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.

Thematic (Sector/Industry)

<ul>
<li>The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.</li>
<li>Its main function is to highlight the attractions of life sciences investments over the long term.</li>
<li>After three years of annual declines, the HHI rebounded 17.6% to 469.1 in 2025.</li>
</ul>


The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.
Its main function is to highlight the attractions of life sciences investments over the long term.
After three years of annual declines, the HHI rebounded 17.6% to 469.1 in 2025.


Hardman & Co Healthcare Index: 2025 – Index rose, but another tough year

<ul>
<li>The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.</li>
<li>Its main function is to highlight the attractions of life sciences investments over the long term.</li>
<li>For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector.</li>
</ul>


The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.
Its main function is to highlight the attractions of life sciences investments over the long term.
For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector.


Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

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

<ul>
<li>AIREA 27.00p £10.75m (AIEA.L) The UK design-led specialist flooring Company supplying both the UK and international markets announced a trading update for the six months ended 30 June 2026.</li>
<li>Group sales for the Period were 10.2% ahead of the prior year at £10.81m (H1 2025: £9.81m), including volume growth of 7.4%.</li>
<li>Group operating profit for the Period was ahead of the prior year and the Board expects the strong momentum to continue through the remainder of the year and remains confident in the Group's long-term prospects and its ability to deliver sustainable long-term value for shareholders.</li>
</ul>


AIREA 27.00p £10.75m (AIEA.L) The UK design-led specialist flooring Company supplying both the UK and international markets announced a trading update for the six months ended 30 June 2026.
Group sales for the Period were 10.2% ahead of the prior year at £10.81m (H1 2025: £9.81m), including volume growth of 7.4%.
Group operating profit for the Period was ahead of the prior year and the Board expects the strong momentum to continue through the remainder of the year and remains confident in the Group's long-term prospects and its ability to deliver sustainable long-term value for shareholders.


<ul>
<li>The international provider of autonomy software, fully autonomous vehicles and mobile robotics platforms reports opening a new Hub.</li>
<li>The UK facility at Power Park in Coventry marks a major milestone in the Company's growth and manufacturing capability.</li>
<li>It will serve as its UK hub for advanced engineering, autonomous vehicle development, high-volume manufacturing and ongoing Automotive activities. </li>
</ul>


The international provider of autonomy software, fully autonomous vehicles and mobile robotics platforms reports opening a new Hub.
The UK facility at Power Park in Coventry marks a major milestone in the Company's growth and manufacturing capability.
It will serve as its UK hub for advanced engineering, autonomous vehicle development, high-volume manufacturing and ongoing Automotive activities. 


<ul>
<li>Bow Street Group 0.3p £6.67m (BOW.L) The owner and operator of Wildwood and dim-t restaurants, reports the FY to December 2025.</li>
<li>Revenue decreased 14.5% to £31.3m, with an EBITDA of £2.1m down from £3.6m.</li>
<li>Since September 2025, trading started to stabilise across both restaurant brands, and the Company delivered a strong Christmas trading. </li>
</ul>


Bow Street Group 0.3p £6.67m (BOW.L) The owner and operator of Wildwood and dim-t restaurants, reports the FY to December 2025.
Revenue decreased 14.5% to £31.3m, with an EBITDA of £2.1m down from £3.6m.
Since September 2025, trading started to stabilise across both restaurant brands, and the Company delivered a strong Christmas trading. 


Windar Photonics PLC - Hybridan Small Cap Feast: 15 April 2026

United Kingdom

hVIVO is a full-service early-phase Contract Research Organisation (CRO) and a global leader in human challenge trials. The company provides end-to-end clinical development services, specializing in conducting human challenge trials across various infectious and respiratory indications, and offers comprehensive virology and immunology laboratory services under the hLAB brand. It was founded in 1988 and is headquartered in London, United Kingdom.

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hVIVO (HVO LN)

Hardman & Co Healthcare Index: 2025 – Index rose, but another tough year

The Hardman & Co Healthcare Index (HHI) has been running since 2009.Its main function is to highlight the attractions of life sciences investments...

Hardman & Co

Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments...

Hardman & Co

Hybridan Small Cap Feast: 23 July 2026

The UK design-led specialist flooring Company supplying both the UK and international markets announced a trading update for the six months ended...

Hybridan

Hybridan Small Cap Feast: 22 April 2026

The international provider of autonomy software, fully autonomous vehicles and mobile robotics platforms reports opening a new Hub.

Hybridan

Windar Photonics PLC - Hybridan Small Cap Feast: 15 April 2026

Bow Street Group 0.3p £6.67m (BOW.L) The owner and operator of Wildwood and dim-t restaurants, reports the FY to December 2025.

Hybridan

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