Small Cap Feast

24th May 2023

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Bonhill Group 5.75p £6.9m (BONH.L)
A global media company delivering analysis, insight, networking and data for financial services announces that it has exchanged contracts with KM Business Information US, Inc., a Key Media company, regarding the conditional disposal of the business and assets of InvestmentNews (IN) for a total cash consideration of $4.1m (£3.3m). IN generated audited turnover of c£7.4m and an operating loss of c.£7.0m. Following completion, John French, Executive Director and the CEO of IN, will resign as a director and will join Key Media.

Celadon Pharmaceuticals 160p £85.8m (CEL.L)
A UK-based pharmaceutical company focused on the research, cultivation, manufacturing and sale of breakthrough cannabis-based medicines, announces that it has entered into a contract for the commercial supply of its pharmaceutical-grade high-THC cannabis product with a leading UK medicinal cannabis company. Under the terms of the contract, Celadon will sell a minimum of £3m worth of product over the next three years, with the first shipment expected in Q4 2023. In addition to this inaugural contract win, Celadon has received multiple expressions of interest in the sale of its pharmaceutical-grade product.

Lok’nStore Group 868p £261.1m (LOK.L)
The growing self-storage company, announces a number of new value creating transactions. The Company has completed a new 20-year lease at its existing Eastbourne store and contracts have been exchanged for a new Landmark Managed Store in Bromborough, Wirral. New Landmark store developments continues with four new stores expected to open in the next 12 months. Store revenues are up 13.2% year on year for the quarter ending April 2023.

Mkango Resources 11.25p £30.2m (MKA.L)
A developer new sustainable primary and secondary sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean technologies announce the appointment of Ms. Philipa Varris as independent non-executive director of the Company. Ms. Varris has held leadership positions in environment, health, safety and community management in the mining sector for over 25 years, primarily in Africa, Australasia and Latin America and is an AusIMM Chartered Environmental Professional and UK Committee member.

National World 18p £46.7m (NWOR.L)
A British multimedia company issues a trading update for the 21 weeks to 27 May 2023. Total revenue for the Company declined 5% year-on-year, albeit digital revenue is expected to grow 7% year-on-year. The Group completed 5 acquisitions during the period and paid a total consideration of £3.0m funded from existing cash resources. Revenue of £2.0m and EBITDA contribution of £0.4m are expected from the acquisitions in the first half, and for the full year, revenues expected at £7.0m with an EBITDA of more than £1.0m. The Group has cash of £21m at the end of May, offset by £1m of outstanding loan note debt. Performance for the year is forecast to be in line with the Company's expectations.

PCI-PAL 56p £36.7m (PCIP.L)
The cloud provider of secure payment solutions for business communications, provides a trading update for the current financial year ending 30 June 2023 (FY23). New ACV (annual recurring revenue generated from a new contract) for the Group year to date is £3.4m. The group has experienced accelerated growth of its sales pipeline throughout FY23 as a result of new customer contacts won in H2 including a number of enterprise deals in the US. The UK Trial for the patent case is scheduled for eight days from 12 June 2023, further details are in the Company’s interim report released 14 March 2023.

Poolbeg Pharma* 6.9p £34.5m (POLB.L)
A biopharmaceutical company focusing on infectious and prevalent diseases with a high unmet medical need, announces the appointment of Brendan Buckley as an Independent Non-Executive Director of the Company with immediate effect. Brendan will also replace Cathal Friel as a member of the Remuneration Committee. A former Chief Medical Officer of ICON plc, a medical graduate of University College Cork and a doctoral graduate in Biochemistry in the Faculty of Medicine at Oxford University, Prof Buckley has advised Poolbeg since inception and has deep experience in metabolic disease.

Sondrel Holdings 45p £39.4m (SND.L)
The fabless semiconductor business providing turnkey services in the design and delivery of application specific integrated circuits and system on chips announces its audited full year results for the year ended 31 December 2022 (FY 22). Revenue increased 116% to £17.5m (FY21: £8.1m), Adjusted EBITDA of £1.1m (FY 21: loss of £2.5m) and holds cash balance at year end of £4.4m. The Company has seen record new orders with growth of over 130% YoY FY22 £25.6m (FY21: £10.8m) and reports a strong design pipeline for 2023.

The 600 Group 8p £9.4m (SIXH.L)
The industrial laser systems manufacturer, announces a trading update for the financial year ended 31 March 2023 (FY23). Unaudited FY23 revenue is expected to be approximately US$30m, with gross profits of not less than approximately US$11.5m and an operating loss of approximately US$2.4m. Operating loss was predominantly driven by unprofitable ordinary course customer contracts. As at 31 March 2023, the Group had an order book of US$7.8m and unaudited net debt of US$5.9m reflecting a movement to greater working capital requirements at the Group's Tykma business.

Velocity Composites 41p £15.1m (VEL.L)
The supplier of composite material kits to aerospace and other high-performance manufacturers, provides a trading update for the six months ended 30 April 2023 (H1 FY23). Sales are expected to be £7.0m, up 15% compared to H1 FY22. In April 2023, the US Facility manufactured the first production kits at the site to support the five-year Work Package Agreement announced in December 2022 with GKN Aerospace. The agreement with the GKN is expected to be worth in excess of US$100m in revenue over five years, with the GKN confirming strong end-user demand for its parts into 2024. The Group holds cash of £1.2m and has net debt of £1.8m. The Board confirm that the Group is trading in line with expectations.

24 May 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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