Welcome to our new product “Friday Takeaway”
This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to help raise awareness
Friday Takeaway from UK Small Caps
This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to help raise awareness
25th July 2025
Alphabetically arranged
Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
Trading updates from these marketing companies suggest that corporate confidence might be improving
AEO Evidently Better
SAL Data Driven
Aeorema Communications 57.00p £5.86m (AEO.L)
Last Reported in Friday Takeway, 28 March 2025 at 45p
Financial Calendar:
(New) Year End December, (Old) year end to 30 June 2024 reported 11 November 2024, (Old YE) Interims to December 2024 reported 26 March 2025
Top Three Shareholders:
The Hale Agency Superannuation Fund & Mr Hale 20.07%, Brian Geary 8.31%, Steve Quah 7.44%
Key Investment Points:
New Clients, Global Opportunities, Dividend Paying, and Cash for Buy Backs
The strategic communications Company updated on 21 July on trading for FY June 2025, with comparative figures of the financial year ended 30 June 2024. The year end is in the process of being changed to December and unaudited interim results for the 12 months ended 30 June 2025 will be published by 30 September 2025, followed by an audited 18-month report to December 2025 which will be published before the end June 2026.
The revenue and profit are set to be at the upper end of expectations for the 12-month period. Revenue of no less than £20.4m is slightly ahead of the comparable £20.3m. The profit before tax of no less than £360,000 is 17 % lower than FY2024. The cash is £4.1m and is £1m higher than June 2024, allowing the 3p dividend to be maintained and there is permission to buy back up to 5% of the shares. The cost reduction and resource rebalancing programme is progressing and improving profit margins is a key priority.
The Group provides bespoke event services; comprising live, virtual, and hybrid experiences to an established international blue-chip client base spanning a broad range of sectors; including finance, professional services, advertising, IT, gaming, fashion, fintech, and beverages. A key event is the annual Cannes Lions International Festival of Creativity 2025, with many clients confirming renewals for 2026. There are new global opportunities emerging for other global events like CES in Las Vegas, Davos Switzerland, Art Basel Miami and SXSW Austin Texas and so expanding the commercial footprint and client base.
Hybridan Comment: The shares have increased 26% since our comments in March and are on, we calculate, a P/E of 21x for the 12 months to June 2025. Assuming the 3p dividend is maintained, this would give a 5.2% dividend yield; the valuation is beginning to reflect the medium-term opportunity.
SpaceandPeople 155.00p £3.03m (SAL.L)
Last Reported in Friday Takeway, 25 April 2025 at 107.5p
Financial Calendar:
Year End December, Finals reported 14 April 2025, Interim results to June expected the week commencing 15th September
Three Main Shareholders:
JR Barker 12 .5%, AV Stirling 8.1%, A Stocks 6.8%
Key Investment Points:
Renewed five-year contracts, Absolute Intelligence, Low P/E
The brand and experience, retail, and promotional specialist reported strong Interim Trading to June 2025, particularly in the UK brand experience sector. The Company reported a 27.6% increase in revenue to £3.7m after investing in increased capacity and in innovating and improving warehousing and operational efficiencies. Despite the increased costs, H1 2025 is set to be at break-even compared to an H1 2024 loss of £0.2m. As a result, the Company now anticipates full year revenue for December 2025 will be approximately £8.3m, with profit before taxation of around £0.5m (2024: £0.23m). The June 2025 net cash of £0.75m compares to a negative £0.4m position in the prior period.
The renewal of the Network Rail five-year contract allows it to market and sell some of the highest profile UK sites including London Waterloo, London King's Cross, and London Victoria. It also announced an extension of its relationship with ECE in Germany with a five-year contract renewal for exclusive access to installing retail units into a total of 59 ECE owned and managed shopping centres. SpaceandPeople is focused on flexible solutions to enable new products and services to make use of the spaces and claims to have the highest footfall venues across the UK and Germany.
The new CORE insights database has been launched which is a real time database, emanating from venues across the UK; enabling promoters and retailers to assess the results that they can expect from a campaign - be it the number of samples they can expect to distribute at any location or the sales that their product category typically achieves in a venue. This CORE database is unique and market leading which alongside extensive demographic and footfall data, provides space buyers with absolute intelligence about the quality of the sites.Hybridan Comment: Despite a 45% share price increase since our last comment in April, the Prospective P/E of 6x for FY December 2025 does not seem overvalued.
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