Small Cap Feast

27th September 2023

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Biome Technologies 160p £6.1m (BIOM.L)
The bioplastics and radio frequency technology business announces its unaudited interim results for the six months ended 30 June 2023. The Group announced revenues of £3.6m (2022 H1: £2.4m), up 47% and as a result gross profit increased to £1.1m (2022 H1: £0.9m). Total comprehensive loss was £1.1m (2022 H1: £0.6m loss). Cash position as at 30 June 2023 was £0.9m, reflecting H1 2023 trading, working capital movements, £0.85m proceeds from the convertible loan notes repayable in 2026. The Group's trading in 2023 is broadly in-line with current market expectations.

Longboat Energy 16.75p £9.5m (LBE.L)
The emerging full-cycle E&P company, announces its unaudited interim results for the period to 30 June 2023. Post-tax loss for the period was £6.2m (30 June 2022: £1.6m). Gross cash at 30 June 2023 was £2.1m (30 June 2022: £22.5m ), which excludes cash of £2.2m in Longboat Energy Norge AS. The Company has formed a joint venture in Norway with Japan Petroleum Exploration Co, Ltd (JAPEX). JAPEX made a investment with an initial $16m subscription, with a further $4m contingent payment, and providing a $100m financing facility. The Company has also entered into an agreement through the new Norwegian joint venture to acquire its first producing assets in Norway.

MTI Wireless Edge 45p £39.8m (MWE.L)
The technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, announces that its Antenna division has received orders from the Indian divisions of two large Original Equipment Manufacturers worth approximately US$0.6m for its 5G backhaul antenna solution. It is expected to be delivered by the end of this year and the orders have been placed by existing customers.

OptiBiotix Health 24.75p £22.6m (OPTI.L)
The life sciences business developing compounds to tackle obesity, cardiovascular disease, diabetes and skincare, announces its unaudited results for the six months ended 30 June 2023. Sales were £351k (2022: £119k), up 195% year-on-year and as a result, gross profit increased 154% to £158k (2022: £62k). Three new partners in Asia have all placed initial orders for SlimBiome® with a large first order from a new partner of £116k. The Company announced on 29 August 2023, one of their partners has secured an international listing for products containing SlimBiome® with Costco and have reached an agreement with Boots pharmacies to launch SlimBiome® products online in Q1 2024.

Plant Health Care 7.33p £25.0m (PHC.L)
The provider of biological products to global agriculture markets, announces its unaudited interim results for the six months ended 30 June 2023 (H1 2023). Revenue increased by 1% to $5.6m (H1 2022: $5.5m), gross profit materially decreased to $3.38m (H1 2022: $3.4m) and operating loss reduced to $2.5m (H1 2022: $6.2m). Cash used in operations increased 33% to $2.8m H1 2022: $2.1m). Cash as at 30 June 2023 was $5.7m, after Group raised $3.3m net proceeds during the period. A new PREtec product for the control of soil nematodes received the first regulatory approvals for commercial use in Brazil and the Company is on track to achieve revenue of $30m by 2025.

Roquefort Therapeutics* 7.5p £9.7m (ROQ.L)
The biotech company focused on developing first-in-class medicines in the high value and high growth oncology market, announces its interim results for the six-month period ended 30 June 2023. Revenue from licencing was £200k. Net loss was £742k and cash position at period end was £1.4m. During the period, the Company signed exclusive worldwide license agreement (excluding Japan) with Randox Laboratories for 10 years to utilise Midkine antibodies in diagnostics. Key milestones were achieved with ROQ-A1 and ROQ-A2 Midkine antibody programs, targeting metastatic breast cancer, and lung and liver metastasis which have successfully demonstrated in vivo safety. The Company is on course for clinical readiness for one of its development programs during H2 2023. There are also near-term IND and licensing opportunities from advanced stage of development of Midkine portfolio products, MK cell and siRNA products.

Safestyle UK 4.69p £6.5m (SFE.L)
The UK-focused retailer and manufacturer of PVCu replacement windows and doors for the homeowner market, announces its interim results for the six months ended 2 July 2023 (H1). Revenue decreased by 5.3% to £74.1m, (H1 2022: £78.3m), as a result gross profit decreased 16.1% to £16.2m (H1 2022: £19.4m). Underlying loss before tax increased by 323% to £6m (H1 2022: £1.4m in losses) . The Company held a net cash of £1.0m at the period end. The Board maintains growth recovery prospects and highlights the progress described in the Group's strategic priorities, its transformation and market share growth as signs that there remains a compelling opportunity to achieve its medium-term target.

Saietta Group 40p £41.2m (SED.L)
The multi-national business which designs, engineers and manufactures complete electric drivetrain (eDrive) solutions for electric vehicles, announces that its Indian joint venture, Saietta VNA, has received a purchase order for supply of complete eDrives. The customer is a global OEM and the purchase order covers approximately £420k of systems for the first three months of production. However, target volumes indicated by the client for the first year of production is expected to generate revenue for Saietta VNA in excess of £11.2m. It is expected to build to a minimum of 40,000 complete systems over a five-year period.

Simec Atlantis Energy 1.08p £7.8m (SAE.L)
The company focusing on the creation of new, sustainable energy projects, announces its unaudited interim results for the six months ended 30 June 2023. Profit before tax was £4.5m (compared to a loss of £8.6m in 1H 2022), thanks to £10m development premium received from Uskmouth Energy Storage Ltd as revenue. The Company’s cash position as at 30 June 2023 was £1.5m and financial costs in the period are materially in line with the same period last year. The MeyGen Phase 1 array continues to operate successfully, with three turbines in stable operations whilst the fourth is currently undergoing preventative maintenance and upgrade works and will return to operation next year.

Zinc Media Group 102.5p £22.7m (ZIN.L)
The television, brand and audio production group, announces its unaudited interim results for the six months to 30 June 2023 (H1 2023). Revenue was £18.1m (H1 2022: £10.8m), an increase of 68% year-on-year, as a result adjusted EBITDA profit of £0.2m compared to an Adjusted EBITDA profit of £0.1m in the entire prior financial year (H1 2022: loss of £0.6m). Cash balance was £5.8m at 30 June 2023. With a further £7m of revenue expected to be recognised in FY23, the Board is confident in meeting market expectations for the financial year.

27 September 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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