Small Cap Feast

25th June 2024

Dish of the day
No Joiners today
Off the menu
No leavers today


Dish Of The Day:


Admissions: 


Delistings: 





Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to list on the Aquis Exchange on 3 July. The Company is acquiring 53 Degrees North Engineering Limited, to become the Company’s Consultancy division, which provides a range of asset care consulting and management strategies for manufacturers, particularly in the fast-moving consumer goods (FMCG) sector. The Consultancy division has established relationships with some of the largest food and beverage companies in the world, with 5 out of the top 10 being existing customers. IntelliAM is a revenue generating and profitable company. The Company is looking to raise £5m to fund the Company’s expansion. The Freefloat will be 16.5% following Admission and Completion of the acquisition of 53 North.

24th June 2024: Rosebank Industries: The Company aims to repeat the successful 'Buy, Improve, Sell' business model which the Rosebank Co-Founders implemented during their time at Melrose. Rosebank proposes to acquire quality industrial or manufacturing businesses whose performance may be improved. The Company’s first day of trading on AIM is expected to be 11th July 2024. The primary offer expected size is approximately £50m.

Media speculation: (We remove rumours after 10 days of being on the menu)

19th June 2024: Pri0r1ty AI, a software company, pending regulatory clearance, is expecting to raise at least £600,000 in a public listing on the Aquis Exchange in early July to launch its product

25th June 2024: Reset Health has created an app to connect obesity and type 2 diabetes patients with clinicians. The Company is considering a listing on AIM in a deal that could see the business valued at up to £60m and raise £15m.


Reverse Takeovers:


Change of Market:

Dual Listing :


Banquet Buffet

Augmentum Fintech 115.5p £196.0m (AUGM.L)

The listed fintech fund announces its audited reults for the year ended 31 March 2024. NAV before performance fee increased by 3.1% to £303.3m (31 March 2023: £294.1m) and cash reserves were £38.5m as at 31 March 2024 (31 March 2023: £40.0m). Over the year, £15.8m was invested across one new company (Artificial Labs, a London-based Insurtech) and six existing portfolio companies. The Company also announces that it has made a £2.6m investment into LoopFX. LoopFX is the new independent venue for large spot FX trades with a unique matching solution for market participants. LoopFX enables traders to match, in real-time, with other asset managers and banks without information leakage and at a mid-market rate, reducing trading costs and improving best execution processes.

European Green Transition 14.5p £21.0m (EGT.L)

The company developing green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition, announces the audited results for European Green Metals Limited (EGM), the Group's wholly owned subsidiary, for the year ended 31 December 2023. Loss after profit was £707k. European Green Transition plc was listed on AIM and concurrently raised £6.5m in April 2024. The Company acquired the Olserum Rare Earth Element (REE) project in Sweden in July 2023. The Olserum REE project has the potential to be Europe's first REE mine, and the low-cost drill programme is expected to commence in H2-2024. Management continues to conduct encouraging discussions around monetising other assets, namely the Pajala copper-graphite project in Sweden and the critical mineral projects in Saxony.

Gear4music 147.5p £30.9m (G4M.L)

The online retailer of musical instruments and music equipment announces its results for the year ended 31 March 2024 (FY24). Revenue decreased 5% to £144.4m (2023: £152.0m), EBITDA increased 28% to £9.4m (2023:£7.4m) and the cash balance was £4.7m (2023: £4.5m). During FY24, the Company implemented a wide range of strategic actions designed to mitigate the impact of a weaker consumer environment and these measures have paid off. Based on trading performance since the last update in April, the Board remains confident in delivering further improvements in financial performance during FY25 in line with market expectation.

Helix Exploration 21p £25.7m (HEX.L)

The helium exploration and development company focused on helium deposits within the 'Montana Helium Fairway' announces its unaudited interim results for the six month period ended 31 March 2024. Loss before tax was £713k and the cash balance was £340k. This is the Company's first interim results since its admission to the AIM market in April 2024 and covers the pre-IPO period to 31 March, 2024. The Company expects the next six months to be an incredibly busy period of growth and looks forward to drill testing the Ingomar Dome Project and Rudyard Project with a drilling campaign in Q3 2024.

IG Design Group 228.5p £224.6m (IGR.L)

The designer, innovator and manufacturer across various celebration and creative categories, announces its audited results for the year ended 31 March 2024. Revenue decreased to $800.1m (2023: $890.3m), adjusted profit before tax increased to $25.9m (2023: $9.2m) and the net cash at the year end increased to $95.2m (2023: $50.5m). FY2025 orderbook at 69% of budgeted revenues (FY2024: 62%) indicates continued strong customer relationships. The Board remains confident that the Group will meet its aspiration to return to pre-Covid-19 adjusted operating profit margin of 4.5% by 31 March 2025.

Orchard Funding Group 32p £6.8m (ORCH.L)

The finance group which specialises in insurance premium finance and the professions funding market, provides a trading update. Trading year to date has been positive within the insurance premium finance market driving revenue growth through increased lending. The Company has applied a disciplined approach to its growth against a backdrop of higher interest rates. As a consequence, management now expects that earnings will exceed current market guidance by over 20%.

Pressure Technologies 34p £13.1m (PRES.L)

The engineering group announces its unaudited interim results for the 26 weeks to 30 March 2024. Revenue increased to £15m (2023: £13.8m), Adjusted EBITDA decreased to £0.1m (2023: £0.3m) and cash and cash equivalents decreased to £594k (2023: £1.04m). Order books in Chesterfield Special Cylinders and Precision Machined Components underpin the outlook in the second half of FY24. Given the current divisional trends and performance outlook, the Board expects the Group's full-year FY24 Adjusted EBITDA to be not less than £1.0m.

Simec Atlantis Energy 2.1p £15.2m (SAE.L)

The sustainable energy generation company announces its audited results for the year ended 31 December 2023. Revenue increased by 292% to £15.3m (2022: £3.9m) and EBITDA increased to £8.3m (2022: loss £5.8m), thanks to a reduction of 29% in operating costs to £5.0m (2022: £7.0m). Net assets increased 678% to £44.2m (2022: £5.7m), with the major increase in the valuation arising from the reassessment of the value and size of its battery storage projects. Post period highlights include the achieved planning approval for a new 120MW/240MWh BESS which repurposes the site of the Uskmouth power station former cooling towers.

Trakm8 Holdings 8p £4.0m (TRAK.L)

The telematics and data insight provider announces that the Company has been awarded an additional new contract and a contract extension with Iceland Foods. Under the new contract Trakm8 will develop a Phase 2 additional feature set for the Iceland Scheduler home delivery solution. This is built on the Trakm8 Insight AI Optimisation platform. Trakm8 and Iceland won the Delivery Solution of the Year award for the Iceland Scheduler at the Retail Systems Awards last week. In addition, Iceland and Trakm8 have extended the current contract to March 31st 2028.

Wynnstay Group 382.5p £88.3m (WYN.L)

The Company that operates in the agriculture sector announces its interim results for the six months ended 30 April 2024. Revenue decreased to £328.5m (2023: £409.1m), Adjusted pre-tax profit decreased to £4.8m (2023: £6.0m) and the net cash at 30 April 2024 increased to £18.5m (2023: net debt 7.3m) benefited from soft commodity price deflation. The Group's annual working capital requirement is typically highest at this point. The Group remains well positioned to deliver a full year performance in line with current market expectations, with a more significant second half weighting than last year.

.

25 June 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour

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 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram