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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.
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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).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
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.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
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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.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
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