Small Cap Feast

22th February 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:

No joiners today.

No leavers today.

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, 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
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.


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.

If you would like to unsubscribe, please email with “unsubscribe me”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram