Small Cap Feast

7th March 2023

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What’s Cooking In The IPO Kitchen?

Fadel Partners, a developer of cloud-based brand compliance and rights and royalty management software in the media, entertainment, publishing, consumer brands and hi-tech/gaming sectors intends to join the AIM market. Fadel has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.

Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Expected admission date is mid-March 2023.

Essentially Group plc, its strategy is the acquisition, holding and development of companies active in the health food and beverages market, intends to join the AQSE Growth Market. On 1 September 2022, Essentially Group UK acquired Essentially Holdings Ltd (and its wholly owned subsidiary, Essentially Juices Manufacturing LLC (EJM)), EJM is active in the UAE and Kingdom of Saudi Arabia fruit and vegetable juice market. Expected 17th March 2023.

MBH Corporation plc, an investment holding company with subsidiaries in multiple industries including the construction, education, leisure, healthcare, food & beverage, property, engineering and transport sectors, intends to join the AQSE Growth Market. MBH is currently traded on the Dusseldorf and Frankfurt Stock Exchange. Expected 13th March 2023.

PanGenomic Health Inc, currently traded on the Canadian Securities Exchange market, intends to dual list on the AQSE Growth Market, as a springboard to expand footprint of its personalised and self-care digital health platforms in the UK/EU markets. The Company has three platforms: Nara App, Mindleap.com and the PlantGx Platform. PanGenomic Health Inc is currently traded on the CSE. 88.6% of the total issued shares will be floated. Admission is delayed.


Breakfast Buffet

Blue Star Capital 0.18p £9m (BLU.L)
The investing company with a focus on esports, technology and its applications within media and gaming, announces its final results for the year ended 30 September 2022. The Company's Net Asset Value decreased by 10% to £11.41m (2021: £12.72m) with the Company incurring a pre-tax loss of £1.3m (2021: profit £2.13m). The decline in NAV and loss for the year principally reflected the write down of four esports investments and the loss incurred on some of the Company's quoted investments. The current value of the quoted investments held by the Company is approximately £147k.

Calnex Solutions 120p £105m (CLX.L)
The provider of test and measurement solutions for the global telecommunications sector, provides a trading update for the financial year ending 31 March 2023 (FY23) and the outlook for the following year to 31 March 2024 (FY24). The Company entered the second half of FY23 with a strong order book and successful conversion and delivery has led to the anticipated improved performance in H2. FY23 results are expected to be in line with market expectations, delivering
double digit growth across revenue and profits. In response to the macroenvironment and short-term order runrates, the Board believes that the financial performance in FY24 will be below that achieved in FY23, with the Company's revenues more heavily weighted to H2 of FY24.

Dotdigital Group 93.75p £280.5m (DOTD.L)
The SaaS provider of an omnichannel marketing automation and customer engagement platform, announces its unaudited interim results for the six months ended 31 December 2022. Group revenue increased 9% to £33.8m (H1 2022: £30.9m), driven by favourable FX movements, improved customer retention, new customers and increased revenue per customer. Recurring revenue represents c.95% of revenue, while contracted recurring represents 79% of total revenue. Adjusted EBITDA of £11.1m (H1 2022: £12.2m) and adjusted operating profit of £7.5m (H1 2022: £8.9m),
remains in line with expectations.

Duke Royalty 33.35p £138.8m (DUKE.L)
A provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and North America, announces that it has entered into an US$8.75m royalty financing agreement with Instor Solutions, Inc. Further diversifying Duke's revenue base. Instor is Duke's 20th royalty partner since inception and, post buyouts,
increases the number of current royalty partners to 15. Agreement is on typical Duke terms: 30-year secured financing, monthly cash payments starting at the typical range, distributions commencing immediately and to be adjusted annually based on Instor's year-over-year consolidated revenue performance.

Johnson Service Group 117.4p £508.4m (JSG.L)
The United Kingdom-based company that provides textile-related services to businesses and consumers announces its preliminary results for the Year Ended 31 December 2022. Total revenue increased by 42.1% to £385.7m (2021: £271.4m). Adjusted EBITDA increased by 54.5% to £104.9m(2021: £67.9m) giving a margin of 27.2% (2021: 25.0%). Adjusted profit before taxation increased by 306.4% to £38.2m (2021: £9.4m). Price increases and other actions were implemented throughout 2022 to help offset cost inflation. Post period the Company acquired Regency Laundry for £5.75m. The Board expects the result for the year 2023 to be in line with market expectations.

LungLife AI 77.5p £19.8m (LLAI.L)
A developer of clinical diagnostic solutions for lung cancer, announces that further to its announcement on 27 February 2023, the final version of the health economics publication is now available. There have been no changes to the results or conclusions, which show LungLB® is projected to be a cost-effective solution for US insurers covering individuals with indeterminate lung nodules. The publication can now be accessed here: Journal of Medical Economics Vol 26.

Marula Mining 8.1p £8.6m (AQSE:MARU)
An African focused mining and development company, announces the establishment of Muchai Mining (Pvt) Limited, an 80% owned Zimbabwean operating subsidiary of Marula. The remaining 20% holding will be held by local Zimbabwean company, Gondo Mineral Resources (Pvt) Limited (GMR). The decision to establish the subsidiary company and have an operating presence in Zimbabwe follows an extensive due diligence that is being completed on a number of opportunities in Zimbabwe’s fast growing battery metals sector. The establishment of Muchai Mining is in line with the Company’s strategy to identify, develop and advance new, prospective battery metals opportunities in East and Southern Africa.

Physiomics* 4.3p £4.2m (PYC.L)
The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, announces its unaudited financial results for the six months ended 31 December 2022. Revenue was £338k, down 8% year-on-year. The Company significantly enhanced its sales and business development process and as a result, diversified its client base over the course of the last year. The operating loss increased to £287k due to the reduction in grant income, higher staffing costs and travel expenses for in-person conferences. During the period PYC signed its first contract directly with Cancer Research UK and completed the NIHR -sponsored PARTNER study at
Portsmouth Hospitals University NHS Trust. Physiomics is looking forward to a solid second half, underpinned by substantial contracted revenues, as well as other possible projects which are in late-stage discussions.

SkinBioTherapeutics 21p £36.4m (SBTX.L)
A life science business focused on skin health, announces the launch of AxisBiotix-Ps™, a food supplement to alleviate the symptoms associated with Psoriasis, into the Spanish market. Building on the initial launch in the UK where customer retention rates have risen to above 80%, the launch of AxisBiotix-Ps into new markets in Europe is the next milestone in its commercialisation strategy. Sales in this new market will be managed directly by the AxisBiotix team in the UK, with products being distributed through the Company's EU hub in the Netherlands. Italy and France are the next target countries, with discussions for the individual country regulators underway and commercialisation expected during the year.

STV Group 305p £142.5m (STVG.L)
A Scottish digital media brand, providing consumers with quality content on air, online and on demand announces its Full Year Results to 31 December 2022. Total Group revenue decreased 5% to £137.8m (2021: £144.5m) as a result of marginally lower total advertising revenue, down 2%, and timing of production deliveries. Adjusted operating profit increased 2% to £25.8m. The Group reported Net debt (excluding leases) of £15.1m (2021: net cash £0.3m), driven by short-term working capital needs to support Studios growth; which will unwind as programmes are delivered. The group remain on track to hit or surpass its 3-year growth targets to the end of 2023 to; Double digital viewing, users and revenue to £20m; Quadruple Studios revenue to £40m; and Achieve at least 50% of operating profit from outside traditional broadcasting.

7 March 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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