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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>Petards Defence has over 70 years' experience working with the UK MOD and its prime contractors.</li>
<li>Having supplied and supported many equipment types over its long history, it is uniquely placed to provide the critical range of specialist skills required by the defence sector to support the equipment used by the UK’s armed forces.</li>
<li>It has established a strong reputation for being a responsive, flexible and reliable partner in delivering challenging military programmes.</li>
</ul>


Petards Defence has over 70 years' experience working with the UK MOD and its prime contractors.
Having supplied and supported many equipment types over its long history, it is uniquely placed to provide the critical range of specialist skills required by the defence sector to support the equipment used by the UK’s armed forces.
It has established a strong reputation for being a responsive, flexible and reliable partner in delivering challenging military programmes.


Hybridan Research: Petards Group plc: 2026 Pipeline Advances

<ul>
<li>The European fintech fund announces its unaudited Half Year Results for the six months ended 30 September.</li>
<li>The Company currently trades at an approximately 45% discount to the NAV per share after the performance fee of 159.5p.</li>
<li>Cash reserves with no debt was £22.4m, down from £29.3m on 31 March 2025. </li>
</ul>


The European fintech fund announces its unaudited Half Year Results for the six months ended 30 September.
The Company currently trades at an approximately 45% discount to the NAV per share after the performance fee of 159.5p.
Cash reserves with no debt was £22.4m, down from £29.3m on 31 March 2025. 


Hybridan Small Cap Feast: 2 December 2025

<ul>
<li>The developer of advanced security, communication and surveillance systems announces a contract extension.</li>
<li>The extension worth £0.65m is with the Ministry of Defence for the continued support of Royal Air Force communication infrastructure.</li>
<li>The three-year extension to November 2028 increases the earnings visibility and adds to the defence services order book. </li>
</ul>


The developer of advanced security, communication and surveillance systems announces a contract extension.
The extension worth £0.65m is with the Ministry of Defence for the continued support of Royal Air Force communication infrastructure.
The three-year extension to November 2028 increases the earnings visibility and adds to the defence services order book. 


Hybridan Research in Brief: 21 November: Petards Group plc (PEG.L): Ministry of Defence Contract Extension

<ul>
<li>Petards Group PLC (PEG) announced it’s interim results for the half year ended 30 June 2025.</li>
<li>We have published research on this which is attached and a snapshot of the research is below.</li>
<li>The Affini acquisition, the third acquisition since 2016, has had a strong positive impact on the Interims results to June 2025, while the other divisions achieved either higher or similar revenues to last year.</li>
</ul>


Petards Group PLC (PEG) announced it’s interim results for the half year ended 30 June 2025.
We have published research on this which is attached and a snapshot of the research is below.
The Affini acquisition, the third acquisition since 2016, has had a strong positive impact on the Interims results to June 2025, while the other divisions achieved either higher or similar revenues to last year.


Hybridan Research: Petards Group plc: Positive Progress to a Re-rating

<ul>
<li>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.</li>
<li>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.</li>
<li>Non-dilutive progress is being made with this acquisition in diversifying the core rail division with complementary businesses.</li>
</ul>


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.


Hybridan Research: Petards Group plc: Poised for Progress

United Kingdom

Petards Group PLC designs and provides a range of electronic and security products and systems. The company supplies customers in central and local government, as well as in the commercial sector and commercial customers, primarily in the United Kingdom. Petards Group PLC operates through two principal subsidiaries, Petards Datax and Petards International.

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Petards Group (PEG LN)

Hybridan Research: Petards Group plc: 2026 Pipeline Advances

Having supplied and supported many equipment types over its long history, it is uniquely placed to provide the critical range of specialist skills...

Hybridan

Hybridan Small Cap Feast: 2 December 2025

The European fintech fund announces its unaudited Half Year Results for the six months ended 30 September. The Company currently trades at an...

Hybridan

Hybridan Research in Brief: 21 November: Petards Group plc (PEG.L): Ministry of Defence Contract Extension

The extension worth £0.65m is with the Ministry of Defence for the continued support of Royal Air Force communication infrastructure.

Hybridan

Hybridan Research: Petards Group plc: Positive Progress to a Re-rating

Petards Group PLC (PEG) announced it’s interim results for the half year ended 30 June 2025. We have published research on this which is attached...

Hybridan

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...

Hybridan

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