Small Cap Feast

25th September 2023

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Aurrigo International 125p £52.1m (AURR.L)
The international provider of transport technology solution reports its interim results for the six months to 30 June 2023. Revenue was up 35% to £3.1m (H1 22: £2.3m), the adjusted EBITDA loss was £1.6m (H1 22 loss: £0.3m), reflecting the scale up of the autonomous and aviation division. The cash was £2.8m at the period end. A European Institute of Innovation and Technology grant of €275k for a project to deploy the Auto-Shuttle in Prague was announced in September 2023. The Company has completed the extended development of Auto-DollyTug mk3 which will be delivered to market during 2023.

Caspian Sunrise 3.05p £66.4m (CASP.L)
The UK-based oil and gas exploration and production company announced its interim results for the six months ended 30 June 2023. Total revenue was $17.3m, down 32% (1H22: $25.6m), including revenue from oil production of $12.5m (1H22: $24.4m). The profit after tax was $7.5m (1H22: $7.3m), thanks to a significantly reduced tax charge. While the international oil price is strong and looks set to remain so in the foreseeable future, the Company continues for Russian sanctions related reasons to sell at domestic / local mini refinery prices, which have changed little since the end of the period under review. The immediate focus is on increasing production, principally from the MJF structure.

Coro Energy 0.29p £8.3m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio announces its unaudited interim results for the six-month period ended 30 June 2023. The reduced loss after tax from continuing operations of $2.5m (restated H1 2022: $3.8m) was mainly due to a reduction in net finance expense. Coro has a strong funding position from a combination of its cash balance of approximately US$0.7m (as at 30 June 2023), and more recently supported by the post balance sheet events of the sale of shares in ion Ventures Holding Ltd and a further advance of Italy sale proceeds.

Getech Group 7.6p £5.1m (GTC.L)
The locator of subsurface resources announces its unaudited interim results for the six months to 30 June 2023. H1 2023 revenues were £1.9m (H1 2022: £2.7m including a one-off £0.7m transfer payment), reflecting lower sales volumes in oil and gas. The orderbook value was £4.4m (30 June 2022: £4.8m) with £1.4m expected to convert in H2 2023, and a further £1.5m due in 2024. The cash balance was £2.0m at 30 June 2023 (31 December 2022: £4.3m). The proposed sale of Kitson House is progressing.

Helium One Global 6.35p £59.8m (HE1.L)
The primary helium explorer in Tanzania announces that the Tai-3 well commenced drilling on 25 September 2023, expecting to reach a total depth (TD) of approximately 1,100m two weeks from spud. The drilling is targeting multiple reservoir targets in the Lake Bed Formation, the Karoo Group and Basement. Baker Hughes wireline equipment and personnel are onsite to test equipment ahead of running wireline once TD has been reached. The whole process from spud to completion of logs and initial analyses is expected to take approximately four weeks.

Invinity Energy Systems 50p £95.5m (IES.L)
The global manufacturer of utility-grade non-lithium energy storage announces its unaudited results for the six months ended 30 June 2023. The Company reported £14.8m in total (including sales revenue and project-related grant income), a 10x increase year-on-year (H1 2022: £1.5m). The gross loss was £3.3m, reflecting previously disclosed and accounted for contract losses on Canadian and Australian projects (H1 2022: loss £2.1m). The loss from operating activities was £12.6m (H1 2022 loss: £12.1m). The period-end cash position was £12.9m (H1 2022: £16.1m).

Ondine Biomedical 9.25p £18.0m (OBI.L)
The Canadian life sciences company developing non-antibiotic photodisinfection therapies to prevent and treat healthcare-associated and drug-resistant infections announces its unaudited results for the six months ended 30 June 2023. Revenues were $0.43m, up 63% (H1 2022: $0.26m), reflecting the additional hospital clinical deployments. The loss from operations was $8.03m (H1 2022: $8.41m), largely due to the costs associated with clinical and regulatory efforts for the US market, public company-related costs, and expanding commercialisation reach. Cash, cash equivalents and restricted cash were $4.59m as at 30 June 2023 (31 December 2022: $13.27m). The Company is in discussions with the FDA on its Phase 3 protocol, and is coordinating the site and other details with its partner HCA Healthcare.

Saietta Group 38p £39.1m (SED.L)
The electric vehicle drivetrain (eDrive) specialist provides a trading update ahead of its AGM to be held on 26 September 2023. Turnover (sales and grant income) increased 40% to £6.0m (2022: £4.3m). The statutory loss before tax was £23.8m (2022: £11.3m) accounting for all write downs and discontinued activities. Cash as at 31 March 2023 period end was £7.3m (2022: £18.4m) and at end of August 2023 was £1.2m. With the cash resources and additional sums receivable from key customers and JV partners, the Board is confident that the Company has sufficient funding to meet its current requirements for the AFT eDrive production plan.

Spectra Systems 165p £74.8m (SPSY.L)
The leader in machine-readable high speed banknote authentication, brand protection technologies and gaming security software announces its interim results for the six months ended 30 June 2023. Revenue was $11.6m (1H22: $9.3m) up 25%. The increased revenues are derived principally from pre-production development contracts as well as larger demand for banknotes. Adjusted EBITDA was up 55% to $5.9m (1H22: $3.8m). The Company has a strong, debt-free balance sheet, with cash of $16.6m at 30 June 2023. The Company is on track to achieve record earnings and meet market expectations for the full year.

Transense Technologies 106.5p £16.5m (TRT.L)
The provider of specialist sensor systems announces its final results for the year ended 30 June 2023. Revenue was up 34% to £3.53m (FY22: £2.63m), and adjusted profit before taxation was £1.09m (FY22: £0.27m). Cash and cash equivalents at the year end was £0.98m (FY22: £1.06m). During the year, the Company completed share buybacks of £0.40m (FY22: £0.30m). The Company has achieved the strategic objectives set out in 2020, and now sets out commercial and financial goals for the medium term to 2028.

25 September 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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