Small Cap Feast

30th January 2023

Dish of the day
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Dish Of The Day:

Celsius Resources Limited ORD NVP (DI), Epic CLA. Celsius Resources an exploration and development company with a portfolio of mineral assets in the Philippines and Namibia, announced the admission of its shares to trading on AIM. The group raised £2.4m at 0.8p per share, market capitalisation at the placing was £14.8m.

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What’s Cooking In The IPO Kitchen?

Constance Iron Limited, whose principle activities will be the development and production of magnetite iron ore projects in Australia announces a consideration of an IPO and admission of shares onto the Standard Segment of the Main Market of the London Stock Exchange. The Company is targeting to raise gross proceeds of c. £60m which will be ustilised to fund the exploration and development to production of the Norseman Iron Ore Project where the Company has a 65% net profit interest in the Project.

Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies - c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Delayed to 3rd February 2023.

Breakfast Buffet

Avingtrans 400p £129.0m (AVG.L)
The Group which designs, manufactures and supplies critical components, and associated services to the energy, medical and industrial sectors, announces that medical imaging technology associate company Adaptix Limited (Adaptix) has received 510(k) clearance from the U.S. FDA for its first orthopaedic medical imaging product. Avingtrans invested £4m in Adaptix, for an 11.9% stake in the business and a further investment of £2m in December 2022. Receiving 510(k) clearance enables Adaptix to deliver radiology through provision of innovative, portable 3D imaging technologies into healthcare providers.

Beximco Pharmaceuticals 46.5p £459.7m (BXP.L)
The growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, announces its financial results for the six months ended 31 December 2022. Net sales increased 16% to £164.4m (2021-22: £146.7m) with increased domestic and export sales by 17.1% and 2.5% respectively. Profit after tax decreased 15.1% to £22.2m (2021-22: £27.1m). The Group launched seven new products (eleven presentation forms and strengths), including Mulina (Lefamulin), an anti-infective drug in Bangladesh and received twelve new registrations of Seven generics (eight presentations) in seven countries.

Chariot Oil & Gas 15.675p £150.4m (CHAR.L)
The Africa focused transitional energy company, announces a sales agreement for the acquisition of an independent water producer in Africa delivering clean water solutions: ENEO Water PTE Limited (ENEO). Specifically using an efficient, modular and scalable reverse osmosis technology that can be 100% powered by solar energy to produce desalinated water. Consideration for the acquisition shall be payable in Ordinary Shares with an initial US$0.5m payable on completion of the sales agreement and a further deferred consideration of up to US$0.5m on the achievement of financial close on further projects.

Eden Research 5.25p £20m (EDEN.L)
The company focused on sustainable biopesticides and plastic-free formulation technology for use in global crop protection, announces that its biofungicide, Mevalone®, has received authorisation for home garden use in Italy controlling plant pathogens including Botrytis Cinera and powdery mildew. Mevalone, marketed as 3LOGY® in Italy enables farmers and home growers maximum flexibility in their plant and crop protection as it is free from residues and provides the benefit of avoiding higher-than-permitted pesticide residue levels as stipulated by the regulatory authorities.

Finsbury Food Group £96.5 £125.8m (FIF.L)
A leading UK speciality bakery manufacturer for both the retail and foodservice channels, announces that it has acquired 100% of the share capital of Lees Foods Limited (Lees). The consideration payable by Finsbury is a cash amount of £5.7m. Lees has a UK leading position and has significant capability in the sweet treats category, adjacent to Finsbury's existing markets. Lees' adjusted EBITDA is £0.9m from adjusted net sales of £21.6m. The acquisition will be earnings accretive immediately in FY23. The acquisition is in line with Finsbury's strategy to diversify its product capability.

Inspired Energy 10.1p £98.6m (INSE.L)
A leading technology enabled service provider supporting businesses to net zero, controlling energy costs and managing their response to climate change, announces a trading update for the financial year ended 31 December 2022. The Group reports revenue is expected to be 10% ahead of market expectations at c.£88.0m, adjusted EBITDA is expected to be 6% ahead of the prior year at c.£21.0m (2021: £19.81) and net debt expected to be 13.75% lower at c.£37m (H1 2022: £42.9m). The Board is confident in the Group’s ability to achieve its long term financial and strategic goals.

Personal Group Holdings 212p £66.2m (PGH.L)
The workforce benefits and services provider, provides an update for the financial year ended 31 December 2022 (FY 2022). The Group reports overall trading for FY 2022 was in line with market expectations, with revenue of approximately £85m (2021: £74.5m) and adjusted EBITDA of approximately £6m (2021: £6.1m). The Group further reports a strong balance sheet with cash position over £18m FY2022 (2021: £22.9m) as expected, post the acquisition of Quintige Consulting Group (June 22) and internal technology investment. The Board and management team are confident in the Group’s ability to deliver profitable growth for stakeholders in 2023.

RA International Group 13p £22.4m (RAI.L)
A specialist provider of complex and integrated remote site services to organisations globally, announces the Group has been awarded a contract by the Foreign, Commonwealth and Development Office to provide construction services relating to the refurbishment of the British High Commission in Botswana. The contract value is £3.3m with completion expected end 2023. Furthermore RAI has been awarded three task orders for work at the US Navy's base on Diego Garcia of value $8.2m.

Rosslyn Data Technologies 0.65p £2.2m (RDT.L)
The provider of cloud-based enterprise data analytics platform, announces its interim results for the six months ended 31 October 2022. The Group’s revenue was £1.4m (H1 2022: £1.5m) whilst adjusted EBITA loss reduced by c.23% to £1.6m (H1 2022: 2.1m). The Group is debt free and has cash equivalents of £763k (H1 2022: £2.4m). The Group has won new long-term contracts for an international arm of a tier 1 Japanese bank, a multinational medtech corporation and, post period, a multinational aerospace engineering firm enabling expected revenue growth of 121% in H2 over H1 2023. The Group is also expected to deliver trading in line with market expectations.

Sopheon 680p £72.2m (SPE.L)
The international provider of software and services for Innovation Management, provides a trading update for the year ended 31 December 2022. The Group expects revenues for the year ended 31 December 2022 to be in line with market expectations at c.$36.5m (FY2021: $34.3m). On a constant currency basis, revenues would exceed market expectations. ARR at the end of 2022 is expected to reach c.$24.3m (FY2021: $20.7m) representing growth of 17.5%. Net cash on 31 December 2022 was $21m (2021: $24m). The Group expects slow revenue and profit growth in 2023 but accelerated ARR growth.

30 January 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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