The Kitchen is empty.
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.
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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.
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.
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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.
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