Small Cap Feast

27th 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

Accesso Technology Group 528p £220m (ACSO.L)
The technology solutions provider for attractions and venues worldwide, announced a agreement with Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Saudi Arabia Public Investment Fund (PIF). platform. SEVEN unveiled plans to introduce 21 cutting-edge entertainment destinations across 14 cities and has awarded accesso as the key provider of ticketing and visitor management technology for all destinations and sub-venues associated with the project.

Corero Network Security 9.1p £46.3m (CNS.L)
The Company focusing on distributed denial of service (DDoS) protection solutions, announces its audited results for the year ended 31 December 2023. Revenues up 11% to $22.3m (FY 2022: $20.1m) and gross margins increased to 90% (FY 2022: 87%). Adjusted EBITDA of $2.2m (FY 2022: $1.7m) and loss before taxation of $0.2m (FY 2022: profit before taxation of $0.4m). The Company has however repaid all debt during 2023, with net cash at 31 December 2023 of $5.2m (FY 2022: $4.4m). The Company has secured a strategic go-to-market partnership with Akamai Technologies Inc and is trading in line with expectations.

European Metals 12.75p £26.4m (EMH.L)
An Australia-based mineral exploration and development company announces the following update for the Cinovec Project. Geomet, 49% owned by European Metals and the owner of 100% of the Cinovec Lithium Project in the Czech Republic is in the process of completing the Project Definitive Feasibility Study (DFS). As a result of the engineering work several material matters have been highlighted that may significantly improve the lithium processing component of the DFS. The Company does not expect that the extension of the study period will impact the overall Project timeline.

Future Metals NL 1.55p £8.4m (FME.L)
An Australian based exploration Company in the eastern Kimberley region of Western Australia announces strategic Board changes in line with the continued development of the Panton PGM-Ni-Cr Project. Mr Jardee Kininmonth has resigned as a Director of the Company with immediate effect but has agreed to continue to assist with his current duties as CEO, as required, for a transition period until 31 May 2024. Mr Sam Rodda joins the Company as Non-Executive Director, effective immediately. Sam has broad experience within technical and commercial roles within the mining industry.

Norman Broadbent 8.75p £5.6m (NBB.L)
A Executive Search and Interim Management firm, announce its audited final results for the year ended 31 December 2023 (FY23). Organic revenue growth of 41% to £12.3m (FY22 £8.7m), as a result, Underlying EBITDA of approximately £0.9m, up more than £0.8m (FY22: £0.1m). Profit before tax of approximately £0.3m, up over £0.6m (FY22: loss before tax £0.3m), and the Company has cash balances of £0.8m as at 31 December 2023.

One Heritage Group* 9p £4.1m (OHG.L)
The UK-based residential developer, development manager and property manager focused on the North of England, yesterday announced that its parent company and majority shareholder One Heritage Property Development Ltd (OHPD), in support of the Company, has agreed revised repayment terms of its £14.0m debt facility. On 15 January 2024, the Company announced that it had extended the facility until the 31 December 2025. A revision to these terms has been agreed to allow the Company to extend repayment by up to 36 months until 31 December 2028.

PipeHawk 7p £2.5m (PIP.L)
The developer, assembly, and sale of test system solutions and ground probing radar (GPR) equipment announces its unaudited results for the six months ended 31 December 2023. Turnover was £4.57m (December 2022: £2.2m), an increase of 104 per cent. The loss before taxation was £633k (H1 2022: loss of £1.79m) and the loss after taxation was £441k (H1 2022: loss £1.44m). The Company are cautiously optimistic that next year will be a return to good profitability.

Roadside Real Estate 8.63p £12.4m (ROAD.L)
A real estate business focused on building a portfolio of modern roadside retail assets, including modern EV charging infrastructure announces hat its subsidiary, Cambridge Sleep Sciences, (CSS) has received its first purchase order to supply its technology to Mammoth International Ltd. (MIL), MIL's order concerns an initial production run of 2,000 Smart Pillows, paying a royalty fee of £50 per pillow. CSS anticipates further revenues of £100k from MIL in 2024 with the possibility of an order for an additional 2,000 units, giving confidence of further upside. CSS has also signed a development licence with China's TPV Technologies Limited, and signed development licenses with Ultrahuman Healthcare Pvt Ltd and Footfalls Smartex Ltd.

Ten Lifestyle Group 71.25p £61.5m (TENG.L)
The global concierge platform driving customer loyalty for global financial institutions and other premium brands, announce that it has won a multi-year contract with Emirates NBD, a banking group in the MENAT (Middle East, North Africa and Türkiye) region. Ten will soon launch a concierge and lifestyle programme for UHNW (Ultra High Net Worth) clients of Emirates NBD based in the UAE. Anticipated to be a medium contract in its inaugural year, with potential to expand.

Windward 111.5p £98.8m (WNWD.L)
The Maritime AI company, announce audited results for the year ended 31 December 2023. Annual Contract Value (ACV) up 35% to $34.5m (2022: $25.5m) and Commercial ACV growth of 58% (2022: 42%), representing 30% of total ACV (31 December 2022: 26%). Revenue was up 31% to $28.3m (2022: $21.6m) and as a result a 59% reduction in EBITDA loss to $(5)m (2022: ($12.1m)), with H2 EBITDA loss of $(1.2)m (2022 $(6.7)m. The Company has cash and cash equivalents of $17.3m as at 31 December 2023. The Company further announces strong growth in customers to over 200 and is confident in achieving results for FY24 in line with market expectations

27 March 2024
*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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