Amicorp FS (UK) plc, an international specialist fund services group, intends to join the Standard Segment of the Main Market. The Company is aiming to raise up to US$6.47m via a placing of new shares and US$9.70m via a placing of existing ordinary shares. The final offer price will be established after a book-building process. The firm, which is part of the Amicorp Group, primarily serves start-up asset managers with initial assets under management ranging between US$10m and US$20m. Due 8th June 2023.
WE Soda, the world’s largest producer of natural soda ash, more commonly known in the UK as sodium carbonate or washing soda, announces that it is considering listing on the Premium Segment of the Main Market. WE Soda, an extractor of soda ash in Turkey and the US, is a subsidiary of Ciner Group, an industrial and media conglomerate. It is a high-margin business and last year it reported adjusted operating profits of $892m on revenues of $1.77 bn. The Offer would be wholly comprised of ordinary shares to be sold by the existing shareholder. Separately from and in addition to the Offer, the Company is also considering making an exempt public offer of Shares to retail investors in the UK through the PrimaryBid platform. The value of Shares sold will not exceed EUR8m equivalent (approximately £6.95m).
Altona Rare Earths, a mining exploration company focused on the development of a significant Rare Earth Elements mining project in Africa, intends to join the Main Market. The Company has withdrawn from the AQSE Growth Market and intends to list on 9th June 2023 with the new ticker (REE). £2m raised.
Evgen Pharma 3.65p £10m (EVG.L)
The clinical stage drug development company developing sulforaphane-based medicines for the treatment of multiple diseases, announces its audited results for the year ended 31 March 2023. The Company signed an out-licensing deal with STALICLA SA for neurodevelopmental disorders and schizophrenia, royalties including $0.5m milestone payments were received from STALICLA and up to $5.5m in further milestones expected within 2024. The Company expects to start the first phase of glioblastoma trial in 2024 and will be conducted as an Investigator Sponsored Study at the Erasmus University Medical Centre, Rotterdam. Evgen announced a post tax loss of £4.0m (2022: loss of £2.7m), cash outflow from operations of £4.1m and holds cash and short term investments of £5.0m. Financial performance is in line with expectations.
Gusbourne 68.5p £41.6m (GUS.L)
The English wine producer announces its audited final results for the year ended 31 December 2022. Net revenue increased 49% to £6.24m (2021: £4.19m), while gross profit increased by 58% to £3.69m (2021: £2.34m) and gross profit margin increased to 59.2% compared to 55.9% in 2021. The Group reported a reduction off 22% in adjusted EBITDA loss to £1.13m (2021: loss £1.45m). The Company acquired a further 55 hectares of freehold land for £1.7m, contiguous with the Group's existing Kent vineyards. The Group is planning to plant most of this new land with new vineyards in 2024. The increased revenue base combined with anticipated improvement in gross margin and cost discipline is expected to see the Group move towards EBITDA breakeven for the current financial year.
LoopUp Group 2.55p £4.8m (LOOP.L)
The cloud platform for premium hybrid communications, announces its preliminary unaudited results for the year ended 31 December 2022. Revenue decreased 15.5% to £16.5m (FY21: 19.5m) whilst gross margin remained consistent at 69%. Adjusted EBITDA decreased to a loss of £0.9m (FY21: 1.2m profit) and net debt increased by 142% to £5.8m (FY21: £2.4m). Post period, Preliminary Q1-23 Group revenue of c.£6.5m and LoopUp has been certified onto Microsoft's Operator Connect partner program with Cloud Telephony service availability in 48 countries. The Group remains confident to meet FY-23 market expectations.
Mirriad Advertising 3p £14.7m (MIRI.L)
The in-content advertising company, announces its final audited results for the year ended 31 December 2022. Revenue of £1.5m (2021: £2.0m) a reduction from 2021 as the Company exits its Chinese business and focuses on growth in the US market. EBITDA loss increased by 31% to £15.2m (2021: loss £11.6m) and cash consumption increased to £12.9m (2021: £10.4m). The number of advertisers placing campaigns increased to 59 during the year (2021: 45). The Company holds net cash at 31 December 2022 of £11.3m and post period (June 2023), completed a £5.75m placing together with an open offer raising a further £0.55m. Trading in the current year is lower than originally anticipated in the US.
N Brown Group 23.95p £110.3m (BWNG.L)
A UK clothing and footwear digital retailer, announces that further to the announcements made on 29 November 2022 and 23 February 2023, Dominic Appleton, who joined the Group as Chief Financial Officer Designate on 1 March 2023, has today been appointed Chief Financial Officer and a Board Director of the Company. The Company also announces that Rachel Izzard has stepped down as Chief Financial Officer and a Board Director.
Ramsdens Holdings 262.5p £83.3m (RFX.L)
The diversified financial services provider and retailer, announces its interim results for the six months ended 31 March 2023. Revenue increased 33% to £39.0m (HY22: £29.3m), gross profit increased to £20.5m (HY22: £15.7m) and Profit before tax went up 68% to £3.7m (HY22: 2.2m). Six new stores opened in the Period with total store estate at 158 stores, excluding two franchised stores (H1 FY22: 153 stores). The Company anticipates the opening of six new stores in the second half of FY23 and reports positive trading in FY23.
RUA Life Sciences 44p £9.5m (RUA.L)
The holding company of a group of medical device businesses focused on the exploitation of Elast-Eon™, the long-term implantable biostable polyurethane, provides an update for the year ended 31 March 2023. Revenue growth of 34% with consolidated revenues of £2.17m (Contract Manufacture £1.62m and Biomaterials £554k). R&D expenditure is expected to be £1.07m (2022: £887k), an increase of 21% and the Group holds cash of £1.48m (2022: 2.96m). Unaudited R&D expenditure of the Group is expected to be £1,070,000 (2022: £887k), an increase of £183k over the preceding year. Overall, loss before tax for the period is expected to be similar to last year at around £2.3 to 2.4m.
Strip Tinning Holdings 37.5p £5.8m (STG.L)
A supplier of specialist connectors to the automotive sector, announces its full year results for the year ended 31 December 2022. Total Revenues decreased by c.9% to £10.2m (FY 21: £11.2m), however EV product sales increased 225% to £1.3m (FY 21: £0.4m). The Company reported an adjusted EBITDA loss of £2.2m (FY 21: £0.5m profit). The Company holds cash of £1.3m (FY21: £0.3m). The Company won a £1.4m grant during FY 22 to support production scale up of the EV business. The Board is confident of a return to revenue growth in FY 24, with high exposure to the fast-growing EV space.
ValiRx 9.25p £9.5m (VAL.L)
A life science company focusing on early-stage cancer therapeutics and women's health, announces that the evaluation agreement announced on 14 February 2022 from Barcelona University has been expanded to a broader collaboration including additional molecules targeting KRAS (Kirsten RAt Sarcoma) as possible drugs for treating cancer. The Expanded Evaluation Agreement is scheduled to be active for up to four years, with the potential to extend by a further four years.
Zambeef Products 7.25p £21.8m (ZAM.L)
The integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana provides the following update on trading. For the year ended 30 September 2023, revenue, adjusted EBITDA and reported profit before tax are expected to be in line with market expectations. However, gross profit is expected to be between 8% - 12% behind market expectations, largely due to the pressure on margins arising from lower than expected pricing and higher input costs.
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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).
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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
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