Small Cap Feast

28th February 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
 
Dish Of The Day:

Joiners: 
Dar Global (DAR.L) has joined the Standard Segment of the Main Market via a direct listing. The market capitalisation of Dar Global on Admission amounts to c.US$600m, based on its pre-Admission private placement price of US$3.33 per share.

Leavers:
No leavers today.



What’s Cooking In The IPO Kitchen?

MBH Corporation plc, an investment holding company with subsidiaries in multiple industries including the construction, education, leisure, healthcare, food & beverage, property, engineering and transport sectors, intends to join the AQSE Growth Market. MBH is currently traded on the Dusseldorf and Frankfurt Stock Exchange. Expected 13th March 2023.

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.


Breakfast Buffet

Abingdon Health 5.75p £7.0m (ABDX.L)
A lateral flow contract development and manufacturing organisation (CDMO), provides its half-year trading update for the six months ended 31 December 2022. The company has transitioned its activities away from Covid-19 and is now operating as a fully integrated CDMO maintaining its full focus on lateral flow testing. Revenues decreased to £1.1m (H1 21: £1.7m). The Company has expanded to 11 different contract service projects. Cash as of 31 December 2022 was £4.4m which was in line with Board's expectations. The Board believes the Company will deliver strong revenue growth in FY 2023.

Brandshield Systems 5.8p £9.9m (BRSD.L)
A provider of cybersecurity solutions for brand oriented digital risk protection (DRP), provides a trading update for the year ended 31 December 2022. Brandshield revenue grew by 53% to $6.39m (2022: $4.13m) and annual recurring revenue increased 60%. The Company ended the period with available cash reserves of $2.6m. In October, BrandShield launched a bespoke AI solution to monitor, detect and remove digital asset fraud, NFT ShieldTM . Throughout the period BRSD expanded its client base and now services 183 companies across a range of sectors.

CAP-XX 2.65p £13.5m (CPX.L)
The developer, manufacturer, and marketer of supercapacitors and energy management systems, announces its interim results for the half-year ended 31 December 2022. Revenue decreased 34% to A$1.61m and EBITDA loss increased to A$966k compared to an EBITDA loss of A$305k for the corresponding period last year. As at 31 December 2022, cash reserves were A$495k with no debt and before the Company utilised its existing line of credit. The order book is improving and at 31 December 2022 was 47% higher than at the start of the current financial year and 85% higher than its low point at the end of August 2022. The sales pipeline has increased by 30% to more than US$65m compared to 12 months ago. The Board remains optimistic about the short and long-term growth prospects of the Company.

Chamberlin 4p £5m (CMH.L)
The Company engaged in the production and sale of iron castings and light engineering products announces its interim results for the six months ended 30 November 2022. Revenue increased by 32% to £10.5m (2021: £8.0m), reflecting growth across all operations. Revenues in the second half of the year are expected to continue on a similar path. Operational performance was impacted by inflationary cost pressures, with the Groups underlying loss before tax increasing to £0.3m (H1 2022: £0.1m). These cost pressures have now been addressed through price increases and further cost savings. The Group is continuing to preform in line with market expectations, with all businesses profitable in January 2023.

ECSC Group 25p £2.5m (ECSC.L)
The provider of cyber security services, announces an unaudited trading update for the 12 months ended 31 December 2022. Following a stronger second half of trading, the Group expects to report revenues for the year ended 31 December 2022 of £5.8m (2021: £6.1m), though it is now expected that the Group will have incurred a small loss at the adjusted EBITDA level. During the year, the Group won significant contracts in its Managed Detection and Response (MDR) division across a range of sectors. When combined with MDR renewals, the MDR order book has grown to £2.3m as at December 2022 (31 December 2021: £2.2m). As at the end of December 2022 cash was £0.6m and the Company had net borrowings of £0.9m.

Image Scan Holdings 1.8p £2.5m (IGE.L)
The specialists in the field of real-time X-ray imaging for the security and industrial inspection markets provides a trading update ahead of its Annual General Meeting being held later today. Trading for the year ending 30 September 2023 has reportedly begun with a strong momentum, with attendance and interest at trade shows, events and conferences beginning to return to pre-pandemic levels. The new ThreatScan®-AS1 is experiencing improved enquiry levels and being widely demonstrated to positive reviews. Image Scan's industrial business continues to perform in line with management expectations. Revenues are transitioning away from North America and the UK to Eastern European and Asian territories.

Kitwave 235.5p £164.9m (KITW.L)
The delivered wholesale business, announces its final results for the twelve months ended 31 October 2022. Revenue grew to £503.1m (FY21: £380.7m) and operating profit increased to £20.4m (FY21: £6.4m). Profit before tax increased to £17.8 (FY21: £2.1m). Throughout the period the Company, open a new distribution centre; acquired M.J. Baker Foodservice limited; and launched a new online trading platform across all divisions to improve customer relationships. Post-year end, Kitwave completed the acquisition of Westcountry Food Holdings Limited. The Company has reported to starting FY23 well and expects a positive outcome for the year.

NetScientific 79p £18.5m (NSCI.L)
The investment and commercialisation group with a portfolio of innovative life science, sustainability, and technology companies, announces that, on 27 February 2023, its wholly owned portfolio company, respiratory diagnostics specialist, ProAxsis, entered into an unsecured £500k six month loan agreement with AB Group Limited. The interest rate is 10% per annum, payable on repayment of the loan. In addition, ProAxsis has granted to AB Group warrants over shares in ProAxsis equal to the value of £150k at an exercise price determined by reference to a future third party fundraising of at least £500k such price to be discounted by 30%.

Safestay 25.5p £16.5m (SSTY.L)
The owner and operator of an international brand of contemporary hostels, announces a trading update for the 12 months to 31 December 2022. Revenues are expected to be £19.0m (2021: £6.4m- trading restricted), ahead of market expectations. Adjusted EBITDA is expected to be in line with market expectations of £5.9m (2021: Loss of £1m). A key driver behind the Group's trading performance was the 20% increase in the average bed rate. As at 31 December 2022, the Group had cash of £4.8m.

Various Eateries 28.5p £25.4m (VARE.L)
The owner, developer and operator of all day club, restaurant and hotel sites in the United Kingdom, announces its results for the 52 weeks ended 2 October 2022. Group revenue increased by 82% to £40.7m (FY21: £22.3m), resulting in an increase in adjusted EBITDA to £3.5m (FY21: £1.2m). The loss before tax increased to £7.2m (FY21: £3.6m). The Group incurred impairments to goodwill and right-of-use assets of £2.5m. Furthermore the Group's depreciation charge has increased by £0.7m and pre-opening costs have increased by £0.5m, as the Company continues to invest in new sites. Steps have been taken to manage margin pressures including comprehensive menu re-engineering exercise at period end. With a growing pipeline and diverse mix of brands, the Company is confident in delivering progress in FY 2023.

28 February 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged

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