Hybridan Small Cap Feast: 05/12/2024
* 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:
None
Delistings:
Adams plc (ADA.L) has delisted from trading on AIM
What’s baking in the oven?
Transferring markets:
8 November: Zentra Group plc (ZNT.L)* will delist from the Equity Transition Segment of the Main Market on 11 December and admit to the Access Segment of the AQSE Growth Market on the same day. Zentra Group is a UK-based residential developer, development manager and property manager focused on the North of England and on 22 November completed a series of transactions, after having changed the Company's name from One Heritage Group plc on 17 October.
Potential** Initial Public Offerings:
Rumours about December IPO
Canal+: the producer of the Paddington films, confirmed it would separate from Paris-based conglomerate Vivendi and is expected to float in London on the Main Market of the London Stock Exchange on 16 December, according to a newly published prospectus. The demerger is subject to a vote among Vivendi’s shareholders on 9 December and would come alongside the separation of advertising agency Havas and newly-named publishing business Louis Hachette from the group. Canal+ would trade in London using the ticker CAN. It was reported last week that the firm was seeking a valuation of up to Euro8bn (£6.7bn) in its public debut. Canal+ owns StudioCanal, a producer of the Paddington film series. Earlier this year, it agreed to take over South African pay-tv giant MultiChoice to grow its international operations.
Banquet Buffet****
The developer of novel Optimer binders to enable innovation in the life sciences industry today provides a technical update on the Group's multiple strategic programmes. This includes the ongoing partnership with Unilever, the development of an Alzheimer's disease diagnostic test with Neuro-Bio, and the collaboration with AstraZeneca. These positive advances reflect the growing commercial and therapeutic potential of Optimer technology across diverse applications, which will offer high potential returns in the mid to long term, in addition to the Group's day-to-day fee for service work. In partnership with Unilever, Aptamer is advancing the development of Optimer binders as active ingredients for deodorant formulations. Recent in-house testing by Aptamer has demonstrated that the Optimer binders remain stable in samples from human skin for over 72 hours, a crucial factor in ensuring efficacy in real-world use. These findings build on earlier studies showing the ability of Optimers to inhibit odour-causing bacterial enzymes, reinforcing their suitability for inclusion in fast-moving consumer goods (FMCG) and moving the project closer to commercial viability.
The media investment analysis Company announces a trading update for Y/E December 2024. As anticipated, H2 has been stronger than H1, however, the final months of the financial year are not meeting expectations. Revenue is expected to show a low single-digit decline from that of the 2023 financial year. This has resulted from challenging trading conditions in some regions and from some operational constraints as the volume of business in recent months has become more concentrated. Therefore, tactical cost savings have been made to mitigate the revenue shortfall with the result that the Adjusted EBITDA margin is expected at 10% compared to 15%. Net debt as at 30 June 2024 was £15.3m and with working capital management should reduce. The new CEO is rigorously evaluating resource deployment and scalability with long-term sustainable profit growth and improved forecast reliability are key objectives.
The genetics Company focused on the prevention of cardiovascular disease announces the publication in the International Journal of Cardiology Cardiovascular Risk and Prevention of a clinical research study on the 'Interplay between Lifestyle Factors and Polygenic Risk for Incident Coronary Heart Disease in a Large Multiethnic Cohort. The publication investigated a subset of over 60,000 adult individuals with no history of Coronary Heart Disease (CHD) from the Genetic Epidemiology Resource in Adult Health and Aging (GERA) multi-ethnic cohort at Kaiser Permanente Northern California, USA. The study followed the individuals over an average follow-up of 14 years, using CARDIO inCode-Score (CIC-SCORE) to assess the interplay of polygenic risk with lifestyle on the incidence of Coronary Heart Disease (CHD). Following the March 2024 publication in the American Society of Preventive Cardiology journal, this latest study shows that genetic and lifestyle (smoking, diet, exercise) factors are independently associated with incident CHD and lifestyle and genetic predisposition both influence the risk of incidence of coronary heart disease. The results also showed that individuals with high polygenic risk are likely to derive the most benefit from lifestyle change and/or therapeutic intervention, supporting the inclusion of polygenic risk assessment in lifestyle interventions. For individuals with a high polygenic risk, a favourable lifestyle is associated with a 52% lower rate of CHD compared with an unfavourable lifestyle. This means that identifying individuals with an unfavourable lifestyle and high polygenic risk score and changing their behaviour to adopt a favourable lifestyle following a Mediterranean diet, regular physical exercise and non-smoking would halve their risk of a CHD event including non-fatal AMI, angina and coronary revascularisation procedures (coronary by-pass or percutaneous intervention) or CHD death. This research will be presented at the ESC CardioGenomics 2024 conference on 6 December 2024 in Antwerp, Belgium.
The mathematical modelling and data science Company supporting the development of new therapeutics and personalised medicine solutions announces it has been awarded a new contract with a long-standing, globally recognised pharmaceutical client. The project, valued at £157k, will leverage Physiomics' expertise in Pharmacokinetic-Pharmacodynamic (PKPD) modelling to inform critical pre-clinical and clinical dosing and scheduling decisions for a novel cancer treatment combination. Delivery of the project is expected to complete within the next 12 months. This new project represents a significant expansion of the ongoing collaboration between Physiomics and its client, marking the first incorporation of an Antibody-Drug Conjugate (ADC) into the company's Virtual Tumour (VT) modelling platform. ADCs are a rapidly advancing class of targeted therapies in oncology, offering enhanced precision by enabling tumour specific delivery of potent cytotoxic payloads. This project positions Physiomics at the forefront of this exciting field of drug development.
The buy and build group focused on companies which design and manufacture specialist lab equipment, industrial & scientific sensors and industrial & scientific products, announces its interim results for the six months to 31 October 2024. Revenues of £30.9m (H1 FY24: £32.2m) reflecting reduced activity in the life sciences and biomedical markets with Adjusted profit before tax of £3.2m (H1 FY24: £3.7m) and reported profit before tax of £1.7m (H1 FY24: £2.7m). Cash generated from operations increased to £4.7m (H1 FY24: £3.3m). The Group is well placed for the future growth according the management statement in the interims.
The Company announces its unaudited Interim Results for the period ended 30 September 2024. Revenue increased to £8.9m (H1 2023: £8.2m), adjusted EBITDA increased to £1.5m (H1 2023: £1.0m) and net cash decreased to £2.4m (H1 2023: £6.7m). Software Circle announced on 24 July 2024 the Group's intention to restructure its balance sheet and redeem the remaining £6.7m of bonds at par. To that end, as announced on 25 November 2024, the Company has entered into a new £16.7m funding facility with Shawbrook Bank Limited. They’ve now utilised £6.7m to settle the bonds and have in place an additional drawdown facility of £10m for further acquisitions. This is a key step in enhancing the Group's ability to fund M&A opportunities in the future.
The advanced security and surveillance systems announces that it has been awarded four separate contracts from customers in the gaming sector totalling US$2.7m. The Company will deploy its flagship Synergy software platform into two leading gaming resorts in the Philippines, having signed contracts with two new customers. Synergy was selected for its comprehensive suite of features and tailorable solution, specifically designed for control rooms that require the highest level of surveillance and security. In addition, Synectics has further strengthened its long-standing partnership with PENN Entertainment, Inc. (NASDAQ: PENN) by securing a further two new contracts to deploy Synergy software at two additional casinos in PENN Entertainment's portfolio. This expansion brings the total number of Synergy installations at PENN Entertainment properties to 25. The Contracts are expected to be delivered in the Company's current financial year ending 30 November 2025.
The global telematics and data insight provider announces its unaudited results for the six months ended 30 September 2024. Revenue decreased to £8.31m (H1 2023: £8.54m), profit before tax decreased to £5k (H1 2023: £13k) and net bank debt increased to £6.66m (H1 2023: £5.57m). Expectation for Insurance and Automotive volumes in FY2026 remains uncertain, but nonetheless should improve on FY2025 performance.
The Company announces that following its trading update on 18 November 2024 and due to a recent period of positive exposure for Balatro, the hit console and mobile game published by Playstack Ltd, TruFin now expects its financial performance for the year ending 31 December 2024 to be significantly ahead of previously guided market expectations. Group revenue is now expected to be more than £46m (FY23: £18.1m), representing year-on-year growth in excess of 150%. TruFin also expects EBITDA to be no less than £4.5m (FY23: £(3.5)m) and Adjusted Loss Before Tax to be no more than £(1.5)m (FY23: £(6.6)m). Balatro has been nominated for 5 awards at this year's Game Awards - including 'Game of the Year'. As a result of performance, TruFin's cash position is expected to be stronger than originally expected and the Group remains fully funded to profitability.
The multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to provide its Q3 Trading Update for the nine month period ended 30 September . Revenue increased by 10% to $63.5m (Q3 2023: $57.8m), statutory EBITDA rose by 12% to $10.9m (Q3 2023: $9.8m). Cash and equivalents came in at $12.7m and Total Debt was 6m. The results are in-line with market expectations.
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