Small Cap Feast

Small Cap Feast – 24 November 2016

Dish of the Day:

No AIM Joiners Today
No ISDX Growth Market Joiners Today

 

Off the Menu:

No AIM Leavers Today
No ISDX Growth Market Leavers Today

 

What’s Cooking in the IPO Kitchen?

Walls & Futures REIT-Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on
ISDX on 29 November

Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December.

Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive

surgery. Admission due 7 December. Fundraising details TBA.

 

Breakfast Buffet

Crossword Cybersecurity* (ISDX:CCS) 200p £4.8m

The ISDX listed technology commercialisation company focusing exclusively on the cyber security sector has previously announced a proposed £1.4m fundraising £1.9 to be supported by current shareholders, certain directors and new institutional investors. Proceeds to be applied to expanding sales and marketing activities to accelerate sales growth, developing new cybersecurity products based on university research and general working capital. Admission of the shares is due today.

 

IronRidge Resources (IRR.L) 16.25p £38.45m

IronRidge has announced the acquisition of a highly prospective gold portfolio over Province Scale gold mineralised structures within Ivory Coast, West Africa. Access rights secured via Earn-In Agreements to six tenements covering a total of 2,310km sq. Tenements located on province scale structures along strike from multi- million ounce gold mines and defined deposits. Can earn up to 100% of various projects via an earn in. All projects are well serviced, with an extensive bitumen road network, well established cellular network and good high-voltage transmission line network.

 

Imaginatik (IMTK.L) 1.62p £2.47m

Trading update from the Innovation company for H1 Sep16. The Company expects to report a significantly reduced loss after tax of £0.26m (2015: £0.41m). Approximately half of the loss is attributable to adverse foreign exchange movements arising as a result of the strong US dollar. Recognised revenues expected to be approximately £1.84m for the period (2015: £1.96m) with overall bookings of £1.95m (2015: £2.25m). This contains a number of multi-year contract renewals, which provide the Company with a good level of cash flow into H2. 4 new customers.

 

Inqo Investments (ISDX:INQO) £10.4m 89.5p

H1Aug16 results from the South African based social impact company. Since Oct 2014 Inqo has negotiated loan settlements with its two institutional lenders that at have resulted in a R30m interest saving. PAT of R6,989,880 (August 2015 six month period: Loss of R3,035,766) equating to R0.60 per share with revenues of R5,324,300, a rise of 65%. Inqo expects to continue to benefit from the improved trading at Kuzuko Lodge while first revenues from its Bee Sweet Honey investment will accrue in the 2017/8 year.

 

MS International (MSI.L) 163.5p £27.4m

MSI has 3 arms. Defence, Forgings and Petrol Station Superstructures. H1 Oct 16 results. PBT increased to £0.61m (2015 – £0.40m) on an uplift in revenue to £25.00m (2015 – £23.98m). EPS amounted to 3.3p (2015 – 2.4p). The balance sheet remains robust with net cash and short term deposits of £9.76m (£12.8m). This has been maintained notwithstanding the cash impact of costs relating to the strategically important construction, together with first phase equipping, of a new substantial fork-arm manufacturing plant in the US. No forecasts in the market.

 

SCICYS (SSY.L) £31.24m 107.5p £31.24m

The supplier of bespoke software systems, IT based solutions and support services to the media, broadcast, space, government, defence and commercial sectors, has announced the conditional acquisition of ANNOVA Systems, a provider of media software solutions, based in Munich. Max consideration of €267.8m including €11.4m upfront funded by Deutsche Bank. FYDEC15 ANNOVA rev of €7.5m, EBIT €1.1m. Expected to be strongly earnings enhancing from 2017 onwards. FYDec16E PE 13x. 

 

Hornby (HRN.L) 31.25p £26.4m

HYSep16 results from the international hobby products Group. Group revenue of £21.9 million (2015: £22.3 million). Underlying Group loss of £3.6 million (2015: loss of £3.4 million). Refinanced in July via £8m equity raise. ‘The current financial year is a period of transition for the Group as we reshape and streamline the business. As previously announced, this is expected to result in full year revenue reducing significantly year on year.’ FYMar17E £44.1m rev.  PBT loss of £6.3m improving to £1m profit in FY18E.

Mirada (MIRA.L) 4.87p £6.78m

HYSep16 results from the audio-visual content interaction specialist. This was a key period for the Company, which saw the deployment of Mirada’s full Iris Inspire platform over the five cable networks of Izzi, the telecom branch of the Televisa Group. Over 525k set top boxes deployed so far. This deployment has allowed the Group to significantly improve its financial sustainability. Revenue up 23% to £2.78m. Adjusted EBITD A loss of £0.01m (£0.18m profit) predominantly due to increased sales, marketing and operational activities. No forecasts in the market.

 

Quixant (QXT.L) 290p £189.56m

FYDec16 trading update from provider of innovative, highly engineered technology products principally to the global    gaming industry. Progress has accelerated in Increased demand for Quixant’s computer platforms for the gaming industry was evident from several   customers. The Board now anticipates that total revenue for the will be not less than $86m and profit will be ahead of market expectations (FY16E PBT

Sigma Capital Group (SGM.L) 73.5p £65.12m

The private rented sector specialist, has announced the completion and letting of its 1,000th rental home. This milestone event takes the gross development cost of the H2. New homes completed by Sigma’s PRS platform to £120m since construction commenced in December 2014. The rental income stream from these new homes is in excess of £8.0m per year annum. FY17E only looking for £7.57m.  Also announced the completion of its first self

Head Chef:

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

*A corporate client of Hybridan LLP

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