Hybridan Small Cap Feast: 09/04/2025

* 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:  

Synairgen (SNG.L) delisted from AIM today. Yesterday Apq Global Limited (APQ.L) delisted from AIM.

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.

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 on or around 14th April.  

Banquet Buffet****



The global podcast Company reports its YE December 2024 and Q1 Trading update. Its revenue increased 13% to $73.4m, with a PBT of $904k against a $16.75m loss for YE December 2023 and the EBITDA is $3.4m, up from a loss of $0.4m. Showcase, the scalable, higher gross margin, tech-based, global advertising marketplace grew significantly, with a 56% increase to record revenue of $23.1m. The continuing focus is on growing this highest gross margin product. The average 2024 monthly brand advertiser count was 8,414, up 9% on 2023. Its YE cash improved by $0.2m to $3.9m, with a further $3.1m available via a recently increased overdraft facility. The Q1 revenue of $17.3m is up 1% on Q12024, which reflects replacement of low performing contracts with higher quality revenue that is driving a higher adjusted EBITDA profit of $0.7m, up 10 times on Q1 2024 and highlighting the performance of the business model. The Team is looking forward to delivering a record 2025, according to Stuart Last, CEO of Audioboom .


The provider of test and measurement solutions for the global telecommunications and cloud computing markets yesterday updated on trading for FY March 2025, including an outlook for FY26.  After a dull start, the financial performance steadily improved throughout the year, achieving a 12% growth in revenues to approximately £18.3m, and an improved gross margin. Orders for Calnex's Network and Applications Assurance products have increased, driven by demand from the cloud computing, defence and government, satellite, and enterprise sectors where there are significant opportunities expected to drive growth in FY26. The
balance sheet is robust, with net cash of  £10.9m. The Board  is confident of continued growth in FY26 helped by increased demand for Calnex's recently launched products.



The provider of  Artificial Intelligence systems for transport corridor analytics updates on the progress of the Positive Train Control (PTC) system development for railroads in North America. It has achieved Multimodal AI capabilities on the 'Cordel Asset Extraction' system (CASE),  which is a rail industry first. Cordel has also secured agreements with two of the six North American Class 1 Railroads and is in late-stage negotiations with two others, to share PTC datasets to support the training and validation of the AI models. These are vital steps towards the PTC product launch, anticipated in July this year. The engagement increases the management’s  confidence that CASE is a global industry opportunity. 



The supplier of software for the international recruitment industry reported its FY December 2024 yesterday. Its revenue decreased by 12% to £4.9m reflecting the challenging markets, of which 90% was recurring and gross margins are therefore 90%. Administration expenses are 11% lower helped by the investments made in systems. A PBT of  £40k is reported and the first since 2016, although the adjusted EBITDA was virtually unchanged at £1.86m. The net cash decreased 16% to £0.37m after factoring in the fundraising of £0.36m. The market is expected to remain challenging, and the organic strategy is to develop  its solutions to increase revenue while maintaining the high gross margins.



The manufacturer of energy efficient and low maintenance building products, supplying the repair, maintenance, new build, and social housing sectors, announces its Finals to December 2024. Revenue was 6.2% lower at £324m, but with a 3% increase in underlying profits to £26.2m. The adjusted EPS improved to 10.12p from 9.71p, and the dividend increased 6% to 5.1p. This performance is ahead of expectations, demonstrating the Group’s adaptability despite the challenges as management seeks to balance volume and margin alongside a focus on operational efficiency. H2 saw an improving trend, with monthly revenues ahead of comparatives. The covenant net debt increased to  £15.4m from  £14.4m, which included the £3m paid for a bolt-on acquisition. The £60m headroom of banking facilities is extended to August 2027 and is to support the
growth and development strategy. There is a healthy pipeline of potential acquisitions and the CEO expects to make further strategic progress, despite the macroeconomic and fiscal headwinds.



The provider of power, motion & control solutions reports its finals to December 2024. Revenue decreased 4.3% to £107.3m, with the underlying operating profit down to £2.7m compared to £6.0m. The Net debt increased £0.4m to £15.1m and last year’s 2.2p dividend is not being paid. The commercial discipline resulted in continued gross margin improvement from 36.8% to 38.2%, helped by lower stock holdings, reduced procurement costs and restructuring. The forward Orderbook has increased by 5.1% and its  quality and value is
materially improved with several new contracts secured to underpin 2025 growth. Thorite, the largest independent pneumatic distributor in the UK was acquired, which adds new customers and seven new branch locations. Flowtech’s new digital platform is on track to be launched H125. The CEO reports that progress is being made on transforming the Company and has a Strategy and Performance Improvement Plan in place to support future growth.



The provider of essential infrastructure solutions yesterday updated on trading for H1 March 2025.  Revenue is in line with expectations at £30.2m, an increase of 17.1% on H124. Despite the continued struggle in the UK economy there has been a slight improvement in the housebuilding sector, although the fuller recovery may be delayed by some months. The acquisition of Coleman Construction & Utilities in October 2024, is being integrated creating operational efficiencies. Its activities in the water sector have been focused on the completion of several high-profile, long-term projects. The cash increased 3.2% to £9.6m.



The Canadian life sciences Company and leader in light-activated antimicrobial therapies announces a new health economic analysis by the York Health Economics Consortium (YHEC). This has confirmed that using its Steriwave nasal decolonization prior to major surgery delivers substantial net cost savings. YHEC has demonstrated that for every £1 spent on Steriwave to prevent surgical site infections, the NHS can save an average of £1.49 to £2.38 across major surgical specialties. With £38 to £107 net saving per operation, Steriwave has the potential to save UK hospitals, including the NHS, up to £200m. The substantial return on investment demonstrated by this analysis should drive the widespread adoption of Steriwave, which also has a profound beneficial impact in patients. 



The IT Managed Services provider reports its intention to create a new subsidiary to house its consultancy operations. The subsidiary will provide practical strategic consulting with investment. It will partner with early-stage organisations and visionary founders to accelerate innovation, scale intelligent solutions, and unlock long-term value. It  intends to work closely with companies in AI and automation to identify transformative opportunities, with guidance backed by capital support. The subsidiary requires an upfront investment of £250,000 that will be used to fund its first consulting project which will then immediately start generating revenue. This investment will be 50% funded by the Company and the remaining 50% funded by direct contributions of £62,500 made into the Subsidiary by both Ian Smith, Executive Director of the Company, and Andy Mills, in exchange for 25% of the shares each in the Subsidiary.



The  pioneering firm in establishing a circular economy for battery metals reported a new contract. Its 48.35% owned battery recycling business, Recyclus Group Ltd, has signed a 12-month contract with a global industrial group to recycle lithium-ion batteries. The batteries will be recycled at Recyclus' industrial scale battery recycling plant in Wolverhampton. Recyclus earn gate fees for receiving the Li-ion batteries and revenues from the sale of recovered material including black mass. Recyclus has had a series of new customers for its solution to the growing challenge of battery waste from the increasing use of industrial and consumer Li-ion batteries. TM1’s CEO estimates that the new contract has the potential to generate revenues of up to £2m and it is a significant milestone for Recyclus.
 

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