Small Cap Feast

13th September 2023

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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

Anpario 212.5p £51.5m (ANP.L)
The independent manufacturer of natural sustainable animal feed additives for animal health, nutrition and biosecurity announces its unaudited interim results for the six months to 30 June. Sales decreased by 7% to £15.4m (H1 2022: £16.5m). Although gross margin increased to 43.9% (H1 2022: 41.9%), gross profits fell by 3% due to the decline in sales. Adjust EBITDA decreased by 37% to £1.9m (H1 2022: £3.0m). Cash balance was £7.3m (including short term investments) as at 30 June 2023. The Company expects further improvement of gross margin in H2 2023 through an anticipated further reduction in the cost of raw materials and recovery in sales volumes.

Belluscura 43.5p £59.0m (BELL.L)
A medical device developer focused on lightweight and portable oxygen enrichment technology, announces its unaudited results for the six months to 30 June 2023. Revenue decreased by 33% to $0.4m (2022 H1: $0.6m) and adjusted EBITDA decreased by 29% to $2.9m (2022 H1: $4.1m). The Company conducted several tranches of fundraisings during the period: net proceeds of £7.0m through the issue of 10% Unsecured Convertible Loan Notes; net proceeds of £4.2m via a Placing and Broker Option and net proceeds of £2.8m via a Retail Offer. Net cash was $3.8m as at 30 June 2023 (30 June 2022: $11.6m). Post period, Belluscura exclusively licensed its technology to InnoMax in China, Hong Kong, Macau and Singapore in a deal valued at $55m in minimum royalties over the term of the license.

EnSilica 73.5p £57.4m (ENSI.L)
A chip maker of mixed signal ASICs (Application Specific Integrated Circuits), announces that it has been awarded a supply contract to address the e-mobility market. This contract is for the design and supply of a mixed signal sensor ASIC for electric vehicles, electric two wheelers, e-bikes, and e-scooters. Based on the volume commitments by the customer, the contract will be worth over US$7m over the first five years of supply. The majority of the non-recurring engineering designs of the contract will be completed in this financial year and will be fully funded. Supply is expected to begin in mid 2025 and run for five years.

Frontier Developments 307.25p £121.1m (FDEV.L)
A developer and publisher of video games based in Cambridge, UK, publishes its results for the year ended 31 May 2023 (FY23). Revenue decreased by 8% to £104.6m (FY22: £114.0m) as a result, adjusted EBITDA was a loss of £4.6m (FY22: profit of £6.7m). Operating profit was negatively impacted by £28.7m of non-cash intangible asset impairment and accelerated amortisation charges. The Company is well capitalized with a cash balance of £28.3m. In August 2022 Frontier further expanded its portfolio with the release of F1® Manager 2022, which sold over 800,000 units in FY23. The Board announces market expectations for FY24 is in line with consensus with revenue at £108m and adjusted EBITDA loss of £9m.

Global Petroleum 0.14p £1.7m (GBP.L)
An oil and gas, upstream exploration company presently focused on Africa and the Mediterranean announces an update. On 31 August 2023 Global announced that it had raised gross proceeds of £250k via a placing of ordinary shares at a placing price of 0.1 pence per share, at a discount of 37.5% to the closing price on the prior working day to the announcement. Following receipt of the proceeds and after deduction of actual and estimated costs, the Company had cash balances of approximately US$500,000 as at 6 September 2023.

Kinovo 57p £35.8m (KINO.L)
The property services group that delivers compliance and sustainability solutions, announces it has received a direct award with an anticipated value of £4.8m over 19 months through The Greener Futures Partnership's (GFP) Decarbonisation Framework. The framework comprises five housing associations and over 300,000 homes, representing 9% of the total social housing market. Kinovo's direct award is to undertake whole house retrofit energy efficiency works compliant with PAS 2030:2019 and PAS 2035:2019 for approximately 200 properties. Works are due to start in September 2023 for an initial term of 19 months until March 2025.

Longboat Energy 24.25p £13.7m (LBE.L)
A full-cycle E&P company active in Norway and Malaysia, announces the expansion of its business in South East Asia through the acquisition of privately held Topaz Number One Limited (Topaz), increasing its working interest in the Production Sharing Contract over Block 2A offshore Sarawak, Malaysia (Block 2A) to 52.5%. Topaz's sole asset is a 15.75% working interest in Block 2A, offshore Sarawak Malaysia, containing the giant Kertang prospect. The transaction consideration closely aligns the Topaz team with value delivery from Block 2A.

Northern Bear* 55.5p £10.4m (NTBR.L)
The group of companies providing specialist building and support services to customers in Northern England and across the UK, announces the appointment of Martin Boden to the Board as a non-executive director of the Company with immediate effect. Martin Boden is a Chartered Accountant with considerable experience in high growth businesses. Martin has worked for FTSE 100 companies including WH Smith Group, NatWest Group and then Great Universal Stores where he was Group Financial Controller. Martin has worked as Group CFO with both AIM and FTSE 250 listed companies as well as Private Equity owned organisations.

Poolbeg Pharma* 7.25p £36.3m (POLB.L)
A clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need, announces its unaudited results for the six months to 30 June 2023. Cash balance was £14.1m (31 December 2022: £16.2m). The Company has also announced a strategic expansion of POLB 001 into oncology, including as a potential treatment option for Cytokine Release Syndrome (CRS), a side-effect associated with up to 95% of CAR T cell therapies. Moreover, Poolbeg is actively exploring a potential new indication for POLB 001 in oncology beyond CAR T. The Company's artificial intelligence (AI) programme with CytoReason provided key insights into influenza infection and successfully identified a number of novel and valuable drug targets. The Company is well positioned for on going development and future growth.

Sondrel (Holdings) 17p £14.9m (SND.L)
The fabless semiconductor business providing turnkey services in the design and delivery of application specific integrated circuits (ASICs) and system on chips (SoCs), announces that, Joe Lopez will be standing down as Chief Financial Officer with immediate effect and will step down as a director prior to 30 September 2023. Nick Stone will become non-board Interim Chief Financial Officer of the Group with effect from 14 September 2023. Nick Stone is a highly experienced CFO with a strong track record, built over 25 years, successfully leading a variety of finance roles with particular capital markets expertise. Most recently Nick was CFO of Braemar plc from 2019 to 2023.

13 September 2023
*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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