Small Cap Feast

8th May 2024

Dish of the day
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Dish Of The Day:



Whats baking in the oven?

Potential Initial Public Offerings:

7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange Growth Market. The Company reports it is revenue generating, profitable in FY23, with £1.9m cash in the bank at 31st March 2024. The Company's application to the AQSE Growth Market is not conditional on it raising funds. However, the Company is seeking to raise up to £1m of new money to de-risk growth and in support of its strategy of coupling organic growth and acquisition.

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Acuity RM Group 3.8p £4.6m (ACRM.L))

The software Group announces that its subsidiary, Acuity Risk Management Ltd, which supplies the award-winning STREAM software platform for the Governance, Risk and Compliance market, together with associated consultancy services, has signed a new partnership with BSI Group. BSI Digital Risk Advisory is respected for its ability to help organisations navigate the complex landscape of digital risks and develop robust strategies to protect their assets and reputation. This partnership is accompanied by an initial order.

Alliance Pharma 25.4p £137.1m (APH.L)

The healthcare Company announces that Peter Butterfield, Chief Executive Officer, has decided to leave the business in order to pursue other business interests. Following a comprehensive search process, Nick Sedgwick has been appointed as the new CEO, starting 13 May 2024. Peter will remain at Alliance until 30 June 2024 to facilitate a thorough handover. Nick Sedgwick brings thirty years of consumer health experience across European, US and global roles at major multinational companies such as Reckitt, Coty and Nestlé. Most recently Nick was Regional Director for UK and Ireland Consumer Health at Reckitt during which time he increased revenue and improved profitability in the second largest market for the Company.

Andrews Sykes Group 595p £249.1m (ASY.L)

The rental of heating, ventilation, and air conditioning equipment Company announces its preliminary results for the year ended 31 December 2023. Revenue decreased 5% to £78.8m (2022: £83.01m), adjusted EBITDA increased slightly to £30.62m (2022: £30.62m), and the net cash decreased to £24.95m (2022: £27.60m). The Company anticipates continued strength in its core markets despite economic challenges like inflationary pressures and tight labour markets. The Company remains confident in maintaining profitability and expanding into new markets, such as Germany, with the recent incorporation of Klimamieten AS GmbH.

Cornerstone FS 38p £21.8m (CSFS.L)

The foreign exchange and payments solutions Company offering multi-currency accounts to businesses and individuals through its proprietary technology platform announces its audited final results for the year ended 31 December 2023. Revenue increased 100% to £9.6m (2022: £4.8m), adjusted EBITDA increased to £1.7m (2022: loss £0.9m) and the cash balance increased to £2.3m (2022: £0.7m). The strong trading momentum that was experienced during 2023 has been sustained into the current year, which reflects the continued increase in the number of active clients and expansion of the Group's introducer network.

Light Science Technologies Holdings 2.9p £9.7m (LST.L)

The Company comprising three divisions: controlled environment agriculture; contract electronics manufacturing and passive fire protection announces its audited results for the year ended 30 November 2023. Revenue increased 13.8% to £9.3m (2022: £8.2m), loss before tax reduced to £1.14m (2022: £2.72m), and cash and cash equivalents increased to £981k (2022: £590k). Looking forward, the Company is optimistic about the future prospects of Light Science Technologies Holdings.

Lords Group Trading 49.5p £82.0m (LORD.L)

The distributor of building materials in the UK announces that Stuart Kilpatrick will join the Board as CFO and a director of the Company on 4 June 2024. Chris Day, the Group's current CFO and COO, will step down as a statutory director and leave the Group on 17 May 2024 shortly after the publication of the Group's FY23 Results on 15 May 2024. In the short interim period between Chris' departure and Stuart's arrival, the Group is well supported by its strong, well-established finance team who will ensure a smooth transition for the business.

Mobile Tornado Group 2.4p £10.0m (MBT.L)

The push-to-talk over cellular and workforce management solutions provider announces that the Company has secured a contract through its regional partner to supply a range of cutting-edge technologies for a prominent mobile network operator in the Middle East and Africa. Mobile Tornado's technology was selected by the Multi National Operator to deliver lone worker and live video communications services. Mobile Tornado's technology was chosen due to its lower latency, lower data usage and seamless compatibility across connectivity generations from 2G to 5G and WiFi.

Oxford Cannabinoid Technologies Holdings * 0.12p £1.3m (OCTP.L)

The clinical stage biopharmaceutical Company focused on the development and commercialisation of innovative cannabinoid medicines announces that it has applied to the FCA to effect a cancellation of listing of its ordinary shares on the Standard segment of the FCA's Official List and trading on the Main Market for listed securities of the LSE. The Directors have recently completed an internal strategic review exercise which focused on addressing how the Company might best seek to ensure the growth of the Company, with a particular focus on how to attract substantial amounts of new investment to advance their drug development programmes in a timely manner with a low valuation. Given the continued turbulence in the UK public markets, the Directors unanimously concluded that the Cancellation will be in the best interests of the Company, its business and existing shareholders as a whole.

Plant Health Care 4.6p £15.6m (PHC.L)

The provider of peptides for plant protection to global agriculture markets announces an update for the year ended 31 December 2023. Revenue decreased to $11.2m (2022: $11.8m), LBITDA improved 32% to $2.8m (2022: $3.5m). And the cash at 31 December 2023 was $2.1m and increased to $2.3m at 3rd May 2024. New registrations and distribution agreements in 2023 and 2024 point to significant revenue growth in 2024, in line with market forecasts.

XP Factory 14.3p £24.9m (XPF.L)

The leisure businesses operating the Escape Hunt and Boom Battle Bar brands announces an update on trading for the 15-month period to 31 March 2024. Revenue for past 15 months was £57.8m (12 months to Dec 2022: £22.8m), up over 80% on the comparable 15-month period. Furthermore, strong like for like sales growth delivered across both brands in the 13 weeks to 31 March 2024, follows an exceptional year in 2023: Boom: up 11.6% and Escape Hunt: up 11.7%. Overall performance is in line with market expectations for the 15 months to 31 March 2024.


8 May 2024
*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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