Small Cap Feast

8th August 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:

No joiners today.

Non-standard Finance (NSF.L) has left the Standard Segment of the Main Market.
CT Property Trust (CTPT.L) has left the Premium Segment of the Main Market.

What’s Cooking In The IPO Kitchen?

Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footprint. Admission TBC.

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.

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

Concurrent Technologies 73.5p £53.9m (CNC.L)
The specialist in the design, development and manufacture of leading-edge embedded computer solutions for critical applications, announces that it has engineered and now shipped, a new version of a flagship 3U VPX Plug-In Card. The original TR K9x/6sd card has been successfully used in visual computing applications including a previously announced £1.6m contract that contributed to the Company's record 2022 order intake of £31.5m. The new variant, which has twice the memory capacity, extends the use case to Cyber and Radio applications, significantly increasing the estimated full lifetime value of the product.

Longboat Energy 28.5p £16.1m (LBE.L)
The emerging full-cycle E&P company active in Norway and Malaysia, announces the commencement of drilling operations on the Velocette (PL1016) exploration well in Norway (Company 20%). Velocette is estimated to contain gross unrisked mean resources of 177 mmboe (35 mmboe net to Longboat JAPEX Norge AS) with a geological chance of success of 30%. A number of follow on opportunities exist within license PL1016 with aggregate gross unrisked mean resources of ~200 mmboe, which would be significantly de-risked by success in the Velocette well. The key risks associated with this prospect are reservoir presence and quality. The license partnership consists of Longboat JAPEX Norge AS (20%), OMV Norge AS (40% operator) and INPEX Idemitsu Norge AS (40%).

LungLife AI 54p £13.8m (LLAI.L)
The developer of clinical diagnostic solutions for the early detection of lung cancer announces its unaudited half-year report for the six months ended 30 June 2023. During the period, LungLife completed enrolment of the Company's 425-participant clinical validation study in May, in line with expectations and published two reports that will assist with the commercialisation of LungLB®. Cash as of 30 June 2023 of $5.36m (30 June 2022: $10.63m, 31 December 2022: $8.01m). Cash outflow from operating activities reduced to $2.70m (six months to 30 June 2022: $3.26m). Loss before tax decreased to $2.81m (six months to 30 June 2022: $4.47m) and EBITDA loss also decreased to $2.78m (six months to 30 June 2022: $4.31m).

Mincon Group 83.75p £163.9m (MCON.L)
The Irish engineering group specialising in the design, manufacture, sale and servicing of rock drilling tools and associated products, announces its half year results for the six months ended 30 June 2023. Revenue in the first half of 2023 contracted by 5% to EUR 80.6m due to a decrease in mining industry revenue and currency headwinds. Foreign exchange movements represented 3% of the reduction in reported revenue, most notably due to the South African Rand weakening during Q2 2023. Gross profit reduced to EUR 25.6m (H1 2022: EUR 27.1m) and EBITDA decreased to EUR 11.8m (H1 2022: EUR 12.7m). In the short term the Group expect to deliver revenue growth in H2, while also realising the benefits of its cost reduction program to deliver a much improved margin in H2 2023 over H1 2023.

MyHealthChecked 11.0p £5.7m (MHC.L)
The consumer home-testing healthcare company, provides an update on trading for the six months ended 30 June 2023. Trading in the first half of the year reflected the expected overall reduction in demand for COVID tests, with (unaudited) revenues of £2.5m (H1 2022: £9.8m). Whilst there has been a recent marked increase in COVID testing volumes during the second half of July 2023, and discussion of COVID-19 cases potentially rising during Autumn and Winter, it remains the Company's expectation that there will be a reduction in overall demand for COVID tests during 2023 compared to the prior year. Cash balances as at 30 June 2023 of £5.0m (FY 2022: £7.6m) and reflect the Company's continued investment across the business for future growth.

PHSC 18.5p £2.2m (PHSC.L)
The provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors, announces its audited results for its financial year ended 31 March 2023. Group revenue fell 3% to £3.44m, (2022: £3.57m). Profit after tax of £0.24m compared to a loss after tax of £0.63m in the prior year, the latter mainly due to writing off goodwill in respect of the Security Division. Underlying EBITDA increased to £0.37m compared to £0.27m in the prior year. Cash reserves of £0.75m at the year end up from £0.65m and the Company have proposed a final dividend of 1.0p, making a total of 1.5p for the year. Unaudited Group management accounts for Q1 of the current financial year show total revenue of approximately £0.75m and EBITDA of approximately £49k (Q1 2022-23: £0.86m and £0.1m respectively).

Physiomics* 0.98p £1.3m (PYC.L)
The mathematical modelling company, supporting development of oncology drugs and personalised medicine solutions, announces that it has been awarded a further contract by existing client, Numab Therapeutics. The project involves PKPD modelling in support of one of Numab's clinical programs and follows on from earlier work conducted by Physiomics on the same asset. The project will span two years of the clinical program.

SDI Group 120.0p £124.9m (SDI.L)
The group focused on the design and manufacture of scientific and technology products for use in digital imaging and sensing and control applications, announces its final audited results for the year ended 30 April 2023. Revenue increased by 36% to £67.6m (FY22: £49.7m) and reported operating profit reduced to £6.8m (FY22: £10.2m) due to a non-cash £3.5m impairment charge against Monmouth/Uniform. Adjusted profit before tax (before share based payments, acquisition costs, reorganisation costs (in FY22 only), impairment of intangibles and amortisation of acquired intangible assets) remained flat at £11.8m and reported profit before tax decreased to £5.8m (FY22: £9.9m). During the period, two new earnings enhancing acquisitions added to the Group; LTE Scientific Limited and Fraser Anti-Static Techniques Limited. The Group expect to deliver FY24 results in line with expectations.

SmartSpace Software 38.5p £11.1m (SMRT.L)
The provider of 'Integrated Space Management Software' for smart buildings and commercial spaces, announces a trading update for the six month period ending 31 July 2023. Half year revenue is expected to be approximately £2.7m up 15% year-on-year (31 July 2022: £2.4m) and annual recurring revenue up 21% year-on-year to £5.8m. Monthly average revenue per user has increased by 9% year on year to £94 (31 July 2022: £90 or £86 on constant currency basis). Cash balance at the period end of £2.2m (30 April 2023: £1.25m) with no debt. During the period the Company disposed of Anders + Ken U.K Limited with net cash proceeds of approximately £1.1m. The Board expects, on a constant currency basis, full year results to be in line with market expectations.

Windward 50p £42.8m (WNWD.L)
The Maritime AI company, announces a contract with Peninsula Petroleum, the global independent supplier of marine energy, to advance and automate Peninsula's compliance processes. Windward's platform will enhance screening and due diligence procedures with AI-driven insights, empowering Peninsula to conduct more business, with confidence in an increasingly complex regulatory landscape. Windward's Maritime AI insights will be integrated directly into Peninsula's compliance processes via API, providing legal and risk functions with a bottom line risk score and flagged risk indicators for all vessels they are associated with. These insights enable users to make go/no-go decisions with fewer false positives, allowing them to maximise efficiency and conduct more business.

8 August 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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