Small Cap Feast

7th May 2024

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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.

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7 May 2024
*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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