Small Cap Feast

4th April 2023

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

Ocean Harvest Technology Group plc (OHT), a producer of animal feed additives from multispecies seaweed blends joins AIM. Based on the placing price of 16p, the market capitalisation of the Company will be approximately £20m at Admission. Placing raised gross proceeds of £6m.

No leavers today.

What’s Cooking In The IPO Kitchen?

Beacon Energy plc, intends to join the AIM market. In accordance with the Company's strategy to focus on growth through acquisition or farm-in to oil and gas projects, the Company entered into the SPA with Tulip Oil Holdings B.V. In conjunction with the Acquisition, the Company has conditionally raised total gross proceeds of £6.04m and will be used to fund the drilling of the SCHB-2 development well onshore Germany and for working capital. Expected admission date is 11 April 2023.

M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023.

Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world's leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech & gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected capital raise on Admission of £7.5m and Market Capitalisation of £28.8m. Expected Admission 6 April 2023.

Breakfast Buffet

ATOME Energy 95p £34.2m (ATOM.L)
The international green hydrogen and ammonia production, announces its 75% owned Icelandic subsidiary, Green Fuel ehf, has entered into a non-binding term sheet with HS Orka, a leading producer of renewable energy in Iceland, for the supply of up to 40MW from geothermal and hydroelectric power with the intention for both parties to enter a binding Power Purchase Agreement, subject to conditions, prior to year-end 2023. The power is due to be delivered for the start of Green Fuel's commercial operation, scheduled in 2026. In addition to the 40MW from HS Orka, Green Fuel has also signed a Letter of Intent with ON Power, another company generating power from the same sources in the country, for the supply of up to 20MW of renewable power which is expected to be available from 2027.

Destiny Pharma 30p £28.3m (DEST.L)
A clinical stage innovative biotechnology company focused on the development of novel medicines that can prevent life-threatening infections, announces that data generated from a C. difficile infection (CDI) model study on the ability of M3 (NTCD-M3), a non-toxigenic C. difficile strain, to successfully colonise the gut following administration of fidaxomicin has been peer-reviewed and published in Microbiology Spectrum. The paper concludes that NTCD-M3 is able to effectively and fully colonise the gut following fidaxomicin administration, indicating that NTCD-M3 would be effective in patients receiving this antibiotic, as well as older antibiotics, such as vancomycin and metronidazole.

Epwin Group 72.5p £105.1m (EPWN.L)
A manufacturer of energy efficient and low maintenance building products, supplying the Repair, Maintenance and Improvement, new build and social housing sectors, announces its full year results for the year ended 31 December 2022. Record revenues increased 8% to £355.8m and underlying operating profit increased by 16% to £21.5m. Covenant net debt at year end of £17.9m (2021: £9.4m), following a net acquisition cash consideration of £17.8m in 2022. Management has proposed final dividend of 2.55 pence per share, resulting in a total dividend for 2022 of 4.45 pence per share (2021: 4.10 pence per share. Current trading is in line with the Board's expectations.

FD Technologies £17.38 £487.8m (FDP.L)
A group of data-driven businesses announces a trading update for the year ended 28 February 2023 (full year results expected 23 May 2023). Group revenue is expected to be c.£296m, an increase of 12%. Group EBITDA is expected to be c.£35m, with strong performances at KX and First Derivative offset by a weak demand environment at MRP. KX and First Derivative have performed strongly, with both revenue and EBITDA ahead of expectations. In FY24 management expects KX to achieve ARR growth of at least 35% and First Derivative EBITDA to deliver further improvements.

Gooch & Housego 447p £111.9m (GHH.L)
The specialist manufacturer of photonic components & systems, provides an update on trading for the six months ended 31 March 2023. Revenue is expected c.£71.0m (31 March 2022: £54.1m) supported by favourable exchange rate movements and the effects of price increases to offset cost input inflation. Output levels have increased and trading is expected to be more evenly weighted between the two halves of the financial year. As at 31 March 2023 the order book stood at £124.4m (31 March 2022: £119.9m), an increase of 3.8%, or a reduction of 0.1% at constant currency, compared with the same time last year. Net debt c.£19m and the Group had $46.2m available from existing committed and uncommitted debt facilities to fund its future growth activities. Trading is in line with current expectations.

Kooth 235p £77.7m (KOO.L)
A UK digital mental health platform, announces audited results for the twelve months ended 31 December 2022. Revenues increased 21% to £20.1m (2021: £16.7m), while Annual Recurring Revenue increased 25% to £21.1m (2021: £16.9m). 95% of revenues came from contracts of 12 months or longer. Adjusted EBITDA of £1.6m (2021: £2.1m), partly as a result of investment in the US. Throughout the period Kooth signed its first US contract, a $3m pilot contract in the State of Pennsylvania and post period end, Kooth was Selected for significant contract in California to support all 13-25 year olds. Net cash of £8.5m at year end (2021: £7.1m) and no debt.

Marula Mining 12.12p £12.10m (AQSE:MARU)
An African focused mining and development company, provides an update on its Nyorinyori Graphite Project, which the Company has a 75% interest, located in the Simanjiro District, in the Manyara Region of Tanzania. A technical site visit was completed, during which high-grade graphite mineralisation, with visual estimates of +90% graphite content in shallow and broad graphite veins were exposed at depths of approximately 2 metres from limited and small scale mining activities. Visual observations of the high-grade graphite mineralization, has identified jumbo graphite flakes present throughout. The Company has now committed to an accelerated exploration program at Nyorinyori which will include further mapping, sampling and a maiden shallow drilling program. Negotiations have also commenced with Takela to potentially increase the scope of the Project to include up to 25 additional granted mining licenses.

Physiomics* 2.8p £2.7m (PYC.L)
The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, provides a trading update. Revenues have come under pressure at least partly as a result of the ongoing squeeze in biotech funding which is causing companies of all sizes to conserve cash. Restructuring within key client, Merck has led to a number of anticipated projects not being commissioned within the current financial year which will lead to a shortfall in revenue compared to that budgeted for this client. The pipeline remains strong, with over 25 potential largely new client projects in discussion at various stages. As a result, the Company believes its total income for the current financial year will be around £750k. The company will make a live presentation on this update via Investor Meet Company on 6 April 2023 at 3:00pm BST

Proteome Sciences 4.06p £12m (PRM.L)
The protein biomarker research and development Company, announces its audited results for the year ended 31 December 2022. Group revenues increased by 52% to £7.78m (2021: £5.13m), services revenue increased 45% to £2.75m (2021: £1.90m) and sales, royalties and milestones attributable to TMT®/TMTpro™ reagents increased by 56% to £5.03m (2021: £3.23m). EBITDA of £2.13m increased by £1.50m or 239% on prior year mainly due to increased revenues and including the sales milestone payment of £0.87m received from Thermo Scientific. The Company reported an increased operating profit of £1.73m (2021: £0.41m) and a profit after tax of £1.33m (2021: £0.07m). Cash reserves at 31 December 2022 of £3.99m (2021: £2.39m).

Ramsden Holdings 230p £72.8m (RFX.L)
The diversified financial services provider and retailer, announces a pre-close trading update for the six months ended 31 March 2023. Ramsdens has made progress across each of its four key business segments as well as against the Group's broader long-term strategic objectives. As a result, the Board now expects the FY23 Profit before Tax to be not less than £9.5m (FY22: £8.3m). Jewellery retail gross profit increased by over 20% on the prior year; foreign currency exchange was up by approximately 40%; The pawnbroking loan book has increased by 13% and the purchase of precious metal volumes has increased by over 20%. The total store estate at the Period end was 158 stores, excluding two franchised stores, (H1 FY22: 153 stores).

4 April 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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