Small Cap Feast

17th May 2023

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What’s Cooking In The IPO Kitchen?

The Kitchen is empty.

Soon to go off the menu

Circle Property plc—Further to the announcement dated 24 February 2023; Circle Property plc announces that in accordance with Rule 41 of the AIM Rules, the last day of dealings of the Company's Ordinary Shares on AIM will be 31 May 2023.


Breakfast Buffet

Aurrigo International 137.5p £57.3m (AURR.L)
A international provider of transport technology solutions, reports its full year results for the year ended 31 December 2022. Following their fundraise, Aurrigo is well capitalised for its current needs particularly in the aviation space with cash balance of £5.4m at period end. The Company delivered £5.3m of revenue, and an adjusted EBITDA loss of £0.9m. The Company’s Autonomous and Aviation division signed a multi-year partnering agreement with Changi Airport Group (Singapore) Pte Ltd for the continued joint development of Auto-Dolly, Auto-DollyTug and Auto-Sim. The Company are well positioned to continue to deliver the growth outlined at IPO.

DXS International* 4p £2.1m (AQSE: DXSP)
The digital clinical decision support company, announces that it has raised £500k, through a placing of new ordinary shares at a placing price of 4p. The company also announced a debt to equity swap through which £130.6k of debt has been converted to new Ordinary Shares at the Placing Price. The net proceeds of the Fundraising will be used by the Company to invest in the Group's operations to provide working capital to take the Company’s newly developed healthcare solutions to market. The Company's strategy is to leverage its existing customer base which provides a recurring revenue combination from the NHS and the pharmaceutical industry as supplemented by new revenue streams from the new SMART solutions. The company expects revenue for the year ending April 2023 to be £3.3m, marginally up on April 2022, with a very small profit after tax, and building blocks are in place to potentially rapidly scale annual revenue to £4.7m by April 2024.

Hardide 13.5p £8.0m (HDD.L)
The developer and provider of advanced surface coating technology, announces its results for the six-month period ended 31 March 2023. Revenue increased by 9% to £2.9m (H1 FY22: £2.7m), resulting in Gross profit to increase to £1.3m (H1 FY22: £1.1m) and gross margin improvement to 47% (H1 FY22: 41%). The Group achieved EBITDA breakeven (H1 FY22: £0.2m EBITDA loss) and has cash resources of £0.7m (30 September 2022: £0.7m). Operational capacity for sales revenue is £10m and the group is currently averaging at around 60%. The Board expects the positive sales growth seen in H1 FY23 to continue in H2 FY23.

Jadestone Energy 54p £241.2m (JSE.L)
An independent oil and gas production company focused on the Asia-Pacific region, announces that it has received approval from Australia's National Offshore Petroleum Titles Administrator (NOPTA) for the title transfer relating to the acquisition of the interest in the CWLH fields offshore Australia (originally announced in July 2022). The NOPTA approval is a key condition to drawing the reserves-based loan (RBL) which is currently being arranged with several banks. The Company continues to progress the RBL workstreams.

Kinovo 50.5p £31.4m (KINO.L)
The property services Group that delivers compliance and sustainability solutions, provides a trading update for the year ending 31 March 2023. Revenues for continuing operations increased by 18% to £62.7m (2022: £53.3m), with EBITDA (adjusted to include lease payments), rising by 29% to £5.5m (2022: £4.2m). The Group had a cash balance of £1.3m and a net cash position of £1.1m compared to a net debt position of £339k as at 31 March 2022. The Group has contributed to an ongoing diversification of their client base through the success of our contract wins across various geographical locations and expects subject to audit to report financial performance marginally above expectations for the full year.

MTI Wireless Edge 50.5p £44.7m (MWE.L)
The technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, announces its financial results for the three-month period ended 31 March 2023. Revenues marginally increased to $11.3m, up 1% (Q1 2022: $11.2m), Profit before tax up 15% to $1.1m (Q1 2022: $0.97m), reflecting an improvement in gross margin, and net profit of $0.88m, up 9% year-on-year (Q1 2022: $0.81m). The antenna division trading continued with good demand for products for military antennas resulting from interest that has been building in 2022. The Group aim to continue to grow through a mix of both acquisition led and organic growth.

Newmark Security 57.5p £5.4m (NWT.L)
A provider of electronic, software and physical security systems, provides an update on trading for the year ended 30 April 2023 (FY23). Human Capital Management (HCM) annualised recurring revenues increased by 133% to £2.1m contributing to profit margins, the Group confirm return to profitability in FY23 with year-on-year revenue growth. The business continues to leverage compliance with data in winning new HCM SaaS recurring revenue business in both North American and European markets. The Board remain cautious on current macro events but also is confident in their product offering to deliver growth.

Pantheon Resources 17.25p £135.9m (PANR.L)
The oil and gas company with 100% working interests in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, announces the results of the Fundraise and Retail Offer which was announced yesterday. The Fundraise was oversubscribed and the Company, raised gross proceeds of c.$22m. The additional funds raised will be applied towards general corporate purposes.

The Artisanal Spirits Company 97.5p £68m (ART.L)
The curators of the world's favourite, single-cask and limited-edition whisky, and owner of The Scotch Malt Whisky Society, announces that Billy McCarter, formerly Interim Finance Director, has been appointed as Chief Financial Officer and to the Board of the Group, with immediate effect. Billy is an ACCA qualified accountant, with financial experience in the Whisky and Spirits industries including around 8 years with Diageo plc.

4Global 46p £12.3m (4GBL.L)
A UK-based data, services and software company, announces the signing of a strategic partnership of a multi-million US dollar opportunity with Jonas Fitness Inc, part of Jonas Software, a worldwide Constellation Software company. This partnership extends 4GLOBAL's relationship with Jonas brands into North America. The Partnership gives Jonas Fitness Inc. a new software solution to sell to their customer base, providing insight that completes the product delivery for Jonas Fitness Inc customers. The Company is confident that this strategic partnership will unlock new opportunities.

17 May 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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