Small Cap Feast

28th June 2024

Dish of the day
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Dish Of The Day:



Startup Giants (SUG) has withdrawn from Aquis Stock Exchange

Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to list on the Aquis Exchange on 3 July. The Company is acquiring 53 Degrees North Engineering Limited, to become the Company’s Consultancy division, which provides a range of asset care consulting and management strategies for manufacturers, particularly in the fast-moving consumer goods (FMCG) sector. The Consultancy division has established relationships with some of the largest food and beverage companies in the world, with 5 out of the top 10 being existing customers. IntelliAM is a revenue generating and profitable company. The Company is looking to raise £5m to fund the Company’s expansion. The Freefloat will be 16.5% following Admission and Completion of the acquisition of 53 North.

24th June 2024: Rosebank Industries: The Company aims to repeat the successful 'Buy, Improve, Sell' business model which the Rosebank Co-Founders implemented during their time at Melrose. Rosebank proposes to acquire quality industrial or manufacturing businesses whose performance may be improved. The Company’s first day of trading on AIM is expected to be 11th July 2024. The primary offer expected size is approximately £50m.

Media speculation: (We remove rumours after 10 days of being on the menu)

19th June 2024: Pri0r1ty AI, a software company, pending regulatory clearance, is expecting to raise at least £600,000 in a public listing on the Aquis Exchange in early July to launch its product

25th June 2024: Reset Health has created an app to connect obesity and type 2 diabetes patients with clinicians. The Company is considering a listing on AIM in a deal that could see the business valued at up to £60m and raise £15m.

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Angus Energy 0.35p £15.5m (ANGS.L)

The independent onshore Energy Transition company with a portfolio of clean gas development assets, onshore geothermal projects, and legacy oil producing fields announced its interim accounts for the six months ended 31 March 2024. Revenue decreased to £12.13m (H1 2023: £16.47m), profit before tax decreased to £5.78m (H1 2023: £115.30m) and the cash and cash equivalents increased to £5.44m (H1 2023: £3.17m). With the successful restructuring of the Company's debt and stable production at Saltfleetby the management team can now turn attention to both organic and inorganic growth opportunities and they look forward to updating shareholders as their plans progress.

Catenai 0.25p £1.0m (CTAI.L)

The provider of digital media and technology announces its full year audited results for the year ended 31 December 2023. Revenue decreased to £28,670 (2022: £117,020), loss before tax decreased to £261,318 (2022: £545,533) and the cash and cash equivalents decreased to £1,185 (2022: £61,922). The Company continues to seek additional work from customers and develop the relationship with Klarian Ltd.

Ethernity Networks 0.95p £3.6m (ENET.L)

The supplier of data processing semiconductor technology for networking appliances, announces that it has secured a license agreement with a new Tier 1 US-based aerospace system products provider. The value is $1.05m total license fees, with majority of delivery expected to be completed during H2 2024. The Agreement will utilise Ethernity Networks' silicon-tuned software supporting specific networking capabilities on a Field-Programmable Gate Array device for the Customer's platform.

MediaZest * 0.0525p £0.9m (MDZ.L)

The creative audio-visual solutions provider announces its unaudited interim results for the six months ended 31 March 2024. Revenue has increased to £1.17m (H1 FY23: £1.05m), EBITDA loss has decreased to £28k (H1 FY23: £148k) and the cash balance has increased to £14k (H1 FY23: £10k). New business wins include installations in the Netherlands, Germany and France, to be delivered in H2 FY24 and the pipeline of potential new project work in Europe continues to expand. Positive outlook aiming to build on the progress in H1 and generate positive growth organically and targeting a return to profitability for the full financial year ending 30 September 2024, whilst continuing to evaluate suitable parties for a potential “Buy and build” acquisition.

OptiBiotix Health 16p £15.7m (OPTI.L)

A life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skin care announces its audited results for the 12 months ended 31 December 2023. Revenue for the year of £644k a 41% increase (2022: £457k), profit before tax decreased to loss £2.04m (2022: profit £2.44m) and the cash balance decreased to £635k (2022: £1.05m). The Company set out a strategy of developing first generation products using existing technology and highly innovative step change second generation products in parallel and commercialising these in global markets. The Company says this strategy gave shareholders exposure to multiple opportunities within the emerging global human microbiome space and the potential for multiple upside.

Proton Motor Power Systems 2.1p £34.9m (PPS.L)

The designer, developer and producer of fuel cells and fuel cell electric hybrid systems with a zero-carbon footprint announces its audited results for the year ended 31 December 2023. Revenue increased to £2.12m (2022: £2.09m), loss before tax decreased to £14.53m (2022: £18.90m) and the cash balance increased to £2.74m (2022: £2.72m). The Directors believe that the advanced stage of commercialisation of the Group's technology, coupled with the Group's preferred partnerships, will enable the business to establish itself firmly as a leading, global, fuel cell, fuel cell hybrid system provider.

Science in Sport 19p £34.2m (SIS.L)

The premium performance nutrition company serving elite athletes, sports enthusiasts, and the active lifestyle community announces its audited final results for the year ended 31 December 2023. Revenue decreased 1.7% to £62.7m (2022: £63.8m), loss before tax increased 6.6% to £11.8m (2022: £10.6m) and the cash balance increased to £2.14m (2022: £930k). The Board expects 2024 to be a year of progress as management continues to execute the strategic plan driving a balanced 2024 with the focus on controlled growth.

Surface Transforms 1.35p £17.6m (SCE.L)

Manufacturers of carbon fibre reinforced ceramic automotive brake discs announce its audited results for the twelve months ended 31 December 2023. Revenue increased 81% to £7.3m (2022: £4.0m), loss after tax including £9.2m impairment was £19.6m (2022: £5.3m) and Cash at 31 December 2023 of £6.1m (2022: £14.9m). The Company's ambition remains generating revenue of £100m sales per year within the next five years.

Tasty 1.2p £1.8m (TAST.L)

The owner and operator of restaurants in the casual dining sector announces its annual results for the 53 week period ended 31 December 2023. Revenue increased 6.5% to £46.9m (2022: £44.0m), Adjusted EBITDA increased to £4.4m (2022: £2.6m) and cash balance decreased to £4.18m (2022: £7.0m). Performance for the year to-date is behind management expectations, due largely to the cost of living crisis and the initial impact of the Restructuring Plan. However, the outlook post restructuring is positive.

Thruvision Group 17p £27.3m (THRU.L)

International provider of walk-through security technology today publishes its results for the financial year ended 31 March 2024. Revenue of £7.8m (2023: £12.4m), a reduction reflects previously announced lack of further significant orders from US Customs and Border Protection (CBP) in 2024. Adjusted EBITDA loss was £2.5m (2023: loss of £0.2m). The cash balance as at 31 March 2024 was £4.1m (31 March 2023: £2.8m). 2024 was undoubtedly a challenging year for Thruvision with the absence of a major contract award from our previously largest customer, CBP. However, the very strong revenue growth they achieved from customers outside CBP, and the fact that 70% of revenues came from existing customers provides an encouraging platform from which they can now return to growth.


28 June 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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