Beacon Energy plc, intends to join the AIM market. In accordance with the Company's strategy to focus on growth through acquisition or farm-in to oil and gas projects, the Company entered into the SPA with Tulip Oil Holdings B.V. In conjunction with the Acquisition, the Company has conditionally raised total gross proceeds of £6.04m and will be used to fund the drilling of the SCHB-2 development well onshore Germany and for working capital. Expected admission date is 11 April 2023.
Ocean Harvest Technology Group plc, a commercial scale producers of seaweed blend ingredients for the animal feed market intends to join AIM. The main country of operation is Vietnam where the Company's main production and processing facility is located. The Company is headquartered in Theale, UK with further operations in Galway, Ireland and Binh Duong Province, Vietnam. Expected Admission date 29th March 2023.
M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023.
Altona Rare Earths, a mining company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, announced its intention of withdrawing from the AQSE Growth Market to the Standard Segment of the Main Market. The Company has just raised £2m and plans to use the proceeds to complete its maiden JORC compliant Mineral Resource Estimate and a Scoping Study for its Monte Muambe Rare Earths mining project in northwest Mozambique. Admission Delayed. A further update will be provided once the date of Admission, currently expected to be towards the end of March 2023, is confirmed.
Fadel Partners, a developer of cloud-based brand compliance and rights and royalty management software in the media, entertainment, publishing, consumer brands and hi-tech/gaming sectors intends to join the AIM market. Fadel has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.
Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Anticipated market capitalization on admission is £12.75m. Expected admission 30 March 2023..
Clontarf Energy 0.15p £6.7m (CLON.L)
The Ireland-based lithium, and oil & gas exploration and production company focused on South America and Africa, announce that it has elected to proceed with the NEXT-ChemX Bolivian joint venture, and therefore has executed the formal Contractual Partnership Agreement with NEXT-ChemX Corporation (NEXT-ChemX), which supersedes the 'Heads of Agreement' announced on 15 February 2023. The purpose of this 50:50 joint venture is to demonstrate the technical, commercial and environmental feasibility of NEXT-ChemX's ion-Targeting Direct lithium Extraction (iTDE) technology in Bolivia. The JV will hold exclusive rights to deploy and commercialise NEXT-ChemX's iTDE technology in Bolivia, and is governed by the laws of the State of Texas.
EKF Diagnostics 25.8p £117.4m (EKF.L)
The global diagnostics business announces its final results for the year ended 31 December 2022. Revenues of £66.6m were in-line with market expectations, up 17% excluding COVID-related activities. Loss before tax was £8.9m (2021: £21.4m profit) after exceptional transition and restructuring costs of £17.5m. Net cash (excluding IFRS 16 liabilities ) was £11.4m (31 December 2021: £19.6m). With continue cost reduction, restructuring and efficiency measures, the Board remains confident that the business performance in 2023 should remains in-line with management expectation.
essensys 56.5p £36.4m (ESYS.L)
The global provider of software and technology to the flexible workspace industry, announces its unaudited results for the six
months ended 31 January 2023 (H1 23). Revenues were £12.9m, up 18%, driven by strong growth in North
America. Adjusted EBITDA loss was £4.2m due to headcount increase and investment in the APAC region.
Net cash was £12.6m. Management continues to manage its cost base with the reorganisation announced in February 2023.
The Group continues to expect to meet FY23 market forecasts.
Journeo 160p £25.9m (JNEO.L)
The information systems and transport technical services group, announces two contract awards totalling £1.6m for passenger information systems in Wales. The two contracts will see displays attached to the new Welsh Bus Data Content Management System which was recently awarded to Journeo as announced on 8 March 2023. The first contract, valued at £1m, was awarded by the City of Cardiff for the installation of Journeo's latest TFT LCD in-shelter displays. The second contract, valued at £0.6m, is for Transport for Wales (TfW). Approximately £1m revenue is expected to be recognised this financial year, included in management's expectations of performance for FY2023.
Mortgage Advice Bureau 625p £356.4m (MAB1.L)
The mortgage broker announce its final results for the year ended 31 December 2022. Revenue was £230.8m, up 22%; statutory profit before tax was down by 25% to £17.4, due to higher administrative ratio. Cash and cash equivalents totalled £25.5m (£34.4m as of 31 December 2021). The company also raised loans of £23.4m in total in 2022. Adviser numbers at 24 March 2023 had decreased to 2,129 due to the shock to the mortgage market post the September 2022 mini-budget. Management expects adviser numbers will stabilise in Q2 2023 and then build gradually as business volumes improve. Current trading is in line with expectations.
One Heritage Group* 16.5p £6.4m (OHG.L)
The residential developer focused on the North of England, announces its results for the six months ended 31 December 2022 (H1 FY23). Revenue was £5.75m (H1 2022: £0.15m), driven mainly by the contributions from Lincoln House, Bolton, with 27 sales completions in the period. Loss before tax was £1.57m (H1 FY22: loss £0.53m), due to an impairment of £1.10m. Net debt was £17.73m (H2 FY22: £14.95m), an increase of £2.79m facilitating the completion of developments prior to legal completions. The company is on track to deliver strong revenue for FY23, driven by property sales with the practical completion of three development projects before 30 June 2023.
Physiomics* 4.15p £4.0m (PYC.L)
The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, announces its agreement with Beyond Blood Diagnostics Ltd (Beyond Blood) to analyse data generated during testing of its diagnostic platform using Physiomics' personalised dosing software. Beyond Blood is a seed-stage spin out from Imperial College London, which is developing a patented flow cytometry device to measure blood cell counts in very small blood volumes. Physiomics and Beyond Blood are also exploring joint grant applications and other ways to use Physiomics' software alongside Beyond Blood's devices.
SkinBioTherapeutics 12p £20.8m (SBTX.L)
The life sciences company focused on skin health, announces its unaudited consolidated results for the six months to 31 December 2022 (1H FY23). Revenues increased month on month and totalled £77k, up 250% (H1 FY22: £22k). The company made good progress with the commercialisation of probiotic food supplement, AxisBiotix-Ps™ in the UK. Post year end, health authority approval received for launch in Spain from 13 March; entry into other European markets, Italy and France, is anticipated during 2023. Cash as of 31 December 2022 was £766k (30 June 2022: £3.15m). The company raised £2.6m post period.
Team17 Group 407.5p £593.31m (TM17.L)
The global games label, creative partner, and developer of independent (indie) premium video games and educational entertainment apps for children and a leading working simulation games developer and publisher, announces its unaudited results for the year ended 31 December 2022. Revenue was £137.4m, up 52% and partly due to acquisitions. Profit before tax was £28.7m, down 1%. Cash and cash equivalents was £50.8m (2021: £55.3m) and debt free. Management seeks to continue to leverage the highly cash generative nature of the business to drive further organic growth and evaluate selective M&A targets.
TMT Investments* US$2.81 US$88.4m (TMT.L)
The venture capital company investing in high-growth technology companies, announces its final results for the year ended 31 December 2022. NAV was US$ 201.7m (down 28.7% from US$283.1m as of 31 December 2021), translating to NAV per share of US$6.41 (vs. US$9.00 as of 31 December 2021), primarily due to negative revaluations of Backblaze and Bolt. As of 27 March 2023, TMT had US$11.4m in net cash and cash equivalents (including US$2.9m in cash held with SVB). In 2022, TMT invested a total of US$9.6m across 9 new and existing companies. Management is taking an extremely cautious approach, to ride out the current market volatility.
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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.
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MIFID II status of Hybridan LLP research
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