Small Cap Feast

5th September 2023

Dish of the day
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Off the menu
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Dish Of The Day:

Joiners: 
Tribe Technology plc (TRYB.L), a developer and manufacturer of autonomous mining equipment, has joined AIM. Initially founded to create a safer, more efficient work environment through the use of fully autonomous and safe drill rigs in the mining industry. The Company successfully completed a fundraise of £4.6m at an issue price of 10 pence per ordinary share and has a market cap of £22.2m on admission. 
Ormonde Mining Plc (AQSE: ORM) has joined the Aquis Growth Market after leaving AIM..

Leavers: 
Ormonde Mining Plc (ORM.L) has left AIM.





What’s Cooking In The IPO Kitchen?

Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.

Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.


Breakfast Buffet


ActiveOps 89.5p £63.9m (AOM.L)
A provider of Management Process Automation (MPA) software for running hybrid and global back-office operations, announces the appointment to the Board of Emma Salthouse as Chief Financial Officer, with effect from 1 December 2023. Ken Smith, current Chief Financial Officer, has decided to step down from his position on the Board on that date, remaining with the Company on a part-time basis for a number of months to oversee an orderly transition of responsibilities. Emma is a CIMA qualified, experienced finance professional and was previously the Head of Finance at ActiveOps for c.five years, before joining Forensic Access Limited, a provider of forensic science expertise, as Group CFO.

Celadon Pharmaceuticals 147.5p £77.9m (CEL.L)
A UK-based pharmaceutical company focused on the development, production and sale of cannabis-based medicines, announces that it has entered into a new contract for the commercial sale of its cannabis product with a second UK pharmaceutical company customer that the Company anticipates could generate up to £1.2m in revenue. The Company anticipates that the first shipment will be made in Q4 2023 and the contract will run over a three year term, with both parties retaining the option to extend for a further two years subject to mutual agreement. Under the terms of that contract, the company will supply a minimum of £3m worth of product over the next three years.

Evgen Pharma 2.35p £6.5m (EVG.L)
A clinical stage drug development company developing sulforaphane-based medicines, announces that Non-Executive Chair, Barry Clare, will be retiring as Chairman of the Board and a director of the Company at the next board meeting on 21 September 2023. The role of Chair will be passed to Dr Susan Foden, currently Senior Non-executive Director, on an interim basis. The Company also announces the appointment of Toni Hänninen as interim Chief Financial Officer following Richard Moulson's retirement in July. Toni was previously CFO at Faron Pharmaceuticals Ltd, and holds over 20 years of experience in business development and senior finance roles.

Gamma Communications £10.84 £1051.2m (GAMA.L)
A provider of Unified Communications as a Service (UCaaS) into the UK and European business markets, announces its unaudited results for the six months ended 30 June 2023. Revenue and gross profit grew by 9% to £256.2m and £131.2m respectively (H1 2022: £234.7m and £120.4m), with gross margin being maintained and adjusted EBITDA growing by 9% to £56.5m (H1 2022: £51.9m). Profit before tax increased 13% to £43.5m (H1 2022: £38.4m) and the Company holds cash and cash equivalents less borrowings of £121.7m (H1 2022: £72.6m), an increase of 68%. Post period in August 2023, the Company acquired Satisnet Limited, a UK-based cyber security company and expects to be immediately earnings enhancing. The Company expect continued growth in EBITDA and adjusted EPS and expect to be in the top half range of market expectations.

GRC International Group 6.5p £7.0m (GRC.L)
An integrated cyber security and privacy solutions business, announces its audited year end results for 12 months to 31 March 2023 (FY23). Revenue up 6% to £14.7m (FY22: £13.9m), gross margin of 61% (FY22: 59%) - continued improvement reflects operational gearing from subscription services and internal efficiencies from automation projects. Adjusted EBITDA decreased by 70% to 0.3m (FY22: £1.0m) and loss before tax increased by 60% to £1.6m (FY22: 1.0m) and cash balance of £0.1m with borrowings of £1.3m. The Company increased the value of SaaS subscriptions customers - at period end we had over 3,000 SaaS customers with an average value of £1.2k, a 5% year-on-year increase. Trading remains in line with expectations for FY24.

Johnson Service Group 130.7p £551.5m (JSG.L)
A UK textile services provider announces its interim results for the six months ended 30 June 2023. Total revenue increased by 22.0% to £215.0m (June 2022: £176.2m), as a result adjusted EBITDA of £57.7m (June 2022: 42.8m) an increase of c.35% and operating profit increased by 140% to £16.1m (June 2022: £6.7m). The Company holds free cash flow of £17.9m and has total net debt of £40.5m, largely attributed to the share buyback initially completed with £19.7m deployed since 1 January 2023. The Company has also invested £12.9m across the estate and committed to a new site in the South-East to further improve operational efficiencies, increase capacity and support innovation. Full year outturn expected to be slightly ahead of current market expectations.

Michelmersh Brick Holdings 88.5p £83.3m (MBH.L)
The brick manufacturer and brick-fabricator, reports its half year results for the six months ended 30 June 2023. Revenue increased 23.5% to £42.0m (HY22: £34.0m), as a result operating profit of £6.1m, up 7.0% (HY22: £5.7m ) and profit before tax of £6.1m was up 8.9% (HY22: £5.6m). Adjusted EBITDA of £8.7m (HY22: £8.1m ) is ahead by 7.4% against 2022 and profit before tax of £6.1m (HY22: £5.6m) up 8.9%. The Company held net cash of £11.8m and undrawn £20m borrowing facility. The Company launched “SustainableBrick.com”, a new website that highlights the benefits of clay brick to our broad customer base and the Board is confident to meet full year expectations.

SkinBioTherapeutics 22.3p £38.5m (SBTX.L)
The life science business focused on skin health, has announced that it has chosen the probiotic blends it will use for the comparative studies for its consumer study in acne. The two separate blends will be tested side-by-side in a consumer volunteer study to determine which has better efficacy. The Company is aiming to target the inflammatory pathways that are associated with irritable skin conditions like acne. An independent third-party will conduct the study and run two separate cohorts in parallel to compare the efficacy, this is provided by Dutch food supplement provider; Winclove Probiotics BV. The study is expected to commence in Q4 2023 and be complete by year end with results issued thereafter.

Tissue Regenix Group 53.8p £37.9m (TRX.L)
The regenerative medical devices company, reports its unaudited interim results for the six months ended 30 June 2023 (H1 2023). Group revenues increased by 19% to USD14.1m (H1 2022: USD11.8m), gross profit for the period increased to 49% (H1 2022: 46%) and adjusted EBITDA profit* of USD0.4m against an adjusted EBITDA loss of USD0.5m in H1 2022. Cash position at 30 June 2023 of USD4.1m (30 June 2022: USD6.2m) and is sufficient to support current business growth plan. The Company completed an addition of a UK distributor for OrthoPure XT and distribution agreements for China and Australia. The Group continue to build on momentum and expect growth in 2023 to be above market expectations.

XLMedia 12p £31.2m (XLM.L)
The digital media company that manages a portfolio of premium brands with an emphasis on sports and gaming in regulated markets, announces that it has signed an exclusive three-year partnership with Atlanta Journal-Constitution, LLC (AJC). AJC reaches over 9.2 million unique digital users per month and the partnership with AJC represents another win for XLMedia's Media Partnership Business, expanding the Group's established footprint in Georgia and the Southern states of the US. This agreement will enable AJC to capture new revenue streams whilst providing their readership with new content offerings. The partnership also allows XLMedia to reach AJC's national readership in currently legal live sports betting markets.

5 September 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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