Small Cap Feast

11th January 2024

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Banquet Buffet

Abingdon Health 10.25p £12.5m (ABDX.L)
A international lateral flow contract research (CRO) and contract development and manufacturing organisation (CDMO), provides its half-year trading update for the six months ended 31 December 2023. Revenues increased by 118% to £2.4m (H1 2022/3 £1.1m). Driven by the Company's contract service customer base across lateral flow research & development. Cash at 31 December 2023 was £1.9m (30 June 2023: £3.2m). The Board confirms the promotion of Laura Towse, who has been with the business since June 2023, to Group Financial Controller effective 1 January 2024 and Andrew Feather, interim Finance Director, will leave the business in January 2024. The Company look forward into H2 2023/4 in confidence.

CyanConnode Holdings 12p £38.8m (CYAN.L)
A Company focusing on narrowband radio frequency (RF) mesh networks, announces that its subsidiary, CyanConnode Pvt Ltd, has received an order from Montecarlo Limited (Montecarlo) for one million Omnimesh Modules, together with Advanced Metering Infrastructure, Standards-Based Hardware, Omnimesh Head-End Software, Perpetual License, and a Support and Maintenance Contract. The order relates to a smart metering deployment in Nagpur, Maharashtra, with supply of Omnimesh Modules expected to commence within this quarter. This order boosts the Company’s total Indian order book to 6.3 million units, with 3.9 million modules scheduled for delivery in accordance with the established project timelines.

Essensys 36.5p £23.6m (ESYS.L)
The provider of software and technology to the flexible workspace industry, announces that Sarah Harvey, Chief Financial Officer, has decided to resign from the Board of essensys. Sarah joined essensys' Board in May 2022 and will continue as Chief Financial Officer and a director of the Company until a successor is appointed to ensure a smooth handover. A search is underway to identify and appoint a successor and the Company will provide an update in due course.

Kibo Energy* 0.034p £1.3m (KIBO.L)
The renewable energy-focused development company announces that it has received a conversion notice (Conversion Notice) under the terms of the facility agreement signed between the Company and RiverFort Global Opportunities PCC Limited (RiverFort). As per the Conversion Notice, the Company has today allotted 500,000,000 new ordinary Kibo shares of EUR0.0001 each to RiverFort representing conversion of accrued fees and interest totalling £161k owing to RiverFort. The Company further announces that Mr. Ajay Saldanha has retired as a non-executive director of the Company with effect from 10 January 2024. The Company is in the process of identifying a replacement independent non-executive director. The Company announces that its current Chief Financial Officer, Mr. Jacobus (Cobus) van der Merwe, has, subject to the completion of regulatory checks, agreed to join the board. Mr. van der Merwe will continue as a member of the executive management team of the Company in his new position as Financial Director.

Knights Group Holdings 126.25p £108.3m (KGH.L)
A legal and professional services business in the UK, announces its half year results for the six months ended 31 October 2023. Revenue up 6% to £75.3m (H1 FY23: £71.2m), in line with Board expectations, as a result underlying EBITDA of 25% to £18.2m (H1 FY23: £14.6m). Net debt increased to £38.3m, (H1 FY23: £35.6m, FY23: £29.2m) after a cash outlay of c.£7.5m relating to acquisition consideration and related non underlying costs. The Company expanded presence in the North, with acquisitions of St James' Law in Newcastle and Baines Wilson in Carlisle which have integrated well and are performing as expected. Trading continued in line with Board’s expectations.

Microlise Group 102.5p £118.8m (SAAS.L)
A provider of SaaS based transport technology solutions to fleet operators, announces it has completed the acquisition of the entire issued share capital of Enterprise Software Systems (ESS). On 30 November 2023, the Company announced it had entered into an agreement for a maximum consideration of £8.5m in cash, funded by the Company's cash reserves. For the 12 months to 31 August 2023, ESS generated revenues of approximately £5.1m and adjusted EBITDA of £1m, with approximately 75 per cent of the revenue being recurring, based on long-term contracts.

Mpac Group 290p £59.4m (MPAC.L)
A Company focusing on high-speed packaging and automation solutions, announces a trading update (unaudited) for the year ended 31 December 2023 (FY23). As anticipated, revenue and profit before tax in H2 2023 were above H1 2023, aided by the normalisation of margins through 2023. Order intake remained strong for the Group and ended FY23 with an increased value of the closing order book at c.£75.0m (FY22: £67.2m) providing good coverage of 2024 forecast revenue. The Board announces that the Group is well placed to deliver on the expectations and long term growth strategy.

MyHealthChecked 14.25p £7.4m (MHC.L)
The consumer home-testing healthcare company, provides an update on trading for the year ended 31 December 2023. The Board is expecting EBITDA for the full year to be around breakeven of c£0.1m (H1: £0.3m loss; FY 2022: £2.3m profit). Revenue for the full year amounted to approximately £11m (H1: £2.5m, 2022 FY: £22.3m) due to the increased seasonal demand for COVID lateral flow tests during H2. As the working capital requirement has been carefully managed cash at the year-end has also increased to £7.75m (H1: £5.0m, FY 2022: £7.61m). The Board further announce that it has traded profitably during the second half of the year, whilst continuing to invest in the development of the new product range.

UK Oil & Gas 0.026p £6.2m (UKOG.L)
The UK-based oil and gas exploration and production company announces that following the successful completion of repair and strengthening of the access track and well pad. The Company are advised by operator AME that perforating operations should commence towards the end of next week or by the following Monday, 22 January 2024. PSI, the service provider of the new 7-inch perforating guns, capable of fully penetrating Pinarova's 9⅝-inch casing, has now been mobilised and their wireline-conveyed perforating operations can start in line with the above schedule. UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery.

Windward 104p £89.1m (WNWD.L)
A Maritime AI company, provides an update on trading for the year ended 31 December 2023 (FY2023). Revenue is expected to have increased by 31% to approximately $28.3m (FY2022: $21.6m), and adjusted EBITDA loss to have reduced considerably to approximately $5.1m (FY2022: $12.1m). Customer numbers increased strongly in the year, now exceeding 200 (31 December 2022: 132). As a result, the Group's Annual Contract Value (ACV1) as at 31 December 2023 increased by 35% to $34.5m. The Board reports it expects FY2023 results to be ahead of market forecasts.

11 January 2024
*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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