Small Cap Feast

25th January 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
 
Dish Of The Day:

Joiners: 
No joiners today.

Leavers:
No leavers today.




What’s Cooking In The IPO Kitchen?

Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resources exploration and development company principally seeking to explore and develop potential world-class copper-gold assets in the Philippines and a cobalt asset in Namibia. £2.4m to raised. Anticipated market cap £14.8m. Expected 30th January 2023.

Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies - c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Delayed to 3rd February 2023.


Breakfast Buffet

Biome Technologies 85p £3.2m (BIOM.L)
A bioplastics and radio frequency technology business, provides an unaudited pre-close trading update for the financial year ended 31 December 2022. The Group revenues for the year ended 31 December 2022 were in line with current market expectations at £6.2m and 10% ahead of the previous year (2021: £5.7m). The Group had a cash balance at the year-end of £0.8m, ahead of those expectations (2021: £1.0m), which was supported by a reduction of working capital in the Group's supply chain. The Board anticipates that, subject to audit, the Group will generate a loss for the year ended 31 December 2022 that is in line with current market expectations.

Corcel 0.26p £2.1m (CRCL.L)
The natural resource exploration and development company, with interests in battery metals, announces it has completed the sale of a 100% interest in the Burwell Energy Storage project outside of Cambridge to Burwell AL Ltd., for cash proceeds of £200k, plus a reimbursement of Corcel's grid deposit of £50k to Burwell AL Ltd. Corcel intends to utilise a portion of the proceeds to retire the remaining balance of its corporate debt. Following these payments, the outstanding balance of the Company's corporate debt is £672.94k (consisting of £619.2k of principal and £53.4k of accrued interest) which was last refinanced on 14 December 2021. The remaining proceeds of the sale of the Burwell project will be used for working capital.

eEnergy Group 3.35p £11.8m (EAAS.L)
The net zero energy services provider, provides an update on trading for the six months ended 31 December 2022. H1 revenue increased 58% to £15.1m (H1 2022: £9.6m) and adjusted EBITDA increased 87% to £1.5m (H1 2022: £0.8m). The Group holds cash as of 31 December 2022 to £1.1m (30 June 2022: £1.4m) excluding £0.4m of restricted cash balances (30 June 2022: £0.2m). The Group has contracted forward revenues of £26.4m over 4 years, of the Forward Order Book,£8.8m is expected to be recognised in H2 FY23 and £6.8m recognised in FY24.

Epwin Group 76p £110.8m (EPWN.L)
The manufacturer of energy efficient and low maintenance building products, announces its year-end trading of the year 31 December 2022 (FY 2022). Company revenues increased by 8% to approximately £355m (2021: £329.6m). The Group expects to report covenant net debt as at 31 December 2022 of c. £18m (2021: £9.4m), an improvement on current market expectations. In December 2022 the Group acquired Hampton Decking Limited for a net cash consideration of c.£4m. The Group remains confident of executing the strategy in the medium and long term success.

Fonix Mobile 220p £220m (FNX.L)
The mobile payments and messaging provider, provides an update on trading for the 6 months ended 31 December 2022. The Group has continued to grow comfortably in line with management's expectations. Gross profit in the period grew by 12% to £7.8m (H1 FY22: £7.0m) and adjusted EBITDA grew by 12% to £6.2m (H1 FY22: £5.5m). Fonix continues to generate underlying cash flows and intends to pay an increased interim dividend in March 2023. The board remain confident in Fonix’s growth.

Gresham House 757p £289.7m (GHE.L)
The specialist alternative asset manager, announces a pre-close trading update for the 12-month period to 31 December 2022. The Group has continued to make progress towards delivery of their five-year plan GH25: AUM is up 20% and expected to be £7.8bn as of 31 December 2022 (2021: £6.5bn). FY 2022 adjusted operating profit is expected to be at top end of market expectations, in excess of £26.5m (2021: £20.2m). Post period, the Group announced the launch of the Irish Strategic Forestry Fund targeting EUR200m including a cornerstone investment by Ireland's sovereign development fund. The Group forecasts to continue providing successful investment solutions.

hVIVO 17.1p £114.7m (HVO.L)
A specialist contract research organisation and world leader in testing infectious and respiratory disease products using human challenge clinical trials, provides a trading update for the period ended 31 December 2022. The Group expects to report record full year revenues of £50.6m (2021: £39m), a 30% increase. EBITDA margins are expected to be not less than 17% (2021: 7.4%), ahead of previous guidance of 13-15%. The Group has entered 2023 well capitalised, debt free, and with record visibility.

Keywords Studios £26.60 £2,077.2m (KWS.L)
The technical and creative services provider to the video games industry, provides the following unaudited trading update for the year ended 31 December 2022. The Board expects revenue and adjusted profit before tax to be marginally ahead at c.EUR690m and c.EUR112m, respectively. As of 31 December 2022, the Group had net cash of approximately EUR80m (EUR121.3m at 30 June 2022 and 31 December 2021: EUR105.6m) after cash spend on acquisitions during the year amounting to EUR118m. The Group's cash balance leaves them well placed to pursue both organic and acquisition growth strategies.

OnTheMarket 77p £58.0m (OTMP.L)
The company which operates the onthemarket.com property portal, announces a pre-close update on trading for the year to 31 January 2023 (FY23). The Group has continued to deliver strong growth and expects to report revenues of between £34m and £34.5m (FY22: £30.4m) and has maintained its operational cost discipline to report increased operating margins, with adjusted operating profit for the year expected to be between £4m and £4.5m (FY22: £2.7m). OnTheMarket cash at 31 December 2022 of £10.4m and no borrowings. The Group has planned the launch of the OnTheMarket 2.2 website upgrade in H1 FY24, to increase engagement and the Board remains confident in the outlook.

Watkin Jones 106.4p £272.8m (WJG.L)
The UK's developer and manager of residential for rent, with a focus on build to rent, student accommodation and affordable housing sectors announces annual results for the year ended 30 September 2022 (FY22). Revenues decreased 5.4% to £407m, despite record forward sales of £900m. Adjusted operating profit decreased 4.5% to £54.7m. The Group currently holds net cash of £82.6m. The Group retains very good visibility over its development pipeline, has low levels of asset exposure and strong liquidity.

25 January 2023
*A corporate client of Hybridan LLP

STAY INFORMED

Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.

Disclaimer

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).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

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.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

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.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.

© Copyright 2023 - Hybridan | Website by Boxed Up Media
First Visit
Legal Disclaimer

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).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

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.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

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.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.

bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram