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>Anpario 495p £97.83m (ANP.L) The independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity, provided the following trading update for the year ended 31 December 2025.</li>
<li>Revenue of approximately £47.1m (up 23% YoY, 2024: £38.2m), Adjusted EBITDA expected to be not less than £9.4m (2024: £7.0m) and net cash as at 31 December 2025 of £12.4m (31 December 2024: £10.5m).</li>
<li>The Company expects adjusted EBITDA to be ahead of current market expectations and not less than £9.4m (2024: £7.0m) and to publish its FY 2025 results on or around 31 March.</li>
</ul>


Anpario 495p £97.83m (ANP.L) The independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity, provided the following trading update for the year ended 31 December 2025.
Revenue of approximately £47.1m (up 23% YoY, 2024: £38.2m), Adjusted EBITDA expected to be not less than £9.4m (2024: £7.0m) and net cash as at 31 December 2025 of £12.4m (31 December 2024: £10.5m).
The Company expects adjusted EBITDA to be ahead of current market expectations and not less than £9.4m (2024: £7.0m) and to publish its FY 2025 results on or around 31 March.


Surface Transforms PLC - Hybridan Small Cap Feast: 19 January 2026

<ul>
<li>The specialist in currency risk management and alternative banking, reports finals to December 2024.</li>
<li>Its revenue is £50.3m up from £49.9m, with growth in the number of clients offset by a reduction in average spend.</li>
<li>The EBITDA margin of 8% is ahead of previous expectations and operating loss of £0.2m compared to an operating profit of £8.1m. </li>
</ul>


The specialist in currency risk management and alternative banking, reports finals to December 2024.
Its revenue is £50.3m up from £49.9m, with growth in the number of clients offset by a reduction in average spend.
The EBITDA margin of 8% is ahead of previous expectations and operating loss of £0.2m compared to an operating profit of £8.1m. 


Surface Transforms PLC - Duplicate of Hybridan Small Cap Feast: 02/04/2025

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.

<ul><li>Interim results released on 30 September showed revenue up 58%.</li><li>The loss before tax widened to £7.6m from £5.6m 1H23.</li><li>Operationally, the volume ramp-up is continuing but at a rate below target, with yields improving (but also below target), and ongoing downstream process problems.</li></ul>

Interim results released on 30 September showed revenue up 58%.The loss before tax widened to £7.6m from £5.6m 1H23.Operationally, the volume ramp-up is continuing but at a rate below target, with yields improving (but also below target), and ongoing downstream process problems.

Surface Transforms (SCE): Estimates suspended

<ul>
<li>SCE is delivering its £390m order book but still faces headwinds.</li>
<li>It is knocking down the obstacles, giving detailed explanation of progress, and, indeed, output has been consistently good since late June.</li>
<li>Clearly, this is not as early as hoped.</li>
</ul>


SCE is delivering its £390m order book but still faces headwinds.
It is knocking down the obstacles, giving detailed explanation of progress, and, indeed, output has been consistently good since late June.
Clearly, this is not as early as hoped.


Surface Transforms (SCE): Pre-close trading, AGM and prospects

<ul>
<li>Surface Transforms (SCE) has announced the raising of £6.5m new equity and is launching an Open Offer to shareholders.</li>
<li>It is raising capacity and quarterly revenue but has needed to address the two sets of production constraints it faced: scrappage and process-line pinch points.</li>
<li>Pinch points have been much reduced through capital expenditure and expert maintenance teams.</li>
</ul>


Surface Transforms (SCE) has announced the raising of £6.5m new equity and is launching an Open Offer to shareholders.
It is raising capacity and quarterly revenue but has needed to address the two sets of production constraints it faced: scrappage and process-line pinch points.
Pinch points have been much reduced through capital expenditure and expert maintenance teams.


United Kingdom

Surface Transforms PLC develops, manufactures, and markets carbon-ceramic products for the brakes market, offering carbon-ceramic brake discs for automotive and aircraft applications. The company utilizes proprietary next-generation carbon-ceramic material to create lightweight brake discs for high-performance vehicles. Surface Transforms was founded in 1992 and is headquartered in Liverpool, United Kingdom.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Surface Transforms (SCE LN)

Surface Transforms PLC - Hybridan Small Cap Feast: 19 January 2026

Anpario 495p £97.83m (ANP.L) The independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity

Hybridan

Surface Transforms PLC - Duplicate of Hybridan Small Cap Feast: 02/04/2025

The EBITDA margin of 8% is ahead of previous expectations and operating loss of £0.2m compared to an operating profit of £8.1m.

Hybridan

Surface Transforms (SCE): Estimates suspended

Interim results released on 30 September showed revenue up 58%. The loss before tax widened to £7.6m from £5.6m 1H23. Operationally, the volume...

Hardman & Co

Surface Transforms (SCE): Pre-close trading, AGM and prospects

SCE is delivering its £390m order book but still faces headwinds. It is knocking down the obstacles, giving detailed explanation of progress, and,...

Hardman & Co

Surface Transforms (SCE): Open Offer

Surface Transforms (SCE) has announced the raising of £6.5m new equity and is launching an Open Offer to shareholders. It is raising capacity and...

Hardman & Co

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)