Hybridan Small Cap Feast: 02/04/2025

* A corporate client of Hybridan LLP

** Potential means Intention to Float (ITF) has been announced, or it is a rumour

***Arranged by type of listing and date of announcement

****Alphabetically arranged

Share prices and market capitalisations taken from the current price on the day of publication

Dish of the day

 

Admissions:  


Delistings:  

Yesterday, Learning Technologies Group (LTG.L) left AIM.

Today, Mydecine Innovations Group (AQSE:MYIG) left AQSE.  

What’s baking in the oven?

Potential**  Initial Public Offerings:

17th March: MHA, a professional services provider of audit and assurance, tax, accountancy, and advisory services and independent UK member of Baker Tilly International, announced its Intention to Float on the AIM Market.  The Group is seeking to raise up to £125m to provide growth capital for the Company as well as enabling a sell down by certain partners.  Alongside the Placing, the Group intends to launch a retail offer to raise up to approximately £6m.

17th March: Quantum Base, the quantum science Company, announced its intention to apply for Admission to trading on the AIM Market during April 2025.  Quantum Base is a quantum science company creating a new global standard in authentication through its patented Quantum Identities - near unbreakable and non-replicable authenticity tags that can be applied to a vast array of products, significantly mitigating counterfeiting, and can be authenticated with a smartphone.  The Company is seeking to raise between £3m-£5m through a placing, alongside a retail offer.

18th March: Uranium Energy Exploration, to be renamed The Smarter Web Company (AQSE:SWC) is a UK-based web design agency, specialising in creating bespoke, mobile-friendly websites and offers a range of online marketing strategies to help businesses enhance their online presence. Services include various web design packages, logo design, Search Engine Optimisation, animation and custom development. It is looking to do a fundraise of £2m on AQSE. Admission expected  early April.

Banquet Buffet****




The specialist in currency risk management and alternative banking, reports finals to December 2024. Its
revenue is  £50.3m  up from £49.9m, with growth in the number of clients offset by a reduction in average spend. The EBITDA margin of 8%  is ahead of previous expectations and operating loss of £0.2m compared to an operating profit of £8.1m.  This reduction is a result of planned investment in business transformation and  the balance sheet is  debt free with net cash of £18.4m.  Trading has commenced in Australia and Dubai and the planned launch of digital accounts and payments in summer 2025. It will  continue to invest in growth into new products and services. The Board expect revenue growth in FY26 in the 15% - 20% range, with EBITDA margins in the mid-teens.




The  distributed denial of service protection specialists yesterday reported  results for the FY December 2024. Its revenue increased 10% to $24.6m with a PBT of $0.6m from a loss of $0.2m. Gross margins improved by 1% to 91% and Annual Recurring Revenue increased 16% to $19.5m with FY Net Cash at $5.3m.   There is a strong new business pipeline driven by competitor displacements, new mandates, partner outreach and contract extensions.  The global sales team  was expanded  and  are  being supported by a c.43%  increase in marketing to help generate new prospects and cross and upsell revenue opportunities.




The security solutions provider   yesterday announced the acquisition of Benn Lock and Safe Ltd for a total consideration of £0.2m. It will pay £0.17m in cash and the balance with 38,535 shares issued from its Treasury at 86.5p. For  the FY March 2024  Ben’s  revenues was £0.675m with a  profit before tax of £40,000 the net asset value being acquired was £90,000.  It was founded nearly 50 years ago and has developed specialist expertise in servicing schools and multi-occupancy properties through both a physical storefront and online. The acquisition will enable Croma to  combine two branches creating immediate cost savings and synergies as well as becoming the sole service centre in the area. The management consider that Croma’s  acquisition model  is gaining traction as independent locksmiths  recognise the benefits of being part of a network.




The specialist bank providing working capital solutions to dealers and manufacturers across the UK, announces FY  December 2024 results. The Loan book increased 15% to £666m with a 13% increase in customers to 1,334.
Net Interest Margin increased by 30bps to 7.9%, which is  ahead of target. This drove a 317% increase in PBT of £19.1m for a EPS of 7.8p up from 1.8p with a tangible NAV of £63.8m. There is continued progress in diversifying the product set and end markets, ensuring further avenues for long-term growth without the need for a dilutive capital raise and bringing to life its ambitions to become a multi-product lender.





The specialist staffing business reports Interim results to January 2025. There is a 3% decline in Net Fee Income (NFI) to £18.9m with a 22% fall in PBT to £0.8m. The net cash is £16.8m and  a 1p dividend is  being reinstated.
Permanent & Other NFIs is  down 14% YoY, due to continued challenging market conditions but is improving. The energy team performed strongly with 17% YoY growth reflecting the strategic investment into headcount.
The infrastructure business grew by 8%, with particularly strong growth in the Water sector as the UK sets to improve water infrastructure quality. The strategic focus is on  expanding  the contractor base, which has shown greater resilience, investing in core markets with growth opportunities, alongside rigorous proactive cost management.  The Group guidance for FY25 continuing underlying profit before tax remains at £3m.




The point of care pharmacogenetic testing company, announces the extension of the  successful multi-partner grant award from Innovate UK and the UK Government's Innovation Accelerator programme. Genedrive will receive approximately £1.2m through a combination of direct grant income, in-kind partner contributions, and other aligned funding.  It also announces the receipt of a £0.5m R&D Tax Credit. The programme provided acute care patient access and real-world clinical performance of time-critical clinical tests in NHS settings.  The success and follow-on funding is an opportunity to  renew a partnership with the University of Manchester in continuing the development of time-critical genetic test solutions. 




The cybersecurity software company specialising in digital identities, announces continued US and Middle East sales with further contract and renewal orders worth a combined c$4.45m.  This includes a  US Federal Government annual subscription renewal for MyID CMS, totalling c$3.49m from 1 April 2025 to 31 March 2026.  These orders, all received via our partners, will ensure that FY25 revenue will be ahead of the Board's expectations, and will also enhance the Group's contracted revenue backlog for FY26.




Th Executive Search and Interim Management firm, reports on Q1 2025  trading and  it’s FY December 2024 results.  For the 12 months to December the Net Fee Income (NFI) was £9.3m which is 11%  down on the previous year. The loss before tax of £0.2m compares to a 2023 PBT of  £0.3m and the cash balance is £0.2m
against £0.8m. Trading  for  Q1 2025 is reported to be its best quarter, with NFI up 40% to £3.0m. This strong momentum is continuing in  Q2 2025 having secured a record £2.43m in contracted future revenue which is  51%  higher than previously.  The resilient performance  in challenging conditions  makes the  CEO confident  of  being able to take  full advantage of a market recovery.




The cybersecurity, advisory, and managed security services group, has won a £ 8.4m contract extension, over two years, with a multinational telecommunications and media company. This two-year extension, to the original three-year contract, ensures the continued delivery of advanced service assurance solutions, supporting critical business applications and processes across all technology domains. The contract’s  revenue and cost of sales will all be recognised in FY25, which is in line with expectations and  would represent significant annualised growth in both revenue and Adjusted EBITDA from FY24. 




The manufacturers of carbon fibre reinforced ceramic automotive brake discs, announces a trading and operations update for Q1 2025.  Its key customers are supportive  with  cash advances of more than £8m for working capital, increased disc pricing and funded external manufacturing expertise.  The cash constraints continue to  impact on the efficiency of operations, resulting in an inconsistent yield with a weekly range of between 41% to 83% against the average yield target of >85%.  The  CEO is optimistic on implementing a permanent solution to current working capital constraints to achieve the necessary operational volumes and targets.


 

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