Small Cap Feast

21th September 2023

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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.

21 September 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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