Small Cap Feast

10th May 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:

Golden Metal Resources, a mineral exploration Company focused on tungsten, gold, copper, silver and zinc within Nevada, USA, has joined AIM. The Company was established on 22 April 2021 as for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (AIM:POW). The Company holds four mining assets comprising the wholly owned Pilot Mountain, Garfield and Stonewall projects together with an earn-in option over the Golconda Summit project. The Company has raised gross proceeds of £1.98m at 8.5p per share and has a market capitalisation of £7.16m on Admission.

No leavers today.

What’s Cooking In The IPO Kitchen?

The Kitchen is empty.

Breakfast Buffet

Andrada Mining 4.9p £75.4m (ATM.L)
An African technology metals mining company with a portfolio of mining and exploration assets in Namibia announces the appointment of Hiten Mohanlal Ooka, the Chief Financial Officer, to a Board position as an Executive Director and Gida Nakazibwe Sekandi as Non-Executive Director, with immediate effect. Hiten is a Chartered Accountant registered with the South African Institute of Chartered Accountants. Gida has over 15 years board experience and also serves on several other boards.

Anexo Group 96.5p £113.9m (ANX.L)
The integrated credit hire and legal services provider announces its final results for the year ended 31 December 2022 (FY2022). Total revenues increased 17% to 138.3m (FY2021: 118.2m), hence operating profit increased 11.2% to £3.04m (2021: £2.7m). Profit before tax marginally increased by 1.5% to £2.4m (2021: £2.37m). The Group has net debt of £7.3m (2021: £6.2m); an increase of 17.9%. The Group’s aim is to focus on prudent case management which will enable the Group to concentrate on cash generation and reduction in overall debt for FY2023.

Comptoir Group 6.75p £8.3m (COM.L)
The Company that owns and operates 26 Lebanese restaurants, six of which are franchised, based predominately in the UK announces FY2022 results. Group revenue increased 49.7% to £31.0m (2021 restated: £20.7m) and hence gross profit up 44.3% to £24.4m (2021 restated: £16.9m). Adjusted EBITDA before highlighted items marginally decreased to £6.3m (2021: £6.4m) and the Group holds cash and cash equivalents of £9.9m. The Group expect costs to remain higher than prior to the war in Ukraine however they continue to mitigate these through their new supplier partnerships and menu engineering.

Directa Plus 72.5p £47.9m (DCTA.L)
A producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets announces its full year results for the year ended 31 December 2022. Product sales and service revenue increased by 26% to EUR10.86m (2021: EUR8.62m), slightly above consensus market expectations, total income (including grants) increased by 19.4% to EUR11.28m (2021: EUR9.45m). Adjusted LBITDA increased by 25% to EUR3.15m (2021: EUR2.49m) and the loss before tax also increased to EUR5.33m (2021: EUR3.38m). The Group announced a new contract covering the resurface of a total of 250km section of the A4 Torino-Milano motorway section with Gipave, a sustainable asphalt solution containing G+ graphene. The Group is confident in achieving growth for the year ahead.

GRC International Group 14p £15.1m (GRC.L)
The international governance, risk management and compliance company whose main business is cyber defence-in-depth announces a trading update for the 12 months ended 31 March 2023 (FY23). Revenue is expected to be £14.5m-£15.0m (FY22: £13.9m). Annualised Recurring Revenue (ARR) increased by 7% in one month to £6.7m at the end of March. EBITDA is expected to be £0.3m- £0.6m (FY22: £0.9m) impacted by economic headwinds. Year-end cash £0.1m (2022: £2.0m). Facility headroom at the period end circa £0.5m (FY22: £0.5m). Trading to the end of April 2023 is in line with the Company’s expectations.

IXICO 18.75p £9.1m (IXI.L)
The medical imaging advanced analytics company delivering intelligent insights in neuroscience provided a trading update on its interim results for the six months ended 31 March 2023 (H1 FY23). Revenues are expected to be £3.2m, down 18% year-on-year, the contracted order book was £13.3m as at 31 March 2023, up 6% (H1 FY22: £12.6m). The cash balance was £5.0m (H1 FY22: £5.9m). The Board reaffirms market guidance for the full year and return to revenue growth in 2024. 2023 will be the final period to reflect the negative impact of the large HD-trial cessations announced on 23 March 2021 and on 20 January 2022, with revenues now increasingly driven by recently contracted trials across a broader range of therapeutic areas.

SkinBioTherapeutics 15.5p £26.8m (SBTX.L)
A life science business focused on skin health, has received an update of progress from its partner, Sederma, a division of Croda International Plc (Croda), which includes plans to undertake additional studies on SkinBiotix™. The further studies are expected to take an additional three to four months, and would run from November 2023 through to Q1 2024. Any additional benefits identified from these studies would enable Croda/Sederma to add to the commercial opportunity for SkinBiotix.

Solid State £11.75 £133.1m (SOLI.L)
The specialist value added component supplier and design-in manufacturer of computing, power, and communications products announce a $10.7m follow-on order for radio frequency components from CyanConnode, a supplier of long-range, low-power, end-to-end networking solutions and high-performance applications, often referred to as the ‘internet of things’ (IoT). Solid State’s products will continue to enable the roll-out of CyanConnode’s smart metering technology in India. The order is expected to be delivered within the next 18 months.

Vertu Motors 60p £209.4m (VTU.L)
The UK automotive retailer with a network of 189 sales and aftersales outlets announces its final results for the year ended 28 February 2023 (FY23). Revenue was £4.0bn, up 11% and a record high level. Adjusted profit before tax was £39.3m, down 51% (FY22: £80.7m). Profit was slightly ahead of market expectations. Net debt was £75.3m as at 28 February 2023 (FY22: Net cash: £16.2m), primarily due to £122m for the acquisition of Helston. The Company has decide to increased dividends by 26.5% from 1.70p last year to 2.15p this year. The net debt is expected to continue to reduce through the ongoing strong free cash flow generation.

Water Intelligence 432.5p £93.1m (WATR.L)
A multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water provides a Q1 trading update for the quarter ended 31 March 2023. Revenue increased by 18% to $19.4m (Q1 2022: $16.5m), profit before tax adjusted increased by 12% to $2.3m (Q1 2022: $2.1m) and EBITDA Adjusted rose by 11% to $3.5m (Q1 2022: $3.1m). The Group continues to execute strategic franchise reacquisitions in Nashville, Tennessee. The Group is focused on delivering the benefits of investments made in the prior year to reinforce their growth trajectory.

10 May 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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