Small Cap Feast

19th September 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 12 July: 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. Admission delayed.

Announced ITF 6 July: 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. Admission delayed.

Breakfast Buffet

Barkby Group 8.25p £11.9m (BARK.L)
The Company engaged in real estate development, consumer and hospitality businesses, and life sciences announces that its subsidiary, Cambridge Sleep Sciences (CSS) the science-based sleep technology business behind SleepEngine®, has granted a five-year global license, to Mammoth International Ltd., (MIL) enabling it to manufacture a Smart Mattress using CSS's SleepEngine® platform. Under the terms of the Agreement, MIL will incorporate CSS's sleep technology into a new Smart Mattress product line. MIL will pay CSS a royalty of £75 per single mattress and £150 per double. Manufacturing is expected to commence in the next six months and expects to produce c.5000 mattresses in the year.

Bivictrix Therapeutics 14p £11.6m (BVX.L)
A biotechnology company developing novel, next-generation anti-cancer precision Antibody Drug Conjugates announces its unaudited interim results for the six months ended 30 June 2023. Loss after tax for the period was £1.2m (H1 2022: £1.3m) reflected by investments in R&D of £1.1m (H1 2022: £1.2m) and administrative expenses of £0.3m. The Group closed the period with a cash balance of £1.9m at (H1 2022: £4.5m). The Group continued its progression of the BVX002 and BVX003 programmes to broaden their therapeutic pipeline and further evaluate their proprietary approach's utility in targeting multiple solid tumour indications. The Group has been granted a US patent providing broad protection for BVX001 through to 2039.

Good Energy Group 192.5p £32.5m (GOOD.L)
The 100% renewable electricity supplier and innovative energy services provider announces its interim results for the six months ended 30 June 2023. Revenue increased 45.6% to £156.1m (H1 2022: £107.6m) and as a result the gross profit increased 168% to £32.7m (H1 2022: £12.2m) with a gross profit margin of 20.9% (H1 2022: 11.4%). The Company announced an operating profit of £14.1m (H1 2022: £0.5m loss) and reported a profit after tax of £12.0m (H1 2022: £0.3m). The Company holds cash of £34.9m. The Company completed its acquisition of WessexECO Energy in June 2023, an established UK based solar installation business for £2.5m. The Company’s FY23 expectations remain unchanged.

IQE 18.74p £180.2m (IQE.L)
The supplier of compound semiconductor wafer products and advanced material solutions to the semiconductor industry, announces a strategic collaboration with VisIC Technologies, a provider of GaN (Gallium Nitride) power solutions. IQE and VisIC Technologies will collaborate to develop 200mm D-Mode GaN power epiwafers that will be developed at IQE's UK facilities. The collaboration marks a key milestone in IQE's strategy of diversification into the high-growth power market, first announced at its 2022 Capital Markets Day.

MyHealthChecked 9.5p £4.9m (MHC.L)
The consumer home-testing healthcare company announces its unaudited half-year report for the six months ended 30 June 2023. The Company announced revenue of £2.5m, a decrease of 74% (H1 2022: £9.8m), and an adjusted EBITDA loss of £296k (H1 2022 profit £372k). The Group has cash balance of £5m. The Group continued its investment into its IT infrastructure to support customer facing relationships and has launched a range of wellness tests into a UK top pharmacy retailer. The Group expects H2 trading on wellness tests to be broadly in line with its run rate.

Poolbeg Pharma* 7.1p £35.5m (POLB.L)
A clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need announces that the opposition to one of its European patents (Immunomodulator I) that was previously filed by a third party is to be withdrawn. The Company will be communicating with the European Patent Office (EPO) regarding the necessity of continuing with the scheduled hearing in November. Based on specialist advice received, and the fact that the patent went through an extensive examination process prior to being granted by the EPO, Poolbeg continues to have full confidence in the validity and strength of the patent and will defend its intellectual property to the extent required.

SpaceandPeople 92.5p £1.8m (SAL.L)
The retail, promotional and brand experience specialist, announces a further extension to its commercialisation agreement with Network Rail for the provision of exhibitions, events and distribution activity until 30 September 2024. The Agreement continues to cover Network Rail's portfolio of major London and regional railway stations (including London King's Cross, London Waterloo, London Paddington, Birmingham New Street and Glasgow Central) as well as Victoria Place Shopping Centre in London, providing access to many of the highest footfall venues and prestigious spaces in the United Kingdom.

Surgical Innovations 1.3p £12.1m (SUN.L)
The designer, manufacturer and distributor of innovative medical technology for minimally invasive surgery reports its unaudited financial results for the six-month period ended 30 June 2023 (2023 H1). Revenues increased 4.4% on prior year to £5.65m (2022 H1: £5.41m), however, adjusted EBITDA reduced by 96% to £0.01m (2022 H1: £0.29m). The Company announces adjusted operating loss of £0.28m (2022 H1: £0.01m profit) and holds net cash at the period end of £0.38m and has gross cash headroom of £2.41m. The Company initiated its operational review in Q2 to identify supply chain efficiencies to increase productivity and their transition to MDR remains on track whilst the Company has achieved the UKCA mark.

Time Finance 27.5p £25.4m (TIME.L)
The specialist finance provider announces the appointments of Tracy Watkinson and Paul Hird as Independent Non-Executive Directors of the Group with immediate effect. Tracy is an accomplished executive with more than twenty years of finance and commercial experience, and currently serves as Chief Operating Officer of Finance at NatWest Group. Paul has a background of over thirty years in the finance sector, most recently as co-founder and Chief Executive of Leumi ABL, an asset-based lender.

Water Intelligence 375p £65.1m (WATR.L)
A multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water provides its unaudited interim results for the period ended 30 June 2023. Revenue increased by 9% to $38.7m (1H 2022: $35.6m), as a result adjusted EBITDA increased by 12% to $7.7m (1H 2022: $6.9m). Adjusted profit before tax increased by 18% to $5.4m (1H 2022: 4.6m) and the Company holds cash and cash equivalents of $18.7m at 30 June. Results are in line with market expectations and the Group continues to grow in its long run growth plan.

19 September 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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