Kitchen is empty currently.
Aquis Exchange 380p £104.6m (AQX.L)
The creator and facilitator of next-generation financial markets, announces its unaudited results for the six months ended 30 June 2023. Net revenue up 17% to £9.7m (H122: £8.3m), as a result EBITDA up 26% to £1.7m (H122: £1.3m). The Company announced profit before tax of £1.145m (H122: £0.699m) up 64% on previous year, and holds cash and cash equivalents of £13.9m. The Board remain positive on the long term potential of the Company.
Clean Power Hydrogen 19.5p £52.3m (CPH2.L)
The UK-based green hydrogen technology and manufacturing group that has developed the Membrane-Free Electrolyser (MFE), announces its unaudited results for the six months ended 30 June 2023. Company Cash position of £12.9m and a loss of £1.6m. The Company’s first scaled membrane free electrolyser: MFE110,is in the final stage of testing, and the Company will turn its focus to finalising the design and build programme of the MFE220 1MW system. The Company mentions that applications have been submitted to certifying bodies for CE marking, UKCA marking, NI CE marking.
Corero Network Security 7.15p £35.8m (CNS.L)
A provider of distributed denial of service (DDoS) protection solutions, announces its unaudited results for the six months ended 30 June 2023. H1 2023 revenue increased by 19% to $10.5m (H1 2022: $8.8m) owing to a 19% increase in order intake to $13.0m (H1 2022: $10.9m). Adjusted EBITDA profit of $0.2m (H1 2022: Adjusted EBITDA of $0.0m) and the Group holds net cash at 30 June 2023 of $6.2m. The Board remain confident in the Company’s near term growth prospects and continues to trade in line with market expectations.
Filtronic 17p £36.6m (FTC.L)
The designer and manufacturer of products for the aerospace, defence, telecoms infrastructure and space markets announced a new contract win with a global provider of low earth orbit (LEO) satellite communications equipment. The contract is valued at $4.25m (£3.4m), with revenue expected to be recognised in FY 2024, and is for the supply of Filtronic's innovative Cerus32 solid state power amplifier (SSPA) module combined with a customised control board.
Kooth 296p £107.6m (KOO.L)
The Company focusing on youth digital mental well-being, announces unaudited half year results for the six months ended 30 June 2023. Revenues up 29% to £11.7m (2022: £9.0m), however, a reduction in adjusted EBITDA to £0.01m (2022: £0.5m) reflecting investment in US setup and business development. Recurring revenue from contracts 12 months or longer 94% (2022: 95%), holds net cash of £5.9m and announced a successful gross fundraise of £10m post half year end. The Company further announced a US contract win in California, $188m minimum value and on track for California introduction with the Kooth mobile app in January 2024. The Group remains confident of delivering revenue for the full year in line with revised market guidance of £34m.
Light Science Technologies Holdings 3.0p £10.0m (LST.L)
The controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, announces that it is participating in a 36-month £1.74m collaboration, funded by The Department for Environment, Food and Rural Affairs (Defra) and the UK Research and Innovation (UKRI) Transforming Food Production Challenge. LSTH will receive a grant of £209.5k over the 36-month programme. The project, Transformative Reduced Input Potatoes (TRIP), aims to test a range of regenerative cultivation methods reducing the environmental damage caused by producing potatoes. As part of the collaboration the Company will add Nitrous Oxide sensing capabilities to its existing SensorGROW product and is phased to be delivered in Q2 2024.
Ondine Biomedical 10.0p £19.5m (OBI.L)
A Canadian headquartered company innovating in the field of photodisinfection therapies announces two of Quebec's hospitals, Montreal Heart Institute (MHI), Canada's largest cardiology research centre, and the Hôpital Fleurimont, are piloting Ondine's proprietary Steriwave® nasal photodisinfection. The technology, kills all types of pathogens quickly and without causing resistance, resulting in improvement in post-surgical outcomes. Ondine's nasal photodisinfection is already in use in or under evaluation at other hospitals across Canada, including Vancouver General Hospital, The Ottawa Hospital, and the Mazankowski Alberta Heart Institute.
Real Good Food 1.2p £1.2m (RGD.L)
The food manufacturing business specialising in cake decoration, announces its final results for the year ended 31 March 2023. Revenue decreased by 19.8% to £32.4m (2022: £40.4m), as a result, announced EBITDA loss of £4.8m (2022: £0.2m profit) reflected reduced gross margins and operating leverage. Loss before tax was £9.0m (2022: £19.0m loss, including £16.1m goodwill impairment) and net debt increased to £31.2m (2022: £25.5m). The Group has recently agreed terms for a 12-month extension of the Hilco loan facility through to 18 November 2024. The facility is being renewed at £2.3m. The Group aims to deliver between £3-4m in EBITDA annually beyond FY24.
Sondrel Holdings 14.25p £12.5m (SND.L)
The fabless semiconductor business providing turnkey services in the design and delivery of application specific integrated circuits (ASICs) and system on chips (SoCs) announces its results for the half year to 30 June 2023 (H1 2023). Revenue up 17% to £9.3m (H1 22: £8.0m), as a result Adjusted EBITDA increased 33% to £0.4m (H1 22: £0.3m). Loss before tax of £2.0m (H1 22: £1.5m) and the Company holds cash at period end of £0.1m. The Company announced growth in ASIC revenues with first ASIC devices delivered to customers including sectors in AI, smartphones and home networks. The Board remain confident that the Company will deliver FY23 in line with current market expectations.
Sound Energy 0.97p £18.5m (SOU.L)
The transition energy company, announces its unaudited half-year report for the six months ended 30 June 2023. As at 31 August 2023, the Group had cash and short-term deposits of approximately £4.0m (£1.4m held as collateral for a bank guarantee against licence commitments), and is drawn £2.5m of up to its £4.0m senior unsecured convertible bond instrument in June 2023. The Company has entered into an exclusivity period and non-binding term sheet with Calvalley Petroleum (Cyprus) Limited for a partial divestment of a net 40% working interest in the Tendrara Production Concession and the Grand Tendrara exploration permit. In May the Company entered into a full and final settlement of its tax disputes and received court papers confirming the withdrawal of the cases between the Company and Moroccan tax authority.
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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.
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