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>The Interims to September 2025 exceeded expectations with a resilient underlying trading performance across all divisions helped by the ongoing strategic operational investments.</li><li>This performance was further amplified by a £1.3m non-recurring profit (N-RP) accounted for in H126.</li><li>This N-RP is included with operating profits; earnings comparisons are therefore extra-ordinary.</li></ul>

The Interims to September 2025 exceeded expectations with a resilient underlying trading performance across all divisions helped by the ongoing strategic operational investments.This performance was further amplified by a £1.3m non-recurring profit (N-RP) accounted for in H126.This N-RP is included with operating profits; earnings comparisons are therefore extra-ordinary.

<ul>
<li>It’s been a fantastic past few weeks in the market and the message from the conversations at the coal face is clear – sentiment is starting to pick up with a surge in primary placings and the welcoming of IPOs such as Beauty Tech Group (£300m market capitalisation), Shawbrook Group (£1.92bn market capitalisation) and Princes Group (£1.1bn market capitalisation).</li>
<li>Wearing my unashamedly biased small-cap hat, I fear that those in power politically will look upon the success of these IPOs and wonder what we are all worried about in the SMID capital markets world.</li>
<li>Just in time for Halloween, Begbies Traynor (BEG.L) released their latest Red Flag Alert Report for Q3 2025 which read more like a Stephen King novel. </li>
</ul>


It’s been a fantastic past few weeks in the market and the message from the conversations at the coal face is clear – sentiment is starting to pick up with a surge in primary placings and the welcoming of IPOs such as Beauty Tech Group (£300m market capitalisation), Shawbrook Group (£1.92bn market capitalisation) and Princes Group (£1.1bn market capitalisation).
Wearing my unashamedly biased small-cap hat, I fear that those in power politically will look upon the success of these IPOs and wonder what we are all worried about in the SMID capital markets world.
Just in time for Halloween, Begbies Traynor (BEG.L) released their latest Red Flag Alert Report for Q3 2025 which read more like a Stephen King novel. 


<ul>
<li>Northern Bear PLC (NTBR) announced an update on trading yesterday.</li>
<li>We have published research on this which is attached and a snapshot of the research is below.</li>
<li>The stronger trading in Q1 has continued and yesterday’s Trading Update reported H1 trading to September 2025 above expectations.</li>
</ul>


Northern Bear PLC (NTBR) announced an update on trading yesterday.
We have published research on this which is attached and a snapshot of the research is below.
The stronger trading in Q1 has continued and yesterday’s Trading Update reported H1 trading to September 2025 above expectations.


Hybridan Research: Northern Bear plc (NTBR): Pleasant Surprises

<ul><li>Strong finals to March 2025 are reported with a 13.7% increase in Revenue to £78.1m and a 42% increase in PBT of £3.1m compared to £2.1m.</li><li>The jump in EPS from 9.5p to 16.8p was aided by the tender offer and cancellation of 5m shares.</li><li> The dividend is increased to 2.5p from 2p and reflecting the strong performance, a special dividend of 1p will be paid to shareholders on the register on 29 August 2025.</li></ul>

Strong finals to March 2025 are reported with a 13.7% increase in Revenue to £78.1m and a 42% increase in PBT of £3.1m compared to £2.1m.The jump in EPS from 9.5p to 16.8p was aided by the tender offer and cancellation of 5m shares. The dividend is increased to 2.5p from 2p and reflecting the strong performance, a special dividend of 1p will be paid to shareholders on the register on 29 August 2025.

Hybridan Research: Northern Bear Plc (NTBR): Building Specialist Business

<ul>
<li>The beauty and well-being brand owner and manufacturer, reports interims to September 2025.</li>
<li>Revenue marginally increased by £0.1m to £27.2m with 15.4% growth to £2.2m in private labels resulting from new retailers and category expansion.</li>
<li>This was offset by a decline in contract manufacturing. </li>
</ul>


The beauty and well-being brand owner and manufacturer, reports interims to September 2025.
Revenue marginally increased by £0.1m to £27.2m with 15.4% growth to £2.2m in private labels resulting from new retailers and category expansion.
This was offset by a decline in contract manufacturing. 


Hybridan Small Cap Feast: 19 November 2025

United Kingdom

Northern Bear PLC is a holding company for a group of building services and materials companies based in the North East of England.

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Northern Bear (NTBR LN)

Hybridan Research: Northern Bear plc

The Interims to September 2025 exceeded expectations with a resilient underlying trading performance across all divisions helped by the ongoing...

Hybridan

Hybridan Monthly: November 2025

Wearing my unashamedly biased small-cap hat, I fear that those in power politically will look upon the success of these IPOs and wonder what we are...

Hybridan

Hybridan Research: Northern Bear plc (NTBR): Pleasant Surprises

Northern Bear PLC (NTBR) announced an update on trading yesterday. We have published research on this which is attached and a snapshot of the...

Hybridan

Hybridan Research: Northern Bear Plc (NTBR): Building Specialist Business

Strong finals to March 2025 are reported with a 13.7% increase in Revenue to £78.1m and a 42% increase in PBT of £3.1m compared to £2.1m. The jump...

Hybridan

Hybridan Small Cap Feast: 19 November 2025

Revenue marginally increased by £0.1m to £27.2m with 15.4% growth to £2.2m in private labels resulting from new retailers and category expansion.

Hybridan

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