Small Cap Feast

15th January 2024

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Potential Initial Public Offerings:

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Change of Market:

Banquet Buffet

Audioboom Group 312.5p £51.2m (BOOM.L)
The leading global podcast Company provides a trading update for the year ended 31 December 2023. In 2023, revenue is approximately US$65.0m, down 13% (2022: US$74.9m) and adjusted EBITDA loss is c. US$1.5m (2022: US$3.6m in profit). Group cash was US$3.7m at 31 December 2023, up from US$0.7m on 30 September 2023 with a further US$1.8m available via an undrawn overdraft. The Company has contracted revenue of more than US$47.0m for 2024, through advance bookings during a positive advertising season. The Company anticipates record revenue in 2024, with operational improvements and a return to adjusted EBITDA profitability.

Filtronic 22p £48.0m (FTC.L)
The designer and manufacturer of products for the aerospace, defence, telecoms infrastructure and low earth orbit space markets announces a new contract win with QinetiQ, a global defence and security Company. Phase 1 of the contract is valued at £2.0m and the revenue is expected to be recognised over the next two years. This contract is for the development of a radio-frequency (RF) subsystem to be installed into a range radar solution either as a vehicle mounted land system or a helicopter mounted mobile solution.

Fulcrum Metals 15.95p £8.0m (FMET.L)
The Company focused on mineral exploration and development in Canada provides a update on its Saskatchewan based exploration assets. Dahrouge Geological Consulting Limited, an Alberta-based group with wide experience in uranium project exploration and evaluation, has completed 2023 year-end reports on Fulcrum's Charlot-Neely and Fontaine Lake uranium properties which detail results of the positive 2023 prospecting and sampling programs carried out on both properties. A total of 62 rock samples collected across Charlot-Neely and Fontaine Lake properties: Charlot-Neely Project (48 rock samples assaying up to 5,680ppm U) and Fontaine Lake Property (14 rock samples assaying up to 7,130ppm U). Ppm U being parts per million (ppm) of uranium (U).

Hercules Site Services 26.25p £16.0m (HERC.L)
The technology enabled labour supply Company for the UK infrastructure sector announces its audited results for the year ended 30 September. Revenues grew 71% to a record £84.7m (2022: £49.5m), adjusted EBITDA increased 79% to a record £4.1m (2022: £2.3m) and the cash at the year end was £4.2m (2022: £1.2m). The business has a strong pipeline of projects heading into 2024. Hercules is well positioned to take advantage of secular trends in both the infrastructure and construction sectors. Management will also continue to pursue a disciplined approach to M&A to accelerate the growth of the Company.

Iofina 24.5p £47.0m (IOF.L)
The specialists in the exploration and production of iodine and manufacturers of specialty chemical products provides a business update. With IO#9 plant operating at an improved production rate in the second half of Q4 2023, crystalline iodine production across Iofina Resources' six plants for the last quarter increased year over year by 16% to 160.9 metric tonnes (MT). Total production during the second half was 317.8MT. Total crystalline iodine production in 2023 was up 8% to 559.3MT from 2022. The iodine spot price softened by circa 5% over H2 2023 towards mid-to-upper sixties dollars per kilogram as prices have settled from historically high levels. Moving into 2024, the market fundamentals of the iodine business remain strong and Iofina currently expects the spot price to remain at present levels for the foreseeable future.

One Heritage Group* 14p £5.4m (OHG.L)
The UK-based residential developer, development manager and property manager focused on the North of England, announced that its parent company and majority shareholder One Heritage Property Development Ltd (OHPD), in support of the Company, has extended by 12 months the repayment of its £14m debt facility until the 31 December 2025.

OptiBiotix Health 25.5p £23.3m (OPTI.L)
The life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skincare announces the forthcoming launch of LeanBiome in Muscletech, one of the leading sports nutrition brands in the industry and backed by America's No. 1 selling sports supplement company. The product is currently being advertised on social media by the Company's partner ahead of online and instore launches with multiple retailers in Sweden, France, Poland, Germany, the Netherlands, Greece and the UK.

Ramsdens Holdings 200p £63.4m (RFX.L)
The diversified financial services provider and retailer announces its results for the year ended 30 September 2023 (Fy23). Revenue increased 27% to £83.8m (FY22: £66.1m) and profit before tax was £10.1m, up 22% (FY22: £8.3m), driven by strong performances across all four key income streams. In Q1 FY24 (October to December 2023), ongoing demand for small sum short term credit has enabled the pawnbroking loan book to incrementally increase to £10.6m from the year end position of £10.3m. The Group is currently trading in line with the Board's expectations.

Union Jack Oil 20.5p £21.8m (UJO.L)
The UK focused onshore hydrocarbon production, development and exploration Company announces that material net revenues in excess of US$18m have been achieved from the Wressle hydrocarbon development (Wressle), located within licences PEDL180 and PEDL182 in North Lincolnshire on the western margin of the Humber Basin. Union Jack holds a 40% economic interest in this development. Wressle-1 well gross production is currently averaging a constrained 665 barrels of oil per day. Union Jack continues to be cash flow positive covering all planned G&A, OPEX and CAPEX liabilities. Cash, short term receivables and investments at 12 January 2024, were in excess of £9.45m. Union Jack is debt free and remains highly cash generative.

Zenova Group 3.25p £3.5m (ZED.L)
The innovative fire suppression and interdiction solutions Company announces its expansion into Spain, Portugal, and Central and South America markets through the signing of a sales and distribution agreement for its entire range of heat management and fire safety solutions with E-Z International. The exclusive agreement will cover an initial period of three years and can continue if the Agent achieves a minimum sales target level of £100,000 per annum. If the sales target minimum is not met, the agreement becomes non-exclusive.

15 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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