Small Cap Feast

Small Cap Feast – 07 October 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 878

Total number of AIM Companies trading: 796*
* As at 01 October

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 88*

Total number of NEX Growth Market Companies trading: 86*
* As at 01 October

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 165*

Total number of Standard List Companies trading: 143*
* As at 01 October

Dish of the Day:

No Joiners Today

Off the Menu:

Stride Gaming (STR) –  has delisted  due to being acquired by Rank Group at 151p per share.

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market Standard
Kaspi.kz, the largest Payments, Marketplace and Fintech Ecosystem in Kazakhstan with a leading market share in each of its key products and services. GDR offering expected Oct 2019. In the first half of 2019, the Company generated total revenue of KZT226,862m (U.S. $598m), up 34% and net income of KZT77,001m (U.S. $203m), up 54%.
Main Market premium
Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn

Breakfast Buffet

Petards Group* (PEG) 15p £8.62m

Petardshas been awarded a contract to supply Bombardier Transportation with Petards eyeTrain syste ms. The new contract, which is worth £1.3m is for the supply of Petards eyeTrain systems to be fitted to BOMBARDIER ELECTROSTARTM Electric al Multiple Unit (EMU) trains as part of an upgrade programme with train owner Porterbrook and train operator Govia Thameslink Railway (GTR). The upgrade will further enhance the ELECTROSTAR’S video and data collection capability through the addition of the Petards eyeTrain Forward Facing CCTV, Track Debris/ Third Rail Camera and Digital Video Recording (DVR) systems.   Activities will commence immediately with the first equipment deliveries starting early 2020 and it is expected that the deliveries will be completed in 2021.

Argentex Group (AGFX) 150p £158.5

Argentex Group, the recently listed provider of foreign exchange services to institutions, corporates and high net worth private individuals, today issues a Trading Update for the first half of the financial year ending 30 September 2019.   Argentex continued to build on its strong track record of growth during the period, generating revenues of £9.3m from 25 June 2019 to 30 September 2019, the period since the Group’s admission to the AIM market of the London Stock Exchange. Underlying revenues for Argentex LLP, the Group’s FCA regulated trading subsidiary, for the full sixmonth period to 30 September 2019 were £13.8m, an increase of 45% compared to Argentex LLP’s H1 2018 results (£9.5m).

Crossword Cybersec* (CCS) 410p £20.6m

Crossword Cybersecurity note that two Senior team members are included in this year’s Evening Standard Progress 1000 – their list of the 1000 most influential people in London. The Progress 1000, in partnership with the global bank Citi, is the Evening Standard’s celebration of the people changing London’s future for the better. Both CEO, Tom Ilube CBE and Senior Adviser, Professor Nick Jennings are included in the list. Both influencers have made the Cyber Security list, a subset of the Progress 1000 aimed at those having particular influence in Technology and Cyber Security.

Steppe Cement (STCM) 27.5p £64m

Market Update for the Third Quarter ended 30 September 2019 Third quarter 2019 revenue of KZT 10,560m was 10% lower than revenue of KZT 11,696m achieved in the corresponding quarter in 2018.  For the 9 months ended 30 September 2019, Steppe Cement Ltd recorded revenue of KZT 24,639m compared with KZT 22,416m in the corresponding 9-month period in 2018, representing a 10% increase. A sales volume of 576,692 tonnes was achieved during the third quarter, an 11% decrease from the third quarter of 2018 due to prioritising price vs volume in the third quarter.  For the first 9 -months of 2019, the sales volume decreased by 2% to 1,357,007 tonnes from 1,386,989 tonnes in the corresponding 9-month period in 2018.

Intercede Group (IGP) 23.4p £16.66m

Trading update: Intercede, the leading specialist in digital identity, credential management and secure mobility, reports further good progress following last year’s return to profit. Revenues for the six months ended 30 September 2019 are approximately 5% higher than last year. This is in line with expectations and reflects a strong end to the half with orders received from both new and existing customers resulting in revenues of £4.4m (2018: £4.2m). They also report that continued tight cost control has resulted in a positive operating cashflow during the period with cash balances as at 30 September 2019 totalling £5.2m compared to £3.2m as at 31 March 2019.

TP Group (TPG) 6.75p £50m

TP Group, the providers of mission-critical solutions for a more secure world, announces that it has been appointed as a key part of the team which has won the Ministry of Defence Skynet Client Side Support contract.  This arrangement has been confirmed with the issue of the first task orders, with a committed value of £1.5million to be delivered over the next 12 months. Working with the prime contractor for CSS, PA Consulting, TP Group is providing technical assurance, approvals, analysis and cost estimation expertise to the third largest acquisition project in MOD. The full CSS contract is planned to last for 5 years and has an advertised value of £150m.

CEPS (CEPS) 28.5p £4.84m

CEPS announces that its subsidiary company, Signature Fabrics Limited, has acquired 90 per cent of the issued share capital of a newly incorporated company, Milano International Holdings Limited, which has been formed to acquire 100 per cent of the issued share capital of Milano International Limited, trading as Milano Pro Sport, for a consideration of £1,850,000. Milano was established in 1996 and is based in Preston, Lancashire.  The company is one of the leading providers in the design and manufacture of athletic and gymnastic leotards and costumes.   Milano FY May 18 : sales were £1,683,570, EBITDA was £110,462 and profit before taxation was £92,881.  EBITDA reflects significant one-off costs to the business during that reporting period.

Ramsdens Holdings (RFX) 195p £60m

Ramsdens announced that it has continued to trade well and that the Group’s profit performance has been in line with the Board’s expectations during the six months ended 30 September 2019. This outcome again reflects the strength of the Group’s business model and diversified income streams. In addition to this good trading performance, during the first half, Ramsdens’ management took the decision to scrap some of the Group’s slowermoving jewellery stock to take advantage of a relatively high gold price.  As a result, the Group will report an additional, nonrecurring gross profit of approximately £600,000 in its first half results.

Totally PLC (TLY) 9.45p £16.5m

Totally, the provider of a range of services to the healthcare sector in the UK, announced two contract extensions, worth a total of c. £16.6m, awarded to its wholly-owned subsidiary Vocare Limited, one of the UK’s leading national specialist providers of urgent care services.

genedrive (GDR) 17.5p £6m

Full ethics approval from the NHS Health Research Authority and ethics committee has been received for the use of the Company’s Antibiotic Induced Hearing (AIHL) test in hospital trials for clinical validation. The Company believes that this represents the world’s first ethical approval  for a point of care genetic test used to influence neonatal management in an acute setting.

Head Chef:

Derren Nathan
0203 764 2344
derren.nathan@hybridan.com

*A corporate client of Hybridan LLP

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