Small Cap Feast

20th June 2024

Dish of the day
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Dish Of The Day:



Polar Capital Global Healthcare Trust ZDP (PGHZ.L) has left the Standard segment of the Main market.

Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to list on the Aquis Exchange on 3 July. The Company is acquiring 53 Degrees North Engineering Limited, to become the Company’s Consultancy division, which provides a range of asset care consulting and management strategies for manufacturers, particularly in the fast-moving consumer goods (FMCG) sector. The Consultancy division has established relationships with some of the largest food and beverage companies in the world, with 5 out of the top 10 being existing customers. IntelliAM is a revenue generating and profitable company. The Company is looking to raise £5m to fund the Company’s expansion. The Freefloat will be 16.5% following Admission and Completion of the acquisition of 53 North.

Media speculation: (We remove rumours after 10 days of being on the menu)

19th June 2024: Pri0r1ty AI, a software company, pending regulatory clearance, is expecting to raise at least £600,000 in a public listing on the Aquis Exchange in early July to launch its product

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Bluejay Mining 0.3p £5.4m (JAY.L)

The exploration and development Company with projects in Greenland and Finland announces it has reached agreement with the major shareholder White Flame Energy Ltd to purchase the Company in two tranches. Subject to receiving the required acceptances from the balance of the White Flame Vendors, the Company will initially acquire up to 51% of the issued share capital of White Flame for £1,402,500 and will be granted a 3 year option to acquire the remaining 49% on the same terms. The acquisition values the total issued share capital of White Flame at £2,750,000. The Company will expand its footprint significantly in prospective licences for both industrial and natural gas. This strategic move aligns with Bluejay's commitment to acquiring industrial gas and copper assets in favourable exploration jurisdictions.

Concurrent Technologies 107p £87.4m (CNC.L)

The designer and manufacturer of leading-edge computer products, systems and mission critical solutions used in high-performance markets by some of the world's major OEMs has secured its largest single contract to date for $4.46m to supply computer plug-in-cards to a major US Defence and Aerospace prime contractor. The contract is for a large number of multiple standard products from the Company's refreshed product portfolio.

ECR Minerals 0.28p £5.2m (ECR.L)

The exploration and development Company focused on gold in Australia announces its unaudited half-yearly financial results for the six months ended 31 March 2024 for the Company. The loss was £0.5m (31 March 2023: £0.7m), the free cash flow was £0.1m (31 March 2023:£0.3m) and the sale of non-core assets realised A$420,000. The Company will remain conservative and value-orientated in terms of potential acquisition opportunities after an active search over the past few months.

Filtronic 73p £158.1m (FTC.L)

The designer and manufacturer of products for the aerospace, defence, telecoms infrastructure and low earth orbit space markets today provides its trading update for the financial year ended 31 May. Revenue and EBITDA were both delivered ahead of market expectations in a transformational year for the business, after entering into a Strategic Partnership with SpaceX. Trading has been strong in H2 of the financial year and the Board expects to deliver FY2024 revenue of approximately £25.4m (FY2023: £16.3m) and adjusted EBITDA of no less than £4.8m (FY2023: £1.3m). The net cash was also robust with £5.2m at 31 May 2025 (30 November 2023: £2.4m). Filtronic is expected to win more business with large defence primes who are actively seeking to engage with the SME market as western governments increase investment in defence capabilities.

Franchise Brands 153p £332.4m (FRAN.L)

The international multi-brand franchisor announces its audited results for the year ended 31 December 2023. Statutory revenue increased by 74% to £121.3m (2022: £69.8m), adjusted profit before tax increased 55% to £19.7m (2022: £12.7m) and the cash position was £12.3m (2022: £10.9m). The business acquired Pirtek Europe Ltd for £210.8m last year, which has doubled the size of the Group. The resilient underlying demand for the Group's essential reactive services means that the business continues to perform well and grow.

Getech Group 4.9p 35.1m (GTC.L)

The leading locator of the energy and mineral resources essential for the world's energy transition announces its Final Results for the 12 months ended 31 December 2023. Revenue was £4.0m (2022: £5.1m), the cash at bank was £0.4m (2022: £4.3m) and unaudited revenues in the first 4 months were 17% ahead of the same period last year. The Company won new business in H1 2024 and has a strong pipeline in H2. The Company is investing to evolve the offering and unique proposition, grow the order book, expand the pipeline, and innovate its business models.

Mobile Tornado Group 1.75p £6.8m (MBT.L)

The leading provider of resource management mobile solutions to the enterprise market announces its audited results for the year ended 31 December 2023. Revenue decreased by 1% to £2.27m (2022: £2.28m), the loss before tax was £1.1m (2022: loss of £1.4m) and net cash £0.19m (2022: £0.15m). The Group’s strategy to widen the network of industry partners to strengthen existing partner relationships and establish a presence in new international markets has been successful. The Board is focused on growing the Company's recurring revenues, which is the primary driver for delivering increased shareholder value and this is expected to be delivered by increased customers and partners.

Petrel Resources 1.3p £2.5m (PET.L)

The hydrocarbon explorer with interests in Iraq and Ghana today announces its unaudited preliminary results for the year ending 31 December 2023. The loss before taxation was £0.5m (2022: £0.3m) and the cash and cash equivalents was £0.04m (2023: £0.17m). The Board is considering expansion opportunities for oil & gas in the MENA region, including reviewing oil & gas assets with prospectivity for other gas resources such as helium which the Board believes would offer some beneficial diversification given current market conditions.

Timeout Group 55p £176.7m (TMO.L)

The global media and hospitality business that inspires people to discover and experience cities today announces a trading update for the year-ended 30th June 2024. The Group has delivered improving sales growth rates, with both Media and Market sales accelerating during the final quarter of the financial year. Increased synergies between Media and Market growth in global audiences and strong cost control all made significant contribution to the Group’s solid trading performance. Following continued strong cost control coupled with higher sales, the Group now expects EBITDA for FY24 to be ahead of market expectations (consensus being £6.7m EBITDA pre IFRS16, £11.7m post IFRS16).

YouGov 550p £950m (YOU.L)

The international research and data analytics Company today provides an update on current trading and full year outlook. The Company has seen lower sales bookings than anticipated, which results in the Group’s expected reported revenues for FY24 to be approximately £324-327m. While the Company has seen the improvement in H2, the growth is below expectations, hence the full-year adjusted operating profit is expected to be £41-44m. The Group will focus on optimising the cost base and prioritising investment in key growth areas such as upgrading Data Products, continuing to build out AI capabilities and enhancing the sales organisation to further capitalise on YouGov's unique asset: its high-quality global panel and proprietary dataset.


20 June 2024
*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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