Small Cap Feast

7th September 2023

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What’s Cooking In The IPO Kitchen?

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.

Breakfast Buffet

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.

7 September 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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