Ora Technology plc, a software company developing a digital carbon trading platform, offering users the ability to buy, sell and retire verified carbon credits in the voluntary carbon market, intends to join the AQSE Growth Market. Ora’s platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices, and an emphasis towards providing a simple and intuitive user experience.
Praetura Growth VCT plc, a newly established VCT announces its intention to float on the Main Market of the London Stock Exchange. The Company will provide growth funding to scalable businesses predominantly based in the North of England, across a range of sectors including technology and healthcare. The Company will be managed by Praetura Ventures Limited, a venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender. The Company is targeting to raise £10m at 1 pence per share, via an offer for subscription. The Directors will have the option to utilise an over-allotment facility that will allow the Company to issue a further 10m Ordinary Shares under the Offer.
CAB Payments Holdings Limited a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets intends to join the Premium Segment of the Main Market. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with the YTD adjusted EBITDA margin at 64%. The Offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.) CAB Payments has set an offer price of 335p per share, which will give it a debut market cap of £851.4m. Admission currently expected to occur in July 2023.
Asimilar Group 1.5p £1.9m (AQSE:ASLR)
The investment group focused in the technology and software sectors announces its unaudited results for the six months ended 31 March 2023. Loss for the period was improved to £1m (H1 2022: loss of £10.6m), mainly driven by the unrealised loss on the value of the Group's holding in Launchmycareer Holdings plc (formerly Veative Holdings Plc). Net assets was £5.4m (30 September 2022: £6.5m), in part reflecting the unrealised loss on the LMC investment of £0.5m. The net asset value per share decreased to 4.67p (30 September 2022: 5.53p). Post period, the Company cancelled its trading on AIM to reduce costs. The Directors have not taken any fees since December 2022 and continue to defer these until the Company has sufficient liquid assets to meet them.
EDX Medical Group 3.38p £9.28m (AQSE:EDX)
The developer of innovative digital diagnostic products and services supporting personalised treatment solutions for cancer, heart disease, neurology and infectious diseases, announces that it has received a strategic investment of £500k from Boru Ltd via a subscription of 6,250,000 new ordinary shares at a price of 8p per share. Boru is a private investment company which invests in growth companies on a global basis. EDX Medical will use the investment from Boru to support the expansion of its capabilities in personalised care for cancer patients in the UK and Europe.
Ethernity Networks 2.1p £2.9m (ENET.L)
The supplier of data processing semiconductor technology for networking appliances, announces its audited results for the year ended 31 December 2022. Revenues increased by 11.5% to $2.94m (2021: $2.64m), while gross margins declined by 17.82% to $1.6m (2021: $1.9m). EBITDA Loss increased by 27.6% to a loss of $6.4m (2021: $5.05m). During the period, the Company made progress in the commercialisation of its Data Processing Unit (DPU) System-on-Chip (SoC) devices with a 200% growth over 2021, driven by the shipment of the ENET DPU SoC to its U.S. fixed wireless system provider customer. The orders from this customer remains on track for 2023 and is forecasted to increase for 2024.
Harvest Minerals 3.13p £5.8m (HMI.L)
The fertiliser producer provides an update on H1 2023 sales of its organic, multi-nutrient, direct application fertiliser, KP Fértil®, from its 100% owned Arapuá Fertiliser Project in Brazil. Total news sales orders invoiced and delivered for H1 2023 was 27,000 tonnes versus the budget of 60,000 tonnes. An additional 33,000 tonnes of advanced sales that had been invoiced in 2022 but did not meet the definition of revenue in the year under accounting standards will be included in FY 2023 revenue. Following the record high global fertilizer prices seen in 2022, stocks returned to normal levels in 2023 causing the price of fertilisers to drop. Farmers have postponed the purchase of fertilisers in anticipation of a price drop. Given the uncertain market conditions, the Company has revised its 2023 invoiced sales target from 200,000 tonnes to 120,000 tonnes. Furthermore, the Company is cutting prices to encourage farmers to start buying.
Induction Healthcare 22.5p £20.8m (INHC.L)
The digital health platform driving transformation of healthcare systems, provides an update on trading and other changes following the year ending 31 March 2023 (FY23). The Company remains on track for growth and cash breakeven in 2024. INHC has completed the sale of Switch, a directory app, for an undisclosed sum. The consideration has been applied to working capital. This is in line with the strategy to focus on sustainable growth and cost savings. The Board also announces the appointment, effective immediately, of Paul Tambeau as CEO (currently interim COO) and John McIntosh as CFO (currently interim CFO). Both are appointed as board members. Christopher Samler, currently executive Chair, will resume his previous position as non-executive Chair.
MediaZest* 0.045p £0.6m (MDZ.L)
The creative audio-visual company announces its unaudited interim results for the six months ended 31 March 2023. Revenue was £1,054,000, down 25% (2022: £1,402,000) due to delays to client projects, subsequently happening in the second half of the financial year. Gross margin rose to 57% (2022: 54%) with a greater percentage of revenue generated from higher margin managed services than from hardware sales. EBITDA loss was £148k (2022: profit of £138k) and a net loss for the period after tax was £260k (2022: profit of £40k). During the period, the Group provided digital signage solutions to another tranche of stores between October and December 2022 for a long-standing client, Pets at Home, and continued to deliver new dealership experiences for Hyundai. The Group also added a new large global automotive client, providing solutions in one European territory which it expects to expand to further substantial work in the coming months. The Board believes the outlook for the remainder of the financial year is encouraging, with projects delayed from the first half of the year have now commenced and some are completed.
Pod Point 70.5p £108.7m (PODP.L)
The UK-based provider of electric vehicle (EV) charging solutions, announces that it has signed a partnership agreement with UK Power Networks, the UK's largest Distribution Network Operator, serving 8.3m homes and businesses across London, the South East and East of England. The agreement will see Pod Point provide flexibility services to UK Power Networks by adjusting EV charging schedules to better match renewable generation. With user permission, Pod Point will schedule EV charging away from peak periods to help balance the grid, while ensuring cars are charged when needed. The partnership follows the launch of Pod Point's new Grid business unit.
Renalytix 112.5p £105.5m (RENX.L)
The developer of artificial intelligence-enabled clinical in vitro diagnostic solutions for kidney disease, announces that the U.S. Food and Drug Administration (FDA) has granted De Novo marketing authorisation for its KidneyIntelX.dkd™ prognostic test. This affirms KidneyIntelX as a first-in-class, artificial intelligence enabled prognostic testing platform to guide care management for adults with type 2 diabetes and early-stage chronic (diabetic) kidney disease. Renalytix believes FDA authorisation will lead to increasing test adoption, informing clinical guidelines, expanding insurance coverage, and pursuing additional international regulatory approvals.
SEEEN 3p £2.8m (SEEN.L)
The media and technology platform that delivers AI-led Key Video Moments to drive increased views and revenues across all video content, announces its audited results for the year ended 31 December 2022. Total revenues decreased to $3.3m(2021: $8.5m), reflecting: (i) elimination of unprofitable revenue from CSP channel partners with no technology upselling potential; (ii) loss of all CSP advertising revenue in Russia since the start of the Ukrainian conflict. Adjusted EBITDA loss improved to $0.8m (2021: Loss of $1.5m), in line with current market expectations. Gross margin increased to to 15.2% from 10.6% in 2021, through profitable channel partners for its YouTube CSP and the increase of recurring technology sales. During H1 2023, there were two strategic customer wins combined worth in excess of $1m in revenues and $250k in gross profit annually. The cash position as at 29 June of $2.2m enables the Group to continue executing on sales pipeline and achieve cash flow breakeven.
TPXimpact Holdings 36.0p £33.2m (TPX.L)
The technology-enabled services company focused on people-powered transformation, provides an update in relation to its debt covenants with HSBC. Further to the announcements made on 31 January and 31 March 2023, the Board reports that it has agreed a reset of the covenant terms applicable to its £30m revolving credit facility with HSBC. Following a waiver of covenants at 30 June 2023, the Group will need to maintain minimum cash liquidity levels on a monthly basis and also meet minimum Adjusted EBITDA performance levels on a quarterly basis. These terms will apply until the quarter ending 30 September 2024, at which time the covenants will return to the existing measures based on Net Debt/Rolling 12 month Adjusted EBITDA and Interest cover. Management believes that the updated covenant structure provides renewed stability for the business and a sound basis for achieving its performance goals.
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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
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute 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 the MIFID II Regulation.
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