Small Cap Feast

5th July 2023

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

Joiners: 
No joiners today.

Leavers: 
No leavers today. 



What’s Cooking In The IPO Kitchen?

Metals One Plc, a company focusing on acquiring natural resources projects with a focus on critical battery metals, including nickel, lithium, cobalt and copper intends to join the AIM Market. The Company will have interests in the Paltamo and Rautavaara projects (nickel, copper, zinc) in Finland (together the Black Schist Project) and the Brownfield Råna Nickel project in Norway (Brownfield Rana Project). These projects represent opportunities to develop deposits of scale, in stable jurisdictions, well situated to supply fastest growing European electric vehicle and energy storage markets. The Company aims to raise £2.5m at 5 pence per share with an anticipated market cap of £10.77m. Expected Admission date is 17 July 2023.

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.) It is rumoured to be valued at between £800m and £1bn with Admission currently expected to occur in July 2023.


Breakfast Buffet

Equals Group 99p £180.0m (EQLS.L)
A fintech payments group focused on the SME marketplace, provides the following trading update for the six months ended 30 June 2023. Revenues up 43% at £45.0m (H1-2022: £31.4m), Gross profit margins now exceed 50% (H1-2022: 47%). Adjusted EBITDA margins anticipated to be approximately 20% for the whole of 2023. The Company also announced the completion of the acquisition of Oonex S.A. which allows Equals to bring its payments, cards, and multi-currency account products to a new suite of customers across Europe, trading is in line with FY-2023 expectations.

One Heritage Group* 16.5p £6.4m (OHG.L)
The UK-based residential developer focused on the North of England, provided an update yesterday afternoon on the progress of projects, changes to its senior management team and being awarded the Propertymark accreditation. The company have exchanged contracts for the bulk purchase of twenty apartments at Lincoln House, Bolton. The sales are contracted to complete by 20 August 2023 and increases the number of sold units (exchanged contracts or completed sales) to 74 out of a total of 88. This is expected to increase the overall GDV previously reported from £10.0m to £10.1m. The Company announce the completion of St. Petersgate, Stockport is delayed into H2 2023 due to further challenges in respect of industry wide sub-contractor labour shortages. In line with the Group’s strategy to strengthen its senior management, Mr Geoff Willis has been appointed as Investment Director which is a new role and will oversee the Group’s development pipeline. Geoff has a wealth of residential property experience, risk management and an in-depth understanding of the property and regeneration marketplace. The Group is also delighted to announce it has received the Arla Propertymark accreditation in May 2023 for its lettings operation.

Prospex Energy 8.05p £22.9m (PXEN.L)
The investment company focused on European gas and power projects, announces the start of gas production from the Podere Maiar-1 (PM-1) gas facility at the Selva field in the Po Valley region of northern Italy. Construction and grid connection of PM-1 to the SNAM grid in Italy was announced on the 16 May 2023, with all activities completed on schedule and within 3% of budget. PM-1 will provide gas directly to the domestic Italian market under an 18-month supply agreement with BP Gas Marketing announced on 14 February 2023.

Quiz 9.13p £11.3m (QUIZ.L)
The omni-channel fashion brand, announces its final audited results for the year ended 31 March 2023 (FY 2023). Group revenue increased 17% year on year to £91.7m (2022: £78.4m) supported by the cessation of all social restrictions leading to increased demand. EBITDA increased 21% to £6.2m (2022: £5.1m) and profit before tax increased 192% to £2.3m (2022: £0.8m). The Company announced active customers increased 11% in line with demand for QUIZ's core occasion wear offering. The Board are confident that the Group will deliver sustainable growth.

SIMEC Atlantis Energy 0.9p £6.5m (SAE.L)
A developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development announces the successful deployment of Turbine 2 at the MeyGen site. The turbine has undergone significant upgrades to improve performance and reliability. The Company converted its turbine to use a wet-mate connection system, which reduces costs and time for future maintenance work. SAE has made the decision to bring forward the reshoring of Turbine 4 to allow for preventative maintenance and upgrade work. This will also continue to allow SAE to drive the improvements, learning and data needed to unlock the next phase of turbines at the MeyGen site.

Smoove 36.8p £20.5m (SMV.L)
The customer focused technology and services business aiming to revolutionise home moving and ownership, announces its final results for the 12 months ended 31 March 2023. A 7.4% increase in revenues to £20.6m (2022: £19.2m), despite increased uncertainty in the housing market with even gross profit levels of £7.8m (2022: £7.8m). Underlying EBITDA loss increased by 30% to £4.8m (2022: £3.7m loss), reflecting investment in the core eConveyancer business and in new product areas. Net cash of £10.1m (2022: £20.0m), following the £3.7m return of capital via a Tender Offer in January 2023. Post period, the Company announced a strategic partnership with Mortgage Advice Bureau (MAB) enhancing market reach. The Board reaffirms the profit and outlook as previously stated to be in line with their expectations.

Supreme 116.5p £136.7m (SUP.L)
A manufacturer, supplier and brand owner of fast-moving consumer products, announces its audited final results for the year ended 31 March 2023 (FY23). Revenue increased by 19% to £155.6m (FY22: £130.8m), as a result gross profit increased by 6% to £40.9m (FY22: £38.5m). Adjusted EBITDA decreased by 8% to £19.4m (FY22: £21.1m) and the Company has net debt of £11.8m (FY22: £4.0m). The Company completed three acquisitions, with two having been integrated and Adjusted EBITDA enhancing during the year and the third acquisition completed immediately prior to year-end. The Board expects trading in FY24 to be ahead of current consensus.

Windward 60p £51.4m (WNWD.L)
A Maritime AI company, enabling organizations to achieve business and operational readiness announces that the London Stock Exchange Group deploys Windward artificial intelligence capabilities to combat 'sanctions-busting' across global shipping. It will track approximately 117,200 vessels currently at sea globally including oil tankers, dry bulk carriers and container vessels. Then, using AI and advanced behavioural risk assessments models, the technology screens against criteria which could be an indicator of illicit activity to determine a risk profile.

Zenova Group 4.25p £4.8m (ZED.L)
A Company developing fire safety and heat management solutions that have applications across the housing, industrial, and commercial sectors announces that the increased demand for personal fire protection through Zenova FX aerosol fire extinguishers is accelerating the deliveries to Zensafe. The next shipment of 2,160 units of Zenova FX500 to Zensafe's account with Amazon will increase the supply and shorten deliveries for our customers in the UK. This is the first shipment out of the current total order for 10,000 units with a retail value of £300,000 from Zensafe for the Zenova FX500.

Zinc Media Group 92.5p £20.2m (ZIN.L)
The television, brand and audio production group, announce a trading update. Total revenue won and due to be recognised in FY23 is now £31m. This figure exceeds the total revenue generated in the whole of FY22. The Group's pipeline remains strong with a further £7m of revenue for recognition in FY23 in highly advanced dicsussions. The Group acknowledges that its newest television label Atomic Television has won its first commission. It is a substantial contract worth over £1m for an international bluechip broadcaster.

5 July 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

STAY INFORMED

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

Disclaimer

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 enquiries@hybridan.com 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