Hybridan Small Cap Feast: 08/10/2024

* 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

What’s baking in the oven?

ITF announced:***

Potential**  Initial Public Offerings:

30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand has confirmed its intention to float on the LSE Main Market. The Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers reported revenue of £86m and EBITDA of £25.9m.  The Offer will compromise existing shares to be sold by certain existing shareholders of the Company.  Any additional details in relation to the Offer, together with any changes to corporate governance arrangements, will be disclosed in a Prospectus, if and when published.             

Dual Listings:

4 October 2024: Pulsar Helium, a publicly traded company on the TSX Venture Exchange (TSXV:PLSR) and the OTC QB Venture Market (OTCQB:PSRHF) focused on helium exploration and development is planning to list on AIM also. The Company's primary focus is the exploration and development of helium at its appraisal-stage Topaz Project, located in Lake County, Minnesota in the United States of America. The Company also holds two exploration/prospecting licences in Greenland, comprising the Tunu Project. The Company's main country of operation is United States of America. Expected first day of trading mid October.

Abingdon Health 9.25p £17.5m (ABDX.L)

The acquisitive lateral flow contract research (CRO) and contract development and manufacturing organisation (CDMO), announces its final to June 2024. Including acquisitions, revenue grew 52% to £6.1m with gross margins improving to 60% from 51%, so a significantly reduced adjusted EBITDA loss to £1.1m compared to a £2.9m loss. Cash at the June year-end of £1.4m has been increased with the net proceeds of July’s £5.1m fundraise at 9.75p.  The funds are to be invested in product development, analytical laboratory service expansion and for working capital. 

Angling Direct Follow | ANG 37.5p £29m (ANG.L)

The omni-channel specialist fishing tackle and equipment retailer announced its unaudited financial results for the six months ended 31 July 2024 (H1 FY25).  Group revenue increased by 5.6% to £45.8m with UK sales growing 6.2% to £43.5m, +7.6% during key Q2 trading period.  UK retail store estate delivered sustained strong growth, with total store sales increasing by 8.4%, largely driven by new stores acquired and opened.  In Europe, overall sales were flat at £2.4m.  Profit before tax increased 35.7%, +28.1% on a pre interest income basis.  The Group had net cash of £17.0m at 31 July 2024 (31 July 2023: £17.6m).  The Group believes they are well placed to deliver revenue and Adj. EBITDA in line with market expectations for FY25.

Atlantic Lithium Follow | ALL 15.8p £102.6m (ALL.L)

The Africa-focused lithium exploration and development Company targeting the delivery of Ghana's first lithium mine, announced that the Minerals Commission of Ghana has issued a Mine Operating Permit in respect of the Company's flagship Ewoyaa Lithium Project.  The Mine Operating Permit serves as the final regulatory approval required by the Company ahead of commencing construction of the Project, comprising the Ewoyaa Lithium Mine and Processing Plant, and represents an important milestone towards reaching a Final Investment Decision.

Cooks Coffee Company Follow | COOK 6.5p £4.2m (AQSE:COOK)

The international coffee focused café chain provided a trading update covering the Company's Esquires (The Organic Coffee Company) branded franchised coffee focused stores in the UK & Ireland for the 26 weeks of its financial year to 29 September 2024.  Group store sales were up 26.0% at £16.4m, with UK store sales up 36.0% at £11.4m and Ireland store sales up 6.7% at £5.1m.  During the period, the Company added ten new stores in the UK and Ireland and closed two. 

Fusion Antibodies Follow | FAB 4.4p £4.2m (FAB.L)

The specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications announced a trading update for HY25 ahead of today’s AGM.  Unaudited revenues for the period expected to be c. £1.2m (HY24: £541k, FY24: £1.14m). Unaudited gross margin for the period was 29%, compared to -16% in the first half of the prior year. Cash as at 30 September 2024 was £464k and is tracking in line with management's expectations. Based on Company estimates, the cash runway goes into the second half of FY26.

GenIP Follow | GNIP 26.5p £4.38m (GENIP.L)

The technology business providing Generative Artificial Intelligence (GenAI) services to help research organisations and corporations commercialise their innovations, provided an update on orders for the GenAI enhanced services since their launch on 1 September 2024.  Since launching GenAI services, orders worth approximately $121,000 have been secured, representing over 40% of legacy service full-year 2023 revenue.   

GreenX Metals Follow | GRX 52.5p £152m (GRX.L)

The Company engaged in the exploration and development of resource projects announced the outcome of the international arbitration claims against the Republic of Poland under both the Australia-Poland Bilateral Investment Treaty (BIT) and the Energy Charter Treaty.  The Company has been awarded approximately £252m (A$490m / PLN1.3bn) in compensation by the Tribunal under the BIT (BIT Award), which includes interest compounded at SONIA plus one percentage point (+1%) compounded annually from 31 December 2019 to the date of the award (7 October 2024).  

Gunsynd Follow | GUN 0.125p £1.1m GUN.L

The investment Company focusing on the natural resources sector and life sciences sector announced an update in relation to the Falcon Lake and Merlin (formerly known as the West Dismal Project) Projects in Canada, which the Company acquired a 100% legal and beneficial interest in.  Prospecting across recently acquired Projects have returned high-grade Copper results at the Falcon Lake Project and Uranium (U) results at the Merlin Project. These results include up to 19.55% Cu with both Falcon Lake copper results exceeding 15%.  Assay results at Merlin were over 1,000ppm U.

Intercede Follow | IGP186p £109.2m (IGP.L)

The cybersecurity software Company specialising in digital identities today announced a trading update for the six months ending 30 September 2024.  Revenue is expected to be around 22% higher at £8.54m. This is in line with management expectations.  There is no debt and cash of £16.2m which is slightly lower than the £17.2m at the y/e in March 2024. 

 SulNOx Group Follow | SNOX 39p £47.4m (AQSE:SNOX)

The greentech innovation Company helping industry reduce emissions, lower fuel costs and meet sustainability targets announced that it has secured a further patent in the Kingdom of Saudi Arabia.  Consistent with other patents granted to date to the Company, this latest patent covers a range of formulation versions which includes both the Berol 6446 Heavy Sulphur Fuel Oils (HSFO) emulsifiers and SulNOxEco Fuel Conditioners which enhance all diesel, petrol/gasoline and biofuels, and marine fuels.

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