reports
- Hybridan Team
- 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: 30/06/2025
Our daily digest of news from UK Small Caps 30th June 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: On Friday 27th June, Tap Global Group plc (TAP.L), completed their move from AQSE to the A...
- Hybridan Team
- Jon Levinson
Hybridan Research: Petards Group plc: Poised for Progress
The finals to December 2024 contain a 6.5-month contribution from the £2.85m Affini acquisition which expanded the product range and deepened the client base. This is Petards’ third acquisition since 2016 (QRO and RTS) and was paid for using cash held, utilisation of the overdraft, and the vendors received £326k of shares. Non-dilutive progress is being made with this acquisition in diversifying the core rail division with complementary businesses. Revenues for the full year to December 2024 (F...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 23/06/2025
Our daily digest of news from UK Small Caps 23rd June 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: None Delistings: None What’s baking in the oven? Potential** Initial Pub...
- Charlie Cullen
Petards (PEG LN) - Positive start to FY25; in line FY24 results - Corp...
Petards, a manufacturer and developer of security, communications and surveillance solutions, has announced in-line FY24 results this morning, reporting a material improvement in trading in H1 FY25 following the challenging conditions seen in the prior year. Revenues in FY24 were ahead of FY23 at £12.0m (FY23: £9.0m), primarily driven by a 6½ month contribution from Affini Technologies, acquired partway through the year, despite activity in Petard’s rail and defence divisions remaining depressed...
- Hybridan Team
Hybridan Small Cap Feast: 09/06/2025
Our daily digest of news from UK Small Caps 9th June 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 Dish of the day Admissions: On Friday 6 June, File Forge Technology PLC (to be renamed Amirose London Holdings PLC), announced the completion of its acquisition of Amiros...
- Hybridan Team
Hybridan Small Cap Feast: 28/05/2025
28th May 2025 @HybridanLLP Status of this Note and Disclaimer This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor 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 rel...
- 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...
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