Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.
Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.
Abingdon Health 11.75p £14.3m (ABDX.L)
The lateral flow test contract manufacturer announces a partnership with Morrama Ltd (Morrama), a UK-based certified B-Corp design agency, to accelerate the development of plastic free lateral flow housings. Both Abingdon Health and Morrama will invest in a new company, Eco-Flo Innovations Ltd, to focus on developing sustainable product design solutions for the lateral flow market. Abingdon Health and Morrama intend to make their first plastic-free, compostable cassette (Eco-Flo) available to customers within the next 12 months. The brand-new plastic free cassette will be manufactured in the UK and will utilise renewable plant fibre moulding technology that reduces CO2 emissions by 80% compared to the equivalent single-use plastic.
Active Energy Group 5.55p £9.0m (AEG.L)
The producer of sustainably-sourced, energy-dense clean carbon products and technologies, announces that it has been voted by the members of the International Biomass Torrefaction and Carbonisation Council (IBTC) to join the IBTC. The IBTC is an organisation promoting the sustainable production of vital torrefied or carbonised technology products on a global scale. The IBTC and Active Energy believe steam explosion processes, torrefied or sustainably sourced carbonised biomass and waste feedstocks will efficiently replace fossil carbon.
Agronomics 9.75p £96.8m (ANIC .L)
The company focused on the field of cellular agriculture, announces that its portfolio company, SuperMeat The Essence of Meat Ltd (SuperMeat), has met Kosher standards for its chicken cell line. This is the first time that cultivated poultry has been recognised as meeting Kosher, under the stringent Mehadrin standards. Agronomics has invested a total of US$ 12.5m to date and has equity ownership of 7.8% in SuperMeat on a fully diluted basis which, subject to audit, represents 9.3% of the last published Net Asset Value of the Company (30.06.23) including post-balance sheet adjustments.
Eleco 78p £64.9m (ELCO.L)
The specialist software provider for the built environment, announces that its trading Building Lifecycle branded business Elecosoft has entered into a partnership with the AI planning co-pilot platform, Nodes & Links, to provide enhanced AI capabilities to the customers of its Asta Powerproject solution. The AI capability will provide greater reliability and programme forecasting and improve risk management. Over the next three years, as the partnership and technology advances, generative AI will support and enable project delivery teams to focus on high-value activities like strategy development, acceleration analysis, risk reduction and leadership. Construction company BAM Nuttall is the first Elecosoft customer to take advantage of the partnership.
Jaywing 4.75p £4.4m (JWNG.L)
The data science and marketing business announces its audited results for the year ended 31 March 2023 (FY23). Revenue was £22.1m (2022: £23.3m), 5.4% down on FY22. The decrease in FY23 revenue was a result of a 9.5% fall in UK revenues, partially offset by a rise of 8.8% in Australia revenues. Adjusted group EBITDA for FY23, was £2.4m (2022: £2.2m), an increase of 9.2%, reflecting margin improvements. The recent restructuring of the UK division and new business wins are expected to assist the UK division's ability to withstand ongoing challenges in the macroeconomic environment. Recent significant new business wins in Australia are expected to provide revenue and profitability growth.
Lords Group Trading PLC 61.5p £101.8m (LORD.L)
The distributor of building materials in the UK, announces its unaudited results for the six months ended 30 June 2023. H1 2023 group revenues were £222.6m (H1 2022: £214.2m), a 3.9% increase overall or decrease of 4.4% on a like-for-like basis. Adjusted EBITDA was £15.1m (H1 2022: £14.2m restated), a 6.1% increase. Acquisition pipeline remains active, offering potential for further market share gains, enhanced profitability and further diversified revenue streams: The Board remains confident of delivering the strategic targets of £500m revenue by 2024 and improving EBITDA margins to 7.5% in the medium term.
Mpac Group 190p £38.9m (MPAC.L)
The global packaging and automation solutions Group, announces its unaudited results for the six months to 30 June 2023. Order intake was £62.4m (2022: £32.8m) contributing to a closing order book of £77.5m (31 Dec 2022: £67.2m). Group revenue was £52.8m, up 4% (2022: £50.6m). Statutory profit before tax was £0.2m (2022: loss of £0.4m). Net cash was £2.2m (30 June 2022: £8.6m; 31 December 2022: net borrowings of £4.7m). Current trading is in line with the Board's expectations and full year market guidance remains unchanged. Margins are normalising as anticipated. Mpac is well positioned to deliver on the previously announced H2 weighting to the financial year.
RA International 10p £17.4m (RAI.L)
The specialist provider of complex and integrated remote site services to organisations globally, announces its unaudited results for the six months ended 30 June 2023. Revenue was US$30.4m (H2 2022: US$33.7m, H1 2022: US$29.2m). Underlying EBITDA was US$0.3m (H2 2022: US$0.6m, H1 2022: nil), in line with market expectations. Cash was US$12.2m on 30 June 2023, increased by US$4.7m from the prior period, resulting from US$6.1m of net cash inflows from operations, offset by US$1.4m of cash outflows from financing activities. As stated in May 2023, the Company expects the business to remain broadly breakeven at the underlying EBITDA level for this financial year.
Pantheon Resources 20.17p £183.0m (PANR.L)
The oil and gas company with 100% working interests, all on state (not federal) land, in certain projects located adjacent to transportation and pipeline infrastructure on the Alaska North Slope, announces that it has agreed to a private placement of 11,905,370 new ordinary shares of the Company at a price of £0.1878 per share for an aggregate subscription amount of US$2.793m, to IPGL Limited ("IPGL"), an existing supportive long term shareholder. The Company will also pay the full convertible bond repayment of $2.793m due on 13 September 2023, in cash. Accordingly the Private Placement will be cash-neutral and should result in materially similar dilution than would have been the case had the Company settled the bond repayment in shares.
Polarean Imaging 11p £23.7m (POLX.L)
The commercial-stage medical device company in advanced magnetic resonance imaging (MRI) of the lungs, announces its unaudited results for the six months ended 30 June 2023. Revenue was US$142,384, down 83% year-on-year (1H 2022: US$834,087). Net cash of US$9.9m as of 30 June 2023 is now expected to fund the Company until the end of Q2 2024 based on strategic decisions. Post period, the Company received 510(k) clearance from the FDA for its specialised MRI chest coil to now include Philips 3.0T MRI scanners for the visualisation of Xenon 129 nuclei. The Company also received a final determination from Medicare & Medicaid Services (CMS) that its new C-code is linked to a new technology APC 1551, which corresponds to a payment range of between US$1,201 to US$1,300. This reimbursement code should be helpful to the marketing of XENOVIEW for the evaluation of ventilation.
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”.
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@chrish351.sg-host.com with “unsubscribe me”.
