PanGenomic Health Inc, currently traded on the Canadian Securities Exchange market, intends to dual list on the AQSE Growth Market, as a springboard to expand footprint of its personalised and self-care digital health platforms in the UK/EU markets. The Company has three platforms: Nara App, Mindleap.com and the PlantGx Platform. PanGenomic Health Inc is currently traded on the CSE. 88.6% of the total issued shares will be floated. Admission is delayed.
Base Resources 13.25p £159.2m (BSE.L)
The African mineral sands producer and developer announces its results for the six-month period ended 31 December 2022 (H1 FY23). Kwale Operations continued to perform consistently and remains on track to achieve production guidance for FY23. The Company announced revenue of US$126.6m following a 32% increase, EBITDA of US$80.7m, net profit after tax of US$44.6m and holds net cash of US$60.2m (H1 FY23). The recent commencement of mining operations on the North Dune, the Bumamani Project has extended Kwale mine life until late 2024. The Toliara Project in Madagascar is a significant growth opportunity for the Company and remains a key focus area.
CentralNic Group 138.5p £396.2m (CNIC.L)
The global internet company that derives recurring revenue from privacy-safe, AI based customer journeys announces its unaudited preliminary accounts for the financial year ended 31 December 2022. Revenue increased by 77% to US$728.2m (FY2021: US$410.5m), adjusted EBITDA increased by 86% to US$86.0m (FY2021: US$46.3m) and profit before tax increased to US$414.8m (FY2021: US$1.6m). The Group resulted a loss after tax of c.US$2.1m (FY2021: US$3.542m). The Board are confident in the Group's outlook.
Directa Plus 85p £56.1m (DCTA.L)
A producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets provides an update on trading for the year ended 31 December 2022 (FY22). The Group expects revenues for FY22 to be not less than EUR10.8m, ahead of previous consensus on 2 December 2022, whereby the Company announced that it expected FY22 revenues to be at least EUR10.0m. The current order book for delivery in 2023 now stands at c. EUR8.8m, with current trading in-line with market expectations.
DX Group 28.75p £173.9m (DX..L)
A leading provider of delivery solutions, including parcel freight, secure courier and logistics services announces its interim results for the 26 weeks ended 31 December 2022. Total revenue increased by 15% to £231.3m (H1 2022: £202.0m), adjusted profit from operating activities rising by 63% to £11.6m (H1 2022: £7.1m ) and adjusted profit before tax increasing by 96% to £9.2m (H1 2022: £4.7m). Net cash was 151% higher year-on-year at £36.4m (H1 2022: £14.5m). The Board remains confident that the Group is well-positioned to meet its targets for the current financial year to 31 December 2023.
Elixirr International 475p £219.4m (ELIX.L)
An established, global challenger consultancy provides an update on trading for the year ended 31 December 2022 (FY22). The Group expects revenues of approximately 70.7m, an increase of 40% (FY21: £50.6m), adjusted EBITDA is expected to be approximately £20.5m, in line with our previous guidance that it will exceed £20m, and the cash balances at FY22 were £20.4m with the Group having no debt. The Group completed the acquisition of iOLAP in March 2022; their largest acquisition to date, furthering the US growth. Expectations for full year FY23 are for revenue of £85-87m with Q1 currently trading ahead of this.
Forward Partners Group 37p £49.8m (FWD.L)
The London-based investment firm specialising in supporting high-growth, early-stage technology businesses, provides an update on trading for the year to 31 December 2022. Portfolio Fair Value is slightly ahead of expectations at £79.0m (31 December 2021 £117.1m). A decrease of 39.9%. Top 15 holdings generated weighted average revenue growth of 77% for the full year, and the Company holds cash of £17.2m enabling it to continue to support its portfolio and maintain its investment rate of at least four new companies per year. The Group remains confident in the portfolio and the potential for value creation within the UK's technology sector.
Kibo Energy* 0.12p £3.7m (KIBO.L)
The renewable energy-focused development company notes the positive announcement by its subsidiary, Mast Energy Developments (MED). The UK-based multi-asset owner and operator in the rapidly growing Flexible Energy market announces an update regarding to its current flagship producing asset, the 9 MW Pyebridge Synchronous Gas-powered Flexible Generation Facility (Site). The Site generated the following actual performance figures for the c. 10-month period March to December 2022. Electricity generation sales revenue of c. £1.054m, total electricity generation output c. 2,738 MWh, and average electricity generation sales price achieved per MWh sold: c.£385. Both generation production and sales price outperformed the market by 88%. The Company are confident to keep delivering outperformance during 2023.
Oncimmune Holdings 38.7p £28.7m (ONC.L)
The global immunodiagnostics group announces its audited results for the 15-month period ended 31 August 2022 (FY2022). Revenue for the period increased to £3.79m (2021: £3.72m), gross profit for the period was £1.83m (2021: £2.86m), the decrease reflects the planned expansion of the ImmunoINSIGHTS Dortmund team and the Group made a loss after tax was £11.52m (2021: £5.08m). Revenue for the first six months of FY2023 is expected to exceed the revenue generated in the whole of the 15-month period to 31 August 2022. Business continues to perform in line with previous expectations, and the Group is now expecting to be operating cashflow positive in FY2023.
Quartix Holdings 288p £139.4m (QTX.L)
A leading supplier of subscription-based vehicle tracking systems, analytical software and services announces its audited results for the year ended 31 December 2022. Group revenue for the year increased by 7.9% to £27.5m (2021: £25.5m). Total fleet revenue increased by £2.9m and represented 97.0% of total revenue (2021: 93.1%). Both operating profit and profit before tax for the year increased to £5.6m (2021: £5.4m) and £5.5m (2021: £5.4m respectively. The Group has made new installations in January ahead of the same period in 2022; however the Company notes that this may not extrapolate to Q1 year on year performance due to an exceptionally higher March 2022 performance.
Spectral MD Holdings 30.5p £41.5m (SMD.L)
The predictive analytics company with proprietary AI algorithms and optical technology for faster, accurate treatment decisions in wound care announces its audited results for the year ended 31 December 2022. R&D revenue for the Company was up 67% to US$25.4m (2021: US$15.2m) funding the Burn indication development and the development of the handheld prototype DeepView SnapShot®. The Company was awarded an US$8.2m contract expansion to accelerate the commercialisation pathway for DeepView™ The Company holds cash of US$14.2m (2021: US$ 16.1m), and remains confident in its technology. The Group is well positioned ahead of regulatory submissions planned in 2023.
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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).
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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.
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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.
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