Small Cap Feast

8th July 2024

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

Dish Of The Day:


Smurfit Westrock (SWR.L) joined the Standard Segment of the Main Market after the reverse acquisition of Smurfit Kappa.


Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

24th June 2024: Rosebank Industries: The Company aims to repeat the successful 'Buy, Improve, Sell' business model which the Rosebank Co-Founders implemented during their time at Melrose. Rosebank proposes to acquire quality industrial or manufacturing businesses whose performance may be improved. The Company’s first day of trading on AIM is expected to be 11th July 2024. The primary offer expected size is approximately £50m.

Media speculation: (We remove rumours after 10 days of being on the menu)

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

88 Energy Limited 0.1075p £32.3m (88E.L)

The oil and gas exploration and production Company with a North American focus announced the commencement of 2D seismic acquisition program for Petroleum Exploration Licence 93 (PEL 93) over the Owambo Basin, Namibia. 88 Energy has earned an initial 20% working interest in PEL 93 by funding the seismic program. The program has been designed to acquire a minimum of circa 200-line km of 2D seismic data, with completion expected in Q3 2024. Expected program outcomes include estimation of a maiden Prospective Resource and identification of future potential drilling locations.

Aptamer Group 0.80p £3.7m (APTA.L)

The developer of novel Optimer binders to enable innovation in the life sciences industry provides an update on the partnership initiated in 2022 with Unilever with the aim of treating malodour in personal care products. Following successful Optimer development, the binders have been rigorously tested, showing highly positive results. Based on these results, a patent was submitted on 28 March 2024, to protect the developed Optimer binders and give Aptamer Group precedence for the protection of the intellectual property. Work to test the Optimer binders is ongoing in Unilever's labs. Unilever plans to conduct functionality studies with people in the second half of 2024. This project is expected to be completed over the next two years, and if successful, could result in Aptamer licensing the Optimer binders to Unilever.

Biome Technologies 37.5p £1.4m (BIOM.L)

The bioplastics and radio frequency technology business provides a trading update. As a consequence of the delays to the Bioplastics division's revenues, the Board now believes that Group revenues for the year ending 31 December 2024 will be materially below current market expectations. The Board anticipates that the reduction in revenue will be partially offset by higher margins and lower overheads and that the Group will now make a small loss before interest, taxation, depreciation, amortisation and share option charges (Underlying LBITDA) for the year ending 31 December 2024. As of 30 June 2024, the Group had an unaudited cash balance of £0.6m (26 April 2024: £0.6m), no bank debt and convertible loan notes outstanding of £1.3m.

Huddled Group 2.85p £9.1m (HUD.L)

The circular economy e-commerce group announces it has taken a controlling stake of 75% of the equity in Boop Beauty Limited, an e-commerce business specialising in surplus beauty and cosmetic products. Huddled will pay a modest sum for the stake roughly equivalent to the value of stock on hand, with a commitment to inject further capital for growth. With limited capital at its disposal, Boop delivered 558 orders in Q2 2024, with an average order value of circa £39. Huddled believes that with additional investment and support, the business could be well placed for growth.

Jangada Mines 1.4p £3.6m (JAN.L)

The natural resources development Company with interests in Brazil and elsewhere, notes the announcement released by Blencowe Resources PLC (LON:BRES) in which it holds a c. 10% interest. Blencowe Resources' successful conversion of 600 tonnes of raw material into 30 tonnes of high-quality graphite concentrate marks a significant milestone in its ongoing efforts to advance towards final qualification. This achievement, facilitated by the expertise of Jilin New Technology Graphite Co., reinforces the world-class potential of the Orom-Cross graphite project and takes Blencowe one step closer to a Definitive Feasibility Study.

Knights Group 144.75p £124.2m (KGH.L)

The legal and professional services business announces its results for the year ended 30 April 2024 (FY24). Revenue increased by 6% to £150m (FY23: £142.1m) and profit before tax increased 28.6% to £14.8m (FY23: £11.5m). Net debt was £35.2m (30 April 23: £29.2m), after a cash outlay of £11.3m relating to acquisitions and a joint venture investment in Convex Corporate Finance Limited. Given the encouraging start to the year with a strong recovery in residential property, the Group is confident of delivering a meaningful improvement in organic growth in the current financial year.

Quartix Technologies 160p £77.4m (QTX.L)

The supplier of subscription-based vehicle tracking systems, software and services announces that it will publish interim results for the six-month period ending 30 June 2024 (the Period) on Monday 29 July 2024. The Group expects to report revenue, adjusted EBITDA, pre-tax profit and free cashflow for the period of £16.0m, £2.6m, £2.6m and £0.9m respectively. The net cash balance at period-end was £2.6m. Estimates for adjusted EBITDA and pre-tax profit are stated after recognition of approximately £0.5m of costs and provisions which are not expected to recur in the second half of 2024. The majority of these relate to operating and liquidation costs for the Konetik Deutschland GmbH subsidiary.

Sabien Technology Group 11.5p £2.7m (SNT.L)

The leader in Green Aggregation Strategy provides a trading update on its results for the year ended 30 June 2024 (FY24). Subject to final audit, Sabien expects to recognise revenue of approximately £0.7m (£1.1m in FY23). As of the year-end, the Company had open orders of approximately £0.06m, deferred revenue of £0.11m, and recurring Cloud revenue of £0.08m, all expected to be recognised in the current financial year. Total secured revenue at the start of the year is £0.25m.

Solid State £14.65 £166.6m (SOLI.L)

The specialist value added component supplier and design-in manufacturer of computing, power, and communications products announces its results for the 12 months ended 31 March 2024 (FY24). Revenue was £163.3m, up 29% (FY23: £126.5m) and adjusted profit before tax was £15.6m, up 44% (FY23: £10.8m). Net debt was £4.7m (FY23: net debt of £8.1m). The Group has maintained a strong orderbook with open orders being £89.2m at 31 May 2024, reflecting a small increase from year end. Year-to-date trading has been broadly in line with management expectations, which supports management confidence over the full year expectations.

Strip Tinning Holdings 53,5p £9.8m (STG.L)

The supplier of specialist connection systems to the automotive sector announces that following two and a half years with the Company, Adam Levan, Chief Financial Officer, will be resigning from his position on the Board on the 1 August 2024. Adam will remain with the Company until 16 August to oversee an orderly handover. The Company also announces that it has appointed Kevin Edwards to the role of Chief Financial Officer. Kevin will join the Company and Board on 1 August 2024. Kevin is an established finance director with over 25 years' experience working in high growth manufacturing and technology companies, particularly in the automotive sector.


8 July 2024
*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


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