Latest Extel results the best in Liberum's history

17 June 2014 | Mentions of Liberum

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Liberum Tuesday achieved its best results in its seven-year history in the latest Thomson Reuters Extel Survey results, the annual analyst surveys which rank broker and independent research based on the responses from more than 16,000 fund managers and institutional investors.

Liberum rose to second place in the key category: Leading Pan European brokerage firm - UK Small & Mid Caps. In 2013, Liberum ranked fifth.

Both Liberum’s Support Services and Chemicals research teams maintained number one positions in the survey, headed up by Joe Brent and Adam Collins, respectively. Andrew Whittock’s Oil & Gas team jumped from fifth last year to the number one spot in the 2014 survey.

Its Alternative Investment Funds Sales and Research teams achieved number one positions too, with James Bouverat voted into the top slot in the Specialist Sales category.

Joe Brent

Joe Brent, Liberum's Head of Research

Liberum’s research teams also ranked in the top three in four other sectors, including Capital Goods (3rd), Construction (2nd), Real Estate (3rd) and Transport and Logistics (3rd). 

Joe Brent, Head of Research at Liberum, was also the highest ranked research analyst in the UK Small & Mid Caps category, retaining his position along with Liberum’s Support Services analyst, William Shirley, in second place.

The trading execution team also jumped nine places, up to third. 

“One of Liberum’s ambitions is to change the game in equity analysis and improve on our already excellent research offering," Simon Stilwell, Liberum CEO, said Tuesday. 

Simon Stillwell

Simon Stilwell, Liberum CEO

“Powerful information and analysis is at the heart of what Liberum does," he added. "Today’s survey results prove that Liberum’s research teams understand the need for simple and influential analysis that meets client requirements head on.

“I am proud of Liberum’s performance in the investment community and I am confident that we can improve on these in years to come.”


Liberum is an independently-owned pan European investment bank. The firm’s core activities are research, sales and trading in large, small & mid cap pan-European equities, as well as investment banking and advisory services including IPOs, secondary issues and mergers and acquisitions. 

  • Liberum’s team of 35 research analysts cover more than 300 European stocks across 16 sectors, representing 80% of the FTSE 100 and 50% of the FTSE 250
  • The firm is broker to 67 listed companies across 15 sectors. In 2014 Liberum has raised £1.2bn for its corporate clients; with syndicates it has raised £12.3bn in the past six years
  • The firm was established in 2007, and employs 160 people in London and New York

Follow or Contact Liberum

Twitter: @LiberumToday

LinkedIn: Liberum 

Katherine Burgdorf, Institutional Account Management
+44 (0)20 3100 2235

Adam Smallman, Head of Content
+44 (0)20 3100 2177

Press Enquiries: Redleaf Polhill

Emma Kane 
George Parrett
Karl Wiseman 

+44 (0)20 7382 4747

GAME Digital in £121m IPO, Liberum is bookrunner

06 June 2014 | Advisory Work, IPO

GAME Digital (Ticker: GMD LN), the leading omni-channel specialist retailer of video games in the UK and Spain, successfully priced its IPO and subsequent listing June 6, 2014 on the Premium segment of the Official List and Main Market of the London Stock Exchange.

Liberum was Joint Bookrunner on the IPO priced at 200 pence a share and which raised £121 million, resulting in a market capitalisation of £340 million.  GAME Digital plc will have a free-float of 35.5% with funds managed by Elliott Advisers retaining the majority of the balance.  

GAME Digital provides customers with a one-stop shop for video games, consoles and content through stores, online and mobile channels, allowing them to shop anytime, anywhere.

“GAME Digital is a profitable and cash generative business with a great team, strong supplier partnerships and exciting digital growth opportunities," Martyn Gibbs, Chief Executive Officer, said. "These fundamentals have enabled us to attract high quality investors who we welcome into our business."

Company website >>

Investment Banking: Peter Tracey, Christopher Britton

Research: Sanjay Vidyarthi and Adam Tomlinson

Sales: Jeremy McKeown

Equity Capital Markets: David Parsons

Contact: Emma Kane/George Parrett at Redleaf Polhill +44 (0) 20 7382 4747

Email them at

What OPEC told Liberum clients about US shale oil and crude prices

15 May 2014 | Mentions of Liberum

US shale oil output will fall from 2018 and isn’t the balm to high global oil prices that some might hope for, the Secretary General of the Organization of the Petroleum Exporting Countries, Abdalla Salem El-Badri, told clients of Liberum in a recent exclusive meeting in London.

Click on the image below to read a full report in OPEC’s Bulletin of this and other areas of discussion >>

OPEC Interview

“Tight oil is another source of supply and it can help relax the oil market a little. But it is not a revolution. There is a lot of exaggeration about tight oil’s potential,” he told an 80-strong audience of oil and gas investors, company executives, lawyers and investor relations executives.

“The danger about exaggerating this potential, especially in the US, is that other countries might then tend not to invest in future capacity expansion,” he said. The consequences could be a future supply shortage.

Below: OPEC's Secretary General (foreground) with Liberum's Adam Smallman


US output of shale oil  - also known as tight oil -  is expected to reach about 3.9 million barrels a day by 2018 if 5m b/d of natural gas liquids are included. “But from 2018, output will decline,” Mr El-Badri added, citing OPEC’s World Oil Outlook.

A vigorous question-and-answer session with Liberum’s guests and event host Adam Smallman, Liberum's Head of Content, saw the Secretary General say that both producers and consumers were comfortable with crude prices around $100-$110 a barrel. “We are not looking for the two extremes in oil prices,” he said after the world had experienced three years of price stability. “This is because the extreme of higher prices at the end of the day will affect demand. And if demand is affected, then our business will be affected.”

Extreme low prices, in turn, can encourage high consumption and deter investment, he added.

Follow or Contact Liberum

Twitter: @LiberumToday

LinkedIn: Liberum 

Adam Smallman, Head of Content
+44 (0)20 3100 2177

Press Enquiries: Redleaf Polhill

Emma Kane 
George Parrett
Karl Wiseman 

+44 (0)20 7382 4747


Flybe names first Bombardier Q400 'Spirit of Liberum'

14 April 2014 | Mentions of Liberum

Flybe Group plc, Europe's largest regional airline, has named its first Bombardier Q400 aircraft the 'Spirit of Liberum' as it unveils its brand refresh and re-invigorated product and service offering.

"This brand refresh is a significant moment in Flybe Group¹s corporate history. It marks Flybe¹s return to growth with a reinvigorated product and service offering and a modernised look and feel," Saad Hammad, Chief Executive of Flybe Group, said. 

“Liberum's support and positive approach has been a constant during our turnaround and has been appreciated by everyone at Flybe. It is wonderful that we have an opportunity to recognise their contribution by naming our inaugural purple livery aircraft "Spirit of Liberum".

This not only celebrates our future as Europe’s leading independent regional airline, but also marks the start of an exciting journey ahead. Viva Flybe!"

Below: Saad Hammad, Flybe CEO

Flybe Spirit Of Liberum

Simon Stilwell, Liberum Chief Executive, added: "The Liberum team has worked closely with Saad and his team during Flybe’s turnaround.  It is therefore a great honour that their inaugural plane in its new purple livery bears our name.

“We believe that at the heart of Liberum's success is our independence, entrepreneurial spirit and ability to work in partnership with our clients.  Flybe's business encapsulates that spirit and we are delighted to continue our support and be part of their future in this way."

Contact: Emma Kane/George Parrett at Redleaf Polhill +44 (0) 20 7382 4747

Email them at

Liberum Sole Broker, Bookrunner in £20m placing for Real Estate Investors

11 April 2014 | Corporate Brokerships

Liberum acted as Sole Broker and Bookrunner for West Midlands-based property group Real Estate Investors plc (AIM:RLE), in a placing of 40,000,000 new Ordinary Shares at a price of 50 pence per Ordinary Share, raising gross proceeds of £20 million from institutional and other investors.

Real Estate Investors

The proceeds will be used to provide additional resources to capitalise on acquisition opportunities in the West Midlands property market.

Company website >>

Liberum Investment Banking: Chris Bowman and Jamie Richards on +44 (0) 20 3100 2222

Real Estate Research Analyst: Jon Stewart

Sales: Julian Collett

Corporate access: Regan Connor

The Liberum Chemicals and Consumer Ingredients Growth Conference

07 April 2014 | Events

Liberum has assembled an eclectic mix of companies with strong market positions and growth potential for its second annual Chemicals and Consumer Ingredients Growth Conference which takes place in London on the afternoon of 12 June 2014. The event is for Liberum’s institutional clients.

Mail Jenni Herbert >>, our corporate access manager, if you’re an institutional investor interesting in attending.

Here are short profiles of the companies attending and details on who will represent them. 

Chem Conference CRODA 

Croda PLC, CFO + Head of Coatings/Polymers. Croda  is a producer of chemicals, primarily from natural ingredients, for use in cosmetics, healthcare, cropcare and industrial markets – markets with an above average blended growth rate through the cycle of around  4-5%. The business also has a fairly defensive track record due to a wide number of products, a wide number of customers, products that usually account for a low percentage of customer product cost and stable consumer end markets. Our guest speakers are well placed to comment on the M&A strategy and the potential for cyclical recovery in the Coatings/Polymers activities. 

Website >>

Chem Conference PURECIRCLE

PureCircle PLC, CFO. PureCircle is the world's #1 in high purity stevia sweeteners for food and beverages with an 80%+ share. It has grown sales 10-fold to $100m since 2007 and should approach full current capacity ($250-300m sales) in the next 2-3 yrs.  Stevia is the only natural, zero calorie sweetener viable for large scale production and growth is being driven by the focus to reduce sugar contents of food & drinks.  PureCircle has supply agreements with all the major F&B companies (Coca Cola, Pepsi, Nestle etc). 


Chem Conference SYMRISE

Symrise AG, Head of IR. Symrise is the world’s fourth largest supplier of Flavour and Fragrance (F&F) Ingredients with a global share of 11% and is also niche cosmetic and healthcare ingredient supplier. Based in Holzminden, Germany the Group has been a public company since 2006, since which it has enjoyed a stable CAGR in sales and EBITDA of around 6%. The F&F sector is a very defensive and cash generative sector. Compared to its peers Symrise is particularly strong in vanilla, onion and menthol and leads the way in terms of its share of revenues from Emerging markets.

Website >>

Chem Conference AIR LIQUIDE

Air Liquide, Head of IR. Air Liquide has a leading c22% share of the €65bn Global Industrial Gases sector including oxygen, nitrogen, hydrogen and specialty gases. It is Global co-leader in Medical and Electronic gases and Europe’s leading supplier of hydrogen to oil refineries and number 3 in North America to the same. Historically it has the most defensive track record of the Big 4 industrial gas companies reflecting a bigger share of Revenues from Tonnage customers (on take and pay contracts) + Healthcare than any of its principal peers.

Website >>

Chem Conference ALENT

Alent PLC, CFO+Head of IR. Alentis a global supplier of specialty chemicals to the electronics, automotive and industrial sectors. The business was demerged from Cookson PLC in December 2012. Assembly Materials (Alpha) is a global supplier of solder and other interconnect materials principally used in phone and computer printed circuit boards and Surface Chemistries (Enthone) a global supplier of electroplating materials for the semiconductor, automotive and plumbing fittings sectors. The company is one of the most cash generative in the UK Specialty Chemicals Group yet trades at a 25% PE sector discount. 

Website >>

Chem Conference VELOCYS

Velocys PLC, CEO+CFO. Velocys,  previously called Oxford Catalysts,supplies catalysts and reactors for small/medium scale gas-to-liquids (GTL) plants. According to the company, the capital and operating costs of its systems are competitive  thanks to the deployment of its compact microchannel FT reactors and super-active catalysts. The USA shale oil sector is a key target as many liquid rich fields have low cost ‘byproduct’ methane. The CEO is an eloquent advocate of his business and the economics of GTL.  

Website >>