Small Cap Feast

7th May 2024

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

Dish Of The Day:



Whats baking in the oven?

Potential Initial Public Offerings:

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Abingdon Health 10.0p £12.2m (ABDX.L)

The lateral flow contract research and contract development and manufacturing organisation announces the acquisition of IVDeology Holdings Limited, together with its subsidiaries, a provider of regulatory consultancy support to an international customer base in the in vitro diagnostics sector for a total consideration of up to £700k. The acquisition will be satisfied by the issue of shares in Abingdon Health to the owners of IVDeology at an issue price of 10p per Ordinary Share, equating to £0.5m. The acquisition strengthens Abingdon's existing regulatory service and knowledge leadership and expertise in the regulatory area. The regulatory environment for in vitro diagnostics, including lateral flow tests, is going through a period of significant change with the implementation of IVDR in Europe and the creation of UKCA marking in the UK. IVDR is the In Vitro Medical Devices Regulation piece for the EU market and UKCA is the equivalent UK conformity Assessed for the UK market.

Corero Network Security 13.3p £67.4m (CNS.L)

The distributed denial of service protection solutions announces that Phil Richards, Corero's Chief Financial Officer and Board Director has notified the Board of his intention to resign to pursue an opportunity in the iGaming sector. Phil will remain with the business until the publication of the trading update for the six months ended 30 June 2024 to ensure an orderly handover. The Company is pleased to announce that Chris Goulden will join Corero as Chief Financial Officer with immediate effect. Chris has over 15 years' experience in finance and operational roles across international B2B service environments. Chris spent 13 years at CBRE Global Workplace Solutions, a US-listed global Facilities Management and Property Services provider, in a number of senior finance roles.

Coro Energy * 0.138p £4.0m (CORO.L)

The South East Asian energy Company with a natural gas and clean energy portfolio announces that its application for a Wind Energy Service Contract in respect of a second area of interest for the onshore Oslob Wind Power Project, previously announced by the Company on 11 March 2024, has now been approved by the Philippines Department of Energy. This WESC is Coro's second contract and neighbours the Company's first project site and would be in respect of an additional installed capacity of circa 100MW. The recently installed and operational 130 metre meteorological mast installed by the Company in the Philippines will also serve this second project in gathering data and determining the wind resource available.

Ebiquity 41.0p £55.8m (EBQ.L)

The media investment analysis Company announces its results for the year ended 31 December 2023. Revenue increased 6.8% to £80.2m (2022: £75.1m) and adjusted profit before tax increased 23.4% to £9.7m (2022: £7.9m). Furthermore, the cash and cash equivalents decreased to £10.02m (2022: £12.36m) with net debt increasing to £11.98m (2022: £9.14m). The Company has started 2024 very much as expected, although they have seen some volatility in certain areas underlining the continuing fragility in some markets.

Eden Research 4.1p £22.0m (EDEN.L)

The Company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries announces its preliminary results for the year ended 31 December 2023. Revenue increased to £3.2m (2022: £1.8m) and the operating loss decreased to £1.9m (2022: £2.6m). Furthermore, the cash position at the year end increased to £7.4m (2022: £2m). Eden expects to see a healthy increase in existing product sales throughout 2024, driven by new regulatory approvals and label extensions in key geographies and supported by its key partnerships with industry-leading partners.

Kibo Energy * 0.038p £1.7m (KIBO.L)

The renewable energy-focused development Company announces a business update by its subsidiary Mast Energy Developments (MAST.L) a developer and operator in the rapidly growing flexible power market. Mast Energy has now officially launched the 2nd Phase of the work programme at its Pyebridge asset. Pyebridge Power has signed an Engineering Works contract with the Pyebridge site's O&M contractor, Cooper Östlund, regarding the full long-block overhaul of one genset, and certain essential improvements to the site. Furthermore, Mast Energy has entered into a new unsecured, non-convertible fixed term loan with RiverFort Global Opportunities, amounting to £325k. The loan is subject to a fixed coupon of 10% and is repayable in cash after 12 months. The proceeds of the Term Loan will be used to further develop Mast Energy 's existing development sites and for working capital purposes.

MTI Wireless Edge 44.0p £38.5m (MWE.L)

The technology group focused on comprehensive communication and radio frequency solutions across multiple sectors announces that it has received three orders totaling approximately US$3m, most of which is to be supplied in the current financial year. Two of the orders were received by PSK, part of the Group's MTI Summit division, from two Israeli customers for the provision of services and installation of systems, with the other order being received by the Group's antenna division for military antennas from an Israeli system house.

Northern Bear * 57.5p £7.9m (NTBR.L)

The Company providing building and support services to customers across the UK announces an update on trading in the financial year ended 31 March 2024 for the Company and its subsidiaries. There has been significantly higher rainfall than normal during H2 FY24, with rainfall in the North East at 153% of the long term average per Environment Agency statistics, and a total of nine named storms. This has inevitably caused some disruption to the Group's site activities, consistent with the wider construction sector. As a result, revenue and adjusted operating profit for FY24 are expected to be broadly in line with market expectations, albeit at the lower end with regards to operating profit.

Solid State £13.9 £158.0m (SOLI.L)

The value added component supplier and design-in manufacturer of computing, power, and communications products announces a £4.05m order for an IOT technology solution to a US customer from a new franchise line supplied by Solsta, its Components division. The contract combines hardware and software applications in a value-added industrial application, leveraging off the international capabilities of the Group by exporting its UK expertise into the US market. The customer solution, creates smart vending machines by enabling smart billing and intelligent inventory control and management through the combination of an industrial router and cloud based services.

Totally 6.3p £12.3m (TLY.L)

The provider of frontline healthcare services, corporate fitness and wellbeing services across the UK and Ireland announces an update on trading for the 12 months ended 31 March 2024. Revenue for the period is likely to be circa £106m (FY23: £135.7m), EBITDA for the full year at c. £2.3m (H1 24: £1.1m) and cash of £2.3m (30 September 2023: £1.7m). The Company was cash positive during the H2 period, while net debt remains unchanged from the interim period end. The Company continues to have headroom on all bank covenants.


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


Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.


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 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