Small Cap Feast

28th September 2023

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ADM Energy* 0.5p £1.8m (ADME.L)
A natural resources investing company announces its half-yearly results for the six months ended 30 June 2023. During the period, the Company reduced administrative expenses to £292k (H1 2022: £897k loss), as a result the loss for the period decreased 55% to £460k (H1 2022: 834k loss). On 25 May 2023, the Company announced, alongside the acquisition of Blade V for US$1.6m, that it has entered into subscription agreements to issue Secured Convertible Loan Notes (SCLNs) with an aggregate face value of up to US$1.5m. The Company continues to work with the Aje Partners to progress development plans for the Aje Field. Blade V ties in with the Company’s strategy to identify near-term cash generating opportunities in established oil and gas regions.

Concurrent Technologies 73.5p £62.9m (CNC.L)
The Company specialising in the design, development, and manufacture of deployable embedded computer solutions for critical applications announces the launch of a new product, the ruggedised plug-in-card, Buddon. The rugged board provides a technology upgrade for those customers who have deployed systems based on 3U CompactPCI and been designed to be backwards compatible with previous generations of CompactPCI cards.

Crossword Cybersecurity* 9.25p £8.7m (CCS.L)
The cybersecurity solutions company focused on cyber strategy and risk announces its unaudited interim results for the six months ended 30 June 2023. Revenue increased by 27% to £1.9m for the six months ended 30 June 2023, as a result, ARR at the end of H1 2023 was £2.7m, growth of 35% compared to the same period in the prior year. Crossword is aiming to deliver EBITDA and cash breakeven on a monthly basis during the second half of 2024. The Company has also announced that its software engineering services revenue in H1 2023 has helped to strengthen ties with a key partner and provided a valuable development opportunity for staff. Crossword has a strong sales pipeline and is confident to achieve market expectations for the full year to 31 December 2023.

Global Connectivity* 1.1p £3.9m (AQSE: GCON)
A provider of broadband services to rural areas of the UK through its investment in Rural Broadband Holdings Solutions Limited announces its unaudited half year results for the six months ended 30 June 2023. The Company’s net assets were up by £3.0m compared to 31 December 2022 mainly as a result of a net gain on financial assets at fair value through profit or loss of £3.2m. As at 30 June 2023, the Company holds cash of c.£33k. Following the merger with Voneus Broadband and the acquisition of Broadway Partners, GCON’s involvement in the broadband market has now been consolidated and it is expected that the Company’s asset value will be further enhanced.

itim Group 28p £8.7m (ITIM.L)
A SaaS based technology company that enables store based retailers to optimise their businesses to improve financial performance announces its unaudited interim results for the six months ended 30 June 2023. Group revenue of £7.4m (HY22: £6.8m) an increase of 8.8%, and the annual recurring revenue marginally increased to £13.2m (HY22: £12.6m). There was an adjusted EBITDA loss of £0.2m (HY22: profit £0.3m) and the Company holds cash at the period end of £2.7m. The Group continues to benefit from its established client base with eighty customers resulting in recurring revenues.

Physiomics* 1.85p £2.5m (PYC.L)
The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions announces its audited results for its financial year ended 30 June 2023. Total income (revenue and grant income) decreased 33% to £606k (2022: £901k), as a result the loss after taxation increased 89% to £477k (2022: £253k), and the Company holds cash and cash equivalents at 30 June 2023 of £417k. The Company has further announced follow on contracts with existing clients Merck KGaA, Numab Therapeutics, Ankyra Therapeutics and Bicycle Therapeutics and has an order pipeline of potential projects that could start in the current financial year ending 30 June 2024 of over £1m. The Company remains focused on diversifying its client base, with the proportion of revenues derived from its largest customer falling from 85% in FY19 to less than 35% in FY23.

Plant Health Care 7.6p £26.0m (PHC.L)
A provider of novel patent-protected biological products to global agriculture markets announces two new brands - MOSHY and TEIKKO - derived from the Company's PREtec technology platform (Vaccines for Plants) for launch in Brazil for the 2024 soybean growing season. MOSHY and TEIKKO provide specific benefits for growers of improved disease and nematode control, plant health and yield. Plant Health Care continues to expand into new markets. The Company is on track to achieve revenue of $30m by 2025.

Science in Sport 12.5p £21.6m (SIS.L)
The performance nutrition company serving elite athletes, sports enthusiasts, and the active lifestyle community announces interim results for the six months to 30 June 2023. Revenue grew by 7% to £34.4m (H1 2022: £32.7m), as a result, gross profit increased 4.3% to £14.4m (H1 2022: £13.8m). The loss for the period reduced to £3.3m (H1 2022: loss £7.1m) and the Company holds cash at the period end of £1.2m. The Company expects H2 to mirror H1 at a revenue level and the Company’s strategy remains unchanged to continue to target profitable growth.

Shield Therapeutics 7.9p £56.3m (STX.L)
A commercial stage pharmaceutical company announces a proposed equity fundraising by way of a subscription and Placing to raise c.£5.0m in aggregate at the Issue Price, being a price per share of 8.0 pence. The Issue Price represents a discount of approximately 17.9% to the closing price on 27 September 2023. The Company also announces that it has secured a US$20m senior secured debt facility from SWK. The net proceeds from the Equity Fundraising, together with the SWK Financing, will be used by Shield to further invest in US commercial activities.

Trellus Health 7.75p £12.5m (TRLS.L)
A Company commercialising a scientifically validated and clinically proven personalised self-management solution for chronic health conditions at their intersection with mental health announces its interim results for the period ended 30 June 2023. Revenue marginally increased to US$14k (H1 2022: US$10k), adjusted EBITDA loss decreased by 30% to $3.16m, in line with expectations (H1 2022:: $4.61m loss). The loss for the period was US$3.57m (H1 2022: US$4.8m) and the Company holds cash at the end of period of US$15.8m. The Company further announced it has launched a pilot program with a New York-based health insurance company with more than 1.8 million members to make Trellus Elevate IBD program available as a health plan benefit.

28 September 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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