Small Cap Feast

12th September 2023

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

No joiners today.

No leavers today.

What’s Cooking In The IPO Kitchen?

Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.

Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.

Breakfast Buffet

Aquis Exchange 365p £100.4m (AQX.L)
The creator and facilitator of financial markets announces that it intends to change the proprietary trading rule on its UK and EU trading platforms in its Aquis Markets division. The rule, which does not allow aggressive non-client proprietary trading, was introduced by Aquis in 2015 and has successfully reduced market impact and signaling risk. Aquis will change the rule to allow liquidity providers the option to choose if they wish to interact with aggressive non-client proprietary trading. Implementation will take place, subject to regulatory non-objection, in October 2023.

Alpha Group International £21.2 £918.4m (ALPH.L)
A high-touch provider of financial solutions, dedicated to corporates and institutions operating internationally, announces that it has entered into a conditional agreement, pending approval by the Dutch Central Bank, to acquire c.85% of Financial Transaction Services B.V., trading as Cobase, a leading multibank connectivity platform. The initial consideration for the acquisition is EUR9.4m (£8m) in cash, with the remaining stake to be acquired via a performance-based earn-out between 2025 and 2028. Alpha and Cobase's offerings are highly complementary with one another, and the Board believes there are opportunities to amplify one another's growth by leveraging and sharing each other's unique capabilities and experience.

Feedback 78.5p £10.5m (FDBK.L)
The clinical infrastructure specialists, announces its audited results for the twelve months to 31 May 2023. The Company announced a 74% increase in revenue to £1.02m (FY22: £0.59m), of which Bleepa-CareLocker contributed 74%, 89% increase in sales to £1.27m (FY22: £0.67m) and operating loss increased to £3.42 (FY22: £2.51m), reflecting expansion and improvements to the technology. The Company holds cash of £7.32m at period end. The Company announced the Sussex Integrated Care System and Community Diagnostic Centre pilot contract extension - providing increased revenue visibility.

hVIVO 19.25p £131.0m (HVO.L)
The leader in testing infectious and respiratory disease products using human challenge clinical trials, announces its unaudited interim results for the six-month period ended 30 June 2023. Revenue growth of 52% to £27.3m (H1 2022: £18.0m) as a result EBITDA increased by over 100% to £5.2m (H1 2022: £2.3m) and EBITDA margin increased to 19.1% (H1 2022: 12.6%). The Company holds net cash of £31.3m. The Company completed the manufacturing of Influenza H1N1 and Omicron human challenge viruses. Their Human metapneumovirus (hMPV) challenge model under development is funded by an end-to-end human challenge service contract with a North American biopharmaceutical company. hVIVO increases its revenue guidance to £55m (excluding other income) for 2023 and increases its EBITDA margin guidance for 2023 to c.19%.

Northern Bear* 54.5p £10.2m (NTBR.L)
The group of companies providing specialist building and support services to customers in Northern England and across the UK, provides a trading update ahead of its Annual General Meeting at 2:00pm today. The Company confirms that the Group has continued to trade in line with management’s expectations since publication of the preliminary results on 17 July 2023. Trading in the new financial year from 1 April to 31 July is ahead of strong prior year results for the same period, and site activity levels remain high despite the ongoing economic challenges and their related impact on the construction industry. The company’s forward order book remains robust and is expected to support full year results in line with management’s and the market’s expectations.

N4 Pharma 1.35p £3.2m (N4P.L)
The pharmaceutical company developing Nuvec®, a delivery system for oncology, gene therapy and vaccines, announces its unaudited interim results for the six months ended 30 June 2023. The Company reduced its operating loss for the period to £646k (30 June 2022: £750k) and R&D and general expenditure in line with their budget. Cash position remains positive at £1.3m (31 December 2022: £1.9m).

Ocean Harvest Technology Group 12.25p £15.4m (OHT.L)
The Company specialises in researching, developing and selling seaweed and ancillary products, announces its unaudited results for the six month period ended 30 June 2023 (Period). The Company announced a 66% growth in product revenue to EUR1.6m (H1 2022: EUR0.95m), as a result a 150% increase in gross margin to EUR0.56m (H1 2022: EUR0.23m) and the Company is well funded with no external debt and a cash balance of EUR4.8m. The Company raised gross proceeds of £6m in its IPO earlier this year and has expanded its seaweed supply chain in new regions such as east Africa and the Philippines, giving access to materially larger volumes of biomass. The Board has strong visibility over FY24 revenues that support its forecast revenue growth rates.

Reabold Resources 0.095p £9.4m (RBD.L)
The oil & gas investing company with a diversified portfolio of exploration, appraisal and development projects, announces that the Company has agreed to increase its interest in LNEnergy Limited (LNEnergy) by a further 1.6%, through the subscription of 18 new ordinary shares for a cash consideration of £250k, at a price of £13.8k per share, funded from existing cash resources. LNEnergy's primary asset is an exclusive option over a 90% interest in the Colle Santo gas field. The Colle Santo gas field has an estimated 65Bcf of 2P gas reserves, with two production wells already drilled. LNEnergy believes that the field has the potential to generate an estimated EUR11-12m of gross post-tax free cash flow per annum.

Smart Metering Systems 668.5p £891.8m (SMS.L)
The integrated energy infrastructure company owning and managing meters, energy data, grid-scale batteries and other carbon reduction (CaRe) assets, announces its half year results for the six months ended 30 June 2023. Revenue up 26% to £79.3m (H1 2022: £62.7m), as a result underlying profit before taxation up 9% to £11.2m (H1 2022: £10.3m) and net debt increased to £96.3m (H1 2022: net cash of £38.6m). The Company announced an acquisition of the domestic services division of Evergreen Energy on 22 August 2023, specialising in the installation and maintenance of renewable energy assets, for homeowners. SMS continues to build delivery capability, commercial models and pipelines in developing CaRe assets.

Trellus Health 6.25p £10.1m (TRLS.L)
The Company commercialising a scientifically validated and clinically proven personalised self-management solution for chronic health conditions at their intersection with mental health, announces the appointment of Joy Bessenger as Chief Financial Officer in a non-Board capacity, effective from 18 September. Joy has worked for over 20 years with both privately and publicly held life sciences and healthcare companies, with experience across finance, operations, corporate strategy and development, compliance and governance and strategic communications.

12 September 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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


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 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