Small Cap Feast

27th February 2023

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What’s Cooking In The IPO Kitchen?

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, 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.

Breakfast Buffet

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.

27 February 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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