Small Cap Feast

26th March 2024

Dish of the day
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Dish Of The Day:



Whats baking in the oven?

Potential Initial Public Offerings:

21 March 2024: Helix Exploration —The Company pursuing the exploration, commercial development and monetisation of a non-hydrocarbon associated helium rich gas structure in the Ingomar Dome located in central Montana, USA announces its intention to list its shares on AIM. Total capital to be raised on Admission of up to £7.5m. Expected Admission date of early April 2024.

18 March 2024: European Green Transition **** is developing a portfolio of green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition and announces its intention to conduct a fundraise and to list its ordinary shares on AIM. The Company intends to implement a disciplined M&A focused model and has already acquired a portfolio of assets, notably their principal Olserum Rare Earth Element (REE) project.

Reverse Takeovers:

Change of Market:

Banquet Buffet

Blackbird 6p £22.2m (BIRD.L)
The technology licensor, developer and seller of cloud native video editing platform, Blackbird®, announces the general release of Its new SaaS video content creation and editing platform is built using the Company's core patented Blackbird® technology and aims to address key pain points facing creators, including complexity of tools; cumbersome collaboration with other users; and limited extensibility. The wider Creator Economy was valued at c. $250bn as of April 2023 and hence the tools and services segment of the market which applies directly to is valued at approximately $20bn.

Cohort 631p £261.9m (CHRT.L)
The Independent Technology Group announces that its subsidiary Systems Engineering and Assessment Ltd (SEA) has been awarded a contract by the UK's Ministry of Defence to provide Electronic Warfare Countermeasures Increment 1a (EWCM 1a) to the Royal Navy. The total value of the contract is to be at least £135m. Work will commence immediately and is expected to continue for more than ten years.

Crossword Cybersecurity* 5p £5.1m (CCS.L)
The cybersecurity solutions company focused on cyber strategy and risk, has launched a new CyberAI Practice. The practice sits within Crossword Cybersecurity's Consulting business and consolidates Crossword's artificial intelligence (AI) expertise into a centre of excellence to deliver AI-focused cybersecurity consulting services and products. The CyberAI Practice will provide organisations with advisory, security testing and engineering services, which will allow organisations to manage AI threats and grasp the opportunities to improve efficiency, cybersecurity, and create new experiences for end users.

Fintel 260.5p £270.5m (FNTL.L)
The provider of fintech and support services to the UK retail financial services sector, announces two important strategic investments: (1) a minority investment into and a new distribution agreement with Mortgage Brain, one of the leading providers of technology to the mortgage industry; (2) the acquisition of 70% of ifaDASH, a reg-tech solution that assists intermediaries with running an efficient, compliant business. Both transactions are in line with Fintel's strategy, and are financed from Fintel's existing financial resources.

Hardide 5.75p £4.5m (HDD.L)
The provider of advanced surface coating technology, has launched the first in a new range of ready coated and enhanced components with a copper nozzle used in High-Velocity Oxy Fuel (HVOF) thermal spray coating. The tungsten/tungsten carbide-based Hardide chemical vapour deposition (CVD) coating is proven to extend the operational life of HVOF thermal spray copper nozzles by 5 to 40 times when spraying carbide or metallic-based powders. The Company has been trialing the product with a global OEM in the US and coating services companies in Germany and Italy.

Inspired 64p £64.6m (INSE.L)
The technology-enabled service provider to enable businesses to transition to net-zero, announces its audited results for the year ended 31 December 2023. Revenue increased 11% to £98.8m (2022: £88.8m), as a result, gross profit increased 17% to £67.3m (2022: £57.7m). Adjusted EBITDA increased 20% to £25.2m (2022: £21.0m). The net debt was £48.7m (2022: £37.2m). The Group remains focused on reducing net debt as the performance fees conclude from the acquisitions completed in 2020 and 2021. FY24 has started strongly, with the Group trading in line with expectations and with substantial cash generation as the working capital investment in Q4 2023 unwound.

Journeo 280p £46.1m (JNEO.L)
The information systems and transport technical services group announce its results for the year ended 31 December 2023. Revenue increased 118% to £46.1m (2022: £21.1m), as a result gross profit increased 84% to £14.3m (2022: £7.8m). Adjusted profit before tax increased 325% to £4.0m (2022: £1.0m) and the cash and cash equivalents at 31 December 2023 were £8.1m (2022: £0.5m). The Company announced acquisitions of Infotec and MultiQ, expanding the reach of Journeo's solutions into new markets, both domestic and international, and is trading in line with expectations.

Kromek Group 5.75p £36.9m (KMK.L)
The developer of radiation and bio-detection technology solutions announces that it has received a $2.1m order from an existing US-based OEM customer in the homeland security marketplace. The order is for the supply of key detector components for incorporation into the customers' advanced security screening system for the detection of explosives. Delivery will commence in the current year and complete in the first half of FY 2025.

Michelmersh Brick Holdings 107p £100.2m (MBH.L)
The specialist brick manufacturer reports its preliminary results for the year ended 31 December 2023. Revenue was £77.3m, up 13% from £68.4m in 2022. Operating profit was £12.3m, an increase of 6% from 2022. Group cash of £11m at 31 December 2023 and undrawn £20m borrowing facility underpin strong financial resources and strategic optionality. In 2024, the Company focuses on maintaining a well-balanced forward order book across its diverse end market customer base. In addition and further to the announcement on 26th May 2023, Frank Hanna is today stepping down from the Board and leaving the Group. The Board wishes him well and thanks him for his service to the Company over the last 14 years.

Smarttech247 Group 22p £25.0m (S247.L)
The AI-enhanced cybersecurity services provider of automated managed detection and response for international clients, announces its strategic partnership with Google. This partnership aims to extend Smarttech247's existing suite of solutions by integrating technologies from Google into its flagship platform, VisionX as part of its comprehensive MDR offering. Google's advanced SIEM (Security Information and Event Management) and SOAR (Security Orchestration, Automation, and Response) capabilities will be available on Smarttech247's VisionX platform.

26 March 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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