Small Cap Feast

8th March 2023

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What’s Cooking In The IPO Kitchen?

Fadel Partners, a developer of cloud-based brand compliance and rights and royalty management software in the media, entertainment, publishing, consumer brands and hi-tech/gaming sectors intends to join the AIM market. Fadel has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.

Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Expected admission date is mid-March 2023.

Essentially Group plc, its strategy is the acquisition, holding and development of companies active in the health food and beverages market, intends to join the AQSE Growth Market. On 1 September 2022, Essentially Group UK acquired Essentially Holdings Ltd (and its wholly owned subsidiary, Essentially Juices Manufacturing LLC (EJM)), EJM is active in the UAE and Kingdom of Saudi Arabia fruit and vegetable juice market. Expected 17th March 2023.

MBH Corporation plc, an investment holding company with subsidiaries in multiple industries including the construction, education, leisure, healthcare, food & beverage, property, engineering and transport sectors, intends to join the AQSE Growth Market. MBH is currently traded on the Dusseldorf and Frankfurt Stock Exchange. Expected 13th March 2023.

PanGenomic Health Inc, currently traded on the Canadian Securities Exchange market, intends to dual list on the AQSE Growth Market, as a springboard to expand footprint of its personalised and self-care digital health platforms in the UK/EU markets. The Company has three platforms: Nara App, Mindleap.com and the PlantGx Platform. PanGenomic Health Inc is currently traded on the CSE. 88.6% of the total issued shares will be floated. Admission is delayed.


Breakfast Buffet

AMTE Power 66p £23.9m (AMTE.L)
A leading UK developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist applications in global markets, announces its results for the half year ended 31 December 2022. The Group's turnover was £0.55m, 32% less than H1 2022 (£0.81m). Loss before tax for the period was £3.72m (H1 2022 loss £2.65m) impacted by the commencement of scaling the organisation and financing costs of £0.40m. Cash and cash equivalents amounted to £1.21m (H1 2022; £6.26m). The business has a strong pipeline, with five MoU and development agreements and the Group continues in line with market expectations for the full year.

Breedon Group 75.5p £1,279.3m (BREE.L)
A vertically-integrated construction materials group in the UK, announces audited annual results for the year ended 31 December 2022. Full year results are ahead of expectations; revenue for the year increased 13% to £1,396.3m and operating profit of £144.5m (2021: £124.5m). Profit before tax was 19% higher at £135.8m to 2021 (£114.3m). The Company continues to supply essential materials to growing end-markets and the Board's expectations for 2023 remain unchanged. The group also announced its intentions to move from AIM to the Premium Segment of the Main Market.

Camellia £48.60 £134.2m (CAM.L)
A UK based holing company, operating in agriculture, engineering, and food services issues a trading update. The Company announced trading in their agriculture division has been ahead of expectations as a result of higher net sales prices achieved for India, Bangladesh and Kenyan teas; increased sale prices for avocadoes; greater control of overhead costs across the division; and improvement in sales for soya and maize. Revenue of continuing operations for 2022 is expected to be c£294m, and adjusted profit before tax for continuing operations c.10% below 2021 PBT (£8.8m).

Hotel Chocolat Group 202p £277.8m (HOTC.L)
A direct-to-consumer premium chocolate brand, announces its unaudited interim results for the 26 weeks ended 25 December 2022. Revenues declined 9% to £129.8m (H1 FY22: £142.9m), and underlying H1 EBITDA of decreased c.34% to £22.0m (H1 FY22: £33.8m). Underlying PBT of £10.2m (H1 FY22: 25.4m). The Group held net cash of £28.2m with £50m unutilised within its RCF facility. The Group continues to trade in line with market expectations for sales.

Journeo 141p £22.9m (JNEO.L)
The information systems and transport technical services group, announces that it has signed a Software as a Service contract with Transport for Wales to supply a new displays Content Management System for the Welsh Bus Data Content Management System (WBDCMS). The initial contract value is £1m and has a 5 year term, with two additional 1 year extensions available through to 2030. The project is expected to generate revenue of approximately £0.5m during the current year. This contract is included in management's expectations for FY2023.

Midatech Pharma 1.25p £2.2m (MTPH.L)
The drug delivery technology company is proposing a name change to Biodexa Pharmaceuticals around 27 March and the cancelation of trading on AIM on 26 April. Meanwhile, to maintain its NASDAQ listing by complying with US$1.00 minimum bid price per share requirement, the Company is proposing to consolidate every 20 ordinary shares into one share on 27 March and then change the ratio of its ADSs from 1 ADS representing 25 ordinary shares to 5 shares. Also, the Company is seeking shareholders' approval for authority to allot shares and disapplication of pre-emption rights in order to issue shares or new ADSs for the exercise of pre-funded warrants attached to the recent equity raise for US$6m.

Netcall 102.5p £164.1m (NET.L)
The leading provider of intelligent automation and customer engagement software, announces its unaudited interim results for the six months ended 31 December 2022. Revenue for the first half increased 19% to £17.5m (H1 FY22: £14.7m) and adjusted EBITDA grew 29% to £4.43m (H1 FY22: £3.45m) as a result of strong demand for both the Group's Customer Engagement and Intelligent Automation solutions. Cloud subscriptions continue to be the main growth driver for the Group, with revenue increasing 59% to £7.85m. The Group reports a healthy pipeline and good visibility from recurring revenue. The Board is confident in the Group's continued success.

PoolBeg Pharma* 9.35p £46.8m (POLB.L)
A leading infectious disease focused biopharmaceutical company, announces that further to its announcement on 4 October 2022, the Company has been granted a patent by the US Patent and Trademark Office (USPTO) for methods of treating hypercytokinaemia using POLB 001; a small molecule immunomodulator being developed to address the unmet medical need arising from severe influenza and other acute inflammatory conditions. Poolbeg has a worldwide license for POLB 001 for all uses in humans and is developing a strong IP portfolio with US patent protection in place covering the use of a wide range of p38 MAP kinase (mitogen-activated protein kinase) inhibitors for the treatment of symptoms of severe influenza and hypercytokinaemia. The Company continues to work with its patent advisors to broaden and expand its patent families.

Roquefort Therapeutics* 7.75p £10.0m (ROQ.L)
The biotech company focused on developing first in class medicines in the high value and high growth oncology market announces the successful development of a new novel platform of anti-cancer mRNA therapeutics. This is the Company's fifth program and the third in its Midkine (MDK) family. This new platform of mRNA therapeutics was developed internally and consists of four mRNA pre-clinical therapeutics targeting Roquefort Therapeutics' novel MDK target and has been developed in-house within the Company's existing budget and schedule. The significance of the mRNA program is it highlights Roquefort Therapeutics' internal R&D capacity to develop pre-clinical cancer medicines and anti-cancer mRNA is a highly commercially attractive field.

Somero Enterprises 377p £210.4m (SOM.L)
Manufactures of laser-guided and technologically innovative machinery used in horizontal concrete placement, to advance the productivity, concrete flatness and efficiency of the job site announces its final results for FY22. The Company’s revenues marginally increased to US$133.6m (FY21: US$133.3m), adjusted EBITDA decreased by 3.8% to US$46.0m (FY21: US$47.8m) and profit before tax decreased to US$40.8m (FY21: US$44.6m). The Company held net cash of US$33.7m (FY21: US$42.1m). The Board believes the Company is positioned well to capture future growth from new products and in international markets.

8 March 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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