Small Cap Feast

18th July 2023

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What’s Cooking In The IPO Kitchen?

Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Expected Admission 21 July 2023.

Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Expected Admission 20 July 2023.#

Metals One Plc, a company focusing on acquiring natural resources projects with a focus on critical battery metals, including nickel, lithium, cobalt and copper intends to join the AIM Market. The Company will have interests in the Paltamo and Rautavaara projects (nickel, copper, zinc) in Finland (together the Black Schist Project) and the Brownfield Råna Nickel project in Norway (Brownfield Rana Project). These projects represent opportunities to develop deposits of scale, in stable jurisdictions, well situated to supply fastest growing European electric vehicle and energy storage markets. The Company aims to raise £2.5m at 5 pence per share with an anticipated market cap of £10.72m. Expected Admission date is 27 July 2023.

Ora Technology plc, a software company developing a digital carbon trading platform, offering users the ability to buy, sell and retire verified carbon credits in the voluntary carbon market, intends to join the Access Segment of the AQSE Growth Market. Ora’s platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices, and an emphasis towards providing a simple and intuitive user experience.

Praetura Growth VCT plc, a newly established VCT announces its intention to float on the Main Market of the London Stock Exchange. The Company will provide growth funding to scalable businesses predominantly based in the North of England, across a range of sectors including technology and healthcare. The Company will be managed by Praetura Ventures Limited, a venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender. The Company is targeting to raise £10m at 1 pence per share, via an offer for subscription. The Directors will have the option to utilise an over-allotment facility that will allow the Company to issue a further 10m Ordinary Shares under the Offer.

Breakfast Buffet

AFC Energy 11.51p £85.9m (AFC.L)
The provider of hydrogen power generation technologies confirms it has renewed its Air Products GmbH collaboration with a five year hydrogen supply agreement and site lease at Stade in Northern Germany. The Stade facility is set to become AFC Energy's preferred facility for H-Power Generator factory acceptance testing in preparation for growth in system deployments. The collaboration includes a five year hydrogen offtake agreement at the Stade site near Hamburg. AFC Energy is also commissioning a study into the potential co-location of development and large scale contract manufacturing facilities in Germany to support the growth in system deployments.

Bidstack Group 0.88p £11.4m (BIDS.L)
The in-game brand activation platform announces that Donald Stewart, Non-Executive Director, has informed the Board that he has decided not to seek re-election as a director of the Company and will step down following the Company's Annual General Meeting on Friday 21 July 2023. Glen Calvert, Non-Executive Director, has also indicated his intention to resign as a Director of the Company, with effect from the end of the AGM. The Company announces that it is undertaking a review of the respective roles and responsibilities of the Board.

CPP Group 184.5p £16.3m (CPP.L)
A provider of assistance and insurance products which reduce disruptions to everyday life for millions of customers announces a trading update. The Board expects revenues from continuing operations to be c.22% ahead of the prior year, and, on a constant currency basis, to be ahead of the prior year by c.26%. EBITDA from continuing operations is expected to be broadly in line with the prior year at c.£2.9m (H1 2022 restated: £2.9m). Operationally, the Group is now at the implementation stage of its change management programme which, at its conclusion, will see CPP exit from its legacy businesses and focus on growing its Blink, Indian, and Turkish operations.

DX Group 32p £193.6m (DX..L)
The provider of delivery solutions, including parcel freight, secure courier and logistics services, provides an update on trading for the second half of the Group's financial year ended 1 July 2023. Revenue for the financial year is expected to be approximately 10% ahead of the prior year at £470m (2022: £428m). Net cash for the Group post capital expenditure of £10.9m was up by 39% to £37.6m (2022: £27.0m) and the payment of an interim dividend of £3.0m (2022: nil). DX has continued to invest in its fleet (including electric vehicles), equipment and technology, in line with its capital allocation policy. The Group is trading in line with management’s expectations.

IXICO 20p £9.7m (IXI.L)
The medical imaging advanced analytics company delivering intelligent insights in neuroscience announces that it has signed a contract with a new client. IXICO will provide its imaging services in a clinical trial of a novel therapeutic to treat Progressive Supranuclear Palsy, a rare neurodegenerative disease. The contract value is c.US$1.7m (c.£1.3m), over a 4-year term. The World Health Organization defines a rare disease as one that strikes fewer than 65 per 100,000 people.

Judges Scientific £93.40 £617.2m (JDG.L)
The group focused on acquiring and developing companies in the scientific instrument sector provides an trading update for the six-month period ended 30 June 2023. Organic order intake was up 14% when compared against H1 2022. Organic order intake achieved in the first half showed 23% growth compared to H1 2019 (pre-Covid) and a CAGR of 5.3%. Organic revenue in the first half was up 17% compared with H1 2022, total sales include a sizeable contribution from Geotek, and as in 2022, Geotek's revenue will be H2 weighted due to the timing of its coring activity. The Company also announced that two small acquisitions, Henniker Scientific Limited and Bossa Nova Vision LLC, which were completed during the half-year.

Mirriad Advertising 1.3p £6.4m (MIRI.L)
The in-content advertising company announces the following trading update for the six months ended 30 June 2023 (period). Revenues for H1 marginally ahead of 2022 at £592k (H1 2022 £577k) following the final exit from China, and revenues from continuous operations increased 26% to £576k (H1 2022 £458k). Gross proceeds of fundraising closed in May 2023 of £6.3m (net £5.7m) and as a result the Company holds closing cash of £9.8m (June 2022 £17.7m). The US advertising market had shown year on year declines for each of the 10 months to April 2023 and this has impacted the Company's US revenues, which showed a year-on-year reduction to £313k (H1 2022 £418k), the Board however anticipates a pickup in US activity in H2 2023.

NIOX Group 67.3p £282.4m (NIOX.L)
A company engaged in the design, development and commercialisation of medical devices for asthma diagnosis and management announces a trading update for the six months ended 30 June 2023 (H1 2023). Unaudited revenues were approximately £18.8m, up 22% on the same period last year (H1 2022: £15.5m). Clinical revenues grew 29% to approximately £16.7m (H1 2022: £13.0m) and as a result adjusted EBITDA increased by 93% to £6.2m (H1 2022: £3.2m). The Company holds net cash of £23.8m.

Osirium Technologies 1.45p £1.8m (OSI.L)
A vendor of cloud-based cybersecurity and IT automation software announces an update on trading for the six months ended 30 June 2023. Annual Recurring Revenue (ARR) has increased by 34% over the 12 months to 30 June 2023 to £2.16m (30 June 2022 ARR: £1.61m) and revenue is expected to be no less than £1.1m (H1 2022: £0.9m). The Company's cash balance was £0.22m, with short-term debtors of £0.40m. Osirium has continued to grow within its target sectors, with over twenty new customers signed so far in the year.

The Artisanal Spirits Company 82.5p £38.2m (ART.L)
The owner of The Scotch Malt Whisky Society (SMWS), curator and provider of premium single cask Scotch malt whisky, announces a trading update for the six months ended 30 June 2023. Revenue performance of £10m in H123, with growth in Q2 of 7%. SMWS membership growth of 9% year-on-year and the Company continued its strong performance in Europe and UK Ventures. The site is now completing all bottling and despatch activities for the Company and delivering improved Group margins and the Company are on tract to deliver growth in line with full year expectations.

18 July 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


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