Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their existing bank. Fiinu’s technology arm manages and develops the platform, using open banking, and once the platform is fully operational will also look to develop secondary revenue streams by licensing Fiinu’s intellectual property rights. Capital to be raised £8.01m. Target Mkt Cap c.£53m. Due 8 July.
MicrosSalt, a portfolio company of Tekcapital Plc (AIM: TEK), is eyeing a listing on the London market in 2023. MicroSalt is the U.S. operating subsidiary of Salarius, Ltd. With MicroSalt®, companies can make full flavour snacks with the same saltiness as traditional snacks yet with half of the sodium. MicroSalt has recently executed its first bulk B2B MicroSalt order in the US. This progress follows on the heels of the expansion of MicroSalt’s SaltMe brand of low-sodium potato chips into over 3,000 retail stores nationwide in the U.S., up from 2,400 stores last quarter.
ActiveOps 73.5p £52.5m (AOM.L)
The provider of Management Process Automation software for global back-offices announced its results for the year ended 31 March 2022 (FY22). Total revenue grew 12% to £22.9m. Gross margins remained strong at 81%, supported by remote implementations. A loss of £0.3m was recorded at the adjusted EBITDA level (FY21 profit £0.4m), reflecting additional investment in sales and R&D. The company had a net cash of £13.8m exiting FY22 (FY21: £13.1m). Trading in the new financial year has begun in line with management expectations and on target to generate a positive run-rate EBITDA at the end of the current financial year.
AO World 45.5p £228.3m (AO..L)
The online electricals retailer announced its intention to conduct a placing of new ordinary shares at 43p per share. There will be a separate offer of new ordinary shares to retail investors via the PrimaryBid platform. The placing of new ordinary shares and the PrimaryBid offer together are intended to raise gross proceeds of approximately £40m. The net proceeds of will be used to strengthen the balance sheet and increase liquidity back to historic levels (relative to revenue base). The company has decided to close its German operations. The successful execution of this realigned and simplified UK plan is targeting to deliver in the medium term: average revenue growth of 10+% p.a., EBITDA margin of 5+% and improved cash generation with FY23 capex expected to be c. £5m.
Argentex Group 76.9p £87.1m (AGFX.L)
The international provider of foreign exchange services to institutions, corporates and high net worth private individuals, issued its results for the year ended 31 March 2022. Group revenue increased by 23% to £34.5m, including £8.0m from new clients. Adjusted operating profit went up 26% to £11.0m. Earnings per share was 6.6p (basic) and 7.0p (adjusted) (2021: 5.2p basic and 5.9p adjusted). Over 80% of volumes comprised trades in sterling, euro and US dollar, significantly limiting impact of risks in emerging market currencies. Current trading has been positive with first quarter revenue increasing by 22% to £10.1m.
C4X Discovery Holdings 21.7p £49.7m (C4XD.L)
The drug discovery company focused on small molecules announced the receipt of the first milestone payment of EUR3m from Sanofi under the oral IL-17A Inhibitor programme license agreement entered into in April 2021. Under the terms of the deal, C4XD is entitled to up to a total of EUR414m in upfront, pre-clinical, development, regulatory and commercialisation milestone payments plus royalties on future net sales.
D4t4 Solutions 238.5p £95.8m (D4T4.L)
The data solutions provider, announced its results for the year ended 31 March 2022. Total revenues grew 7.3% to £24.5m (2021: £22.8m). Annual recurring revenue as percentage of total revenue increased to 57% (2021: 47%), delivering significant progress against medium term target of 65%. Adjusted profit before tax was £3.3m (2021: £4.4m) and statutory profit before tax of £1.8m (2021: £3.0m). Proposed final dividend is 2.07p (2021: 2.00p) and a special dividend of 12.5p per share. Trading during the new financial year has been in line with the Board’s expectations, given good levels of both existing and new client activity.
Distil 1.3p £8.9m (DIS.L)
The owner of premium drinks RedLeg Spiced Rum, Blackwoods Gin and Vodka, TRØVE Botanical Vodka, Blavod Black Vodka, and Diva Vodka announced the appointment of Commercial Director, Alex Baker, as it remodels for accelerated growth. Alex will be responsible for directly managing major UK off-trade customers and developing new export markets. Meanwhile, Distil will be entering a new distribution agreement with Marussia Beverages UK, following the decision to withdraw its portfolio of spirits from long-term UK distributor, Hi-Spirits. This move will give Distil direct contact with customers, allowing for closer and more agile account management.
Inland Homes 30.1p £68.3m (INL.L)
The housebuilder, partnership housing developer and regeneration specialist focused on the South and South East of England announced that it has exchanged contracts for the sale of 22 existing homes along with a plot of land for one single dwelling with Wilton Park, Beaconsfield for a sum of £12.7m. The net receipt of £12.7m will be used to repay gross debt of £9.5m, with the balance of £3.2m improving the company’s working capital.
ProCook Group 41.3p £44.9m (PROC.L)
The UK-based direct-to-consumer specialist kitchenware brand reported its preliminary results for the year ended 3 April 2022. Revenue grew 29.5% to £69.2m, with retail stores re-opened following the end of Covid-19 restrictions. Underlying profit before tax of £9.5m (FY21: £8.3m) reflects the shift back to more normal operating costs post-pandemic. Final dividend of 0.9p is proposed by the Board. The company estimate the UK kitchenware market contracted in its Q1 FY23 by approximately -12%. In light of this macro-economic backdrop and the company’s strategic exit of Amazon UK in June 2021, revenue in the first quarter of £11.4m was -21.6% year on year. The Board expects that revenue for FY23, will be broadly in line with the last year, with underlying profit before tax of between £4-6m.
Savannah Resources 2.3p £39.3m (SAV.L)
The European lithium development company announced that it has been notified by Portugal’s environmental regulator, Agência Portuguesa do Ambiente (APA), regarding the next stage of the Environmental Impact Assessment (the EIA) of the Barroso Lithium Project. APA proposed to move the EIA review process into the Article 16 phase. Under Article 16, Savannah has up to six months to work collaboratively with APA to further optimise certain physical aspects of the project’s design and associated environment, ecology and socio-economic considerations and resubmit them for consideration.
Trakm8 Holdings 16p £8.0m (TRAK.L)
The global telematics and data insight provider announced that it has been awarded a contract with Love Your Miles to provide devices, a custom app and platform services for Love Your Miles’ insurance propositions. This contract is expected to commence writing insurance policies in July 2022. Love Your Miles is an insure-tech start-up. This contract facilitates the launch of Love Your Miles’ mileage-based telematics insurance products.
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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.
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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.
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