number Plate Recognition) cameras. This order is for the supply, installation, and ongoing support of QRO's "all-in-one" Harrier AI ANPR camera and is expected to be delivered in the second half of 2024. The contract brings the number of UK customers for Harrier AI cameras to five since the first Harrier AI or...
Hybridan Small Cap Feast - 6 August 2024
6th August 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: Delistings: What’s baking in the oven? ** Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet*** AIREA 25p £9.6m (AIEA.L) The flooring company, supplying b...
Hybridan Small Cap Feast - 1 July 2024
1 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: Delistings: San Leon Energy (SLE.L) has delisted from AIM Gensource Potash Corporation (GSP.L) has delisted from AIM What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence c...
- Emily Liu
Hybridan Small Cap Feast 14 June 2024
14th June 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...
- Emily Liu
Hybridan Research 14/06/2024 - Petards Group Plc: Growth in Traffic an...
Petards yesterday reported its audited results for the year ended 31 December 2023. Revenue was £9.42m, down 13% (2022: £10.87m), largely due to continued delays in order placement in the UK railway market. The operating loss before exceptional items was £529k (2022: £225k profit) and exceptional acquisition and reorganisation costs were £656k (2022: £nil). The loss after tax was £1.05m (2022: £524k profit). Net funds as at 31 December 2023 were £509k (2022: £1.7m) after deducting IFRS 16 lease ...
- Emily Liu
Hybridan Small Cap Feast 13 June 2024
13th June 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...
- Emily Liu
Hybridan Research: 20/02/2024: Petards Group Plc: £0.35m contract win ...
Petards yesterday announced that its 100%-owned subsidiary, QRO Solutions (QRO), has been recently awarded an order worth around £0.35m with a new customer, one of the UK's largest police forces. This order is expected to be fully delivered during 2024, for the supply of Q-Box Merlin IP in-vehicle ANPR (Automatic Number Plate Recognition) solution with High Definition (HD) DVRs (digital video recorders). This follows the announcement on 30 January 2024 of a £0.4m contract win for QRO’s Harrier...
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