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.
CyanConnode 16.1p £43.8m (CYAN.L)
A manufacturer in Narrowband Radio Frequency (RF) Smart Mesh Networks, announces the receipt of an order for 500k Omnimesh Modules from IntelliSmart Infrastructure Private Limited. In addition, the order includes Advanced Metering Infrastructure, Standards-Based Hardware, Services, Omnimesh Head-End Software, and an Annual Maintenance Contract. The order will support a smart metering deployment for a Power Grid Corporation for Madhya Gujarat Vij Company Limited, a utility located in Gujarat, India. This is the third order received under a Strategic Framework Agreement for 3m modules. The supply of Omnimesh Modules for this project is expected to commence during Q3 FY 2024, and the deployment will be completed within 27 months.
Ethernity Networks 1.58p £2.2m (ENET.L)
A supplier of data processing semiconductor technology for networking appliances, provides an update on two contracts previously announced on 12 October 2021, for a wireless backhaul solution, and 16 November 2022, for a broadband wireless access solution. The Contracts have a combined value of $740k however the Company has experienced delays and these delays have included the two Contracts. The Company intends to deliver their prototype hardware during Q4 2023. Once delivery the Company will invoice for the remaining balance, equating to approximately $550k in total.
Futura Medical 52.1p £156.7m (FUM.L)
The pharmaceutical company developing a portfolio of products based on its proprietary, transdermal DermaSys® technology, announces that its distribution partner Labatec Pharma (Labatec) has received regulatory approval for MED3000, a topical, gel-based Erectile Dysfunction treatment, in the Kingdom of Saudi Arabia. Labatec will exclusively launch and commercialise MED3000 under the brand name Eroxon®, with initial launch planned in Q4 2023. Futura continues to grow its network of licencing and distribution partners and to strengthen its position, with regulatory approval.
Hargreaves Services 467.5p £152.2m (HSP.L)
A diversified group delivering services to the industrial and property sectors, announces its results for the year ended 31 May 2023. Revenue increased 18.9% to £211.5m (2022: £177.9m) due to organic growth in services, underlying profit before tax decreased by 10% to £27.3m (2022: 30.4m) and EBITDA increased by 60% to £21.8m (2022: £13.6m). The Company holds cash and cash equivalents of £21.9m (2022: £13.8m) and remains free from bank debt. The outlook for the Group's trading activities for the coming year and beyond is strong with 70% of expected revenue for the year in the Services business already secured and with Hargreaves Land having exchanged unconditional contracts for a large plot at Blindwells which is scheduled to complete in January 2024.
Inspired Energy 91.5p £91.9m (INSE.L)
A technology enabled service provider supporting businesses in their drive to net-zero and controlling energy costs, provides an update on trading for the six-month period ended 30 June 2023. Each of the Group's four divisions are trading well, with Optimisation and ESG delivering strong revenue growth. Optimisation continues to benefit from cross selling and a step up in demand, with clients focusing on the beneficial impacts of energy reduction and delivering net-zero. Group net debt remains in line with management's expectations and the Group is confident of achieving a cash conversion ratio in excess of 80% in FY23. The Board expects to report results in line for the period ended 30 June 2023.
PCI-PAL 51p £33.4m (PCIP.L)
The cloud provider of secure payment solutions for business communications, announces a trading update for the year ended 30 June 2023 (FY2023). The Company reports revenue growth of approximately 25% to £14.9m (2022: £11.9m) and adjusted loss before tax for the year estimated to be approximately £2.3m (2022: £2.9m). New business ACV sales for the year of £4.2m, a 21% increase on FY2022 and the Group finished the year with net cash of £1.2m (2022: £4.9m) having spent £2.0m on the on-going patent case in the year. The Board expects full year results to be in line with expectations and looks to FY2024 in confidence.
Star Energy Group 11.75p £15.1m (STAR.L)
The British energy company continuing the development of geothermal in the UK announces a trading and operations update in advance of the Company’s half-year 2023 results which are scheduled for release on 13 September 2023. Average net production for the 6 months to 30 June 2023 of 2,080 boepd. Guidance remains for full year at c. 2,000 boepd. As at 31 July 2023, cash balances were £2.7m and net debt was £2.7m. The Company identifies an opportunity to use geothermal energy to drive towards net zero and decarbonise the NHS saving emissions between 1.3 -22.7 kt CO2 per year for individual hospital sites as stated in their recently published Government white paper on deep geothermal energy, funded by the Department of Energy Security and Net Zero (DESNZ).
Trinity Exploration & Production 97.5p £37.4m (TRIN.L)
The independent E&P company focused on Trinidad and Tobago, announces the appointment of Dr Jonathan (Jon) Cooper as a Non-Executive Director and Julian Kennedy as an Executive Director of the Company, effective 8 August 2023. Jon Cooper has more than 25 years' experience in mergers, acquisitions, public offerings and financings in banking and the oil and gas industry. He is currently Executive Director and Chief Financial Officer at Longboat Energy plc. Julian has over 30 years' experience across a wide range of roles in, and advising, the oil and gas industry. Most recently, he was Head of Business Development for NEO Energy.
Velocity Composites 42p £15.5m (VEL.L)
The supplier of composite material kits to aerospace and other high-performance manufacturers, announces that it has conditionally raised £1.2m (before expenses) at the Issue Price of 40 pence per New Ordinary Share, and has also conditionally raised £5m (before expenses) EIS/VCT Placing Shares at the Issue Price. The Issue Price represents a 13.0% discount to the closing market price of 46.0 pence per Ordinary Share on 8 August 2023. A Retail Offer to raise up to an additional £0.5m is being made through the REX Retail Offer at the Issue Price. The net proceeds of the fundraise will be used for capital expenditure, engineering, software and business development and working capital for expansion.
Volex 315.5p £570.8m (VLX.L)
The specialist integrated manufacturer of critical power and data transmission products, announces it is a licensed partner of Tesla for the North American Charging Standard (NACS) EV Charging system. Volex is a selected global manufacturer of the authentic NACS coupler and is stocked and ready to immediately supply automotive OEMs and charging infrastructure suppliers.
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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).
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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.
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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.
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