Small Cap Feast

17th October 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 11 October: Cykel AI, the company developing artificial intelligence AI software designed and trained to execute commands in response to natural language directives, specifically within the realm of computer interfaces, intends to join the Access Segment of the AQSE Growth Market. Admission on or around 25 October.

Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 30 October.

MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of Shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). The Company is looking to raise £10m - £15m on IPO. Microsalt announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. Admission to trading on AIM 18 October.


Breakfast Buffet

Abingdon Health 11p £13.4m (ABDX.L)
A international lateral flow contract research (CRO) and contract development and manufacturing organisation (CDMO), announces its final results for the year ended 30 June 2023. Revenue of £4.0m (2022: £2.8m), an increase of 43%, as a result, adjusted EBITDA loss decreased to £2.9m (2022: £10.0m loss). Cash burn has reduced in H2 2023 compared with H1 2023 due to the combined impact of revenue growth and the operational restructuring undertaken, as a result, the Company holds cash as at 30 June 2023 of £3.2m. The Company is trading in line with Board’s expectations.

Agronomics 8.9p £88.4m (ANIC.L)
The company focused on the field of cellular agriculture, announces that portfolio company All G Food Holdings Pty Ltd (All G Foods) has announced the spin out and merger of its plant-based brand into a new entity, The Aussie Plant Based Co. Ptd Ltd (The Aussie Plant Based Co). As a result of this transaction, All G Foods will own 49% of The Aussie Plant Based Co. All G Foods will continue to focus on its precision fermentation dairy business. Agronomics currently holds an approximate 8% ownership of All G Foods.

Corero Network Security 8.05p £40.3m (CNS.L)
A provider of distributed denial of service (DDoS) protection solutions, announces it has secured a new contract with a global satellite service provider. The contract, which has a total value in excess of $500k, will deliver SmartWall ONE ultra-low latency DDoS protection across a network of globally positioned ground stations. This contract will allow Corero to focus on delivering further expansion in this high growth vertical, alongside demonstrating the need for protecting satellite services from DDoS attacks.

Destiny Pharma 56.5p £53.8m (DEST.L)
A clinical stage biotechnology company focused on the development and commercialisation of medicines to prevent and cure infections, announces the publication of new microbiological data on XF-73 (exeporfinium chloride). The screening of XF-73 against this wide range of isolates yielded the following landmark findings: 1) XF-73 effective against all 2,527 isolates tested, 2) XF-73 effective against all tested antibiotic resistance mechanisms and 3) XF-73 effective against 840 MRSA1 clinical isolates from around the world. These findings support the urgency of XF-73 nasal's late-stage development and need for its global regulatory approval.

Poolbeg Pharma* 7.75p £38.8m (POLB.L)
A clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need, announces that it has signed a strategic collaboration agreement with a Nasdaq listed biopharma company for the development of an optimised oral drug to treat a metabolic condition. Under the agreement, the Company will receive funding to work with its new partner to produce a prototype drug utilising Poolbeg's licensed oral delivery technology. The Company is optimistic that this strategic collaboration can progress to a full licensing agreement in time, whereby the Nasdaq listed biopharma could integrate this novel oral delivery technology into its pipeline. This marks another significant milestone in Poolbeg's journey towards early revenues and underscores the Company's commitment to advancing treatments for metabolic conditions.

Revolution Bars Group 3.6p £8.3m (RBG.L)
A UK operator of 67 premium bars and 22 gastro pubs, trading predominantly under the Revolution, Revolución de Cuba and Peach Pubs brands, announces its preliminary results for the 52 weeks ended 1 July 2023. Total revenue for the year was £152.6m up 8.4% from prior year (FY22: £140.8m), adjusted EBITDA marginally reduced to £17.0m (FY22: £19.4m) and the Company announced operating loss of £15.2m (FY22: operating profit £19.4m). The Company holds net bank debt of £21.6m (FY22: Net cash £4.1m). Year-to-date like-for-like revenue, compared to FY23, has been -5.5%, however the Company is confident for future growth.

Shoe Zone 232.5p £107.5m (SHOE.L)
The wide range seller of footwear for the whole family from over 380 stores nationwide and on their website announce its unaudited full year trading update for the 52 weeks to 30 September 2023 (FY 2023). Group revenue increased by 6.1% to £165.7m (FY 2022: £156.2m), as a result, adjusted profit before tax expected to be not less than £16.0m (FY 2022: £11.2m). The Company ended the year with net cash of c.£16.4m (FY 2022: £24.4m) and has reduced store numbers to 323 (FY 2022: 360). The Company look forward to announcing its full year results in January.

SmartSpace Software 42p £12.2m (SMRT.L)
The provider of Integrated Space Management Software for smart buildings and commercial spaces, announces its unaudited interim results for the six months ended 31 July 2023. Total Group revenues up 16% to £2.74m (31 July 2022: £2.37m), as a result, adjusted EBITDA loss improved to £0.06m (31 July 2022: loss of £0.50m). Annual Recurring Revenue (ARR) was up 21% year-on-year to £5.8m (31 July 2022: £5.0m) and the Company holds a cash balance at 30 September 2023 of £2.0m. 872 new customers were added since the beginning of the financial year, contributing £0.8m of new ARR, and the Board remains confident to expect full year results in line with expectations.

Zinc Media Group 92.5p £20.7m (ZIN.L)
The award-winning television, brand and audio production group, announces it has won a USA television series with the working title, Top Gun: The Next Generation, worth approximately $9m of revenue to the Group. The series is due to be filmed towards the end of FY23 and throughout FY24, with final delivery in FY25 and is being produced for National Geographic Channel. It will be produced by REX TV one of Zinc's newest television production companies which was launched last year, and post produced by Zinc's Bumblebee Post Production.

4Global 63.5p £16.7m (4GBL.L)
A UK-based data, services and software company focused on sporting events and the promotion and measurement of physical activity, announces that it has been awarded contracts in the Middle East and in Guadalajara, Mexico. The contract in the Middle East covers data, insight and knowledge applications for one of 4GLOBAL's strategic partners. The contract has a value of US$290k and will be delivered and recognised in the current financial year. The contract in Mexico is awarded with the Guadalajara Convention and Visitors Bureau in the City of Guadalajara, one of the sixteen venues of the 2026 FIFA World Cup. The contract value is for US$250k and will be delivered and recognised in the current financial year.

17 October 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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