Small Cap Feast

10th May 2023

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

Joiners: 
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.

Leavers: 
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

STAY INFORMED

Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.

Disclaimer

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”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram