Small Cap Feast

2nd July 2024

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Dish Of The Day:



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)

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

1Spatial 68.5p £75.9m (SPA.L)

The Location Master Data Management (LMDM) software and solutions, has secured several new contracts in the US, that demonstrate material progress on the Group's US expansion plans. The US is a key part of the Group's overall growth strategy. 1Spatial now has contracts or framework agreements with 21 US States, up from 18 US States at the year end. The US business has considerable expansion potential with an ambition to generate on average $1m Annual Recurring Revenue (ARR) from each State per annum.

BATM Advanced Communications 18.5p £80.7m (BVC.L)

The provider of real-time technologies for networking solutions and medical laboratory systems, announces that it has signed a strategic partnership and cooperation agreement with a global technology, engineering and defence group (the Partner) to deliver the Group's advanced cybersecurity solution to commercial markets. The Partner generated revenue of over $10bn in 2023 and serves customers in more than 100 countries. Over the next two years, the Group will receive a minimum of $2.1m from the Partner for the product customisation phase and the provision of an initial quantity of units, which will be delivered in three phases over the two years. The Group is due to commence delivering the units to the Partner by the end of the first half of 2025.

Checkit 24.5p £26.5m (CKT.L)

The automated monitoring platform for operational leaders, announces a significant expansion with an existing UK customer. Checkit has signed a new contract with an integrated energy company to provide real time operations management capabilities to 150 additional franchisees in the UK. The sites will be installed in tranches over the duration of the 32-month contract. The full value of the contract is worth c.£250k annually and is additional to the contract announced on 15 April 2024 for 50 franchisees.

CML Microsystems 302.5p £48.7m (CML.L)

The Company that develops mixed-signal, RF and microwave semiconductors for global communications markets, announces its results for the year ended 31 March 2024. Revenue increased 11% to £22.89m (2023: £20.64m). Profit from operations was £1.94m (FY23: £2.93m pre-exceptional profit from the sale of excess land). The cash balance at end of period was £18.21m (2023: £22.26m) following a share buyback of £1.75m, dividend payments of £1.74m and CapEx investments of £1.54m. The Company notes that external factors such as current market conditions and the normalisation of elevated customer inventory levels, make it difficult to achieve short-term profits and growth objectives.

DSW Capital 50p £11.0m (DSW.L)

The mid-market, challenger professional services licence network and owner of the Dow Schofield Watts brand, announces its year results for the year ended 31 March 2024. Revenue decreased to £2.3m (2023: £3.0m), Adjusted EBITDA decreased to £0.6m (2023: £1.5m) and the cash balance at the end of the period was £2.6m (2023: £4.6m) following acquisitions of Bridgewood and STS Europe, and investment in new start up licensees. The Group enters the new financial year with 25 licensees and a record number of Fee Earners and Partners, creating a strong platform for when market conditions return. The new financial year has started in line with expectations.

Hvivo 27.75p £188.8m (HVO.L)

The specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that it has been engaged for a Phase 2b field study assessing an influenza candidate. This contract is with a US company (the client) and will commence later this year with hVIVO enrolling up to 1,000 healthy volunteers as part of a multi-centre study with hVIVO being selected as the sole UK clinical site. Furthermore, the Company will be holding a Capital Markets Event at its new state-of-the-art facility in Canary Wharf on Wednesday 17 July 2024 at 10.00 am - 12.30 pm (BST). The Company also expects to announce a trading update for the six months ended 30 June 2024 on the same day.

Kitwave 313.25p £219.6m (KITW.L)

The delivered wholesale business announces its unaudited interim results for the six months ended 30 April 2024. Revenue increased 8% to £297.0m (H1 2023: £275.0m), Adjusted EBITDA was £15.9m (H1 2023: £16.0m) and cash and cash equivalents increased to £5.02m (H1 2023: £3.29m). Despite the slight shortfall in operating profit in H1 FY24 and the continued wet weather in May and early June, the Company expects to be in line with market expectations for the full year ending 31 October 2024.

MediaZest * 0.075p £1.3m (MDZ.L)

The creative audio-visual solutions provider announces that CEO Geoff Robertson will provide a live presentation relating to the Company’s Half Year Results via Investor Meet Company on 9 July 2024 at 11:00 BST. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via the shareholder’s Investor Meet Company dashboard up until 8 July 2024 at 09:00 BST, or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet MediaZest via:

Shoe Zone 127.5p £58.9m (SHOE.L)

The specialist multi-channel footwear retailer announces that, further to its AGM Statement released on 12 March 2024 it has continued to experience cost pressures associated with container prices due to a reduction in the supply of shipping vessels and the continuation of a reroute away from the Suez Canal. As a result, container prices have risen significantly over the last six months. Alongside an increase in shipping costs, the Company has experienced weaker than expected Spring Summer sales from April to June, due to unseasonal weather conditions. As a result, the Company now expects adjusted profit before tax for the financial year ending 2 October 2024 to be not less than £10.0m.

Supreme 172p £200.5m (SUP.L)

The manufacturer, supplier and brand owner of fast-moving consumer products announces its audited results for the year ended 31 March 2024. Revenue increased 42% to £221.2m (2023: £155.6m), profit before tax increased 109% to £30.1m (2023: £14.4m) and cash and cash equivalents increased to £11.63m (2023: £7.54m). Supreme forecasts FY25 to be another profitable and highly cash-generative year for the Group. Having made a positive start in Q1, the Group is trading comfortably in line with current market expectations.


2 July 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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