Small Cap Feast

22th February 2023

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What’s Cooking In The IPO Kitchen?

PanGenomic Health Inc, currently traded on the Canadian Securities Exchange market, intends to dual list on the AQSE Growth Market, as a springboard to expand footprint of its personalised and self-care digital health platforms in the UK/EU markets. The Company has three platforms: Nara App, Mindleap.com and the PlantGx Platform. PanGenomic Health Inc is currently traded on the CSE. 88.6% of the total issued shares will be floated. Admission is delayed.


Breakfast Buffet

Angling Direct 31p £24.0m (ANG.L)
The omni-channel specialist fishing tackle and equipment retailer, provides a unaudited trading update in relation to the financial year ended 31 January 2023 (FY23). Revenue for the Group increased marginally by 2.2% to £74.1m (FY22 £72.5m) and expects pre-IFRS 16 EBITDA of £2.2m. The total number of stores increased from 42 to 45 in the year, with new openings in Washington, Coventry and Stockton-on-Tees. The Group has net cash position at FY23 of £14.1m (FY22: £16.6m). Trading is in line with the Board's expectations.

Avingtrans 375p £120.9m (AVG.L)
The international engineering group which designs, manufactures and supplies equipment, systems and aftermarket services to the energy, medical and industrial sectors, announces its interim results for the six months ended 30 November 2022. Group revenue increased by 12.3% to £50.0m (2022 H1: £44.5m), gross margin reduced marginally to 32.6% (2022 H1: 33.9%) and adjusted EBITDA increased by 11.4% to £6.4m (2022 H1: £5.7m). Strong order intake and timing of contract revenue recognition has provided management with good visibility over H2 2023 revenue and profits, on-going supply chain disruptions notwithstanding. The Board remains confident in achieving full year market expectations.

Conroy Gold and Natural Resources 20.25p £9.1m (CGNR.L)
The gold exploration and development company focused on Ireland and Finland, announce the discovery of a new area of gold mineralisation in the Longford-Down Massif in Ireland. Visible gold was observed at two locations within the new discovery area. Assay results, from five quartz samples, located on or close to the surface, returned values of 123.0 g/t Au, 76.7 g/t Au, 44.1 g/t Au, 35.2 g/t Au and 12.8 g/t Au, respectively. The first three assay results are the highest gold results returned since the Company began exploration in the Longford–Down Massif. The discovery indicates the potential for the district to become a Tier 1 gold area.

Global Connectivity* 1.75p £6.5m (AQSE:GCON)
A company focused on communication services and technologies that enhance connectivity, announces a trading update in relation to their investment strategy post the £75m investment from Tiger Infrastructure Partners. The Group holds a 15% ownership interest in Rural Broadband Solutions Holdings Limited where Tiger made the investment. Since the investment, significant progress has been made with respect both to the building of the Company's first fibre network in Shropshire and also in identifying further target areas for expansion within the UK. The Board is now looking for opportunities in technically based businesses, that enhance connectivity either between consumers or businesses that provide services to consumers where enhanced connectivity is essential.

Kinovo 36.5p £22.7m (KINO.L)
The specialist property services Group that delivers compliance and sustainability solutions, announces that it has been awarded a new contract worth £12m over five years by The Hyde Group (Hyde), an existing client. The contract comprises electrical testing and associated works for both Hyde's domestic and communal properties. Kinovo has also been ranked in first position for a number of sustainability lots. The lots, relating to the Greater London, Southeast and East regions, comprise part of the Net Zero Carbon Works, including planned maintenance, Net Zero Carbon and Passive Fire Safety Works. The potential value of the framework to be worth £200m nationally.

RWS Holdings 361.2p £1,406.8m (RWS.L)
The provider of technology-enabled language, content, and intellectual property services is holding its Annual General Meeting today at which Andrew Brode, the Chairman will provide a company update. The latest Group-compiled view of analysts' expectations for FY 2023 gives a range of £771.8m-£782.6m for revenue; and a of £133.3m for the adjusted profit before tax. The Group continues to focus on delivering its medium-term strategy, despite the continuing macroeconomic challenges and the Group expects full year outlook remaining in line with market expectations.

Science in Sport 13.5p £23.3m (SIS.L)
The performance nutrition company serving elite athletes, sports enthusiasts, and the active lifestyle community, announces a pre-close trading update for the financial year ended 31 December 2022. Group revenue growth of 1.5% to £63.5m (FY2021: £62.7m) was achieved. The new Blackburn site has been delivering significant logistics efficiencies, resulting in stronger margin performance in H2. The Group performed broadly in-line with expectations.

Seeing Machines 7.53p £312.7m (SEE.L)
The advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announces a trading update for the six months to 31 December 2022 (H1 2023). The Company expects to report revenue for H1 2023 of US$24.4m (H1 2022: US$15.8m), representing a 54% increase. Total connected Guardian units were 46,018, securing annualised recurring revenue of US$12.7m (H1 2022: US$11.9m). Cash position at 31 December 2022 of US$52.7m (FY 2022: US$41.0m). The Company is fully funded to deliver on its current business plan and the Group are confident of continued growth and meeting FY2023 expectations.

Synectics 130p £23.1m (SNX.L)
A leader in advanced security and surveillance systems, announces its audited final results for the year ended 30 November 2022. The Group’s revenue increased by 6.8% to £39.1m (2021: £36.6m), underlying operating profit before tax improved by 140% to £1.2m (2021: loss £0.5m). The Group's cash balance was £4.3m (2021: £4.6m ) with no bank debt and undrawn bank facilities of £3.0m. Synectics believes the outlook for the industry is favourable and it is well-placed to benefit from upcoming opportunities. The Board is confident of further profitable growth this year.

Transense Technologies 89p £14.1m (TRT.L)
The developer of specialist sensor systems, reports its unaudited interim results for the six months ended 31 December 2022. Revenues increased by 37% to £1.64m (FY22 H1: £1.20m); royalty income generated by iTrack technology, a tyre monitoring system increased by 47% to £0.97m (FY22 H1: £0.66m) and Surface Acoustic Wave sensor (SAW) revenues doubled to £0.14m (FY22 H1: £0.07m). EBITDA increased by 82% to £0.36m (FY22 H1: £0.20m), and net profit before tax was £0.26m (FY22 H1: £0.08 m). The Board expects the Company to meet its expectations for the financial year.

22 February 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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