Small Cap Feast

26th July 2023

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

No joiners today.

Pembridge Resources PLC (PERE.L) has left the Standard Segment of the London Stock Exchange.  

What’s Cooking In The IPO Kitchen?

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.

Breakfast Buffet

AFC Energy 12.91p £96.3m (AFC.L)
A provider of hydrogen power generation technologies, announces that, along with its consortium partners, it has been awarded a grant of up to £4.8m, from the UK Government's red diesel replacement programme (RDR). The RDR programme, is focused on the construction, mining and quarrying sectors and will provide up to £40m of matched funding, as part of the £1bn Net Zero Innovation Portfolio (NZIP), which aims to accelerate the commercialisation of innovative clean energy technologies and processes through the 2020s and 2030s. AFC Energy will be able to recover up to £4.3m of the total £4.8m granted and the grant follows and recognises the field testing of AFC Energy's air cooled H-Power Tower generators on UK construction sites over the past year.

Biome Technologies 142.5p £5.4m (BIOM.L)
A bioplastics and radio frequency technology business, provides an unaudited trading update for the quarter ended 30 June 2023. Group revenues increased 47% to £3.6m (2022 H1: £2.4m) Primarily driven by continued demand in the Bioplastics division. The Group has a cash balance of £0.93m (2022 H1: £0.65m) and is continuing to trade in line with management expectations.

Block Energy 1.28p £8.8m (BLOE.L)
The development and production company focused on Georgia, announces it has commenced its next Project I development well, WR-34Z. WR-34Z has been selected as the Company's third Project I, Phase I development well. The well forms part of the development of the 3.01 MMbbl gross 3P reserves, with a net present value of USD 57.0m attributed by ERCE to a portion of the West Rustavi/Krtsanisi field. Delivery of this development programme is being undertaken by Block's in-house operating company.

CyanConnode Holdings 14.5p £39.4m (CYAN)
A Company focusing in Narrowband Radio Frequency (RF) Smart Mesh Networks, announces its audited results for the year ended 31 March 2023. Increase of 23% in revenue to £11.7m (FY22: £9.6m) however a reduction in gross profit to £4.2m (FY22: 5.0m). EBITDA loss increased by 86% to £2.9m in FY23 (FY22: £0.4m loss), and an increase in operation loss to £3.3m (FY22: £1.0m) as a result of lower margin sales. The Company’s cash position is £4.1m. The Company announced orders for 2.3m modules won in India during the period and orders worth USD 6.7m won from MENA for NB-IoT gateways. The Group’s key focus is to continue to streamline its processes from order to delivery and working towards closing further orders.

EKF Diagnostics Holdings 27.55p £125.0m (EKF.L)
The diagnostics business, provides an unaudited trading update for the six months ended 30 June 2023 (H1 2023). H1 2023 revenues were £26.3m (H1 2022 adjusted: £34.4m), and the Company expects that improvements in adjusted EBITDA margin will begin to be seen in the second half, resulting in the expected H2 weighting for full year adjusted EBITDA. Group cash, net of bank borrowings, was £6.73m. Point-of-Care has been maintained throughout the first half with sales up nearly 10% year-on-year. Trading in the first half of 2023 remained in line with Board expectations.

Ethernity Networks 1.75p £2.4m (ENET.L)
A supplier of data processing semiconductor technology for networking appliances, announces that Mark Reichenberg, Chief Financial Officer, will be stepping down from the Board with effect from 31 July 2023. The Board has commenced an internal and external search for a suitable candidate for the role. In the interim period, Ayala Deutsch, Vice President of Finance, will manage the CFO duties.

hVIVO 16.63p £112.8m (HVO.L)
The Company focused in testing infectious and respiratory disease products using human challenge clinical trials, announces a trading update for the six-month period ended 30 June 2023. First half revenue growth of 52% to £27.3m (H1 2022: £18.0m) as a result EBITDA margin increased to c.19% (H1 2022: 12.7%). Net cash of £31.3m (H1 2022: £15.9m) and the Group's contracted orderbook increased to £78m (H1 2022: £70m). The Company announces full year revenue and EBITDA remains in line with expectations.

Nichols £10.28 £374.8m (NICL.L)
The diversified soft drinks group, announces its unaudited Interim Results for the half year ended 30 June 2023 (period). Group revenue increased by 6.6% to £85.5m (H1 2022: £80.2m), as a result profit before tax increased by 10% to 11.2m (H1 2022: 10.1m). Statutory EBITDA decreased by 6.5% to £11.6m (H1 2022: 12.4m) and the Company holds cash equivalents of £56.1m (H1 2022: £49.2m). The Group incurred £1.1m of exceptional costs during the period (H1 2022: £1.2m), nonetheless the Group is trading in line with expectations.

Uniphar 261p £706.0m (UPR.L)
An international diversified healthcare services business announces the following unaudited trading update for the six months ended 30 June 2023. The business performed in line with the Group's expectations at both a gross profit and EBITDA level. The Group achieved organic gross profit growth of over 5%, driven by growth across each division and continued outperformance in Supply Chain & Retail. The Group remains focused on its strategy of building a pan-European presence in outsourced sales, marketing, distribution and consultancy solutions to pharmaceutical and medical device manufacturers, with a targeted service offering in the US.

Yourgene Health 0.50p £15.8m (YGEN.L)
A international molecular diagnostic group, announces that it has signed a five-year contract extension with Illumina Inc. (Illumina). The contract is a restated licence and supply agreement for Yourgene's sequencing based NIPT IVD products, which will now run until September 2028. The restated licence provides seamless continuity for existing customers and allows Yourgene to continue its product development roadmaps for NIPT and other future applications in the field of precision medicine.

26 July 2023
*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


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


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 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