Small Cap Feast

17th May 2023

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

No joiners today.

No leavers today.

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
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.


This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

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).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

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.

Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute 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 the MIFID II Regulation.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email with “unsubscribe me”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram