Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market.
Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.
Announced ITF 3 July: Metals One Plc, a company focusing on acquiring natural resources projects with a focus on critical battery metals, including nickel, lithium, cobalt and copper intends to join the AIM Market. The Company will have interests in the Paltamo and Rautavaara projects (nickel, copper, zinc) in Finland (together the Black Schist Project) and the Brownfield Råna Nickel project in Norway (Brownfield Rana Project). These projects represent opportunities to develop deposits of scale, in stable jurisdictions, well situated to supply fastest growing European electric vehicle and energy storage markets. The Company aims to raise £2.5m at 5 pence per share with an anticipated market cap of £10.72m. Expected Admission 27 July 2023.
Aeorema Communications 81p £7.7m (AEO.L)
The strategic communications group, announces an update on trading for the year ended 30 June 2023 (FY2023). FY2023 revenue is expected to be no less than £19.8m (2022 audited: £12.2m). Profit before tax is expected to be no less than £950k (2022 audited: £844k). Cash balance at year end of £2.4m (2022: £1.7m). Dividend payments are expected to increase subject to audited results. The Group is confident that the 2024 financial year will be another successful year.
Aferian 13p £11.1m (AFRN.L)
The B2B video streaming solutions company, announces the completion of a Placing. Aferian has raised gross proceeds of approximately US$4m at 12 pence per share. The placing price represents a premium of approximately 20% to the closing middle market share price of 10 pence per share on 24 July 2023. In conjunction with the Placing, certain Directors and a member of the senior management team have agreed to subscribe for an aggregate of 2,020,833 Placing Shares at the Placing Price. Net proceeds of the Placing will be used for general working capital replacing the need for further drawdown of the Group's existing shareholder loan from Kestrel, of which £2.125m remains committed but undrawn.
Alumasc Group 162.5p £58.7m (ALU.L)
The sustainable building products, systems and solutions group, announces that it has agreed, subject to regulatory approval, to acquire the entire issued share capital of ARP Group, a manufacturer and distributor of specialist metal rainwater and architectural aluminum goods, for a maximum cash consideration of £10.0m on a cash and debt free basis, and subject to adjustments for normalised working capital. The consideration comprises an initial £8.5m, adjusted for net cash/debt and normalised working capital, payable at completion; with additional consideration, capped at £1.5m, payable subject to ARP's performance over the two years ending November 2024. ARP is expected to be immediately accretive to underlying earnings and will be funded from current cash and debt facilities.
DXS International* 3.25p £2.08m (AQSE:DXSP)
The healthcare information and digital clinical decision support systems provider, announces its audited final results for the year ended 30 April 2023. Revenue increased by 3% to £3.39m (2022: £3.28m) and profit after tax increased 1% to £225k (2022: £222k). Cash at bank at the period end was £372k (2022: £452k) and post-period, the Company raised £500k in May from existing and new investors. The Fertility Clinic Referral Study continued to deliver significant results with referral rejection rates now down from 36% to 0% and waiting times down by 55%. The pace of accessing the NHS market remains challenging, as a result the market expectation of £4.7m annual revenue in the current financial year may no longer be achievable, but the Company remains confident that it will be achieved in the calendar year 2024.
Diaceutics 93p £78.6m (DXRX.L)
The technology and solutions provider to the pharmaceutical industry, provides a trading update for the six months ended 30 June 2023. Revenue growth was approximately 32% to £9.9m (H1 2022: £7.5m, 25% on a constant currency basis) with c.47% of revenues in the period recurring in nature (H1 2022: 37%). The Group’s order book has increased 43% in H1 2023, providing forward visibility as it continues to capitalise on the significant market opportunity. Cash at 30 June 2023 was £17.9m (31 December 2022: £19.8m), reflecting the acceleration in investment and the Company has sufficient financial resources in place to execute its growth plans.
Fadel Partners 147p £29.4m (FADL.L)
The brand compliance and rights and royalty management software provider, provides a trading update for the six months ended 30 June 2023, based on unaudited management accounts. Revenue growth is in line with expectations, although H2 2023 will show an increase in revenue relative to H1 23 due to the timing of annual contract renewals for certain enterprise licenses which are now heavily weighted towards the Company’s year-end. Recurring revenue is expected to increase to c.80% of total revenue for FY23 (FY22 65%). Services revenue is expected to reduce relative to the prior year, due to the successful completion of a number of implementations and regional roll-outs for existing clients. Cash and cash equivalents of $8.2m at 30 June 2023 (net cash $7.3m).
hVIVO 16p £108.6m (HVO.L)
The tester of infectious and respiratory disease products using human challenge clinical trials, announces a £13.1m contract with an existing top five global pharmaceutical client to develop an Influenza B human challenge model. The contract scope includes the manufacture of an influenza B challenge virus, a characterisation study, and a supplementary fee to ensure sufficient capacity is available to complete the characterisation trial in an expedited manner. The successful manufacturing of the challenge virus is a prerequisite for the characterisation trial revenue to be delivered, and with the Good Manufacturing Practice challenge agent manufacture now in its final stages, the Company will be able to commence the characterisation study in Q4 2023. Subject to the successful completion of the characterisation study and the receipt of relevant regulatory approvals, the Company expects to conduct an influenza B human challenge trial in H1 2024. Revenue from this human challenge model development contract will be recognised throughout 2023 and 2024.
Proton Motor Power Systems 9p £139.9m (PPS.L)
The designer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems, announces that it has received an order from a supplier of gas related energy and infrastructure in Spain, for a standalone fuel cell system based on a 50kW container solution. The system will be deployed by the end customer at a hotel in Palma de Mallorca, Spain, as part of the Green Hysland project. The Green Hysland project aims to deploy a fully functioning hydrogen (H2) ecosystem in Mallorca, turning the island into Europe's first H2 hub in Southern Europe. This will be achieved by producing green hydrogen from solar energy and delivering it to the end users, such as the island's tourism, transport, industry and energy sectors, including gas grid injection for green heat and power local end-use. Proton Motor anticipates that the system will be delivered to the Customer in the first half of 2024, with revenues correspondingly being recognised in that year.
Tristel 372.5p £176.2m (TSTL.L)
The manufacturer of infection prevention products, provides a trading update for the year ended 30 June 2023. Demand for Tristel’s infection prevention products for medical device decontamination and for the sporicidal disinfection of surfaces continues to be robust across all key geographical markets. As a result, revenues for the year were up 16% to £36.0m (FY 2022: £31.1m), ahead of consensus forecasts and above the Company’s long-term target for revenue growth. Adjusted profit before tax (adjusted for share-based payments) will be slightly ahead of consensus forecasts of £6m. Tristel continues to be debt free and cash generative. Cash balances on 30 June 2023 were £9.5m (30 June 2022: £8.9m).
Wynnstay Group 477.5p £107.7m (WYN.L)
The agricultural supplies group, announces its involvement as a consortium partner in a revolutionary research project into the use of daffodils to reduce cattle methane emissions. The Dancing with Daffodils project aims to transform the efficiency and sustainability of ruminant livestock farming and is supported by the Department of Farming, Environment and Rural Affairs and Innovate UK. The project is developing a novel feed additive, using a specific alkaloid extracted from daffodils, which has been shown in the laboratory to achieve exceptional results in methane reduction and protein utilisation in ruminants. The consortium is also spearheading the cultivation of daffodils to support the roll-out of this new feed additive and developing a precision on-farm gas analyser to monitor in real-time individual ruminant emissions of methane, hydrogen, carbon dioxide and ammonia.
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”.
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@chrish351.sg-host.com with “unsubscribe me”.
