Small Cap Feast

23th March 2023

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What’s Cooking In The IPO Kitchen?

Ocean Harvest Technology Group plc, a commercial scale producers of seaweed blend ingredients for the animal feed market intends to join AIM. The main country of operation is Vietnam where the Company's main production and processing facility is located. The Company is headquartered in Theale, UK with further operations in Galway, Ireland and Binh Duong Province, Vietnam. Expected Admission date 29th March 2023.

M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023.

Altona Rare Earths, a mining company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, announced its intention of withdrawing from the AQSE Growth Market to the Standard Segment of the Main Market. The Company has just raised £2m and plans to use the proceeds to complete its maiden JORC compliant Mineral Resource Estimate and a Scoping Study for its Monte Muambe Rare Earths mining project in northwest Mozambique. Admission Delayed. A further update will be provided once the date of Admission, currently expected to be towards the end of March 2023, is confirmed.

Fadel Partners, a developer of cloud-based brand compliance and rights and royalty management software in the media, entertainment, publishing, consumer brands and hi-tech/gaming sectors intends to join the AIM market. Fadel has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.

Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Admission delayed to late March from mid-March 2023.

Breakfast Buffet

AFC Energy 21.15p £155.5m (AFC.L)
A provider of hydrogen power generation technologies, announces the launch of its new advanced ammonia cracker technology platform. The Company's new cracker technology aims to unlock the value of ammonia as a hydrogen carrier fuel across target markets in Europe and Asia. Originally focused on maritime applications, AFC Energy's modular, scalable ammonia cracker technology will support the decentralised generation of low cost hydrogen, further enabling the Company's fuel cell technology in regions affected by hydrogen storage and transport challenges. AFC Energy's ammonia cracker technology continues to position the UK at the leading edge of the hydrogen economy.

Audioboom Group 445p £72.6m (BOOM.L)
The global podcast company, announces its final audited results for the year ended 31 December 2022. Revenue increased 24% to US$74.9m (2021: US$60.3m). Adjusted EBITDA profit increased 15% to US$3.6m (2021: US$3.1m). Group cash of US$8.1m (2021: US$3.0m), with a further US$1.8m available via an undrawn overdraft. Average 2022 monthly brand advertiser count of 5,257, an increase of 60%. Given the significant increase in Showcase revenue in 2022, the Board is confident that the business is moving forward for further growth across 2023.

CloudCoCo Group 1.18p £8.3m (CLCO.L)
A UK provider of Managed IT services and communications solutions to private and public sector organisations, announces it has been selected for inclusion in the MSP UK Select 2023 by Cloudtango, the world's largest Managed Services Provider directory. CloudCoCo's inclusion reflects its track record in delivering innovative IT services and cloud solutions while exceeding customer expectations.

Cordel Group 7.25p £12.4m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics, announces an Angel Trains update. The first deliverable, a Digital Twin of the complete Paddington to Didcot route, has been completed and demonstrated to Network Rail staff. The Digital Twin is survey-grade LiDAR with co-located high-resolution video, aligned to Network Rail's linear reference system. With the Digital Twin successfully delivered, the Cordel development team has moved on to focus on the Gauging and Clearance Use Cases. The Company continue to prove the benefits of automated data capture and analysis; reducing costs and improving safety.

EKF Diagnostics Holdings 25.85p £117.6m (EKF.L)
The global diagnostics business, announces that it has disposed of its subsidiary, Advanced Diagnostic Laboratory LLC (ADL Health) to Medical Management Partners, LLC. ADL Health will contribute a loss in 2022, which has led to EKF's management reviewing the business in the context of the Company's wider strategy despite a recent improvement in revenue. As a result, Laboratory Testing will no longer form part of EKF's core offering. The Disposal will provide cost savings to EKF and allow Management time to focus on growth initiatives in other areas and simplify its reporting structure of the wider group.

Life Science REIT 63.1p £220.9m (LABS.L)
The real estate investment trust focused on UK life science properties, announces that Ironstone Asset Management Ltd has collaborated with property consultant Bidwells LLP, on the publication of a report focusing on the rapid growth of Cell and Gene Therapy (CGT) in the UK and the implications for specialist real estate. Key findings include: Across Cambridge, 96% of laboratory take up in 2022 was by companies in the life science sector with CGT businesses dominating this activity; 30% of Cambridge office floorspace take up in 2022 was by life science companies, in which CGT companies were responsible for half of this volume; similarly in Oxford, 67% of laboratory lettings were taken by CGT companies.

Osirium Technologies 2.2p £2.7m (OSI.L)
A vendor of cloud-based cybersecurity and IT automation software, announces its final results for the year ended 31 December 2022. Total bookings and revenue for the period was £3.0m (2021: £1.61m) and £1.92m (2021: £1.47m) respectively, in line with its recently upgraded market expectations. Osirium's ARR for 2022 was £1.86m, up 28% over the prior year (2021: £1.45m). Group's loss before tax for the period was £3.59m (2021: £3.43m). Cash balances and debtors at 31 December 2022 was £1.08m and £0.7om at 28 February 2023. Throughout the period the Company completed two fundraises. Osirium continues to invest in R&D for direct staff and contractor costs, spending 1.96m (2021: £1.85m) in 2022.

Portmeirion Group 377.5p £52.8m (PMP.L)
The owner, designer, manufacturer and omni-channel retailer of leading homeware brands in global markets, announces its preliminary results for the year ended 31 December 2022. Group revenue increased 5% to £110.8m (2021: £106.0m), operating margin increased to 7.8% , and profit before tax of £8.0m is now ahead of pre-Covid levels (2021: £7.2m, 2019: £7.4m). The Group announced new collaborations between Spode and Kit Kemp Design Studio for an initial period of 5 years, with launch date set for April 2023. Current trading is in line with Group expectations.

Sopheon 660p £70.2m (SPE.L)
The InnovationOps software company, announces its results for the year ended 31 December 2022. Revenue of $36.8m (2021: $34.4m) is in line with market expectations, and ahead on a constant currency basis. Adjusted EBITDA increased slightly to $6.9m (2021: $6.2m), and profit before tax of $1.3m remained flat (2021: $1.2m) after absorbing $2.2m of M&A related amortization and intangible impairments. Net cash of $21.1m (2021: 24.2m). Throughout the period, the Company reported 16 new customer wins, integrated 2 acquisitions (ROI Blueprints and Solverboard), and launched 3 SaaS products. The balance sheet remains strong for further acquisitions or investments.

SRT Marine Systems 43p £78.1m (SRT.L)
A provider of maritime domain awareness systems and technologies for security, safety and environmental protection provides a trading update. The Company expects revenues for the year ending 31st March 2023 to be c.£30.0m, a 265% increase, generating an EBITDA profit of £2.5m and an expected loss before tax of £1.0m. The Company further announces that, following negotiations, the Company signed a formal Letter of Intent for a new Coast Guard project worth £145m. The coming year will see a focus on expanding distribution in the North American market, and launching new products.

23 March 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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