Small Cap Feast

18th July 2023

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

Joiners: 
No joiners today.

Leavers: 
No leavers today.  




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

STAY INFORMED

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

Disclaimer

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 enquiries@hybridan.com 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