Small Cap Feast

29th September 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 26 September: Mydecine Innovations Group, a biotech and life sciences company that is building an R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 10 October..

Breakfast Buffet

DSW Capital 56.5p £12.4m (DSW.L)
The profitable, mid-market, challenger professional services licence network and owner of the Dow Schofield Watts brand, announces that it has supported DSW Tax Advisory's acquisition of STS Europe Ltd (STS) to bring new, complementary capabilities to the business. STS advises clients, including UK-resident non-domiciles, on matters such as inheritance tax, trusts and offshore structures, and also assists offshore banks and trust companies throughout Europe with UK tax issues and is one of the leading firms of its type in the North. The acquisition of STS takes DSW's total Fee Earners to 105, operating from 10 locations across the UK.

Eden Research 4.75p £19.2m (EDEN.L)
The company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries, announces its interim results for the six months ended 30 June 2023. Revenue for the period was £1.14m, up 10% (H1 2022: £1.04m). Loss before taxation was £6.19m primarily due to an impairment of intangible assets for £4.97m. Cash and cash equivalents at 31 August 2023 were £1.73m following a tax refund and proceeds from the unconditional placing. The Company continues to expanding regulatory approvals in key territories and new product areas and is on track to meet 2023 market expectations for product sales revenue and EBITDA.

i(x) Net Zero 22.5p £19.3m (IX..L)
The investing company focusing on energy transition, announces its half year results for the six months ended 30 June 2023. Portfolio NAV increased by 133.56% to $149.11m (31 December 2022: $63.84m), largely driven by WasteFuel Global Inc. investment from BP. Profit before non-cash deferred tax provision and share-based compensation was $81.05m (H1 2022: $0.50m). During the period, i(x) made portfolio investments of $0.55m (H1 2022: $0.50m). As at 30 June 2023, the Company had $0.8m borrowings and cash of $4.35m (31 December 2022: no borrowings and cash of $7.48m. The Company has set a near term target of reducing operating expenditure to 2% of NAV, down more than 50% from the 2022 level.

Kibo Energy* 0.055p £2.1m (KIBO.L)
The renewable energy-focused development company announces its unaudited interim results for the six months ended 30 June 2023. Consolidated revenue was £198k, down 35% (1H22: £305k). Operating loss was £1.9m (1H22: 1.8m loss). Cash balance was £22k (December 31, 2022: £164k). In July 2023, Mast Energy Developments (MED) finalised and entered into a definitive and binding Joint Venture Agreement (JVA) with an institutional investor-led consortium, with an initial expected total investment value of c. £5.9m. The completion date of the JVA has since been extended twice due to unforeseen circumstances as detailed in an MED RNS dated 4 August and 22 September 2023. Kibo continues to acquire and develop a portfolio of renewable energy assets and to pursue appropriate disposal and divestment or repurposing of all hydrocarbon and coal-based power projects and assets.

Jade Road Investments* 1.875p £6.7m (JADE.L)
The London quoted pan-Asian diversified investment vehicle announces its interim results for the six months ended 30 June 2023. Total income decreased to US$0.59m and was derived from interest income from investees (H1 2022: US$1.56m). Consolidated NAV at 30 June 2023 increased by 3% to US$ 15.46m/GBP 12.69m. Period end cash position of US$ 0.1m. Post period end, the Company raised gross proceeds of $1.05m in September 2023. The Company continues its transition in investment strategy as it moves away from its previous focus on Asia to a more geographically diverse investment strategy characterised by investing in a portfolio of high yielding assets with a low correlation to most markets or major asset classes.

MobilityOne 5p £5.3m (MBO.L)
The e-commerce infrastructure payment solutions and platform provider, announces its unaudited interim results for the six months ended 30 June 2023. Revenue increased by 7.2% to £121.5m (H1 2022: £113.4m) due to higher sales for the Group's mobile phone prepaid airtime reload and bill payment business in Malaysia. Profit after tax was £5,117 (H1 2022: profit after tax of £0.34m). Cash and cash equivalents (including fixed deposits) at 30 June 2023 was £3.42m (30 June 2022: £4.72m). The Group is cautious on the outlook for the remainder of 2023, taking into consideration rising interest rates and expenses and lower gross profit margins for the Group's products and services.

MS International 730p £119.2m (MSI.L)
The UK-based company engaged in designing, manufacturing, construction and servicing of a range of engineering products and structures announces that a first production and supply contract has been awarded by the United States Navy to its wholly owned subsidiary company, MSI-Defence Systems US LLCbased in Rock Hill, South Carolina, USA. This first contract is for $23.5m and is for the supply of US Navy Mk38 MOD4 gun mounts (which is the US Navy nomenclature for our MSI-DS 30mm gun mounts). Delivery of all equipment is for no later than 18 December 2024.

One Heritage Group* 21p £8.1m (OHG.L)
The UK-based residential developer, development manager and property manager focused on the North of England, announces that Anthony Unsworth has informed the Board of his decision to resign as Chief Financial Officer (CFO) and Executive Director of the Company. Anthony will continue in his role as CFO and Executive Director during his notice period during the next six months. The Board extends its gratitude to Anthony for his dedication and commitment to the Group during his fourteen-month tenure. The Company has started the process of finding the right person for the next leg of the growth in the business.

Provexis 0.58p £12.8m (PXS.L)
The business that develops, licenses and sells the proprietary, scientifically-proven Fruitflow® heart-health functional food ingredient, announces its audited results for the year ended 31 March 2023 (FY23). Revenue was £390k, down 8.5% (FY22: £426k). Underlying operating loss for the year was £347k (FY22: £173k in loss). Cash was £379k at 31 March 2023 (FY22: £864k), following inventory purchases in the year of more than £315k. The Company expects that the new gut microbiome patent application, the significant changes to the sales and supply chain structure for Fruitflow from January 2023, and the recent BYHEALTH regulatory developments in China, will have a strongly beneficial effect on the current and future commercial prospects for Fruitflow.

Roebuck Food Group 13.5p £4.1m (RFG.L)
The warehousing company serving the food manufacturing, distribution, and retailing sectors, announce its interim results for the six months ended 30 June 2023. Revenue increased by 19%, from £12.5m in 1H22 to £14.9m in 1H23. Net debt decreased by 32% from £3.4m December 2022 to £2.3m. Both business units (Sourcing and Dairy) profitable, albeit down on prior year. Loss before tax of £0.4m, compared to a profit of £0.2m in 1H22. Management is actively looking at a number of acquisitions and expects to complete at least one of these before the end of the year.

29 September 2023
*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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