Small Cap Feast

17th April 2023

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

Joiners: none today.

Whilst we were away: 
Wednesday 12th April — PanGenomic Health Inc, currently traded on the Canadian Securities Exchange market, has dual listed on the Access Segment of AQSE Growth Market.

Leavers: none today

Whilst we were away:
Tuesday 11th April — Beacon Energy has left AIM and will be re-introduced following a Reverse Takeover. 
Wednesday 12th April — Adept Technology Group Plc has left AIM. 
Friday 14th April — Devro Plc has left the Main Market of the London Stock Exchange.

What’s Cooking In The IPO Kitchen?

Ashoka WhiteOak Emerging Markets Trust Plc intends to join the Premium Segment of the London Stock Exchange. The Company is a new UK investment trust seeking to achieve long-term capital appreciation through investment primarily in quoted securities that provide exposure to global Emerging Markets and intends to raise £100m at 100p per ordinary share. Expected Admission 3 May 2023.

Drumz Plc is an investing company admitted to trading on AIM with an investment policy focused principally on acquiring investments in technology businesses based in Europe. Drumz currently has two investments, being a 25%. shareholding in Acuity Risk Management (ARM) and a 5.85% legacy shareholding in KCR Residential REIT plc (KCR). Admission to AIM is being sought as Drumz has conditionally agreed terms to acquire the remaining issued shares and to be issued shares in ARM for a total consideration of approximately £3.6m. Drumz plc will be renamed Acuity RM Group plc post Admission. The Company intends to raise £1.45m on Admission and will have a market capitalisation of £5.4m. Expected Admission 25th April 2023.

Vinanz Limited intends to join the Access Segment of the AQSE Growth Market. Vinanz Limited aims to build out a fullyfledged Bitcoin mining company initially focusing on installing clusters of Bitcoin miners in multiple decentralised data facilities throughout the US and Canada through third-party cryptocurrency mining providers such as Compass Mining. Whilst the Company will focus initially on BTC mining, it will also consider mining of other cryptocurrencies, and operations in the DeFi and Big Data space in the future. Expected Admission 21 April 2023.

M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023

Breakfast Buffet

Access Intelligence 79.5p £101.5m (ACC.L)
The technology innovator delivering Software-as-a-Service solutions for the global marketing and communications industries announces its final results for the year ended 30 November 2022. Revenue increased by 97% to £65.7m (2021: £33.3m). ARR base increased by 2% to £60.0m (2021: £58.9m), adjusted EBITDA of £2.3m (2021: loss of £0.5m), and cash balance was £4.9m (2021: £13.5m). New client wins in the EMEA, North America, and APAC regions including Airbnb, Allianz, Asahi. The Group continue to trade in line with expectations.

Cerillion £12.15 £358.6m (CER.L)
The billing, charging and customer relationship management software solutions provider announces an update on trading for the first six months of its current financial year ending 30 September 2023. Revenue is expected to be 27% higher at c.£20.5m (H1 2022: £16.1m), adjusted EBITDA is expected 38% higher at c.£9.9m (H1 2022: £7.2m) and net cash at 31 March 2023 is up by 43% to c.£23.6m (31 March 2022: £16.5m). The Board is confident that trading for the full year will be in line with consensus market forecasts.

Diaceutics 104p £87.9m (DXRX.L)
A leading technology and solutions provider to the pharmaceutical industry, reports its audited results for the year ended 31 December 2022. Revenue increased 40% to £19.5m (2021: £13.9m) with a shift to platform-based subscription contracts with 35% of revenue subscription based (2021: 3%), gross profit increased by 37% to £16.7m (2021: £12.2m), EBITDA of £3.6m (2021: £2.3m) and profit before tax £0.6m (2021: £0.5m). The Group looks forward in confidence and aims to partner with pharma or biotechs launching in precision medicine.

Intercede Group 64p £37.3m (IGP.L)
A cybersecurity software company specialising in digital identities, provides an update on trading for the year ending 31 March 2023 (FY23). Group revenues for FY23 are expected to be just over £12.0m (2022: £9.9m), approximately 21-22% higher than FY22 and ahead of market forecasts. Gross cash balances of £8.3m (2022: £7.8m). Post cash outflow of c.£2.3m relating to the acquisition of Authlogics, announced on 10 October 2022. The Group has no debt. The combined effect of revenue improvement and cost management, is expected in improved profitability subject to year end Audit.

Omega Diagnostics Group 2.65p £6.3m (ODX.L)
The specialist medical diagnostics company focused on promoting a personalised and functional approach to health and nutrition, provides a trading update for the year ended 31 March 2023. The Company expects revenues of £7.5m (2022: £8.6m), in line with the expected revenue range. Higher raw material costs likely to result in an EBITDA loss for FY23 of c.£2.0m and cash position was £5.0m, in-line with expectations. Demand for the Company’s food sensitivity tests remains strong with an opening order book for FY24 of £2.4m. The Company remains confident in their FY24 results with revenue and EBITDA growth.

Quiz 12.6p £15.7m (QUIZ.L)
The omni-channel fashion brand provides a trading update covering the financial year ended 31 March 2023 (FY23). Revenue increased by 17% to £91.7m (FY22: £78.4m), Gross margins were in line with management expectations and consistent with the previous year. The group expects profitability of £2.0m (FY22: £0.8m) and net cash of £6.2m, comprising a cash balance of £7.6m offset by a £1.4m drawdown of available bank facilities (FY22: £4.4m). The Board remains confident and trading is in line with expectations.

Renold 28.4p £64.0m (RNO.L)
A leading international supplier of industrial chains and related power transmission products provides a trading update covering the year ended 31 March 2023 (FY23). Revenue for the year was £247.1m, a year-on-year increase of 26.6%, Group order intake during FY23 was £260.3m. This represents a year-on-year increase of 16.3% and the order book finished FY23 at £99.5m (31 March 2022: £84.1m). The Group has net debt of £29.8m (30 September 2022: £34.0m), a reduction of £4.2m in H2. The Board now expects underlying trading profit and margin to be materially ahead of the revised market expectations.

Supreme 109p £127.9m (SUP.L)
A leading manufacturer, supplier, and brand owner of fast-moving consumer products announces a trading update for the year ended 31 March 2023 (FY23). The Company expects FY23 revenue of at least £150m (2022: £130.8m) and adjusted EBITDA of at least £19.3m (2022: £21.1m). Expecting bank borrowings net of cash to be neutral as at 31 March 2023, a reduction of £12.9m since the half year. The Group expects to maintain strong growth, and trading for the year to be slightly ahead of current market expectations.

SysGroup 27p £13.3m (SYS.L)
The multi award-winning technology solutions provider provides a trading update for the year ended 31 March 2023 (FY23). Revenues grew 47% to £21.6m (FY22: £14.7m) and adjusted EBITDA increased 18% to £3.33m (FY22: £2.82m). Revenue growth was achieved through 6% organic growth and successful acquisitions of Truststream and Orchard both in April 2022. The Group has gross cash of £4.18m (FY22: £4.13m), achieved after payment of £5.8m for the Acquisitions and has a net debt position of £1.32m. The Group are trading in line with expectations and are well placed to execute their growth strategy.

Tekcapital 15.75p £26.0m (TEK.L)
The UK intellectual property investment group announces that it has raised a total of £2.0m (c.US$ 2.50m) before expenses at a price of 15p per share. Net proceeds will be primarily used to accelerate the growth of the Company’s portfolio companies including; £1m to build commercial inventory of MicroSalt Limited due to significant forthcoming orders, £0.5m for facility build out for Guident’s new Remote Control Monitoring Centre, and the remainder for additional working capital.

17 April 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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