Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Equity Bottom-Up

Conroy Gold & Natural Resources / Equity Bottom-Up

Conroy Gold & Natural Resources (CGNR LN)

<ul>
<li>The omni-channel specialist fishing tackle and equipment retailer, has provided the following unaudited trading update in relation to the financial year ended 31 January 2026, ahead of announcing its Final Results on 12 May 2026.</li>
<li>The Board reports that the momentum experienced in Q3 continued into Q4 and it now expects to report Adjusted EBITDA of circa £4.8m, ahead of market expectations upgraded in October 2025.</li>
<li>Revenue grew by 13.8% to £103.9m after a strong performance in the UK business.</li>
</ul>


The omni-channel specialist fishing tackle and equipment retailer, has provided the following unaudited trading update in relation to the financial year ended 31 January 2026, ahead of announcing its Final Results on 12 May 2026.
The Board reports that the momentum experienced in Q3 continued into Q4 and it now expects to report Adjusted EBITDA of circa £4.8m, ahead of market expectations upgraded in October 2025.
Revenue grew by 13.8% to £103.9m after a strong performance in the UK business.


Hybridan Small Cap Feast: 26 February 2026

<ul>
<li>The minerals exploration and development Company announced that its wholly owned subsidiary, Alien Metals Australia Pty Ltd (AMA) has entered into a conditional sale agreement with GreenTech Metals Limited (ASX: GRE) in respect of a 70% interest in the Munni Munni Project and surrounding tenements totalling 180km sq located in the West Pilbara.</li>
<li>AMA will retain a 30% interest in the Project and will enter into a joint venture agreement with GreenTech upon completion of the Sale Agreement.</li>
<li>As a condition to completion of the Transaction, GreenTech is to complete a minimum capital raising of A$3m via a share placement.</li>
</ul>


The minerals exploration and development Company announced that its wholly owned subsidiary, Alien Metals Australia Pty Ltd (AMA) has entered into a conditional sale agreement with GreenTech Metals Limited (ASX: GRE) in respect of a 70% interest in the Munni Munni Project and surrounding tenements totalling 180km sq located in the West Pilbara.
AMA will retain a 30% interest in the Project and will enter into a joint venture agreement with GreenTech upon completion of the Sale Agreement.
As a condition to completion of the Transaction, GreenTech is to complete a minimum capital raising of A$3m via a share placement.


Wynnstay Group Plc - Hybridan Small Cap Feast: 1 December 2025

Eco Animal Health Group / Equity Bottom-Up

<ul>
<li>Centaur Media 41p £60.4m (CAU.L) The international provider of business intelligence, learning and specialist consultancy has announced that the group has signed an unconditional sale and purchase agreement with Haymarket Media Group Limited for the sale of MWCR Limited, being the operating company of Marketing Week, Festival of Marketing and Creative Review, for an enterprise value of £3.9m.</li>
<li>The consideration for the Transaction is £3.9m, will be received in cash later today. The Transaction follows the sale of MiniMBA by the Group which completed on 18 July 2025 and the sale of The Lawyer announced on 11 September 2025.</li>
<li>The disposals are a consequence of the announcement on 12 December 2024 stating that, led by Martin Rowland, Executive Chair, the Board were to review Centaur's business operations and strategy and to maximise shareholder value.</li>
</ul>


Centaur Media 41p £60.4m (CAU.L) The international provider of business intelligence, learning and specialist consultancy has announced that the group has signed an unconditional sale and purchase agreement with Haymarket Media Group Limited for the sale of MWCR Limited, being the operating company of Marketing Week, Festival of Marketing and Creative Review, for an enterprise value of £3.9m.
The consideration for the Transaction is £3.9m, will be received in cash later today. The Transaction follows the sale of MiniMBA by the Group which completed on 18 July 2025 and the sale of The Lawyer announced on 11 September 2025.
The disposals are a consequence of the announcement on 12 December 2024 stating that, led by Martin Rowland, Executive Chair, the Board were to review Centaur's business operations and strategy and to maximise shareholder value.


<ul>
<li>The provider of Decision Intelligence software for service operations, provided an update on trading for the year ended 31 March 2025.</li>
<li>Group revenue is expected to have increased by 13% or 15% on a constant currency basis, to approximately £30.4m, reflecting upsell of the latest iterations of its Decision Intelligence software and the successful go live with several major new customers.</li>
<li>SaaS revenues increased by approximately 13%, or 14% on a constant currency basis, up from 8% growth in the prior year. </li>
</ul>


The provider of Decision Intelligence software for service operations, provided an update on trading for the year ended 31 March 2025.
Group revenue is expected to have increased by 13% or 15% on a constant currency basis, to approximately £30.4m, reflecting upsell of the latest iterations of its Decision Intelligence software and the successful go live with several major new customers.
SaaS revenues increased by approximately 13%, or 14% on a constant currency basis, up from 8% growth in the prior year. 


Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Oxford Nanopore Technologies / Equity Bottom-Up

<ul><li>Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.</li><li>Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.</li><li>Despite this, some companies can still make extremely attractive returns for investors.</li></ul>

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.Despite this, some companies can still make extremely attractive returns for investors.

United Kingdom

Eco Animal Health Group develops, registers, and markets pharmaceutical products for animals globally, specializing in veterinary pharmaceuticals, antibiotics, and vaccines for pigs and poultry. Its key product, Aivlosin®, is a macrolide antibiotic used to treat respiratory and enteric diseases in pigs and poultry. The company also offers generic drugs for parasitic and bacterial infections in various livestock. Headquartered in London, England, the company was founded in 1972.

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Eco Animal Health Group (EAH LN)

Hybridan Small Cap Feast: 26 February 2026

The omni-channel specialist fishing tackle and equipment retailer, has provided the following unaudited trading update in relation to the financial...

Hybridan

Wynnstay Group Plc - Hybridan Small Cap Feast: 1 December 2025

AMA will retain a 30% interest in the Project and will enter into a joint venture agreement with GreenTech upon completion of the Sale Agreement.

Hybridan

Hybridan Small Cap Feast: 25/09/2025

The international provider of business intelligence, learning and specialist consultancy has announced that the group has signed an unconditional...

Hybridan

Hybridan Small Cap Feast: 24/04/2025

The provider of Decision Intelligence software for service operations, provided an update on trading for the year ended 31 March 2025.

Hybridan

Hardman & Co Monthly: January 2025

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to...

Hardman & Co

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