Small Cap Feast

16th January 2023

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What’s Cooking In The IPO Kitchen?

Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resources exploration and development company principally seeking to explore and develop potential world-class copper-gold assets in the Philippines and a cobalt asset in Namibia. Amount planning to raise and anticipated market cap TBC. Expected late January 2023.

Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies - c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Delayed to 3rd February 2023.


Breakfast Buffet

Ashtead Technology Holdings 328.5p £261.4m (AT..L)
A leading subsea equipment rental and solutions provider for the global offshore energy sector provided an update on its financial performance for the year ended 31 December 2022. Strong performance has continued into the final quarter of the year as the Company benefits from the high levels of activity across both the offshore wind and oil and gas markets. Unaudited full year revenues are expected to be approximately £72.5m, up c.30% on the prior year. WeSubsea and Hiretech, both acquired in Q4, contributed a combined c.£1m to reported revenues in 2022. Both of which support the goal to provide a wider offering to customers both in the renewables and oil and gas markets.

Avingtrans 450p £145.1m (AVG.L)
A provider which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors announced that trading in the first 6 months of the financial year to 30 November 2022 was in line with market expectations. The Board announced that Avingtrans has acquired the business and assets of Hevac Limited, a heating ventilation and air conditioning firm and the business and assets of HeatExchangeSpares.com a plates and gaskets supplier. The acquisitions is expected to be £825k, funded from the Group's existing cash resources. In the latest reported financial year, ended December 2021, the combined businesses and assets generated £5.3m of sales and a loss before tax of £0.3m.

IQE 48.8p £392.8m (IQE.L)
The leading supplier of compound semiconductor wafer products and advanced material solutions to the global semiconductor industry, provided a trading update for the financial year ended 31 December 2022. Reported revenue is expected to be circa 8% higher than the prior year, subject to external audit review (2021: £154m). The Group's trading in 2022 has been largely resilient to the challenging macro environment. The first half of 2023 the Group expects to see some destocking in the wider industry which may impact demand from existing customers, but remains confident in its diversification strategy and long-term growth targets.

Knights Group Holding 112.5p £105.1m (KGH.L)
A fast-growing legal and professional services business announced its half year results for the six months ended 31 October 2022. Revenue increased by 19% to £71.2m (HY 2022: £59.7m) whilst underlying profit before tax up 19% to £9.0m (HY 2022: £7.6m). Net debt has increased to £35.6m (30 April 2022: £28.9m); however, in line with the Board's expectations. During the period, the Company broadened its footprint and strengthened its presence across the UK through several acquisitions including, Coffin Mew (South of England), integration of Keebles, Archers Law and Langleys (Yorkshire, North-East England and East England) and of Meade King (Bristol). With the focus on improving productivity along with improved gross margins, underpinned by increased interest income, the Company is confident of delivering full year results in line with market expectations.

MediaZest* 0.06p £0.8m (MDZ.L)
The audio-visual solutions provider announced it has completed the incorporation of a new, wholly owned, European subsidiary based in the Netherlands. The European Subsidiary will help the Group to deliver services more efficiently to its EU based clients, building on increased traction and recently completed projects in Germany, Italy, Spain, France, Sweden and the Netherlands, including audio visual work for the new Lululemon flagship store on the Champs Elysees in Paris. Board expects to see further substantial work within EU member states in 2023, building on the strong performance in FY22.

MPac Group 268.5p £55m (MPAC.L)
A global leader in high-speed packaging and automation solutions announced a trading update for the year ended 31 December 2022 (FY 22). The Group had an improved H2 2022 over H1 2022 and expects to report full year revenue and underlying profit before tax in line with market expectations. Order intake in H2 22 was significantly above H1 22, reflecting the resilience of the healthcare, and food and beverage end markets. The Group ended 2022 with a closing order book of c.£69.0m (December 2021: £78.4m) providing good coverage of FY 23 forecast revenue.

PoolBeg Pharma* 9.7p £48.5m (POLB.L)
A leading infectious disease focused biopharmaceutical company announces the strategic expansion of POLB 001 into oncology. While investigating the role of cytokine release syndrome (CRS) in severe influenza, Poolbeg discovered data specific to the overt immune response in CAR T cell patients that suggest POLB 001 as a potential treatment option. The filed patent application is expected to provide class protection for use of p38 inhibitors in CAR T cell treatment and opens up a significant new market opportunity for POLB 001 in addition to severe influenza. Long-term strategic objective for the Company is to evaluate POLB 001's potential value of the molecule and strengthen Poolbeg's position with a view to potential partnering and out-licensing.

Power Metal Resources 1.425p £23.7m (POW.L)
The London listed exploration company seeking large-scale metal discoveries across its global project portfolio announced it has completed a placing and subscription to raise £900k before expenses for the advancement of priority exploration projects and for general working capital purposes. The fundraising will be applied to the Tati gold project and will allow Power Metal to accelerate preparations for exploration its uranium portfolio in the Athabasca Basin region of Saskatchewan, Canada. It is further seeking to undertake exploration programmes at a number of its Athabasca uranium properties during the upcoming spring and summer, following snowmelt.

Quixant 173.5p £115.3m (QXT.L)
A leading provider of innovative, highly engineered technology products principally for the gaming and broadcast industries, provided a trading update for the financial year ended 31 December 2022. The Board expects to report full year revenues of $119.9m, 38% up year-on-year, slightly ahead of market expectations. Net cash at 31 December 2022 increased to $12.9m from $12.0m at 30 June 2022, driven by lower working capital requirements. Despite macro-economic challenges, including a looming recession, supply risks and inflationary measures, the Group is well placed to continue to deliver good growth.

Totally 36.25p £70.4m (TLY.L)
A leading provider of frontline healthcare services, corporate fitness and wellbeing services across the UK announced it has been awarded a new contract by NHS England to provide national NHS 111 contingency services. The contract, awarded to Vocare Limited part of Totally's Urgent Care division, will run from 1 March 2023 at a value of c. £10m per annum, initially for one year with the option to extend for a further year. This new contract provides additional flexible capacity, which can be precisely targeted where and when needed.

16 January 2023
*A corporate client of Hybridan LLP

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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).

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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.

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