Small Cap Feast

3rd May 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:

Ashoka WhiteOak Emerging Markets Trust Plc has joined the Premium Segment of the London Stock Exchange.

No leavers today.

What’s Cooking In The IPO Kitchen?

Golden Metal Resources Plc a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA intends to join AIM. It was established on 22 April 2021 as a company registered in England and Wales for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (AIM:POW). The Company holds four mining assets comprising the wholly owned Pilot Mountain, Garfield and Stonewall projects together with an earn-in option over the Golconda Summit project. Each of the projects consists of mining claims located entirely on land managed by the United States Bureau of Land Management. £1.98m total capital to be raised. Anticipated market capitalisation on admission £7.16m. Expected Admission 10 May 2023.

Breakfast Buffet

Accrol Group Holdings 32.5p £103.6m (ACRL.L)
The UK's leading independent tissue converter, announces that Chris Welsh has joined the Board as Chief Financial Officer. Chris held several senior finance roles at the multinational chemical manufacturing groups and is a Chartered Accountant qualified in 2015 from PwC.

Accsys Technologies 66.7p £146.3m (AXS.L)
The fast-growing and eco-friendly company combining chemistry and technology to create high performance, sustainable wood building products, provides an update on end-of-year guidance for the year ended 31 March 2023 (FY 2023). H2 sales volumes of 39,387m3 (H1: 23,957m3), representing growth of 64% on H1, The Company expects to deliver EBITDA moderately ahead of its previous guidance. and the Company has Net debt of EUR44m at 31 March 2023 represents a reduction of EUR8m. Growth in Accoya® sales volumes of 6% on prior year at 63,344m3.

Ashtead Technology Holdings 369.5p £295.4m (AT..L)
A leading subsea equipment rental and solutions provider for the global offshore energy sector, announces its full-year results for the period ended 31 December 2022. Group revenue up 31% to £73.1m (2021: £55.8m), Adjusted EBITDA increased 47% to £20.1m (2021: £13.7m), with an Adjusted EBITDA margin of 28% (2021: 25%), Gross profit up 34% to £54.3m (2021: £40.5m), and the Company has refinanced its RCF and increased to £100m (plus accordion of £50m) to support growth opportunities. The Company Continued to invest in high-quality equipment rental fleet and the Board remains confident in the business’ near and medium term prospects.

Chaarat Gold Holdings 7.27p £50.2m (CGH.L)
The gold mining Company with an operating mine in Armenia and assets at various stages of development in the Kyrgyz Republic, announces its production and operational results for the quarter ended 31 March 2023 (Q1) for its Kapan Mine (Kapan). Gold equivalent Ounces (AuEq) in concentrate consisted of 12,371 thousand ounces (koz) from own ore vs 12,164 koz in Q1 2022 (+1.7%) and 1,496 koz from third-party ore production vs 2,828 koz in Q1 22 (-47%). Total AuEq was down 7.3% year on year due to the timing of treatment of the higher-grade third-party ore, with tonnage expected to be higher in Q2. Preliminary standalone Kapan EBITDA contribution of USD3.2m vs USD7.6m in Q1 2022 (-58%). Kapan Mine production guidance remains at 50-553 koz of own-ore production and additional 5-10 koz of third-party ore production.

Inspiration Healthcare 47.3p £32.3m (IHC.L)
The global medical technology company, pioneering best-in-class, specialist neonatal intensive care medical devices, announces its preliminary results for the twelve months ended 31 January 2023 (FY2023). Group revenue of £41.2m (FY2022: £41.1m), Adjusted EBITDA of £4.0m (FY2022: £6.4m) reflecting a gross margin reduction (44% vs 50%) due to product mix in different territories, Net cash £(3.8)m (FY2022: £9.3m) due to investment in Manufacturing and Technology Centre, increased inventory and aborted acquisition costs. The Group has expanded its acute care portfolio with launch of additional distributed products in the UK and Ireland and aims to be cash generative in Q1 FY2024.

Kitwave Group 269.0p £188.3m (KITW.L)
The delivered wholesale business, announces a pre-close trading update for the six-month period ended 30 April 2023. The Group's strong performance across all divisions continued throughout the first half of its FY23 financial year. Due to the seasonality of the business, there is a heavier weighting towards trading in the second half of the year. The acquisition of Westcountry Food Holdings Limited, a specialist fresh produce wholesaler, in December 2022 complements the Group's existing Foodservice division and enables the expansion of our reach into the South West. The Board anticipates results for the full financial year will be slightly ahead of market expectations.

Knights Group Holdings 84.3p £72.3m (KGH.L)
A fast-growing, legal and professional services business, announces that it has agreed to acquire St James Law Limited (St James' Square), and Baines Wilson LLP (Baines Wilson). The acquisition of St James’ Square brings 23 fee earners to Knights and provides entry into Newcastle, an important strategic location complementing the Group's existing Teesside presence. St James' Square reported revenue of £2.4m and a corporatised PBT margin, excluding the debt recovery business, of c.5%. The acquisition of Baines Wilson provides entry into Carlisle, and brings 27 fee earners to Knights. In its unaudited accounts for the year ended 31 March 2023, Baines Wilson reported revenue of £3.2m and a corporatised PBT margin of c.20%. Both acquisitions align with Knights' strategy to bolster its future organic growth through selective, considered acquisitions.

Prospex Energy 9p £25.7m (PXEN.L)
The investment company focused on European gas and power projects, announces that the development of the photovoltaic hybridisation solar project at the El Romeral power plant, (Project Helios), which would increase output from the plant by up to 60%, with a maximum power output of 5MW peak is progressing well ahead of the final investment decision, which is scheduled for consideration in June 2023. The hybridisation will use the existing connection to the electricity grid and is expected to provide sufficient energy to supply more than 20,000 homes.

Ten Lifestyle Group 79.75p £66.9m (TENG.L)
The platform driving customer loyalty for global financial institutions and other premium brands, announces its unaudited interim results for the six months ended 28 February 2023 (H1). Net Revenue at £30.9m, an increase of 49%, (H1 2022: £20.8m), Adjusted EBITDA of £5.0m, an increase of £4.1m (H1 2022: £0.9m), Profit before tax increased by £3.2m to £0.4m, (H1 2022: £(2.8)m) and the Company held cash of £7.2m (FY 2022: £6.6m) The Company announced new mandate won in the Americas and 100% of Material Contracts retained and the Board’s expectations for the FY results are unchanged.

Trident Royalties 46p £134.0m (TRR.L)
The diversified mining royalty company, provides an update on its activities during the quarter ended 31 March 2023. The Company showed quarterly receipts of US$3.6m from exposure to gold, copper, and iron ore. A year-on-year increase of 63% over Q1 2022. Trident holds cash of c. US$37m, providing a strong platform for further acquisitions. This cash balance includes proceeds from the gold offtakes but excludes Q1 royalty receipts. Trident sold its pre-production gold royalties over Rebecca, Spring Hill, and three other projects acquired as a portfolio from Talga Group to Franco-Nevada Corporation in exchange for cash proceeds of up to US$15.55m.

3 May 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


Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.


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.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

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.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email with “unsubscribe me”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram