Golden Metal Resources Plc a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA intends to join AIM. It was established on 22 April 2021 as a company registered in England and Wales for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (AIM:POW). The Company holds four mining assets comprising the wholly owned Pilot Mountain, Garfield and Stonewall projects together with an earn-in option over the Golconda Summit project. Each of the projects consists of mining claims located entirely on land managed by the United States Bureau of Land Management. Expected Admission Early May 2023.
Ashoka WhiteOak Emerging Markets Trust Plc intends to join the Premium Segment of the London Stock Exchange. The Company is a new UK investment trust seeking to achieve long-term capital appreciation through investment primarily in quoted securities that provide exposure to global Emerging Markets and intends to raise £100m at 100p per ordinary share. Expected Admission 3 May 2023.
Drumz Plc is an investing company admitted to trading on AIM with an investment policy focused principally on acquiring investments in technology businesses based in Europe. Drumz currently has two investments, being a 25%. shareholding in Acuity Risk Management (ARM) and a 5.85% legacy shareholding in KCR Residential REIT plc (KCR). Admission to AIM is being sought as Drumz has conditionally agreed terms to acquire the remaining issued shares and to be issued shares in ARM for a total consideration of approximately £3.6m. Drumz plc will be renamed Acuity RM Group plc post Admission. The Company intends to raise £1.45m on Admission and will have a market capitalisation of £5.4m. Expected Admission 25th April 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
Accesso Technology Group 704.5p £291.6m (ACSO.L)
The premier technology solutions provider for attractions and venues worldwide, announces the acquisition of Paradocs Mountain Software; a leading Canadian-based provider of cutting-edge software solutions tailored to the ski industry. The terms include a total consideration of $10m comprised of $9m in cash and $1m in accesso shares. The year ending 31 August 2022, Paradocs reported revenues of CAD$2.34m, an increase of 35.8% over FY 2021, with a gross margin of 93.5%. The Acquisition will aim to Provide accesso with a proven, hosted solution for the ski sector - a key strategic growth target for the Group and the Directors believe that the Acquisition will be earnings accretive in the current FY 2023 financial year.
CentralNic Group 116.1p £333.3m (CNIC.L)
The global internet platform which helps online consumers make informed choices, provides an update for the three months ending 31 March 2023. The Group expects to report gross revenue of c.USD 194.9m, net revenue / gross profit of c.USD 45.8m and adjusted EBITDA of approximately USD 21.3m an increase of 24%, 15% and 15% respectively. The Group's Online Marketing segment announces partnerships with leading global media groups, including latest with Microsoft Bing. Leveraging the Company’s existing Artificial Intelligence capabilities with ChatGPT, complements their existing relationships with Google and Yahoo.
Checkit 28p £30.2m (CKT.L)
The intelligent operations platform for the deskless worker, reports its audited preliminary results for the year ended 31 January 2023 (FY23). Annual recurring revenue increasing 28% to £11.5m (FY22: £9.0m), Group revenue from continuing operations of £10.3m up 22% (FY22: £8.4m), adjusted LBITDA from continuing operations of £6.4m (FY22: loss of £5.6m), and the Group held net cash at year end of £15.6m (FY22: £24.2m). The Group has expanded its US footprint with 91% year-on-year growth to ARR £2.8m (FY22: £1.5m). The Board expects to meet market expectations for FY24 and remains confident that the Group is well positioned to deliver strong, sustainable organic growth in the years ahead.
Frenkel Topping Group 68p £86.7m (FEN.L)
A specialist professional and financial services firm operating in the Personal Injury (PI) Clinical Negligence (CN) space, announces its final results for the 12 months ended 31 December 2022. Revenue is up 35% to £24.8m (FY21: 18.4m), adjusted EBITDA up 33% to £6.1m (FY21: £4.6m), underlying profit from operations up 28% £5.5m (FY21: £4.3m) and total assets for the Company is up 40% to £53.1m, (FY21: £37.8m). During the year, the Group has completed Acquisitions of Cardinal Management Limited, Somek & Associates Limited, and N-Able Services Limited and the Group is trading in line with management's expectations.
Jubilee Metals Group 9.05p £246.8m (JLP.L)
A leader in diversified metals processing, with operations in Africa, provides an update on its operations in South Africa and Zambia for the quarter ended 31 March 2023 (Q3 FY2023). Lost time injury frequency rate (LTIFR) of 1.0 in South Africa; LTIFR of 2.3 in Zambia, Chrome production of 310k tonnes, remains on track to reach full year guidance of 1.2m tonnes and 494 tonnes of copper sold with a further 202 tonnes of equivalent copper held in copper concentrate and metal as stock at the end of the period. Ramp-up of copper operations at Roan Concentrator in Zambia progressing well with full output now expected in May 2023. Full year guidance for PGM oz, Chrome operations and Copper guidance remain unchanged.
Keystone Law Group 465p £145.9m (KEYS.L)
The network and tech-enabled challenger law firm, announces its full year results for the year ended 31 January 2023 (FY 2023). Revenue growth of 8.1% to £75.3m (2022: £69.6m), profit before tax remained consistant of £8.4m (2022: £8.4m), and operating cash conversion of 96.5% with cash generated from operations of £9.3m (2022: £10.0m); the Group remains debt-free. The Company announced 32 Principals joined across FY 2023, increasing the number of Principals to 398 (2022: 394). The Board remains confident that FY 2024 will be another good year for Company growth.
Lok’n Store Group 869p £261.2m (LOK.L)
One of the leading companies in the fast-growing UK self-storage market offering self-storage from their own stores and management services to third-party storage owners announces its interim results for the six months to 31 January 2023. Group revenue £13.58m up 1.5% (31.1.2022: £13.38m), adjusted EBITDA of £7.93m down 2.3% (31.1.2022: £8.12m), operating profit before non-underlying items at £5.24m down 9.3% (31.1.2022: £5.78m) and the Group has £40.3m cash at period-end (31.7.2022: £44.4m). New store opening in Staines, Basildon and Peterborough schedule driving future growth. The Company look forward in confidence.
Mind Gym 64p £64.1m (MIND.L)
The global provider of human capital and business improvement solutions, announces a trading update for its financial year ended 31 March 2023. The Group expects to report revenues in excess of 54.7m (FY22: £48.7m), 12% ahead of prior year and profit before tax. The Group retains a strong financial position to support investments in future growth with net cash of 7.6m, ahead of expectations (30 September £4.6m; 31 March 2022: £10.0m). MindGym's £10m debt facility remains undrawn. The Board remains confident in the Group's prospects and trading is in line with expectations.
React Group 1.22p £13m (REAT.L)
The leading specialist cleaning, hygiene, and decontamination company, announces a trading update for the six months ended 31 March 2023. Revenues are expected to be approximately £9.3m (2022: £5.1m), gross profit of approximately £2.5m (2022: £1.2m) and an adjusted EBITDA of approximately £925k (2022: £133k). The Company has been awarded both sizeable new contracts including two material projects with schools, numerous NHS Trusts and a specialist property services business that will generate approximately £500k of revenue per year. The Board is confident in full year results being in line with market expectations.
The Brighton Pier Group 64p £23.9m (PIER.L)
The Group that owns and trades Brighton Palace Pier, as well as eight premium bars nationwide, eight indoor mini-golf sites and Lightwater Valley Family Adventure Park announces its final results for the 18 months to 25 December 2022. Revenue was £58.9m (2021: £13.5m) reflecting the longer period of account, Group EBITDA was £13.8m (2021: £4.7m), Profit after tax was £6.4m (2021: £4.2m), and the Group has cash balances of £4.2m (2021: £7.1m). Trading in 2023 has seen a general decline in consumer confidence in response to the difficult economic environment currently being faced.
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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).
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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.
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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.
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MIFID II status of Hybridan LLP research
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