Small Cap Feast

23th March 2023

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

Joiners: 
No joiners today.

Leavers:
No leavers today.



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

STAY INFORMED

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

Disclaimer

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 enquiries@hybridan.com 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