Small Cap Feast

6th March 2024

Dish of the day
No Joiners today
Off the menu
No leavers today


Dish Of The Day:


Admissions: 


Delistings: 
LXI REIT Plc (LXI.L) has delisted following its merger with LondonMetric Property Plc.



Whats baking in the oven?

Potential Initial Public Offerings:


Reverse Takeovers:


Change of Market:


Banquet Buffet

Active Energy Group 1.2p £1.9m (AEG.L)
The international biomass based renewable energy business, announces that the Company has received the cash payment of $1.65m from the PDI Parties pursuant to the Settlement Agreement, details of which were announced on 5 March 2024. The Board continues to examine the most expedient ways to commence CoalSwitch® fuel production, using its proprietary technologies, and will provide an update to shareholders at the earliest opportunity.

Audioboom 247.5p £40.5m (BOOM.L)
The podcast company, announces the extension of partnerships with top-tier podcasts with: The Tim Dillon Show, Crime Weekly, True Crime Obsessed, Real Ghost Stories and I Think Not. The five shows are a key part of the Audioboom Creator Network, contributing more than 90 million downloads to the network during 2023. Audioboom will continue to provide commercial services to the shows including monetisation of the podcasts through Showcase, the Company's automated global ad marketplace.

Braveheart Investment Group 8p £5.1m (BRH.L)
The provider of debt/equity and advisory services to SMEs announces that between 4 March 2024 and 5 March 2024, the Company has purchased a further 4,000,000 ordinary shares in Autins Group plc at an average price of 8 pence per share for a total cash consideration of £320k. Following these purchases, Braveheart now holds 23.42% per cent. of the issued share capital of Autins. Autins specialises in solving acoustic and thermal problems in the automotive industry and other specialist applications.

Duke Capital 29.75p £123.6m (DUKE.L)
A provider of hybrid capital solutions for SME business owners in Europe and North America, announces the successful exit of its investment in Fairmed Healthcare AG, a Switzerland-based provider of high-quality generic prescription medicines, over-the-counter pharmaceuticals, dermocosmetics. Headline cash consideration of EUR11.4m, providing Duke with additional liquidity for new deployments into its pipeline of long-established, profitable businesses. Payment of EUR6.0m has been received with the balance of EUR5.4m to be paid by 31 March 2024.

Harland & Wolff 12.25p £21.2m (HARL.L)
The company focused on strategic infrastructure projects and physical asset lifecycle management, announces that it has signed a five-year Master Services Agreement for the fabrication of large structures with a global oil services company supplying subsea infrastructure across the major hydrocarbon basins. The Company has now received its first purchase order to fabricate six subsea structures with a contract value of approximately £3m. These structures will be built over the next 18 months at the Company's Arnish site in a staged delivery programme with an expected completion date in H1 2025.

Likewise Group 19p £46.4m (LIKE.L)
The growing and progressive UK floor coverings distributor announce a positive start to 2024. Sales revenue to the end of February has increased by 11.5% to £22.8m, and sales in Likewise Branded businesses have increased by 20.1% to £15.4m, with average daily sales increasing by 14.5%. The Group has continued to invest and increase its market presence with 11 additional executives being recruited recently to enlarge the Sales Teams throughout the UK. The Group continues to look forward with optimism as it accelerates towards its medium-term objectives.

Microsalt 90p £38.9m (SALT.L)
A company producing full-flavour, low-sodium salt for food manufacturers and consumers, announce that it has received a Notice of Allowance from the United States Patent and Trademark Office for Patent Application No. 18/175,028. The Patent Application entitled Low Sodium Salt Composition, concerns the production of MicroSalt, a low-sodium salt that adheres better to foods than a traditional salt (which is not adhered to a carrier particle). The notice of allowance strengthens the Company’s IP position worldwide. Once granted, the patent is expected to expire in 2039.

Netcall 91p £149.2m (NET.L)
The provider of intelligent automation and customer engagement software, announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 8% to £18.9m (H1 FY23: £17.5m), as a result adjusted EBITDA increased 9% to £4.83m (H1 FY23: £4.43m) Profit before tax increased 61% to £3.87m. Group cash at period end was £28.6m. Cloud subscriptions remain the primary driver of growth, with cloud services revenue growing by 18% to £9.28m and accounting for 88% of new bookings. The Board is confident in delivering on its expectations.

Roadside Real Estate 3.75p £5.4m (ROAD.L)
A real estate business focused on building and scaling a portfolio of modern roadside retail assets, including modern EV charging infrastructure announces that its joint venture with Meadow Partners LLP, to acquire and develop a portfolio of UK-based Roadside Real Estate assets, has completed its second acquisition. The JV has acquired an asset in Gosport for a total cost of £2.83m. Meadow will own and fund 97% of the JV while Roadside will own and fund 3%. The JV has a prospective roadside real estate investment pipeline in excess of £150m.

Science in Sport 16p £28.8m (SIS.L)
The performance nutrition company serving athletes, sports enthusiasts, and the active lifestyle community, announces an unaudited trading update in respect of the financial year ended 31 December 2023 (FY23). FY23 revenue of £62.8m (FY22: £63.8m), a reduction of 1.6%, whilst gross margin improved by 1 point to 43% (FY22: 42%). Adjusted EBITDA of £2.0m (FY22: £(2.7)m loss), and cash of £2.1m (FY22: £0.9m) and net debt of £12.9m (FY22: £10.9m) with headroom in facilities of over £3.3m as at 31 December 2023. Management is taking a balanced view on prospects for 2024 following new focus areas and the new operating model post the recent restructuring.

6 March 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged

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