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
3rd October 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.
These companies are on the edge of revenue break-out
AURR Handling Growth
GENI Testing Patience
Aurrigo International 44.00p £39.32m (AURR.L)
Financial Calendar:
Year End December, reported 19 May, Interims to June, reported 29 September
Three Main Shareholders:
David Keene 17.98% (Director), Graham Keene 17.98% (Director), Octopus Investment Ltd 15.14%
Key Investment Points:
Opportunity Pipeline, Improving Gross Margin, Recent £14m funding
On the 29 September, the Interims to June 2025 were reported by this designer of electric automated transport technology and software used by the Automotive industry and airports. Revenue was 10% lower at £3.5m with a divergence of performance for the two divisions. Revenue at the automotive division (specialist components for electric vehicles) was affected by production volatility, while rising star the Autonomous division revenues increased 41% to £1.1m. The increase is being driven by trial deployments and contracts progressing to larger orders. The gross margin improved to 42.3% from 35.0%, reflecting the increasing contribution from the higher margin autonomous division.
The adjusted EBITDA loss was £1.6m compared to £1.2m in the prior year as investment continues in the technical and delivery teams. The operating loss was £2.1m against £1.56m and net cash at June was £1.8m. Since then, in August 2025, £14.1m was raised at 45p to scale production, push forward with product development, build the team and relocate to lager facilities to support the ramp-up of the Autonomous projects.
The Autonomous projects have leapt forward with a strategic partnership with Swissport for three years. Swissport is the world's largest airport ground-handling and cargo services provider, with access to over 270 airports worldwide. The Company’s direct airport and airline partnership engagements collectively covers 460+ airports globally. The smart airside purpose-built vehicles are built in collaboration with customers to meet the specific needs of airport baggage handling. The solutions combine autonomous proprietary hardware with a unique, patented software to increase the speed and accuracy of loading and unloading so ultimately driving a strong return on investment (ROI).
There is a clear strategy in place to move customers along the various stages of deployment, from technology validation trials into phased usage, to multi-vehicle deployment. There have been successful trials at Amsterdam Schiphol with Auto-DollyTug (baggage transportation) and Auto-Sim (modelling tool) which are approved for recommendation across a network of more than 60 airports. The auto-Shuttle trial (automated passenger vehicle) launched in Canada is expected to begin public road service in Q4 2025. The Auto Cargo (unique designed flat cargo) is launched and is the Group's largest autonomous aviation vehicle and was developed with UPS.
Commercial interest continues to grow with recent trials and live deployments providing strong reference points for global partners and supporting the progression of potential customers through the commercial pipeline. These reference points are useful to help convert new opportunities for these autonomous solutions that add real operational value. The shift to a higher margin revenue mix is the right direction for autonomous growth.
Hybridan Comment: The Interims suggested that much of the ‘heavy lifting’ is done and the orders should start ‘flying-in’, which does not seem reflected in the price.
GENinCode 3.60p £10.33m (GENI.L)
Last Reported in Friday Takeway, 30 May 2025 at 1.55p and prior to that in Friday Takeway, 21 February 2025 at 3.55p
Financial Calendar:
Year End December, Reported 4 June, Interims to June, Reported 30 September
Top Three Shareholders:
Octopus Investments Ltd 18.43%, Maven Income and Growth VCT 13.03%, Santi 1990 SL 12.41%
Key Investment Points:
US Expansion, NHS Contracts, FDA Approval Hopes
The genetics testing Company reported interims to June 2025 this week on Tuesday 30th September. Geni’s tests combine clinical algorithms and artificial intelligence (AI) to provide advanced patient risk assessment to predict cardiovascular disease and enable prevention. Revenues grew 15% to £1.6m, along with a virtually unchanged EBITDA loss at £2.07m. Cash reserves were £2.44m at June 2025 compared to 31 December 2024’s £1.1m, having raised £4.1m at 3.7p in February 2025.
The 0perational highlight is winning the first commercial contract with the NHS, for the Company's Risk of Ovarian Cancer Algorithm (ROCA) for surveillance of women with high genetic risk of ovarian cancer. A combination of studies have shown that test leads to a 44% reduction in late-stage ovarian cancer and the surveillance test can be offered to women who choose to defer surgery to be able to have children and/or avoid early menopause. UCLH is the first trust in the country to offer this surveillance on the NHS.
The NHS roll-out of LIPID inCode for Familial Hypercholesterolaemia (FH) diagnosis in the North of England has been slower than expected due to the NHS’s major strategic, organisational, and funding changes. FH diagnoses through a combination of family history, physical examination, and genetic testing.
The FDA application remains in progress as the FDA required additional information, but the Company received full feedback on the De Novo (fast-track) application for CARDIO inCode (kit/device). This CARDIO inCode test for the prevention of coronary heart disease has been included in the US Centres for Medicare service and the Board believes the FDA elements can be addressed. While disappointing not to have received approval, the 'De Novo' Supervisory Review was completed with agreement of the outstanding deficiencies and processes to submit additional information. There is ongoing distribution discussion for the test with US commercial partners, which can clearly be concluded once approved.
Revenue growth is set to slow due to the NHS restructuring, and the FDA delay. The FY 31 December 2025 revenue guidance from the Company is for £3.3m compared to £2.7m, with similar levels of costs in the second half, as tight operational cost control is maintained for an EBITDA loss of £3.7m, compared to £4.7m at 31 December 2024. Hybridan Comment: The shares have risen 132% since the nadir in June and we hope that there may be a sufficient cash runway to the potential FDA approval.
Status of this Note and Disclaimer
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.
