Small Cap Feast

13th March 2024

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Banquet Buffet

Aquis Exchange 352p £96.9m (AQX.L)
Aquis Exchange announces that it has been awarded the contract to provide the Central Bank of Colombia, Banco de la República, with the technology and support services for the operation of its government bond market. The Group's software and technology division will be deploying its state-of-the-art trading platform and services to facilitate the modernisation of the Colombian government bond market, with enhancements to efficiency, transparency and accessibility.

Cora Gold 1.95p £7.2m (CORA.L)
The West African focused gold Company provided an update on its capital structure. Following the conversion on 27 February 2024 of an aggregate amount of US$2,278,500 of convertible loan notes in the capital of the Company, out of a total issued and outstanding CLN of US$12,971,500 matured on 12 March 2024. After repayment of the outstanding CLN at a 5% premium to the total amount outstanding under the CLN, the Company's balance of cash and cash equivalents is in excess of US$2.9m.

EARNZ 0.1p £1m (EARN.L)
The development and commercialisation of clean technologies Company announces the appointment of Elizabeth Lake as a Non-Executive Director with immediate effect. Elizabeth is an accomplished executive with more than 25 years of finance and commercial experience. Previously, Elizabeth joined the board of Revolution Beauty Group as CFO in May 2022 and was instrumental in turning around the business following the suspension of its shares from trading on AIM.

IXICO 7.125p £3.4m (IXI.L)
The medical imaging advanced analytics Company delivering insights in neuroscience announces a trading update for the year ending 30 September 2024. Delays to the anticipated project start dates for these new contracts are likely to result in FY 2024 revenues of £5.2m - £5.9m, with an equivalent anticipated impact on FY 2025. The Company has a strong balance sheet with £2.8m of cash at 29 February 2024 and no debt.

MaxCyte 31.7p £328.9m (MXCT.L)
The cell-engineering focused Company providing enabling platform technologies to advance the discovery, development, and commercialisation of next-generation cell therapeutics and innovative bioprocessing applications announces its fourth quarter and full year ended December 31, 2023. Revenue is down 7% to $41m (FY: 22: 44m), EBITDA is a loss of $44.1m (FY 22: $24.8m) and the total cash is down to $211.2m (FY 22: $227.3). Management expects full year 2024 core business revenue to be flat to 5% growth compared to 2023, and SPL Program-related revenue is expected to be approximately $3m.

MusicMagpie 8.75p £9.4m (MMAG.L)
The circular economy pioneer specialising in refurbished consumer technology, disc media and books in both the UK and US announces its audited full year results for the year ended 30 November 2023. Revenue decreased 6% to £136.6m (FY 22: £145.3m), adjusted EBITDA increased 15% to £7.5m (FY 22: 6.5m), and the loss before tax increased to £6.8m (FY 22: 1.5m). Furthermore, Net Debt increased to £13.1m (FY 22: £7.9m). Q1 FY24 has recently closed and trading was in line with management's expectations.

Nexteq 150p £99.8m (NXQ.L)
The technology solutions provider to customers in selected industrial markets announces its audited full year results for the 12 months ended 31 December 2023. Revenue decreased 5% to $114.3m (FY 22: $119.9m) and the Group Profit before tax increased 47% to $12.9m (FY 22: $8.8m). Furthermore, the net cash increased 116% to $27.9m (FY 22: $12.9m). A strong balance sheet with net cash position and good operational liquidity; supported by good cash generation, positions the Group for future organic and acquisitive growth.

Sareum Holdings* 22.5p £15.8m (SAR.L)
The clinical-stage biotech Company developing next-generation kinase inhibitors for autoimmune disease and cancer yesterday indicated that it expects to report an operating loss of £2.5m (2022: loss of £1.7m) for the half-year to 31 December 2023, reflective of the cost for the clinical research of its SDC-1801 programme. Sareum will report its results during the week of the 25th March. Meanwhile, Sareum has drawn £2.3m to date under its Equity Prepayment Facility with RiverFort Global Opportunities PCC Ltd. Sareum currently has an outstanding balance of circa £1.3m under the Facility, which it owes to Riverfort, and it expects to settle it by the issuance of shares prior to the Maturity Date in August 2025. In accordance with the terms of the Facility, Sareum has now issued a further 1.5m shares. Providing alternative funding is secured, the Board remains confident that the Company is on course to deliver SDC-1801 topline Phase 1a results in Q2 2024.

Seraphim Space Investment Trust 57p £135.2m (SSIT.L)
The SpaceTech Investment Company announces its interim results for the six month period ended 31 December 2023. The NAV increased 0.9% to £224.3m (H1 FY 23: £222.4m), the portfolio valuation increased 5.6% to £198m (H1 FY 23: £187.4m). 82% of the portfolio by fair value has a robust cash runway, with 60% fully funded based on latest projections from the companies' management teams and 22% funded for 12 months or more from 31 December 2023. We are cautiously optimistic about improving macroeconomic conditions and continued positive momentum within the SpaceTech investment market.

The Gym Group 117p £209.1m (GYM.L)
The low cost gym operator announces its full year results for the year ended 31 December 2023. Revenue increased 18% to £204m (FY 22: 172.9m) and Group Adjusted EBITDA increased 6% to £75.5m (FY 22: £71.3m). Free cash Flow increased 62% to £27m (FY 22: £16.7m). The Company reported a good start to trading in 2024; revenue after two months has grown by 16% year on year, reflecting a 3% increase in average members and 13% growth in yield, benefitting from price taken earlier in the year. Like-for-like revenue up 12%.

13 March 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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