Small Cap Feast

23th May 2023

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Hyve Group (HYVE) has left the Premium Segment of the London Stock Exchange

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Breakfast Buffet

Baron Oil 0.1p £19m (BOIL.L)
The oil and gas exploration company, announces its audited financial results for the year ended 31 December 2022. The net result for the year was an increased loss before taxation of £1.387m (2021: £1.127m loss). Turnover for the year was £nil (2021: £nil), there being no sales activity during the period. At the end of the financial year, cash reserves of the Group had increased to £5.807m (31 December 2021: £1.650m), following two funding events in 2022. During the year, both the Chuditch PSC and Dunrobin projects, were subject to intensive technical work aimed at maturing the assets to "drill ready" status. In early 2023 two Competent Person's Reports were published which validate both projects to the industry standard SPE PRMS Contingent and/or Prospective Resource estimates.

Calnex Solutions 107p £93.7m (CLX.L)
The Company that provides test and measurement solutions for the global telecommunications sector announces its audited results for the 12 months ended 31 March 2023 (FY23). Revenue increased 25% to £27.4m (FY22: £22m) and profit before tax increased by 21% to £7.2m (FY22: £6.0m). CLX closed the year with a cash (including short term investments) of £19.1m (FY22: £15.4m). Whilst customer budgets continue to be restricted in the near term, customer engagement levels remain high and Calnex's mid-term order funnel has strengthened during Q1 FY24, although the timing of conversion of these opportunities into orders remains unclear. Trading in Q1 FY24 has continued as anticipated, and the Board is confident in delivering results for the year in line with market expectations as revised in March 2023.

Empresaria Group 51.5p £25.6m (EMR.L)
The specialist staffing group provides a trading update ahead of its AGM today at 1:00pm. The softening of demand and slowing of hiring decisions seen across the Group's businesses in the second half of 2022 have continued into 2023. As a result, net fee income for the four months to 30 April 2023 is 5% lower than the same period in the prior year and half year profits are expected to be down significantly year-on-year against a strong 2022 comparator. At present, full year adjusted profit before tax is expected to be approximately £7m.

IXICO 16.75p £8.1m (IXI.L)
The medical imaging advanced analytics company delivering intelligent insights in neuroscience, announces its unaudited interim results for the six months ended 31 March 2023. Revenue decreased 18% to £3.2m (H1 2022: £3.9m) and gross margin fell 46.1% (H1 2022: 59.8%). The Company reports an EBITDA loss of £0.6m (H1 2022: £0.5m profit) and £5m cash at 31 March 2023 (H1 2022: £5.8m). At the end of the period, the orderbook totalled £13.3m (H1 2022: £12.6m) following the signing of contracts totalling £11.6m across the last 12 months. Management remain confident IXICO will achieve the full year guidance of £7.0m revenues for the year.

LungLife AI 49p £12.5m (LLAI.L)
The developer of clinical diagnostic solutions for lung cancer, announces the completion of enrolment for its prospective, pivotal validation study of LungLB®. Since February 2022, 425 study participants have been enrolled from seventeen sites across the United States from leading academic medical centres and Veterans Affairs hospitals. The Company is now focused on preparing the data for detailed analysis. including working with each clinical site to finalise monitoring of study data before it is unblinded. In line with expectations, the Company estimates this process will take between 3-4 months, at which point the study results are expected to be known. Following this, the Company will seek to publish the study findings in a peer-reviewed medical journal.

Physiomics* 2.25p £2.2m (PYC.L)
The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, provides a trading update. Due to unforeseen delays in data delivery to Physiomics for contracted projects and the signing of a project with a potential new client, the Company’s total income for the FY ending 30 June 2023 is likely to be more than 10% lower than the £750k stated in its previous guidance announced on 4 April 2023. The Board now expects that total income for this period will be approximately £660k. The delayed contracted projects are expected to be completed in the next FY ending 30 June 2024. The Board also expect the potential new client project to be signed this calendar year, although this cannot be guaranteed.

Trellus Health 6.5p £10.5m (TRLS.L)
The Company which is commercialising a scientifically validated, personalised resilience-based condition management solution for chronic health conditions at their intersection with mental health, announces its audited final results for the year ended 31 December 2022. The Company generated revenue in the second half of the year, through paid sponsorship and self-paying members that are early adopters of the platform. An adjusted EBITDA loss of $8.1m was reported, in line with expectations (FY 2021: $5.7m loss). During the period, Trellus adopted a new coaching-based condition management model, facilitating rapid rollout of the Trellus ElevateTM Program across the US and Canada. In July, launched Direct-to-Consumer model, with partnerships secured with patient advocacy and groups and GI platforms to provide widespread reach to GI (gastrointestinal) patients. At the end of the period, Trellus reported net cash of $19.08m (31 December 2021: $32.0m.

UK Oil & Gas 0.063p £13.2m (UKOG.L)
The oil and gas exploration company announces that UKOG and Aladdin Middle East, the Pinarova-1 operator, have jointly decided to temporarily suspend testing operations pending access to larger, more powerful, 7-inch perforating guns, capable of fully penetrating Pinarova's 9⅝-inch casing and cement. The decision results from analysis of downhole pressure gauge data from testing operations, which indicates that the 4.5-inch perforating guns used have been unable to establish direct contact with the formation through the casing and cement. Consequently, to date, tests have not yet been able to assess the potential of the zones associated with the 12 hours of strong crude oil odour and oil at surface as previously reported on May 3rd, 2023. A further update will follow when the date of testing operation resumption becomes clear.

Ura Holdings 2.4p £3.5m (URAH.L)
The African-focused mineral exploration company announces it has raised £280k (before expenses) through a placing and subscription, at an issue price of 2p, representing a 10% discount to the mid-market closing price on 19 May 2023. In addition, the Company has also raised £50k by way of a convertible loan note with Austin Acquisitions 1 Limited that will convert automatically following the next annual general meeting. The proceeds of the Fundraise will be used to place orders for critical equipment required for the restart of mining operations at the Gravelotte Emerald Mine and for general working capital.

XP Factory 21.5p £32.4m (XPF.L)
The experimental entertainment leisure business announces its audited final results for the year ended 31 December 2022. Group revenue increased 228% to £22.9m (2021: £6.9m) and gross margin rose 188% to £14.7m from £5.1m in 2021. The Group recorded its first pre-IFRS16 Adjusted EBITDA profit of £2.7m for the year (2021 of £0.6m). After IFRS 16, the Adjusted EBITDA profit was £4.1m. The Group had £3.2m of cash as at 31 December 2022, down from £8.2m at 31 December 2021. The reduction in cash is as a result of the significant capital investment in new sites during the year. Throughout the period XP Factory successfully integrated Boom Battle Bar into the group and secured £3.3m credit facility with fit-out providers for new Boom owner operated sites. Trading in the first quarter of 2023 is currently exceeding management expectations.

23 May 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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