Small Cap Feast

30th October 2023

Dish of the day
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Dish Of The Day:

Adsure Services has joined the Access Segment of the AQSE Growth Market today.

EMIS Group has left AIM today.

What’s Cooking In The IPO Kitchen?

Tekcapital announced intention to spin off and IPO on 2 October: MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). Microsalt announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. AIM Admission delayed, expected mid-November.

Breakfast Buffet

88 Energy 0.35p £69.3m (88E.L)
The oil and gas exploration and production company with a North American focus announces that it has recently engaged the independent resource certifier, Netherland, Sewell & Associates, Inc (NSAI) following Pantheon Resources Plc declaring a significant contingent resource for the Lower Basin Floor Fan (BFF). The BFF reservoir was the deepest of the multiple hydrocarbon-bearing pay zones intersected during the drilling and logging of the Hickory-1 exploration well. NSAI will assess the BFF reservoir at Project Phoenix for a maiden contingent resource estimate based on Hickory-1 results and nearby offset well results, which may lead to the Hickory-1 being confirmed as a discovery.

Aura Energy 15.25p £103.0m (AURA.L)
The minerals company with a portfolio of uranium and polymetallic projects provides an overview of activities for the quarter ended 30 September 2023. Tiris Uranium Project continued to advance across all development workstreams, with Front-End Engineering Design (FEED) on track for completion in Q4 2023. The Häggån Project Scoping Study was released, indicating significant scale and optionality with a post-tax net present value range of US$380m-US$1,231m. The Company's cash position as of 30 September 2023 was A$8.55m.

Asiamet Resources 0.9p £20.0m (ARS.L)
The copper-gold exploration and development company announces an update in relation to its wholly owned, feasibility stage, BKM copper project located in Central Kalimantan, Indonesia. The final version of the Independent Technical Expert report from SRK Consulting has been issued and delivered to the prospective Lead Bank. Several prospective prepayment (offtake) finance providers remain actively engaged with another two groups recently commencing diligence.

D4t4 Solutions 160p £63.8m (D4T4,L)
The data solutions provider provides a trading update for the six months to 30 September 2023 (H1 FY24). Results are expected to be in line with management expectations, with revenues of approximately £13.0mn, up 60% (H1 FY23: £8.1m) and adjusted profit before tax of approx. £0.2m (H1 FY23: loss of £1.3m). Annual recurring revenue increased during the period to £17.4mn (31 March 2023: £16.7m). The cash balance at the half year end was £14.7m, and the Group remains debt free.

Insig AI 20.5p £21.3m (INSG.L)
The data science and machine learning company announces the launch of The Transparency and Disclosure Index (TDI). The TDI has been developed following discussions with FTSE 100 and FTSE 250 companies at CEO, CFO and Head of Investor Relations level. It also reflects feedback from data collaboration with the FCA's Techsprint. Using evidence based analysis of more than 200 million machine readable sentences from corporate disclosure documents, the TDI demonstrates what stakeholders and market participants require: how well a company is disclosing non-financial information.

Inspecs Group 76p £77.3m (SPEC.L)
The global eyewear and lens design house and manufacturer announces a trading update for the nine months ended 30 September 2023. Trading was in line with the Company’s expectations and revenue increased by 4.6% to £159.1m (nine months ended 30 September 2022: £152.1m). The Group has delivered strong cash generation in the Period and, as a result, net debt (excluding leases) decreased by £6.4m to £21.2m. Based on the current order book, the Board remains confident of delivering full year results in line with market expectations.

Northern Bear* 57p £10.7m (NTBR.L)
The group of companies providing specialist building and support services headquartered in Northern England and serving customers across the UK, provides a trading update for the six months ended 30 September 2023 (H1 FY24). The operating profit, prior to amortisation and one-off costs (in the format used in the last full year results) is expected to be in the range of £1.7m to £1.8m for the period, compared to £1.5m in H1 FY23. As at 30 September 2023, the Group had a net cash position of £0.4m (30 September 2022: net bank debt of £1.9m; 31 March 2023: net cash of £3.2m).

Powerhouse Energy Group 0.305p £7.9m (PHE.L)
The company pioneering integrated technology which converts non-recyclable waste into low carbon energy, makes reference to its announcement of 21 March 2023. The announcement advised that the Company had agreed Heads of Terms with Hydrogen Utopia International Plc (LON: HUI) for the proposed joint development of a non-recyclable plastic waste-to-hydrogen facility site at County Longford, Ireland. The Company has decided to defer further progress towards committing to the Longford Project while it takes stock of the final position in its negotiations with HUI.

Sanderson Design 107.5p £76.8m (SDG.L)
The luxury interior design and furnishings group announces a newly signed licensing agreement, in which J Sainsbury's Habitat brand will create a range of tableware and kitchen products based on Sanderson's National Trust collection of fabrics. The agreement covers the UK and Northern Ireland, and the first tableware and kitchen products will be launched in the spring of 2025. Sanderson Design Group will receive a royalty on Habitat's sales, which will be shared with the National Trust to further support their work in line with the Company's Live Beautiful strategy.

Solid State 1,165p £132.0m (SOLI.L)
The specialist value added component supplier and design-in manufacturer of computing, power, and communications products announces a trading update for the six months ended 30 September 2023 (1H FY23). Revenues were approximately £88.0m (1H FY22: £59.4m). Adjusted profit before tax was at least £7.0m (1H FY22: £4.2m). The open order book at the end of September remained robust at £99.7m (30 September 2022: £112.5m) with circa 60% expected to be delivered in the current financial year. The shorter lead times will enable more efficient conversion of the order book into billings.

30 October 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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