Small Cap Feast

26th July 2023

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Dish Of The Day:

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Leavers: 
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

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