Small Cap Feast

Small Cap Feast – 26 March 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 903

Total number of AIM Companies trading: 833*
* As at 22 March 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 89*

Total number of NEX Growth Market Companies trading: 87*
* As at 22 March 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 161*

Total number of Standard List Companies trading: 141*
* As at 22 March 2019

Dish of the Day:

No Joiners Today

Off the Menu:

Tax Systems plc (TAX.L) has left AIM after being acquired by Stripes Bidco Limited

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

US Solar Fund, a newly-established investment company focused on investing in solar power assets mainly in the US, looking to raise $250m at $1. Expected 16 April

Main Market (Standard)

Ferro-Alloy Resources Limited, the vanadium mining and mineral processing company focused on Southern Kazakhstan, has published a prospectus outlining its intention to join the Standard List. Raising £5.25m at 70p with market cap of £219m, expected 28 March

AIM

Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa  region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m.  Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%.

Techniplas –global  producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient.  FYDec17 rev $515m.

Breakfast Buffet

SolGold (SOLG.L) 38p £742.22m

The Board of SolGold wishes to inform shareholders of and update the market in respect of the Company’s project activities, corporate activities and relevant market circumstances.

Preliminary Economic Analysis (PEA) Phase 1 – update on timing for completion and release.

Formal documentation for SolGold’s announced bid for Cornerstone Capital Resources Inc is pending upon completion of translation into French language as required pursuant to applicable law. 

Cascabel site activity continues unabated with resource extension, geotechnical and hydro-geological drilling.

Exploration progress update for regional exploration projects in preparation.

Exploration and development initiatives by third parties continue to reduce perceived sovereign risks in Ecuador.

 

Synectics (SNX.L) 220p £37.37m

Synectics, a leader in the design, integration, control and management of advanced surveillance technology and networked security systems, announced that it has secured a new contract in the Gaming sector.

Synectics has been awarded a multi-million dollar contract from a new customer to provide its proprietary Synergy 3 software platform to replace the surveillance system in a large, established gaming property in Macau.

The initial phase of the project is expected to be delivered in this financial year, with potential for significant further revenue in the future.

Synectics’ performance in Gaming markets has been very strong in the last few years, and is expected to continue.

 

Personal Group (PGH.L) 337p £105.21m

Personal Group, a leading provider of employee services in the UK, announced its Preliminary Results for the year to 31 Dec 2018.

Group revenue increased by 22% to £55.3m (2017: £45.2m)

Adjusted EBITDA increased by 5.8% to £11.4m (2017: £10.8m)

PBT increased by 7.4% to £10.2m (2017: £9.5m)

EPS of 27.2p (2017: 26.9p)

Dividend increased by 1.3% to 23p

Strong balance sheet and no debt

Further year of strong new insurance sales, despite performance being impacted by GDPR

PG Let’s Connect revenue increased by 33%, with client numbers increasing by 36%

 

Pelatro (PTRO.L) 93.5p £29.28m

Pelatro, the global Multichannel Marketing Hub software specialist, announced its final results for the year ended 31 Dec 2018.

Revenue increased by 95% to $6.12m (2017: $3.15m)

Repeat revenue increased to $3.10m (2017: $0.62m)

Repeat revenue now accounts for 51% of revenues (2017: 20%)

Pre-exceptional EBITDA increased by 88% to $3.75m (2017: $2m)

Adjusted PBT increased by 73% to $3.1m (2017: $1.8m)

Adjusted EPS increased by 13% to 10.1c (2017: 8.9c)

Net cash as at 31 Dec 2018 $1.8m (2017: $3.1m)

Operating cash flow increased by 56% to $1.2m (2017: $0.75m)

 

Vianet (VNET.L) 121.5p £34.22m

Vianet, the international provider of actionable data and business insight through devices connected to its IoT platform, provided the following trading update ahead of the Group’s preliminary results for the year ended 31 March 2019.

Trading for the second half of the year has been largely as anticipated and, as a result, the Group’s full year profits will be in line with market expectations and ahead of last year’s outturn of £3.62m. As such, the Board intends to recommend a maintained final divi of 4p per share.

The Smart Machines division, including the successfully integrated Vendman business, continues to deliver strong growth in connected devices, with increased penetration helped by the transition of capital sales elements to a recurring sales model.  Whilst reduced capital sales suppresses short term financial performance, these strong contracted recurring revenues provide greater visibility and higher quality of future earnings.

 

Albert Technologies (ALB.L) 20.5p £21.4m

Albert Technologies announced its audited results for the year ended 31 Dec 2018. The Company has made continued progress in deploying Albert, the world’s first and only fully autonomous AI Marketing Platform. Supported by a growing number of enterprise clients and increased activity with top global agencies, the company expects continued growth in the coming year.

The Board reported 2018 financial results met its budget expectations

Revenues increased to $4.6m, an almost threefold increase on the $1.7m achieved in 2017

50% increase in average monthly revenue per customer, year on year

Adjusted EBITDA loss of $12.2m (2017: $11.4m)

Operating loss of $12.7m (2017: $11.8m)

Net cash of $15.4m at year end (2017: $11.1m), following successful fundraise of $16.8m, net, in June 2018

 

DP Poland (DPP.L) 8p £20.96m

DP Poland, through its wholly owned subsidiary DP Polska S.A, has the exclusive right to develop, operate and sub-franchise Domino’s Pizza stores in Poland announced Final results for the full year to 31 Dec 2018.

24% increase in System Sales1 to 72m PLN 2018 (58m PLN 2017)

6% like-for-like8 growth in System Sales 2018 on 2017, adjusting for delivery area splits9

18% growth in revenue to 60m PLN 2018 (50m PLN 2017)

85% increase in corporate store EBITDA

21% increase in commissary gross profit10

Group EBITDA loss (£1.92m) 2018, versus (£1.78m) 2017

Group loss for the period (£3.79m) 2018, versus (£2.63m) 2017

77% of delivery System Sales ordered online 2018 (75% 2017)

9 new stores opened in 2018, 3 further opened in 2019 to-date

66 stores open to-date, across 30 towns and cities

 

Boku (BOKU.L) 93.5p £199.5m

Boku, the independent direct carrier billing company, announced its final audited results for the year ended 31 Dec 2018.

Revenue up 45% to $35.3m (2017: $24.4m)

Adjusted EBITDA $6.3m vs. 2017 Adjusted EBITDA loss ($2.3m)

Reported Net loss of $4.3m down 85% (2017: $28.1m)

$32.3m Gross cash at year end (31 Dec 2017: $20.2m)

Monthly average cash balances of $24.4m (2017: $19.2m)

Total Payment Volume (TPV) doubled to over $3.6bn (2017: $1.7bn)

13.5 million Monthly Active Users (MAU) in Dec 2018 (Dec 2017: 8m)

70 new Boku Account connections for major customers such as Apple, Microsoft and Spotify (2017: 45)

Acquisition of mobile identity business, Danal Inc. on 1 Jan 2019

 

Fever-Tree (FEVR.L) 2,490p £2,951.5m

Fever-Tree, the supplier of premium carbonated mixers, announced its Preliminary Results for the year ended for 31 Dec 2018.

Revenue up 40% to £237.4m (2017: £170.2m)

Gross profit margin of 51.8% (2017: 53.5%)

Adjusted EBITDA of £78.6m (2017: £58.7m)

Profit after tax of £61.8m (2017: £45.5m)

Diluted EPS of 53.19p (2017: 39.15p)

Net cash at year end of £83.6m (2017: £50.9m)

Final divi of 10.28p per share recommended to shareholders, bringing the total divi for the year to 14.50p per share (2017: 10.65p per share)

 

STM Group (STM.L) 46.5p £27.62m

STM Group, the multi-jurisdictional financial services group, announced its audited final results for the 12 months ended 31 Dec 2018.

Revenue for the period £21.4m (2017: £21.5m)

Underlying revenue for the period of £20.5m (2017: £20.2m)

PBT for the period of £4m (2017: £4m).

Underlying PBT for the period of £3.7m (2017: £3.2m)

Underlying profit margins increased to 18% (2017: 16%)

Recurring revenue for 2018 of £16.3m representing 76% of total revenue (2017: 75%)

Final divi of 1.3p per ordinary share recommended (2017: 1.2p)

Strong balance sheet with net cash and cash equivalents of £15.6m (31 Dec 2017: £15.1m)

 

Head Chef:

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

*A corporate client of Hybridan LLP

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